Core Viewpoint - Caledonia Mining Corporation Plc announces the departure of Chief Operating Officer James Mufara, while confirming that operations will continue under the existing executive and operating team without any changes to strategy or management structure [1]. Group 1 - The Chief Operating Officer James Mufara has left the company [1] - The company's operations are managed by the current executive and operating team [1] - There are no plans to appoint a new Chief Operating Officer at this time [1]

Core Viewpoint - Caledonia Mining Corporation Plc reports that Blanket Mine's gold production for FY 2025 met increased guidance, and the company continues to invest in growth with a focus on operational reliability and future projects [1][6][11]. Production Summary - FY 2025 Blanket gold production reached 76,213 ounces, aligning with the increased guidance of 75,500 - 79,500 ounces, and was consistent with production levels from the previous two years [6]. - Q4 2025 production was 17,367 ounces, a decrease from 19,841 ounces in Q4 2024, attributed to lower tonnages from higher-grade areas and electricity supply interruptions [6]. FY 2026 Guidance - Production guidance for FY 2026 is set at 72,000 - 76,500 ounces, with expectations for stronger quarterly production in the second half of the year as higher-grade areas come online [3][11]. Cost Guidance - On-mine cash costs are projected to be between US$1,500 and US$1,700 per ounce sold, while all-in sustaining costs (AISC) are expected to range from US$2,100 to US$2,300 per ounce sold [7]. - Cost guidance for FY 2026 is higher than FY 2025 due to inflationary pressures, increased operating costs, and higher sustaining capital expenditure [10]. Capital Expenditure - Total Group capital expenditure for FY 2026 is projected at US$162.5 million, with US$26.6 million allocated for sustaining capital [8]. - Significant investments are planned for the Bilboes development project, estimated at US$132 million, subject to board approval [12]. Operational Focus - The capital expenditure plan emphasizes operational reliability, safety, and long-term value, with allocations for both sustaining and growth projects [8][10]. - Additional capital expenditure may be required to address recurring power interruptions, estimated to increase sustaining capital by approximately US$11 million [9].

Financial Performance - Caledonia Mining's revenue increased by 52% year-over-year to approximately $71.4 million, driven by production of over 19,000 ounces from Blanket and initial production from Bilboes [1] - Gross profit reached $36.9 million, with EBITDA rising by 162% to $33.5 million, and profit after tax surged by 467% to $18.7 million [1] - Free cash flow improved to $5.9 million, and liquidity stood at $44.3 million, which is allocated for a $41 million capital expenditure plan for 2025 [1] Stock Valuation - CMCL stock trades at a price-to-earnings multiple of about 9.7 times, indicating a cheaper valuation compared to the broader materials sector despite solid growth expectations [2] - The stock has appreciated approximately 226% over the past 52 weeks, with year-to-date gains near 13%, reflecting rising investor confidence [3] Growth Strategy - The company aims to maintain strong production at Blanket, advance Bilboes through feasibility studies, and push Motapa towards a maiden resource in 2026, providing both near-term cash flow and long-term growth potential [7] - Analysts currently rate Caledonia Mining as a "Strong Buy" with a price target of $45, suggesting about 55% potential upside from current levels [7] Market Context - Central banks continue to buy gold and build reserves, supporting demand amid falling U.S. interest rates and geopolitical uncertainty [5] - Gold prices rallied by 74% in 2025, reaching above $4,580 per ounce by year-end, with expectations for continued upward momentum into 2026 [6] Comparative Analysis - Caledonia Mining, Alamos Gold, and Gold Royalty are highlighted as strong investment opportunities in the gold sector, each with distinct strategies and growth prospects [20] - Alamos Gold reported record revenue of $462.3 million in Q3 2025, while Gold Royalty's revenue was $4.1 million, indicating diverse approaches within the gold mining industry [10][17]

Group 1: Company Overview - Caledonia Mining Corporation Plc (NYSE:CMCL) is recognized as one of the 9 Best Junior Gold Mining Stocks to Buy Now, with three out of four analysts rating the stock as a Buy and a consensus median price target of $38.09, indicating a 34.17% upside as of January 5 [1] - The company operates primarily in Zimbabwe, focusing on the exploration and development of mineral properties for precious metals, including projects like Blanket Mine, Maligreen, Bilboes, and Motapa [6] Group 2: Recent Developments - The passage of Zimbabwe's Finance Act, 2025, reaffirms Caledonia's announcement regarding royalty rates, stating that a higher royalty rate of 10% will only apply if the gold price exceeds $5,000 per ounce [2] - Proposed changes to the tax and royalty regime, including a 15% withholding tax on offshore loans and adjustments to royalty tiers, have been withdrawn, confirming that no changes are required to the Bilboes Gold Project report following the Budget approval [3][4] - The Bilboes project has proven and probable gold reserves of 1.749 million ounces at 2.26 g/t, with measured and indicated resources of 532,000 ounces at 1.37 g/t and 984,000 ounces at 1.62 g/t [4] Group 3: Shareholder Activity - On December 22, Mr. Victor Gapare, through Toziyana Resources Limited, purchased 7,457 shares of Caledonia's common stock at a price of $26.83 per share, totaling approximately $200,071, which increased Toziyana's stake in Caledonia to 12.66% [5]

Core Viewpoint - Caledonia Mining Corporation has confirmed the enactment of the 2026 National Budget in Zimbabwe through the passing of the Finance Act, 2025, which aligns with previous announcements made in December 2025 [1] Group 1 - The Finance Act, 2025 has been officially passed by the Republic of Zimbabwe [1] - The provisions enacted in the Finance Act confirm the details outlined in Caledonia's announcement on December 19, 2025 [1]

Industry Overview - The metals and mining sector is expected to perform well in 2025, driven by rising prices for precious metals, with exchange-traded funds like the State Street SPDR S&P Metals & Mining ETF (XME) up 83% year-to-date [1] - Analysts, including Jefferies' Christopher LeFemina, predict that the sector will continue to outperform in 2026 [1] Company Overview: Caledonia Mining - Caledonia Mining, based in South Africa, focuses on exploration, development, and mining in Zimbabwe, operating the Blanket Gold Mine, which has reserves expected to last until at least 2034 [2] - The stock has surged 181% this year and 37% in the past six months, significantly outperforming the S&P 500's year-to-date gain of 17% [3] Financial Performance - Caledonia Mining reported third-quarter revenue of $71.4 million, a 52% increase from the previous year, with net profits rising to $18.7 million from $3.3 million [5] - Earnings per share of $0.77 exceeded analysts' expectations by 2 cents [5] - The company achieved free cash flow of $5.9 million, a turnaround from a loss of $2.4 million in the same quarter of 2024, attributed to a strong gold price environment averaging $3,434 per ounce, which increased by 40% [6] Valuation and Dividends - The current price-to-earnings (P/E) ratio for Caledonia Mining is 10, which is higher than its five-year mean P/E of 7.3, indicating a potential valuation concern despite appearing low initially [3] - The company pays a dividend of $0.56 per share, yielding 2.1%, with the dividend size unchanged since 2021 [4]

Core Viewpoint - Caledonia Mining Corporation Plc announced that Toziyana Resources Limited, its largest shareholder, purchased 7,457 common shares at a price of $26.83 per share on December 22, 2025, increasing the interest of Mr. Victor Gapare to 12.66% of the company's issued share capital [1][2]. Group 1 - The purchase of 7,457 common shares occurred at a price of $26.83 per share [1][5]. - Following the transaction, Mr. Victor Gapare, as the settlor of a discretionary trust, holds an interest representing 12.66% of the company's issued share capital [2]. - The transaction was conducted on the NYSE American LLC [5].

Core Viewpoint - Caledonia Mining Corporation Plc is responding to proposed changes in the royalty and tax regimes for gold miners in Zimbabwe, which are expected to have no adverse impact on its financial outlook if gold prices remain below $5,000 per ounce [2][3]. Summary by Relevant Sections Proposed Changes - The Zimbabwe Minister of Finance announced revisions to the royalty and tax proposals in the 2026 National Budget, which are anticipated to be enacted by the end of the year [2]. - The royalty rate increase from 5% to 10% will now only apply if gold prices exceed $5,000 per ounce, a change from the previous threshold of $2,500 per ounce [5]. - The proposed change to tax treatment of capital expenditure, which would have spread the 100% upfront deduction over the project's life, has been withdrawn, maintaining the current tax structure [5]. - The 15% withholding tax on interest payable on offshore loans has also been withdrawn, which would have impacted the Bilboes Gold Project funding [5]. Company Perspective - The CEO of Caledonia expressed support for the revised provisions, indicating they reflect the Zimbabwean government's backing for the mining sector and future projects [3]. - The company expects no change in the financial outlook for its Zimbabwean assets due to these revisions, provided gold prices remain stable [2][3].

Core Viewpoint - The surge in gold prices has triggered a wave of mergers and acquisitions among mining companies, with Luoyang Molybdenum Co., Ltd. announcing a significant acquisition of gold mining assets in Brazil [1][5]. Group 1: Company Performance - Luoyang Molybdenum's stock price increased nearly 180% this year, closing at CNY 17.93 per share, with a market capitalization exceeding CNY 380 billion [1][2]. - The company reported a net profit of CNY 142.80 billion for the first three quarters, a year-on-year increase of 72.61%, despite a 5.99% decline in revenue [3][4]. - The third quarter saw a substantial net profit increase of 96.40% year-on-year, attributed to rising product prices and increased copper sales [3]. Group 2: Acquisition Details - Luoyang Molybdenum plans to acquire 100% of Equinox Gold's Brazilian gold mining assets for a total consideration of USD 1.015 billion, which includes an upfront payment of USD 900 million and potential contingent payments based on gold sales [2][3]. - The three gold mines involved in the acquisition hold a total gold resource of 5.013 million ounces, with an average grade of 1.88 g/t, and are expected to produce approximately 247,300 ounces of gold in 2024 [3]. Group 3: Industry Trends - The gold price has risen significantly, with COMEX gold increasing over 65% year-to-date and Shanghai gold up 58.14%, prompting several mining companies to pursue acquisitions [5][6]. - Other notable acquisitions in the industry include Jiangxi Copper's acquisition of SolGold and Zijin Mining's purchase of gold mining projects in Kazakhstan and Ghana [6][7].

Core Viewpoint - Pomerantz LLP is investigating potential securities fraud and unlawful business practices involving Caledonia Mining Corporation Plc and its officers or directors [1] Group 1: Company Overview - Caledonia Mining Corporation Plc is listed on the NYSE under the ticker CMCL [1] - The company operates the Blanket Mine in Zimbabwe, which is affected by proposed changes to the gold mining royalty and tax regimes [2] Group 2: Financial Impact - On December 1, 2025, Caledonia disclosed that the proposed changes could reduce profitability and cash flow at the Blanket Mine, potentially falling short of market expectations [2] - Following this announcement, Caledonia Mining's stock price dropped by $4.44 per share, or 14.41%, closing at $26.37 per share [2] Group 3: Legal Context - Pomerantz LLP is recognized for its expertise in corporate, securities, and antitrust class litigation, having a long history of fighting for victims of securities fraud and corporate misconduct [3]