Shared on 18 Jun 26

CMCL: Q1 Cash Generation And Bilboes Progress Will Drive Future Upside

Caledonia Mining’s latest quarter shows stronger cash flow and profit even though gold output at its main mine falls, helped by better gold prices. At the same time, the Bilboes project clears key planning steps and Motapa drilling keeps delivering encouraging results, setting up the next big milestones investors will watch.

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Shared on 06 May 26

CMCL: Deep Drilling Success Will Drive Future Upside Despite Blanket Output Weakness

Analysts have kept their fair value estimate for Caledonia Mining steady at $47.50. The updated price target is framed around revised assumptions for revenue growth, profit margins and a lower forward P/E, alongside a slightly higher discount rate.

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Shared on 24 Feb 26

Fair value Increased 5.56%

CMCL: Bilboes Development Will Drive Future Upside Despite Blanket Production Headwinds

The analyst price target for Caledonia Mining has been adjusted from $45.00 to $47.50 as analysts update their models for revenue growth assumptions, profit margins, and the future P/E multiple. What's in the News Fourth quarter 2025 gold production was 17,367 ounces, with management highlighting lower tonnages from higher grade areas and electricity supply interruptions as key operational headwinds that are being addressed (Key Developments).

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Shared on 26 Dec 25

CMCL: Bilboes Development Will Drive Strong Future Upside Potential

Analysts have nudged their price target on Caledonia Mining higher to reflect an unchanged fair value of $45.00, along with modestly stronger projected revenue growth, a meaningfully improved profit margin outlook, and a lower expected future P/E multiple that together enhance the stock's risk reward profile. What's in the News Decision to proceed with the fully permitted Bilboes Gold Project in Zimbabwe after a feasibility study confirmed single phase development as the most economic approach, with front end engineering design starting immediately and first production targeted for late 2028 (company announcement) Project economics at the Bilboes Gold Project significantly enhanced at the September 2025 LBMA gold price of USD 3,648/oz, implying a post tax NPV (8% real) of USD 1.23 billion and a post tax IRR above 50% (company announcement) Funding plan for Bilboes includes a peak project funding requirement of USD 484 million plus roughly USD 150 million for interest, working capital and cost overrun facilities, with a strategy focused on minimising equity issuance to protect per share NPV (company announcement) Caledonia maintained its 2025 gold production guidance at 75,500 to 79,500 ounces, underlining management confidence in the current operating outlook (company guidance) Quarterly gold production for Q3 2025 rose slightly to 19,106 ounces, taking nine month 2025 output to 58,846 ounces versus 56,815 ounces a year earlier (operating results) Valuation Changes Fair Value: unchanged at $45.00 per share, indicating no revision to the central valuation estimate.

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Shared on 12 Dec 25

Fair value Increased 61%

CMCL: Bilboes Development Will Drive Strong Future Upside Potential

Analysts have sharply raised their price target on Caledonia Mining from 28.00 dollars to 45.00 dollars, citing a reassessment of revenue growth prospects and valuation multiples, despite expectations for higher discount rates and lower profit margins. What's in the News Caledonia approved single phase development of the fully permitted Bilboes Gold Project in Zimbabwe, targeting first production in late 2028 and steady state output in 2029, with a post tax NPV 8% Real of USD 1.23 billion and IRR above 50% at the September 2025 LBMA spot price (company announcement) The Bilboes project funding plan calls for peak project funding of USD 484 million plus about USD 150 million for interest, working capital and cost overrun facilities, with a strategy focused on minimising equity issuance to protect per share NPV (company announcement) Caledonia maintained its 2025 gold production guidance at 75,500 to 79,500 ounces, reiterating confidence in its operational outlook (company guidance) Quarterly gold production for Q3 2025 rose slightly to 19,106 ounces, bringing nine month 2025 output to 58,846 ounces, up from 56,815 ounces a year earlier (operating results) Caledonia was added to the S&P/TSX Global Mining Index, increasing its visibility among institutional and index tracked investors (index announcement) Valuation Changes The fair value estimate has risen significantly from $28.00 to $45.00 per share, a 60.7 percent increase.

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Technological Upgrades And Surging Gold Demand Will Drive Operational Progress

CMCL: Q1 Cash Generation And Bilboes Progress Will Drive Future Upside

CMCL: Deep Drilling Success Will Drive Future Upside Despite Blanket Output Weakness

CMCL: Bilboes Development Will Drive Future Upside Despite Blanket Production Headwinds

CMCL: Bilboes Development Will Drive Strong Future Upside Potential

CMCL: Bilboes Development Will Drive Strong Future Upside Potential