Caledonia Mining Targets 200,000+ Gold Ounces Annually as Bilboes Development Advances - tradingview.com

AI desk brief

Caledonia Mining says it is targeting more than 200,000 oz/yr of gold output from 2029 onward, driven by Blanket Mine expansion and the Bilboes development in Zimbabwe. Blanket currently produces about 70,000-75,000 oz/yr, with the seven-day shift change and an oxide resource lift expected to push the mine toward ~90,000 oz/yr before Bilboes comes online.

Bilboes is projected to produce about 200,000 oz/yr, with first gold cited for late 2028 to Q4 2029 and first full year in 2029. At a $4,000/oz gold price, Caledonia values Bilboes at more than $1.5bn NPV, ~60% ungeared post-tax IRR, and an AISC near $1,145/oz; the company also disclosed a $3,500/oz floor-price hedge on Blanket cash flows and a funding plan that includes $150m of convertible notes, a near-$150m Zimbabwe bank facility, and eventual $300m-$350m project finance.