$CMCL

CALEDONIA MINING CORP

CIK:0000766011|SEC Filings

Consolidated statements of profit or loss and other comprehensive income - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Consolidated statements of profit or loss and other comprehensive income
Revenue	$ 267,663	$ 183,018	$ 146,314
Royalty	(13,521)	(9,263)	(7,637)
Production costs	(101,321)	(80,744)	(82,709)
Depreciation	(15,697)	(16,021)	(14,486)
Gross profit	137,124	76,990	41,482
Net foreign exchange loss	(3,311)	(9,722)	(6,772)
Administrative expenses	(20,480)	(15,658)	(17,429)
Fair value loss on derivative financial instrument	(6,379)	(831)	(1,119)
Equity-settled share-based expense	(203)	(1,054)	(640)
Cash-settled share-based expense	(839)	(201)	(463)
Other expenses	(5,078)	(6,940)	(4,367)
Other income	248	1,090	263
Profit on the sale of non-current assets held for sale	8,540
Operating profit	109,622	43,674	10,955
Finance income	461	26	39
Finance cost	(3,514)	(3,157)	(3,024)
Profit before tax	106,569	40,543	7,970
Tax expense	(39,058)	(17,489)	(12,810)
Profit (loss) for the year	67,511	23,054	(4,840)
Other comprehensive income
Exchange differences on translation of foreign operations	1,109	(116)	(622)
Total comprehensive income for the year	68,620	22,938	(5,462)
Profit (loss) attributable to:
Owners of the Company	55,219	17,899	(7,862)
Non-controlling interests	12,292	5,155	3,022
Profit (loss) for the year	67,511	23,054	(4,840)
Total comprehensive income attributable to:
Owners of the Company	56,328	17,783	(8,484)
Non-controlling interests	12,292	5,155	3,022
Total comprehensive income for the year	$ 68,620	$ 22,938	$ (5,462)
Earnings (loss) per share
Basic earnings (loss) per share ($) (in dollars per share)	$ 2.83	$ 0.91	$ (0.44)
Diluted earnings (loss) per share ($) (in dollars per share)	$ 2.83	$ 0.91	$ (0.44)

Consolidated statements of cash flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Consolidated statements of cash flows
Cash inflow from operations	$ 105,419	$ 55,438	$ 26,398
Interest received	461	26	39
Finance costs paid	(3,073)	(2,864)	(2,462)
Tax paid	(26,574)	(10,645)	(9,206)
Net cash inflow from operating activities	76,233	41,955	14,769
Cash flows used in investing activities
Acquisition of property, plant and equipment	(32,450)	(27,477)	(28,556)
Acquisition of exploration and evaluation assets	(3,633)	(3,835)	(1,837)
Proceeds from sale of property, plant and equipment	17
Gross proceeds from sale of non-current assets held for sale	22,350
Selling cost on sale of non-current assets held for sale	(384)
Proceeds from derivative financial instruments			178
Acquisition of put options	(5,430)	(743)	(946)
Investment in fixed term deposits	(28,500)
Matured fixed term deposits	23,500
Net cash used in investing activities	(24,530)	(32,055)	(31,161)
Cash flows from financing activities
Dividends paid	(19,916)	(12,302)	(11,099)
Payment of lease liabilities	(244)	(182)	(184)
Proceeds from loans and borrowings		3,000
Repayments of loans and borrowings	(1,473)	(326)
Loan notes - solar bond issue gross receipts	2,500	2,000	7,000
Loan notes - solar bond issue transaction cost	(113)	(30)	(105)
Loan notes - Motapa payment			(7,250)
Shares issued - equity raise (net of transaction cost)			15,569
Proceeds from share options exercised	95	37
Net cash (used in) from financing activities	(19,151)	(7,803)	3,931
Net increase (decrease) in cash and cash equivalents	32,552	2,097	(12,461)
Effect of exchange rate fluctuations on cash and cash equivalents	(44)	267	(67)
Net cash and cash equivalents at the beginning of the year	(8,668)	(11,032)	1,496
Net cash and cash equivalents at the end of the year	$ 23,840	$ (8,668)	$ (11,032)

Consolidated statements of financial position - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Consolidated statements of financial position
Exploration and evaluation assets	$ 103,829	$ 97,326
Property, plant and equipment	204,538	189,456
Right of use assets	1,089
Derivative financial assets	7,273
Deferred tax asset	230	264
Total non-current assets	316,959	287,046
Income tax receivable	8	355
Inventories	26,828	23,768
Derivative financial assets	954
Trade and other receivables	11,871	12,675
Prepayments	14,537	6,748
Fixed term deposit	5,000
Cash and cash equivalents	35,738	4,260
Assets held for sale		13,512
Total current assets	94,936	61,318
Total assets	411,895	348,364
Equity and liabilities
Share capital	166,329	165,408
Reserves	138,254	138,465
Retained loss	(45,586)	(89,996)
Equity attributable to shareholders of the parent	258,997	213,877
Non-controlling interests	24,549	20,587
Total equity	283,546	234,464
Liabilities
Deferred tax liabilities	51,015	48,418
Provisions	9,722	9,664
Loans and borrowings	1,074	1,500
Loan note instruments	3,981	8,313
Cash-settled share-based payment	1,294	411
Lease liabilities	911	199
Total non-current liabilities	67,997	68,505
Cash-settled share-based payment	1,116	634
Income tax payable	351	2,958
Lease liabilities	268	95
Loans and borrowings	6,706	1,174
Loan note instruments	7,760	855
Trade and other payables	32,253	26,647
Overdrafts	11,898	12,928
Liabilities associated with assets held for sale		104
Total current liabilities	60,352	45,395
Total liabilities	128,349	113,900
Total equity and liabilities	$ 411,895	$ 348,364