History
Caledonia grew from a debt-free dividend payer with one Zimbabwe gold mine into a developer of several Zimbabwe projects, taking on its first debt, a $150m convertible, in 2026.
2013-2017: A dividend payer built on Blanket
In November 2013 Caledonia described itself as debt-free, with over $25m of gross cash outside Zimbabwe at 30 September 2013. Its main asset was a 49% interest in the Blanket gold mine in Zimbabwe. The board adopted a quarterly dividend policy, intending to pay 6 Canadian cents per share in total in 2014, though this was an intention rather than a guarantee.
The record for these years is thin. A technical report with a Preliminary Economic Assessment (an early-stage study of a mine's potential) was filed on Blanket in December 2014, and in December 2015 the company announced a larger, upgraded resource base there. In January 2016, with its ninth quarterly dividend, it switched the dividend policy to US dollars. In May 2017 it cut its 2017 production guidance and revised its earnings guidance. In July 2017 the quarterly dividend was 6.875 cents, up from 1.375 cents earlier in the year; the beats do not explain the rise. The year-end share count was 10,603,153 in both 2017 and 2018.
2018-2021: Records and a new funding route
The record is quiet for 2018 and 2019. In June 2020 Caledonia applied to delist voluntarily from the Toronto Stock Exchange. In July 2020 it signed an "At The Market" agreement, a way of selling new shares gradually into the market. Shares on issue rose from 10,763,041 at the end of 2019 to 12,118,823 in 2020 and 12,756,606 in 2021, though the beats do not say how much of this came from the programme.
Operations went well. The company raised its 2020 production guidance in October 2020 and reported record annual production at Blanket in January 2021 and again in January 2022. In October 2020 it agreed with the Government of Zimbabwe to review potential investment opportunities. A resource and reserve update followed in May 2021, and in September 2021 it announced the acquisition of the Maligreen project, described as 940,000 oz.
2022-2024: Bilboes and expansion
Caledonia then widened its focus beyond Blanket. In July 2022 it announced a deal for the Bilboes gold project, and in November 2022 it announced the Motapa exploration project, next to Bilboes. The Bilboes purchase was completed in January 2023, along with the appointment of an Executive Director. In March 2023 the company issued escrow shares (shares held back under agreed conditions) in connection with the deal. In May 2023 it started selling Zimbabwe gold directly and renewed its At The Market agreement. Shares on issue rose from 12,833,126 at the end of 2022 to 19,188,073 at the end of 2023; the escrow issue is the only explanation the beats offer for new shares in this period.
In March 2024 it published 2023 results. In June 2024 it filed a Preliminary Economic Assessment for Bilboes, and in October 2024 it announced the sale of a solar plant, later recorded as a 12.2MWac plant sold for $22.35m and completed in April 2025. A December 2024 report put Bilboes at 2,470 koz measured and indicated resources plus 560 koz inferred, with total project capital of US$402.97 million. It said there was no certainty this would be realised.
2025-2026: Feasibility, debt and new targets
In March 2025 Caledonia announced 2024 results under the headline "Record Profit, Stable Production and Exploration Success", while also restating previously issued financial statements and telling investors not to rely on them to the extent set out. The beats do not say what changed. In November 2025 a feasibility study (a more detailed study of whether a mine is workable) replaced the earlier assessment. It used a 0.5 g/t cut-off and a US$3,000/oz gold price and showed 532 koz measured and indicated and 984 koz inferred resources, which are not like-for-like with the earlier figures. In December 2025 the Zimbabwe government amended proposed royalty and tax changes; their effect is not given.
In January 2026 the company took on its first debt. It priced an upsized $125m of 5.875% Convertible Senior Notes due 2033, and the issue closed on 20 January at $150m after buyers took their full extra $25m option. The notes convert into shares at about $40.51, and the company can settle in cash, shares or a mix. Capped call options, costing about $14.4m, were bought to offset dilution up to about $56.72. Proceeds were for Bilboes development and general needs. Shares on issue were 19,304,784 at the end of 2025.
By 23 July 2026, Caledonia stated Bilboes proven and probable reserves of 1.75 million ounces (24.1 Mt at 2.26 g/t) and targeted first gold in Q4 2028. Motapa drilling had given strong results, with a first resource estimate for parts expected in Q3 2026. Deep drilling at Blanket had identified a new orebody, Blanket 7, and surface drilling at the K-Pits area found gold that may be a new orebody. Heap leach tests were underway, with a 10,000-tonne trial planned for the second half of 2026 if recovery proved acceptable. An updated Blanket resource and reserve statement was expected in August 2026.
Written from the 35 story beats below (2013 to 23 July 2026), which come from the company's own announcements and filings.