Caledonia Mining Corporation Plc (CMCL): Business Model Canvas [Dec-2025 Updated]

You're looking to quickly map out how Caledonia Mining Corporation Plc actually makes its money, and honestly, the model is refreshingly simple: dig gold efficiently in Zimbabwe and consistently reward shareholders. As an analyst who's spent years mapping these structures, I can tell you the focus is on extending the life of the cornerstone Blanket Mine while pushing the Bilboes project forward, all while maintaining that attractive quarterly dividend of 14 cents per share. Forget the fluff; this canvas cuts right to the core of their value creation-from their production guidance of 75,500-79,500 oz in 2025 to their key partnerships with the Zimbabwean Government. Dive in below to see the full, no-nonsense breakdown of how Caledonia Mining Corporation Plc operates.

Caledonia Mining Corporation Plc (CMCL) - Canvas Business Model: Key Partnerships

You're looking at the structure that underpins Caledonia Mining Corporation Plc's operations, especially as they push forward with major projects like Bilboes. The partnerships here aren't just handshake deals; they involve significant capital flows and operational dependencies. Let's break down the key players as of late 2025.

Power Supply and Strategic Divestment

The relationship with CrossBoundary Energy Holdings (CBE) is a prime example of strategic capital recycling. Caledonia sold off the asset but kept the benefit of the power supply, which is smart capital allocation, honestly. This move immediately strengthened the balance sheet.

Here are the specifics on that solar power partnership:

• Caledonia Mining Corporation Plc sold its subsidiary owning the solar plant to CBE for a pre-tax cash consideration of \$22.35 million, finalized on April 11, 2025.
• The $\text{12.2MWac}$ solar plant, commissioned in February 2023, has generated over 57,722 MWh of clean electricity to date.
• The arrangement is cemented by an exclusive Power Purchase Agreement (PPA), ensuring the plant continues to supply approximately 20% of Blanket Mine's daily electricity needs.
• The initial construction cost for the asset was \$14.3 million.

Government and Local Compliance

Operating in Zimbabwe means the relationship with the Zimbabwean Government is critical for license continuity and local ownership mandates. Caledonia's $\text{64\%}$ interest in Blanket Mine implies a substantial local stake, as required by regulation.

The local ownership structure is a key component of the operating license:

Also, for the new development, the Bilboes Gold Project holds the necessary mining permits and is reported as compliant with local regulations as of the November 2025 Feasibility Study publication. Furthermore, Caledonia's financial contributions to the state are material; for instance, in Q1 2025, the company contributed \$11.8 million to the Zimbabwean Government via royalties and taxes.

Institutional Backing and Shareholder Base

You need to know who holds the paper, as this dictates market liquidity and governance dynamics. Major global institutions provide validation, even if their stakes fluctuate. BlackRock, Inc. has been an active holder.

Here's a snapshot of the institutional and internal ownership structure as of late 2025:

• BlackRock, Inc.'s holding crossed a notification threshold on September 5, 2025, totaling 5.54% of voting rights.
• This 5.54% stake comprised 4.94% in direct shares and 0.59% via financial instruments.
• As of October 21, 2025, the total issued Common Shares stood at 19,304,784.
• Directors and management collectively own 2,756,741 common shares, representing 14.29% of the issued capital.

It's worth noting that the company's Q3 2025 results showed total liquidity of \$44.3 million, which helps fund these ongoing relationships and projects.

Technical Expertise for Growth Projects

To move a complex asset like Bilboes into production, you rely on specialized external consultants. The recent Feasibility Study for the Bilboes sulphide project relied heavily on external technical validation.

The key technical partner for the November 2025 Feasibility Study was DRA Projects (Pty) Ltd. This study confirmed the single-phase development approach and projected total capital costs around \$583.4 million. The economic metrics they validated include a post-tax Internal Rate of Return (IRR) of 32.5% at an 8% discount rate. The project's proven and probable mineral reserves are estimated at 1.749 Moz of gold at a grade of 2.26 g/t.

Financing the next steps is clearly a focus; the company is evaluating opportunities to contribute to the \$484 million peak funding requirement for Bilboes.

Finance: draft the cash flow impact analysis for the Q4 2025 capital expenditure budget by next Tuesday.

Caledonia Mining Corporation Plc (CMCL) - Canvas Business Model: Key Activities

You're looking at the core engine of Caledonia Mining Corporation Plc as of late 2025, which is heavily concentrated on maximizing output from its established asset while aggressively funding the next major growth pillar. The key activities are all about extraction, resource extension, and major project execution.

Underground Gold Mining and Processing at Blanket Mine

The primary activity remains the underground gold mining and processing at the 64 per cent-owned Blanket Mine in Zimbabwe. This operation is the cash generator that underpins all other activities. For the nine months ended September 30, 2025, Caledonia Mining Corporation Plc reported gold production of 58,846 ounces from Blanket Mine, an increase from 56,815 ounces in the corresponding period in 2024. The company reiterated its full-year 2025 production guidance, targeting between 75,500 and 79,500 ounces.

Cost management is a critical, ongoing activity, especially given inflationary pressures. The All-in Sustaining Cost (AISC) for the third quarter of 2025 was reported at $1,937 per ounce sold, based on 20,792 ounces sold in that quarter. For the full 12 months of 2025, the on-mine cost per ounce is expected to settle in the range of $1,150 to $1,250 per ounce.

Here's a quick look at the recent operational performance metrics:

The company also reported a tragic event in September 2025, noting the loss of a Blanket Mine colleague following an accident related to secondary blasting, which prompted a comprehensive review of safety procedures.

Deep-Level Exploration and Development at Blanket to Extend Mine Life

To secure future production beyond the current reserve life, Caledonia Mining Corporation Plc actively engages in deep-level exploration and development at Blanket Mine. This involves drilling programs aimed at converting existing inferred mineral resources into measured and indicated categories. The goal is to ensure the mine can maintain its production rate, which was previously projected to be sustained until approximately 2034 following the Central Shaft investment. You should watch for exploration updates from both deep and shallow targets at Blanket, which are anticipated in early 2026.

Advancing the Bilboes Sulphide Project Feasibility and Development

A major strategic activity is the advancement of the Bilboes sulphide project. On November 25, 2025, Caledonia confirmed the decision to move forward with development after completing a positive feasibility study. This project is planned as a single-phase, large-scale open pit mine, utilizing advanced BIOX® technology for its refractory orebody.

Key development metrics and timelines include:

• Projected total gold production of approximately 1.55 million ounces over an initial mine life of about 11 years.
• Initial annual output is expected to reach 200,000 ounces in the first full year of production.
• The Front End Engineering Design (FEED) phase commences immediately, with first production targeted for late 2028.
• The project is fully permitted under Zimbabwean law.

Managing Capital Projects; $41.0 million Total Capex for 2025

The company is actively managing its capital deployment across both sustaining and growth projects. The total capital expenditure forecast for the 2025 fiscal year is set at $41.0 million. This expenditure is planned to be fully funded from existing cash reserves and operating cash flow. The total liquidity position was reported at $44.3 million as of the Q3 2025 announcement, supporting these ongoing capital projects.

The Bilboes development itself carries a substantial peak funding requirement estimated at US$ 500 million, which includes approximately $484 million in peak capital expenditure plus another $100 million for financing-related costs. Caledonia plans to fund this through a combination of non-recourse senior debt and internal equity supported by a newly arranged three-year gold hedge on Blanket production, locking in a minimum price of $3,500 per ounce, which is anticipated to generate approximately $200 million in cash flow to underpin construction.

Maintaining a Consistent Quarterly Dividend of 14 cents per Share

A core activity reflecting shareholder return strategy is the maintenance of a consistent quarterly dividend policy, which the Board adopted back in 2014. For the quarter ending in late 2025, the Board approved a quarterly dividend of 14 cents per share, payable on December 5, 2025. This demonstrates a commitment to shareholder value alongside major capital allocation decisions for growth.

Caledonia Mining Corporation Plc (CMCL) - Canvas Business Model: Key Resources

You're looking at the core assets Caledonia Mining Corporation Plc relies on to run its business as of late 2025. These aren't just line items; they are the physical and human engines driving the entire operation.

Core Mining Assets and Infrastructure

The primary physical resource is the Blanket Gold Mine, a long-life cornerstone asset in Zimbabwe. When Caledonia Mining Corporation Plc acquired it in 2006, production was less than 6,500 ounces annually; now, the mine has an assured future through at least 2034, targeting a production rate of approximately 75,000 ounces of gold a year.

Central to this longevity is the Central Shaft infrastructure. This asset, which cost approximately US$67 million and was wholly funded internally, is described as the deepest shaft of any gold mine in Zimbabwe. It was commissioned in Q1 2021.

• Shaft Diameter: 6-meter, 4-compartment design.
• Depth Access: Reaches 1,800 meters below surface.
• Hoisting Capacity: Currently hoists about 2,400 tonnes per day (tpd), with installed winders capable of at least 3,500 tpd.
• Function: Solved hoisting constraints and facilitates access to deeper resources below the 750m level.

Caledonia Mining Corporation Plc is also building out its resource base through development projects. The company acquired the Maligreen claims in Gweru in November 2024, which already contain about one million ounces of gold. The overall ambition is to grow into a multi-asset producer targeting up to half a million ounces of gold per annum across Blanket, Bilboes, Maligreen, and Motapa.

Mineral Reserves and Resources

The value locked underground across the key properties forms a critical resource base. While the specific latest reserve/resource statement compliant with National Instrument 43-101 effective date is March 1, 2024, for Blanket, the forward-looking production plans give an indication of the scale being managed.

Here's a look at the recent operational performance and financial strength supporting continued resource development:

Exploration at Blanket and the Motapa project is ongoing, with promising results expected to be published in the coming months. A feasibility study for the Bilboes project is also anticipated shortly.

Human Capital and Management Expertise

The operational success is heavily reliant on the experienced operational management team in Zimbabwe. The appointment of James Mufara as Chief Operating Officer, effective May 1, 2024, highlights the focus on deep operational expertise.

• COO James Mufara: Over 25 years experience in Southern African mining, including 13 years in leadership.
• Mufara's Prior Scale: Previously headed five mines and 15,000 staff, producing 450koz of gold annually at Harmony Gold.
• Relevant Expertise: Experience covers deep-level underground mining (relevant to Blanket) and open-pit operations (relevant to Bilboes and Motapa).
• Other Key Roles: The leadership structure also includes Chairman John Lawson Kelly and CEO Mark Learmonth.

The Central Shaft project itself was delivered by a '100 percent' Zimbabwean workforce. That's a significant local resource in itself.

Caledonia Mining Corporation Plc (CMCL) - Canvas Business Model: Value Propositions

You're looking at the core reasons why investors hold Caledonia Mining Corporation Plc shares, focusing on what the company promises to deliver right now, based on its late 2025 standing. These are the tangible benefits we see flowing from their operations and strategy.

One of the most direct value propositions is the expected output from the existing operations, primarily the Blanket Mine. Caledonia Mining Corporation Plc maintained its gold production guidance range for the year 2025 at 75,500 oz to 79,500 oz. This provides a predictable base level of production, which is key for stability in the sector.

For shareholders, the company offers direct cash returns. Caledonia Mining Corporation Plc has declared a consistent quarterly dividend income for shareholders of 14 cents per share. This commitment to shareholder returns is underscored by the fact that expenditure for growth is being funded from cash generation and reserves, with no anticipated impact on this regular quarterly dividend.

The financial structure offers upside exposure to gold prices with a very conservative balance sheet. While the target was a debt-to-equity ratio of 0.02, recent figures show an even lower leverage profile, with a reported Debt / Equity ratio of 0.09 as of late 2025. This low leverage, coupled with a strong Q3 2025 Profit after tax of US$18.7 million, means the company is well-positioned to capture gold price upside without significant debt servicing drag.

The most significant future value driver is the clear pathway to becoming a multi-asset producer. Caledonia Mining Corporation Plc officially announced the decision to proceed with the Bilboes Gold Project following the publication of its feasibility study in November 2025. This project is set to be transformative, with mineral reserves totaling 1.749 Moz of gold at 2.26 g/t. The economics are compelling, showing a post-tax Internal Rate of Return (IRR) of more than 50% when using the September 2025 LBMA spot price of US$3,648/oz. Initial annual output from Bilboes is anticipated to reach approximately 200,000 oz in its first full year (expected in 2029).

Here's a quick look at the key metrics supporting the Bilboes development proposition:

• Mineral Reserves: 1.749 Moz of gold.
• All-in-Sustaining Cost (AISC) Target: US$1,061/oz.
• Peak Funding Requirement: US$484 M.
• Payback Period: 1.7 years from first production.

Finally, the value proposition rests on operational stability within a specific jurisdiction. Caledonia Mining Corporation Plc continues to derive the majority of its revenue from the Blanket Mine in Zimbabwe. The Q3 2025 gold production at Blanket was 19,106 oz, demonstrating continued output despite acknowledging a tragic employee accident and initiating a comprehensive safety review. The company's ability to maintain guidance and declare dividends while navigating operational challenges reinforces the value of its established presence in this key African gold jurisdiction.

Caledonia Mining Corporation Plc (CMCL) - Canvas Business Model: Customer Relationships

You're looking at how Caledonia Mining Corporation Plc manages its relationships with the market, which is crucial given its single-asset focus at the Blanket Mine, though growth projects like Bilboes are on the horizon.

Direct B2B sales relationship with global refiners and bullion dealers is the core of realizing value from production. For the third quarter ended September 30, 2025, Caledonia Mining Corporation Plc reported gold sales of 20,355 oz from the Blanket Mine, plus an additional 437 oz from the Bilboes oxide mine in the Quarter. This resulted in revenue for the Quarter of US$71.4 million, a 52.4% increase compared to the third quarter of 2024. Sales in the Quarter included 4,115 oz of gold sold that were held as work-in-progress as at June 30, 2025.

Investor relations through quarterly earnings calls and presentations is a structured, scheduled process. Caledonia Mining Corporation Plc hosted a remote presentation for analysts and investors on its Q3 2025 operating and financial results on Monday, November 10, 2025, at 2:00pm London time. This communication is vital for managing expectations across its listings on the NYSE American, AIM, and VFEX exchanges.

Transparent communication on production, costs, and capital allocation is demonstrated through the regular release of operational metrics. Here's a look at the key figures reported for Q3 2025, which help investors gauge operational health:

• Gold production from Blanket Mine in Q3 2025 was 19,106 ounces ("oz").
• Consolidated On-mine cost of sales for Q3 2025 was US$1,228/oz sold, based on 20,792 ounces sold.
• All-in sustaining cost ("AISC") for Q3 2025 was US$1,937/oz sold.
• The company's total liquidity stood at US$44.3 million, supporting ongoing capital projects.
• The 2025 production guidance range was increased to 75,500 to 79,500 oz.
• Capital expenditure for the full year 2025 was forecast at $41.0 million.

Consistent dividend payout to build shareholder loyalty and trust is a cornerstone of Caledonia Mining Corporation Plc's strategy, a policy adopted in 2014. The company has maintained a steady quarterly dividend, which is reviewed against investment opportunities and risk management.

The recent dividend history reflects this commitment to shareholders:

The latest approved dividend of 14 United States cents (US$0.14) per share was announced on August 11, 2025, with a payment date of September 5, 2025, and another expected payment on December 5, 2025. This consistent payment schedule supports the shareholder base.

Caledonia Mining Corporation Plc (CMCL) - Canvas Business Model: Channels

You're looking at how Caledonia Mining Corporation Plc moves its product and communicates with the market as of late 2025. Honestly, for a gold miner, the channels are pretty straightforward: you sell the metal, and you talk to the people who own your stock.

Direct sales channel to gold refiners and bullion dealers

The core of Caledonia Mining Corporation Plc's physical channel is getting the gold out of the ground and into the market. This is where the revenue numbers come from. For the third quarter ended September 30, 2025, for instance, the company sold a total of 20,792 ounces of gold across its operations, which includes 19,106 oz from Blanket Mine and 437 oz from the Bilboes oxide mine, plus movements in work-in-progress inventory.

The realized price you get for that metal is key to the channel's effectiveness. In Q3 2025, the average realized gold price was a strong driver, contributing to revenue being up 52% year-over-year, reaching US$71.4 million for the quarter. The realized price in Q1 2025 was $2,896 per ounce, and in Q2 2025, it averaged $3,188 per ounce. This gold is sold to entities that refine it or deal in bullion, though the specific names of those refiners aren't in the public operational summaries; the channel is defined by the transaction of the physical commodity.

Here's a quick look at the recent output that flows through this channel:

What this estimate hides is the exact contractual split between refiners and dealers, but the financial results clearly show the channel is moving product at premium prices.

Stock exchanges (NYSE American, AIM, VFEX) for investor access

For capital access and liquidity, Caledonia Mining Corporation Plc uses three distinct listing venues. These exchanges are the primary channels for investors to buy and sell ownership stakes in the company.

• NYSE American LLC (Symbol: CMCL)
• AIM of the London Stock Exchange plc (Symbol: CMCL)
• Victoria Falls Stock Exchange (VFEX) (Symbol: CMCL)

The company's strategic focus includes balancing returning money to shareholders and investing in growth, which is directly facilitated by these public trading channels. The stock is definitely priced by the market; for example, the median 12-month price target from Wall Street analysts as of early November 2025 was $27.00.

Corporate website and regulatory filings (SEDAR+) for information dissemination

You need to know where to find the official word. Caledonia Mining Corporation Plc directs investors to its corporate website for presentation materials. The official web address is www.caledoniamining.com. Regulatory information, like the Management Discussion and Analysis (MD&A) and financial statements, is filed on SEDAR+, as well as EDGAR with the U.S. Securities and Exchange Commission (SEC).

For example, the Q2 2025 results were filed on SEDAR+ and the company website on August 11, 2025. Also, the Annual Report on Form 20-F for the fiscal year ended December 31, 2024, was filed on EDGAR and the company website on May 16, 2025.

Investor roadshows and analyst presentations

Caledonia Mining Corporation Plc uses structured, remote presentations to directly engage with the analyst and investor community following financial releases. These are key touchpoints for detailed communication beyond the press release.

The schedule for these events follows the earnings cycle:

• Q1 2025 Results Call: Held on May 12, 2025, at 2:00pm London time.
• Q2 2025 Results Call: Held on Wednesday, August 13, 2025, at 2:00pm London time, due to Zimbabwean public holidays on August 11-12.
• Q3 2025 Results Call: Scheduled for Monday, November 10, 2025, at 2:00pm London time.

These presentations are remote webinars, and registration is required for direct Q&A access. The company also uses these events to discuss major project updates; a presentation on the Bilboes Gold Project Feasibility Study was reminded for November 28, 2025.

Finance: draft 13-week cash view by Friday.

Caledonia Mining Corporation Plc (CMCL) - Canvas Business Model: Customer Segments

Global gold refiners and bullion dealers (B2B buyers of physical gold)

This segment is the direct purchaser of the physical commodity produced by Caledonia Mining Corporation Plc. The sales volume directly reflects the output from the operational mines, primarily the Blanket Mine.

For the third quarter of 2025, Caledonia Mining Corporation Plc successfully sold a total of 20,792 ounces of gold bullion. The average realized price for this gold was approximately $3,434 per ounce, marking a 40% increase compared to the same quarter in the prior year. This high realized price directly impacts the revenue generated from this customer segment, which reached US$71.4 million in Q3 2025, a 52% surge year-over-year.

The sales volume also included a net movement of 1,254 oz of gold held as work-in-progress from the previous quarter.

Institutional investors seeking gold exposure and dividend yield

This segment is served through the listing of Caledonia Mining Corporation Plc shares on multiple exchanges, including the NYSE American (Symbol CMCL), AIM, and the Victoria Falls Stock Exchange (VFEX). The company's financial performance, highlighted by a Q3 2025 profit after tax of US$18.7 million, and a strong EBITDA of US$33.5 million for the quarter, makes the stock attractive for exposure to the precious metals sector.

The commitment to shareholder returns is evidenced by the declaration of a quarterly dividend of 14 cents per share, payable on December 5, 2025. This dividend yield appeals to institutional mandates focused on income-generating assets within the mining space.

Key institutional holders identified include major global asset managers:

• Allan Gray Proprietary Ltd.
• BlackRock, Inc.
• State Street Global Advisors, Inc.
• Epoch Investment Partners, Inc.
• The Vanguard Group, Inc.
• U.S. Global Investors, Inc.
• Invesco Ltd.

The Directors and management collectively hold an interest in 2,756,741 common shares, representing 14.29% of Caledonia Mining Corporation Plc's issued capital of 19,304,784 Common Shares.

Individual retail shareholders interested in precious metals and income

Retail investors are drawn to Caledonia Mining Corporation Plc for direct equity exposure to gold production and the consistent dividend policy. The company's total liquidity stood at US$44.3 million supporting ongoing capital projects as of Q3 2025. The operational success, such as the 2025 production guidance range of 75,500 to 79,500 ounces from the Blanket Mine, provides a tangible asset backing for the equity investment.

The quarterly dividend of 14 cents per share is a direct cash return to this segment. The stock trades on the NYSE American, making it accessible to a broad base of individual investors in the United States.

Emerging market central banks as indirect gold market drivers

While not direct purchasers of Caledonia Mining Corporation Plc's physical output, central banks in emerging markets, along with global central banks generally, act as significant indirect drivers by influencing the underlying gold price. The average realized gold price in Q3 2025 reached $3,434 per ounce, a level sustained by global economic uncertainties and geopolitical tensions. This elevated price environment is what translates Caledonia Mining Corporation Plc's production volume of 20,792 ounces sold in the quarter into a revenue of US$71.4 million.

The company's strong financial results in Q3 2025, including a 467% year-on-year increase in profit after tax to US$18.7 million, are a direct consequence of this commodity price strength, which is partially underpinned by sovereign demand for gold reserves.

Caledonia Mining Corporation Plc (CMCL) - Canvas Business Model: Cost Structure

You're looking at the hard numbers that drive Caledonia Mining Corporation Plc's operational spending for 2025. This structure is heavily influenced by the deep-level mining at Blanket Mine and the ongoing development pipeline.

High operating costs are a key component, especially as operations mature. Caledonia Mining Corporation Plc revised its full-year 2025 guidance for Blanket Mine's on-mine cost to a range of $1,150 to $1,250/oz sold. To give you context on the quarter that led to this revision, the consolidated on-mine cost for the third quarter of 2025 was $1,228/oz sold. This was above the initial guidance range of $1,050 to $1,150/oz for 2025.

The All-in Sustaining Cost (AISC) guidance was also adjusted upward for 2025, now sitting in the range of $1,850 to $1,950/oz sold. The AISC for the third quarter of 2025 hit $1,937/oz sold.

The cost structure is clearly being pressured by external factors and operational realities. You see this reflected in the drivers for the revised guidance:

• Labour and consumables costs, which have been increasing.
• Higher administration costs.
• The impact of higher royalties due to the elevated gold price, which reached an average realized price of $3,434 per ounce in Q3 2025.

Capital expenditure guidance for 2025 is set at a total of $41.0 million. A significant portion of this is dedicated to maintaining current production levels, which impacts the AISC. Here's how that total capital expenditure breaks down:

Specifically regarding growth-related spending, the exploration and development costs for Bilboes and Motapa are guided at $5.8 million for 2025. This investment targets future resource replacement and expansion. For comparison, in Q1 2025, Caledonia launched a $2.8 million exploration program at Motapa.

The impact of higher gold prices is directly visible in statutory costs, such as royalties and administration costs. For instance, in the first quarter of 2025, Caledonia Mining Corporation Plc contributed $11.8 million to the Zimbabwe Government in the form of royalties and taxes, up from $4.5 million in Q1 2024.

You can see the 2025 guidance summary here:

Caledonia Mining Corporation Plc (CMCL) - Canvas Business Model: Revenue Streams

You're looking at how Caledonia Mining Corporation Plc brings in the money, and right now, it's heavily weighted on one core activity.

Primary revenue from gold sales at prevailing international market prices is the engine here. Caledonia Mining Corporation Plc sells the gold it mines, mainly from the Blanket Mine, and the final dollar amount you see is directly tied to what the global market is paying for that metal at the time of sale. This means revenue can swing based on commodity price volatility, which is just the nature of the game in this sector.

Let's look at some of the recent, hard numbers you need to track. This table lays out the key financial inflows we've seen recently:

The Q3 2025 Revenue hit $71.4 million, which was a solid 52% jump year-on-year. That's a big move, driven by strong gold prices and increased sales volumes. Also, remember that for the first half of 2025, the operating cash inflows were $41.3 million; that's the real cash the operations generated before major capital deployment decisions. It's a healthy flow, honestly.

You also have to account for non-recurring income that boosts the cash position. Caledonia Mining Corporation Plc booked a one-off gain from the sale of the solar plant in Q2 2025, bringing in $22.35 million in cash. This sale, which closed on April 11, 2025, was a strategic move to focus capital back into core mining, but that cash inflow definitely pads the balance sheet for near-term needs.

Now, let's talk about the future revenue potential, which is where the big growth story lies. Caledonia Mining Corporation Plc confirmed its decision to move forward with the development of the Bilboes project following a positive feasibility study in late November 2025. This isn't just a small bump; this is a potential game-changer for the company's scale.

The economics underpinning the Bilboes project development look compelling, based on the feasibility study results:

• Projected Life-of-Mine Operating Cost (AISC): $1,061 per ounce.
• Economic Valuation (Post-tax NPV at 8%): $582 million.
• Projected Return (Post-tax IRR): 32.5%.
• Total Estimated Capital Costs: $583.4 million.
• Gold Price Assumption for Analysis: $2,548 per ounce.

The payback period is estimated at just 1.7 years from first production, which is fast for a project of this size. This future revenue stream, once operational, is designed to position Caledonia Mining Corporation Plc as an intermediate gold producer. Finance needs to start modeling the capital drawdowns against these expected cash inflows now.