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Premier and Canmax Technologies Amend Offtake, Prepayment Agreement

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Premier and Canmax Technologies Amend Offtake, Prepayment Agreement

London Stock Exchange-listed mining and exploration junior Premier African Minerals Limited has reached a further amendment to its Offtake and Prepayment Agreement with Canmax Technologies Co., Ltd concerning the Zulu Lithium and Tantalum Project, Mining Zimbabwe can report.

By Rudairo Mapuranga

The amendment, which revises the Long Stop Date, solidifies Canmax’s commitment to working alongside Premier in the project’s development.

Key Amendments and Conditions

Under the amended agreement, the Long Stop Date has been extended from April 1, 2025, to either December 31, 2025, or until Premier secures a reputable buyer approved by Canmax to settle the Prepayment Amount plus interest. The adjustment is contingent upon several conditions:

  1. Canmax’s Participation Rights – Canmax retains the right to receive partial repayment through new ordinary shares in Premier, ensuring it holds 13.38% of the company’s shares on a fully diluted basis post-funding.

  2. Financial Oversight – Canmax will monitor and control Premier and Zulu Lithium’s operational financial activities, including trade creditor budgets, until the full settlement of the Prepayment Amount plus interest.

  3. Insolvency Safeguards – Neither Premier nor Zulu Lithium should be subject to insolvency proceedings unless contested and resolved within 30 days.

  4. Asset Security – Premier cannot pledge or encumber its assets, including mineral rights, without prior written approval from Canmax.

  5. Expression of Interest Requirement – A non-binding letter of interest from a reputable buyer acceptable to Canmax must be secured within 30 days of signing the addendum. Should the initial interest be withdrawn, Premier will have an additional 30 days to secure an alternative buyer.

  6. Board Commitment – Premier’s directors must personally commit to these conditions until full settlement of the Prepayment Amount plus interest.

Failure to meet these conditions allows Canmax to exercise its full rights under the amended agreement.

Premier’s Default and Increased Interest Rate

This amendment follows Premier’s default on the initial offtake agreement, where the company failed to deliver the minimum 1,000 tonnes of lithium spodumene per month in November and December 2023. As a result, Canmax invoked its rights under the agreement, carrying forward a US$3 million balance ($1.5 million per month) and increasing the interest rate to 12% per annum, effective December 1, 2023.

Premier CEO George Roach acknowledged Canmax’s continued support despite the defaults, stating that Premier remains committed to meeting its delivery obligations. The company aims to resume production by late February, contingent on contractor commitments.

Background of the Prepayment Agreement

The relationship between Premier and Canmax dates back to an August 3, 2022, agreement in which Canmax pre-purchased US$34.64 million worth of lithium spodumene concentrate. This prepayment was intended to fund the construction and commissioning of the Zulu plant.

Under the agreement:

  • Canmax was to receive 25% of Premier’s gross sale proceeds from lithium shipments until May 30, 2024.

  • From June 1, 2024, until full repayment, Canmax would receive 50% of Premier’s gross sale proceeds.

  • Premier was required to begin repaying the Advance Purchase Amount no later than November 1, 2023, at a rate of 1,000 tonnes per month.

If Premier failed to deliver the minimum tonnage, it had to compensate Canmax through cash payments. Failure to make two consecutive deliveries would increase the interest rate further to 10%, and a prolonged failure could lead to Canmax converting the outstanding balance into Premier shares or even claiming a direct interest in Zulu Lithium based on a US$200 million valuation.

Golden Valley to Invest Nearly a Million in Plant, Solar for Increased Gold Output

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Golden Valley to Invest Nearly a Million in Plant, Solar for Increased Gold Output

Golden Valley Mine is set to inject US$600,000 into upgrading its processing plant and solar power infrastructure, a move expected to significantly boost production amid rising global gold prices, Mining Zimbabwe can report.

By Rudairo Mapuranga

The investment, revealed in the Chamber of Mines Commodity Outlook 2025, comes as Zimbabwe’s mining sector accelerates efforts to improve efficiency and sustainability.

With Zimbabwe’s energy challenges continuing to impact mining operations, Golden Valley’s decision to invest in solar power marks a critical step towards energy security and cost efficiency. The transition to renewable energy is expected to reduce operational costs, ensure uninterrupted production, and align the mine with global environmental sustainability trends.

Solar power adoption is gaining momentum in Zimbabwe’s mining sector, with companies seeking alternatives to unstable grid power and costly diesel generators. By investing in solar, Golden Valley is not only ensuring consistent processing operations but also contributing to Zimbabwe’s green energy transition.

Golden Valley’s plant investment will focus on improving recoveries and increasing throughput, enabling the mine to take advantage of record-breaking gold prices. As of April 1, 2025, gold prices have surged past $100/g ($3,126.97/oz), driven by geopolitical tensions, inflation fears, and increased demand from central banks.

The Fidelity Gold Refinery (FGR) in Zimbabwe is currently offering $94.64/g for gold of 90% purity and above, while fire assay cash prices stand at $95.14/g. With these high prices, efficiency improvements at Golden Valley will allow for higher profitability and increased returns on investment.

Financial institutions have revised their gold price targets upward, with Goldman Sachs projecting $106.08/g ($3,300/oz) by year-end, and some analysts predicting a possible $144.76/g ($4,500/oz) in extreme scenarios. The ongoing price rally presents a golden opportunity for Zimbabwean miners to expand production and maximize export revenues.

Golden Valley’s investment strategy aligns with the government’s broader Vision 2030, which aims to transform Zimbabwe into an upper-middle-income economy. This reinforces the importance of value addition and sustainable energy adoption in Zimbabwe’s extractive sector.

With rising gold prices, enhanced processing efficiency, and a shift towards sustainable energy, Golden Valley is poised for significant growth, positioning itself as a key player in Zimbabwe’s mining future.

Chamber of Mines Singles Out Zimasco, Afrochine to Lead Ferrochrome Production Increase

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Chamber of Mines Singles Out Zimasco, Afrochine to Lead Ferrochrome Production Increase

Zimbabwe’s ferrochrome production is set for a major boost as two key players, Zimasco Mining Company and Afrochine Smelting Company, ramp up investments in mine expansion and smelting capacity. These strategic initiatives are expected to ensure a steady supply of mineral resources and drive increased output, according to the Chamber of Mines Commodity Outlook 2025.

By Rudairo Mapuranga

Afrochine Smelting Company plans to invest US$22.6 million in mine exploration to sustain ferrochrome production and feed its expanding smelting operations. The company is also investing in two new smelters, expected to be completed by October 2025, which will help maintain steady production levels in a globally competitive market.

Zimasco Mining Company, on the other hand, is investing approximately US$3 million in expanding its mining operations. Additionally, Zimasco is committing US$43,243 to the 19M01 Ngezi 3D 24 underground project, which is expected to be completed by 2026 and is anticipated to boost ferrochrome production by 28%.

These investments align with Zimbabwe’s drive to increase ferrochrome exports, leveraging the country’s vast chromite reserves to meet rising global demand for stainless steel production.

Zimbabwe’s mining sector is forecasted to grow by 7% in 2025, despite a challenging global economic environment characterized by sluggish growth, trade disruptions, and declining commodity prices.

According to the Chamber of Mines Commodity Outlook 2025, Zimbabwe’s mineral revenue is projected to rise from US$5.9 billion in 2024 to US$6.2 billion in 2025. While the gold sector is expected to be the primary driver of this growth, ferrochrome expansion projects by Zimasco and Afrochine will also play a pivotal role.

The mining industry still faces significant risks, including:

  • Power supply challenges affecting consistent production.
  • Foreign exchange shortages limiting access to capital.
  • High operational costs, including electricity tariffs and fiscal charges.

Globally, commodity markets are expected to be bearish in 2025, with the World Bank Commodity Price Index projected to drop 5%, driven by weaker demand from China and an oversupply of platinum, palladium, and nickel. However, Zimbabwe’s focus on ferrochrome expansion and its efforts to attract foreign investment are expected to counterbalance these global pressures.

With sustained investment in production capacity, Zimbabwe’s ferrochrome sector is poised to strengthen its position in global markets. The government’s US$12 billion mining industry roadmap includes a strong focus on value addition, and the expansion projects by Zimasco and Afrochine will contribute significantly to this vision.

As Zimbabwe works to maximize its mineral potential, the expansion of the ferrochrome sector will enhance export earnings and ensure that the country remains a key supplier in the global stainless steel industry.

Gold buying prices per gram in Zimbabwe, 2 April 2025

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Gold buying prices per gram in Zimbabwe, 2 April 2025

Gold buying prices per gram in Zimbabwe today, 2 April 2025, from the official gold buyer and exporter Fidelity Gold Refinery (FGR).

SG 90% and ABOVE US$95.20/g
SG ABOVE 89% BUT BELOW 90% US$94.20/g
SG ABOVE 80% BUT BELOW 85% US$93.19/g
SG ABOVE 75% BUT BELOW 80% US$92.18/g
SAMPLE BELOW 10g BUT ABOVE 5g US$90.67/g

Fire Assay CASH $95.71/g

NB: Fire Assay cash price is for gold above 100gs; no sample is deducted.
For the Fire Assay Transfer price, a sample of not more than 10g is deducted.
A 2% royalty is charged on all deposits (Small-scale miners).
A 5% royalty is set for Primary Producers.

Zimbabwe’s Gold Industry Booms as Global Prices Surge Past $100/g

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Zimbabwe’s Gold Industry Booms as Global Prices Surge Past $100/g

Gold prices have continued their meteoric rise, breaching the $100-per-gram mark globally, with spot gold reaching a record $100.55/g (US$3,126.97/oz) during Monday’s morning trade, Mining Zimbabwe can report.

By Rudairo Mapuranga

The rally, driven by heightened geopolitical tensions and economic uncertainty, is expected to bring significant benefits to Zimbabwe’s gold mining sector.

At the same time, Zimbabwean gold producers are witnessing record prices from Fidelity Gold Refinery (FGR). As of April 1, 2025, FGR is offering $94.64/g for gold of 90% purity and above, while fire assay cash prices stand at $95.14/g. Small-scale miners, who contribute the bulk of Zimbabwe’s gold production, are set to benefit significantly, particularly as the country pushes for increased deliveries to formal channels.

The latest surge in gold prices is attributed to concerns surrounding U.S. President Donald Trump’s aggressive tariff policies, global economic instability, and inflation fears. As a result, investors are rushing toward gold as a safe-haven asset, pushing the metal’s annual gains to 18% so far in 2025.

For Zimbabwe, where gold is the backbone of foreign currency earnings, this rally presents a golden opportunity. Higher prices incentivize more deliveries to FGR, potentially reducing smuggling and boosting government revenues. This is particularly crucial as Zimbabwe works towards its US$12 billion mining industry target, where gold plays a leading role.

Several leading financial institutions have revised their gold price targets upwards. Goldman Sachs now projects prices could hit $106.08/g ($3,300/oz) by year-end, while Bank of America’s previous target of $98.50/g ($3,063/oz) has already been surpassed. Some extreme forecasts suggest that in a worst-case economic scenario, gold could even skyrocket to $144.76/g ($4,500/oz).

According to analysts at OCBC Bank, “Gold’s appeal as a safe haven and inflation hedge has further strengthened amid geopolitical concerns and tariff uncertainty.” This sentiment is echoed by Marex consultant Edward Meir, who predicts that “tariff issues will continue driving prices higher until there is some finality to the tit-for-tat campaign.”

With global central banks increasing their gold reserves and investor demand soaring, Zimbabwean gold producers stand to benefit immensely. However, challenges remain, including power shortages, foreign currency retention policies, and smuggling. Industry players are urging authorities to align local pricing policies with global market trends to ensure miners get maximum value.

If the current rally continues, 2025 could be a record-breaking year for Zimbabwe’s gold sector, with increased output, higher export revenues, and a stronger contribution to the national economy.

Shamva Thanks AMSZ for Knowledge Exchange During Technical Visit

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Shamva Thanks AMSZ for Knowledge Exchange During Technical Visit

Shamva Gold Mine, under the ownership of Kuvimba Mining House, expressed its gratitude to the Association of Mine Surveyors of Zimbabwe (AMSZ) for a successful knowledge exchange with industry professionals and for gaining insights into advanced surveying techniques and operational strategies during a recent technical visit, Mining Zimbabwe can report.

By Rudairo Mapuranga

Senior Surveyor at Shamva Mine Martin Mapfumo delivered a vote of thanks, highlighting the immense value the mine had derived from the interaction. Mapfumo emphasized that the quality of engagement was high, with significant representation from key mining houses.

“We are grateful to our president for organizing this event and to our General Manager, Mr. Gift Mapakame, for providing us with the necessary resources to host it,” said Mapfumo. He further acknowledged the ongoing support from Shamva’s management, who continue to prioritize their association with AMSZ.

One of the key takeaways from the visit was the discussion around the use of ground-penetrating radar, a technology initially considered by Shamva Mine to map unknown excavations. However, insights shared during the visit prompted a reassessment, as fellow surveyors pointed out the limitations of the technology in practical applications.

“We realized from this visit that some technologies marketed for mining may not always deliver the expected results,” noted Mapfumo. “The knowledge shared has opened our eyes to other, more effective methods for measuring voids and excavations.”

The technical visit not only strengthened Shamva Mine’s operational strategies but also reinforced the importance of continuous learning and adaptation within the mining sector.

Shamva Mine has continued to set benchmarks for safety and operational excellence in Zimbabwe’s mining industry. With over 1.38 million fatality-free shifts since reopening in 2020, the mine’s SHEQ Officer, Gole Ncube, proudly highlighted the company’s dedication to safeguarding its workers. This safety record was made possible through stringent adherence to international standards, including ISO certifications that ensure robust environmental, health, and safety management systems.

During the AMSZ visit, attendees also learned about Shamva’s geotechnical planning and its plans for further investments, including the opening of a new open-pit mine. The mine’s ongoing commitment to safety and innovation was a focal point of the discussions, with AMSZ members lauding Shamva for its stellar performance.

The technical visit served as a critical opportunity for the exchange of ideas, with AMSZ President Stewart Gumbi noting the importance of such interactions in promoting sector-specific technological advancements.

“We are pleased with the knowledge exchange and the valuable insights we have gained from Shamva Mine’s surveying procedures. This visit has reinforced the importance of technological innovation in driving the future of Zimbabwe’s mining sector,” Gumbi remarked.

With a focus on maintaining its leadership in safety and operational efficiency, Shamva Gold Mine remains a shining example of responsible mining practices in Zimbabwe. The mine’s partnership with AMSZ is poised to further enhance its capabilities as it continues to contribute to the nation’s mining industry growth.

Zimbabwe’s Mining Sector to Grow 7% in 2025 Despite Global Challenges

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Zimbabwe’s Mining Sector to Grow 7% in 2025 Despite Global Challenges

Zimbabwe’s mining sector is set for a significant boost in 2025, with growth expected to reach approximately 7% amid a challenging global economic environment marked by sluggish growth, trade disruptions, and declining commodity prices, Mining Zimbabwe can report.

By Rudairo Mapuranga

Despite these global factors, Zimbabwe’s mining sector is being propelled by ongoing expansion projects and new investments across various mineral sectors.

According to the Chamber of Mines of Zimbabwe’s Commodity Outlook 2025: A Look Ahead into the Volume and Price Trends of Key Minerals – Special Focus Zimbabwe, published in January 2025, mineral revenue in Zimbabwe is projected to increase from US$5.9 billion in 2024 to US$6.2 billion in 2025. This growth will be largely driven by the gold sector, which is expected to benefit from both rising prices and increased output. Gold prices are forecasted to hit record highs of around US$3,000 per ounce, spurred by safe-haven demand amidst geopolitical tensions and monetary easing in major economies.

However, the mining industry is not without its risks. Fragile power supplies, foreign exchange shortfalls, capital shortages, and high operational costs—including electricity tariffs and fiscal charges—pose potential threats to the sector’s outlook. These challenges, if left unchecked, could hinder the industry’s ability to capitalize on the favorable gold market and other mineral expansions.

Globally, commodity markets are expected to face a bearish trend in 2025, with the World Bank Commodity Price Index projected to decline by 5%. This decline is attributed to weak global demand, especially from China, and an oversupply in several key commodities such as platinum, palladium, and nickel. Despite these global pressures, Zimbabwe’s focused efforts on boosting local production and attracting foreign investment will be crucial in sustaining its mining growth.

Though subdued, the outlook for other minerals, such as lithium and coal, still holds potential due to long-term demand from the energy transition. Exploration activities continue to rise globally, particularly in critical minerals, and Zimbabwe’s focus on ramping up production in these areas could play a pivotal role in its future mining strategy.

According to the report, while the global economic environment presents numerous challenges, Zimbabwe’s mining sector is well-positioned to achieve steady growth in 2025. With continued investments, expansion efforts, and favorable gold prices, the country’s mineral industry is poised to contribute substantially to its economy, despite broader market uncertainties.

Gold buying prices per gram in Zimbabwe, 1 April 2025

Mining
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Gold buying prices per gram in Zimbabwe, 1 April 2025

Gold buying prices per gram in Zimbabwe today, 1 April 2025, from the official gold buyer and exporter Fidelity Gold Refinery (FGR).

SG 90% and ABOVE US$94.64/g
SG ABOVE 89% BUT BELOW 90% US$93.64/g
SG ABOVE 80% BUT BELOW 85% US$92.64/g
SG ABOVE 75% BUT BELOW 80% US$91.63/g
SAMPLE BELOW 10g BUT ABOVE 5g US$90.13/g

Fire Assay CASH $95.14/g

NB: Fire Assay cash price is for gold above 100gs; no sample is deducted.
For the Fire Assay Transfer price, a sample of not more than 10g is deducted
A 2% royalty is charged on all deposits (Small-scale miners)
A 5% royalty is set for Primary Producers

Record 1.84 Million EVs Sold Globally in January 2025, as Battery Deployment Hits 63.67 GWh

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Record 1.84 Million EVs Sold Globally in January 2025, as Battery Deployment Hits 63.67 GWh

According to the latest Battery Raw Materials Deployment Update by Adamas Intelligence, the Global Electric Vehicle (EV) market achieved a new milestone in January 2025, with a record-breaking 1,842,787 passenger Battery Electric Vehicles (BEV), plug-in Hybrid Electric Vehicles (PHEV), and Hybrid Electric Vehicles (HEV) sold worldwide, Mining Zimbabwe reports.

While this represented a 30% decline compared to the previous month, the sales surge marked a 17% increase compared to January 2024. This impressive year-over-year growth highlights the increasing global transition toward electric mobility, even amidst typical seasonal fluctuations.

Sales trends varied regionally, with the Asia-Pacific experiencing a 34% drop in month-over-month sales. However, the region still showed a 16% increase in sales compared to the same time last year, signaling sustained growth despite short-term setbacks.

Europe, too, saw a 21% drop from December 2024, but overall sales increased by 11% year-over-year. The Americas presented a more optimistic picture, with a 28% year-over-year rise, despite a 25% decline in month-over-month sales. These regional dynamics indicate that the EV market is becoming more resilient, with long-term growth continuing despite occasional fluctuations.

Alongside the rise in EV sales, the demand for batteries also reached new heights. In January 2025, a total of 63,673 MWh of battery capacity was deployed globally in newly sold passenger xEVs. While this represented a 36% month-over-month decline, it still marked a robust 21% increase compared to the same period in 2024. CATL led the way in battery deployment with 19,337 MWh, followed by Tesla with 7,258 MWh. The global sales-weighted average battery capacity per vehicle also rose by 4% year-over-year, driven by the increased sales of BEVs and PHEVs, which saw stronger growth compared to HEVs.

As the market for electric vehicles expands, so does the demand for raw materials to power these batteries. In January 2025, critical battery materials, such as lithium, nickel, cobalt, manganese, and graphite, all saw significant deployment. A total of 36,967 tonnes of lithium carbonate equivalent (LCE) was deployed in the batteries of newly sold passenger xEVs. Despite a 35% drop from December 2024, this figure represented a 19% year-over-year increase, underscoring the growing need for lithium as EV adoption accelerates. CATL led in LCE deployment with 11,477 tonnes, while Tesla was the top xEV maker with 4,027 tonnes. The global sales-weighted average amount of LCE deployed per battery also increased by 2% year-over-year, reaching 20.1 kg.

In addition to lithium, nickel also plays a vital role in the production of EV batteries. In January 2025, 24,029 tonnes of nickel were deployed globally, reflecting a 30% decrease from the previous month but a 13% increase compared to January 2024. As with lithium, CATL led in nickel deployment with 6,371 tonnes, while Tesla remained the leader among xEV makers with 3,176 tonnes. The average amount of nickel deployed per battery stood at 13.0 kg, a slight 3% decrease from the previous year. These figures highlight the crucial role of nickel in powering the next generation of EVs and the industry’s ongoing efforts to secure a stable supply of this essential material.

Cobalt, another critical component, saw 4,252 tonnes deployed globally in January 2025. While this was a 29% drop from December 2024, it marked a modest 1% year-over-year increase. CATL continued to lead in cobalt deployment, with 1,397 tonnes, while Tesla again emerged as the top xEV maker with 342 tonnes. The average amount of cobalt deployed per battery was 2.3 kg, down 13% from the previous year. This reflects the industry’s ongoing efforts to reduce its reliance on cobalt, which remains one of the more challenging materials to source sustainably.

Manganese, which is also essential in battery chemistry, saw 5,316 tonnes deployed globally in January 2025. While this was a 29% decline from the previous month, it represented a 14% increase compared to January 2024. CATL again led manganese deployment with 1,946 tonnes, while Luxeed led among xEV makers with 299 tonnes. The global average amount of manganese deployed per battery stood at 2.9 kg, which was a 10% decrease from the previous year. This decrease in manganese deployment may signal ongoing efforts by manufacturers to optimize battery compositions and reduce material costs.

Graphite, a critical material in the production of EV batteries, saw 58,766 tonnes deployed globally in January 2025. While this was a 36% drop compared to December 2024, it represented a 22% increase year-over-year. CATL was the leader in graphite deployment, with 18,266 tonnes, while BYD remained the top xEV maker, deploying 7,440 tonnes. The average amount of graphite deployed per battery increased by 4%, reaching 31.9 kg. This growth in graphite usage reflects its continued importance as a key component in lithium-ion batteries.

Overall, the data from January 2025 underscores the growing momentum in the global transition to electric mobility. While month-over-month fluctuations are to be expected, the strong year-over-year growth in both EV sales and battery material deployment demonstrates the industry’s resilience and potential for further expansion. As demand for electric vehicles continues to rise, so will the need for efficient supply chains and innovative solutions to secure the necessary raw materials. The future of electric mobility remains bright, with significant progress being made toward a more sustainable and electrified world.

Caledonia Profits Surge 86% on Higher Gold Prices

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Caledonia Profits Surge 86% on Higher Gold Prices

Caledonia Mining Corporation Plc has reported a record gross profit of $77.0 million for the year ended December 31, 2024, marking an 86% increase from the previous year’s $41.5 million due to the rise in gold prices and lower production costs at its Bilboes oxide mine, Mining Zimbabwe can report.

By Rudairo Mapuranga

According to the company’s results for the year ended December 31, 2024, gross revenue climbed to $183.0 million, up from $146.3 million in 2023, driven by stronger gold prices. The net attributable profit stood at $17.9 million, a significant turnaround from the net loss of $7.9 million recorded in 2023. Operating cash flow also saw a dramatic improvement, rising to $42.0 million from $14.8 million in the previous year.

Earnings per share (EPS) saw a strong recovery, with basic IFRS EPS reaching 91.2 cents compared to a loss per share of 43.6 cents in 2023. Adjusted EPS was 125.2 cents, reflecting the company’s improved profitability.

Gold production at the flagship Blanket Mine was 76,656 ounces, slightly up from 75,416 ounces in 2023, aligning with guidance expectations. However, production at the Bilboes oxide mine declined to 1,645 ounces from 3,050 ounces in 2023 due to its placement on care and maintenance as of September 30, 2023.

Despite this, the company benefited from higher realized gold prices, which averaged $2,347 per ounce compared to $1,910 in 2023. The on-mine cost per ounce improved slightly to $1,073 from $1,097, while the all-in sustaining cost (AISC) remained stable at $1,506 per ounce.

Caledonia made notable progress in resource development, with a 63% increase in measured and indicated mineral resources and a 26% increase in inferred resources at Blanket. Encouraging exploration results at the Motapa project in November 2024 have also prompted further exploration activities in 2025.

Meanwhile, the feasibility study for the Bilboes project is ongoing, with the company exploring optimization opportunities to enhance project economics and reduce upfront capital requirements. Potential adjustments include relocating the Tailings Storage Facility and evaluating near-term revenue opportunities at Blanket to support Bilboes’ initial capital needs.

Caledonia has budgeted $41.0 million in capital investment for 2025, with $34.1 million allocated to Blanket and $6.3 million for the Bilboes and Motapa projects. The company remains focused on maintaining stable production, modernizing operations, and optimizing the Bilboes project to maximize shareholder value.

CEO Mark Learmonth expressed confidence in the company’s growth trajectory, stating, “2024 was a year of significant progress, and our financial performance benefited greatly from a higher gold price environment. We remain committed to our vision of becoming a multi-asset, Zimbabwe-focused gold producer.”

With a strong start to 2025, including 11,782 ounces of gold produced by the end of February, Caledonia appears poised for another year of expansion and financial success.

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