Q4 2025 Caledonia Mining Corporation PLC Earnings Call Transcript
Key Points
- Caledonia Mining Corp PLC (CMCL) reported a strong financial performance with revenue up by 46% to $267 million and gross profit up by 78% to $137 million.
- EBITDA increased by 100% from just under $60 million to over $125 million, and profit after tax rose by 200% from $23 million to $67 million.
- The company has delivered a significant return to shareholders, with a 1,000% return over 10 years, outperforming GDXJ and gold.
- Caledonia Mining Corp PLC (CMCL) successfully completed a $150 million convertible note offering, enhancing its cash position for future projects.
- The company is making substantial contributions to local stakeholders, distributing over $0.25 billion in taxes, royalties, and dividends over nine years.
- Caledonia Mining Corp PLC (CMCL) experienced a fatality in September due to a secondary blasting incident, prompting a comprehensive review of safety practices.
- The company faced increased on-mine costs, up 19%, due to restricted access to higher-grade areas and inflationary pressures.
- Production costs rose by 25% across the group, driven by higher labor, consumables, and power costs.
- The company incurred a fair value loss on derivative financial instruments due to hedging activities.
- There was a decrease in recovery rates due to lower feed grades, impacting overall production efficiency.
Good afternoon, and welcome to this management conference call. If we could move to the first slide of the presentation, please. Just go to the disclaimer. So that's the standard disclaimer. If we could move on to the next slide, please.
Presenting teams', me, Mark Learmonth, Caledonia's Chief Executive. We're also joined by Ross Jerrard, who will run us through the financial performance for the year; Victor Gapare, who will talk to us about what's happening at Bilboes; and Craig Harvey will give us an update on the various exploration initiatives.
If we could move on to the next slide, please. So just in terms of the summary of the results, it was a very strong financial performance, underpinned by a higher gold price and some consistent operating delivery. Revenue up by 46% to $267 million. Gross profit up by 78% to $137 million. EBITDA up by 100% from just less than $60 million to just over $125 million, and profit after tax, up by 200% from $23 million to $67 million. So there's some quite
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