Mining Intelligence and News
Zimbabwe

Bilboes Project

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Summary

Mine TypeOpen Pit
Study CompletedFeasibility
StageFully Permitted
Commodities
  • Gold
Mining Method
  • Truck & Shovel / Loader
Mine Life... Lock
SnapshotBilboes Gold Project represents a large, high grade gold deposit wich consists of four mining areas: McCays, Isabella South, Isabella North, and Bubi, each comprising between one and three pits.

The development is structured in two distinct phases. Phase 1 covers processing 240 ktpm of milled plant feed from the Isabella McCays mining area scheduled for years 1 to 6. Phase 2 covers processing 180 ktpm of milled plant feed from the Bubi mining area scheduled for years 6 to 10.

The project is fully permitted. The Environmental Impact Assessment Certificate has been granted by the Environmental Management Agency and is renewed annually. All mining and processing permits are current.

Indicative Development Timeline includes Front End Engineering Design scheduled for H1 2026. Procurement of long-lead-time equipment and preliminary works is planned for H2 2026, subject to conclusion of initial fund raising. The main capital expenditure phase is scheduled for 2027/2028.
Latest NewsCaledonia Mining Corporation Plc: Publication and Highlights of the Feasibility Study for Bilboes Gold Project     November 25, 2025

Owners

SourceSource
CompanyInterestOwnership
Caledonia Mining Corporation plc 100 % Indirect
Caledonia owns 100% stakes in the Bilboes Project through its indirect wholly owned subsidiary Bilboes Holdings (Private) Ltd.

Contractors

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Deposit type

  • Vein / narrow vein
  • Breccia pipe / Stockwork

Summary:

The Bubi Greenstone Belt covering the Bilboes Properties consists of volcanic rocks of the Upper Bulawayan Group capped by sedimentary sequences of the Shamvaian Group locally represented by Mdutjana and Dagmar Formations respectively. The deposits occur within the meta-volcanic and metasediments close to the contact between these two stratigraphic units.

Mineralization at Bilboes’ four properties are Archaean lode, structurally controlled deposits. It consists of silicified stock-works/veins. The veins comprise pyrite and arsenopyrite. Gold is disseminated within the sulphide mineralization and is refractory. Pyrite is the dominant sulphide mineral, with minor arsenopyrite at Isabella and McCays, with the exception of the Isabella North orebodies where an equal proportion of pyrite to arsenopyrite is evident. At Bubi the dominant sulphides is pyrite with minor arsenopyrite. The mineralized zones are often subparallel to each other and are hosted in a much broader shear zone. The best mineralized zones are associated with brecciation and silicification.

The sulphide tends to weather readily and all of the deposits are covered by oxide caps to a depth of 12 m to 50 m which are readily amenable to heap-leach extraction.

Orebody widths at Isabella and McCays range from 5 m to 20 m and are wider near surface. Individual orebodies have strike ranges from 75 m to 500 m and are typically in en echelon pattern in a northwest to south-eastern pattern. The oxide cap is deepest at Isabella where the range is 12 m to 50 m. The overall mineralized strike is 4,400 m.

The oxide-sulphides interface at Bubi is shallow in the southwest at about 10 m to 12 m below surface and increases to 30 m in the central parts and to 40 m in the northeast. Orebody widths vary from 10 m in the southwest to as wide as 100 m in the central portions of the claims. The overall mineralized strike is 2,950 m.

Reserves

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Mining Methods

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Required Heavy Mobile Equipment

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Comminution

Crushers and Mills

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Processing

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Water usage

Parameter2025
Fresh water 5,300 m3/day

Commodity Production

CommodityUnitsAvg. AnnualLOM
Gold koz 144 *1,550 *
All production numbers are expressed as metal in doré. * According to 2024 study.

Operational metrics

Metrics
Annual ore mining rate  ....  Subscribe
Stripping ratio  ....  Subscribe  ....  Subscribe
Waste tonnes, LOM  ....  Subscribe  ....  Subscribe
Ore tonnes mined, LOM  ....  Subscribe  ....  Subscribe
Tonnes milled, LOM  ....  Subscribe  ....  Subscribe
Annual milling capacity  ....  Subscribe  ....  Subscribe
* According to 2025 study.

Production Costs

CommodityUnitsAverageAverage
Total cash costs Gold USD  ....  Subscribe
All-in sustaining costs (AISC) Gold USD  ....  Subscribe  ....  Subscribe
Assumed price Gold USD  ....  Subscribe  ....  Subscribe
* According to 2025 study / presentation.

Operating Costs

CurrencyAverage
OP mining costs ($/t mined) USD  ....  Subscribe
OP mining costs ($/t milled) USD  ....  Subscribe
Processing costs ($/t milled) USD  ....  Subscribe
G&A ($/t milled) USD  ....  Subscribe
Total operating costs ($/t milled) USD  ....  Subscribe
* According to 2024 study.

Project Costs

MetricsUnitsLOM Total
Initial CapEx $M USD  ......  Subscribe
Expansion CapEx $M USD  ......  Subscribe
Sustaining CapEx $M USD  ......  Subscribe
Closure costs $M USD  ......  Subscribe
Closure costs $M USD  ......  Subscribe
Total CapEx $M USD  ......  Subscribe
OP OpEx $M USD  ......  Subscribe
OP OpEx $M USD  ......  Subscribe
Processing OpEx $M USD 716
Processing OpEx $M USD 564.3
G&A costs $M USD 70
G&A costs $M USD 47.2
Total OpEx $M USD  ......  Subscribe
Income Taxes $M USD  ......  Subscribe
Royalty payments $M USD  ......  Subscribe
Gross revenue (LOM) $M USD  ......  Subscribe
Net revenue (LOM) $M USD  ......  Subscribe
Operating margin, %  ......  Subscribe
EBITDA (LOM) $M USD  ......  Subscribe
After-tax Cash Flow (LOM) $M USD  ......  Subscribe
Pre-tax NPV @ 10% $M USD  ......  Subscribe
After-tax NPV @ 5% $M USD  ......  Subscribe
After-tax NPV @ 10% $M USD  ......  Subscribe
After-tax NPV @ 8% $M USD  ......  Subscribe
After-tax NPV @ 7.5% $M USD  ......  Subscribe
Pre-tax IRR, %  ......  Subscribe
After-tax IRR, %  ......  Subscribe
After-tax IRR, %  ......  Subscribe
Pre-tax payback period, years  ......  Subscribe
After-tax payback period, years  ......  Subscribe
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Personnel

Mine Management

Job TitleNameProfileRef. Date
....................... Subscription required ....................... Subscription required Subscription required Dec 17, 2025
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Workforce

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