Caledonia Mining (CMCL)
Operates Blanket underground mine while developing Zimbabwe's Bilboes gold project.
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Produces and sells gold from the Blanket underground mine in Zimbabwe, with further development at Bilboes and exploration at Motapa and Maligreen. Revenue is concentrated at Blanket and its sale routes are shaped by Zimbabwean refining requirements.
Operates Blanket, an underground gold mine near Gwanda, Zimbabwe, where ore passes through on-site crushing, milling and carbon-in-leach processing. Runs owner-led mine-infrastructure work with specialist supervision, and supports the operation from management, procurement and technical teams in South Africa, a Jersey head office, and smaller London and Dubai teams. All mining, development and exploration assets are in Zimbabwe.
Builds its prospective multi-asset portfolio around Bilboes while evaluating Motapa and Maligreen; the small Bilboes oxide mine remains on care and maintenance. Gold sales are tied to the London Bullion Market Association benchmark, less refining fees and Zimbabwean royalties, and Blanket's market route runs through Fidelity Gold Refinery. Bilboes requires further financing, permits, equipment and project delivery.
Company facts
Target rangeAs of Sep 2, 2026
Latest analyst notes
No analyst notes in the last 24 months.
EPSReportedEstimate
RevenueReportedEstimate
Balance sheet, Jun 30, 2026Cash & short-term investments $171.8M · Total debt $116.9M · Total assets $562.5M · Shareholders' equity $293.9M
- Revenue
- $72.0M
- Operating income
- $33.3M
- Net income
- $23.8M
Raised for 10 straight years. To collect a payout, hold shares through the close before the ex-date.
History
| Ex-date | Record | Paid | Amount | Note |
|---|---|---|---|---|
| Aug 21, 2026 | Aug 21 | Sep 4 | $0.14 | |
| May 22, 2026 | May 22 | Jun 5 | $0.14 | |
| Apr 2, 2026 | Apr 2 | Apr 17 | $0.14 | |
| Nov 21, 2025 | Nov 21 | Dec 5 | $0.14 | |
| Aug 22, 2025 | Aug 22 | Sep 5 | $0.14 | |
| May 23, 2025 | May 23 | Jun 6 | $0.14 | |
| Apr 4, 2025 | Apr 4 | Apr 17 | $0.14 | |
| Nov 22, 2024 | Nov 22 | Dec 6 | $0.14 |
| Institutions138 holders · as of Jun 30, 2026 | 48.28% | 9.33M ADS | |
| Insiders1 holder · as of Aug 17, 2026 | 1.30% | 250.5K ADS | |
| Strategic holders3 holders · as of Nov 28, 2025 | 25.01% | 4.83M ADS | |
| Otherremainder | 25.41% | 4.91M ADS |
19.31M ADS as of Aug 27, 2026 · institutions as of Jun 30, 2026 · holders as of their latest filing
The share count is from the company's Dec 2022 annual report; nothing newer is on file here.
Top shareholders13F · 13D/G · Form 4
| Holder | Stake | Shares | Evidence |
|---|---|---|---|
Toziyana TrustStrategic | 11.80% | 2.28M | 13Dfiled Jan 17, 2023 ↗ |
Shining Capital Management Ltd.Strategic | 9.96% | 1.92M | 13Gfiled Nov 28, 2025 ↗ |
BlackRock, Inc.Institution | 5.91% | 1.14M ADS | 13Fas of Jun 30, 2026 |
Sales Promotion Services SAStrategic | 3.25% | 628,474 | 13G/Afiled Apr 27, 2022 ↗ |
Dimensional Fund Advisors LPInstitution | 3.17% | 611,606 ADS | 13Fas of Jun 30, 2026 |
| See all 25 → | |||
13F — a manager's quarterly holdings · 13D/13G — an ownership statement filed at 5% or more
Insider tradesForm 4
| Date | Insider | Role | Shares | Avg price |
|---|---|---|---|---|
| Aug 13, 2026 | July Ndlovu | director | +21,400 | $23.03 |
- Namib Minerals
Zimbabwe underground-gold rival with a producing mine and restarts.
ComparePre-market
| Company | Price | Change | |||||
|---|---|---|---|---|---|---|---|
| Caledonia Mining | $25.62 | −0.19% | $494.6M | 7.7 | — | 1.8 | +16.8% |
| Namib Minerals | $1.42 | +3.65% | $75.7M | 0.8 | — | 0.9 | — |
| Median | 0.8 | — | 0.9 | — |