PADENGA Holdings Limited, the Zimbabwean mining and crocodile concern, has budgeted US$17 million for mining exploration in 2026, following a stellar financial performance last year.
The group recorded an 84% increase in cash generated from its mining segment, driven by soaring gold prices that surpassed all previous targets.
The company’s revenue rose 26% to US$265,82 million for the year ended December 31, 2025, while profit after tax nearly doubled, jumping 93,5% to US$70,7 million. Mining now accounts for 94% of Padenga’s total turnover, up from 86,33% in 2024.
Padenga operates its mining operations through Dallaglio Investments Private Limited, which runs the Eureka and Pickstone Peerless mines.
Chairperson Themba Sibanda said the US$17 million exploration budget aims to increase both the quantum and confidence in the group’s mineral resources.
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“Dallaglio has expanded its geology skills and will drill significantly more in 2026. The planned drilling will increase resources and reserves, leading to improved production on owned claims, as well as exploring new prospects,” Sibanda said in a statement attached to the group’s financial results for the year ended December 31, 2025.
At Pickstone, drilling will target previously unmined areas and the Peerless ore body, while Eureka investigations are ongoing to mine below the planned open pit, expected to be mined until 2039.
Phase three of the underground project at Pickstone Peerless, commissioned in December 2025, provides access to deeper exploration positions. Meanwhile, Eureka’s Gravity Circuit Upgrade project is expected to improve processing efficiency and reduce costs, with commissioning slated for this quarter.
“Cash generated from operating activities amounted to US$110,18 million, representing an 84% increase on the US$60 million generated in the prior year,” Sibanda said.
Gold closed 2025 at US$4 332,59 per ounce, up from US$2 690,13 in 2024, delivering strong returns.
Dallaglio recorded a full-year profit before tax of US$103,99 million, a 147% increase from the prior year. Cash from operations rose to US$70,75 million, allowing the company to fund all capital expenditures internally and cut loans by 45%.
Investor confidence surged as Padenga’s market capitalisation quadrupled to US$479,02 million, while the company committed US$39,33 million in capital expenditure by year-end.
Cost-reduction efforts continue, including 4,9MW and 5MW solar projects at Pickstone Peerless and Eureka Mines, respectively, with first power expected soon.
