This document provides a detailed stock report on Caledonia Mining Corporation (CMCL:NYE), a gold mining company. The report summarizes the company's fundamentals, financial ratios, market performance, and analyst ratings. Overall, the stock is rated as bullish based on superior risk-adjusted returns, total returns, and various profitability ratios compared to industry peers. However, it also has a low market capitalization and high volatility. Annual and quarterly financial data is also presented.

2. Page 1 of 9 Any information in this report is not , and should not be regarded as investment advice or as a recommendation regarding any particular security or course of
action. We recommend seeking a licensed professional for investment advice.
CMCL:NYE (Caledonia Mining Corporation)
Gold | NYE | Common Stock
Values as of 16th Oct, 2022
Stock Target Advisor
Detailed Stock Report
Report Date: 17th October, 2022
Last Close
USD 9.72
Change
+0.00(+0.00%)
Market Cap
USD 0.12B
1 Yr Capital Gain
-24.12%
1 Yr Dividend Return
4.37%
1 Yr Total Return
-19.75%
Earning Growth (5 yr)
115.87%
Average Target Price
N/A
Average Analyst
Rating
N/A
Fundamental
Analysis
Bullish
Our view of the stock is Bullish with a score of 7.1 out of 10, where 0 is very bearish and 10 very bullish
What to like
Superior risk adjusted returns
This stock has performed well, on a risk adjusted basis, compared to its sector peers(for a hold period of at least 12 months) and is in the top quartile.
Superior total returns
The stock has outperformed its sector peers on average annual total returns basis in the past 5 years (for a hold period of at least 12 months) and is in the top
quartile.
Underpriced compared to earnings
The stock is trading low compared to its peers on a price to earning basis and is in the top quartile. It may be underpriced but do check its financial performance to
make sure there is no specific reason.
Underpriced compared to book value
The stock is trading low compared to its peers on a price to book value basis and is in the top quartile. It may be underpriced but do check its financial performance to
make sure there is no specific reason.
Superior return on equity
The company management has delivered better return on equity in the most recent 4 quarters than its peers, placing it in the top quartile.
Superior capital utilization
The company management has delivered better return on invested capital in the most recent 4 quarters than its peers, placing it in the top quartile.
Superior return on assets
The company management has delivered better return on assets in the most recent 4 quarters than its peers, placing it in the top quartile.
Positive cash flow
The company had positive total cash flow in the most recent four quarters.
Positive free cash flow
The company had positive total free cash flow in the most recent four quarters.
High Gross Profit to Asset Ratio
This stock is in the top quartile compared to its peers on Gross Profit to Asset Ratio. This is a popular measure among value investors for showing superior returns in
the long run.
What to not like
Low market capitalization
This is among the smaller entities in its sectors with below median market capitalization. That may make it less stable in the long run unless it has a unique
technology or market which can help it grow or get acquired in future.
High volatility
The total returns for this company are volatile and above median for its sector over the past 5 years. Make sure you have the risk tolerance for investing in such stock.
Overpriced on cashflow basis
The stock is trading high compared to its peers on a price to cash flow basis. It is priced above the median for its sectors. Proceed with caution if you are considering
to buy.
Low Dividend Growth
This stock has shown below median dividend growth in the previous 5 years compared to its sector.

3. Page 2 of 9 Any information in this report is not , and should not be regarded as investment advice or as a recommendation regarding any particular security or course of
action. We recommend seeking a licensed professional for investment advice.
CMCL:NYE (Caledonia Mining Corporation)
Gold | | Common Stock
Stock Target Advisor
Detailed Stock Report
Report Date: 17th October, 2022
Adjusted Closing Share Volume
Relative Returns Relative Performance (Total Returns)
Security Capital Gain Dividend Return Total Return
CMCL
Caledonia Mining Corporation
-24.1% +4.4% -19.8%
VTI
Vanguard Total Stock Market
Index Fund ETF Shares
-22.2% +1.3% -20.9%
Company Overview
Caledonia Mining Corporation Plc primarily engages in the operation of a gold mine. It also explores for and develops mineral properties for
precious metals. The company holds 64% interest in the Blanket Mine, a gold mine located in Matabeleland South Province, Zimbabwe. It
also has an agreement to purchase 100% ownership in the Maligreen project, a brownfield gold exploration project located in Gweru mining
district in the Zimbabwe Midlands. The company was formerly known as Caledonia Mining Corporation and changed its name to Caledonia
Mining Corporation Plc in March 2016. Caledonia Mining Corporation Plc was incorporated in 1992 and is headquartered in Saint Helier,
Jersey.

4. Page 3 of 9 Any information in this report is not , and should not be regarded as investment advice or as a recommendation regarding any particular security or course of
action. We recommend seeking a licensed professional for investment advice.
Company Website
https://www.caledoniamining.com
Address
B006 Millais House, Saint Helier, Jersey, JE2 3NF
Fiscal Year End
December
Technical Indicators
Value Value
Beta 0.86 52 Week High 17.75
Short Ratio 0.24 52 Week Low 8.63
Shorted Shares 6,505 200 Day Moving Average 12.04
Shorted Shares Previous Month 37,400 50 Day Moving Average 9.98
Shares Held By Insiders 883.70% Short Percentage 1.00%
Shares Held by Institutions 26.53 Dividend Yield 5.55%

5. Page 4 of 9 Any information in this report is not , and should not be regarded as investment advice or as a recommendation regarding any particular security or course of
action. We recommend seeking a licensed professional for investment advice.
CMCL:NYE (Caledonia Mining Corporation)
Gold | | Common Stock
Stock Target Advisor
Detailed Stock Report
Report Date: 17th October, 2022
Market Performance
Market Performance vs. Industry / Classification (Gold) Market Performance vs. Exchange (Nasdaq Global Select)
Value Sector Median
Percentile
Rank
Grade Market Median Percentile Rank Grade
YTD
Capital Gain -16.64% -30.8% 84% -23.2% 65%
Dividend Return 4.80% 2.1% 95% 2.3% 80%
Total Return -11.84% -27.6% 85% -21.2% 69%
Trailing 12 Months
Capital Gain -24.12% -34.1% 76% -22.6% 47%
Dividend Return 4.37% 2.7% 85% 2.8% 67%
Total Return -19.75% -31.8% 71% -19.8% 50%
Trailing 5 Years
Capital Gain 48.40% 1.4% 76% -8.6% 83%
Dividend Return N/A 10.2% N/A 12.3% N/A
Total Return 48.40% 5.6% 67% 5.5% 79%
Average Annual (5 Year Horizon)
Capital Gain 29.49% 9.0% 89% 2.0% 90%
Dividend Return 2.74% 1.6% 75% 2.1% 61%
Total Return 32.23% 10.6% 89% 5.4% 91%
Risk Return Profile
Volatility (Standard
Deviation)
68.76% 37.8% 13% 22.4% 11%
Risk Adjusted Return 46.88% N/A 76% 28.4% 73%
Market Capitalization 0.12B 0.97B 19% 0.61B 28%

6. Page 5 of 9 Any information in this report is not , and should not be regarded as investment advice or as a recommendation regarding any particular security or course of
action. We recommend seeking a licensed professional for investment advice.
Key Financial Ratios
Ratios vs. Industry / Classification (Computer Hardware) Ratios vs. Exchange (Nasdaq Global Select)
Value Sector Median
Percentile
Rank
Grade Market Median Percentile Rank Grade
Market Value
peratio 4.4 19.0 89% 15.7 89%
pbratio 0.7 1.3 80% 1.4 82%
pcfratio 4.0 3.0 41% 5.4 56%
pfcfratio 1.9 3.6 56% 7.0 70%
Management Effectiveness
retequity 19.30% 0.5% 80% 10.9% 63%
retinvcap 17.17% 1.8% 90% 5.3% 83%
retass 14.61% 2.0% 98% 2.4% 95%
debtequityratio N/A 22.6% N/A 66.1% N/A
Technical Ratios
yield 5.55% 3.5% 86% 3.6% 67%
sratio 0.24 2.76 100% 2.42 87%
spercent 0.06% 1.7% 97% 3.7% 94%
beta 0.86 0.98 53% 1.04 67%

7. Page 6 of 9 Any information in this report is not , and should not be regarded as investment advice or as a recommendation regarding any particular security or course of
action. We recommend seeking a licensed professional for investment advice.
CMCL:NYE (Caledonia Mining Corporation)
Gold | | Common Stock
Stock Target Advisor
Detailed Stock Report
Report Date: 17th October, 2022
Recent Analyst Ratings
Price Action Rating Action Analyst Rating Price date
Downgraded by Cantor Fitzgerald Securities Buy » Hold 2020-08-14
Initiated by Cantor Fitzgerald Securities Buy USD 17 2020-01-25

8. Page 7 of 9 Any information in this report is not , and should not be regarded as investment advice or as a recommendation regarding any particular security or course of
action. We recommend seeking a licensed professional for investment advice.
CMCL:NYE (Caledonia Mining Corporation)
Gold | | Common Stock
Stock Target Advisor
Detailed Stock Report
Report Date: 17th October, 2022
Annual Financial (USD)

9. Page 8 of 9 Any information in this report is not , and should not be regarded as investment advice or as a recommendation regarding any particular security or course of
action. We recommend seeking a licensed professional for investment advice.
CMCL:NYE (Caledonia Mining Corporation)
Gold | | Common Stock
Stock Target Advisor
Detailed Stock Report
Report Date: 17th October, 2022
Quarterly Financial (USD)

10. Page 9 of 9 Any information in this report is not , and should not be regarded as investment advice or as a recommendation regarding any particular security or course of
action. We recommend seeking a licensed professional for investment advice.
CMCL:NYE (Caledonia Mining Corporation)
Gold | | Common Stock
Stock Target Advisor
Detailed Stock Report
Report Date: 17th October, 2022
Largest Industry Peers for Gold
Symbol Company Name Price(Change) Market Cap
NEM Newmont Goldcorp Corp N/A USD 32.33B
GOLD Barrick Gold Corp N/A USD 26.01B
FNV Franco-Nevada Corporation N/A USD 21.95B
AEM Agnico Eagle Mines Limited N/A USD 18.46B
WPM Wheaton Precious Metals Corp N/A USD 13.79B
KL Kirkland Lake Gold Ltd N/A USD 10.26B
SBGL Sibanye Stillwater Limited N/A USD 7.89B
SBSW Sibanye Gold Ltd ADR N/A USD 6.96B
GFI Gold Fields Ltd ADR N/A USD 6.86B
AU AngloGold Ashanti Ltd ADR N/A USD 5.42B
The Stock Target Advisor platform run millions of calculations every day on over 30,000 Canadian and American stocks, comparing and
ranking their financial and market performance against their sectors and exchange.
We represent the percentile ranking using the following grading system.
Letter Grade Percentage Letter Grade Percentage Letter Grade Percentage
A+ 97%-100% A 93%-96% A- 90%-92%
B+ 97%-89% B 83%-86% B- 80%-82%
C+ 77%-79% C 73%-76% C- 70%-72%
D+ 67%-69% D 63%-66% D- 60%-62%
F 0%-59%