Caledonia Mining Corporation PLC (AIM:CMCL, NYSE-A:CMCL, VFEX:CMCL) ended FY25 with production broadly in line with its upgraded guidance, highlighted broker Cavendish, despite a softer fourth quarter at Blanket in Zimbabwe.
The stockbroker noted Q25 output was 17,400 ounces of gold, slightly behind its expectations after lower tonnages of higher-grade ore and power interruptions late in the period.
Cavendish, in its note, also pointed to FY25 production of 76.20koz, which it said matched the upgraded guidance range of 75.5-79.50koz, although it was below the broker’s forecast.
Nevertheless, the broker increased its gold price assumptions and therefore raised its target price to 3,340p, from 3,000p, and retained a 'buy' recommendation.
On growth, Cavendish said funding initiatives for Bilboes are “well progressed” and highlighted a sub-one-year payback at spot gold prices.