Caledonia Mining Reports Strong 2025, Greenlights Bilboes With New Funding

Overview

• Caledonia posted FY2025 results with revenue up 46% to $267 million, EBITDA doubling to $125.3 million, and profit after tax rising to $67.5 million.
• The company produced and sold about 79,000 ounces of gold in 2025, which lifted free cash flow to $62 million.
• Unit costs finished above guidance as lower grades and limited access to richer zones met higher labor, consumables, power, royalties, and administrative costs.
• Management approved the Bilboes project with a 32.5% internal rate of return at $2,548 per ounce, targeting a late‑2028 first pour and peak output near 200,000 ounces a year, backed by an upsized $150 million convertible note, a $150 million interim bank facility, put‑option hedges, and later project finance.
• Caledonia set 2026 capital spending at $178.9 million and will file an SEC Form 20‑F in April, and a safety review continues after a September fatality.