In Q1 2026, Caledonia Mining demonstrated resilience with sustained gold production at its flagship Blanket Mine despite a slight production dip from rising tonnage milled, driven by lower grades and recoveries. Costs increased notably due to the sale of its renewable solar asset, now managed under a power purchase agreement, and electricity expenses. The recent acquisition of the high-grade Bilboes Project underpins future growth potential. While operational execution remains solid and consistent dividend policy supports investor confidence, geopolitical and currency risks inherent to Zimbabwe continue to shape the company’s opportunity set. The January 2026 convertible senior notes issuance improves financial flexibility to propel project development beyond current operations.