Caledonia mining CEO Mark Learmonth joined Steve Darling from Proactive to discuss the company’s decision to formally proceed with the development of the Bilboes gold project in Zimbabwe, following the completion of a comprehensive feasibility study. The long-awaited study confirmed the project’s compelling economics and positioned Bilboes as one of the most significant future gold developments in the region. Learmonth highlighted that the project delivers an NPV of more than $580 million at an 8% discount rate, based on a gold price assumption of $2,548 per ounce. The internal rate of return exceeds 32%, supported by a competitive all-in sustaining cost of $1,061 per ounce. “That clearly means that it’s a very high-margin operation with a very quick payback period,” Learmonth told Proactive. The feasibility study recommends developing Bilboes as a single-phase, large-scale operation, with peak capital expenditure estimated at $484 million, plus roughly $100 million in financing-related costs. According to Learmonth, the single-phase plan generates superior returns compared to a phased development approach, benefiting from economies of scale and stronger overall project metrics. Caledonia expects to fund the build primarily through a combination of non-recourse senior debt and internal equity from Blanket Mine, which is set to support the financing through a newly arranged three-year gold hedge at a minimum strike price of $3,500 per ounce. This hedge is anticipated to generate approximately $200 million in cash flow to underpin project construction. Looking ahead, Learmonth outlined a timeline that sees construction beginning in the second half of 2026, with first gold production targeted for late 2028, contingent on finalising debt agreements. The company also plans to deliver further exploration updates from Blanket and Motapa in early 2026, adding additional potential growth catalysts. Beyond its economic strength, Bilboes represents a major milestone for Zimbabwe’s mining sector. Learmonth described it as a “marquee project” with the potential to meaningfully boost national gold production, attract new investment, and reinforce the country’s profile as a destination for world-class gold development. #proactiveinvestors #aim #cmcl #nyseamerican #cmcl #caledoniamining #GoldInvesting #MiningStocks #ZimbabweMining #BilboesProject #GoldProduction #FeasibilityStudy #MiningDevelopment #JuniorMining #MiningEconomics #GoldPrice #ResourceInvestment