Caledonia Mining Acquires Bilboes

Bilboes owns gold properties in Zimbabwe which together have a JORC Compliant Resource of 4Moz. In January 2020, DRA Global, on behalf of Bilboes, completed a Definitive Feasibility Study (DFS) for a 200Koz/year gold mining operation covering the Isabella/McCays and Bubi Deposits utilizing a central processing plant at Isabella/McCays. The project has a ten-year Life of Mine (LoM) and cash costs of US$691/oz and AISC of US$784/oz. The project has good NPV/IRR/Payback metrics with good prospects of increasing LoM to at least 15 years with additional exploration on the Inferred Resources and known targets within the properties. Bilboes is currently in the process of raising capital for the project to start.