Oct. 13, 2025 2:08 AM ETCaledonia Mining Corporation Plc (CMCL) Stock, CAL:CA StockCMCL, CAL:CAJoseph Parrish2.94K FollowersCaledonia Mining has tripled in 2025, driven by soaring gold prices and improved free cash flow from its Blanket Mine.CMCL's future upside hinges on developing the Bilboes asset, which could triple production, but operationalization is still a couple of years away.Management is prioritizing dividend stability and avoiding further dilution, learning from past capital allocation missteps, and maintaining strong government relations in Zimbabwe.Given current valuation and timeline uncertainties, I rate CMCL as a Hold, awaiting clearer guidance on Bilboes and sustained gold price strength.Guido Mieth/DigitalVision via Getty ImagesCaledonia Mining (NYSE:CMCL) is a Zimbabwean gold miner. It's also one of the first stocks I analyzed and have watched carefully for some years now. The year 2025 has been one of the best forThis article was written byJoseph Parrish2.94K FollowersI analyze securities based on value investing, an owner's mindset, and a long-term horizon. I don't write sell articles as those are considered short theses, and I never recommend shorting.Former advisory representative at Fidelity. I do my own investing now and share my research here.Analyst’s Disclosure:I/we have no stock, option or similar derivative position in any of the companies mentioned, and no plans to initiate any such positions within the next 72 hours. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article.Seeking Alpha's Disclosure: Past performance is no guarantee of future results. No recommendation or advice is being given as to whether any investment is suitable for a particular investor. Any views or opinions expressed above may not reflect those of Seeking Alpha as a whole. Seeking Alpha is not a licensed securities dealer, broker or US investment adviser or investment bank. Our analysts are third party authors that include both professional investors and individual investors who may not be licensed or certified by any institute or regulatory body.Comments