Caledonia Mining Corporation has signed financing agreements worth up to US$150 million with a consortium of Zimbabwean financial institutions to support construction of its Bilboes gold project.
Zimbabwe's High Court has dismissed an attempt by Caledonia Mining's Blanket Mine to stop a $335,966 damages claim brought by the widow of a miner killed in a 2022 underground accident.
Caledonia Mining published a maiden measured and indicated resource of 379,000oz at Motapa and raised Blanket's underground M&I resource by 22% to 2.18Moz.
Caledonia Mining's Q2 2026 profit after tax rose 27% to $30m on a 34% higher realised gold price, while the company advanced a $150m interim facility and a $300m project loan for Bilboes.
Caledonia Mining said its Blanket mine in Zimbabwe produced 17,360oz of gold in Q2 2026, up 18% on the first quarter, with grades rising further in July.
Caledonia Mining released 2025 drilling results from its Motapa property in Zimbabwe, including 19m at 8.08g/t, and said a maiden resource would follow in the third quarter of 2026.
Caledonia Mining said Blanket produced 14,767oz of gold in the first quarter of 2026, down from 18,671oz a year earlier, but kept full-year guidance of 72,000oz to 76,500oz.
Caledonia Mining has raised $150 million through convertible notes to help fund its Bilboes gold project in Zimbabwe, part of a plan to develop a 200,000-ounce-a-year mine by 2028.
Caledonia Mining plans to spend $132m in 2026 to begin developing its Bilboes gold project, part of a $162.5m capex budget, after Zimbabwe reversed plans to double the gold royalty.
Caledonia Mining published the Bilboes feasibility study, showing a post-tax NPV of about $580m and an IRR above 32%, and decided to proceed with the Zimbabwean gold project.
