Caledonia Mining Corporation Plc
Caledonia Mining Corporation Plc is a gold producer operating the Blanket Mine (64% Caledonia-owned), an underground gold mine in Zimbabwe producing since well before Caledonia's ownership, plus 100%-owned exploration/development claims at Motapa and Maligreen. Its principal growth project is Bilboes, a wholly-owned open-pit gold development for which a positive Feasibility Study was published in Nov 2025; the company is now implementing a four-part funding plan to advance it. Dual-listed on NYSE American (primary, USD) and the London Stock Exchange (secondary), both under ticker CMCL.
Notable vs. Peers
- Jurisdiction risk score of 4/10 is meaningfully riskier than the peer average of 7.8/10.
- All-in sustaining cost of $2,765/oz is 54% higher than the peer producer average of $1,794/oz.
Lifecycle Milestones
Construction Milestones
5 of 5 reached- Reached — date not disclosed · Source
- Reached — date not disclosed · Source
- Aug 2015 · Source
- Reached — date not disclosed · Source
- Reached — date not disclosed · Source
Milestones are recorded only from a company's own dated disclosure. A milestone with no date shown is one we can confirm was reached but for which no date was disclosed — we don't estimate one. "Not yet reached" means exactly that, not that a date is missing. An "Expected" line likewise only ever reflects the company's own guidance (e.g. a study or permit decision targeted for a stated quarter) — most not-yet-reached milestones have none, and that absence means no such guidance has been disclosed, not that one is overdue.
Not in place: mill, tailings facility, grid power.
Not in place: mill, tailings facility. Not yet determined: road access, grid power.
Not in place: tailings facility. Not yet determined: mill, road access, grid power.
Combined view across 4 projects. Figures below are only combined where the underlying basis genuinely matches -- see the notes under each.
- 32.5%Bilboes
- 10 yrsBlanket Mine
- 10.8 yrsBilboes
Jurisdiction (40%)4/10
The indigenization law's 51%-local-ownership requirement was repealed for most sectors including mining in 2018, and Caledonia has operated Blanket profitably under a 64%-Caledonia ownership structure since resolving its own indigenization compliance in 2020. This is a first-pass general assessment, not a primary-source review of current Zimbabwe mining-code specifics.
Infrastructure (40%)10/10
A confirmed mill, confirmed road access, confirmed grid power, and a confirmed tailings facility at Blanket Mine.
Nearby producing mine (20%)Not yet researched
No producing mine within 50 km in our reference list (nearest listed: Mimosa Mine (Mimosa Investments Limited), 112 km). That list doesn't cover every mining district yet, so a longer distance isn't scored as remote.
Acquisition Susceptibility
A relative ranking of how closely this company matches the profile of juniors that have actually been acquired — not a probability, and not a reason to buy. Acquisitions are rare: only a few dozen significant deals happen a year across a universe of thousands of juniors, so even a high score here describes a long shot. The strongest signal in the research, a producer that already owns part of the company, is scored from its disclosed strategic shareholders. A producer that is a joint-venture or earn-in partner on the project, rather than a shareholder, isn't captured yet.
How this score is built
- Disclosed pending dealSub-score: Not scored
No pending acquisition or merger disclosed (checked)
Not scored: having no deal in flight isn't held against a company.
Weight 26.25% - Producer's strategic stakeSub-score: Not scored
No producer holds a disclosed stake on file (holder register researched) See holders
Not scored: most juniors that do get bought had no prior toehold, so a missing stake says little either way.
Weight 25% - Distance to a producing mineSub-score:2.9/10
Nearest producing mine: Mimosa Mine (Mimosa Investments Limited), 112 km
10 next to a producing mine, 8 at 20 km, 5 at 50 km, 0 beyond 200 km.
Weight 22.5% · 46% here - Lifecycle stageSub-score:5.5/10
Stage: Production
Feasibility and permitting score 10, where deals cluster, and production 5.5; earlier stages score less, down to 1 at grassroots.
Weight 15% · 31% here - JurisdictionSub-score:4/10
Zimbabwe: jurisdiction score 4/10
Our jurisdiction score, used as is: higher means lower political and permitting risk.
Weight 6.75% · 14% here - CommoditySub-score:10/10
Primary commodity: Gold
Gold 10, copper 8, silver 5, nickel and uranium 4, others 2: most majors' deals are for gold.
Weight 4.5% · 9% here
Weight is each input's share of the full score. “Here” is its share of this company's score: inputs that aren't scored are left out and the rest re-weighted, never counted as zero.
Your Rankings
Management Team
Chief Executive Officer of Caledonia Mining Corporation Plc, leading the company's Blanket Mine operation in Zimbabwe and the Bilboes gold development, for which a positive Feasibility Study was published in Nov 2025.
Chief Financial Officer of Caledonia Mining Corporation Plc, presenting the company's quarterly results alongside CEO Mark Learmonth. Succeeded Chester Goodburn, who stepped down 24 Mar 2025.
Insiders, Investors & Smart Money
Notable shareholders and insiders whose involvement is worth knowing about, plus what we're seeing from institutional/large-investor activity.
Invesco Gold & Special Minerals Fund and Goehring & Rozencwajg Resources, both real specialist funds, hold small stakes. Director July Ndlovu bought stock on the open market twice within the last year (one small offsetting sale in between), and director and 10%-holder Victor Gapare also bought, with institutional ownership over 65% providing corroboration.
No notable insiders tracked for this miner yet.
Reports, Presentations & Documents
Caledonia Mining owns 64% of the Blanket underground gold mine in Zimbabwe, which has operated for over a century and which Caledonia acquired from Kinross Gold in 2006. Its growth project is the 100%-owned Bilboes open-pit gold project, also in Zimbabwe, and it holds the Motapa and Maligreen exploration properties. Company-wide attributable measured and indicated resources are 3,617,000 oz of gold, inclusive of reserves, plus 1,917,000 oz inferred, as at 31 December 2025. The Bilboes feasibility study published in November 2025 shows an after-tax NPV8% of US$582M and a 32.5% IRR at US$2,548/oz gold, with initial capital of US$484M and a 10.8-year mine life. Blanket's 2026 production guidance is 72,000-76,500 oz, and its all-in sustaining cost was US$2,765/oz in Q1 2026. Front-end engineering for Bilboes is under way, targeting first production at the end of 2028.