Caledonia Mining (CMCL) investor relations material

Executive summary

• Achieved record FY 2025 financial performance, with revenue up 46% to $267.7 million, gross profit up 78% to $137.1 million, and EBITDA at $125.3 million, driven by higher gold prices and stable operations.

• Profit after tax increased 193% to $67.5 million, with EPS up 211% to $2.83 and free cash flow of $62.1 million, up 483.6% year-over-year.

• Significant shareholder returns: 1,000% total return over 10 years, outperforming gold and sector indices.

• Safety review and operational discipline intensified after a fatality in September 2025, with a renewed focus on risk management and zero harm culture.

• Advanced growth strategy with progress at Blanket, Bilboes, and Motapa, including completion of the Bilboes sulphide feasibility study and approval for development.

Financial highlights

• Consolidated gold sales reached 79,075 oz, with Blanket Mine producing 76,213 oz and Bilboes oxide operation contributing 1,683 oz.

• Gross profit increased 78% to $137.1 million; EBITDA up 110% to $125.3 million.

• Net cash from operating activities grew 82% to $76.2 million; free cash flow reached $62.1 million.

• Net cash and liquid assets at year-end totaled $46.9 million; total liquidity $55.0 million.

• Q4 realized gold price was $4,057/oz, up 55% from prior year quarter; average realized price for FY 2025 was $3,383/oz.

Outlook and guidance

• FY 2026 group capital expenditure projected at $178.9 million, with $132 million for Bilboes, $43 million sustaining, and $14.2 million for a new power line.

• First gold pour at Bilboes targeted for end of 2028, with full production in 2029 at 200,000 oz/year.

• Blanket Mine 2026 gold production expected between 72,000 and 76,500 oz, with stronger output in H2.

• Gold price hedging program in place for 2026–2028, securing a minimum $3,500/oz on 3,000 oz/month.

• Ongoing focus on cost control, operational efficiency, and increasing production through new shift systems and infrastructure upgrades.