Rank #38 · NYSE:CMCL

Caledonia Mining Corporation

Follow with Pro Run Valuation →

Junior Producer · Primary: Gold

United Kingdom · Jurisdictions: Zimbabwe

TechnicalAvailable
JurisdictionAvailable
Filing-backedUnavailable
Historical valuationAvailable
Change intelligenceUnavailable

Canonical listing price

$23.75

-2.70%(-0.66 USD)

Updated 10/9/2026, 1:30:00 PM

Price data: Twelve Data

Market Context

Gold · Junior Producer

1D: -2.7%
1M: -6.3%
3M: +37.0%
YTD: -9.8%
1Y: -36.9%
Dist 52W high: -37.0%

vs Gold

1M -2.5 pp·3M +41.9 pp

vs GDX

1M +0.7 pp·3M +15.4 pp

1M vs Gold Miners group: +0.8 pp

Jurisdiction: Zimbabwe · Market cap rank-only (licensing)

Close-based returns and relative performance in percentage points vs mapped metal/ETF. Not a buy/sell signal or price target.

Price Chart

Fundamentals Snapshot

Run Valuation →

Valuation

Market Cap· derived: $458.49MderivedYE 2025 common shares (Form 20-F cover)

Financials

Cash: $35.74Mreported-actualYE 2025
Total Debt: $7.78Mreported-actualYE 2025
Net Cash· derived: $27.96MderivedYE 2025

P&L / Cash Flow (TTM)

Revenue· derived: $183.02MREPORTED TTM2024-12-31Filing source · 2025-05-16
Net Income

Valuation

Filing-backed valuation ratios

Current market multiples relative to reported TTM financials. Peer context uses the Mining 50 Gold · Junior Producer group. Not fair value, price targets, or investment advice.

Pro: full peer compare

Enterprise Value: $430.5M
P/S: 2.5x
EV/Sales: 2.4x
FCF Yield: 3.2%
EV/FCF: 29.7x

Data provenance (MINING50-VALUATION-1.0)

Market cap: MINING50-MARKETCAP-1.0
Balance sheet: Latest reported
Revenue: TTM
FCF: TTM
Currency: USD
Enterprise Value uses current market cap plus latest reported cash and debt; components may differ in observation date.

Historical Valuation

Current vs own filing-date history

Point-in-time multiples at annual filing dates using prices and financials publicly available as of each date. Percentiles and medians use available history only — descriptive context, not fair value or investment advice.

P/FCF

Current (latest filing date): 32.8x
Historical median: 20.3x
Available-history percentile: 100th (4 obs.)

Available history range: 20.3x — 20.3x · current 32.8x

EV/FCF

Current (latest filing date): 33.1x
Historical median: 20.6x
Available-history percentile: 100th (4 obs.)

Available history range: 20.6x — 20.6x · current 33.1x

Historical chart

P/FCF (FY at filing) EV/FCF (FY at filing)

Each point is a filing-date snapshot — not a continuous daily valuation series.

Filing-date periodic snapshots · 5 observations · price source: Twelve Data

MINING50-HISTORICAL-VALUATION-1.0 · filing-date periodic

Balance Sheet & Capital Allocation

Filing-backed financial position & change

Annual FY trends from certified filing data. Descriptive direction and magnitude only — not a quality score or investment recommendation.

Financial Position

Cash

$4.26M

$-2.45M YoY (-36.5%)

Debt

$9.14M

+$9.14M YoY

Net Debt

Net Debt: $1.93M

Moved from $10.78M net cash to $1.93M net debt.

Share Count

19.3M

+90K shares YoY (+0.5%)

3-year share count change: +50.4% over 3 years

Capital Intensity

Capex / Revenue

15.0%

Prior year: 19.5%

FCF Conversion

34.5%

Prior year: -93.4%

FCF (FY)

$14.48M

+$28.27M YoY (+205.0%)

Methodology (MINING50-CAPITAL-ALLOCATION-1.0)

EntityCommonStockSharesOutstanding — period-end shares from SEC DEI taxonomy (annual FY).
Net debt: MINING50-NETDEBT-1.0 (debt − cash, both required per period)
FCF: MINING50-FCF-1.0 (annual FY derived OCF − |CapEx|)
Annual FY filing-backed series from certified Grey Rabbit stores and cached SEC companyfacts. Descriptive only — not investment advice.

Operating Performance

Filing-backed operating & cash-flow trends

Annual FY revenue, cash flow, capex, and margins from certified filing data. Descriptive trends only — not a quality score or investment recommendation.

Operating Snapshot

Revenue

$183.02M

+$36.70M YoY (+25.1%)

Operating Cash Flow

$41.95M

+$27.19M YoY (+184.1%)

Free Cash Flow

$14.48M

Free cash flow moved from $-13.79M to $14.48M.

Capex

$27.48M

$-1.08M YoY (-3.8%)

Cash Flow Margins

OCF Margin

22.9%

Prior year: 10.1%

Change: +12.8 pp

FCF Margin

7.9%

Prior year: -9.4%

Change: +17.3 pp

Capital Intensity

Capex / Revenue

15.0%

Prior year: 19.5%

Recent Operating Changes

Operating Cash Flow Increase
Operating cash flow increased $27.19M (+184.1%) versus the prior comparable period.
2023-12-31 → 2024-12-31
Free Cash Flow Turned Positive
Free cash flow moved from $-13.79M to $14.48M.
2023-12-31 → 2024-12-31
OCF Margin Increase
Operating cash flow margin moved from 10.1% to 22.9% (+12.8 pp).
2023-12-31 → 2024-12-31
FCF Margin Increase
Free cash flow margin moved from -9.4% to 7.9% (+17.3 pp).
2023-12-31 → 2024-12-31

Methodology (MINING50-OPERATING-PERFORMANCE-1.0)

Annual FY filing-backed operating series. FCF uses certified MINING50-FCF-1.0. Descriptive only — not investment advice.
Comparable annual FY periods only — no TTM mixing in trend series.
Margin changes expressed in percentage points (pp), not relative percent change.
Production, AISC, and realized metal prices deferred until multi-period history exists.

Fundamental Changes

Material filing-backed changes

Deterministic changes from certified financial metrics. Descriptive only — not a quality score or investment recommendation.

Latest filing period: 2 material changes · 4 operating · 1 balance-sheet

FY2025 · Filed Apr 23, 2026

P/FCF Multiple Expanded
P/FCF moved from 20.3x to 32.8x.
EV/FCF Multiple Expanded
EV/FCF moved from 20.6x to 33.1x.

FY2024 · Filed May 16, 2025

Operating Cash Flow Increase
Operating cash flow increased $27.19M (+184.1%) versus the prior comparable period.
Official filing source
Free Cash Flow Turned Positive
Free cash flow moved from $-13.79M to $14.48M.
Official filing source
OCF Margin Increase
Operating cash flow margin moved from 10.1% to 22.9% (+12.8 pp).
Official filing source
FCF Margin Increase
Free cash flow margin moved from -9.4% to 7.9% (+17.3 pp).
Official filing source

FY2024 · Filed May 16, 2025

Moved to Net Debt
The company moved from $10.78M of net cash to $1.93M of net debt.
Official filing source

Methodology (MINING50-FUNDAMENTAL-CHANGES-1.0)

Deterministic changes from certified Phase 31–35 filing-backed metrics. Filing date used for chronology where available. Not investment advice.
Reuses certified Phase 32/33 event thresholds unchanged.
Filing date preferred for chronology; period-end fallback when filing date unavailable.

Mining Technical Intelligence Beta

Grey Rabbit Score: 25
Bias: Neutral
MTF Confidence: 25%
Trend Phase: Range
Momentum: Unavailable
Freshness: live

Modules: mtf-trend, momentum, relative-strength · Last calculated: 10/12/2026, 10:39:47 AM

Secondary Listings

AIM: CMCL

Price data provided by Twelve Data. Charts provided by TradingView. Grey Rabbit Scores and analysis are proprietary to Grey Rabbit Markets.

Caledonia Mining Corporation

Market Context

Price Chart

Fundamentals Snapshot

Valuation

Financials

P&L / Cash Flow (TTM)

Filing-backed valuation ratios

Current vs own filing-date history

Filing-backed financial position & change

Financial Position

Capital Intensity

Filing-backed operating & cash-flow trends

Operating Snapshot

Cash Flow Margins

Capital Intensity

Recent Operating Changes

Material filing-backed changes

Mining Technical Intelligence Beta

Secondary Listings

Operations

Reserves