CALEDONIA Mining Corporation produced strong financial and operational results for the first quarter of 2025, with net profit surging nearly 500% year-on-year amid robust gold prices and increased production.
The Zimbabwe-focused gold producer reported first quarter revenue of $56.2m, a 46% increase from the same period last year, while gross profit nearly doubled to $26.9m. Net profit attributable to shareholders reached $8.9m, a dramatic 493% increase compared to the first quarter of 2024.
The company’s performance was driven by gold production of 19,106 ounces across its Blanket Mine and Bilboes oxides operations, representing a 9.3% increase year-over-year. This production boost, combined with gold prices averaging $2,896/oz — 42% higher than last year — significantly strengthened the company’s financial position.
“Caledonia has delivered an exceptional first quarter,” said CEO Mark Learmonth. “This strong performance demonstrates our operational resilience and ability to capitalise on favorable gold prices.”
The company’s cash position has also improved substantially. After completing the sale of its solar plant for $22.35m in April 2025, Caledonia’s pro forma net cash stands at $18.6m, a remarkable turnaround from the negative $14.2m position reported a year ago.
Caledonia’s contribution to Zimbabwe’s economy remains significant, with $11.8m paid in royalties and taxes during the quarter — more than double the amount contributed in the first quarter of 2024.
Looking ahead, the company has reaffirmed its 2025 production guidance for Blanket Mine at 74,000 to 78,000 oz and launched a $2.8m exploration program at its Motapa property. Management has also initiated a comprehensive safety review across its operations.
Caledonia continues to focus on maximizing production at Blanket, optimizing the Bilboes project economics, and developing exploration potential at Motapa as part of its strategic growth plan for 2025.
