Core Viewpoint - Caledonia Mining Corporation Plc is responding to proposed changes in the royalty and tax regimes for gold miners in Zimbabwe, which are expected to have no adverse impact on its financial outlook if gold prices remain below $5,000 per ounce [2][3]. Summary by Relevant Sections Proposed Changes - The Zimbabwe Minister of Finance announced revisions to the royalty and tax proposals in the 2026 National Budget, which are anticipated to be enacted by the end of the year [2]. - The royalty rate increase from 5% to 10% will now only apply if gold prices exceed $5,000 per ounce, a change from the previous threshold of $2,500 per ounce [5]. - The proposed change to tax treatment of capital expenditure, which would have spread the 100% upfront deduction over the project's life, has been withdrawn, maintaining the current tax structure [5]. - The 15% withholding tax on interest payable on offshore loans has also been withdrawn, which would have impacted the Bilboes Gold Project funding [5]. Company Perspective - The CEO of Caledonia expressed support for the revised provisions, indicating they reflect the Zimbabwean government's backing for the mining sector and future projects [3]. - The company expects no change in the financial outlook for its Zimbabwean assets due to these revisions, provided gold prices remain stable [2][3].

Core Viewpoint - The surge in gold prices has triggered a wave of mergers and acquisitions among mining companies, with Luoyang Molybdenum Co., Ltd. announcing a significant acquisition of gold mining assets in Brazil [1][5]. Group 1: Company Performance - Luoyang Molybdenum's stock price increased nearly 180% this year, closing at CNY 17.93 per share, with a market capitalization exceeding CNY 380 billion [1][2]. - The company reported a net profit of CNY 142.80 billion for the first three quarters, a year-on-year increase of 72.61%, despite a 5.99% decline in revenue [3][4]. - The third quarter saw a substantial net profit increase of 96.40% year-on-year, attributed to rising product prices and increased copper sales [3]. Group 2: Acquisition Details - Luoyang Molybdenum plans to acquire 100% of Equinox Gold's Brazilian gold mining assets for a total consideration of USD 1.015 billion, which includes an upfront payment of USD 900 million and potential contingent payments based on gold sales [2][3]. - The three gold mines involved in the acquisition hold a total gold resource of 5.013 million ounces, with an average grade of 1.88 g/t, and are expected to produce approximately 247,300 ounces of gold in 2024 [3]. Group 3: Industry Trends - The gold price has risen significantly, with COMEX gold increasing over 65% year-to-date and Shanghai gold up 58.14%, prompting several mining companies to pursue acquisitions [5][6]. - Other notable acquisitions in the industry include Jiangxi Copper's acquisition of SolGold and Zijin Mining's purchase of gold mining projects in Kazakhstan and Ghana [6][7].

Core Viewpoint - Pomerantz LLP is investigating potential securities fraud and unlawful business practices involving Caledonia Mining Corporation Plc and its officers or directors [1] Group 1: Company Overview - Caledonia Mining Corporation Plc is listed on the NYSE under the ticker CMCL [1] - The company operates the Blanket Mine in Zimbabwe, which is affected by proposed changes to the gold mining royalty and tax regimes [2] Group 2: Financial Impact - On December 1, 2025, Caledonia disclosed that the proposed changes could reduce profitability and cash flow at the Blanket Mine, potentially falling short of market expectations [2] - Following this announcement, Caledonia Mining's stock price dropped by $4.44 per share, or 14.41%, closing at $26.37 per share [2] Group 3: Legal Context - Pomerantz LLP is recognized for its expertise in corporate, securities, and antitrust class litigation, having a long history of fighting for victims of securities fraud and corporate misconduct [3]

Core Points - Caledonia Mining Corporation Plc received notification from BlackRock, Inc. regarding a change in voting rights on December 8, 2025, which was reported on December 9, 2025 [1] Group 1: Notification Details - BlackRock, Inc. crossed a threshold for notification due to an acquisition or disposal of voting rights [3] - The resulting situation indicates that BlackRock holds 5.37% of the voting rights in Caledonia Mining, which includes 5.02% through shares and 0.34% through financial instruments [4][5] - The previous notification indicated BlackRock held 5.54% of the voting rights, showing a decrease in total holdings [4] Group 2: Voting Rights Breakdown - The total number of voting rights held by BlackRock is 1,037,639 [4] - The breakdown includes 970,305 voting rights attached to shares and 65,602 voting rights through contracts for difference (CFDs) [4][5] - The notification confirms that BlackRock is a non-UK issuer [3]

Group 1 - The article does not provide any relevant content regarding company or industry insights [1]

Core Viewpoint - The presentation focuses on the results of the feasibility study for the Bilboes Gold Project, highlighting its significance for the company and stakeholders involved [2]. Group 1: Presentation Overview - The webinar is introduced by Mark Learmonth, the CEO of Caledonia, who outlines the agenda and the team involved in the feasibility study [2][3]. - The feasibility study and a related press release were published on November 25, with significant fiscal measures expected from the Zimbabwe Minister of Finance's budget presentation on November 27 [4]. Group 2: Team Introduction - The presenting team includes key executives such as the Chief Financial Officer, Chief Operating Officer, and other directors who contributed to the feasibility study [3].

Core Viewpoint - The proposed changes to the royalty and tax regimes for gold miners in Zimbabwe's 2026 National Budget may negatively impact Caledonia Mining Corporation's profitability and cash generation, particularly concerning the Blanket Mine and the Bilboes Gold Project [1][3]. Fiscal Measures - The proposed fiscal measures include an increase in the royalty rate from 5% to 10% when the gold price exceeds US$2,500 per ounce, which would apply to the full gold price [2]. - A change in the tax treatment of capital expenditure is also proposed, where the current 100% upfront deduction would be spread over the life of the project, affecting the timing of tax payments but not the total amount [2]. Company Assessment - The company is currently assessing the implications of these proposed changes on its asset portfolio, particularly focusing on the economic aspects of the Bilboes Gold Project [3]. - If the royalty change is implemented, it is expected to lead to a lower level of profitability and cash generation for the Blanket Mine compared to current market expectations [3]. Engagement with Authorities - Caledonia Mining Corporation has a long-standing operational presence in Zimbabwe and is engaging constructively with relevant authorities regarding these proposed changes [4].

Core Viewpoint - Caledonia Mining Corporation Plc has announced the decision to proceed with the Bilboes Gold Project following the completion and publication of the feasibility study [1] Group 1 - The company will host a remote presentation for analysts and investors on December 1, 2025, at 2:00 PM London time [2] - The presentation will include a question-and-answer session for participants [2]

Core Viewpoint - Caledonia Mining Corporation has decided to proceed with the Bilboes Gold Project following the completion of a feasibility study, which indicates robust economic viability across various gold price scenarios [1][10]. Economic Analysis - The project demonstrates a positive business case under three gold price scenarios, with an average price of US$2,548/oz yielding a post-tax NPV of US$582 million and an IRR of 32.5% [4][6]. - At a spot price of US$3,648/oz, the post-tax NPV increases to US$1,234 million, with an IRR exceeding 50% [7]. - The project has a payback period of 1.7 years and an all-in sustaining cost (AISC) of US$1,061/oz [6][18]. Mineral Reserves and Resources - Proven and probable mineral reserves are estimated at 1.749 million ounces (Moz) of gold at a grade of 2.26 g/t [5][15]. - Measured and indicated mineral resources total 532,000 ounces at 1.37 g/t, while inferred resources are 984,000 ounces at 1.62 g/t [5][15]. Production Profile - The project plans to process 240,000 tonnes per month for the first six years, reducing to 180,000 tonnes per month thereafter, with a life of mine production of 1.55 Moz over 10.8 years [5][24]. - The first full year of production is expected to yield approximately 200,000 ounces in 2029 [5][24]. Funding Strategy - The peak funding requirement is estimated at US$484 million, with additional needs for interest and working capital totaling approximately US$150 million [8][20]. - The funding strategy aims to minimize equity dilution while maintaining a quarterly dividend of 14 cents per share [20][21]. Project Timeline - The front-end engineering design (FEED) phase will commence immediately, with first production anticipated in late 2028 [12][24]. - Construction is expected to take about two years, followed by a ramp-up period of five months [24]. Community and Economic Impact - The project is expected to significantly benefit Zimbabwe by enhancing its status as a gold destination and contributing to foreign exchange earnings and tax revenues [13][19]. - Caledonia plans to replicate successful community engagement strategies from its Blanket Mine operations [14].

Financial Data and Key Metrics Changes - Revenue increased by 52% to $71 million, driven by a 40% rise in gold prices to just over $3,400 per ounce [4][19] - EBITDA surged by 162% to $33 million, reflecting strong operational performance [4] - Gold sold rose by 9% to 20,000 ounces, while gold produced was just over 19,000 ounces [17] Business Line Data and Key Metrics Changes - Production at Blanket Mine was just over 19,000 ounces, with sales exceeding 20,000 ounces [3][4] - On-mine costs increased by 27% quarter on quarter, primarily due to higher electricity, labor, and consumables costs [17][18] - All-in sustaining costs rose by 40%, influenced by increased on-mine costs and higher gold prices impacting royalties [18][19] Market Data and Key Metrics Changes - Gold prices reached $3,434 per ounce, significantly benefiting the company's operations and financial results [19] - The company reported a net cash inflow from operating activities of just under $14 million for the quarter [22] Company Strategy and Development Direction - The company is focused on improving productivity through technology implementation and operational efficiency [14][15] - A significant capital investment program is planned for the Bilboes project, with an emphasis on increasing cash generation to support future dividends [43][44] - The company aims to maintain its dividend while managing costs and investing in growth projects [43] Management's Comments on Operating Environment and Future Outlook - Management acknowledged the challenges faced during the quarter, including a fatality incident, but emphasized the overall solid operational performance [3][6] - The outlook for 2025 remains positive, with production guidance expected to be met despite some headwinds [36] - Management is committed to cost management and improving operational flexibility to enhance productivity [36][55] Other Important Information - The company declared a quarterly dividend of $0.14 per share [5] - A maiden resource declaration for Matapa is expected in H1 2026, following ongoing drilling campaigns [28][29] Q&A Session Summary Question: Explanation for more broken ore than hoisted - Management explained that the discrepancy was due to hoisting constraints and stoppages related to the fatality incident, which will correct in the upcoming quarter [37][38] Question: Expected dividends from Blanket this year - Management indicated that total distributions from Blanket could reach between $60 million and $70 million for the year, with loans expected to be paid off by early next year [40][41] Question: Plans for cash retention versus dividend increases - Management stated that while they aim to maintain dividends, they do not foresee increases until after the Bilboes project is completed [43][44] Question: Timing for reserve upgrade at Blanket - A new technical report with revised resources and reserves is expected by late Q1 2026 [49][50] Question: Pressure on production costs - Management confirmed that the pressure on production costs was broad-based, influenced by labor, electricity, and consumables [55][56]