Caledonia Mining: Q2 Momentum Is Real, But Zimbabwe Risk Keeps This a Tactical Long
Caledonia's Q2 production beats and the Bilboes reserve read strengthen the fundamental story. The stock looks attractively valued at a $538M market cap and a PE of ~6.8, but lingering Zimbabwe royalty / tax uncertainty, legal scrutiny, and execution risk on growth projects argue for a tactical, mid-term long rather than a buy-and-hold.