Core Viewpoint - Caledonia Mining is advancing the Bilboes gold project in Zimbabwe following the completion of a feasibility study that confirms a single-phase development method as the most economic option for the project [1] Group 1: Project Overview - The Bilboes gold project covers an area of 2,731.60 hectares in Matabeleland North province, approximately 80km north of Bulawayo, Zimbabwe's second-largest city [1] - The feasibility study indicates proven and probable mineral reserves of 1.75 million ounces of gold at a grade of 2.26 grams per tonne [2] - Additional measured and indicated mineral resources, excluding reserves, are reported at 532,000 ounces of gold at 1.37 grams per tonne, with inferred resources estimated at 984,000 ounces at 1.62 grams per tonne [2] Group 2: Processing and Production - The project will utilize Metso's BIOX technology for processing refractory ore, which enhances gold recovery by destroying sulphide minerals [3] - The feasibility study projects a plant throughput of 240,000 tonnes per month for the first six years, decreasing to 180,000 tonnes per month thereafter, with metallurgical recovery rates expected between 83.6% and 88.9% [3] Group 3: Financial Projections - The first full production year is targeted to yield approximately 200,000 ounces, with total production over a mine life of 10.8 years projected at 1.55 million ounces, and an all-in-sustaining cost of $1,061 per ounce [4] - The peak funding requirement for the project is estimated at $484 million, with an additional $100 million anticipated for interest and working capital, plus $50 million for cost overruns [4] Group 4: Funding Strategy - Caledonia Mining plans a phased fundraising approach to ensure early liquidity and accelerate development, aiming to maximize net present value per share while minimizing equity issuance [5] - The company acquired 100% ownership of the Bilboes project in January 2023 for $65 million, financed through the issuance of approximately 5.1 million shares and a 1% net smelter return to a previous owner [5]