CMCL · CIK 0000766011
What Caledonia Mining Corporation Plc told the SEC could break it.
2 self-disclosed vulnerabilities, pulled from its own filings, each in the company’s words, with the source. This is the risk register almost nobody reads.
A limited set so far, we surface every cited disclosure we’ve extracted for CMCL. More may follow as additional filings are processed.
In its own words
What could break it.
Geographic concentration
- Zimbabwe — all material mineral properties in one countryhigh
Every material asset — producing Blanket Mine (64%), development-stage Bilboes, exploration-stage Motapa — sits in Zimbabwe, concentrating currency (RTGS$/ZiG), policy, and infrastructure risk in a single frontier jurisdiction.
“The Company's three material mineral properties, all located in Zimbabwe”
SEC filing →As of 2026
Commodity & input dependence
- Zimbabwe grid electricity — imported power workaround, persistent quality issuesmedium
Blanket sources power via the Intensive Energy Users Group arrangement to import electricity from outside Zimbabwe at a lower tariff, but grid power quality remains poor — a persistent operational input risk for the mine.
“As a result of this arrangement, Blanket has paid a lower tariff for IEUG supplied energy, but it has not improved the power quality received at Blanket due to the continued difficulty with the Zimbabwe grid.”
The hidden graph
Who it depends on, and who depends on it.
Relationships surfaced from filings, including ones disclosed by the other side, which is how the non-obvious ones come to light.
Its customers
StoneX Financial Limited (StoneX Group subsidiary)
“Of the trade receivables balance at the end of the year, $ 3,094 (2024: $ 3,873 ) is due from AEG and $ Nil (2024: $ Nil ) from Stonex Financial Limited, the Group's largest customers.”
Cited →AEG (gold customer, as named in filing)
“Of the trade receivables balance at the end of the year, $ 3,094 (2024: $ 3,873 ) is due from AEG and $ Nil (2024: $ Nil ) from Stonex Financial Limited, the Group's largest customers.”
Cited →Fidelity Gold Refinery (Zimbabwe state refiner)
“Bilboes revenue during the year was recognised from sales to Fidelity as a "small-scale producer" measured at the previous day's 6p.m. London Bullion Market Association price less a 5 % discount.”
Cited →
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