Each one in plain English, with the numbers worked through for a shareholder.
23 July 2026drilling result▲ GoodMajor
Caledonia reported surface drilling at its Blanket mine (K-Pits area) that found near-surface gold in both oxide and sulphide rock, in a zone it says may be a new orebody about 200 metres east of the nearest projected underground orebody. Highlights include 23 m at 2.61 g/t (oxide) and 16 m at 6.04 g/t (sulphide), all down-hole lengths, from 155 reverse circulation holes (7,063 m) and 13 trenches drilled in 2025. Metallurgical tests on whether the oxide material suits heap leaching are underway with 'encouraging' preliminary results; if recovery is acceptable, the CEO intends a 10,000-tonne trial heap leach in the second half of 2026. The updated Blanket resource statement, earlier expected 'during 2026', is now expected in August 2026, and follow-up drilling is planned. No resource figures, costs or recoveries are given, so the size and value of the zone are not yet known.
Caledonia reported 2025 drilling results from Motapa, the exploration property next to Bilboes acquired in 2022, with the highlights including 19 m at 8.08 g/t and 6.38 m at 13.95 g/t at Motapa North (down-hole lengths). It says mineralisation continues over about 6 km and that Motapa could extend Bilboes mine life. It expects a first resource estimate for parts of Motapa in Q3 2026. The release also states Bilboes proven and probable reserves of 1.75 million ounces (24.1 Mt at 2.26 g/t) and targets first gold from Bilboes in Q4 2028; these fill gaps in earlier filings, which lacked reserves.
Caledonia refiled the Canadian-format Bilboes feasibility study report after Ontario Securities Commission staff found some listed authors did not qualify as qualified persons under Canadian rules. DRA replaced them, and the updated report was filed on SEDAR+ the day before. The company says the US-format feasibility study filed in November 2025 is unchanged and the project is not affected, so this is a compliance fix to the earlier Bilboes work.
Caledonia said the quarterly dividend of US$0.14 per share, announced on 23 March 2026 and payable 17 April 2026, will be paid on 20 April 2026 to holders of depositary interests representing shares trading on AIM. All other dividend details are unchanged. This continues the regular quarterly dividend and only changes a payment date for one group of holders.
Caledonia reported deep drilling results at Blanket Mine: 10,311.9 metres drilled from March to December 2025, with grades and widths consistent with or better than expected. This follows the June 2025 results, whose figures were not available then. Highlights include a newly identified orebody called Blanket 7, with one hole cutting 13.2 m at 9.24 g/t and another 48 m at 4.25 g/t (core lengths), and the Lima orebody confirmed down to 34 level. The company says these results should raise confidence in the resource and expects to publish an updated mineral resource and reserve statement during 2026. No new resource numbers are given yet.
Caledonia closed its 5.875% Convertible Senior Notes due 2033 at $150 million, larger than the $125 million priced on 15 January, because the initial purchasers took their full $25 million extra option. This completes the offering flagged as pending, so the company now carries this debt after previously having none. The capped call options cost about $14.4 million (the pricing release said about $12.0 million, though that figure may relate to the smaller base deal; this is an inference). The conversion price remains about $40.51 and the capped call cap about $56.72. The text provided is truncated before the indenture's detailed terms, and the filing does not state a final net-proceeds figure.
Caledonia priced an upsized $125 million offering of 5.875% Convertible Senior Notes due January 15, 2033, up from $100 million, with an option for up to $25 million more and closing expected January 20, 2026. Net proceeds are about $120.2 million, of which about $12.0 million pays for capped calls; the rest is for Bilboes development and general needs. The notes convert at about $40.51 per share (24.6837 shares per $1,000), a 25% premium, and the capped calls (cap $56.7175) are meant to offset dilution up to that price, so shareholders face new debt and possible dilution above the cap.
Caledonia proposed a $100 million private offering of Convertible Senior Notes due 2033, with an option for buyers to take up to $20 million more. Proceeds would pay for capped call transactions meant to offset dilution, with the rest giving flexibility for developing the Bilboes project and general needs. The notes can convert into cash, shares or a mix at Caledonia's election, so this could add debt and possible dilution; the offer was subject to market conditions. It would be Caledonia's first debt in the history seen here, which was previously debt-free.
19 Dec 2025regulatory community update● NeutralMajor
Caledonia announced that the Zimbabwe government has amended proposed changes to the royalty and tax regimes, following an earlier announcement dated December 1, 2025. The details of the changes and their effect on Caledonia are not in the text provided.
Caledonia gave a reminder of a remote presentation on the Bilboes feasibility study. The text provided is only the cover page and exhibit index and contains no new project information.
Caledonia announced publication and highlights of the Bilboes gold project feasibility study. The text provided is only the cover page and exhibit index, so the study's figures are not given; they accompany the technical report summary filed the day before.
Caledonia published a new US-format technical report summary on the Bilboes gold project (effective October 31, 2025, prepared by DRA) reporting a feasibility study for an open-pit operation, replacing the earlier preliminary assessment of May 2024. The text shows updated resources at a 0.5 g/t cut-off and US$3,000/oz gold price: measured and indicated 532 koz (12.1 Mt at 1.37 g/t) and inferred 984 koz, versus 2,470 koz and 560 koz in the December 2024 report. The text provided is truncated before any mineral reserves, costs or economics, and the different cut-off and price assumptions mean the two resource figures are not like-for-like.
Caledonia reported high-grade drill results at Blanket Mine, with the headline saying grades and widths were better than expected in multiple areas and are anticipated to boost gold resources. The drilling figures are not in the text provided, which is only the cover page and exhibit index.
Caledonia announced publication of its 2024 ESG report. The text provided is only the cover page and exhibit index, so the report's contents are not given.
Caledonia announced its board approved a quarterly dividend, continuing its regular payments. The amount and dates are not in the text provided, which is only the cover page and exhibit index.
Caledonia completed the sale of its 12.2MWac solar plant for $22.35m, closing the transaction announced in October 2024. The headline says the proceeds unlock capital for its growth strategy; the buyer is not named in the text provided.
Caledonia announced results for the year ended December 31, 2024. The headline mentions 'Record Profit, Stable Production and Exploration Success', and says previously issued financial statements are restated, with investors told not to rely on them 'to the extent set out in this announcement'. The text provided is only the cover page and exhibit index, so what was restated, by how much, and the actual results are not given.
Caledonia changed the payment date of its April dividend, announced on March 24, 2025, to April 17, 2025. Nothing else about the dividend is changed in the text provided.
Caledonia published a new US-format technical report summary on the Bilboes Gold Project in Zimbabwe, prepared by DRA Projects with an effective date of May 30, 2024. It reports an initial assessment for an open-pit operation with measured and indicated resources of 2,470 koz (33.65 Mt at 2.30 g/t) plus inferred resources of 560 koz, and no mineral reserves. It costs total project capital at US$402.97 million (US$352.24 million Phase 1, US$50.73 million Phase 2); the report is an early-stage study and says there is no certainty it will be realized.
1 Oct 2024asset acquisition disposition● NeutralMajor
Caledonia announced a transaction to sell a solar plant. The buyer, price and terms are not in the text provided. The filing now references a new F-3 registration statement (File No. 333-281436).
Caledonia filed the Bilboes Gold Project preliminary economic assessment (effective May 30, 2024, issued June 3, 2024), with consents from three qualified persons. The text provided is only the cover and exhibit list, with no findings.
Caledonia announced it will file a preliminary economic assessment on its chosen approach to develop the Bilboes sulphide gold project, acquired in January 2023. The findings are not in the text provided.
Caledonia declared its regular quarterly dividend, filed the same day as the full-year 2023 results. The amount and dates are not in the text provided.
Caledonia published results for the year ended December 31, 2023, with notice of a management conference call and a dividend declaration. The financial results and dividend amount are not in the text provided.
