HARARE - Caledonia Mining Corporation, a gold producer with its primary operations in Zimbabwe, delivered its strongest financial year on record in 2025, reporting revenue of US$267.7 million, up 46% from US$183 million in 2024.
The results, listed on both the New York Stock Exchange and the Victoria Falls Stock Exchange, reflect the impact of a sharply higher gold price. The average realised price over the year was US$3,383 per ounce, compared to US$2,347 per ounce in 2024.
Profit after tax reached US$67.5 million, a 193% increase year-on-year. Earnings per share rose 211% to US$2.83. Free cash flow climbed to US$62.1 million from US$10.6 million, and the company ended the year in a net cash position of US$23.8 million after entering 2025 with net debt.
Total gold sales reached 79,075 ounces, a modest increase from 77,917 ounces the previous year, confirming that volume growth was secondary to the price effect.
The company is now ramping up capital spending at its Bilboes Gold Project, which holds nearly 1.75 million ounces in reserves. Planned capital expenditure for 2026 has been raised to US$178.9 million, a 10% increase from the original budget. Bilboes is expected to deliver roughly five tonnes of gold annually once operational, transforming Caledonia into a multi-mine producer.
A further US$2.2 million has been approved for upgrades to the Central Shaft winder at Blanket Mine, with commissioning targeted between late 2026 and early 2027.
Zimbabwe's broader gold sector has also posted strong growth, with output running well ahead of the prior year. Gold has become a key driver of the country's foreign currency earnings.
This report draws on coverage by Nehanda Radio and Mining Zimbabwe.
