asbe/iStock via Getty Images Caledonia Mining ( CMCL ) is no ordinary way to invest in gold, being a single-asset miner in Zimbabwe. With 2025 results out and big plans to expand production, CMCL is worth another look. The reward is huge down the road, but miners aren't without risks in execution. Summary of Previous Thesis Back in December , I covered the stock not only to catch up on Q3 result b...
asbe/iStock via Getty Images Caledonia Mining ( CMCL ) is no ordinary way to invest in gold, being a single-asset miner in Zimbabwe. With 2025 results out and big plans to expand production, CMCL is worth another look. The reward is huge down the road, but miners aren't without risks in execution. Summary of Previous Thesis Back in December , I covered the stock not only to catch up on Q3 result but also to consider a potential policy in Zimbabwe that was related to the higher prices of gold. Namely, it was a higher royalty tax if the price of gold were to exceed $5,000 per oz. Only a proposal at the time, I didn't think too much of it, especially as gold was still below that price. Financial Data (Q3 2025 Company Presentation) I shifted focus to the long term. Blanket mine, their lone operating asset, was providing over $200M per year with its annual production of 75K-80K oz per share. A recently completed feasibility study had shown that Bilboes could produce an additional 200K oz per year. This could lead to $1B in revenue and perhaps $400M to $500M in free cash flow. As the market cap was $523M at the time, this would seem like a steal once Bilboes begins production in late 2028. With three years to wait and execution risks in the meantime, I observed: As the project is a few years away too, there's plenty of room for setbacks. Nevertheless, as CMCL appreciated and increased its dividend around the completion of capital projects at Blanket in 2021, I think we can afford to wait here. In short, I perceived no advantage in being too early on this stock, and I maintained my Hold rating. Q4 and Full-Year 2025 Results Caledonia just released its unaudited 2025 financial results. Both the fourth quarter and the full year proved to be one of Caledonia's best on record. Q4 2025 Earnings Presentation This was in spite of lower amounts of gold produced for both periods. Even though mining capacity did not decline, management attributed the lower production to the lower-gr...
Shares of Micron Technology (NASDAQ: MU) have been on a historic run. As of this writing, the stock is up more than 300% over the past 12 months, riding an extraordinary wave of demand for specialized memory chips powering artificial intelligence (AI) data centers. What's wild, however, is that despite the stock's wild run-up, Micron's valuation still looks attractive. And it looks downright cheap...
Shares of Micron Technology (NASDAQ: MU) have been on a historic run. As of this writing, the stock is up more than 300% over the past 12 months, riding an extraordinary wave of demand for specialized memory chips powering artificial intelligence (AI) data centers. What's wild, however, is that despite the stock's wild run-up, Micron's valuation still looks attractive. And it looks downright cheap when considering analysts' consensus earnings forecast for the next 12 months. But investors need to think longer term. How long can this supply demand imbalance last? And how long can Micron command such incredible pricing power? The unknowns surrounding these questions may help explain why the stock has been under pressure more recently (shares are down more than 14% in one week), despite the company posting incredible fiscal second-quarter results. Continue reading