Caledonia Mining stock falls 4% on fourth quarter earnings miss

SAINT HELIER, Jersey - On Monday, Caledonia Mining Corporation Plc (NYSE:CMCL) reported fourth quarter results that missed earnings expectations despite beating revenue estimates.

The mining company’s shares were down 4.01% in pre-market trading after the results.

The Zimbabwe-focused gold producer posted adjusted EPS of $0.56 for the fourth quarter, falling short of the analyst consensus of $0.78. However, revenue of $74.74 million exceeded the $72.6 million estimate, rising 57% from $47.5 million in the prior-year quarter. The revenue increase was driven by a 55% jump in realized gold price to $4,057 per ounce and sales of 18,408 ounces.

For full year 2025, Caledonia reported adjusted EPS of $2.83, up 211% from $0.91 in 2024. Revenue increased 46% to $267.7 million, compared with $183.0 million the previous year. The company sold 79,075 ounces of gold at an average realized price of $3,383 per ounce.

"2025 has been a strong year for the Group, marked by record financial performance, excellent cash generation and continued strategic progress across the business," said CEO Mark Learmonth. "Revenue increased by 46% to $267.7 million, profit after tax rose by 193% to $67.5 million, and net cash generated from operations increased by 82% to $76.2 million."

The Blanket Mine produced 76,213 ounces of gold in 2025, meeting revised guidance of 75,500 to 79,500 ounces. For 2026, Caledonia expects Blanket production of 72,000 to 76,500 ounces.

Consolidated on-mine cash costs averaged $1,263 per ounce sold, while all-in sustaining costs reached $1,952 per ounce, both slightly above guidance ranges. The company declared a quarterly dividend of $0.14 per share, payable April 17, 2026.

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