Caledonia Mining Corporation PLC (AIM:CMCL, NYSE-A:CMCL, VFEX:CMCL) reported a near-tripling of annual profit after a surging gold price drove revenue up 46% to $267.7 million in 2025.
The Zimbabwe-focused producer's total gold sales edged up to 79,075 ounces from 77,917 ounces, meaning the bulk of the earnings uplift came from price rather than volume, with the average realised gold price rising sharply against 2024 levels.
Profit after tax jumped to $67.5 million from $23.1 million the year before, while earnings per share rose 211% to $2.83. Underlying profit (EBITDA) also more than doubled to $125.3 million.
Free cash flow surged to $62.1 million from just $10.6 million the previous year, allowing the company to swing from a net debt position of $8.7 million to net cash of $23.8 million by the year end.
The company declared a quarterly dividend of 14 cents per share, payable on April 17.
Chief executive Mark Learmonth said 2025 had been "a strong year for the group, marked by record financial performance, excellent cash generation and continued strategic progress across the business."
He highlighted encouraging drilling results at Blanket and called Bilboes "an attractive and robust project that has the potential to materially change our production and profit profile."
Looking ahead, Learmonth said the company's focus for 2026 was "execution and the strategic objective of becoming a multi-mine producer."
Caledonia is pressing ahead with development plans at its Bilboes sulphide project in Zimbabwe, following completion of a feasibility study in November 2025 that confirmed viable economics for a single-phase build.