Is Caledonia Mining Corp. Plc overvalued or undervalued?

As of 17 October 2025, the valuation grade for Caledonia Mining Corp. Plc has moved from attractive to fair, indicating a shift in its perceived value. The company appears to be fairly valued based on its current metrics, with a P/E ratio of 10, an EV to EBITDA ratio of 4.40, and a PEG ratio of 0.03, which suggests strong growth potential relative to its price.
In comparison to peers, Caledonia's P/E ratio of 12.21 is lower than Gatos Silver, Inc. at 29.51, while McEwen Mining, Inc. shows a negative P/E, indicating a challenging situation. Notably, Caledonia has delivered impressive returns, with a year-to-date return of 262.27%, significantly outperforming the S&P 500's 13.30% during the same period, reinforcing its strong market performance despite the recent valuation adjustment.