CMCL FINANCIAL STATEMENTS

Caledonia Mining Corporation — balance sheet, income statement and cash flow trends

CMCLCaledonia Mining Corporation

🇺🇸 USA · AMEX · Basic Materials · Gold

Value it Duel

Income Statement

Quarterly progression — trailing-twelve-month values

RevenueNet Income

Profit Funnel

Q1 2026 · TTM

Percentages are relative to revenue.

Key Figures

YoY change

Revenue274.2 M $+38.3%

Gross Profit142.3 M $+57.9%

Operating Income125 M $+113.2%

EBITDA134.2 M $+71.1%

Net Income62.2 M $+145.4%

Peer Comparison· Gold

Company	Rev. Growth	Gross Margin	EBITDA Margin	Net Margin
CMCL	38.3%	51.9%	48.9%	22.7%
TRENJ	80.5%	49.1%	37.0%	9.5%
EDV	40.5%	51.0%	58.8%	18.9%
RSG	11.8%	34.0%	39.8%	12.8%
CYL	—	53.0%	50.0%	32.7%
ALK	165.2%	27.8%	45.1%	15.6%
Industry median	60.5%	52.6%	53.8%	31.1%

Balance Sheet

Quarterly period-end values

Total AssetsTotal LiabilitiesEquity

Capital Structure

Q1 2026

Equity271.9 M $52%
Current Liabilities48.6 M $9%
Long-term Liabilities205.1 M $39%

Key Figures

YoY change

Total Assets553.2 M $+52.1%

Total Liabilities253.7 M $+110.1%

Total Equity271.9 M $+23.5%

Cash & ST Investments170 M $+1,848.1%

Total Debt115.8 M $+315.8%

Net Debt-54.2 M $-383.2%

Peer Comparison· Gold

Company	Current Ratio	Debt/Equity	NetDebt/EBITDA	Equity/Assets
CMCL	4.66	42.6%	-0.40	49.1%
TRENJ	3.05	0.2%	-2.80	82.6%
EDV	1.61	22.8%	-0.14	53.5%
RSG	1.01	29.6%	0.12	61.0%
CYL	2.19	3.0%	-1.04	74.8%
ALK	2.02	2.7%	-0.78	72.0%
Industry median	2.84	8.1%	-0.29	70.4%

Company	Current Ratio	Debt/Equity	NetDebt/EBITDA	Equity/Assets
CMCL	4.66	42.6%	-0.40	49.1%
CTGO	1.27	10.3%	2.95	64.8%
DC	38.50	0.1%	3.08	98.5%
IAUX	9.46	146.5%	0.37	25.4%
NG	112.82	41.4%	9.48	70.3%
Industry median	2.84	8.1%	-0.29	70.4%

Cash Flow Statement

Quarterly progression — trailing-twelve-month values

Operating Cash FlowCapital ExpendituresFree Cash Flow

Cash Flow Bridge

Q1 2026 · TTM

Key Figures

YoY change

Operating Cash Flow81.9 M $+64.9%

Capital Expenditures33.4 M $+2.1%

Free Cash Flow48.5 M $+186.1%

Dividends Paid-19.4 M $-279.9%

Peer Comparison· Gold

Company	CF Margin	FCF Margin	CapEx Ratio	CF/Net Income
CMCL	29.9%	17.7%	12.2%	131.8%
TRENJ	62.0%	39.8%	34.5%	649.3%
EDV	42.0%	30.0%	12.0%	222.5%
RSG	26.2%	15.9%	10.2%	205.3%
CYL	52.2%	10.7%	41.5%	159.5%
ALK	36.0%	25.3%	10.7%	231.2%
Industry median	47.9%	27.8%	18.0%	150.7%

Amounts are in the company’s reporting currency. Peer comparison tables use ratio-based metrics so currency differences do not distort the picture.

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Data on this page refreshes once per day. Price data as of Jul 2, 26. This content is for informational purposes only and is not investment advice.