Aim-listed Caledonia Mining has released its 2025 environmental, social and governance (ESG) report, highlighting progress made at the company’s flagship Blanket mine, in Zimbabwe.

Caledonia reports that it strengthened its environmental performance by improving water efficiency, securing a long-term solar power supply and reducing incident risk through more integrated management of key environmental systems.

The company says its approach shifted from individual projects to integrated systems, covering tailings governance, excess water management, drought resilience and underground air quality, adding that this is reflected in materially improved environmental performance indicators for the year.

CEO Mark Learmonth notes that, in 2025, the company focused on strengthening the foundations that support long-term performance, embedding ESG more deeply into how it manages risk, allocates capital and makes strategic decisions.

“As our business evolves, disciplined governance, effective risk management and clear accountability remain essential to sustaining value for all stakeholders.”

Caledonia reports that its local supplier spend for the year amounted to $31.9-million, compared with $16.5-million in 2024, while community development investment amounted to $1.6-million in 2025, compared with $1.4-million in 2024.

The company reports a total injury frequency rate of 3.47, compared with 4.39 in 2024, with five lost-time injuries.

“Safety continues to be our most fundamental priority. The loss of a colleague during the year is deeply regretted and reinforces our commitment to eliminate risk through stronger controls and improved oversight,” says Learmonth.

Meanwhile, Caledonia reduced total water consumption to 2.32-million cubic metres, compared with 2.8-million cubic metres in 2024, improving water intensity to 2.8 m³/t milled and 30.49 m³/oz of gold produced.

The company recycled 1.01-million cubic metres of process water, up from 695 383 m³ in 2024, with recycling exceeding two-thirds of plant water use in the second half of the year.

Caledonia also reduced total fuel consumption from 3.3-million litres in 2024, to 2.62-million litres in 2025, despite increased grid electricity usage.

The company also saw a reduction in environmental incidents to 87 in the fourth quarter of 2025 from 176 in the fourth quarter of 2024, with no level 1 or level 2 environmental incidents recorded during the year.

Additionally, Caledonia also completed the sale of the 12.2 MW solar plant while retaining a long-term power purchase agreement, ensuring about 20% to 21% of Blanket’s electricity continues to be supplied from solar – over 26 GWh in 2025.

"As Caledonia continues to transition into a multi-asset gold producer, our ESG framework will remain central to how we deliver growth responsibly. Our focus is on maintaining a disciplined, transparent and practical approach - ensuring that we protect our licence to operate while delivering long-term value for our stakeholders,” says Learmonth.