Caledonia Mining earnings date
Caledonia Mining (9CD1) Q3 2026 Earnings Report
DE:9CD1 Q3 2026 EPS Results
- Actual EPS
- EUR 0.10
- Consensus EPS
- EUR 0.35
- Beat/Miss
- Missed by -EUR 0.25
- One Year Ago EPS
- EUR 0.70
DE:9CD1 Q3 2026 Revenue Results
- Actual Revenue
- EUR 67.74M
- Expected Revenue
- EUR 70.96M
- Beat/Miss
- Missed by -EUR 3.22M
- YoY Revenue Growth
- +10.28%
Earnings Announcement Details
- Quarter
- Q3 2026
- Date
- 11/12/2026
- Time
- Before Open
- Conference Call
- Thursday, November 12, 2026
Caledonia Mining's next earnings date is estimated for March 24, 2027, based on past reporting schedules.
Q3 2026 Earnings Call Audio
Q3 2026 Earnings Slide Deck
Q3 2026 Earnings Call Summary
The call was broadly optimistic about the company's liquidity, Bilboes development, resource growth, safety performance, and operational recovery initiatives. However, the quarter was challenging, with lower production, reduced full-year guidance, higher cost metrics, metallurgical issues, and a significant noncash derivative loss. Management expressed confidence in delivering a strong fourth quarter and described the outlook for 2027 as very attractive.
Caledonia revised 2026 production guidance to 69,000 to 72,500 ounces, implying a “good strong quarter” for Q4; the K-Pits trial heap leach is loading about 10,000 tonnes, with gold production expected “by the end of November into December,” followed, if successful, by full-scale oxide mining and processing targeting a throughput of about 40,000 tonnes a month. Blanket’s central shaft AC/DC conversion is expected to suspend operation for about 15 days and requires a stockpile of about 30,000-35,000 tonnes, while Bilboes is targeting first gold at the end of 2028, with 2029 being the first full year of production; wider project financing is expected to close “early in the new year,” the mining contract is expected to be awarded by May '27, and TSF construction tendering is expected in February next year.
- Higher Gold Price and Strong EBITDAThe realized gold price was $4,134 per ounce, up 20% versus the comparable period. EBITDA was $28 million for the quarter and nearly $108 million for the nine-month period.
- Strong Cash Generation and LiquidityCash inflow from operations increased 19% to $31 million for the quarter. Net cash flow from operating activities was $13.6 million, and the company ended the period with $158 million in cash and cash equivalents. Total liquidity across cash, bullion, receivables, and facilities was $196 million, while pro forma liquidity after the interim financing facilities was just under $350 million.
- Bilboes Interim Funding SecuredThe company completed a $150 million interim funding facility with a syndicate of eight Zimbabwean banks, comprising a $100 million term facility and a $50 million revolving credit facility. Wider project financing negotiations, due diligence, and lender engagement were at an advanced stage, with closing targeted for early 2027.
- Bilboes Development ProgressBilboes has 1.75 million ounces of proved and probable reserves, expected peak production of 200,000 ounces of gold per year, an NPV of $1.5 billion at a gold price of $4,156 per ounce, and a post-tax IRR of 58%. FEED work was advanced, long-lead-item designs were completed, earthworks had started, the plant site had been cleared, and orders for mills and cyclones had been placed.
- Blanket Mineral Resources IncreasedBlanket's measured and indicated underground mineral resources increased 22% to just under 2.2 million ounces contained in 17.7 million tonnes at an average grade of approximately 3.8 grams per tonne. Total mineral resources increased 3%, from 2.85 million ounces to 2.92 million ounces.
- New Motapa Mineral ResourceA maiden mineral resource was published for Motapa, comprising 379,000 ounces of measured and indicated resources in 7.8 million tonnes at a grade of 1.51 grams per tonne, plus 131,000 ounces of inferred resources in 2.7 million tonnes at just under 1.5 grams per tonne. The property is adjacent to Bilboes.
- Improved October Blanket PerformanceBlanket produced just under 7,000 ounces in October, with grade improving to 3.07 grams per tonne compared with approximately 2.7 grams per tonne in the third quarter. The replacement compressors were commissioned at the end of October, and the new elution vessel was commissioned on October 16.
- Recovery of Gold Held in the PlantBy the November 7 smelt, approximately 750 ounces of the 1,100 ounces trapped in the CIL plant had been recovered, with the remaining ounces expected to be recovered in the next smelt. The company also expects to address approximately 1,300 ounces contained in about 60 tonnes of stockpiled activated carbon.
- K-Pits Oxide Opportunity AdvancingApproximately 10,000 tonnes of material was being loaded onto the test heap-leach pads, with irrigation scheduled to begin and gold production expected by the end of November into December. The company had received EIA approval and, depending on the test outcome, was targeting full-scale oxide throughput of approximately 40,000 tonnes per month.
- Strong Safety PerformanceThe company reported no lost-time injuries during the quarter and had reached more than 500 days without a lost-time injury.
- Quarterly Dividend DeclaredThe company declared another quarterly dividend of $0.14 per share, scheduled to be paid at the end of the month.
- Exploration and Mine-Life Extension InitiativesThe company is continuing infill drilling at Motapa North, plans to move into Motapa Central and Motapa South in 2027, and is refining the Blanket life-of-mine plan. Management also plans to continue exploration and other activities at Blanket to extend mine life, potentially increase production, and unlock oxide resources.
- Operational Initiatives Supporting Future ProductionThe recommissioned Little Lima metallurgical plant made a modest contribution in the third quarter and was being ramped up for additional fourth-quarter ounces. Accelerated development was also expected to improve access to higher-grade mining areas and operating flexibility.
DE:9CD1 Earnings History
| Report Date | Fiscal Quarter | Forecast / EPS | Last Year's EPS | EPS YoY Change | Press Release |
|---|---|---|---|---|---|
| Mar 24, 2027 | 2026 (Q4) | 0.13- | 0.51 | ― | ― |
| Nov 12, 2026 | 2026 (Q3) | 0.350.10 | 0.7 | -85.71% (-0.60) | |
| Aug 10, 2026 | 2026 (Q2) | 0.491.23 | 1.03 | 19.40% (+0.20) | |
| May 11, 2026 | 2026 (Q1) | 0.610.72 | 0.53 | 36.75% (+0.19) | |
| Mar 23, 2026 | 2025 (Q4) | 0.530.51 | 0.4 | 26.41% (+0.11) | |
| Nov 10, 2025 | 2025 (Q3) | 0.710.70 | 0.24 | 193.89% (+0.46) | |
| Aug 11, 2025 | 2025 (Q2) | 0.941.03 | 0.46 | 123.33% (+0.57) | |
| May 12, 2025 | 2025 (Q1) | ―0.41 | 0.24 | 67.29% (+0.16) | |
| Mar 31, 2025 | 2024 (Q4) | 0.170.53 | 0.24 | 117.47% (+0.29) | |
| Nov 11, 2024 | 2024 (Q3) | ―0.24 | 0.3 | -20.61% (-0.06) |
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
