Core Viewpoint - The proposed changes to the royalty and tax regimes for gold miners in Zimbabwe's 2026 National Budget may negatively impact Caledonia Mining Corporation's profitability and cash generation, particularly concerning the Blanket Mine and the Bilboes Gold Project [1][3]. Fiscal Measures - The proposed fiscal measures include an increase in the royalty rate from 5% to 10% when the gold price exceeds US$2,500 per ounce, which would apply to the full gold price [2]. - A change in the tax treatment of capital expenditure is also proposed, where the current 100% upfront deduction would be spread over the life of the project, affecting the timing of tax payments but not the total amount [2]. Company Assessment - The company is currently assessing the implications of these proposed changes on its asset portfolio, particularly focusing on the economic aspects of the Bilboes Gold Project [3]. - If the royalty change is implemented, it is expected to lead to a lower level of profitability and cash generation for the Blanket Mine compared to current market expectations [3]. Engagement with Authorities - Caledonia Mining Corporation has a long-standing operational presence in Zimbabwe and is engaging constructively with relevant authorities regarding these proposed changes [4].

Core Viewpoint - Caledonia Mining Corporation Plc has announced the decision to proceed with the Bilboes Gold Project following the completion and publication of the feasibility study [1] Group 1 - The company will host a remote presentation for analysts and investors on December 1, 2025, at 2:00 PM London time [2] - The presentation will include a question-and-answer session for participants [2]

Core Viewpoint - Caledonia Mining Corporation has decided to proceed with the Bilboes Gold Project following the completion of a feasibility study, which indicates robust economic viability across various gold price scenarios [1][10]. Economic Analysis - The project demonstrates a positive business case under three gold price scenarios, with an average price of US$2,548/oz yielding a post-tax NPV of US$582 million and an IRR of 32.5% [4][6]. - At a spot price of US$3,648/oz, the post-tax NPV increases to US$1,234 million, with an IRR exceeding 50% [7]. - The project has a payback period of 1.7 years and an all-in sustaining cost (AISC) of US$1,061/oz [6][18]. Mineral Reserves and Resources - Proven and probable mineral reserves are estimated at 1.749 million ounces (Moz) of gold at a grade of 2.26 g/t [5][15]. - Measured and indicated mineral resources total 532,000 ounces at 1.37 g/t, while inferred resources are 984,000 ounces at 1.62 g/t [5][15]. Production Profile - The project plans to process 240,000 tonnes per month for the first six years, reducing to 180,000 tonnes per month thereafter, with a life of mine production of 1.55 Moz over 10.8 years [5][24]. - The first full year of production is expected to yield approximately 200,000 ounces in 2029 [5][24]. Funding Strategy - The peak funding requirement is estimated at US$484 million, with additional needs for interest and working capital totaling approximately US$150 million [8][20]. - The funding strategy aims to minimize equity dilution while maintaining a quarterly dividend of 14 cents per share [20][21]. Project Timeline - The front-end engineering design (FEED) phase will commence immediately, with first production anticipated in late 2028 [12][24]. - Construction is expected to take about two years, followed by a ramp-up period of five months [24]. Community and Economic Impact - The project is expected to significantly benefit Zimbabwe by enhancing its status as a gold destination and contributing to foreign exchange earnings and tax revenues [13][19]. - Caledonia plans to replicate successful community engagement strategies from its Blanket Mine operations [14].

Financial Data and Key Metrics Changes - Revenue increased by 52% to $71 million, driven by a 40% rise in gold prices to just over $3,400 per ounce [4][19] - EBITDA surged by 162% to $33 million, reflecting strong operational performance [4] - Gold sold rose by 9% to 20,000 ounces, while gold produced was just over 19,000 ounces [17] Business Line Data and Key Metrics Changes - Production at Blanket Mine was just over 19,000 ounces, with sales exceeding 20,000 ounces [3][4] - On-mine costs increased by 27% quarter on quarter, primarily due to higher electricity, labor, and consumables costs [17][18] - All-in sustaining costs rose by 40%, influenced by increased on-mine costs and higher gold prices impacting royalties [18][19] Market Data and Key Metrics Changes - Gold prices reached $3,434 per ounce, significantly benefiting the company's operations and financial results [19] - The company reported a net cash inflow from operating activities of just under $14 million for the quarter [22] Company Strategy and Development Direction - The company is focused on improving productivity through technology implementation and operational efficiency [14][15] - A significant capital investment program is planned for the Bilboes project, with an emphasis on increasing cash generation to support future dividends [43][44] - The company aims to maintain its dividend while managing costs and investing in growth projects [43] Management's Comments on Operating Environment and Future Outlook - Management acknowledged the challenges faced during the quarter, including a fatality incident, but emphasized the overall solid operational performance [3][6] - The outlook for 2025 remains positive, with production guidance expected to be met despite some headwinds [36] - Management is committed to cost management and improving operational flexibility to enhance productivity [36][55] Other Important Information - The company declared a quarterly dividend of $0.14 per share [5] - A maiden resource declaration for Matapa is expected in H1 2026, following ongoing drilling campaigns [28][29] Q&A Session Summary Question: Explanation for more broken ore than hoisted - Management explained that the discrepancy was due to hoisting constraints and stoppages related to the fatality incident, which will correct in the upcoming quarter [37][38] Question: Expected dividends from Blanket this year - Management indicated that total distributions from Blanket could reach between $60 million and $70 million for the year, with loans expected to be paid off by early next year [40][41] Question: Plans for cash retention versus dividend increases - Management stated that while they aim to maintain dividends, they do not foresee increases until after the Bilboes project is completed [43][44] Question: Timing for reserve upgrade at Blanket - A new technical report with revised resources and reserves is expected by late Q1 2026 [49][50] Question: Pressure on production costs - Management confirmed that the pressure on production costs was broad-based, influenced by labor, electricity, and consumables [55][56]

Disclaimer and Forward-Looking Statements This presentation has been prepared solely for information and does not purport to contain all of the information that may be necessary or desirable to fully and accurately evaluate Caledonia Mining Corporation Plc ("Caledonia" or "the Company") or its business prospects. For the purposes of this notice, "presentation" includes this document, any oral presentation, any questions and answer session and any written or oral material discussed or distributed by the Comp ...

Core Viewpoint - The article discusses the various risks and uncertainties that could impact the mining industry, particularly focusing on mineral exploration, development, and mining operations [1]. Group 1: Risks and Uncertainties - Risks related to estimates of mineral reserves and resources may prove to be inaccurate, which could significantly affect financial outcomes [1]. - Fluctuations in gold prices and payment terms for gold sold are highlighted as critical factors influencing the industry's profitability [1]. - The article outlines various operational risks, including environmental hazards, industrial accidents, and unexpected geological formations that could disrupt mining activities [1]. Group 2: Financial and Operational Considerations - The creditworthiness and financial condition of suppliers and refiners are essential considerations for the mining group, as they can impact operational stability [1]. - The article mentions the potential for increased capital and operating costs, which could strain financial resources and affect project viability [1]. - The speculative nature of mineral exploration and the risks associated with obtaining necessary licenses and permits are emphasized as significant challenges for companies in the sector [1]. Group 3: External Factors - Political risks, natural disasters, and public health concerns, including epidemics, are identified as external factors that could adversely affect mining operations [1]. - The increasing costs associated with mining inputs and labor are noted as a growing concern for the industry [1]. - Competition in the mining sector for properties, equipment, and qualified personnel is highlighted as a factor that could impact operational efficiency and costs [1].

Core Insights - Caledonia Mining Corporation reported a strong Q3 2025 with a 52% increase in revenue driven by higher gold prices and production levels [4][7][15] - The company produced 19,106 ounces of gold during the quarter, with a significant increase in free cash flow [4][7] - A tragic fatality occurred during the quarter, prompting a review of safety procedures [5][7] Financial Performance - Revenue for Q3 2025 reached $71.4 million, up from $46.9 million in Q3 2024, marking a 52.4% increase [7][53] - Gross profit increased to $36.9 million compared to $19.3 million in Q3 2024 [7][53] - EBITDA rose to $33.5 million, a 162.6% increase from $12.8 million in Q3 2024 [7][53] - Profit after tax surged to $18.7 million, a 467.0% increase from $3.3 million in Q3 2024 [7][53] - Free cash flow improved to $5.9 million from a negative $2.4 million in Q3 2024 [7][53] Production and Sales - Gold production at Blanket was 19,106 ounces, slightly higher than 18,992 ounces in Q3 2024 [18][19] - Gold sold increased to 20,792 ounces, an 8.7% rise from 19,136 ounces in the comparative quarter [7][19] - The average realized gold price increased by 40.3% to $3,434 per ounce [7][15] Cost Metrics - On-mine costs per ounce sold were $1,228, a 16.3% increase compared to Q3 2024 [7][16] - All-in sustaining costs (AISC) rose to $1,937 per ounce sold, a 29.0% increase from the previous year [7][17] - The company anticipates AISC guidance for 2025 to be revised to $1,850 to $1,950 per ounce due to higher costs [12][14] Safety and Operational Updates - The Group's Lost Time Injury Frequency Rate (LTIFR) was 0.56, a slight increase from 0.55 in Q3 2024 [6] - A comprehensive review of safety procedures was initiated following a fatality at the Blanket Mine [5][7] Capital Expenditure and Liquidity - Capital expenditure for Q3 2025 was $6.8 million, with ongoing investments aimed at modernizing operations [7][34] - Total liquidity stood at $44.3 million, supporting ongoing capital projects [7][38] Exploration and Future Plans - The Bilboes feasibility study is expected to be released imminently [7][33] - Exploration activities are ongoing at Blanket and the Motapa project, with significant investments planned for 2025 [24][30]

Core Viewpoint - Caledonia Mining Corporation Plc has appointed Mr. July Ndlovu as an independent non-executive director to its board, bringing extensive experience in the mining sector to support the company's growth strategy [1][6]. Group 1: Appointment Details - Mr. July Ndlovu has over 28 years of leadership experience in the mining sector across Southern Africa, most recently serving as CEO of Thungela Resources Limited [2][3]. - His career includes significant roles at major mining companies, focusing on strategic leadership, operational excellence, and corporate governance [3][4]. - Ndlovu holds a Master's degree in Business Leadership and a BSc in Metallurgical Engineering [5]. Group 2: Board Impact - The Chairman of Caledonia, John Kelly, expressed confidence that Ndlovu's experience in scaling and transforming mining businesses will provide valuable insights as the company enters its next growth phase [6][7]. - Ndlovu's commitment to responsible leadership and stakeholder engagement aligns with the board's priorities, enhancing the company's governance framework [6]. Group 3: Current and Previous Roles - Ndlovu currently serves as an independent non-executive director at AECI Limited and has held various directorships in the mining sector [4][9]. - He is a 36% shareholder in Fremiro Investments (Private) Limited, which holds 567,266 shares in Caledonia [10].

Core Viewpoint - Caledonia Mining Corporation Plc is set to release its operating and financial results for Q3 2025 on November 10, 2025, with a remote presentation for analysts and investors scheduled for the same day at 2:00pm London time [1]. Group 1 - The Q3 2025 results presentation will be accessible on Caledonia's official website [2]. - A registration link for the Q3 2025 Results Call for Investors is provided, indicating the importance of investor engagement [3]. - Cavendish Capital Markets Limited has been appointed as the Company's Nominated Adviser and Sole Broker in the UK, reflecting a strategic partnership for market operations [3].

Core Insights - The article highlights Steven Cress's role as VP of Quantitative Strategy and Market Data at Seeking Alpha, emphasizing his contributions to the platform's quantitative stock rating system and analytical tools designed to aid investors [1][2][3] Company Overview - Seeking Alpha has developed a quantitative stock rating system that interprets data for investors, providing insights on investment directions and saving time for users [1][2] - The platform features a systematic stock recommendation tool called Alpha Picks, aimed at helping long-term investors build a high-quality portfolio [1] Leadership Background - Steven Cress previously founded CressCap Investment Research, which was acquired by Seeking Alpha in 2018, enhancing the platform's quant analysis and market data capabilities [3] - He also established the quant hedge fund Cress Capital Management and has extensive experience in proprietary trading at Morgan Stanley and international business development at Northern Trust [3][4] Expertise and Approach - With over 30 years of experience in equity research, quantitative strategies, and portfolio management, Steven Cress is positioned to address a variety of investment topics [4] - The company employs a data-driven approach to eliminate emotional biases in investment decisions, utilizing sophisticated algorithms to streamline investment research [2]