Is Caledonia Mining Corp. Plc overvalued or undervalued?

As of 12 September 2025, the valuation grade for Caledonia Mining Corp. Plc has moved from fair to expensive, indicating a shift towards overvaluation. The company is considered overvalued based on its P/E ratio of 10, which is significantly lower than its peer Gatos Silver, Inc. at 29.51, and its EV to EBITDA ratio of 4.40, which also trails behind Gatos Silver's 6.03. Additionally, the PEG ratio stands at an exceptionally low 0.03, suggesting that the company's growth prospects are not adequately reflected in its current price.
In comparison to its peers, Caledonia Mining Corp. Plc's financial metrics suggest it is not positioned favorably, especially against Gatos Silver, Inc. and McEwen Mining, Inc., which have higher P/E and EV/EBITDA ratios, respectively. Despite a strong year-to-date return of 238.15%, which outperformed the S&P 500's 12.22%, the overall valuation metrics indicate that the stock may be priced too high relative to its earnings and growth potential.