Caledonia Mining Corporation Plc has appointed Stanbic Bank Zimbabwe and CBZ Bank Limited as co-lead arrangers for its proposed interim funding facility of up to US$150 million, a move aimed at accelerating development of the Bilboes gold project.
The interim facility is part of a broader financing strategy unveiled in January 2026 and is intended to fund early-stage development work at Bilboes, one of Zimbabwe’s largest undeveloped gold assets.
The company said the facility is expected to be finalised by mid-2026, subject to regulatory approvals and standard lender processes.
Caledonia chief executive officer Mark Learmonth said the appointment of the two banks represents a significant step in executing the group’s funding roadmap.
He said the interim facility would improve financial flexibility as the company advances its growth agenda, alongside other funding sources including a hedging programme, proceeds from a Convertible Notes Offering, and internal cash generation from the Blanket Mine.
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In November 2025, Caledonia initiated discussions with a consortium of Zimbabwean and South African commercial banks to arrange interim funding. Following what the company described as strong engagement from potential lenders, it reviewed submissions and alternative financing structures before selecting Stanbic and CBZ as co-lead arrangers.
Stanbic Bank Zimbabwe is part of the Standard Bank Group, while CBZ Bank Limited ranks among the country’s largest locally owned financial institutions. Caledonia said the appointments reflect the increasing role of domestic and regional banks in supporting large-scale mining projects.
The interim funding facility is designed to bridge financing needs as Caledonia progresses Bilboes through its next phases of development. Once operational, the project is expected to become a major contributor to the company’s production profile, complementing output from Blanket Mine.
Caledonia acquired Bilboes Gold Limited in January 2023 for a total consideration of 5,123,044 Caledonia shares, representing approximately 28.5 percent of its fully diluted equity, together with a one percent net smelter royalty on project revenues.
Located about 75 kilometres north of Bulawayo, the Bilboes project hosts probable mineral reserves of 1.96 million ounces of gold at an average grade of 2.29 grams per tonne, with total measured, indicated and inferred resources exceeding 5.1 million ounces.
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