Caledonia Mining: Bilboes Changes The Upside But Not The Risk

Caledonia Mining now presents a clearer upside, driven by improved cash generation and a more credible Bilboes project following its feasibility study. FY2025 results highlighted strong operating leverage to gold prices, with $62.1 million free cash flow, but Q1 2026 exposed operational and cost volatility. Bilboes could transform CMCL's scale, targeting 200,000 oz/year at $1,061/oz AISC, yet requires $484 million peak funding, introducing significant execution and dilution risks.

Seeking Alpha • Jun 3, 2026

Caledonia Mining Corporation Plc: Refiling of Bilboes Gold Project Feasibility Study National Instrument 43-101 Technical Report

(NYSE AMERICAN: CMCL; AIM: CMCL; VFEX: CMCL) SAINT HELIER, JE / ACCESS Newswire / May 22, 2026 / On November 24, 2025, Caledonia Mining Corporation Plc (the "Company") filed the "Bilboes Gold Project Technical Report Summary" with effective date October 31, 2025 prepared by DRA Projects (Pty) Ltd ("DRA") on EDGAR as an exhibit to a Form 6-K Report of Foreign Private Issuer (the "Feasibility Study"). In accordance with Canadian securities regulations, the Company then filed on January 6, 2026 the "Bilboes Gold Project Feasibility Study National Instrument 43-101 Technical Report" with effective date October 31, 2025 prepared by DRA on SEDAR+ (the "Canadian Report ").

Accesswire • May 22, 2026

Caledonia Mining Corporation Plc PCA Shareholding Notification

(NYSE AMERICAN: CMCL; AIM: CMCL; VFEX: CMCL) SAINT HELIER, JE / ACCESS Newswire / May 20, 2026 / Caledonia Mining Corporation Plc ("Caledonia" or "the Company") announces that it received notification on May 18, 2026 that Fremiro Investments (Private) Limited ("Fremiro"), a person closely associated with Mr July Ndlovu, a non-executive director and the Chairman of Caledonia, sold depositary interests representing 20,000 common shares in the Company on May 18, 2026 at a price of £17.19 per share. Following the sale by Fremiro, Mr Ndlovu now has a beneficial interest in 229,089 common shares in the Company.

Accesswire • May 20, 2026

Caledonia Mining Q1 Earnings Call Highlights

Caledonia Mining NYSEAMERICAN: CMCL reported a weaker production quarter at its Blanket Mine in Zimbabwe, but management said higher gold prices helped lift revenue, earnings and cash generation while remediation efforts are beginning to improve mine performance.

MarketBeat • May 15, 2026

Caledonia Mining Corporation Plc: Non-Executive Director Shareholding Notification

(NYSE AMERICAN: CMCL; AIM: CMCL; VFEX: CMCL) SAINT HELIER, JE / ACCESS Newswire / May 15, 2026 / Caledonia Mining Corporation Plc ("Caledonia" or "the Company") announces that it received notification on May 14, 2026 that Mr July Ndlovu, a non-executive director and Chairman of Caledonia, has purchased 15,000 common shares in the Company on May 13, 2026 at a price of $24.81 per share. A copy of the notification is below.

Accesswire • May 15, 2026

Caledonia Mining shares edge higher as record gold price boost earnings

Shares in Caledonia Mining Corporation PLC (AIM:CMCL, NYSE-A:CMCL, VFEX:CMCL) rose 2.3% to 1,800p on Monday as investors weighed a first-quarter update in which record gold prices delivered strong financial results. Revenue rose 18.3% year-on-year to $66.43 million, EBITDA jumped 50.2% to $33.87 million and profit after tax climbed 69.4% to $18.91 million, all driven by an average realised gold price of $4,816 per ounce, up 66.3% on the same period last year.

Proactive Investors • May 11, 2026

Caledonia Mining reports 50% EBITDA surge helped by strong gold price

Caledonia Mining Corporation PLC (AIM:CMCL, NYSE-A:CMCL, VFEX:CMCL), the Zimbabwe-focused gold producer, lifted EBITDA by 50.2% to $33.87 million in the first quarter of 2026 as a surging gold price more than compensated for lower output at its Blanket mine. Revenue rose 18.3% to $66.43 million against the same period last year, while profit after tax jumped 69.4% to $18.91 million and free cash flow more than doubled to $12.28 million from $4.86 million.

Proactive Investors • May 11, 2026

Caledonia Mining Corporation Plc (CMCL) Q1 2026 Earnings Call Transcript

Caledonia Mining Corporation Plc (CMCL) Q1 2026 Earnings Call Transcript

Seeking Alpha • May 11, 2026

Caledonia Mining Corporation Plc - Abridged and Unaudited Quarterly Results and Details of Management Conference Call for the First Quarter Ended March 31, 2026 ("the Quarter" or "Q1 2026")

(NYSE American:CMCL)(AIM:CMCL)(VFEX:CMCL) SAINT HELIER, JE / ACCESS Newswire / May 11, 2026 / Caledonia Mining Corporation Plc ("Caledonia" or "the Company" and together with its subsidiaries "the Group") is pleased to report its financial and operating performance for the Quarter. Summary for Quarter Revenue increased by 18.3% to US$66.43 million, compared with US$56.18 million in the first quarter of 2025 ("Q1 2025" or the "comparative quarter"), driven primarily by a significantly higher average realised gold price.

Accesswire • May 11, 2026

Caledonia Mining Corporation Plc New Corporate Video

(NYSE AMERICAN:CMCL)(AIM:CMCL)(VFEX:CMCL) SAINT HELIER, JE / ACCESS Newswire / May 7, 2026 / Caledonia Mining Corporation Plc ("Caledonia" or the "Company") is pleased to announce that its new corporate video is available on the Company website. The video can be found at https://www.caledoniamining.com/media/#corpvideos or on the Company's YouTube channel https://youtu.be/gAOTBVud83E Enquiries: Caledonia Mining Corporation Plc Mark Learmonth Camilla Horsfall Tel: +44 1534 679 800 Tel: +44 7817 841 793 Cavendish Capital Markets Limited (Nomad and Broker) Adrian Hadden Pearl Kellie Tel: +44 207 397 1965 Tel: +44 131 220 9775 Camarco, Financial PR (UK) Gordon Poole/ /Elfie Kent Tel: +44 20 3757 4980 Curate Public Relations (Zimbabwe) Debra Tatenda Tel: +263 77802131 IH Securities (Private) Limited (VFEX Sponsor - Zimbabwe) Lloyd Mlotshwa Tel: +263 (242) 745 119/33/39 SOURCE: Caledonia Mining Corporation Plc View the original press release on ACCESS Newswire

Accesswire • May 7, 2026