Caledonia Mining Corporation Plc

Notable vs. Peers

• Jurisdiction risk score of 4/10 is meaningfully riskier than the peer average of 7.8/10.
• Financials score of 8.8/10 is stronger than the peer average of 6.4/10.
• All-in sustaining cost of $2,765/oz is 42% higher than the peer producer average of $1,946/oz.

Lifecycle Milestones

1. Permit granted

   Reached — date not disclosed · Blanket Mine operates under Special Licence No. 5030, issued under Zimbabwe's Mines and Minerals Act of 1961 -- decades before Caledonia acquired its controlling stake (effective April 2006) and decades before the Central Shaft project (this miner's existing CONSTRUCTION_DECISION/CONSTRUCTION_START rows, Nov 2014 / Aug 3 2015). A 2002 SRK due-diligence report (itself predating Caledonia's involvement) found the historical tenure situation 'had not changed for over 20 years,' confirming the mining title was already stable and secure well before Central Shaft was conceived. No evidence of any new/separate mining permit, Special Grant, or EIA certificate issued specifically for the Central Shaft project circa 2014-2015 was found in company disclosures, SEC 6-K/20-F filings, or mining trade press -- Central Shaft is consistently described only as a new internal shaft developed under Caledonia's existing, already-permitted Blanket Mine claims block, not a standalone new mine requiring fresh mining rights. Same reused-pre-existing-permit shape as HL/San Sebastian and DRD/FWGR (Task #646 batch 1). · Source
2. Construction decision (FID)

   Reached — date not disclosed · Caledonia announced a revised Blanket Mine investment plan in November 2014 targeting 80,000oz/year production by 2022, the decision context for the Central Shaft project (Caledonia's own major construction undertaking at the century-old Blanket Mine, which it acquired as an already-operating asset from Kinross Gold in 2006). No separately labelled board-sanction release distinct from this investment-plan announcement was found; recorded reached-but-undated to November 2014. · Source
3. Construction start

   Aug 2015 · Construction of the new Central Shaft at Blanket Mine commenced 3 August 2015 (self-funded, owner-built by Blanket crews; shaft sinking completed July 2019, commissioning completed Q1 2021). · Source
4. First pour / production

   Reached — date not disclosed · Genuinely reached, but not as an act of this company, and with no clean company-era date -- the same shape as the HMMC/Hemlo and CYL/Plutonic precedent rows. The Blanket Mine (Gwanda, Zimbabwe) has produced gold since 1906 under a long succession of prior owners, most recently Kinross Gold, from whom Caledonia acquired the ALREADY-PRODUCING mine in June 2006. Caledonia therefore never had a 'first pour' of its own at Blanket. Nearest company-era production events, both real and sourced: the mine was placed on care and maintenance in October 2008 amid Zimbabwe's economic crisis (Blanket continued paying and feeding its 500+ employees throughout, retaining the workforce), and RESTARTED production in April 2009; a late-2010 expansion then lifted capacity from 24,000 oz/yr to 40,000 oz/yr. Neither the 1906 origin nor the April 2009 restart is a defensible single 'first production' day for Caledonia, so achievedDate is left null rather than invented. Primary sourcing: the NI 43-101 Technical Report on the Blanket Mine filed with the SEC (https://www.sec.gov/Archives/edgar/data/766011/000117184318001642/exh_991.htm) and https://www.caledoniamining.com/about/about-zimbabwe/. Consistent with this miner's existing COMMERCIAL_PRODUCTION row, which reaches the same conclusion for the same reason. Task #610 (2026-08-25): row was missing entirely; stage=PRODUCTION was already correct (Caledonia is a current producer). · Source
5. Commercial production

   Reached — date not disclosed · Genuinely reached, but no single unambiguous company-era date exists: the Blanket mine (Zimbabwe) has operated since 1906 -- a 100+ year history under a long succession of prior owners, most recently Kinross Gold Corporation, before Caledonia Mining acquired it in June 2006. Matches the Hemlo Mining Corp/RIO-Condestable precedent (batch4): a very long multi-owner operating history with no single clean company-era date. This row was missing entirely prior to 2026-08-21 -- a genuine data gap, not a stage error; Miner.stage was already correctly PRODUCTION. · 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.

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 the underlying research identifies — whether a major already holds a JV, earn-in, or 5–19.9% strategic stake — isn't tracked yet and is absent from this score.