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Caledonia Mining Corporation Plc (NYSE:CMCL) has published a new Technical Report Summary for its Bilboes Gold Project in Zimbabwe, according to a statement released Monday and filed with the U.S. Securities and Exchange Commission.
The report, prepared by DRA Projects (Pty) Ltd, provides updated mineral resource and reserve estimates as of October 31, 2025, and details the results of a feasibility study for open-pit mining at the Bilboes properties in Matabeleland North Province.
Measured and indicated mineral resources total 12.1 million tonnes at an average grade of 1.37 grams per tonne (g/t) gold, containing 532,000 ounces. Inferred resources are 18.9 million tonnes at 1.62 g/t gold, or 984,000 ounces. The mineral reserve estimate includes 24.1 million tonnes at 2.26 g/t gold, containing 1.75 million ounces, classified as proven and probable.
The feasibility study outlines a phased development plan, with Phase 1 processing 240,000 tonnes per month from the Isabella McCays mining area for six years, followed by Phase 2 processing 180,000 tonnes per month from the Bubi area for the next four years. Total capital costs for the project are estimated at $583.4 million, with $492.2 million allocated to Phase 1 and $91.3 million to Phase 2.
Life-of-mine operating costs are projected at an all-in sustaining cost (AISC) of $1,061 per ounce of gold. The economic analysis, based on a consensus gold price of $2,548 per ounce, calculates a post-tax net present value (NPV) at an 8% discount rate of $582 million and a post-tax internal rate of return (IRR) of 32.5%. The payback period is estimated at 1.7 years from first production, with a peak funding requirement of $484 million.
The report states that Bilboes holds the necessary mining permits and is in compliance with local regulations. The environmental and social impact assessments have been conducted, and the current Environmental Impact Assessment certificate is valid until February 2026.
These disclosures are based on a press release statement and the company’s SEC filing.
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