- Caledonia Mining revenue up 46% to $267.7m in 2025.
- Profit after tax surged 193% to $67.5m, driven by gold prices.
- Company eyes Bilboes project to expand beyond Blanket Mine.
CALEDONIA Mining Corporation has announced some impressive financial results for 2025, with revenue soaring by 46% to reach $267.7 million and profit after tax jumping a remarkable 193% to $67.5 million.
This surge was largely driven by rising gold prices and consistent production levels.
The gold producer, which focuses on Zimbabwe, reported that its earnings before interest, tax, depreciation, and amortisation (EBITDA) more than doubled, hitting $125.3 million. Meanwhile, free cash flow saw a significant increase, rising to $62.1 million from just $10.6 million the previous year.
Net cash generated from operations also saw an impressive 82% increase, climbing to $76.2 million. This has bolstered the company’s balance sheet, allowing it to shift from a net debt position to one of net cash.
Chief executive Mark Learmonth said that these results reflect both strong execution and favourable market conditions.
“2025 has been a strong year for the Group, marked by record financial performance, excellent cash generation and continued strategic progress,” he said.
During the year, the company achieved an average gold price of around $3,383 per ounce, a significant rise from the previous year, which helped support their margins.
On the operational side, Blanket Mine, situated near Gwanda in southern Zimbabwe, produced 76,213 ounces of gold, aligning with the revised guidance. Total gold sales reached 79,075 ounces, showcasing stable output and consistent performance from this key asset.
Learmonth mentioned that Caledonia is now looking to expand beyond its single-asset base with the Bilboes gold project.
“The publication of the Feasibility Study confirmed our expectations that Bilboes is an attractive and robust project,” he said.
A feasibility study completed in 2025 suggests that Bilboes could produce around 200,000 ounces of gold annually, which would significantly boost the group’s overall output.
Production at the project is anticipated to commence around 2028 and is a vital part of Caledonia’s strategy to evolve into a multi-mine producer.
The company also noted that its strengthened financial position will facilitate funding for growth projects, including Bilboes and exploration at Motapa.
