Bilboes Project Funding Nears Completion, Caledonia Mining Says

Caledonia Mining is close to securing funding for its $600m Bilboes gold project in Zimbabwe, with an interim bank facility worth $150m due to be finalized by October.

The company plans to spend just under $600m on the project when interest and working capital are included. Caledonia has already secured or is working on various funding sources, effectively making Bilboes fully funded.

CFO Ross Jerrard said the company was in the final stages of due diligence for the interim facility, which would be secured against Blanket's cash flows. The facility will serve as a bridge while Caledonia arranges longer-term project finance for Bilboes, which is expected to be secured within six to nine months.

Caledonia has also hedged its share of Blanket's gold production at a floor of $3,500/oz from January 2026 to December 2028, covering the Bilboes construction period. This 'insurance policy' will protect cash generation from Blanket while allowing Caledonia to benefit from gold prices above $3,500/oz.