Caledonia Mining (CMCL) 6-K 12 Nov 24 2024 Q3 Current report (foreign) Financial data

Document And Entity Information

Document And Entity Information	9 Months Ended
	Sep. 30, 2024
Document Information [Line Items]
Entity Central Index Key	0000766011
Entity Registrant Name	CALEDONIA MINING CORPORATION PLC
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Document Fiscal Period Focus	Q3
Document Fiscal Year Focus	2024
Document Type	6-K
Document Period End Date	Sep. 30, 2024
Entity File Number	001-38164

Consolidated Statements of Prof

Consolidated Statements of Profit or Loss and Other Comprehensive Income (Unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Statement Line Items [Line Items]
Revenue	$ 46,868	$ 41,187	$ 135,503	$ 107,653
Royalty	(2,422)	(2,207)	(6,831)	(5,650)
Production costs	(21,085)	(20,452)	(60,505)	(61,028)
Depreciation	(4,048)	(4,385)	(12,106)	(10,049)
Gross profit	19,313	14,143	56,061	30,926
Foreign exchange losses	(3,129)	(257)	(9,282)	(2,334)
Administrative expenses	(3,954)	(2,889)	(10,229)	(11,890)
Net derivative financial instrument expense	(20)	(102)	(496)	(590)
Equity-settled share-based expense	(279)	(233)	(785)	(564)
Cash-settled share-based expense	(422)	(27)	(479)	(298)
Other expenses	(2,814)	(701)	(4,078)	(2,800)
Other income	16	62	365	127
Operating profit	8,711	9,996	31,077	12,577
Finance income	7	21	16	30
Finance cost	(831)	(529)	(2,360)	(2,362)
Profit before tax	7,887	9,488	28,733	10,245
Tax expense	(4,600)	(3,777)	(12,281)	(8,552)
Profit for the period	3,287	5,711	16,452	1,693
Other comprehensive income
Exchange differences on translation of foreign operations	629	(79)	663	(778)
Total comprehensive income for the period	3,916	5,632	17,115	915
Profit (loss) attributable to:
Owners of the Company	2,267	4,506	12,827	(1,036)
Non-controlling interests	1,020	1,205	3,625	2,729
Profit for the period	3,287	5,711	16,452	1,693
Total comprehensive income attributable to:
Owners of the Company	2,896	4,427	13,490	(1,814)
Non-controlling interests	1,020	1,205	3,625	2,729
Total comprehensive income for the period	$ 3,916	$ 5,632	$ 17,115	$ 915
Earnings (loss) per share
Basic earnings (loss) per share ($) (in dollars per share)	$ 0.12	$ 0.24	$ 0.66	$ (0.07)
Diluted earnings (loss) per share ($)* (in dollars per share)	$ 0.12	$ 0.24	$ 0.66	$ (0.07)

Consolidated Statements of Fina

Consolidated Statements of Financial Position (Unaudited) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Assets
Exploration and evaluation assets	$ 95,830	$ 94,272
Property, plant and equipment	183,663	179,649
Deferred tax asset	310	153
Total non-current assets	279,803	274,074
Income tax receivable	70	1,120
Inventories	22,732	20,304
Derivative financial assets	0	88
Trade and other receivables	9,651	9,952
Prepayments	6,717	2,538
Cash and cash equivalents	7,204	6,708
Assets held for sale	13,483	13,519
Total current assets	59,857	54,229
Total assets	339,660	328,303
Equity and liabilities
Share capital	165,408	165,068
Reserves	139,029	137,819
Retained loss	(58,407)	(63,172)
Equity attributable to shareholders	246,030	239,715
Non-controlling interests	25,834	24,477
Total equity	271,864	264,192
Liabilities
Deferred tax liabilities	6,101	6,131
Provisions	9,562	10,985
Loans and borrowings - long term portion	1,771	0
Loan notes - long term portion	8,282	6,447
Cash-settled share-based payment - long term portion	583	374
Lease liabilities - long term portion	8	41
Total non-current liabilities	26,307	23,978
Cash-settled share-based payment - short term portion	1,081	920
Income tax payable	2,244	10
Lease liabilities - short term portion	94	167
Loan notes - short term portion	855	665
Trade and other payables	22,278	20,503
Overdraft and term loans	14,839	17,740
Liabilities associated with assets held for sale	98	128
Total current liabilities	41,489	40,133
Total liabilities	67,796	64,111
Total equity and liabilities	$ 339,660	$ 328,303

Consolidated Statements of Chan

Consolidated Statements of Changes in Equity (Unaudited) - USD ($) $ in Thousands	Issued capital [member]	Reserve of exchange differences on translation [member]	Capital reserve [member]	Reserve of share-based payments [member]	Retained earnings [member]	Equity attributable to owners of parent [member]	Non-controlling interests [member]	Total
Balance at Dec. 31, 2022	$ 83,471	$ (9,787)	$ 132,591	$ 14,997	$ (50,222)	$ 171,050	$ 22,409	$ 193,459
Statement Line Items [Line Items]
Dividends declared	0	0	0	0	(8,752)	(8,752)	(1,512)	(10,264)
- Shares issued on settlement of incentive plan awards	351	0	0	0	0	351	0	351
- Equity-settled share-based expense	0	0	0	564	0	564	0	564
- Equity raise (net of transaction cost)	15,658	0	0	0	0	15,658	0	15,658
- Bilboes acquisition	65,677	0	0	0	0	65,677	0	65,677
(Loss) profit for the period	0	0	0	0	(1,036)	(1,036)	2,729	1,693
Other comprehensive income for the period	0	(778)	0	0	0	(778)	0	(778)
Balance at Sep. 30, 2023	165,157	(10,565)	132,591	15,561	(60,010)	242,734	23,626	266,360
Balance at Dec. 31, 2022	83,471	(9,787)	132,591	14,997	(50,222)	171,050	22,409	193,459
Balance at Dec. 31, 2023	165,068	(10,409)	132,591	15,637	(63,172)	239,715	24,477	264,192
Statement Line Items [Line Items]
Dividends declared	0	0	0	0	(8,062)	(8,062)	(2,268)	(10,330)
- Shares issued on settlement of incentive plan awards	303	0	0	0	0	303	0	303
- Equity-settled share-based expense	0	0	0	547	0	547	0	547
- Equity raise (net of transaction cost)								0
(Loss) profit for the period	0	0	0	0	12,827	12,827	3,625	16,452
Other comprehensive income for the period	0	663	0	0	0	663	0	663
Balance at Sep. 30, 2024	165,408	(9,746)	132,591	16,184	(58,407)	246,030	25,834	271,864
Statement Line Items [Line Items]
Shares issued - options exercised	$ 37	$ 0	$ 0	$ 0	$ 0	$ 37	$ 0	$ 37

Consolidated Statements of Cash

Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Statement Line Items [Line Items]
Cash inflow from operations	$ 11,407	$ 16,963	$ 38,930	$ 17,629
Interest received	7	21	16	30
Finance costs paid	(781)	(331)	(2,064)	(1,762)
Tax paid	(6,042)	(2,158)	(8,318)	(4,504)
Net cash inflow from operating activities	4,591	14,495	28,564	11,393
Cash flows used in investing activities
Acquisition of property, plant and equipment	(6,751)	(9,573)	(17,389)	(20,175)
Acquisition of exploration and evaluation assets	(245)	(597)	(1,408)	(880)
Acquisition of put options	0	(1)	(408)	(812)
Net cash used in investing activities	(6,996)	(10,171)	(19,205)	(21,867)
Cash flows from financing activities
Dividends paid	(3,430)	(2,801)	(9,062)	(8,118)
Payment of lease liabilities	(39)	(36)	(114)	(108)
- Equity raise (net of transaction cost)	0	0	0	15,658
Proceeds from long term loans	1	0	2,033	0
Amounts received	0	0	1,939	7,000
Net cash (used in) from financing activities	(3,730)	(3,400)	(5,466)	7,182
Net (decrease) increase in cash and cash equivalents	(6,135)	924	3,893	(3,292)
Effect of exchange rate fluctuations on cash and cash equivalents	(134)	(1,209)	(496)	(1,396)
Net cash and cash equivalents at the beginning of the period	(1,366)	(2,907)	(11,032)	1,496
Net cash and cash equivalents at the end of the period	(7,635)	(3,192)	(7,635)	(3,192)
Motapa [member]
Cash flows from financing activities
Repayments of borrowings	0	(563)	0	(7,250)
Term loan [member]
Cash flows from financing activities
Repayments of borrowings	$ (262)	$ 0	$ (262)	$ 0

Note 1 - Reporting Entity

Note 1 - Reporting Entity	9 Months Ended
	Sep. 30, 2024
Statement Line Items [Line Items]
Disclosure of general information about financial statements [text block]	1 Reporting entity Caledonia Mining Corporation Plc (“Caledonia” or the “Company”) is a company domiciled in Jersey, Channel Islands. The Company’s registered office address is B006 These unaudited condensed consolidated interim financial statements as at and for the nine September 30, 2024 Caledonia’s shares are listed on the NYSE American LLC stock exchange (symbol – “CMCL”). Depository interests in Caledonia’s shares are admitted to trading on AIM of the London Stock Exchange plc (symbol – “CMCL”). Caledonia listed on the Victoria Falls Stock Exchange (“VFEX”) (symbol – “CMCL”) on December 2, 2021. June 19, 2020. 2%

Note 2 - Basis of Preparation

Note 2 - Basis of Preparation	9 Months Ended
	Sep. 30, 2024
Statement Line Items [Line Items]
Disclosure of basis of preparation of financial statements [text block]	2 Basis of preparation (a) Statement of compliance These unaudited condensed consolidated interim financial statements have been prepared in accordance with IAS 34 not December 31, 2023. (b) Basis of measurement These unaudited condensed consolidated interim financial statements have been prepared on the historical cost basis except for: ● cash-settled share-based payment arrangements measured at fair value on grant and re-measurement dates; ● equity-settled share-based payment arrangements measured at fair value on the grant date; and ● derivative financial assets measured at fair value. (c) Functional currency These unaudited condensed consolidated interim financial statements are presented in United States Dollar (“$” or “US Dollars” or “USD”), which is also the functional currency of the Company. All financial information presented in US Dollars has been rounded to the nearest thousand, unless indicated otherwise. Refer to note 7

Note 3 - Use of Accounting Assu

Note 3 - Use of Accounting Assumptions, Estimates and Judgements	9 Months Ended
	Sep. 30, 2024
Statement Line Items [Line Items]
Disclosure of accounting judgements and estimates [text block]	3 Use of accounting assumptions, estimates and judgements In preparing these unaudited condensed consolidated interim financial statements, management has made accounting assumptions, estimates and judgements that affect the application of the Group’s accounting policies and the reported amounts of assets, liabilities, income and expenses. Actual results may December 31, 2023.

Note 4 - Material Accounting Po

Note 4 - Material Accounting Policies	9 Months Ended
	Sep. 30, 2024
Statement Line Items [Line Items]
Disclosure of summary of significant accounting policies [text block]	4 Material accounting policies The same accounting policies and methods of computation, except as included below, have been applied consistently to all periods presented in these unaudited condensed consolidated interim financial statements as compared to the Group’s annual consolidated financial statements for the year ended December 31, 2023.

Note 5 - Blanket Zimbabwe Indig

Note 5 - Blanket Zimbabwe Indigenisation Transaction	9 Months Ended
	Sep. 30, 2024
Statement Line Items [Line Items]
Disclosure of the Blanket Zimbabwe indigenisation transaction [text block]	5 Blanket Zimbabwe Indigenisation Transaction On February 20, 2012 51% • sold a 16% interest to the National Indigenisation and Economic Empowerment Fund (“NIEEF”) for $11.74 million; • sold a 15% interest to Fremiro Investments (Private) Limited (“Fremiro”), which is owned by indigenous Zimbabweans, for $11.01 million; • sold a 10% interest to Blanket Employee Trust Services (Private) Limited (“BETS”) for the benefit of present and future managers and employees for $7.34 million. The shares in BETS are held by the Blanket Mine Employee Trust (“Employee Trust”) with Blanket Mine’s employees holding participation units in the Employee Trust; and • donated a 10% ownership interest to the Gwanda Community Share Ownership Trust (“Community Trust”). In addition, Blanket Mine paid a non-refundable donation of $1 million to the Community Trust. The Group facilitated the vendor funding of these transactions which is repaid by way of dividends from Blanket Mine. 80% of dividends declared by Blanket Mine are used to repay such loans and the remaining 20% unconditionally accrues to the respective indigenous shareholders. Following a modification to the interest rate on June 23, 2017, Accounting treatment The directors of Caledonia Holdings Zimbabwe (Private) Limited (“CHZ”), a wholly-owned subsidiary of the Company, performed an assessment using the requirements of IFRS 10: 10 The subscription agreements, concluded on February 20, 2012, • Non-controlling interests (“NCI”) were recognised on the portion of shareholding upon which dividends declared by Blanket Mine will accrue unconditionally to equity holders as follows: (a) 20% of the 16% shareholding of NIEEF; (b) 20% of the 15% shareholding of Fremiro; and (c) 100% of the 10% shareholding of the Community Trust. • This effectively means that NCI was initially recognised at 16.2% of the net assets of Blanket Mine, until the completion of the transaction with Fremiro, whereby the NCI reduced to 13.2% (see below). • The remaining 80% of the shareholding of NIEEF and Fremiro was recognised as NCI to the extent that their attributable share of the net asset value of Blanket Mine exceeds the balance on the facilitation loans, including interest. • The transaction with BETS is accounted for in accordance with IAS 19 Employee Benefits not 10% • BETS is an entity effectively controlled and consolidated by Blanket Mine. Accordingly, the shares held by BETS are effectively treated as treasury shares in Blanket Mine and no Fremiro purchase agreement On November 5, 2018 January 20, 2020 15% Blanket Mine s indigenisation shareholding percentages and facilitation loan balances Shareholding Effective interest & NCI recognised NCI subject to facilitation loan Balance of facilitation loan # USD September 30, 2024 December 31, 2023 NIEEF 16 % 3.2 % 12.8 % 7,139 8,489 Community Trust 10 % 10.0 % 0.0 % – – BETS ~ 10 % -* -* 3,866 4,908 36 % 13.2 % 12.8 % 11,005 13,397 * The shares held by BETS are effectively treated as treasury shares (see above). ~ Accounted for under IAS19 Employee Benefits. # Facilitation loans are accounted for as equity instruments and are accordingly not The balance on the facilitation loans is reconciled as follows: 2024 2023 Balance at January 1 13,397 15,026 Interest incurred 440 259 Dividends used to repay loan (2,832 ) (1,888 ) Balance at September 30 11,005 13,397

Note 6 - Production Costs

Note 6 - Production Costs	9 Months Ended
	Sep. 30, 2024
Statement Line Items [Line Items]
Disclosure of cost of sales [text block]	6 Production costs 2024 2023 Blanket Mine 58,020 50,170 Salaries and wages 22,560 20,416 Consumable materials 18,940 16,485 Electricity costs 10,902 8,993 Safety 806 856 Share-based expense (note 9) 782 435 On mine administration 2,586 1,658 Security 1,037 807 Solar operations and maintenance services 300 323 Pre-feasibility exploration costs 107 197 Bilboes 2,485 10,858 Salaries and wages 866 2,323 Consumable materials 584 7,079 Electricity costs 380 516 Share-based expense (note 9) 46 – On mine administration 609 940 60,505 61,028

Note 7 - Net Foreign Exchange L

Note 7 - Net Foreign Exchange Loss	9 Months Ended
	Sep. 30, 2024
Statement Line Items [Line Items]
Disclosure of effect of changes in foreign exchange rates [text block]	7 Net foreign exchange loss The 2024 April 5, 2024, ZiG13.56:US$1 April 5, 2024 ZiG1: RTGS$2,499. The official exchange rate of the ZiG weakened from ZiG13.99:US1 ZiG:US$24.39 September 27, 2024 ZiG24.88 September 30, 2024 The retention threshold on gold receipts remained unchanged and gold producers continue to receive 75% of their revenues in US Dollars and the balance in ZiG. The table below illustrates the effect the weakening of the ZiG, RTGS$ and other foreign currencies had on the consolidated statement of profit or loss. 2024 2023 ZiG RTGS$ Other Total ZiG RTGS$ Other Total Unrealised foreign exchange (losses) gains (671 ) – (841 ) (1,512 ) – 1,648 829 2,477 Taxation and VAT (328 ) – – (328 ) – 3,318 – 3,318 Other (343 ) – (841 ) (1,184 ) – (1,670 ) 829 (841 ) Realised foreign exchange (losses) gains (955 ) (6,792 ) (23 ) (7,770 ) – (4,860 ) 49 (4,811 ) Bullion sales receivable (368 ) (1,437 ) – (1,805 ) – (2,526 ) – (2,526 ) Cash and cash equivalents (2 ) (3,006 ) (23 ) (3,031 ) – (278 ) (5 ) (283 ) Taxation and VAT receivables (363 ) (1,644 ) – (2,007 ) – (66 ) – (66 ) Trade and other payables (222 ) (705 ) – (927 ) – (1,990 ) 54 (1,936 ) Net foreign exchange (losses) gains (1,626 ) (6,792 ) (864 ) (9,282 ) – (3,212 ) 878 (2,334 ) Sensitivity analysis As a result of the Group’s monetary assets and liabilities denominated in foreign currencies which is different to the functional currency of the underlying entities, the profit or loss and equity in the underlying entities could be affected by movements between the functional currency and the foreign currency. The table below indicates consolidated monetary assets/(liabilities) in the Group that have a different functional currency and foreign currency. 2024 $'000 Functional currency ZAR $ Cash and cash equivalents 62 174 USD denominated 61 - ZiG denominated - 172 GBP denominated 1 2 Trade and other receivables - ZiG denominated - 3,835 Trade and other payables - ZiG denominated - (358 ) 62 3,651 A strengthening of the ZiG to the US Dollar exchange rate by 45% September 30, 2024 ZiG strengthening by 45% Consolidated statement of financial position: Cash and cash equivalents 307 Trade and other receivables 6,973 Trade and other payables (651 ) 6,629 Impact on the consolidated statement of profit or loss and other comprehensive income: Foreign exchange gains 2,980 A weakening of the ZiG to the US Dollar exchange rate by 45% September 30, 2024 ZiG weakening by 45% Consolidated statement of financial position: Cash and cash equivalents 115 Trade and other receivables 2,645 Trade and other payables (246 ) 2,514 Impact on the consolidated statement of profit or loss and other comprehensive income: Foreign exchange losses (1,135 )

Note 8 - Administrative Expense

Note 8 - Administrative Expenses	9 Months Ended
	Sep. 30, 2024
Statement Line Items [Line Items]
Disclosure of general and administrative expense [text block]	8 Administrative expenses 2024 2023 Investor relations 364 492 Audit fee 182 211 Advisory services fees 1,289 4,104 Listing fees 441 677 Directors fees – Company 511 480 Directors fees – Blanket 53 42 Employee costs 5,592 4,262 Employee costs – settlements group 114 – Other office administration cost 196 267 Information technology and communication cost – Group related 206 203 Management liability insurance 679 676 Travel costs 602 476 10,229 11,890

Note 9 - Share-based Payments

Note 9 - Share-based Payments	9 Months Ended
	Sep. 30, 2024
Statement Line Items [Line Items]
Disclosure of share-based payment arrangements [text block]	9 Share-based payments 9.1 Cash-settled share-based payments (a) Restricted Share Units and Performance Units Certain management and employees within the Group are granted Restricted Share Units (“RSUs”) and Performance Units (”PUs”) pursuant to provisions of the 2015 RSUs vest three PUs have a performance condition, determined on their grant date, based on gold production, average normalised controllable cost per ounce of gold, resource development at Blanket Mine, financing and construction of Bilboes sulphide project and a performance period of one three RSU holders are entitled to receive dividends over the vesting period. Such dividends will be reinvested in additional RSUs at the then applicable share price. PUs have rights to dividends only after they have vested. RSUs and PUs allow for settlement of the vesting date value in cash or, subject to conditions, shares issuable at fair market value or a combination of both at the discretion of the unitholder. The fair value of the RSUs at the reporting date was based on the Black Scholes option valuation model less the fair value of the expected dividends during the vesting period multiplied by the performance multiplier expectation. The fair value of the PUs at the reporting date was based on the Black Scholes option valuation model. At the reporting date it was assumed that there is a 95%-106% probability that the performance conditions will be met and therefore a 95%-106% ( 2023: The liability as at September 30, 2024 December 31, 2023: September 30, 2024 2023: 6. The cash-settled share-based expense for PUs for the period amounted to $479 ( 2023: 2023: The following assumptions were used in estimating the fair value of the cash-settled share-based payment liability on: September 30, 2024 December 31, 2023 PUs PUs Risk free rate 3.81 % 3.88 % Fair value (USD) 14.96 12.20 Share price (USD) 14.96 12.20 Performance multiplier percentage 95% - 106 % 93-100 % Volatility 0.83 0.90 January exercise price – 2020 awards (USD) - 13.10 January exercise price – 2021 awards (USD) 11.89 13.10 January exercise price – 2022 awards (USD) 11.89 13.10 April exercise price – 2023 awards (USD) 10.87 - Share units granted: PUs PUs Grant - January 11, 2021 35,341 56,244 Grant - May 14, 2021 482 964 Grant - June 1, 2021 375 1,310 Grant - June 14, 2021 199 398 Grant - September 6, 2021 229 458 Grant - September 20, 2021 230 460 Grant - October 1, 2021 508 1,016 Grant - October 11, 2021 225 450 Grant - November 12, 2021 923 1,846 Grant - December 1, 2021 225 900 Grant - January 11, 2022 41,383 75,198 Grant - January 12, 2022 556 825 Grant - May 13, 2022 1,894 2,040 Grant - June 1, 2022 – 1,297 Grant - July 1, 2022 1,899 2,375 Grant - October 1, 2022 1,800 2,024 Grant - April 7, 2023 73,462 79,521 Grant - May 15, 2023 – 581 Grant - June 1, 2023 617 617 Grant - June 7, 2023 572 572 Grant - August 10, 2023 5,514 5,514 Grant - September 1, 2023 1,617 1,617 Grant - October 3, 2023 14,258 14,258 Grant - April 8, 2024 169,141 – Grant - June 10, 2024 1,406 – Grant - June 17, 2024 1,155 – Grant - July 1, 2024 1,461 – Grant - August 12, 2024 1,554 – Settlements/ terminations (154,510 ) (68,171 ) Total awards outstanding 202,516 182,314 9.2 Equity-settled share-based payments (a) EPUs PUs which are classified as equity-settled (i.e. there is no three EPUs have rights to dividends only after they have vested. The shares issued are subject to a minimum holding period of until at least the first September 30, 2024 2023: 2023: $Nil 6. The following assumptions were used in estimating the fair value of the equity-settled share-based payment that are in issue on: Grant date January 24, 2022 April 7, 2023 April 8, 2024 May 13, 2024 Number of units - remaining at reporting date 113,693 80,773 125,433 14,771 Share price (USD) - grant date 11.50 16.91 10.95 10.01 Fair value (USD) - grant date 10.15 15.33 9.53 10.02 Performance multiplier percentage at grant date 100 % 100 % 100 % 100 % (b) Equity Restricted Share Units RSUs which are classified as equity-settled (i.e. there is no ERSU holders are entitled to receive dividends over the vesting period. Such dividends will be reinvested in additional ERSUs at the then applicable share price. The fair value of the RSUs at the reporting date was based on the Black Scholes option valuation model less the fair value of the expected dividends during the vesting period multiplied by the performance multiplier expectation. The following assumptions were used in estimating the fair value of the equity-settled share-based payment that are in issue on: Grant date May 13, 2024 Vesting date September 30, 2024 Number of units - remaining at reporting date 26,404 Share price (USD) - grant date 10.01 Fair value (USD) - grant date 10.02 Performance multiplier percentage at grant date 100 % The equity-settled share-based expense for ERSUs as at September 30, 2024 2023: $Nil

Note 10 - Other Expenses

Note 10 - Other Expenses	9 Months Ended
	Sep. 30, 2024
Statement Line Items [Line Items]
Disclosure of other operating expense [text block]	10 Other expenses 2024 2023 Intermediated Money Transaction Tax * 969 999 Community and social responsibility cost 988 923 Retirement benefits 2,121 – Impairment of property, plant and equipment (note 13) – 878 4,078 2,800 * Intermediated Money Transfer Tax ("IMTT”) is tax chargeable in Zimbabwe on transfer of physical money, electronically or by any other means and charged at 2% Caledonia awarded discretionary payments to selected employees at Blanket Mine and Bilboes over 60 $2.1m 2024

Note 11 - Finance Income and Fi

Note 11 - Finance Income and Finance Cost	9 Months Ended
	Sep. 30, 2024
Statement Line Items [Line Items]
Disclosure of finance income (cost) [text block]	11 Finance income and finance cost 2024 2023 Finance income received - Bank 16 30 Unwinding of rehabilitation provision - Blanket (note 20) 198 279 Unwinding of rehabilitation provision - Solar 5 – Finance cost - Leases 7 15 Finance cost - Overdraft and short term loans 1,359 1,076 Finance cost - Solar loan notes payable (note 21.1) 624 373 Finance cost - Motapa loan notes payable – 619 Finance cost - Long term loans 167 – 2,360 2,362

Note 12 - Exploration and Evalu

Note 12 - Exploration and Evaluation Assets	9 Months Ended
	Sep. 30, 2024
Statement Line Items [Line Items]
Disclosure of exploration and evaluation assets [text block]	12 Exploration and evaluation assets Bilboes Gold Motapa Maligreen GG Sabiwa Abercorn Valentine Total Balance at January 1, 2023 – 7,844 5,626 3,723 294 27 65 17,579 Acquisition costs: - Bilboes Gold 73,198 – – – – – – 73,198 Decommissioning asset estimation adjustment – 1,466 152 – – – – 1,618 Exploration costs: - Consumables and drilling – 903 102 – – – – 1,005 - Contractor – 2 – – – – – 2 - Labour – 377 111 – – – – 488 - Power – – 7 – – – – 7 - Other 375 – – – – – – 375 Balance at December 31, 2023 73,573 10,592 5,998 3,723 294 27 65 94,272 Decommissioning asset estimation adjustment * – (899 ) – – – – – (899 ) Exploration costs: - Consumables and drilling – 1,266 19 – – – – 1,285 - Contractor – 14 5 – – – – 19 - Labour – 421 – 51 – – – 472 - Power – 2 3 – – – – 5 - Other 609 67 – – – – – 676 Balance at September 30, 2024 74,182 11,463 6,025 3,774 294 27 65 95,830 * After further review of the Motapa claims the old tailings storage facility, previously included in the rehabilitation liability, is not 20

Note 13 - Property, Plant and E

Note 13 - Property, Plant and Equipment	9 Months Ended
	Sep. 30, 2024
Statement Line Items [Line Items]
Disclosure of property, plant and equipment [text block]	13 Property, plant and equipment Cost Land and buildings Right of use assets Mine development, infrastructure and other Assets under construction and decommissioning assets Plant and equipment Furniture and fittings Motor vehicles Solar plant & Total Balance at January 1, 2023 15,194 525 82,154 46,453 70,485 1,563 3,314 14,138 233,826 Additions* – – – 28,276 538 335 294 163 29,606 Impairments – – (872 ) – (36 ) – – – (908 ) Disposals – – – – (33 ) – – – (33 ) Reallocate to assets held for sale – – – – – – – (14,301 ) (14,301 ) Reallocations between asset classes 1,492 – 37,116 (39,099 ) 491 – – – – Foreign exchange movement – (24 ) – (2 ) – (37 ) (3 ) – (66 ) Balance at December 31, 2023 16,686 501 118,398 35,628 71,445 1,861 3,605 – 248,124 Additions* – – 128 15,151 790 53 – – 16,122 Disposals – – – – – (3 ) (128 ) – (131 ) Reallocations between asset classes – – 14,048 (13,504 ) (544 ) – – – – Foreign exchange movement – 22 – 24 – 41 3 – 90 Balance at September 30, 2024 16,686 523 132,574 37,299 71,691 1,952 3,480 – 264,205 * Included in additions is the change in estimate for the decommissioning asset of ($722) ( 2023: 2041. & The solar plant was fully commissioned on February 2, 2023 February 2, 2023 September 28, 2023 In December 2022, 21.1 Accumulated depreciation and Impairment losses Land and buildings Right of use assets Mine development, infrastructure and other Assets under construction and decommissioning assets Plant and equipment Furniture and fittings Motor vehicles Solar plant Total Balance at January 1, 2023 8,350 230 12,368 693 29,257 1,100 2,845 – 54,843 Depreciation for the year 1,012 124 5,459 93 6,573 185 258 782 14,486 Accumulated depreciation for assets reallocated to assets held for sale – – – – – – – (782 ) (782 ) Accumulated depreciation impairments – – (21 ) – (10 ) – – – (31 ) Foreign exchange movement – (9 ) – – – (30 ) (2 ) – (41 ) Balance at December 31, 2023 9,362 345 17,806 786 35,820 1,255 3,101 – 68,475 Depreciation for the period 830 95 5,345 70 5,471 131 164 – 12,106 Disposals – – – – – (2 ) (95 ) – (97 ) Foreign exchange movement – 20 – – – 35 3 – 58 Balance at September 30, 2024 10,192 460 23,151 856 41,291 1,419 3,173 – 80,542 Carrying amounts At December 31, 2023 7,324 156 100,592 34,842 35,625 606 504 – 179,649 At September 30, 2024 6,494 63 109,423 36,443 30,400 533 307 – 183,663

Note 14 - Inventories

Note 14 - Inventories	9 Months Ended
	Sep. 30, 2024
Statement Line Items [Line Items]
Disclosure of inventories [text block]	14 Inventories 2024 December 31, Consumable stores * 21,508 18,001 Gold in progress 1,224 2,303 22,732 20,304 * Included in consumables stores is an amount of ($1,793) ( December 31, 2023: ( not Gold work in progress balance as at September 30, 2024 December 31, 2023:

Note 15 - Trade and Other Recei

Note 15 - Trade and Other Receivables	9 Months Ended
	Sep. 30, 2024
Statement Line Items [Line Items]
Disclosure of trade and other receivables [text block]	15 Trade and other receivables 2024 December 31, Bullion sales receivable 4,171 5,403 VAT receivables 5,234 4,259 Deposits for stores, equipment and other receivables 43 290 Other financial assets 203 – 9,651 9,952 The carrying value of trade receivables is considered a reasonable approximation of fair value and are short term in nature. No none no

Note 16 - Prepayments

Note 16 - Prepayments	9 Months Ended
	Sep. 30, 2024
Statement Line Items [Line Items]
Disclosure of prepayments and other assets [text block]	16 Prepayments 2024 December 31, Caledonia Mining South Africa (Proprietary) Limited (“CMSA”) suppliers 1,398 527 Blanket Mine third party suppliers - USD 2,196 808 Blanket Mine third party suppliers - ZiG 2,796 – Blanket Mine third party suppliers - RTGS$ – 938 Other prepayments 327 265 6,717 2,538

Note 17 - Cash and Cash Equival

Note 17 - Cash and Cash Equivalents	9 Months Ended
	Sep. 30, 2024
Statement Line Items [Line Items]
Disclosure of cash and cash equivalents [text block]	17 Cash and cash equivalents 2024 December 31, Bank balances 7,204 4,252 Restricted cash – 2,456 Cash and cash equivalents 7,204 6,708 Bank overdrafts and short term loans used for cash management purposes (14,839 ) (17,740 ) Net cash and cash equivalents (7,635 ) (11,032 ) Loan initiated Expiry Repayment term Principal value Balance drawn at September 30, 2024 Overdraft facilities and term loans Stanbic Bank - ZiG June2023 June 2025 On demand ZiG6.5 million Nil Stanbic Bank - USD June 2024 June 2025 On demand $4 million $3.9 million CABS – USD March 2024 March 2027 On demand $3 million $1.2 million Ecobank - USD March 2024 February 2025 On demand $4 million $3.8 million Nedbank Zimbabwe - USD April 2024 April 2025 On demand $7 million $5.9 million $18 million $14.8 million

Note 18 - Assets and Liabilitie

Note 18 - Assets and Liabilities Associated With Assets Held for Sale	9 Months Ended
	Sep. 30, 2024
Statement Line Items [Line Items]
Disclosure of non-current assets or disposal groups classified as held for sale [text block]	18 Assets and liabilities associated with assets held for sale 2024 December 31, Non-current assets held for sale Solar plant 13,483 13,519 Liabilities associated with assets held for sale Site restoration liability 98 128 In the second 2023 On September 28, 2023 September 28, 2023 Management determined the value of the solar plant as the lower of the fair value less cost to sell and the carrying amount. The proceeds of the disposal are expected to substantially exceed the carrying amount of the related net assets and accordingly no impairment losses have been recognised on the classification of the solar plant. The asset was classified as property, plant and equipment before the reclassification to assets held for sale. The change in estimate for the liability held for sale is mainly due to the Blanket Mine’s LoM that was extended to 2041 Caledonia announced on October 1, 2024 12.2MWac

Note 19 - Share Capital

Note 19 - Share Capital	9 Months Ended
	Sep. 30, 2024
Statement Line Items [Line Items]
Disclosure of share capital, reserves and other equity interest [text block]	19 Share capital Authorised Unlimited number of ordinary shares of no par value. Unlimited number of preference shares of no par value. Issued ordinary shares Number of fully paid shares Amount January 1, 2023 12,833,126 83,471 Shares issued: - share-based payment - employees (note 9.1(a)) 24,389 351 - equity raise 1,207,514 15,569 - Bilboes Gold Limited acquisition 5,123,044 65,677 December 31, 2023 19,188,073 165,068 Shares issued: - share-based payment - employees (note 9.1(a)) 6,787 83 - share-based payment - employees (note 9.2(b)) 14,694 220 - options exercised* 5,000 37 September 30, 2024 19,214,554 165,408 * A consultant of Caledonia signed his option exercise notice on June 14, 2024

Note 20 - Provisions

Note 20 - Provisions	9 Months Ended
	Sep. 30, 2024
Statement Line Items [Line Items]
Disclosure of provisions [text block]	20 Provisions Site restoration Site restoration relates to the estimated cost of closing down the mines and projects and represent the site and environmental restoration costs, estimated to be paid as a result of mining activities or previous mining activities. For the Blanket Mine site restoration costs are capitalised in property, plant and equipment with an increase in the provision at the net present value of the estimated future and inflated cost of site rehabilitation. Subsequently the capitalised cost is amortised over the life of the mine and the provision is unwound over the period to estimated restoration. For properties in the exploration and evaluation phase, such as the Bilboes, Maligreen and Motapa projects, site restoration costs are capitalised in exploration and evaluation assets with an increase in the provision at the undiscounted value of the estimated cost of site rehabilitation. Subsequently the costs capitalised are not not Reconciliation of site restoration provision September 30, 2024 December 31, 2023 Blanket Mine Balance January 1 4,766 2,823 Unwinding of discount (note 12) 198 109 Change in estimate (Blanket) (note 13)* (722 ) 1,834 Balance 4,242 4,766 Motapa, Maligreen and Bilboes Balance January 1 6,219 135 Change in estimate (Motapa) (note 12) (899 ) 1,466 Change in estimate (Maligreen) (note 12) – 152 Acquisition - Bilboes – 4,466 Balance 5,320 6,219 Total balance 9,562 10,985 Current – – Non-current 9,562 10,985 9,562 10,985 * The change in estimate is due the Blanket Mine’s LoM that was extended to 2041 After further review of the Motapa claims the old tailings storage facility, previously included in the rehabilitation liability, is not The discount rate in calculating the present value of the Blanket Mine provision is 4.19% ( 2023: 2023: 2023: September 30, 2024. The undiscounted gross rehabilitation costs for exploration and evaluation assets as at September 30, 2024, 2023: 2023: 2023:

Note 21 - Loan Note Instruments

Note 21 - Loan Note Instruments	9 Months Ended
	Sep. 30, 2024
Statement Line Items [Line Items]
Disclosure of borrowings [text block]	21 Loan note instruments Loan note instruments - finance costs 2024 2023 Solar loan notes 21.1 624 373 Motapa loan notes – 619 624 992 Loan note instruments - financial liabilities 2024 December 31, Solar loan notes 21.1 9,137 7,112 9,137 7,112 Current 855 665 Non-current 8,282 6,447 9,137 7,112 21.1 Solar loan notes Following the commissioning of Caledonia’s wholly owned solar plant on February 2, 2023, April 2024 A summary of the bonds is as follows: 2024 December 31, Opening balance 7,112 – Amounts received 2,000 7,000 Transaction costs (61 ) (105 ) Finance cost accrued 624 549 Repayment - finance cost paid (538 ) (332 ) Closing balance 9,137 7,112

Note 22 - Trade and Other Payab

Note 22 - Trade and Other Payables	9 Months Ended
	Sep. 30, 2024
Statement Line Items [Line Items]
Disclosure of trade and other payables [text block]	22 Trade and other payables 2024 December 31, Trade payables 4,283 6,166 Electricity accrual 3,871 2,676 Audit fee 314 395 Dividends due 2,422 1,048 Other payables 990 692 Financial liabilities 11,880 10,977 Production and management bonus accrual - Blanket Mine (2 ) 214 Other employee benefits - other 1,844 2,229 Other employee benefits - settlements - 1,588 Leave pay 3,898 2,655 Bonus provision 591 190 Accruals 4,067 2,650 Non-financial liabilities 10,398 9,526 Total 22,278 20,503

Note 23 - Cash Flow Information

Note 23 - Cash Flow Information	9 Months Ended
	Sep. 30, 2024
Statement Line Items [Line Items]
Disclosure of cash flow statement [text block]	23 Cash flow information Non-cash items and information presented separately on the statements of cash flows statement: 2024 2023 Operating profit 31,077 12,577 Adjustments for: Impairment of property, plant and equipment (note 13) – 878 Unrealised foreign exchange gains (note 7) 1,512 (2,477 ) Fair value loss on derivative instruments 496 590 Cash-settled share-based expense (note 9.1) 479 298 Share-based expense included in production costs (note 6) 828 435 Cash portion of cash-settled share-based expense (691 ) (1,695 ) Equity-settled share-based expense (note 9.2) 785 564 Cash portion of equity-settled share-based expense (note 9.2(b)) (181 ) – Depreciation (note 13) 12,106 10,049 Loss on disposal of property, plant and equipment 34 – Cash generated from operations before working capital changes 46,445 21,219 Inventories (2,278 ) 516 Prepayments (2,591 ) 3,253 Trade and other receivables (514 ) (3,537 ) Trade and other payables (2,132 ) (3,822 ) Cash generated from operations 38,930 17,629

Note 24 - Operating Segments

Note 24 - Operating Segments	9 Months Ended
	Sep. 30, 2024
Statement Line Items [Line Items]
Disclosure of entity's operating segments [text block]	24 Operating Segments Information about reportable segments For the nine months ended September 30, 2024 Blanket South Africa Bilboes oxide mine E&E projects Inter-group eliminations adjustments Corporate and other reconciling amounts Total Revenue 132,850 – 2,653 – – – 135,503 Inter-segmental revenue – 12,155 – – (12,155 ) – – Royalty (6,698 ) – (133 ) – – – (6,831 ) Production costs (57,696 ) (11,009 ) (2,485 ) – 10,698 (13 ) (60,505 ) Depreciation (12,692 ) (102 ) – – 721 (33 ) (12,106 ) Net foreign exchange (loss) gain (8,353 ) 245 (64 ) – (65 ) (1,045 ) (9,282 ) Administrative expenses (698 ) (2,577 ) (30 ) (7 ) 7 (6,924 ) (10,229 ) Net derivative financial instrument expense – – – – – (496 ) (496 ) Equity-settled share-based expense – – – – – (785 ) (785 ) Cash-settled share-based expense – – – – – (479 ) (479 ) Other expenses (3,908 ) – (170 ) – – – (4,078 ) Other income 160 1 1 – (8 ) 211 365 Management fee (2,373 ) 2,373 – – – – – Finance income – 467 – – (1,770 ) 1,319 16 Finance cost (2,579 ) (5 ) (296 ) (82 ) 1,768 (1,166 ) (2,360 ) Profit (loss) before tax 38,013 1,548 (524 ) (89 ) (804 ) (9,411 ) 28,733 Tax expense (11,361 ) (459 ) (5 ) – 20 (476 ) (12,281 ) Profit (loss) after tax 26,652 1,089 (529 ) (89 ) (784 ) (9,887 ) 16,452 As at September 30, 2024 Blanket South Africa Bilboes oxide mine E&E projects Inter-group eliminations adjustments Corporate and other reconciling amounts Total Segment assets: Non-Current (excluding intercompany) 192,327 1,001 – 95,042 (5,246 ) (3,321 ) 279,803 Current (excluding intercompany, including Assets held for sale) 53,973 4,162 – 957 (1,714 ) 2,479 59,857 Expenditure on evaluation and exploration assets (note 12) – – – 2,457 – – 2,457 Expenditure on property, plant and equipment (note 13) 16,573 220 – – (673 ) 2 16,122 Assets held for sale (note 18) 13,483 – – – – – 13,483 Intercompany balances 47,079 19,783 436 – (194,207 ) 126,909 – As at September 30, 2024 Blanket South Africa Bilboes oxide mine E&E projects Inter-group eliminations adjustments Corporate and other reconciling amounts Total Segment liabilities: Current (excluding intercompany) (33,403 ) (3,089 ) – (2,202 ) – (2,795 ) (41,489 ) Non-current (excluding intercompany) (20,707 ) – – (5,033 ) 24 (591 ) (26,307 ) Intercompany balances (16,310 ) (36,719 ) – (75,077 ) 194,207 (66,101 ) – For the nine months ended September 30, 2023 Blanket South Africa Bilboes oxide mine E&E projects Inter-group eliminations adjustments Corporate and other reconciling amounts Total Revenue 103,151 – 4,502 – – – 107,653 Inter-segmental revenue – 11,072 – – (11,072 ) – – Royalty (5,424 ) – (226 ) – – – (5,650 ) Production costs (49,696 ) (10,668 ) (10,825 ) – 10,161 – (61,028 ) Depreciation (10,642 ) (105 ) (21 ) – 750 (31 ) (10,049 ) Net foreign exchange (loss) gain (3,069 ) (154 ) (89 ) – (35 ) 1,013 (2,334 ) Administrative expenses (124 ) (2,444 ) (2,068 ) – 7 (7,261 ) (11,890 ) Net derivative financial instrument expense – – – – – (590 ) (590 ) Equity-settled share-based expense – – – – – (564 ) (564 ) Cash-settled share-based expense – – – – 434 (732 ) (298 ) Other expenses (1,935 ) – (865 ) – – – (2,800 ) Other income 94 22 – – – 11 127 Management fee (2,479 ) 2,479 – – – – – Finance income – 30 – – – – 30 Finance cost (2,561 ) 326 (1 ) – 2 (128 ) (2,362 ) Profit (loss) before tax 27,315 558 (9,593 ) – 247 (8,282 ) 10,245 Tax expense (7,869 ) (251 ) (89 ) – (43 ) (300 ) (8,552 ) Profit (loss) after tax 19,446 307 (9,682 ) – 204 (8,582 ) 1,693 As at September 30, 2023 Blanket South Africa Bilboes oxide mine E&E projects Inter-group eliminations adjustments Corporate and other reconciling amounts Total Segment assets: Non-Current (excluding intercompany) 182,522 926 – 88,722 (5,276 ) (1,081 ) 265,813 Current (excluding intercompany) 48,300 2,999 – 463 (1,709 ) 4,471 54,524 Expenditure on evaluation and exploration assets – – – 75,252 – – 75,252 Expenditure on property, plant and equipment 30,701 248 872 – (2,222 ) (11,438 ) 18,161 Assets held for sale 13,397 – – – – – 13,397 Intercompany balances 43,146 15,323 (114 ) – (142,366 ) 84,011 – As at September 30, 2023 Blanket South Africa Bilboes oxide mine E&E projects Inter-group eliminations adjustments Corporate and other reconciling amounts Total Segment liabilities: Current (excluding intercompany) (29,723 ) (2,130 ) – 365 – (4,278 ) (35,766 ) Non-current (excluding intercompany) (12,153 ) (17 ) – (5,755 ) (7 ) (279 ) (18,211 ) Intercompany balances (23,859 ) (34,402 ) – (6,884 ) 142,366 (77,221 ) – Major customer Revenues received from Fidelity amounted to $38,714 ( 2023: nine September 30, 2024. The Group has made $91,755 ( 2023: 2023: $Nil September 30, 2024, 2023: 2023: Nil may The Bullion trade receivables outstanding have been paid in full, after the period end.

Note 25 - Supplemental Disclosu

Note 25 - Supplemental Disclosure of Cash Flow Items	9 Months Ended
	Sep. 30, 2024
Statement Line Items [Line Items]
Disclosure of supplemental disclosure of cash flow statement explanatory [text block]	25 Supplemental disclosure of cash flow items Three months ended September 30, Nine months ended September 30, 2024 2023 2024 2023 25.1 Finance cost paid Finance cost (note 11) 831 529 2,360 2,362 Net loan note movements (43 ) 49 (86 ) (306 ) Non cash - Unwinding of rehabilitation provision (note 20) – (243 ) (198 ) (279 ) Non cash - Unwinding of liabilities held for sale (5 ) – (5 ) – Non cash - Finance cost on leases (2 ) (4 ) (7 ) (15 ) Finance cost paid 781 331 2,064 1,762 25.2 Tax Paid Opening balance of net income tax payable 3,878 2,408 (1,110 ) 1,284 Current tax expense 3,986 2,847 11,530 6,762 Acquisition of Bilboes Gold tax liability – – – 10 Foreign currency movement 352 (256 ) 72 (711 ) Closing balance of net income tax payable (2,174 ) (2,841 ) (2,174 ) (2,841 ) Tax paid 6,042 2,158 8,318 4,504 Three months ended September 30, Nine months ended September 30, 2024 2023 2024 2023 25.3 Acquisition of property, plant and equipment Additions 6,686 9,042 16,122 18,161 Net property, plant and equipment included in prepayments 261 (531 ) 923 687 Net property, plant and equipment included in trade and other payables (50 ) 588 (378 ) 882 Change in estimate for decommissioning asset - adjustment capitalised in property, plant and equipment (note 20) (146 ) 474 722 445 Acquisition of property, plant and equipment 6,751 9,573 17,389 20,175 25.4 Dividends paid Opening balance dividends due 1,608 4,058 1,048 1,883 Dividends declared 4,201 2,686 10,330 10,264 Dividends declared and outstanding BETS 43 (85 ) 106 (171 ) Closing balance dividends due (2,422 ) (3,858 ) (2,422 ) (3,858 ) Dividends paid 3,430 2,801 9,062 8,118

Note 26 - Subsequent Events

Note 26 - Subsequent Events	9 Months Ended
	Sep. 30, 2024
Statement Line Items [Line Items]
Disclosure of events after reporting period [text block]	26 Subsequent events 26.1 Put options In October 2024 Purchase date Ounces hedged Strike price Period of hedge October 4, 2024 12,000 oz (4,000 p.m.) $2,600 October December 2024 The Asian put options were entered into to protect the Company against gold prices lower than the strike price over the period hedged. The options are “out-of-the-money" put options which lock in a minimum price over the number of ounces that are subject to the hedge for an initial option price. These arrangements carry no 26.2 Dividends Dividends of $2.7 million were declared by the Company during November 2024 December 2024.

Note 5 - Blanket Zimbabwe Ind_2

Note 5 - Blanket Zimbabwe Indigenisation Transaction (Tables)	9 Months Ended
	Sep. 30, 2024
Statement Line Items [Line Items]
Disclosure of indigenisation shareholder percentages and facilitation loan balances [text block]	Shareholding Effective interest & NCI recognised NCI subject to facilitation loan Balance of facilitation loan # USD September 30, 2024 December 31, 2023 NIEEF 16 % 3.2 % 12.8 % 7,139 8,489 Community Trust 10 % 10.0 % 0.0 % – – BETS ~ 10 % -* -* 3,866 4,908 36 % 13.2 % 12.8 % 11,005 13,397
Disclosure of movement in dividend loan [text block]	2024 2023 Balance at January 1 13,397 15,026 Interest incurred 440 259 Dividends used to repay loan (2,832 ) (1,888 ) Balance at September 30 11,005 13,397

Note 6 - Production Costs (Tabl

Note 6 - Production Costs (Tables)	9 Months Ended
	Sep. 30, 2024
Statement Line Items [Line Items]
Disclosure of components for cost of sales [text block]	2024 2023 Blanket Mine 58,020 50,170 Salaries and wages 22,560 20,416 Consumable materials 18,940 16,485 Electricity costs 10,902 8,993 Safety 806 856 Share-based expense (note 9) 782 435 On mine administration 2,586 1,658 Security 1,037 807 Solar operations and maintenance services 300 323 Pre-feasibility exploration costs 107 197 Bilboes 2,485 10,858 Salaries and wages 866 2,323 Consumable materials 584 7,079 Electricity costs 380 516 Share-based expense (note 9) 46 – On mine administration 609 940 60,505 61,028

Note 7 - Net Foreign Exchange_2

Note 7 - Net Foreign Exchange Loss (Tables)	9 Months Ended
	Sep. 30, 2024
Statement Line Items [Line Items]
Disclosure of foreign currency gains (losses) [text block]	2024 2023 ZiG RTGS$ Other Total ZiG RTGS$ Other Total Unrealised foreign exchange (losses) gains (671 ) – (841 ) (1,512 ) – 1,648 829 2,477 Taxation and VAT (328 ) – – (328 ) – 3,318 – 3,318 Other (343 ) – (841 ) (1,184 ) – (1,670 ) 829 (841 ) Realised foreign exchange (losses) gains (955 ) (6,792 ) (23 ) (7,770 ) – (4,860 ) 49 (4,811 ) Bullion sales receivable (368 ) (1,437 ) – (1,805 ) – (2,526 ) – (2,526 ) Cash and cash equivalents (2 ) (3,006 ) (23 ) (3,031 ) – (278 ) (5 ) (283 ) Taxation and VAT receivables (363 ) (1,644 ) – (2,007 ) – (66 ) – (66 ) Trade and other payables (222 ) (705 ) – (927 ) – (1,990 ) 54 (1,936 ) Net foreign exchange (losses) gains (1,626 ) (6,792 ) (864 ) (9,282 ) – (3,212 ) 878 (2,334 )
Sensitivity analysis of currencies [text block]	2024 $'000 Functional currency ZAR $ Cash and cash equivalents 62 174 USD denominated 61 - ZiG denominated - 172 GBP denominated 1 2 Trade and other receivables - ZiG denominated - 3,835 Trade and other payables - ZiG denominated - (358 ) 62 3,651
Sensitivity analysis for types of market risk [text block]	ZiG strengthening by 45% Consolidated statement of financial position: Cash and cash equivalents 307 Trade and other receivables 6,973 Trade and other payables (651 ) 6,629 Impact on the consolidated statement of profit or loss and other comprehensive income: Foreign exchange gains 2,980 ZiG weakening by 45% Consolidated statement of financial position: Cash and cash equivalents 115 Trade and other receivables 2,645 Trade and other payables (246 ) 2,514 Impact on the consolidated statement of profit or loss and other comprehensive income: Foreign exchange losses (1,135 )

Note 8 - Administrative Expen_2

Note 8 - Administrative Expenses (Tables)	9 Months Ended
	Sep. 30, 2024
Statement Line Items [Line Items]
Disclosure of the components of general and administrative expense [text block]	2024 2023 Investor relations 364 492 Audit fee 182 211 Advisory services fees 1,289 4,104 Listing fees 441 677 Directors fees – Company 511 480 Directors fees – Blanket 53 42 Employee costs 5,592 4,262 Employee costs – settlements group 114 – Other office administration cost 196 267 Information technology and communication cost – Group related 206 203 Management liability insurance 679 676 Travel costs 602 476 10,229 11,890

Note 9 - Share-based Payments (

Note 9 - Share-based Payments (Tables)	9 Months Ended
	Sep. 30, 2024
Statement Line Items [Line Items]
Disclosure of indirect measurement of fair value of goods or services received, share options granted during period [text block]	September 30, 2024 December 31, 2023 PUs PUs Risk free rate 3.81 % 3.88 % Fair value (USD) 14.96 12.20 Share price (USD) 14.96 12.20 Performance multiplier percentage 95% - 106 % 93-100 % Volatility 0.83 0.90 January exercise price – 2020 awards (USD) - 13.10 January exercise price – 2021 awards (USD) 11.89 13.10 January exercise price – 2022 awards (USD) 11.89 13.10 April exercise price – 2023 awards (USD) 10.87 - Share units granted: PUs PUs Grant - January 11, 2021 35,341 56,244 Grant - May 14, 2021 482 964 Grant - June 1, 2021 375 1,310 Grant - June 14, 2021 199 398 Grant - September 6, 2021 229 458 Grant - September 20, 2021 230 460 Grant - October 1, 2021 508 1,016 Grant - October 11, 2021 225 450 Grant - November 12, 2021 923 1,846 Grant - December 1, 2021 225 900 Grant - January 11, 2022 41,383 75,198 Grant - January 12, 2022 556 825 Grant - May 13, 2022 1,894 2,040 Grant - June 1, 2022 – 1,297 Grant - July 1, 2022 1,899 2,375 Grant - October 1, 2022 1,800 2,024 Grant - April 7, 2023 73,462 79,521 Grant - May 15, 2023 – 581 Grant - June 1, 2023 617 617 Grant - June 7, 2023 572 572 Grant - August 10, 2023 5,514 5,514 Grant - September 1, 2023 1,617 1,617 Grant - October 3, 2023 14,258 14,258 Grant - April 8, 2024 169,141 – Grant - June 10, 2024 1,406 – Grant - June 17, 2024 1,155 – Grant - July 1, 2024 1,461 – Grant - August 12, 2024 1,554 – Settlements/ terminations (154,510 ) (68,171 ) Total awards outstanding 202,516 182,314 Grant date January 24, 2022 April 7, 2023 April 8, 2024 May 13, 2024 Number of units - remaining at reporting date 113,693 80,773 125,433 14,771 Share price (USD) - grant date 11.50 16.91 10.95 10.01 Fair value (USD) - grant date 10.15 15.33 9.53 10.02 Performance multiplier percentage at grant date 100 % 100 % 100 % 100 % Grant date May 13, 2024 Vesting date September 30, 2024 Number of units - remaining at reporting date 26,404 Share price (USD) - grant date 10.01 Fair value (USD) - grant date 10.02 Performance multiplier percentage at grant date 100 %

Note 10 - Other Expenses (Table

Note 10 - Other Expenses (Tables)	9 Months Ended
	Sep. 30, 2024
Statement Line Items [Line Items]
Disclosure of other operating expenses components [text block]	2024 2023 Intermediated Money Transaction Tax * 969 999 Community and social responsibility cost 988 923 Retirement benefits 2,121 – Impairment of property, plant and equipment (note 13) – 878 4,078 2,800

Note 11 - Finance Income and _2

Note 11 - Finance Income and Finance Cost (Tables)	9 Months Ended
	Sep. 30, 2024
Statement Line Items [Line Items]
Disclosure of the components of finance income (cost) [text block]	2024 2023 Finance income received - Bank 16 30 Unwinding of rehabilitation provision - Blanket (note 20) 198 279 Unwinding of rehabilitation provision - Solar 5 – Finance cost - Leases 7 15 Finance cost - Overdraft and short term loans 1,359 1,076 Finance cost - Solar loan notes payable (note 21.1) 624 373 Finance cost - Motapa loan notes payable – 619 Finance cost - Long term loans 167 – 2,360 2,362

Note 12 - Exploration and Eva_2

Note 12 - Exploration and Evaluation Assets (Tables)	9 Months Ended
	Sep. 30, 2024
Statement Line Items [Line Items]
Disclosure of detailed information about exploration and evaluation assets [text block]	Bilboes Gold Motapa Maligreen GG Sabiwa Abercorn Valentine Total Balance at January 1, 2023 – 7,844 5,626 3,723 294 27 65 17,579 Acquisition costs: - Bilboes Gold 73,198 – – – – – – 73,198 Decommissioning asset estimation adjustment – 1,466 152 – – – – 1,618 Exploration costs: - Consumables and drilling – 903 102 – – – – 1,005 - Contractor – 2 – – – – – 2 - Labour – 377 111 – – – – 488 - Power – – 7 – – – – 7 - Other 375 – – – – – – 375 Balance at December 31, 2023 73,573 10,592 5,998 3,723 294 27 65 94,272 Decommissioning asset estimation adjustment * – (899 ) – – – – – (899 ) Exploration costs: - Consumables and drilling – 1,266 19 – – – – 1,285 - Contractor – 14 5 – – – – 19 - Labour – 421 – 51 – – – 472 - Power – 2 3 – – – – 5 - Other 609 67 – – – – – 676 Balance at September 30, 2024 74,182 11,463 6,025 3,774 294 27 65 95,830

Note 13 - Property, Plant and_2

Note 13 - Property, Plant and Equipment (Tables)	9 Months Ended
	Sep. 30, 2024
Statement Line Items [Line Items]
Disclosure of detailed information about property, plant and equipment [text block]	Cost Land and buildings Right of use assets Mine development, infrastructure and other Assets under construction and decommissioning assets Plant and equipment Furniture and fittings Motor vehicles Solar plant & Total Balance at January 1, 2023 15,194 525 82,154 46,453 70,485 1,563 3,314 14,138 233,826 Additions* – – – 28,276 538 335 294 163 29,606 Impairments – – (872 ) – (36 ) – – – (908 ) Disposals – – – – (33 ) – – – (33 ) Reallocate to assets held for sale – – – – – – – (14,301 ) (14,301 ) Reallocations between asset classes 1,492 – 37,116 (39,099 ) 491 – – – – Foreign exchange movement – (24 ) – (2 ) – (37 ) (3 ) – (66 ) Balance at December 31, 2023 16,686 501 118,398 35,628 71,445 1,861 3,605 – 248,124 Additions* – – 128 15,151 790 53 – – 16,122 Disposals – – – – – (3 ) (128 ) – (131 ) Reallocations between asset classes – – 14,048 (13,504 ) (544 ) – – – – Foreign exchange movement – 22 – 24 – 41 3 – 90 Balance at September 30, 2024 16,686 523 132,574 37,299 71,691 1,952 3,480 – 264,205 Accumulated depreciation and Impairment losses Land and buildings Right of use assets Mine development, infrastructure and other Assets under construction and decommissioning assets Plant and equipment Furniture and fittings Motor vehicles Solar plant Total Balance at January 1, 2023 8,350 230 12,368 693 29,257 1,100 2,845 – 54,843 Depreciation for the year 1,012 124 5,459 93 6,573 185 258 782 14,486 Accumulated depreciation for assets reallocated to assets held for sale – – – – – – – (782 ) (782 ) Accumulated depreciation impairments – – (21 ) – (10 ) – – – (31 ) Foreign exchange movement – (9 ) – – – (30 ) (2 ) – (41 ) Balance at December 31, 2023 9,362 345 17,806 786 35,820 1,255 3,101 – 68,475 Depreciation for the period 830 95 5,345 70 5,471 131 164 – 12,106 Disposals – – – – – (2 ) (95 ) – (97 ) Foreign exchange movement – 20 – – – 35 3 – 58 Balance at September 30, 2024 10,192 460 23,151 856 41,291 1,419 3,173 – 80,542 Carrying amounts At December 31, 2023 7,324 156 100,592 34,842 35,625 606 504 – 179,649 At September 30, 2024 6,494 63 109,423 36,443 30,400 533 307 – 183,663

Note 14 - Inventories (Tables)

Note 14 - Inventories (Tables)	9 Months Ended
	Sep. 30, 2024
Statement Line Items [Line Items]
Disclosure of components of inventories [text block]	2024 December 31, Consumable stores * 21,508 18,001 Gold in progress 1,224 2,303 22,732 20,304

Note 15 - Trade and Other Rec_2

Note 15 - Trade and Other Receivables (Tables)	9 Months Ended
	Sep. 30, 2024
Statement Line Items [Line Items]
Disclosure of the components and trade and other receivables [text block]	2024 December 31, Bullion sales receivable 4,171 5,403 VAT receivables 5,234 4,259 Deposits for stores, equipment and other receivables 43 290 Other financial assets 203 – 9,651 9,952

Note 16 - Prepayments (Tables)

Note 16 - Prepayments (Tables)	9 Months Ended
	Sep. 30, 2024
Statement Line Items [Line Items]
Disclosure of detailed information about prepayments [text block]	2024 December 31, Caledonia Mining South Africa (Proprietary) Limited (“CMSA”) suppliers 1,398 527 Blanket Mine third party suppliers - USD 2,196 808 Blanket Mine third party suppliers - ZiG 2,796 – Blanket Mine third party suppliers - RTGS$ – 938 Other prepayments 327 265 6,717 2,538

Note 17 - Cash and Cash Equiv_2

Note 17 - Cash and Cash Equivalents (Tables)	9 Months Ended
	Sep. 30, 2024
Statement Line Items [Line Items]
Disclosure of the components of cash and cash equivalents [text block]	2024 December 31, Bank balances 7,204 4,252 Restricted cash – 2,456 Cash and cash equivalents 7,204 6,708 Bank overdrafts and short term loans used for cash management purposes (14,839 ) (17,740 ) Net cash and cash equivalents (7,635 ) (11,032 )
Summary of Overdrafts and Short Term Debt [Text Block]	Loan initiated Expiry Repayment term Principal value Balance drawn at September 30, 2024 Overdraft facilities and term loans Stanbic Bank - ZiG June2023 June 2025 On demand ZiG6.5 million Nil Stanbic Bank - USD June 2024 June 2025 On demand $4 million $3.9 million CABS – USD March 2024 March 2027 On demand $3 million $1.2 million Ecobank - USD March 2024 February 2025 On demand $4 million $3.8 million Nedbank Zimbabwe - USD April 2024 April 2025 On demand $7 million $5.9 million $18 million $14.8 million

Note 18 - Assets and Liabilit_2

Note 18 - Assets and Liabilities Associated With Assets Held for Sale (Tables)	9 Months Ended
	Sep. 30, 2024
Statement Line Items [Line Items]
Disclosure of non-current assets held for sale and discontinued operations [text block]	2024 December 31, Non-current assets held for sale Solar plant 13,483 13,519 Liabilities associated with assets held for sale Site restoration liability 98 128

Note 19 - Share Capital (Tables

Note 19 - Share Capital (Tables)	9 Months Ended
	Sep. 30, 2024
Statement Line Items [Line Items]
Disclosure of classes of share capital [text block]	Number of fully paid shares Amount January 1, 2023 12,833,126 83,471 Shares issued: - share-based payment - employees (note 9.1(a)) 24,389 351 - equity raise 1,207,514 15,569 - Bilboes Gold Limited acquisition 5,123,044 65,677 December 31, 2023 19,188,073 165,068 Shares issued: - share-based payment - employees (note 9.1(a)) 6,787 83 - share-based payment - employees (note 9.2(b)) 14,694 220 - options exercised* 5,000 37 September 30, 2024 19,214,554 165,408

Note 20 - Provisions (Tables)

Note 20 - Provisions (Tables)	9 Months Ended
	Sep. 30, 2024
Statement Line Items [Line Items]
Disclosure of other provisions [text block]	Reconciliation of site restoration provision September 30, 2024 December 31, 2023 Blanket Mine Balance January 1 4,766 2,823 Unwinding of discount (note 12) 198 109 Change in estimate (Blanket) (note 13)* (722 ) 1,834 Balance 4,242 4,766 Motapa, Maligreen and Bilboes Balance January 1 6,219 135 Change in estimate (Motapa) (note 12) (899 ) 1,466 Change in estimate (Maligreen) (note 12) – 152 Acquisition - Bilboes – 4,466 Balance 5,320 6,219 Total balance 9,562 10,985 Current – – Non-current 9,562 10,985 9,562 10,985

Note 21 - Loan Note Instrumen_2

Note 21 - Loan Note Instruments (Tables)	9 Months Ended
	Sep. 30, 2024
Statement Line Items [Line Items]
Disclosure of detailed information about borrowings [text block]	Loan note instruments - finance costs 2024 2023 Solar loan notes 21.1 624 373 Motapa loan notes – 619 624 992 Loan note instruments - financial liabilities 2024 December 31, Solar loan notes 21.1 9,137 7,112 9,137 7,112 Current 855 665 Non-current 8,282 6,447 9,137 7,112 2024 December 31, Opening balance 7,112 – Amounts received 2,000 7,000 Transaction costs (61 ) (105 ) Finance cost accrued 624 549 Repayment - finance cost paid (538 ) (332 ) Closing balance 9,137 7,112

Note 22 - Trade and Other Pay_2

Note 22 - Trade and Other Payables (Tables)	9 Months Ended
	Sep. 30, 2024
Statement Line Items [Line Items]
Disclosure of detailed information about trade and other payables [text block]	2024 December 31, Trade payables 4,283 6,166 Electricity accrual 3,871 2,676 Audit fee 314 395 Dividends due 2,422 1,048 Other payables 990 692 Financial liabilities 11,880 10,977 Production and management bonus accrual - Blanket Mine (2 ) 214 Other employee benefits - other 1,844 2,229 Other employee benefits - settlements - 1,588 Leave pay 3,898 2,655 Bonus provision 591 190 Accruals 4,067 2,650 Non-financial liabilities 10,398 9,526 Total 22,278 20,503

Note 23 - Cash Flow Informati_2

Note 23 - Cash Flow Information (Tables)	9 Months Ended
	Sep. 30, 2024
Statement Line Items [Line Items]
Disclosure of detailed information of the cash flow statement [text block]	2024 2023 Operating profit 31,077 12,577 Adjustments for: Impairment of property, plant and equipment (note 13) – 878 Unrealised foreign exchange gains (note 7) 1,512 (2,477 ) Fair value loss on derivative instruments 496 590 Cash-settled share-based expense (note 9.1) 479 298 Share-based expense included in production costs (note 6) 828 435 Cash portion of cash-settled share-based expense (691 ) (1,695 ) Equity-settled share-based expense (note 9.2) 785 564 Cash portion of equity-settled share-based expense (note 9.2(b)) (181 ) – Depreciation (note 13) 12,106 10,049 Loss on disposal of property, plant and equipment 34 – Cash generated from operations before working capital changes 46,445 21,219 Inventories (2,278 ) 516 Prepayments (2,591 ) 3,253 Trade and other receivables (514 ) (3,537 ) Trade and other payables (2,132 ) (3,822 ) Cash generated from operations 38,930 17,629

Note 24 - Operating Segments (T

Note 24 - Operating Segments (Tables)	9 Months Ended
	Sep. 30, 2024
Statement Line Items [Line Items]
Disclosure of operating segments [text block]	For the nine months ended September 30, 2024 Blanket South Africa Bilboes oxide mine E&E projects Inter-group eliminations adjustments Corporate and other reconciling amounts Total Revenue 132,850 – 2,653 – – – 135,503 Inter-segmental revenue – 12,155 – – (12,155 ) – – Royalty (6,698 ) – (133 ) – – – (6,831 ) Production costs (57,696 ) (11,009 ) (2,485 ) – 10,698 (13 ) (60,505 ) Depreciation (12,692 ) (102 ) – – 721 (33 ) (12,106 ) Net foreign exchange (loss) gain (8,353 ) 245 (64 ) – (65 ) (1,045 ) (9,282 ) Administrative expenses (698 ) (2,577 ) (30 ) (7 ) 7 (6,924 ) (10,229 ) Net derivative financial instrument expense – – – – – (496 ) (496 ) Equity-settled share-based expense – – – – – (785 ) (785 ) Cash-settled share-based expense – – – – – (479 ) (479 ) Other expenses (3,908 ) – (170 ) – – – (4,078 ) Other income 160 1 1 – (8 ) 211 365 Management fee (2,373 ) 2,373 – – – – – Finance income – 467 – – (1,770 ) 1,319 16 Finance cost (2,579 ) (5 ) (296 ) (82 ) 1,768 (1,166 ) (2,360 ) Profit (loss) before tax 38,013 1,548 (524 ) (89 ) (804 ) (9,411 ) 28,733 Tax expense (11,361 ) (459 ) (5 ) – 20 (476 ) (12,281 ) Profit (loss) after tax 26,652 1,089 (529 ) (89 ) (784 ) (9,887 ) 16,452 As at September 30, 2024 Blanket South Africa Bilboes oxide mine E&E projects Inter-group eliminations adjustments Corporate and other reconciling amounts Total Segment assets: Non-Current (excluding intercompany) 192,327 1,001 – 95,042 (5,246 ) (3,321 ) 279,803 Current (excluding intercompany, including Assets held for sale) 53,973 4,162 – 957 (1,714 ) 2,479 59,857 Expenditure on evaluation and exploration assets (note 12) – – – 2,457 – – 2,457 Expenditure on property, plant and equipment (note 13) 16,573 220 – – (673 ) 2 16,122 Assets held for sale (note 18) 13,483 – – – – – 13,483 Intercompany balances 47,079 19,783 436 – (194,207 ) 126,909 – As at September 30, 2024 Blanket South Africa Bilboes oxide mine E&E projects Inter-group eliminations adjustments Corporate and other reconciling amounts Total Segment liabilities: Current (excluding intercompany) (33,403 ) (3,089 ) – (2,202 ) – (2,795 ) (41,489 ) Non-current (excluding intercompany) (20,707 ) – – (5,033 ) 24 (591 ) (26,307 ) Intercompany balances (16,310 ) (36,719 ) – (75,077 ) 194,207 (66,101 ) – For the nine months ended September 30, 2023 Blanket South Africa Bilboes oxide mine E&E projects Inter-group eliminations adjustments Corporate and other reconciling amounts Total Revenue 103,151 – 4,502 – – – 107,653 Inter-segmental revenue – 11,072 – – (11,072 ) – – Royalty (5,424 ) – (226 ) – – – (5,650 ) Production costs (49,696 ) (10,668 ) (10,825 ) – 10,161 – (61,028 ) Depreciation (10,642 ) (105 ) (21 ) – 750 (31 ) (10,049 ) Net foreign exchange (loss) gain (3,069 ) (154 ) (89 ) – (35 ) 1,013 (2,334 ) Administrative expenses (124 ) (2,444 ) (2,068 ) – 7 (7,261 ) (11,890 ) Net derivative financial instrument expense – – – – – (590 ) (590 ) Equity-settled share-based expense – – – – – (564 ) (564 ) Cash-settled share-based expense – – – – 434 (732 ) (298 ) Other expenses (1,935 ) – (865 ) – – – (2,800 ) Other income 94 22 – – – 11 127 Management fee (2,479 ) 2,479 – – – – – Finance income – 30 – – – – 30 Finance cost (2,561 ) 326 (1 ) – 2 (128 ) (2,362 ) Profit (loss) before tax 27,315 558 (9,593 ) – 247 (8,282 ) 10,245 Tax expense (7,869 ) (251 ) (89 ) – (43 ) (300 ) (8,552 ) Profit (loss) after tax 19,446 307 (9,682 ) – 204 (8,582 ) 1,693 As at September 30, 2023 Blanket South Africa Bilboes oxide mine E&E projects Inter-group eliminations adjustments Corporate and other reconciling amounts Total Segment assets: Non-Current (excluding intercompany) 182,522 926 – 88,722 (5,276 ) (1,081 ) 265,813 Current (excluding intercompany) 48,300 2,999 – 463 (1,709 ) 4,471 54,524 Expenditure on evaluation and exploration assets – – – 75,252 – – 75,252 Expenditure on property, plant and equipment 30,701 248 872 – (2,222 ) (11,438 ) 18,161 Assets held for sale 13,397 – – – – – 13,397 Intercompany balances 43,146 15,323 (114 ) – (142,366 ) 84,011 – As at September 30, 2023 Blanket South Africa Bilboes oxide mine E&E projects Inter-group eliminations adjustments Corporate and other reconciling amounts Total Segment liabilities: Current (excluding intercompany) (29,723 ) (2,130 ) – 365 – (4,278 ) (35,766 ) Non-current (excluding intercompany) (12,153 ) (17 ) – (5,755 ) (7 ) (279 ) (18,211 ) Intercompany balances (23,859 ) (34,402 ) – (6,884 ) 142,366 (77,221 ) –

Note 25 - Supplemental Disclo_2

Note 25 - Supplemental Disclosure of Cash Flow Items (Tables)	9 Months Ended
	Sep. 30, 2024
Statement Line Items [Line Items]
Disclosure of supplemental disclosure of cash flow statement [text block]	Three months ended September 30, Nine months ended September 30, 2024 2023 2024 2023 25.1 Finance cost paid Finance cost (note 11) 831 529 2,360 2,362 Net loan note movements (43 ) 49 (86 ) (306 ) Non cash - Unwinding of rehabilitation provision (note 20) – (243 ) (198 ) (279 ) Non cash - Unwinding of liabilities held for sale (5 ) – (5 ) – Non cash - Finance cost on leases (2 ) (4 ) (7 ) (15 ) Finance cost paid 781 331 2,064 1,762 25.2 Tax Paid Opening balance of net income tax payable 3,878 2,408 (1,110 ) 1,284 Current tax expense 3,986 2,847 11,530 6,762 Acquisition of Bilboes Gold tax liability – – – 10 Foreign currency movement 352 (256 ) 72 (711 ) Closing balance of net income tax payable (2,174 ) (2,841 ) (2,174 ) (2,841 ) Tax paid 6,042 2,158 8,318 4,504 Three months ended September 30, Nine months ended September 30, 2024 2023 2024 2023 25.3 Acquisition of property, plant and equipment Additions 6,686 9,042 16,122 18,161 Net property, plant and equipment included in prepayments 261 (531 ) 923 687 Net property, plant and equipment included in trade and other payables (50 ) 588 (378 ) 882 Change in estimate for decommissioning asset - adjustment capitalised in property, plant and equipment (note 20) (146 ) 474 722 445 Acquisition of property, plant and equipment 6,751 9,573 17,389 20,175 25.4 Dividends paid Opening balance dividends due 1,608 4,058 1,048 1,883 Dividends declared 4,201 2,686 10,330 10,264 Dividends declared and outstanding BETS 43 (85 ) 106 (171 ) Closing balance dividends due (2,422 ) (3,858 ) (2,422 ) (3,858 ) Dividends paid 3,430 2,801 9,062 8,118

Note 5 - Blanket Zimbabwe Ind_3

Note 5 - Blanket Zimbabwe Indigenisation Transaction (Details Textual) - USD ($) $ in Thousands						6 Months Ended	9 Months Ended
		Jan. 20, 2020	Nov. 05, 2018	Jun. 23, 2017	Feb. 20, 2012	Jun. 30, 2024	Sep. 30, 2024
Statement Line Items [Line Items]
Proportion of ownership interests held by non-controlling interests					51%		36%
Increase (decrease) through changes in ownership interests in subsidiaries that do not result in loss of control, equity attributable to owners of parent					$ 30,090
Non-controlling interest, non-refundable donation					$ 1,000
Dividend loans, Percentage of dividend as payment of interest				80%	80%
Proportion of dividends declared accruing unconditionally					20%
Borrowings, interest rate				7.25%
Percentage of net assets recognised as NCI		13.20%			16.20%
Proportion of ownership interest acquired			15%
Number of instruments or interests issued or issuable for cancellation of loan (in shares)		727,266
Non-controlling interests derecognized		$ 3,600
Reserve of share-based payments, increase (decrease) during period		$ 2,247
Proportion of ownership interest in subsidiary		64%
NIEEF [member]
Statement Line Items [Line Items]
Proportion of ownership interests held by non-controlling interests					16%		16%
Increase (decrease) through changes in ownership interests in subsidiaries that do not result in loss of control, equity attributable to owners of parent					$ 11,740
Proportion of ownership interest sold					16%
Non-controlling interests recognised, dividends declared accruing unconditionally					20%
Fremiro [member]
Statement Line Items [Line Items]
Proportion of ownership interests held by non-controlling interests					15%
Increase (decrease) through changes in ownership interests in subsidiaries that do not result in loss of control, equity attributable to owners of parent					$ 11,010
Proportion of ownership interest sold					15%
Non-controlling interests recognised, dividends declared accruing unconditionally					20%
Non-controlling interests recognised, portion recognised to the extent net asset value exceeds faciliation loans					80%
BETS [member]
Statement Line Items [Line Items]
Proportion of ownership interests held by non-controlling interests	[1]						10%
Increase (decrease) through changes in ownership interests in subsidiaries that do not result in loss of control, equity attributable to owners of parent					$ 7,340
Proportion of ownership interest sold					10%	10%
Community Trust [member]
Statement Line Items [Line Items]
Proportion of ownership interests held by non-controlling interests					10%		10%
Proportion of ownership interest sold					10%
Non-controlling interests recognised, dividends declared accruing unconditionally					100%
Non-controlling interests recognised, portion recognised to the extent net asset value exceeds faciliation loans					80%
Non-controlling interests recognised, dividends declared accruing unconditionally employee participation					20%
[1]Accounted for under IAS19 Employee Benefits.

Note 5 - Blanket Zimbabwe Ind_4

Note 5 - Blanket Zimbabwe Indigenisation Transaction - Shareholder Percentages and Facilitation Loan Balances (Details) - USD ($) $ in Thousands			9 Months Ended
		Feb. 20, 2012	Sep. 30, 2024	Dec. 31, 2023
Statement Line Items [Line Items]
Shareholding		51%	36%
NCI Recognized			13.20%
NCI subject to facilitation loans			12.80%
Faciliation loans	[1]		$ 11,005	$ 13,397
NIEEF [member]
Statement Line Items [Line Items]
Shareholding		16%	16%
NCI Recognized			3.20%
NCI subject to facilitation loans			12.80%
Faciliation loans	[1]		$ 7,139	8,489
Community Trust [member]
Statement Line Items [Line Items]
Shareholding		10%	10%
NCI Recognized			10%
NCI subject to facilitation loans			0%
Faciliation loans	[1]		$ 0	0
BETS [member]
Statement Line Items [Line Items]
Shareholding	[2]		10%
Faciliation loans	[1],[2]		$ 3,866	$ 4,908
[1]Facilitation loans are accounted for as equity instruments and are accordingly not recognised as loans receivable.[2]Accounted for under IAS19 Employee Benefits.

Note 5 - Blanket Zimbabwe Ind_5

Note 5 - Blanket Zimbabwe Indigenisation Transaction - Movement in Advance Dividend Loan (Details) - Reserve of share-based payments [member] - Faciliation Loans [Member] - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Statement Line Items [Line Items]
Balance	$ 13,397	$ 15,026
Interest incurred	440	259
Dividends used to repay loan	(2,832)	(1,888)
Balance	$ 11,005	$ 13,397

Note 6 - Production Costs - Com

Note 6 - Production Costs - Components of Production Costs (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Statement Line Items [Line Items]
Cost of sales	$ 21,085	$ 20,452	$ 60,505	$ 61,028
Blanket Mine [member]
Statement Line Items [Line Items]
Production costs			58,020	50,170
Salaries and wages			22,560	20,416
Consumable materials			18,940	16,485
Electricity costs			10,902	8,993
Safety			806	856
Share-based expense (note 9)			782	435
On mine administration			2,586	1,658
Security			1,037	807
Solar operations and maintenance services			300	323
Pre-feasibility exploration costs			107	197
Bilboes Gold [member]
Statement Line Items [Line Items]
Production costs			2,485	10,858
Salaries and wages			866	2,323
Consumable materials			584	7,079
Electricity costs			380	516
Share-based expense (note 9)			46	0
On mine administration			$ 609	$ 940

Note 7 - Net Foreign Exchange_3

Note 7 - Net Foreign Exchange Loss (Details Textual)	9 Months Ended
	Sep. 30, 2024	Sep. 27, 2024	Sep. 26, 2024	Apr. 05, 2024
Statement Line Items [Line Items]
Foreign currency allocation, percentage	75%
Currency, Zimbabwe Gold (ZiG) [member]
Statement Line Items [Line Items]
Closing foreign exchange rate	24.88	24.39	13.99	13.56
Currency, Zimbabwe RTGS translated to Gold (ZiG) [member]
Statement Line Items [Line Items]
Closing foreign exchange rate				2,499

Note 7 - Net Foreign Exchange_4

Note 7 - Net Foreign Exchange Loss - Foreign Exchange Gain (Loss) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Statement Line Items [Line Items]
Unrealised foreign exchange (losses) gains			$ (1,512)	$ 2,477
Taxation and VAT			(328)	3,318
Other			(1,184)	(841)
Realised foreign exchange (losses) gains			(7,770)	(4,811)
Bullion sales receivable			(1,805)	(2,526)
Cash and cash equivalents			(3,031)	(283)
Taxation and VAT receivables			(2,007)	(66)
Trade and other payables			(927)	(1,936)
Foreign exchange gains	$ (3,129)	$ (257)	(9,282)	(2,334)
Currency, Zimbabwe Gold (ZiG) [member]
Statement Line Items [Line Items]
Unrealised foreign exchange (losses) gains			(671)
Taxation and VAT			(328)
Other			(343)
Realised foreign exchange (losses) gains			(955)
Bullion sales receivable			(368)
Cash and cash equivalents			(2)
Taxation and VAT receivables			(363)
Trade and other payables			(222)
Foreign exchange gains			(1,626)
Currency, Zimbabwe RTGS [member]
Statement Line Items [Line Items]
Unrealised foreign exchange (losses) gains			0	1,648
Taxation and VAT			0	3,318
Other			0	(1,670)
Realised foreign exchange (losses) gains			(6,792)	(4,860)
Bullion sales receivable			(1,437)	(2,526)
Cash and cash equivalents			(3,006)	(278)
Taxation and VAT receivables			(1,644)	(66)
Trade and other payables			(705)	(1,990)
Foreign exchange gains			(6,792)	(3,212)
Other Currency [Member]
Statement Line Items [Line Items]
Unrealised foreign exchange (losses) gains			(841)	829
Taxation and VAT			0	0
Other			(841)	829
Realised foreign exchange (losses) gains			(23)	49
Bullion sales receivable			0	0
Cash and cash equivalents			(23)	(5)
Taxation and VAT receivables			0	0
Trade and other payables			0	54
Foreign exchange gains			$ (864)	$ 878

Note 7 - Net Foreign Exchange_5

Note 7 - Net Foreign Exchange Loss - Consolidated Monetary Assets (Liabilities) (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Statement Line Items [Line Items]
Cash and cash equivalents	$ 7,204	$ 6,708
ZAR [member] | Total cash and cash equivalents [member]
Statement Line Items [Line Items]
Cash and cash equivalents	62
ZAR [member] | USD denominated cash [member]
Statement Line Items [Line Items]
Cash and cash equivalents	61
ZAR [member] | ZiG denominated cash [member]
Statement Line Items [Line Items]
Cash and cash equivalents	0
ZAR [member] | GBP denominated cash [member]
Statement Line Items [Line Items]
Cash and cash equivalents	1
ZAR [member] | Trade and other receivables, ZiG denominated [member]
Statement Line Items [Line Items]
Trade and other receivables - ZiG denominated	0
ZAR [member] | Trade and other payables, ZiG denominated [member]
Statement Line Items [Line Items]
Trade and other payables - ZiG denominated	0
ZAR [member] | Denominated receivables and payables [member]
Statement Line Items [Line Items]
Total cash and receivables, net of payables	62
US dollars [member] | Total cash and cash equivalents [member]
Statement Line Items [Line Items]
Cash and cash equivalents	174
US dollars [member] | USD denominated cash [member]
Statement Line Items [Line Items]
Cash and cash equivalents	0
US dollars [member] | ZiG denominated cash [member]
Statement Line Items [Line Items]
Cash and cash equivalents	172
US dollars [member] | GBP denominated cash [member]
Statement Line Items [Line Items]
Cash and cash equivalents	2
US dollars [member] | Trade and other receivables, ZiG denominated [member]
Statement Line Items [Line Items]
Trade and other receivables - ZiG denominated	3,835
US dollars [member] | Trade and other payables, ZiG denominated [member]
Statement Line Items [Line Items]
Trade and other payables - ZiG denominated	(358)
US dollars [member] | Denominated receivables and payables [member]
Statement Line Items [Line Items]
Total cash and receivables, net of payables	$ 3,651

Note 7 - Net Foreign Exchange_6

Note 7 - Net Foreign Exchange Loss - Sensitivity Analysis (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Statement Line Items [Line Items]
Foreign exchange gains	$ (3,129)	$ (257)	$ (9,282)	$ (2,334)
Foreign exchange losses	$ (3,129)	$ (257)	(9,282)	$ (2,334)
Currency risk, strengthening by 45 percent [member]
Statement Line Items [Line Items]
Financial assets			6,629
Foreign exchange gains			2,980
Foreign exchange losses			2,980
Currency risk, weakening by 45 percent [member]
Statement Line Items [Line Items]
Financial assets			2,514
Foreign exchange gains			(1,135)
Foreign exchange losses			(1,135)
Cash and cash equivalents 1 [member] | Currency risk, strengthening by 45 percent [member]
Statement Line Items [Line Items]
Financial assets			307
Cash and cash equivalents 1 [member] | Currency risk, weakening by 45 percent [member]
Statement Line Items [Line Items]
Financial assets			115
Trade and other receivables [member] | Currency risk, strengthening by 45 percent [member]
Statement Line Items [Line Items]
Financial assets			6,973
Trade and other receivables [member] | Currency risk, weakening by 45 percent [member]
Statement Line Items [Line Items]
Financial assets			2,645
Trade and other payables [member] | Currency risk, strengthening by 45 percent [member]
Statement Line Items [Line Items]
Financial liabilities			(651)
Trade and other payables [member] | Currency risk, weakening by 45 percent [member]
Statement Line Items [Line Items]
Financial liabilities			$ (246)

Note 8 - Administrative Expen_3

Note 8 - Administrative Expenses - Components of Administrative Expense (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Statement Line Items [Line Items]
Investor relations			$ 364	$ 492
Audit fee			182	211
Advisory services fees			1,289	4,104
Listing fees			441	677
Directors fees – Company			511	480
Directors fees – Blanket			53	42
Employee costs			5,592	4,262
Employee costs – settlements group			114	0
Other office administration cost			196	267
Information technology and communication cost – Group related			206	203
Management liability insurance			679	676
Travel costs			602	476
Administrative expenses, total	$ 3,954	$ 2,889	$ 10,229	$ 11,890

Note 9 - Share-based Payments_2

Note 9 - Share-based Payments (Details Textual) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Statement Line Items [Line Items]
Expense from equity-settled share-based payment transactions	$ 279	$ 233	$ 785	$ 564
Performance share units (PSUs) [member]
Statement Line Items [Line Items]
Liabilities from share-based payment transactions	$ 1,664		1,664		$ 1,294
Expense from share-based payment transactions			479	298
Value of other equity instruments exercised or vested in share-based payment arrangement, share capital			83	351
Performance share units (PSUs) [member] | Production costs [Member]
Statement Line Items [Line Items]
Expense from share-based payment transactions			$ 665	$ 435
Performance share units (PSUs) [member] | Bottom of range [member]
Statement Line Items [Line Items]
Performance probability			95%	93%
Performance share units (PSUs) [member] | Top of range [member]
Statement Line Items [Line Items]
Performance probability			106%	100%
Equity-settled performance units (EPUs) [member]
Statement Line Items [Line Items]
Expense from equity-settled share-based payment transactions			$ 384	$ 564
Equity-settled performance units (EPUs) [member] | Production costs [Member]
Statement Line Items [Line Items]
Expense from equity-settled share-based payment transactions			$ 163	0
Equity-settled performance units (EPUs) [member] | Bottom of range [member]
Statement Line Items [Line Items]
Performance probability			47%
Equity-settled performance units (EPUs) [member] | Top of range [member]
Statement Line Items [Line Items]
Performance probability			105%
Equity settlement restricted share units [member]
Statement Line Items [Line Items]
Expense from equity-settled share-based payment transactions			$ 401	$ 0
Value from equity settled sharebased compensation tax portion recognised in equity			$ 220

Note 9 - Share-based payments -

Note 9 - Share-based payments - Inputs for Measurement of Grant Date Fair Values and Share Units Granted (Details)					9 Months Ended	12 Months Ended
	May 13, 2024 USD ($) $ / shares	Apr. 08, 2024 USD ($) $ / shares	Apr. 07, 2023 USD ($) $ / shares	Jan. 24, 2022 USD ($) $ / shares	Sep. 30, 2024 USD ($) $ / shares	Dec. 31, 2023 USD ($) $ / shares
Performance share units (PSUs) [member]
Statement Line Items [Line Items]
Risk free rate					3.81%	3.88%
Fair value (USD) | $					$ 14.96	$ 12.2
Share price (USD) (in dollars per share)					$ 14.96	$ 12.2
Volatility					0.83%	0.90%
Settlements/ terminations					(154,510)	(68,171)
Total awards outstanding					202,516	182,314
Performance share units (PSUs) [member] | Bottom of range [member]
Statement Line Items [Line Items]
Performance multiplier percentage					95%	93%
Performance share units (PSUs) [member] | Top of range [member]
Statement Line Items [Line Items]
Performance multiplier percentage					106%	100%
Performance share units (PSUs) [member] | January 11, 2021 [member]
Statement Line Items [Line Items]
Grants					35,341	56,244
Performance share units (PSUs) [member] | May 14, 2021 [member]
Statement Line Items [Line Items]
Grants					482	964
Performance share units (PSUs) [member] | June 1, 2021 [member]
Statement Line Items [Line Items]
Grants					375	1,310
Performance share units (PSUs) [member] | June 14, 2021 [member]
Statement Line Items [Line Items]
Grants					199	398
Performance share units (PSUs) [member] | September 6, 2021 [member]
Statement Line Items [Line Items]
Grants					229	458
Performance share units (PSUs) [member] | January 2020 [member]
Statement Line Items [Line Items]
exercise price (in dollars per share)					$ 0	$ 13.1
Performance share units (PSUs) [member] | September 20, 2021 [member]
Statement Line Items [Line Items]
Grants					230	460
Performance share units (PSUs) [member] | January 2021 [member]
Statement Line Items [Line Items]
exercise price (in dollars per share)					$ 11.89	$ 13.1
Performance share units (PSUs) [member] | October 1, 2021 [member]
Statement Line Items [Line Items]
Grants					508	1,016
Performance share units (PSUs) [member] | January 2022 [member]
Statement Line Items [Line Items]
exercise price (in dollars per share)					$ 11.89	$ 13.1
Performance share units (PSUs) [member] | October 11, 2021 [member]
Statement Line Items [Line Items]
Grants					225	450
Performance share units (PSUs) [member] | April 2023 [member]
Statement Line Items [Line Items]
exercise price (in dollars per share)					$ 10.87	$ 0
Performance share units (PSUs) [member] | November 12, 2021 [member]
Statement Line Items [Line Items]
Grants					923	1,846
Performance share units (PSUs) [member] | December 1, 2021 [member]
Statement Line Items [Line Items]
Grants					225	900
Performance share units (PSUs) [member] | January 11, 2022 [member]
Statement Line Items [Line Items]
Grants					41,383	75,198
Performance share units (PSUs) [member] | January 12, 2022 [member]
Statement Line Items [Line Items]
Grants					556	825
Performance share units (PSUs) [member] | May 13, 2022 [member]
Statement Line Items [Line Items]
Grants					1,894	2,040
Performance share units (PSUs) [member] | June 1, 2022 [member]
Statement Line Items [Line Items]
Grants					0	1,297
Performance share units (PSUs) [member] | July 1, 2022 [member]
Statement Line Items [Line Items]
Grants					1,899	2,375
Performance share units (PSUs) [member] | October 1, 2022 [member]
Statement Line Items [Line Items]
Grants					1,800	2,024
Performance share units (PSUs) [member] | April 7, 2023 [Member]
Statement Line Items [Line Items]
Grants					73,462	79,521
Performance share units (PSUs) [member] | May 15, 2023 [Member]
Statement Line Items [Line Items]
Grants					0	581
Performance share units (PSUs) [member] | June 1, 2023 [Member]
Statement Line Items [Line Items]
Grants					617	617
Performance share units (PSUs) [member] | June 7, 2023 [Member]
Statement Line Items [Line Items]
Grants					572	572
Performance share units (PSUs) [member] | August 10, 2023 [Member]
Statement Line Items [Line Items]
Grants					5,514	5,514
Performance share units (PSUs) [member] | September 1, 2023 [Member]
Statement Line Items [Line Items]
Grants					1,617	1,617
Performance share units (PSUs) [member] | October 3, 2023 [Member]
Statement Line Items [Line Items]
Grants					14,258	14,258
Performance share units (PSUs) [member] | April 8, 2024 [member]
Statement Line Items [Line Items]
Grants					169,141	0
Performance share units (PSUs) [member] | June 10, 2024 [member]
Statement Line Items [Line Items]
Grants					1,406	0
Performance share units (PSUs) [member] | June 17, 2024 [member]
Statement Line Items [Line Items]
Grants					1,155	0
Performance share units (PSUs) [member] | July 1, 2024 [member]
Statement Line Items [Line Items]
Grants					1,461	0
Performance share units (PSUs) [member] | August 12, 2024 [member]
Statement Line Items [Line Items]
Grants					1,554	0
Equity-settled performance units (EPUs) [member]
Statement Line Items [Line Items]
Fair value (USD) | $	$ 10.02	$ 9.53	$ 15.33	$ 10.15
Share price (USD) (in dollars per share)	$ 10.01	$ 10.95	$ 16.91	$ 11.5
Performance multiplier percentage	100%	100%	100%	100%
Total awards outstanding	14,771	125,433	80,773	113,693
Equity settlement restricted share units [member]
Statement Line Items [Line Items]
Fair value (USD) | $					$ 10.02
Share price (USD) (in dollars per share)					$ 10.01
Performance multiplier percentage					100%
Total awards outstanding					26,404
Grant date					May 13, 2024
Vesting date					Sep. 30, 2024

Note 10 - Other Expenses (Detai

Note 10 - Other Expenses (Details Textual)	9 Months Ended
	Sep. 30, 2024 USD ($)
Statement Line Items [Line Items]
Retirement benefits, discretionary payments	$ 2,100

Note 10 - Other Expenses - Sche

Note 10 - Other Expenses - Schedule of Other Expenses (Details) - USD ($) $ in Thousands		3 Months Ended		9 Months Ended
		Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Statement Line Items [Line Items]
Intermediated Money Transaction Tax*	[1]			$ 969	$ 999
Community and social responsibility cost				988	923
Retirement benefits @	[2]			2,121	0
Impairment of property, plant and equipment (note 13)				0	878
Other expenses, total		$ 2,814	$ 701	$ 4,078	$ 2,800
[1]Intermediated Money Transfer Tax ("IMTT”) is tax chargeable in Zimbabwe on transfer of physical money, electronically or by any other means and charged at 2% per transaction performed in Zimbabwe.[2]Caledonia awarded discretionary payments to selected employees at Blanket Mine and Bilboes over 60 years of age as retirement benefits that are expected to result in an expected outflow of $2.1m in fiscal 2024 (excluding Share-based payment awards granted that remained unaffected). Group related retirements were classified as Administrative expenses.

Note 11 - Finance Income and _3

Note 11 - Finance Income and Finance Costs - Components of Finance Income and Costs (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Statement Line Items [Line Items]
Finance income received - Bank			$ 16	$ 30
Finance cost - Leases			7	15
Finance cost - Overdraft and short term loans			1,359	1,076
Finance cost - Long term loans			167	0
Finance costs, total	$ 831	$ 529	2,360	2,362
Blanket Mine [member]
Statement Line Items [Line Items]
Unwinding of rehabilitation provision - Blanket (note 20)			198	279
Solar loan notes [member]
Statement Line Items [Line Items]
Unwinding of rehabilitation provision - Blanket (note 20)			5	0
Finance cost - notes payable			624	373
Motapa loan notes payable [member]
Statement Line Items [Line Items]
Finance cost - notes payable			$ 0	$ 619

Note 12 - Exploration and Eva_3

Note 12 - Exploration and Evaluation Assets - Exploration and Evaluation Assets (Details) - USD ($) $ in Thousands	9 Months Ended		12 Months Ended
	Sep. 30, 2024		Dec. 31, 2023
Statement Line Items [Line Items]
Balance at beginning of period	$ 94,272		$ 17,579
- Bilboes Gold			73,198
Decommissioning asset estimation adjustment	(899)	[1]	1,618
- Consumables and drilling	1,285		1,005
- Contractor	19		2
- Labour	472		488
- Power	5		7
- Other	676		375
Balance	95,830		94,272
Bilboes Gold [member]
Statement Line Items [Line Items]
Balance at beginning of period	73,573		0
- Bilboes Gold			73,198
Decommissioning asset estimation adjustment	0	[1]	0
- Consumables and drilling	0		0
- Contractor	0		0
- Labour	0		0
- Power	0		0
- Other	609		375
Balance	74,182		73,573
Motapa [member]
Statement Line Items [Line Items]
Balance at beginning of period	10,592		7,844
Decommissioning asset estimation adjustment	(899)	[1]	1,466
- Consumables and drilling	1,266		903
- Contractor	14		2
- Labour	421		377
- Power	2		0
- Other	67		0
Balance	11,463		10,592
Maligreen [member]
Statement Line Items [Line Items]
Balance at beginning of period	5,998		5,626
Decommissioning asset estimation adjustment	0	[1]	152
- Consumables and drilling	19		102
- Contractor	5		0
- Labour	0		111
- Power	3		7
- Other	0		0
Balance	6,025		5,998
GG [member]
Statement Line Items [Line Items]
Balance at beginning of period	3,723		3,723
Decommissioning asset estimation adjustment	0	[1]	0
- Consumables and drilling	0		0
- Contractor	0		0
- Labour	51		0
- Power	0		0
- Other	0		0
Balance	3,774		3,723
Sabiwa [member]
Statement Line Items [Line Items]
Balance at beginning of period	294		294
Decommissioning asset estimation adjustment	0	[1]	0
- Consumables and drilling	0		0
- Contractor	0		0
- Labour	0		0
- Power	0		0
- Other	0		0
Balance	294		294
Abercorn [member]
Statement Line Items [Line Items]
Balance at beginning of period	27		27
Decommissioning asset estimation adjustment	0	[1]	0
- Consumables and drilling	0		0
- Contractor	0		0
- Labour	0		0
- Power	0		0
- Other	0		0
Balance	27		27
Valentine [member]
Statement Line Items [Line Items]
Balance at beginning of period	65		65
Decommissioning asset estimation adjustment	0	[1]	0
- Consumables and drilling	0		0
- Contractor	0		0
- Labour	0		0
- Power	0		0
- Other	0		0
Balance	$ 65		$ 65
[1]After further review of the Motapa claims the old tailings storage facility, previously included in the rehabilitation liability, is not within the Caledonia claims area. The tailing storage facility was subsequently excluded from the rehabilitation liability footprint. Refer to note 20 for more information.

Note 13 - Property, Plant and_3

Note 13 - Property, Plant and Equipment (Details Textual) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023	Dec. 31, 2022
Statement Line Items [Line Items]
Additions other than through business combinations, property, plant and equipment	$ 6,686	$ 9,042	$ 16,122	$ 18,161
Notional amount	$ 18,000		18,000			$ 12,000
Construction in progress [member]
Statement Line Items [Line Items]
Additions other than through business combinations, property, plant and equipment			$ 722		$ 1,962

Note 13 - Property, Plant and_4

Note 13 - Property, Plant and Equipment - Reconciliation of Changes in Property, Plant, and Equipment (Details) - USD ($) $ in Thousands		3 Months Ended		9 Months Ended		12 Months Ended
		Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Statement Line Items [Line Items]
Balance at beginning of period				$ 179,649
Additions*		$ 6,686	$ 9,042	16,122	$ 18,161
Impairments				0	(878)
Balance at end of period		183,663		183,663		$ 179,649
Gross carrying amount [member]
Statement Line Items [Line Items]
Balance at beginning of period				248,124	233,826	233,826
Additions*	[1]			16,122		29,606
Impairments						(908)
Disposals				(131)		(33)
Reallocate to assets held for sale						(14,301)
Reallocations between asset classes				0		0
Foreign exchange movement				90		(66)
Balance at end of period		264,205		264,205		248,124
Disposals				131		33
Accumulated depreciation, amortisation and impairment [member]
Statement Line Items [Line Items]
Impairments						(31)
Disposals				97
Foreign exchange movement				58		(41)
Balance at beginning of period				68,475	54,843	54,843
Depreciation				12,106		14,486
Accumulated depreciation for assets reallocated to assets held for sale						(782)
Disposals				(97)
Balance at end of period		80,542		80,542		68,475
Land and buildings [member]
Statement Line Items [Line Items]
Balance at beginning of period				7,324
Balance at end of period		6,494		6,494		7,324
Land and buildings [member] | Gross carrying amount [member]
Statement Line Items [Line Items]
Balance at beginning of period				16,686	15,194	15,194
Additions*	[1]			0		0
Impairments						0
Disposals				0		0
Reallocate to assets held for sale						0
Reallocations between asset classes				0		1,492
Foreign exchange movement				0		0
Balance at end of period		16,686		16,686		16,686
Disposals				0		0
Land and buildings [member] | Accumulated depreciation, amortisation and impairment [member]
Statement Line Items [Line Items]
Impairments						0
Disposals				0
Foreign exchange movement				0		0
Balance at beginning of period				9,362	8,350	8,350
Depreciation				830		1,012
Accumulated depreciation for assets reallocated to assets held for sale						0
Disposals				0
Balance at end of period		10,192		10,192		9,362
Right-of-use assets [member]
Statement Line Items [Line Items]
Balance at beginning of period				156
Balance at end of period		63		63		156
Right-of-use assets [member] | Gross carrying amount [member]
Statement Line Items [Line Items]
Balance at beginning of period				501	525	525
Additions*	[1]			0		0
Impairments						0
Disposals				0		0
Reallocate to assets held for sale						0
Reallocations between asset classes				0		0
Foreign exchange movement				22		(24)
Balance at end of period		523		523		501
Disposals				0		0
Right-of-use assets [member] | Accumulated depreciation, amortisation and impairment [member]
Statement Line Items [Line Items]
Impairments						0
Disposals				0
Foreign exchange movement				20		(9)
Balance at beginning of period				345	230	230
Depreciation				95		124
Accumulated depreciation for assets reallocated to assets held for sale						0
Disposals				0
Balance at end of period		460		460		345
Mining assets [member]
Statement Line Items [Line Items]
Balance at beginning of period				100,592
Balance at end of period		109,423		109,423		100,592
Mining assets [member] | Gross carrying amount [member]
Statement Line Items [Line Items]
Balance at beginning of period				118,398	82,154	82,154
Additions*	[1]			128		0
Impairments						(872)
Disposals				0		0
Reallocate to assets held for sale						0
Reallocations between asset classes				14,048		37,116
Foreign exchange movement				0		0
Balance at end of period		132,574		132,574		118,398
Disposals				0		0
Mining assets [member] | Accumulated depreciation, amortisation and impairment [member]
Statement Line Items [Line Items]
Impairments						(21)
Disposals				0
Foreign exchange movement				0		0
Balance at beginning of period				17,806	12,368	12,368
Depreciation				5,345		5,459
Accumulated depreciation for assets reallocated to assets held for sale						0
Disposals				0
Balance at end of period		23,151		23,151		17,806
Assets under construction and decommissioning assets [member]
Statement Line Items [Line Items]
Balance at beginning of period				34,842
Balance at end of period		36,443		36,443		34,842
Assets under construction and decommissioning assets [member] | Gross carrying amount [member]
Statement Line Items [Line Items]
Balance at beginning of period				35,628	46,453	46,453
Additions*	[1]			15,151		28,276
Impairments						0
Disposals				0		0
Reallocate to assets held for sale						0
Reallocations between asset classes				(13,504)		(39,099)
Foreign exchange movement				24		(2)
Balance at end of period		37,299		37,299		35,628
Disposals				0		0
Assets under construction and decommissioning assets [member] | Accumulated depreciation, amortisation and impairment [member]
Statement Line Items [Line Items]
Impairments						0
Disposals				0
Foreign exchange movement				0		0
Balance at beginning of period				786	693	693
Depreciation				70		93
Accumulated depreciation for assets reallocated to assets held for sale						0
Disposals				0
Balance at end of period		856		856		786
Plant and equipment [member]
Statement Line Items [Line Items]
Balance at beginning of period				35,625
Balance at end of period		30,400		30,400		35,625
Plant and equipment [member] | Gross carrying amount [member]
Statement Line Items [Line Items]
Balance at beginning of period				71,445	70,485	70,485
Additions*	[1]			790		538
Impairments						(36)
Disposals				0		(33)
Reallocate to assets held for sale						0
Reallocations between asset classes				(544)		491
Foreign exchange movement				0		0
Balance at end of period		71,691		71,691		71,445
Disposals				0		33
Plant and equipment [member] | Accumulated depreciation, amortisation and impairment [member]
Statement Line Items [Line Items]
Impairments						(10)
Disposals				0
Foreign exchange movement				0		0
Balance at beginning of period				35,820	29,257	29,257
Depreciation				5,471		6,573
Accumulated depreciation for assets reallocated to assets held for sale						0
Disposals				0
Balance at end of period		41,291		41,291		35,820
Fixtures and fittings [member]
Statement Line Items [Line Items]
Balance at beginning of period				606
Balance at end of period		533		533		606
Fixtures and fittings [member] | Gross carrying amount [member]
Statement Line Items [Line Items]
Balance at beginning of period				1,861	1,563	1,563
Additions*	[1]			53		335
Impairments						0
Disposals				(3)		0
Reallocate to assets held for sale						0
Reallocations between asset classes				0		0
Foreign exchange movement				41		(37)
Balance at end of period		1,952		1,952		1,861
Disposals				3		0
Fixtures and fittings [member] | Accumulated depreciation, amortisation and impairment [member]
Statement Line Items [Line Items]
Impairments						0
Disposals				2
Foreign exchange movement				35		(30)
Balance at beginning of period				1,255	1,100	1,100
Depreciation				131		185
Accumulated depreciation for assets reallocated to assets held for sale						0
Disposals				(2)
Balance at end of period		1,419		1,419		1,255
Motor vehicles [member]
Statement Line Items [Line Items]
Balance at beginning of period				504
Balance at end of period		307		307		504
Motor vehicles [member] | Gross carrying amount [member]
Statement Line Items [Line Items]
Balance at beginning of period				3,605	3,314	3,314
Additions*	[1]			0		294
Impairments						0
Disposals				(128)		0
Reallocate to assets held for sale						0
Reallocations between asset classes				0		0
Foreign exchange movement				3		(3)
Balance at end of period		3,480		3,480		3,605
Disposals				128		0
Motor vehicles [member] | Accumulated depreciation, amortisation and impairment [member]
Statement Line Items [Line Items]
Impairments						0
Disposals				95
Foreign exchange movement				3		(2)
Balance at beginning of period				3,101	2,845	2,845
Depreciation				164		258
Accumulated depreciation for assets reallocated to assets held for sale						0
Disposals				(95)
Balance at end of period		3,173		3,173		3,101
Solar plant [member]
Statement Line Items [Line Items]
Balance at beginning of period				0
Balance at end of period		0		0		0
Solar plant [member] | Gross carrying amount [member]
Statement Line Items [Line Items]
Balance at beginning of period	[2]			0	14,138	14,138
Additions*	[1],[2]			0		163
Impairments	[2]					0
Disposals	[2]			0		0
Reallocate to assets held for sale	[2]					(14,301)
Reallocations between asset classes	[2]			0		0
Foreign exchange movement	[2]			0		0
Balance at end of period	[2]	0		0		0
Disposals	[2]			0		0
Solar plant [member] | Accumulated depreciation, amortisation and impairment [member]
Statement Line Items [Line Items]
Impairments						0
Disposals				0
Foreign exchange movement				0		0
Balance at beginning of period				0	$ 0	0
Depreciation				0		782
Accumulated depreciation for assets reallocated to assets held for sale						(782)
Disposals				0
Balance at end of period		$ 0		$ 0		$ 0
[1]Included in additions is the change in estimate for the decommissioning asset of ($722) (2023: $1,962) due to change in the Life of Mine (“LoM”) estimate to 2041.[2]The solar plant was fully commissioned on February 2, 2023 and the sale agreement between Caledonia Mining Corporation Plc and Caledonia Mining Services (Private) Limited was concluded for the sale of the solar plant. Depreciation on the solar plant commenced on February 2, 2023 and the power purchase agreement, between Caledonia Mining Services (Private) Limited and Blanket Mine, became effective. From September 28, 2023 the solar plant is classified as held for sale. In December 2022, the Caledonia board approved a proposal for Caledonia Mining Services (Private) Limited (which owns the solar plant) to issue loan notes pursuant to a loan note instrument (“bonds”) up to a value of $12 million. The decision was taken in order to optimise the capital structure of the Group and provide additional debt instruments to the Zimbabwean financial market. Refer to note 21.1 for more information on these loan notes.

Note 14 - Inventories (Details

Note 14 - Inventories (Details Textual) $ in Thousands	Sep. 30, 2024 USD ($) oz	Dec. 31, 2023 USD ($) oz
Statement Line Items [Line Items]
Provision for obsolete stock | $	$ 1,793	$ 1,793
Gold, work in progress (Ounce) | oz	1,320	3,057

Note 14 - Inventories - Compone

Note 14 - Inventories - Components of Inventory (Details) - USD ($) $ in Thousands		Sep. 30, 2024	Dec. 31, 2023
Statement Line Items [Line Items]
Consumable stores*	[1]	$ 21,508	$ 18,001
Gold in progress @	[2]	1,224	2,303
Current inventories		$ 22,732	$ 20,304
[1]Included in consumables stores is an amount of ($1,793) ( December 31, 2023: ($1,793)) for provision for obsolete stock for items that are not compatible with plant and equipment currently in use.[2]Gold work in progress balance as at September 30, 2024 consists of 1,320 ounces ( December 31, 2023: 3,057 ounces).

Note 15 - Trade and Other Rec_3

Note 15 - Trade and Other Receivables (Details Textual) $ in Millions	9 Months Ended
	Sep. 30, 2024 USD ($)
Statement Line Items [Line Items]
VAT receivables offset against liabilities	$ 1.8

Note 15 - Trade and Other Rec_4

Note 15 - Trade and Other Receivables - Components of Trade and Other Receivables (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Statement Line Items [Line Items]
Bullion sales receivable	$ 4,171	$ 5,403
VAT receivables	5,234	4,259
Deposits for stores, equipment and other receivables	43	290
Other financial assets	203	0
Trade and other current receivables	$ 9,651	$ 9,952

Note 16 - Prepayments - Schedul

Note 16 - Prepayments - Schedule of Prepayments (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Statement Line Items [Line Items]
Other prepayments	$ 327	$ 265
Current prepayments and other current assets	6,717	2,538
South African operations [member]
Statement Line Items [Line Items]
Suppliers	1,398	527
Zimbabwean operations [member] | Currency, USD [member] | Blanket Mine [member]
Statement Line Items [Line Items]
Suppliers	2,196	808
Zimbabwean operations [member] | Currency, Zimbabwe Gold (ZiG) [member] | Blanket Mine [member]
Statement Line Items [Line Items]
Suppliers	2,796	0
Zimbabwean operations [member] | Currency, Zimbabwe RTGS [member] | Blanket Mine [member]
Statement Line Items [Line Items]
Suppliers	$ 0	$ 938

Note 17 - Cash and Cash Equiv_3

Note 17 - Cash and Cash Equivalents - Components of Cash and Cash Equivalents (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Jun. 30, 2024	Dec. 31, 2023	Sep. 30, 2023	Jun. 30, 2023	Dec. 31, 2022
Statement Line Items [Line Items]
Bank balances	$ 7,204		$ 4,252
Restricted cash	0		2,456
Cash and cash equivalents, total	7,204		6,708
Bank overdrafts and short term loans used for cash management purposes	(14,839)		(17,740)
Net cash and cash equivalents, total	$ (7,635)	$ (1,366)	$ (11,032)	$ (3,192)	$ (2,907)	$ 1,496

Note 17 - Cash and Cash Equiv_4

Note 17 - Cash and Cash Equivalents - Overdrafts and Short Term Debt (Details) - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2022
Statement Line Items [Line Items]
Principal value	$ 18	$ 12
Balance drawn	14.8
Overdraft facility of Stanbic Bank, ZiG [member]
Statement Line Items [Line Items]
Principal value	6.5
Overdraft facility of Stanbic Bank, USD [member]
Statement Line Items [Line Items]
Principal value	4
Balance drawn	3.9
Term loans, CABS Bank, one [member]
Statement Line Items [Line Items]
Principal value	3
Balance drawn	1.2
Overdraft facility of Ecobank [member]
Statement Line Items [Line Items]
Principal value	4
Balance drawn	3.8
Nedbank Zimbabwe [member]
Statement Line Items [Line Items]
Principal value	7
Balance drawn	$ 5.9

Note 18 - Assets and Liabilit_3

Note 18 - Assets and Liabilities Associated With Assets Held for Sale (Details Textual) - USD ($) $ in Thousands			3 Months Ended		9 Months Ended
	Oct. 01, 2024	Sep. 28, 2023	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Statement Line Items [Line Items]
Profit (loss) before tax			$ 7,887	$ 9,488	$ 28,733	$ 10,245
Blanket Mine [member]
Statement Line Items [Line Items]
Profit (loss) before tax					$ 38,013	$ 27,315
Blanket Mine [member] | Non-current assets or disposal groups classified as held for sale [member]
Statement Line Items [Line Items]
Impairment loss		$ 0
Caledonia mining services (Private) Limited [member] | Non-current assets or disposal groups classified as held for sale [member] | Disposal of major subsidiary [member]
Statement Line Items [Line Items]
Proceeds from disposal of non-current assets or disposal groups classified as held for sale and discontinued operations	$ 22,400
Profit (loss) before tax	8,100
Construction in progress	$ 14,300

Note 18 - Assets and Liabilit_4

Note 18 - Assets and Liabilities Associated With Assets Held for Sale - Non-current Assets and Liabilities (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023	Sep. 30, 2023
Statement Line Items [Line Items]
Solar plant	$ 13,483		$ 13,397
Site restoration liability	98	$ 128
Blanket Mine [member]
Statement Line Items [Line Items]
Solar plant	13,483	13,519	$ 13,397
Site restoration liability	$ 98	$ 128

Note 19 - Share Capital (Detail

Note 19 - Share Capital (Details Textual) - $ / shares		9 Months Ended		12 Months Ended
	Jun. 14, 2024	Sep. 30, 2024		Dec. 31, 2023
Issued capital [member]
Statement Line Items [Line Items]
Increase (decrease) in number of ordinary shares issued (in shares)				1,207,514
Ordinary shares [member]
Statement Line Items [Line Items]
Par value per share (in dollars per share)		$ 0
Ordinary shares [member] | Issued capital [member]
Statement Line Items [Line Items]
Increase (decrease) in number of ordinary shares issued (in shares)	5,000	5,000	[1]
Exercise price, share options granted (in dollars per share)	$ 7.35
Preference shares [member]
Statement Line Items [Line Items]
Par value per share (in dollars per share)		$ 0
[1]A consultant of Caledonia signed his option exercise notice on June 14, 2024 to purchase 5,000 shares at the exercise price of $7.35 per option share. The shares were issued on July 5, 2024 when his payment was received in the bank account of Caledonia.

Note 19 - Share Capital - Issue

Note 19 - Share Capital - Issued Ordinary Shares (Details) - USD ($)			9 Months Ended			12 Months Ended
		Jun. 14, 2024	Sep. 30, 2024		Sep. 30, 2023	Dec. 31, 2023
Statement Line Items [Line Items]
Balance			$ 264,192,000		$ 193,459,000	$ 193,459,000
Shares issued - share-based payment - employees			547,000		564,000
Shares issued - Bilboes Gold Limited acquisition					65,677,000
Shares issued - options exercised*			37,000
Balance			$ 271,864,000		$ 266,360,000	$ 264,192,000
Issued capital [member]
Statement Line Items [Line Items]
Number of fully paid shares issued (in shares)			19,188,073		12,833,126	12,833,126
Balance			$ 165,068,000		$ 83,471,000	$ 83,471,000
Shares issued - share-based payment - employees			0		0
Shares issued - equity raise (in shares)						1,207,514
Shares issued - equity raise						$ 15,569,000
Shares issued - Bilboes Gold Limited acquisition					65,677,000
Shares issued - options exercised*			$ 37,000
Number of fully paid shares issued (in shares)			19,214,554			19,188,073
Balance			$ 165,408,000		$ 165,157,000	$ 165,068,000
Issued capital [member] | Ordinary shares [member]
Statement Line Items [Line Items]
Shares issued - equity raise (in shares)		5,000	5,000	[1]
Shares issued - options exercised*	[1]		$ 37,000
Issued capital [member] | Assets of Bilboes Gold Limited [member]
Statement Line Items [Line Items]
Shares issued - Bilboes Gold Limited acquisition (in shares)						5,123,044
Shares issued - Bilboes Gold Limited acquisition						$ 65,677,000
Issued capital [member] | Payments to employees [member]
Statement Line Items [Line Items]
Shares issued - share-based payment - employees (in shares)			6,787			24,389
Shares issued - share-based payment - employees			$ 83,000			$ 351,000
Issued capital [member] | Equity-settled performance units (EPUs) [member]
Statement Line Items [Line Items]
Shares issued - share-based payment - employees (in shares)			14,694
Shares issued - share-based payment - employees			$ 220
[1]A consultant of Caledonia signed his option exercise notice on June 14, 2024 to purchase 5,000 shares at the exercise price of $7.35 per option share. The shares were issued on July 5, 2024 when his payment was received in the bank account of Caledonia.

Note 20 - Provisions (Details T

Note 20 - Provisions (Details Textual) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Provision for decommissioning, restoration and rehabilitation costs for Blanket mine [member]
Statement Line Items [Line Items]
Major assumptions made concerning future events, other provisions, discount rate	4.19%	4.14%
Major assumptions made concerning future events, other Provisions, inflation rate	2.14%	2.40%
Other provisions, undiscounted cash flows	$ 5,950	$ 5,629
Provision for decommissioning, restoration and rehabilitation costs for Bilboes Holdings [member]
Statement Line Items [Line Items]
Other provisions, undiscounted cash flows	4,466	4,466
Provision for decommissioning, restoration and rehabilitation costs for Motapa [member]
Statement Line Items [Line Items]
Other provisions, undiscounted cash flows	567	1,466
Provision for decommissioning, restoration and rehabilitation costs for Maligreen [member]
Statement Line Items [Line Items]
Other provisions, undiscounted cash flows	$ 287	$ 287

Note 20 - Provisions - Reconcil

Note 20 - Provisions - Reconciliation of Site Restoration Provision (Details) - USD ($) $ in Thousands		3 Months Ended		9 Months Ended		12 Months Ended
		Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Statement Line Items [Line Items]
Unwinding of discount (note 12)		$ 0	$ (243)	$ (198)	$ (279)
Provision for decommissioning, restoration and rehabilitation costs for Blanket mine [member]
Statement Line Items [Line Items]
Balance				4,766	2,823	$ 2,823
Unwinding of discount (note 12)				198		109
Change in estimate	[1]			(722)		1,834
Balance		4,242		4,242		4,766
Balance		4,242		4,242		4,766
Provision for decommissioning, restoration and rehabilitation costs for Motapa, Maligreen, and Bilboes [member]
Statement Line Items [Line Items]
Balance				6,219	$ 135	135
Balance		5,320		5,320		6,219
Balance		5,320		5,320		6,219
Provision for decommissioning, restoration and rehabilitation costs for Motapa [member]
Statement Line Items [Line Items]
Change in estimate	[2]			(899)		1,466
Provision for decommissioning, restoration and rehabilitation costs for Maligreen [member]
Statement Line Items [Line Items]
Change in estimate				0		152
Provision for decommissioning, restoration and rehabilitation costs for Bilboes Holdings [member]
Statement Line Items [Line Items]
Acquisition - Bilboes				0		4,466
Provision for decommissioning, restoration and rehabilitation costs [member]
Statement Line Items [Line Items]
Balance				10,985
Balance		9,562		9,562		10,985
Balance		9,562		9,562		10,985
Current		0		0		0
Non-current		$ 9,562		$ 9,562		$ 10,985
[1]The change in estimate is due to the Blanket Mine’s LoM that was extended to 2041 (that is inclusive of inferred resources and it is based on an internal estimate representing management’s best estimate of the LoM inclusive of the latest drilling results).[2]After further review of the Motapa claims the old tailings storage facility, previously included in the rehabilitation liability, is not within the Caledonia claims area. The Tailing storage facility was subsequently excluded from the rehabilitation liability footprint.

Note 21 - Loan Note Instrumen_3

Note 21 - Loan Note Instruments (Details Textual) - USD ($) $ in Millions	Feb. 02, 2023	Sep. 30, 2024	Dec. 31, 2022	Jun. 23, 2017
Statement Line Items [Line Items]
Borrowings, interest rate				7.25%
Notional amount		$ 18	$ 12
Solar loan notes, February 2, 2023 [member]
Statement Line Items [Line Items]
Borrowings, interest rate	9.50%
Borrowings, term (Year)	3 years
Notional amount		$ 9

Note 21 - Loan Note Instrumen_4

Note 21 - Loan Note Instruments - Loans (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Statement Line Items [Line Items]
Interest paid			$ 624	$ 992
Borrowings	$ 9,137		9,137		$ 7,112
Current	855		855		665
Non-current	8,282		8,282		6,447
Borrowings	9,137		9,137		7,112
Opening balance			7,112
Amounts received	0	$ 0	1,939	7,000
Finance cost accrued			624	992
Closing balance	9,137		9,137		7,112
Solar loan notes, February 2, 2023 [member]
Statement Line Items [Line Items]
Interest paid			624	373
Borrowings	9,137		9,137		7,112
Borrowings	9,137		9,137		7,112
Opening balance			7,112
Finance cost accrued			624	373
Closing balance	9,137		9,137		7,112
Solar loan notes, February 2, 2023 [member] | Caledonia mining services (Private) Limited [member]
Statement Line Items [Line Items]
Interest paid			624		549
Borrowings	9,137		9,137		7,112
Borrowings	9,137		9,137		7,112
Opening balance			7,112	0	0
Amounts received			2,000		7,000
Transaction costs			(61)		(105)
Finance cost accrued			624		549
Repayment - finance cost paid			(538)		(332)
Closing balance	$ 9,137		9,137		$ 7,112
Motapa [member]
Statement Line Items [Line Items]
Interest paid			0	619
Finance cost accrued			$ 0	$ 619

Note 22 - Trade and Other Pay_3

Note 22 - Trade and Other Payables - Components (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Statement Line Items [Line Items]
Trade payables	$ 4,283	$ 6,166
Electricity accrual	3,871	2,676
Audit fee	314	395
Dividends due	2,422	1,048
Other payables	990	692
Financial liabilities	11,880	10,977
Production and management bonus accrual - Blanket Mine	(2)	214
Other employee benefits - other	1,844	2,229
Other employee benefits - settlements	0	1,588
Leave pay	3,898	2,655
Bonus provision	591	190
Accruals	4,067	2,650
Non-financial liabilities	10,398	9,526
Total	$ 22,278	$ 20,503

Note 23 - Cash Flow Informati_3

Note 23 - Cash Flow Information - Non-cash Items and Information (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Statement Line Items [Line Items]
Operating profit	$ 8,711	$ 9,996	$ 31,077	$ 12,577
Impairment of property, plant and equipment (note 13)			0	878
Unrealised foreign exchange gains (note 7)			1,512	(2,477)
Fair value loss on derivative instruments			496	590
Cash-settled share-based expense (note 9.1)			479	298
Share-based expense included in production costs (note 6)			828	435
Cash portion of cash-settled share-based expense			(691)	(1,695)
Expense from equity-settled share-based payment transactions	279	233	785	564
Cash portion of equity-settled share-based expense (note 9.2(b))			(181)	0
Depreciation (note 13)			12,106	10,049
Loss on disposal of property, plant and equipment			34	0
Cash generated from operations before working capital changes			46,445	21,219
Inventories			(2,278)	516
Prepayments			(2,591)	3,253
Trade and other receivables			(514)	(3,537)
Trade and other payables			(2,132)	(3,822)
Cash generated from operations	$ 11,407	$ 16,963	$ 38,930	$ 17,629

Note 24 - Operating Segments (D

Note 24 - Operating Segments (Details Textual) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024 USD ($)	Sep. 30, 2023 USD ($)	Sep. 30, 2024 USD ($) oz	Sep. 30, 2023 USD ($) oz
Statement Line Items [Line Items]
Revenue	$ 46,868	$ 41,187	$ 135,503	$ 107,653
Fidelity Printers [member]
Statement Line Items [Line Items]
Revenue			38,714	59,510
AEG [member]
Statement Line Items [Line Items]
Receipts from sales of goods and rendering of services			$ 91,755	$ 48,143
Mass of gold sold (Ounce) | oz			40,379	30,193
Stonex Financial Limited [member]
Statement Line Items [Line Items]
Receipts from sales of goods and rendering of services			$ 5,034	$ 0
Mass of gold sold (Ounce) | oz			2,253	0

Note 24 - Operating Segments -

Note 24 - Operating Segments - Financial Statements (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Statement Line Items [Line Items]
Revenue	$ 46,868	$ 41,187	$ 135,503	$ 107,653
Inter-segmental revenue			0	0
Royalty	(2,422)	(2,207)	(6,831)	(5,650)
Production costs	(21,085)	(20,452)	(60,505)	(61,028)
Depreciation	(4,048)	(4,385)	(12,106)	(10,049)
Net foreign exchange (loss) gain	(3,129)	(257)	(9,282)	(2,334)
Administrative expenses	(3,954)	(2,889)	(10,229)	(11,890)
Net derivative financial instrument expense	(20)	(102)	(496)	(590)
Equity-settled share-based expense	(279)	(233)	(785)	(564)
Cash-settled share-based expense	(422)	(27)	(479)	(298)
Other expenses	(2,814)	(701)	(4,078)	(2,800)
Other income	16	62	365	127
Management fee			0	0
Finance income	7	21	16	30
Finance cost	(831)	(529)	(2,360)	(2,362)
Profit (loss) before tax	7,887	9,488	28,733	10,245
Tax expense	(4,600)	(3,777)	(12,281)	(8,552)
(Loss) profit for the period	3,287	5,711	16,452	1,693
Non-Current (excluding intercompany)	279,803	265,813	279,803	265,813	$ 274,074
Current (excluding intercompany, including Assets held for sale)	59,857	54,524	59,857	54,524	54,229
Expenditure on evaluation and exploration assets (note 12)			2,457	75,252
Additions other than through business combinations, property, plant and equipment	6,686	9,042	16,122	18,161
Solar plant	13,483	13,397	13,483	13,397
Intercompany balances	0	0	0	0
Current (excluding intercompany)	(41,489)	(35,766)	(41,489)	(35,766)	(40,133)
Non-current (excluding intercompany)	(26,307)	(18,211)	(26,307)	(18,211)	(23,978)
Intercompany balances	0	0	0	0
Non-current (excluding intercompany)	26,307	18,211	26,307	18,211	23,978
Elimination of intersegment amounts [member]
Statement Line Items [Line Items]
Revenue			0	0
Inter-segmental revenue			(12,155)	(11,072)
Royalty			0	0
Production costs			10,698	10,161
Depreciation			721	750
Net foreign exchange (loss) gain			(65)	(35)
Administrative expenses			7	7
Net derivative financial instrument expense			0	0
Equity-settled share-based expense			0	0
Cash-settled share-based expense			0	434
Other expenses			0	0
Other income			(8)	0
Management fee			0	0
Finance income			(1,770)	0
Finance cost			1,768	2
Profit (loss) before tax			(804)	247
Tax expense			20	(43)
(Loss) profit for the period			(784)	204
Non-Current (excluding intercompany)	(5,246)	(5,276)	(5,246)	(5,276)
Current (excluding intercompany, including Assets held for sale)	(1,714)	(1,709)	(1,714)	(1,709)
Expenditure on evaluation and exploration assets (note 12)			0	0
Additions other than through business combinations, property, plant and equipment			(673)	(2,222)
Solar plant	0	0	0	0
Intercompany balances	(194,207)	(142,366)	(194,207)	(142,366)
Current (excluding intercompany)	0	0	0	0
Non-current (excluding intercompany)	24	7	24	7
Intercompany balances	194,207	142,366	194,207	142,366
Non-current (excluding intercompany)	(24)	(7)	(24)	(7)
Material reconciling items [member]
Statement Line Items [Line Items]
Revenue			0	0
Inter-segmental revenue			0	0
Royalty			0	0
Production costs			(13)	0
Depreciation			(33)	(31)
Net foreign exchange (loss) gain			(1,045)	1,013
Administrative expenses			(6,924)	(7,261)
Net derivative financial instrument expense			(496)	(590)
Equity-settled share-based expense			(785)	(564)
Cash-settled share-based expense			(479)	(732)
Other expenses			0	0
Other income			211	11
Management fee			0	0
Finance income			1,319	0
Finance cost			(1,166)	(128)
Profit (loss) before tax			(9,411)	(8,282)
Tax expense			(476)	(300)
(Loss) profit for the period			(9,887)	(8,582)
Non-Current (excluding intercompany)	(3,321)	(1,081)	(3,321)	(1,081)
Current (excluding intercompany, including Assets held for sale)	2,479	4,471	2,479	4,471
Expenditure on evaluation and exploration assets (note 12)			0	0
Additions other than through business combinations, property, plant and equipment			2	(11,438)
Solar plant	0	0	0	0
Intercompany balances	126,909	84,011	126,909	84,011
Current (excluding intercompany)	(2,795)	(4,278)	(2,795)	(4,278)
Non-current (excluding intercompany)	(591)	(279)	(591)	(279)
Intercompany balances	(66,101)	(77,221)	(66,101)	(77,221)
Non-current (excluding intercompany)	591	279	591	279
Blanket Mine [member]
Statement Line Items [Line Items]
Revenue			132,850	103,151
Inter-segmental revenue			0	0
Royalty			(6,698)	(5,424)
Production costs			(57,696)	(49,696)
Depreciation			(12,692)	(10,642)
Net foreign exchange (loss) gain			(8,353)	(3,069)
Administrative expenses			(698)	(124)
Net derivative financial instrument expense			0	0
Equity-settled share-based expense			0	0
Cash-settled share-based expense			0	0
Other expenses			(3,908)	(1,935)
Other income			160	94
Management fee			(2,373)	(2,479)
Finance income			0	0
Finance cost			(2,579)	(2,561)
Profit (loss) before tax			38,013	27,315
Tax expense			(11,361)	(7,869)
(Loss) profit for the period			26,652	19,446
Non-Current (excluding intercompany)	192,327	182,522	192,327	182,522
Current (excluding intercompany, including Assets held for sale)	53,973	48,300	53,973	48,300
Expenditure on evaluation and exploration assets (note 12)			0	0
Additions other than through business combinations, property, plant and equipment			16,573	30,701
Solar plant	13,483	13,397	13,483	13,397	$ 13,519
Intercompany balances	47,079	43,146	47,079	43,146
Current (excluding intercompany)	(33,403)	(29,723)	(33,403)	(29,723)
Non-current (excluding intercompany)	(20,707)	(12,153)	(20,707)	(12,153)
Intercompany balances	(16,310)	(23,859)	(16,310)	(23,859)
Non-current (excluding intercompany)	20,707	12,153	20,707	12,153
South African operations [member]
Statement Line Items [Line Items]
Revenue			0	0
Inter-segmental revenue			12,155	11,072
Royalty			0	0
Production costs			(11,009)	(10,668)
Depreciation			(102)	(105)
Net foreign exchange (loss) gain			245	(154)
Administrative expenses			(2,577)	(2,444)
Net derivative financial instrument expense			0	0
Equity-settled share-based expense			0	0
Cash-settled share-based expense			0	0
Other expenses			0	0
Other income			1	22
Management fee			2,373	2,479
Finance income			467	30
Finance cost			(5)	326
Profit (loss) before tax			1,548	558
Tax expense			(459)	(251)
(Loss) profit for the period			1,089	307
Non-Current (excluding intercompany)	1,001	926	1,001	926
Current (excluding intercompany, including Assets held for sale)	4,162	2,999	4,162	2,999
Expenditure on evaluation and exploration assets (note 12)			0	0
Additions other than through business combinations, property, plant and equipment			220	248
Solar plant	0	0	0	0
Intercompany balances	19,783	15,323	19,783	15,323
Current (excluding intercompany)	(3,089)	(2,130)	(3,089)	(2,130)
Non-current (excluding intercompany)	0	(17)	0	(17)
Intercompany balances	(36,719)	(34,402)	(36,719)	(34,402)
Non-current (excluding intercompany)	0	17	0	17
Bilboes Gold [member]
Statement Line Items [Line Items]
Revenue			2,653	4,502
Inter-segmental revenue			0	0
Royalty			(133)	(226)
Production costs			(2,485)	(10,825)
Depreciation			0	(21)
Net foreign exchange (loss) gain			(64)	(89)
Administrative expenses			(30)	(2,068)
Net derivative financial instrument expense			0	0
Equity-settled share-based expense			0	0
Cash-settled share-based expense			0	0
Other expenses			(170)	(865)
Other income			1	0
Management fee			0	0
Finance income			0	0
Finance cost			(296)	(1)
Profit (loss) before tax			(524)	(9,593)
Tax expense			(5)	(89)
(Loss) profit for the period			(529)	(9,682)
Non-Current (excluding intercompany)	0	0	0	0
Current (excluding intercompany, including Assets held for sale)	0	0	0	0
Expenditure on evaluation and exploration assets (note 12)			0	0
Additions other than through business combinations, property, plant and equipment			0	872
Solar plant	0	0	0	0
Intercompany balances	436	(114)	436	(114)
Evaluation and exploration assets [member]
Statement Line Items [Line Items]
Revenue			0
Inter-segmental revenue			0
Royalty			0
Production costs			0
Depreciation			0
Net foreign exchange (loss) gain			0
Administrative expenses			(7)
Net derivative financial instrument expense			0
Equity-settled share-based expense			0
Cash-settled share-based expense			0
Other expenses			0
Other income			0
Management fee			0
Finance income			0
Finance cost			(82)
Profit (loss) before tax			(89)
Tax expense			0
(Loss) profit for the period			(89)
Non-Current (excluding intercompany)	95,042	88,722	95,042	88,722
Current (excluding intercompany, including Assets held for sale)	957	463	957	463
Expenditure on evaluation and exploration assets (note 12)			2,457	75,252
Additions other than through business combinations, property, plant and equipment			0	0
Solar plant	0	0	0	0
Intercompany balances	0	0	0	0
Current (excluding intercompany)	(2,202)	365	(2,202)	365
Non-current (excluding intercompany)	(5,033)	(5,755)	(5,033)	(5,755)
Intercompany balances	(75,077)	(6,884)	(75,077)	(6,884)
Non-current (excluding intercompany)	$ 5,033	$ 5,755	$ 5,033	$ 5,755

Note 25 - Supplemental Disclo_3

Note 25 - Supplemental Disclosure of Cash Flow Items - Schedule of Supplemental Items (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Statement Line Items [Line Items]
Finance cost (note 11)	$ 831	$ 529	$ 2,360	$ 2,362
Net loan note movements	(43)	49	(86)	(306)
Unwinding of discount (note 12)	0	(243)	(198)	(279)
Non cash - Unwinding of liabilities held for sale	(5)	0	(5)	0
Non cash - Finance cost on leases	(2)	(4)	(7)	(15)
Finance cost paid	781	331	2,064	1,762
Opening balance of net income tax payable	3,878	2,408	(1,110)	1,284
Current tax expense	3,986	2,847	11,530	6,762
Acquisition of Bilboes Gold tax liability	0	0	0	10
Foreign currency movement	352	(256)	72	(711)
Closing balance of net income tax payable	(2,174)	(2,841)	(2,174)	(2,841)
Tax paid	6,042	2,158	8,318	4,504
Additions	6,686	9,042	16,122	18,161
Net property, plant and equipment included in prepayments	261	(531)	923	687
Net property, plant and equipment included in trade and other payables	(50)	588	(378)	882
Change in estimate for decommissioning asset - adjustment capitalised in property, plant and equipment (note 20)	(146)	474	722	445
Acquisition of property, plant and equipment	6,751	9,573	17,389	20,175
Opening balance dividends due	1,608	4,058	1,048	1,883
Dividends declared	4,201	2,686	10,330	10,264
Dividends declared and outstanding BETS	43	(85)	106	(171)
Closing balance dividends due	(2,422)	(3,858)	(2,422)	(3,858)
Dividends paid	$ 3,430	$ 2,801	$ 9,062	$ 8,118

Note 26 - Subsequent Events (De

Note 26 - Subsequent Events (Details Textual)		1 Months Ended	9 Months Ended
	Oct. 04, 2024 USD ($)	Nov. 30, 2024 USD ($)	Sep. 30, 2024 USD ($)	Sep. 30, 2023 USD ($)
Statement Line Items [Line Items]
Dividends recognised as distributions to owners			$ 10,330,000	$ 10,264,000
Distribution to owners [member]
Statement Line Items [Line Items]
Dividends recognised as distributions to owners		$ 2,700,000
Put option 1 [member] | Major purchases of assets [member]
Statement Line Items [Line Items]
Derivative contract, number of ounces of gold hedged	12,000
Derivative contract, p.m. of gold hedged	4,000
Hedging instruments, protected, price	$ 2,600