Caledonia Mining (CMCL) Stock Overview
Engages in the exploration, development, and production of gold in Zimbabwe. More details
| Snowflake Score | |
|---|---|
| Valuation | 6/6 |
| Future Growth | 5/6 |
| Past Performance | 6/6 |
| Financial Health | 5/6 |
| Dividends | 5/6 |
Rewards
Risk Analysis
CMCL passed our risk checks.
CMCL Community Fair Values
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Analyst Price Targets
Caledonia Mining Corporation Plc Competitors
Price History & Performance
| Historical stock prices | |
|---|---|
| Current Share Price | US$20.09 |
| 52 Week High | US$38.75 |
| 52 Week Low | US$18.45 |
| Beta | 0.65 |
| 1 Month Change | 0.70% |
| 3 Month Change | -16.05% |
| 1 Year Change | -6.51% |
| 3 Year Change | 67.70% |
| 5 Year Change | 63.07% |
| Change since IPO | -89.29% |
Recent News & Updates
Narrative Update • Jun 18
CMCL: Q1 Cash Generation And Bilboes Progress Will Drive Future Upside
Analysts have restated their $47.50 price target for Caledonia Mining stock, citing updated assumptions around discount rate, revenue growth, profit margin and future P/E that broadly support the prior valuation. What’s in the News for Caledonia Mining Q1 2026 results showed gold production at the Blanket Mine of 14,767 ounces compared with 18,671 ounces a year earlier, while Caledonia Mining reported an 18.3% revenue increase, 50.2% growth in EBITDA and a profit after tax that was nearly 70% higher year over year, supported by higher gold prices, with a declared dividend of US$0.14 per share (Source: Q1 2026 results announcement, 13 June 2026).
Narrative Update • Jun 04
CMCL: High Margin Outlook And Bilboes Development Will Support Future Upside
Analysts have kept their $35.69 price target for Caledonia Mining unchanged, highlighting only small tweaks in the underlying discount rate, revenue growth assumptions, profit margin and future P/E outlook rather than a major shift in the story. What's in the News Q1 2026 results showed gold production of 14,700 ounces affected by lower ore grades, while revenue was reported 18% higher and profit after tax grew by nearly 70%, according to recent company disclosures.Recent updates
Narrative Update • Jun 18
CMCL: Q1 Cash Generation And Bilboes Progress Will Drive Future Upside
Analysts have restated their $47.50 price target for Caledonia Mining stock, citing updated assumptions around discount rate, revenue growth, profit margin and future P/E that broadly support the prior valuation. What’s in the News for Caledonia Mining Q1 2026 results showed gold production at the Blanket Mine of 14,767 ounces compared with 18,671 ounces a year earlier, while Caledonia Mining reported an 18.3% revenue increase, 50.2% growth in EBITDA and a profit after tax that was nearly 70% higher year over year, supported by higher gold prices, with a declared dividend of US$0.14 per share (Source: Q1 2026 results announcement, 13 June 2026).Narrative Update • Jun 04
CMCL: High Margin Outlook And Bilboes Development Will Support Future Upside
Analysts have kept their $35.69 price target for Caledonia Mining unchanged, highlighting only small tweaks in the underlying discount rate, revenue growth assumptions, profit margin and future P/E outlook rather than a major shift in the story. What's in the News Q1 2026 results showed gold production of 14,700 ounces affected by lower ore grades, while revenue was reported 18% higher and profit after tax grew by nearly 70%, according to recent company disclosures.Narrative Update • May 06
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.Narrative Update • Apr 22
CMCL: High Margin Outlook And Deep Drilling Results Will Support Future Upside
Analysts have reduced their price target for Caledonia Mining from $45.00 to $35.69, reflecting updated assumptions that combine a lower revenue growth outlook of 12.80% with a higher projected profit margin of 47.56% and a lower future P/E of 4.89. What's in the News Reported Blanket Mine gold production of 14,767 ounces for the quarter ended March 31, 2026, compared with 18,671 ounces in the first quarter of 2025 (company announcement of operating results).
Narrative Update • Apr 08
CMCL: Stronger Margins And 2026 Production Guidance Will Drive Bullish Repricing
Analysts have trimmed their price target on Caledonia Mining from $46.25 to $42.73 as they factor in a higher discount rate, a more moderate revenue growth outlook of 16.20%, a stronger projected profit margin of 40.63%, and a slightly lower future P/E of about 6.25x. What's in the News Caledonia Mining issued production guidance for 2026, with Blanket Mine gold output expected in a range of 72,000 to 76,500 ounces (Key Developments).Narrative Update • Mar 25
CMCL: Stable Blanket Output And Higher Margins Will Support Bullish Repricing
Analysts have kept their $46.25 price target on Caledonia Mining unchanged, citing revised assumptions for the discount rate, revenue growth, profit margin and future P/E that they believe better align the valuation with current company forecasts. What's in the News Fourth quarter 2025 gold production at Blanket Mine was reported at 17,367 ounces, with management highlighting lower tonnages from higher grade areas and electricity supply interruptions as key operational factors affecting the second half of the year (Key Developments).Narrative Update • Mar 10
CMCL: Blanket Production Stability And Margin Outlook Will Drive Future Upside
Analysts have raised their price target on Caledonia Mining from $36.00 to $45.00, citing updated assumptions that include revenue growth of 26.63%, a profit margin of 35.37% and a future P/E of 7.16, despite a slightly higher discount rate of 9.25%. What's in the News Reported fourth quarter 2025 production of 17,367 ounces at the Blanket mine, with management highlighting the impact of lower tonnages from higher grade areas and electricity supply interruptions late in the quarter (Key Developments).Narrative Update • Feb 24
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).Narrative Update • Feb 09
CMCL: Bilboes Development Decision Will Drive Future Bullish Repricing
Analysts have maintained their fair value estimate for Caledonia Mining at $46.25. They made only small tweaks to inputs such as the discount rate and assumed future P/E, reflecting fine-tuning rather than a major shift in their overall view.Narrative Update • Jan 26
CMCL: Future Production And Bilboes Project Will Drive Bullish Repricing
Narrative Update: Caledonia Mining Analyst Price Target Shift Analysts have lifted their fair value estimate for Caledonia Mining from US$37.50 to US$46.25, citing updated assumptions on revenue growth, profit margins, discount rate, and future P/E that together support a higher price target despite mixed shifts in the underlying inputs. What's in the News Fourth quarter 2025 gold production was 17,367 ounces, with the company highlighting lower tonnages from higher grade areas and electricity supply interruptions in the second half of the year as operational headwinds.Narrative Update • Jan 11
CMCL: Bilboes Development Decision Will Reshape Future Cash Flow Potential
Analysts now see Caledonia Mining's fair value at $36.00, up from $20.75, with the higher discount rate, softer revenue and margin assumptions, and a higher future P/E view helping to explain the shift in their price target framework. What's in the News Caledonia Mining decided to proceed with the Bilboes Gold Project after completing and publishing the feasibility study, and identified a single phase development approach as the most economic option (Key Developments).Narrative Update • Dec 26
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.Narrative Update • Dec 12
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.Narrative Update • Sep 24
Robust Gold Demand Will Unlock Bilboes Project Potential
The analyst price target for Caledonia Mining was raised on the back of higher-than-expected Q2 gold production, improved 2025 production guidance, and stronger projected free cash flow supporting debt reduction and dividends, driving the consensus fair value up from $27.50 to $37.50. Analyst Commentary Higher-than-expected gold production reported in Q2 from the primary Zimbabwean mine.Narrative Update • Sep 04
Robust Gold Demand Will Unlock Bilboes Project Potential
Analysts maintained their $27.50 price target for Caledonia Mining, citing stronger-than-expected gold production, upwardly revised 2025 output guidance, and improved projected free cash flow supporting dividends and debt reduction. Analyst Commentary Bullish analysts highlight stronger-than-expected Q2 gold production from Caledonia Mining’s primary Zimbabwean mine.
New Narrative • Mar 11
Motapa Discoveries And Cost Savings Will Strengthen Future Gold Production
Promising exploration results and feasibility studies at Motapa and Bilboes could boost production, enhancing future revenue.Shareholder Returns
| CMCL | US Metals and Mining | US Market | |
|---|---|---|---|
| 7D | 1.4% | -1.7% | 1.6% |
| 1Y | -6.5% | 51.2% | 18.6% |
Return vs Industry: CMCL underperformed the US Metals and Mining industry which returned 51.2% over the past year.
Return vs Market: CMCL underperformed the US Market which returned 18.6% over the past year.
Price Volatility
| CMCL volatility | |
|---|---|
| CMCL Average Weekly Movement | 6.5% |
| Metals and Mining Industry Average Movement | 9.5% |
| Market Average Movement | 7.3% |
| 10% most volatile stocks in US Market | 16.7% |
| 10% least volatile stocks in US Market | 3.2% |
Stable Share Price: CMCL has not had significant price volatility in the past 3 months compared to the US market.
Volatility Over Time: CMCL's weekly volatility (7%) has been stable over the past year.
About the Company
| Founded | Employees | CEO | Website |
|---|---|---|---|
| 1992 | 2,357 | John Learmonth | www.caledoniamining.com |
Caledonia Mining Corporation Plc engages in the exploration, development, and production of gold in Zimbabwe. The company is also involved in the exploration and development of mineral properties for precious metals. It owns a 64% stake in the gold-producing Blanket Mine, 100% stake in the Bilboes Sulphide Project, and the Motapa and Maligreen gold mining claims in Zimbabwe.
Caledonia Mining Corporation Plc Fundamentals Summary
| CMCL fundamental statistics | |
|---|---|
| Market cap | US$388.00m |
| Earnings (TTM) | US$61.47m |
| Revenue (TTM) | US$261.54m |
6.3x
P/E Ratio1.5x
P/S RatioIs CMCL overvalued?
See Fair Value and valuation analysisEarnings & Revenue
| CMCL income statement (TTM) | |
|---|---|
| Revenue | US$261.54m |
| Cost of Revenue | US$103.39m |
| Gross Profit | US$158.16m |
| Other Expenses | US$96.69m |
| Earnings | US$61.47m |
Last Reported Earnings
Mar 31, 2026
Next Earnings Date
n/a
| Earnings per share (EPS) | 3.18 |
| Gross Margin | 60.47% |
| Net Profit Margin | 23.50% |
| Debt/Equity Ratio | 38.4% |
How did CMCL perform over the long term?
See historical performance and comparisonDividends
2.8%
Current Dividend Yield18%
Payout RatioCompany Analysis and Financial Data Status
| Data | Last Updated (UTC time) |
|---|---|
| Company Analysis | 2026/07/05 02:47 |
| End of Day Share Price | 2026/07/02 00:00 |
| Earnings | 2026/03/31 |
| Annual Earnings | 2025/12/31 |
Data Sources
The data used in our company analysis is from S&P Global Market Intelligence LLC. The following data is used in our analysis model to generate this report. Data is normalised which can introduce a delay from the source being available.
| Package | Data | Timeframe | Example US Source * |
|---|---|---|---|
| Company Financials | 10 years |
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| Analyst Consensus Estimates | +3 years |
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| Market Prices | 30 years |
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| Ownership | 10 years |
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| Management | 10 years |
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| Key Developments | 10 years |
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* Example for US securities, for non-US equivalent regulatory forms and sources are used.
Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more.
Analysis Model and Snowflake
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Industry and Sector Metrics
Our industry and section metrics are calculated every 6 hours by Simply Wall St, details of our process are available on Github.
Analyst Sources
Caledonia Mining Corporation Plc is covered by 9 analysts. 4 of those analysts submitted the estimates of revenue or earnings used as inputs to our report. Analysts submissions are updated throughout the day.
| Analyst | Institution |
|---|---|
| Dmitry Kalachev | Canaccord Genuity |
| null null | Cantor Fitzgerald Canada Corporation |
| Christopher Donnellan | Cavendish |