Cara Community GSM: Caledonia Mining

Caledonia Mining (NYSE: CMCL) reviewed 11-10-2020

(All figures in USD)

Market Cap:       $192.8 Million                   Share Price:        $17.53

Shares outstanding: 11,000,000 as of 31 Dec 2019

Cash and cash equivalents: $11.64 Million as of 30 June 2020

Net Debt:  $1.0 M as of 31 Dec 2019

Current operations: Yes

Insider holdings: 15.4%                  Institutional:  94 institutions own about 45-50%


Investor Presentations:

CEO: Steve Curtis                             HQs: Saint Helier, Jersey

Caledonia Mining holds a 64% interest in the small Blanket Mine in Zimbabwe

Adjusted Q2 earnings of $0.36 per share on revenue of $22.9 Mil

Cash from Operations of $5.4 Million

Q2 production was 13,499 oz gold and 1H2020 was 27,732 oz gold

AISC stated at $868 per oz in the 2nd quarter

Has 18 properties to explore, and a potential advanced copper mine (Nama)

According to Bloomberg (21 Oct 2020) is considering the purchase of Bilboes Gold’s Isabella-McCays-Bubi mines in Zimbabwe with the potential to add 200K oz gold per year to production

They plan to invest over $400 Million in Zimbabwe in the next few years

The current Annual dividend is $0.40 cents or about 2.34%

Bottom line:

  • Small but profitable and a potential acquisitor
  • No position, and unlikely to have one although the current price is attractive

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