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. The company appears to be fairly valued based on its current metrics. Key ratios include a P/E ratio of 10, an EV to EBITDA of 4.40, and a PEG ratio of 0.03, indicating a low growth expectation relative to its price.
In comparison to peers, Caledonia Mining's P/E ratio of 12.21 is significantly lower than Gatos Silver, Inc. at 29.51, which suggests that Caledonia may be undervalued relative to this peer, despite its fair valuation grade. Additionally, McEwen Mining, Inc. is classified as risky with a P/E of -50.41, highlighting the volatility in this sector. Although specific return data is not available, the lack of recent stock performance against the S&P 500 does not provide a clear reinforcement of the valuation narrative.