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 at present, with a P/E ratio of 10, an EV to EBITDA of 4.40, and a PEG ratio of 0.03, suggesting strong growth potential relative to its price. In comparison, peers like Gatos Silver, Inc. have a much higher P/E ratio of 29.51, while McEwen Mining, Inc. is categorized as risky with a negative P/E of -50.41.
Despite the recent grade change, Caledonia Mining has delivered impressive returns, with a year-to-date return of 262.27% compared to the S&P 500's 13.30%, and a one-year return of 109.53% against the S&P 500's 14.08%. This performance reinforces the notion that the stock is currently fairly valued within its industry context.