Caledonia Mning's third-quarter 2025 results help explain the market’s shift in sentiment. Revenue rose 52% year-over-year (YOY) to about $71.4 million as Blanket produced more than 19,000 ounces and Bilboes added its first ounces. That lifted gross profit to$36.9 million, EBITDA by 162% to $33.5 million, and profit after tax by 467$18.7 million. Free cash flow improved to $5.9 million as well, while liquidity reached$44.3 million, which the company is using to fund a $41 million 2025 capital expendi ...