Caledonia Mining (CMCL) 2025 Precious Metals Summit - Beaver Creek summary

Strategy and value creation

• Focused on delivering value through both yield and growth, with a consistent dividend policy since 2016 and a strong anti-dilution stance.

• Growth targets include increasing gold production, profitability, and share price, aiming for over 200,000 oz annual output.

• Four core assets span the full project lifecycle: a producing mine, a shovel-ready project, brownfield upgrades, and greenfield exploration.

• Over $60 million paid in dividends, with profitability and share price growth as key performance indicators.

Asset portfolio and development pipeline

• Blanket Mine provides stable production (75,000–79,000 oz guidance), with a minimum 10-year life and ongoing resource expansion.

• Bilboes project, acquired in 2023, offers 3 million oz resource and is expected to deliver 1.5 million oz over 10 years, with production targeted for 2029.

• Early-stage Maligreen and Motapa projects show strong potential and complement the growth strategy.

• Resource base has grown from 1 million oz in 2015 to nearly 5 million oz, with self-funded development and infrastructure upgrades.

Financial and operational performance

• Share price has increased 10x over the past decade, outperforming gold price and GDX index, driven by dividend reinvestment and no share dilution.

• $193 million in value generated in Zimbabwe over 10 years, with significant contributions to government, local communities, and supply chain.

• All employees are Zimbabwean, with a workforce of 2,500, and the company is recognized as an employer of choice.