Maxim starts Caledonia Mining at Buy on expected production growth

Maxim initiated coverage of Caledonia Mining (CMCL) with a Buy rating and $17 price target Caledonia is capable of becoming the largest gold producer in Zimbabwe, and the firm expects production growth of 4.9% in 2025 and 7.7% in 2026 to about 85,000 ounces, the analyst tells investors in a research note. Including one mine in production and one in development, the company’s management has indicated annual production potential of 200,000 ounces, which at current gold prices, represents a value of $540M, Maxim added.