Exhibit 99.1

// Bilboes Gold Project Technical Report Summary

DATE AND SIGNATURE PAGE

This technical report summary titled “Bilboes Gold Project Technical Report Summary” was prepared for Caledonia Mining Corporation Plc, in accordance with Subpart 1300 and Item 601(b)(96) of Regulation S-K, as adopted by the United States Securities and Exchange Commission. Its effective date is 31 October 2025.

The Qualified Person (“QP”) responsible for this Report is:

DRA Projects (Pty) Ltd

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ABBREVIATIONS, TERMS AND DEFINITIONS

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SYSTEM OF UNITS

The international metric system of units (SI) will be used throughout the design in all documentation, specifications, drawings, reports, and all other associated documents.

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TABLE OF CONTENTS

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LIST OF TABLES

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LIST OF FIGURES

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This technical report summary titled “Bilboes Gold Project Technical Report Summary” was prepared for Caledonia Mining Corporation Plc, in accordance with Subpart 1300 and Item 601(b)(96) of Regulation S-K (SK-1300), as adopted by the United States Securities and Exchange Commission. Its effective date is 31 October 2025.

This Technical Report Summary (TRS) has been prepared for Caledonia Mining Corporation Plc (Caledonia) on the Bilboes Gold Project, Zimbabwe which Caledonia acquired with the acquisition of Bilboes Gold Limited (Bilboes) on 6 January 2023. Caledonia is a Zimbabwean focused exploration, development, and mining corporation. Caledonia shares are listed on the NYSE American LLC and depositary interests in the shares are traded on the AIM of the London Stock Exchange plc (symbol: CMCL). Caledonia listed depositary receipts on the Victoria Falls Stock Exchange, a subsidiary of the Zimbabwe Stock Exchange, on December 2, 2021.

Caledonia mandated DRA Projects (Pty) Ltd (DRA) to complete this TRS to report a Feasibility Study (FS) on the Bilboes Gold Project, Zimbabwe. The purpose of this report is to report Mineral Resources and Mineral Reserves in accordance with S-K 1300, and to present the results of an FS for the implementation of open pit mining to recover the gold mineralization.

The Bilboes properties are located in the Matabeleland North Province of Zimbabwe. The Isabella-McCays properties are situated approximately 80 km north of Bulawayo while Bubi is situated approximately 100 km north of Bulawayo. Bubi is 32 km due north-east of Isabella.

Bilboes has rights to three groups of claims covering an area of 2,731.6 ha that consist of four open-pit mining properties in Matabeleland North Province of Zimbabwe. These open pits are referred to as Isabela North; Isabela South; McCays and Bubi (Figure 1-1).

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Figure 1-1: Regional Location of the Bilboes Project

Bilboes has been operating in Matabeleland since 1989. It holds the necessary mining permits and complies with the terms of the Mines and Minerals Act and allied regulations with respect to all of their claims and in particular that all of the registration certificates are valid, and the protection certificates are up to date. Bilboes thus requires no further permits to explore or produce from the current operational areas, but further permits will be required for the proposed haul road between Bubi and Isabella plant.

A water usage study for the utilization of the Bafana dam as a water source will have to be included in an updated Environmental Impact Assessment (EIA) and water use license.

Initial exploration by Anglo American Corporation of Zimbabwe Ltd (AMZIM) at Isabella allowed the estimation of a small oxide Resource and an open-pit and heap-leach mine was commissioned in 1989. Subsequent exploration extended Iife at Isabella and new discoveries were made at Bubi and McCays, which has yielded production of 9,191 kg of gold (295,500 oz) to December 2024. All mining has been from open pit oxide ore utilizing the heap leach extraction processing method.

Exploration for sulphide Mineral Resources began in 1994/95, with 17,650 m of exploratory drilling being completed by 1999, covering a strike length of 3,440 m.

A maiden Mineral Resource estimate for the sulphide Mineral Resources was completed by SRK Consulting (SRK) in 2009, containing 4.75 Mt of Inferred Mineral Resources grading 3.49 g/t. This estimate used a 2.0 g/t cut-off for delineation of the mineral Resource estimation domains.

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1.6.1         Geological Setting and Mineralization

The Bubi Greenstone Belt (Archean) which consists of volcanic rocks of the Upper Bulawayan Group and capped by sedimentary sequences of the Shamvaian Group, all of which have been metamorphosed into felsic and mafic schists, underlies the Bilboes Properties. Gold deposits are concentrated at the interface between these two groups, where major structural breaks and splays provide pathways for hydrothermal vein mineralization.

Gold is associated with sulphides that is commonly found in hydrothermal systems. These include pyrite and arsenopyrite as major components, but copper, lead, zinc, antimony, are also present in some deposits. Common alteration associated with gold mineralization is silicification, with lesser sericite and chlorite alteration.

1.6.2         Deposit Types

Mineralization is hydrothermal and consists of silicified stockworks that host pyrite and arsenopyrite. The stockworks are characterized by a series of subparallel echelon zones. The gold is very finely dispersed within the sulphides and is refractory. All the deposits are oxidized with the sulphide interface occurring between 6 m and 50 m below surface.

Soil sampling, trenching and geological mapping have been progressively conducted since exploration and oxide mining commenced in 1982. Soil sampling was used to identify areas for trenching and mapping. Trenches were sampled at 1 m to 2 m intervals. The assays were used to guide the interpretation and projection of oxide mineralization along strike and at depth. The assays from trench sampling were not used in grade estimation.

Ground Magnetics and Induced Polarization geophysical surveys have been conducted at Isabella, as part of the oxide ore exploration since 1996.

Drilling of the sulphides to provide data for the mineral resource estimate was done in three phases totalling 93,400 m. The first phase by AMZIM was between 1994 and 1999 and the second phase by Bilboes from 2011 to 2013. The latest drilling was from December 2017 to November 2018.

The third campaign focused on upgrading of the mineral resources from the Inferred and Indicated to Indicated and Measured categories.

During the drilling campaigns, all geological logging and sampling was conducted in accordance with Bilboes standard operating procedures which were adopted from (AMZIM) and enhanced over time to keep up with industry best practices.

Independent South African National Accreditation System (SANAS) accredited laboratories were used in the analyses of samples.

Performance Laboratories Zimbabwe Limited (PLZ) in Harare was selected as the primary laboratory. ZIMLABS and Antech Laboratories (Antech) in Zimbabwe were used for check analyses.

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Certified Reference Materials (CRMs), blanks, field duplicates, coarse and pulp repeats were used for Quality Assurance Quality Control (QA/QC) purposes.

The Qualified Person (QP) has assessed the standard operating procedures together with the results of the QA/QC program and is of the view that these are adequate for the purposes of this TRS.

1.8.1         Data Verification

Before commencement of the 2017/2018 drilling campaign in addition to the Datamine™ software already in place, Bilboes acquired Fusion database software for the capture, storage and management of drill hole information. This software has built in data verification tools to minimize transcription errors. Bilboes standard operating procedure involves a thorough audit by a senior geologist of all drillholes geology and sampling logs, from data logging through to capturing into the database and QA/QC checks.

Each hardcopy log is audited and signed-off by a senior geologist prior to being used in modelling and estimation.

DRA visited the site during drilling and performed various checks to verify the integrity of the collar co-ordinates, logging and sampling procedures, and assay results and concluded that the data collection was consistent with industry standards.

1.8.2         Metallurgical Test Work

The metallurgical test work campaign was concluded in different phases over a period extending from September 2013 to March 2019 and involved various laboratories and consultants as outlined in Table 1-1. The outcomes from the test work have been used to define the processing route, process design basis and gold recoveries.

Table 1-1: Test work Program Outline

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1.8.3         Process Route Identification

Gravity amenability tests indicated poor gold recoveries and varied from 14% to 22% at 0.5% mass pull. Initial milling and flotation results indicated high gold recoveries of 89 - 97% with high mass pulls ranging 10 - 15%, low concentrate grades of 12 - 20 g/t Au and unacceptable high levels of carbonates in the range of 7 - 13% which were bound to negatively affect the down-stream gold recovery process. Gold dissolution from flotation concentrates using Biological Oxidation (BIOX®) provided 99% sulphide decomposition with 97% gold dissolution by cyanidation of the bio-residue.

Based on the test work and consideration of environmental impacts and risk minimization by adopting commercially established and proven processes, the process route identified for additional evaluation was flotation, pre-treatment of the concentrate by BIOX® followed by cyanidation.

1.8.4         Pilot Plant Test Work

The pilot plant test work was conducted over a period of six months from April 2018 to September 2018, utilizing 20t of the Isabella McCays ore and 15t of Bubi ore. The Isabella McCays ores gold recoveries ranged from 85.9% to 91.0% and the mass pulls ranged from 3.8% to 6.0% with a weighted average of 88.4% recovery and 5.0% mass pull. The Bubi ore recoveries ranged from 85.9% to 88.8% and mass pulls ranged from 7.8% to 15.2% with average of 87.5% recovery and 10.0% mass pull.

1.8.5         BIOX®

Test work was conducted in 2019 on ore samples from Isabella McCays and Bubi deposits to develop test work data to design a gold processing plant.

The BIOX® test work indicated the following:

The Mineral Resource Estimate (MRE) has been declared in terms of S-K 1300 (Table 1-2). The previous MRE was effective 31 December 2023. The December 2023 MRE was constrained to a Lerchs-Grossmann pit shell using 0.9 g/t Au as the cut-off grade. Since then, there has been start-up mining and grade-control drilling at Isabella North, Isabella South and McCays. This October 2025 MRE therefore reflects an update of the additional geological data, and mining, as well as to reflect current metal prices and updated operational (mining and processing) parameters derived from the FS. The geological and mineral resource block models have been updated.

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The Mineral Resource Estimate is summarized in Table 1-2 using a cut-off grade of 0.5 g/t Au and constrained inside a Lerchs-Grossman (LG) optimized pit shell using US$ 3,000 per ounce gold price. Mineral Resources exclude Mineral Reserves.

Table 1-2: Mineral Resource based on a 0.5g/t Au Cut-Off Grade

S-K 1300 definitions observed for classification of Mineral Resources.

Mineral Resources are reported in-situ.

Resources are constrained by a Lerchs-Grossman (LG) optimized pit shell using Whittle software.

Pit shells parameters assumed gold price at US$3,000 /oz, Recovery 83.6 % Isabella and McCays, 88.9%, Bubi. Ore cost, US$ 2.60/t for Isabella, McCays and Bubi. Waste US$2.00/t Isabella, McCays and Bubi. Processing cost US$ 22.26/t for Isabella & McCays and US$ 42.25/t for Bubi.

Mineral Resources are not Mineral Reserves and have no demonstrated economic viability. The estimate of Mineral Resources may be materially affected by mining, processing, metallurgical, infrastructure, economic, marketing, legal, environmental, social, and governmental factors (Modifying Factors).

Inferred mineral resources are considered too speculative geologically to have the economic considerations applied to them that would enable them to be categorized as mineral reserves, and there is no certainty that the inferred mineral resources will be upgraded to indicated or measured mineral resources, with further exploration.

Numbers may not add due to rounding.

Effective Date of Resource Estimate is 31 October 2025.

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The process to develop the Mineral Reserve estimate was as follows:

Open pit optimisation was undertaken on the measured and indicated mineral resources only.

The grades and tonnes of the mineral resource model have been modified by a mining / geological recovery and a mining dilution based on ore body geometry and mining methodology. The Mining Model contains undiluted ore tonnes and ore grade. An ore recovery of 92.5% and fixed dilution parameters of 20 cm of hanging wall and 20 cm of footwall (4% in Whittle) were applied in the Optimisations.

The Whittle optimisation software was used to perform the pit Optimisations. A range of operating costs and production parameters were applied. These are summarised below, along with the source of the information:

A sensitivity assessment was performed using gold prices of $2,409/oz and $1,971/oz. A gold price of $3,000/oz scenario assessment was also used to determine surface infrastructure boundaries to ensure that no potential future resource is sterilised. This indicated the optimal shell inventory (i.e., the size and shape of the optimal shell and therefore the ore and waste generated) was relatively robust for all mining areas.

Optimal shells (maximum profit) were selected for each deposit area based on a $ 2,190/oz gold price that were then used as the basis for pit designs. These shell selection criteria are relatively conservative.

A cut-off grade of 0.56 g/t (McCays, Isabella South and Isabella North) and 1.05 g/t (Bubi) based on project specific projected revenue and cost was applied to all Project resources to ensure tonnes milled generate enough revenue to cover costs.

Table 1-3 summarises the Mineral Reserve Statement based on the work detailed above, undertaken as part of the Bilboes Gold Project.

Table 1-3: Bilboes Gold Project Mineral Reserve Statement

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Note: All tonnes quoted are in-situ dry tonnes. Differences in the addition of deposit tonnes to the total displayed is due to rounding to one decimal place.

A cut-off grade of 0.56 g/t (McCays, Isabella South & Isabella North) and 1.05 g/t (Bubi) was applied based on project specifics. Pit shells parameters assumed gold price at US$2,190 /oz, Recovery 83.6 % Isabella and McCays, 88.9%, Bubi. Ore cost, US$ 2.60/t for Isabella, McCays and, Bubi. Waste US$2.00/t Isabella, McCays, and Bubi. Processing cost US$ 22.26/t for Isabella & McCays and US$ 42.25/t for Bubi.

The Mineral Reserve estimate has been classified and reported in accordance with U.S. Securities and Exchange Commission (SEC) S-K 1300.

The estimate of Mineral Reserves for the Bilboes Gold Project is not at this stage materially affected by any known environmental, permitting, legal, title, taxation, socioeconomic, marketing, political, or other relevant issues. Furthermore, the estimate of Mineral Reserves is not materially affected by any known mining, metallurgical, infrastructure, or other relevant factors.

Effective date for mineral reserves is 31 October 2025.

DRA is confident that enough geological work has been undertaken, and sufficient geological understanding gained to enable the construction of an ore body model suitable for the derivation of Mineral Resource and Mineral Reserve estimates. DRA considers that both the modelling and the grade interpolation have been carried out in an unbiased manner and that the resulting grade and tonnage estimates should be reliable within the context of the classification applied. In addition, DRA is not aware of any metallurgical, infrastructural, environmental, legal, title, taxation, socio-economic, or marketing issues that would impact on the mineral resource, or reserve statements as presented.

The Bilboes Gold Project consists of four mining areas containing between one to three pits each. These areas are McCays, Isabella South, Isabella North and Bubi (Figure 1-2).

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Figure 1-2: Bilboes Pits and Infrastructure

Based on the analysis of the engineering geological aspects of the investigated deposits which included rock mass characterization, hydrogeology, intact rock properties and structural geology, a geotechnical model comprising design parameters was developed. Using these design parameters; kinematic, empirical and limit equilibrium analysis was conducted to determine the optimal slope configuration for the various deposits.

Based on the analysis conducted, it is understood that the capacity of the slopes should be affected by the following:

In this FS the previous Base Case was revalidated with Phase 1 being a 240 ktpm gold processing plant treating Run of Mine (RoM) material from Isabella and McCays (after a short ramp-up period) before being upgraded for a Phase 2 to treat RoM material from the Bubi pit at 180 ktpm.

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The inputs to the whittle optimisation include revenue related financial parameters, geotechnical parameters, various waste mining costs and the process plant throughput.

Geological losses of 2.5%, dilution of 4% and mining losses of 5% were used as input parameters.

The Life of Mine (LoM) schedule considers the blending requirement that a maximum of 50% of feed to be sourced from Isabella North and the remainder from Isabella South (preferred blend) or McCays. Irregular waste production profiles were smoothed to ensure the production profile is practically implementable.

Plant feed will be derived from two main mining areas, namely Isabella McCays and Bubi, with production throughput to be phased over LoM as described in each scenario.

Operations in the process plant can essentially be divided into the following sections:

Further detail covering the test work and processing route can be found in the historical feasibility study reports. A simplified schematic flow diagram is presented in Figure 1-3.

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Figure 1-3: Simplified Process Flow Diagram

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SLR Consulting (Africa) (Pty) Ltd (SLR) were engaged to optimize the Tailings Storage Facility (TSF) as a follow on to investigate a new concept design and associated costing based on a phased paddock approach. The objectives were to minimize initial capital outlay and delay further expenditure according to two stage build programme that aligned with the LoM production schedule.

The overall site plan is presented in Figure 1-2. and includes major facilities of the Project including the Isabella North and South, McCays and Bubi open pits, gold processing plant, TSF, Waste Stockpiles, demarcated areas for mine buildings and accommodation facilities, main power line, and internal access and public roads.

Grid power will be supplied from the Zimbabwe National Grid by constructing a 70 km 132 kV Lynx line from Shangani Substation. To feed the line, a line bay will be constructed at Shangani. A mine substation will be constructed at Isabella.

The cost estimate received is for a 132 kV substation, equipped with a 40 MVA 132/33 kV step-down transformer.

Raw water will be provided from Bafana dam and the wellfield boreholes located across the mine license area. The Bafana dam water use will have to be included in an updated EIA and water use license application prior to project execution and prior operations.

The Environmental and Social Impact Assessment (ESIA) and accompanying specialist studies were conducted in conformance with the relevant International Finance Corporation (IFC) Performance Standards and associated guidelines and in compliance with the legal framework of Zimbabwe. The Environmental Impact Assessment (EIA) (SLR, 2019) identified the following potential environmental impacts:

The EIA (SLR, 2019) concluded that the proposed project presents several potential positive and negative impacts associated with the unmitigated scenario. With mitigation (in the residual impact scenario) some of the identified potential impacts can be prevented and the remainder can be managed and mitigated to remain within acceptable environmental limits so long as the mitigation set out in the Environmental and Social Management Plan (ESMP) is implemented and Bilboes develops, implements, and annually reviews the Environmental, Social and Safety Management System (ESSMS). Positive impacts can be enhanced by developing and implementing a Community Development Plan as set out in the ESMP.

Bilboes is committed to implementing mitigation measures within the ESMP together with the ESSMS which will be implemented as part of Bilboes on-going efforts to achieve continuous environmental improvement. The management system will contain plans and procedures to help manage environmental aspects and impacts and help ensure legal compliance. Requirements for post-closure monitoring to determine whether the mitigation and rehabilitation measures are effective would be incorporated into a final Closure Plan to be compiled for the operations prior to the commencement of decommissioning.

An approved EIA is required in terms of the Environmental Management Act (Chapter 20:27) No. 13 of 2002 and the Mines and Minerals Act (Chapter 21:05) of 1996. The ESIA was undertaken for the project to satisfy the requirement and an ESIA Report was completed for submission to EMA within the first quarter of 2020. Thereafter, SLR held a public feedback meeting to disclose the findings of the ESIA Report to the identified stakeholders. A record of this disclosure process was compiled and submitted to EMA. An EIA certificate was issued to Bilboes for the project in February 2021 and was valid for two years to February 2023. From there after the EIA certificate has been renewed annually subject to conditions which include project update reports, compliance to Environmental Management Plans (EMP) outlined in the ESIA Report and notification to EMA for any changes in the project likely to alter the project as stipulated in the ESIA Report. The current EIA certificate is valid until February 2026, and the renewal process will continue annually for the duration of the operations.

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Other project related licenses/permits currently in use include explosives (purchase and storage), firearms, medicines control, public health (medical examination), water abstract and hazardous substances (importation, transportation, storage and use), solid waste disposal which are renewed quarterly or annually when become due. The conditions of renewal are limited to payment of applicable fees to the relevant statutory bodies.

An ESMP has been developed which contains the environmental, social and safety management and monitoring commitments that Bilboes will implement to manage the negative impacts and enhance the positive impacts identified in the EIA. This will include:

Generally accepted “good international practice” mine closure methods were used as the basis for the conceptual closure plan, as well as for determining the unit rates for the various closure components used in the LoM liability calculation. The mine closure methods also conform to the statutory requirements of Zimbabwe EMA, who are the regulatory body.

DRA has developed two distinct project phases which are delineated as follow:

The estimate assumes that the project will be executed on an Engineering, Procurement, and Construction Management (EPCM) basis. Phase 2 of the study is presumed to be executed by the Owners team and EPCM costs have been excluded.

The mining peak funding costs are a combination of site establishment and pre-development during the production ramp up which consists of the first four months of production.

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The capital estimate related to a C4 commission date is summarized in Table 1-4.

Table 1-4: Capital Summary per Project Phase

The operating cost estimate has been completed from a zero base and presented in United States Dollar (US$). Costs associated with Labour, materials and consumables have been included in this estimate. The base date for the Capital Cost Estimate (CCE) and Mining Contractor budget pricing is August 2025. The costs outlined below exclude any contingency allowances and are presented with an estimated accuracy range of ±15%.

1.19.1      Mining Contractor Costing

The average mining cost based on pricing received is US$ 2.83/t including the plant feed transport cost from all mining areas. The cost is market related and based on contract mining. The total average unit cost per annum related to all mined tonnes is illustrated in Figure 1-4.

Figure 1-4: Unit Cost per Total Tonne Mined

1.19.2      Process Plant Operating Cost

Operating costs have been estimated and based on the production profile for LoM. Steady state costs are presented for Phase 1 and Phase 2 in Table 1-5. Main drivers in costs include reagents and power which collectively account for more than 70% of total plant operating costs.

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Table 1-5: Plant OPEX

1.19.3      General and Administration Cost

The General and Administration Cost (G&A) cost includes administrative personnel, general office supplies, safety and training, travel (both on site and off site), independent contractors, insurance, permits, fuel levies, security, camp power, camp costs, Information and Communication Technology (ICT), relocation, and recruitment.

Total G&A costs amount to US$6.5 M per annum in Phases 1 and 2.

1.19.4      Total Operating Costs Summary

The total operating costs have been estimated and based on the production profile over LoM. A summary of LoM operating costs are presented in Table 1-6 with AISC (all in sustaining cost) totalling US$1,061/oz Real.

Table 1-6: LoM Operating Cost Summary

The LoM average Total Cash Cost is US$1,032/oz (real 2025), which places the Project on the 50th percentile of primary gold producers globally¹.

The Project’s AISC peaks in the years where there is a noticeable decrease in annual ounce production observed (2030, 2034-36, 2038-39) with the AISC breaking through the US$1,100/oz level in those years.

¹ As per data from S&P Global’s Market Intelligence platform.

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The Gold Trade Act empowers the Minister responsible for Finance to issue a Gold Dealers License which entitles entities to export and sell gold from Zimbabwe to customers of their choice. Prior to 1 June 2021, only Fidelity Gold Refinery (Private) Limited (FGR) had the Gold Dealership License and therefore all gold bullion was sold to FGR. With effect from 1 August 2021, all gold producers can directly sell any incremental production to customers of their choice using FGR’s license to export. Caledonia’s Blanket Mine is currently selling 70% of its gold to a customer of its choice outside Zimbabwe by exporting the gold using FGR’s license.

Sales proceeds from the exported gold are received directly into Blanket's bank account in Zimbabwe. Bilboes will be able to sell its gold directly to customers of its choice or to continue selling to FGR.

Bilboes is confident that it will be able to export and sell its gold production on similar terms as those currently in place between FGR and Blanket.

The Project’s economic analysis is underpinned by information generated during the Feasibility Study, together with supporting technical and economic data from recognized external sources. Primary inputs include mineral resource and reserve estimates, mine designs, production schedules, metallurgical testwork, capital and operating cost estimates, as well as supporting infrastructure studies, which have been prepared by DRA.

In addition to project-specific data, macroeconomic assumptions have been developed with reference to widely recognized independent sources, including consensus gold price forecasts, consensus inflation rate and exchange rate projections, and published fiscal and regulatory frameworks applicable in Zimbabwe.

The valuation is based on the income approach, which integrates all technical, operational, and financial inputs to produce a life-of-mine discounted cash flow (DCF) model to derive the Project’s value. No other valuation methods have been employed in this analysis. A summary of the basis of value assumptions is provided in Table 1-7.

Table 1-7: Basis of Valuation

In addition to government mineral royalties, the Project has two royalty obligations to fulfil, relating to a 1% Net Smelter Return (NSR) royalty payable to the previous owners of the Project (Baker Steel Resources Limited) as well as a 0.5% NSR royalty payable to processing technology providers of the Project.

// Bilboes Gold Project Technical Report Summary

The Project generates a value accretive business case in all three of the gold price scenarios evaluated. Key financial outcomes are shown in Table 1-8.

Table 1-8: Project Economics Summary

The pricing scenario, evaluated on a LoM average realised gold price of US$2,548/oz, yields the following key results:

1.22.1      Mineral Resource Estimate

² As measured from the date of first ore processed / first revenue.

³ Defined as post-tax NPV / Peak Funding required.

// Bilboes Gold Project Technical Report Summary

1.22.2      Mining Engineering

1.22.3      Risk

A comprehensive quantitative risk assessment (QRA) highlighted specific elements to be managed closely at the beginning of the project phase and mainly include the following:

Project services – Onboarding of Contractors to be timeously executed and ensuring that the Owners team and Engineering Procurement Construction Management (EPCM) are managing this process meticulously through dedicated personnel.

Procurement – Ensuring the Contractors appointed are competent and or Suppliers are reliable and paid according to performance and contract. This must also be managed closely by the EPCM logistics and procurement team with support from the Owners team.

The QRA further highlighted a capital contingency of 9.72% which is modelled as part of the sensitivity analysis.

The QRA process, consisting of the Project Definition Rating Index (PDRI), a Systemic Risk Assessment, an assessment of estimate and schedule variability, and a quantitative assessment of the risks identified in the risk register, which are then simulated using a Monte Carlo model. Based on the risks and variability identified in the QRA, the confidence level of the project’s cost estimates falls within the 15% range required for a FS.

1.22.4      Economic analysis

The FS demonstrates that the Project delivers strong economics across all tested gold price scenarios. At long-term consensus forecast prices, the project achieves a post-tax NPV_8%Real of US$582 M, a post-tax IRR of 32.5%, and a rapid payback of 1.7 years.

Under the more conservative three-year trailing average price of US$2,350/oz, the project remains economically viable, with an NPV_8%Real of US$454 M, an IRR of 27.4%, and a payback period of less than three years

1.22.5      Sensitivity Analysis

The sensitivity analysis highlights variables that are most likely to influence project value, namely discount rate, gold price, gold recovery, capital cost, and operating cost. The spider chart (refer to Figure 1-5) shows the NPV distributions associated with these six key variables. Each variable is independently adjusted by +/- 30% (from the point estimate adopted in the FS) and the corresponding NPV is plotted to identify those variables for which the Project’s value is most sensitive.

// Bilboes Gold Project Technical Report Summary

It is evident the Project’s NPV8% Real is most sensitive to movements in gold price and recovery, followed by mine-site OPEX, discount rate, project CAPEX and then Sustaining CAPEX. It is also evident that the Project remains value accretive (NPV > 0) even at a 30% gold price reduction, with the breakeven gold price estimated at US$1,600/oz (real).  

Figure 1-5: Sensitivity Analysis: NPV Spider Chart

An additional analysis was performed to assess the impact of execution schedule delays on the Project’s value, based on the results of the probabilistic quantitative risk assessment (QRA) conducted during the FS. The QRA indicated that there is a 20% probability that the execution schedule will be delayed by five months, which would result in an NPV and IRR reduction of US$63 M and 5.1% respectively. This necessitates the requirement for excellent planning and project management capability during the 33-month project C4 target date and execution window.

The following recommendations are meant to provide enhancements, cover the gaps and mitigate risks identified during the feasibility study. The costs associated with these recommendations will be incurred during the operational phase of the project and are included in the operational budget.

// Bilboes Gold Project Technical Report Summary

1.23.1      FS Geology and Resources

Develop an advanced grade control model prior to mining to enable a more accurate estimation of tonnage and grade and to get a better definition of oxide, transitional and sulphide oxidation boundaries for mine planning.

Develop a Geo-metallurgical model which include critical elements and compounds that affect the Bio-oxidation process which will be important for ore blending regimes.

Conduct further exploration during the operational phase to test the strike and depth extensions of mineralization.

Develop a regional geological model to enable targeting of new deposits in the rest of the Bilboes claims.

1.23.2      Mining

Conduct Whittle optimisation studies at higher gold prices than used in the FS, to investigate potential for additional Mineral Reserves.

On-going geotechnical analysis is recommended during the operational phase for pit design optimisation to improve overall business economics.

1.23.3      Processing

Conduct further comminution testwork to optimise the crushing and milling layout and equipment selection during the FEED phase.

Conduct flotation testwork optimisation to validate recovery upsides.

Develop the skills base to effectively run the BIOX® operations.

Continuously monitor sulfur content during the operational phase for gold recovery optimisation.

1.23.4      Infrastructure and Civils

Optimise the Infrastructure and Civil designs with additional geotechnical information.

1.23.5      TSF

All tailings parameters and characteristics must be verified, assessed, and optimised prior to incorporation into the Detailed Design. A plan and schedule are in place to produce a representative tailings sample to confirm the waste classification of the tailings streams.

TSF stage capacities and starter wall heights will need to be optimised and aligned to the LoM production profile if it changes.

It is recommended that the Water Balance Model (WBM) be actively maintained and updated throughout the project lifecycle.

1.23.6      Risks

Project services – Onboarding of Contractors to be timeously executed and ensuring that the Owners team and EPCM are managing this process meticulously through dedicated personnel.

// Bilboes Gold Project Technical Report Summary

Procurement – Ensuring the Contractors appointed are competent and or Suppliers are reliable and paid according to performance and contract. This must also be managed closely by the EPCM logistics and procurement team with support from the Owners team.

1.23.7      Economic Analysis

TEM Maintenance: Periodic updates to the Techno-Economic Model (TEM) should be performed to maintain its integrity and assist with future options analysis.

Ore Blending & Metallurgical Recovery: The current TEM is based on a stockpiling strategy that only prioritizes gold grade from the various pits. However, the processing plant’s performance (i.e. recovery and throughput) is sensitive to movements in both deleterious element concentrations (e.g. sulfur) and physical ore properties (e.g. ore hardness) which is expected to vary month-to-month and by pit. A more sophisticated blending strategy should be developed and tested in the TEM to better manage these properties.

Operational Synergies: Together with the Blanket operation, approach key vendors to explore the potential benefit of, for example, bulk purchasing of reagents and consumables to drive down costs for the Project.

Refine Fiscal and Exchange Control Assumptions: Alternative fiscal terms (e.g. government free-carried interests) that might come into force and effect, should be proactively managed in the financial model as part of the ongoing scenario analyses employed by the management team. Furthermore, engagement with the Reserve Bank of Zimbabwe and relevant authorities should be prioritized to clarify the foreign-exchange surrender requirements and repatriation mechanisms applicable to gold exporters.

Closure and Rehabilitation: It is advisable to evaluate the potential cashflow implication to the Project if the Government of Zimbabwe adopts a similar policy position on closure costs to South Africa, i.e. requiring mining right holders to provide financial guarantees on day one sufficient to cover premature closure. Closure and rehabilitation costs will be evaluated on an annual basis, to ensure that the contingent liability associated with premature and LoM closure is kept current.

1.23.8      Environmental, Social, and Governance

Environmental and social issues are an integral part of the business and it is recommended that the company takes a proactive approach in mitigating the risks and impacts by adhering to regulatory compliance as well as relevant best practice requirements, and continually engaging the local community and key stakeholders prior to construction, and through operation and closure as recommended in the ESIA study.

// Bilboes Gold Project Technical Report Summary

Caledonia mandated the completion of this Technical Report Summary (TRS) to report the Feasibility Study on the Bilboes Gold Project effective as of 31 October 2025 in compliance with S-K 1300.

DRA previously issued an S-K 1300 pre-feasibility study for the Project entitled “Bilboes Gold Project Technical Report Study”, with an issue date of May 15, 2024 and an effective date of December 31, 2023.

On June 3, 2024, Caledonia published a new technical, report for Bilboes, which superseded prior technical reports and technical report summaries for Bilboes. The new Bilboes technical report was a Preliminary Economic Assessment (PEA) prepared in accordance with Canada’s National Instrument 43-101 and did not comply with S-K 1300.

Subsequently, an updated Initial Assessment with an effective date May 30, 2024 was issued in December 2024 in accordance with S-K 1300.

The purpose of this TRS is to report the Feasibility Study completed for the Project in accordance with S-K 1300, for the implementation of open pit mining to recover the gold mineralization. This TRS updates and supersedes the previous S-K 1300 report, which was the Initial Assessment issued in December 2024.

The sources of information include historical data and reports compiled by previous consultants and researchers of the Project and supplied by Caledonia, as well as other documents cited throughout the report and referenced in Section 21.

Relevant personal inspections / site visits were conducted on the Bilboes properties by the Qualified Person (QP) on 21 and 22 February 2018, from 20 to 22 March 2018, and 26 September 2018 and from 17 to 19 July 2024.

The QP is not affiliated with Caledonia or any other entity that has an ownership, royalty or other interest in the Bilboes properties.

// Bilboes Gold Project Technical Report Summary

The Bilboes properties are located in the Matabeleland North Province of Zimbabwe. The Isabella-McCays properties are situated approximately 80 km north of Bulawayo while Bubi is situated approximately 100 km north of Bulawayo. Bubi is 32 km due north-east of Isabella (See Table 3-1 for coordinates).

Figure 3-1: Regional Location of the Bilboes Project⁴

The Isabella-McCays-Bubi properties comprise 130 claim blocks covering an area of 2,731.6 ha as shown in Table 3-1.

Table 3-1: Bilboes Claims

Coordinates are in UTM Arc 1950 Zone 35K, Clarke 1880 spheroid format.

⁴ Source: Burger et al, 2017

// Bilboes Gold Project Technical Report Summary

Bilboes claims which are wholly owned by Bilboes, consists of 130 blocks, are of mineral interest ownership type and includes the full rights to explore, develop, and produce the minerals. Of the 130 blocks, 49 gold and base metal blocks and a Special Mine site belong to the Isabella mining area while McCays comprise of 33 gold blocks (Figure 3-2) and Bubi consisting of 48 gold blocks (Figure 3-3). The rights were obtained through certificates of Registration After Transfer from Prospecting Ventures, an exploration entity owned Anglo American which had pegged these claims after carrying out exploration work. Bilboes also thereafter registered additional claims in the surrounding area. The claims are protected annually against forfeiture through gold production and exploration work and the Company has exclusive rights to subsurface areas to produce gold from these properties. These rights which are also transferable do not expire if the annual protection fees (US$56,062) are paid when they become due.

Figure 3-2: Isabella-McCays Mine Claims Map

// Bilboes Gold Project Technical Report Summary

Figure 3-3: Bubi Mine Claims Map

Bilboes has been operating in Matabeleland since 1989. It holds the necessary mining permits and complies with the terms of the Mines and Minerals Act and allied regulations with respect to all of their claims and in particular that all of the registration certificates are valid, and the protection certificates are up to date. Bilboes thus requires no further permits to explore or produce from the current operational areas, but further permits will be required for the proposed haul road between Bubi and Isabella plant.

Further exploration outside the current claims will require approvals by the EMA who may request an EIA study.

SLR Consulting (SLR) based in South Africa in partnership with the local GryinOva Environmental Consultants conducted an ESIA study for the project and an EIA certificate of approval was issued by EMA in February 2021 and the certificate was valid for 2 years and subject to renewal on an annual basis for the duration of the operations.

// Bilboes Gold Project Technical Report Summary

The current EIA certificate expires in February 2026. The conditions of renewal are notification to the agency of any changes in the project, compliance to the approved environmental plan and submission of progress report on the project. There is no reason that the renewal will not be granted.

Other project related licenses include air emissions (generators, smelter, incinerator), explosives (purchase and storage), firearms, medicines control, public health (medical examination), water abstract and hazardous substances (importation, transportation, storage and use), solid waste disposal which are renewed when they become due either quarterly or annually. The conditions of renewal involve payment of applicable fees to the regulatory bodies for an amount of $70,000 per annum. Bilboes also holds 3,935 ha of additional claims and has applied for 59,100 ha of exploration licenses referred to as Exclusive Prospecting Orders (EPOs) around Isabella-McCays-Bubi and the Gweru area. These claims and EPOs have highly prospective targets which offer Bilboes excellent prospects for organic growth. The decision on the EPO applications is pending.

Political uncertainties are risks, which may lead to unfavorable legislative and taxation framework changes, exchange control restrictions, international monetary fluctuations, civil unrest, or any other political instability. However, the current political environment is looking favorable due to the recent reforms by the Government under the new dispensation. It is expected that this or any other politically related risks will not affect Bilboes now or in the foreseeable future.

All the properties belonging to Bilboes are protected in respect of the Mines and Minerals Act. All the blocks of claims are registered with the Mining Commissioner’s office and are regularly inspected in compliance with the mining regulations and preserved against forfeiture.

The Indigenization and Economic Empowerment Act has since been amended and it now allows foreign entities to own 100% mining rights. Foreign shareholding will now be negotiated with investors.

All new foreign investment into Zimbabwe requires an investment license issued by the Zimbabwe Investment Authority in terms of the Zimbabwe Investment Authority Act.

Moreover, in the mid-term budgetary review statement of 2019 the Indigenization and Economic Empowerment Act was repealed and replaced by the Economic Empowerment Act, which is consistent with the current thrust “Zimbabwe is Open for Business".

// Bilboes Gold Project Technical Report Summary

Isabella McCays and Bubi are approximately 80 km and 100 km directly north and northeast of Bulawayo, the second largest city of Zimbabwe with an approximate population of 655,675 (2013). All the mines are accessed via public roads and although these are of variable quality, they are accessible by all types of vehicles. Isabella is 110 km (1.5 hours) whilst Bubi is 140 km (2 hours) by road from Bulawayo. Bubi can also be accessed by road from Isabella (70 km in 1 hour).

The properties lie between 1,150 m and 1,200 m above mean sea level (amsl). The area is covered by red and grey soils characteristic of greenstone rocks in Zimbabwe. Vegetation is dominated by scrubby Colophospermum Mopane, Acacia, and Combretum woodlands and minor occurrences of miombo with no extensive grasslands. Agricultural activities are restricted to ranching.

Despite lying in the tropics, the climate is subtropical due to its relatively high altitude. The mean annual temperature is 19°C. Three broad seasons are prevalent: a dry, cool winter season from May to August; a dry, hot early summer from late August to early November and a wet, warm summer from early November to April. Rainfall during the wet season averages 594 mm. The climatic conditions allow for a year-round exploration and mining activities.

The terms of the claims tenure system in Zimbabwe confer rights to use of the land surface for mining and construction of all related infrastructure such as housing, offices, plant, and tailings/waste disposal facilities subject to adherence to the environmental legislation. In 2019, Bilboes obtained rights for an additional 1,128 ha for a mine site at Isabella which will be adequate to cater for the additional sulphide mine infrastructure such as the sulphide plant, tailing’s storage facility, waste dumps, housing, and additional office infrastructure.

There is sufficient underground water around the mines to run the current heap-leach operations, but additional drill holes and pumping capacity will be required for the proposed sulphide-mining project. A high level water study was concluded at FS phase which indicates sufficient water as a source from the Bafana dam.

There are 33 kV power lines within 5 km and 25 km of the Isabella McCays and Bubi deposits respectively, that form part of the national grid, but the present network configuration is fully loaded with no room for additional load.

A new 70 km 132 kV Lynx line will have to be constructed from Shangani Substation to Isabella McCays to meet the processing plant load.

The mines have cell phone and internet connectivity and utilize a two-way radio system.

Generators at all mines allow continued production during load shedding. The capacity will need to be upgraded to cater for the sulphide operation.

// Bilboes Gold Project Technical Report Summary

Zimbabwe continues to boast the highest literacy rate (89.95% (World Bank, 2022)) in sub-Saharan Africa. National examinations are written during the third term in November, with "O" level and "A" level subjects (UK based qualification for students aged 16 and above). Currently, there are several public universities as well as four church-related universities in Zimbabwe that are fully internationally accredited. Zimbabwean culture places a high premium on education. Various mining related qualifications such as geology, mining engineering and mineral processing are offered at tertiary level. As a result there is a pool of well qualified and experienced mining personnel.

Mining supplies, including mining and processing equipment, are readily available in Zimbabwe.

// Bilboes Gold Project Technical Report Summary

AMZIM, the company that formed Bilboes Holdings (Pvt) Ltd, and was later taken over by GAT investments (Private) Limited (GAT Investments) in 2003 and held the Isabella, McCays and Bubi claims. AMZIM acquired the Isabella claims in 1982.

The Bilboes Properties are wholly owned by Bilboes Holdings (Pvt) Ltd (Bilboes), which is 100% owned by Bilboes Gold Limited (Bilboes Gold), which was acquired by Caledonia on 6 January 2023. Prior to its acquisition by Caledonia, Bilboes was a private company owned by three shareholders, GAT Investments, Baker Steel Resources Limited (Baker Steel), and Infinite Treasure Limited (Infinite Treasure).

In 2009, SRK Consulting (SRK) undertook a NI 43-101 Mineral Resource Estimate (MRE) for the sulphide Properties based on the drill holes and geological interpretations supplied by Bilboes.

Geological models were created for all these deposits, excluding the oxide portions, to a depth of up to 150 m. Solid models were created from the wireframes generated and assays for gold within these were used for geostatistical modelling and resource estimation. The Mineral Resource of 5.2 Mt containing 533,000 oz was declared to 100 mbs with mineralization from 3.5 Mt containing 240,000 oz being declared from 100 – 150 mbs.

The grade estimation for the Sulphide Project was based on a 2.0 g/t cut-off mineralized envelope. In general, the drill coverage was poor, with drill spacing ranging from 25 m (Bubi) to up to 100 m for McCays. In most cases there was only one drill hole per drill line.

Classification of the anomalies was based on the quality of the estimate, which in turn was based on grade continuity and data spacing and was done according to the guidelines contained within the NI 43-101.

Estimates were validated by visually comparing the drill hole grades to the block model grades for each section line in Datamine Studio™ (Datamine).

The results of the estimation for the classification is an Inferred Mineral Resource (Table 5-1).

Table 5-1: Sulphide Inferred Mineral Resource as of 2009

// Bilboes Gold Project Technical Report Summary

Subsequent to the 17,650 m diamond drill holes by Anglo of 1994 - 1999, additional exploration work under Bilboes resumed in 2011 through to 2016 where an additional 20,527 m of diamond drill and 20,235 m of RC drilling was completed bringing the total metreage to 58,412 m. The drilling culminated in an interim NI 43-101 Mineral Resource update by Mr. Arimon Ngilazi and Dr Anthony Martin in 2017 (Table 5-2 and Table 5-3).

During the period December 2017 to November 2018, an additional 34,987 m of drilling (17,015 m from 129 diamond drill holes, 17,972 m from 178 RC drill holes) were completed. This was largely an infill drilling programme for a Mineral Resource upgrade across all deposits at Isabella, McCays and Bubi and achieved a vertical depth of 200 m. The total project drilling conducted over the three phases consists of 93,400 m of diamond drilling and RC drill holes with an additional 2,500 m of diamond drill holes drilled for geotechnical work.

The MRE summarized in Table 5-4, completed in December 2023, was based on a cut-off grade of 0.9 g/t Au and constrained inside a Lerchs-Grossman (LG) optimized pit shell adopting a US$ 2,400 per ounce gold price. The declared Mineral Resources, which were part of an Initial Assessment Study (which was published in December 2024), exclude Mineral Reserves.

// Bilboes Gold Project Technical Report Summary

Table 5-2: Sulphide Mineral Resource (31 March 2017) 0.0 g/t Au Cut-Off Grade

Table 5-3: Sulphide Mineral Resources (31 March 2017) 0.9 g/t Au Cut-Off Grade

// Bilboes Gold Project Technical Report Summary

Table 5-4: Mineral Resources (0.9 g/t Au) Reference Point: In Situ (31 December 2023)5

S-K 1300 definitions observed for classification of Mineral Resources.

Mineral Resources are reported in-situ.

Resources are constrained by a Lerchs-Grossman (LG) optimized pit shell using Whittle software with an assumed gold price of US$2,400 /oz.

Mineral Resources are not Mineral Reserves and have no demonstrated economic viability. The

estimate of Mineral Resources may be materially affected by mining, processing, metallurgical,

infrastructure, economic, marketing, legal, environmental, social, and governmental factors (Modifying

Factors).

Resources reported as part of an IA which is preliminary in nature, it includes inferred mineral resources that are considered too speculative geologically to have the economic considerations applied to them that would enable them to be categorized as mineral reserves, and there is no certainty that the IA will be realized

Numbers may not add due to rounding.

Effective Date of Resource Estimate is 31 December 2023.

// Bilboes Gold Project Technical Report Summary

5.3.1         Oxide Mineralization

There are early records of insignificant gold production for the Isabella Mine prior to 1982. In its first year of operation the Isabella open pit operation produced 170 kg of gold from a monthly rate of 15,000 t of ore. At start of production there were three pits with a Mineral Reserve life of 18 months and as of 31 December 2024, the Mine had treated 6.6 Mt of oxides at 1.15 g/t (243 koz) and recovered 151 koz of gold inclusive of re-leached gold from the old heap leach pads. The bulk of the production from Isabella was from uncrushed ore with only 38 koz of gold being recovered from 2.5 Mt of crushed oxide ore after the installation of a crushing plant in 2007.

Bubi was commissioned in 1997 at 25,000 t per month of oxide ore and produced 9.5 koz of gold in its first year. Mining activities were suspended at Bubi Mine in 2007 after running out of oxide ore. Gold production from that period to 2013 has been from re-leaching of the old heaps. Progressively inclusive of re-leached gold from the old heap leach pads, the mine has produced 85 koz of gold as at end of December 2024 from 4.3 Mt of oxide ore at 1.00 g/t (138 koz). All the ore at Bubi Mine was treated without crushing. There has not been any mining at Bubi from 2005 after the exhaustion of oxides.

As a result of regional exploration by Prospecting Ventures (PV), an AMZIM exploration company based in Zimbabwe at the time, a new gold deposit was discovered at McCays in 1997. In 1998 production from an open pit, heap-leach mine started. Further exploration work within the claims area during the operational phase of the mine was added to the Reserves until depletion and temporary closure in 2002. No mining activities took place between 2002 and 2012 at McCays. Gold production was through re-leaching from the year 2004 until 2009. No gold production occurred from 2010 to 2012. Activities commenced after the recapitalization of Bilboes in 2013. Cumulative gold production from inception at McCays was 57.5 koz) as of 31 December 2024. This included the re-leached gold from the old heap leach pads from treating 2.2 Mt of oxide ore at 1.15 g/t (80 koz). Inclusive of this, an estimated 24 koz of gold was recovered from 1.0 Mt of crushed oxide ore after the installation of a crushing plant in 2013. The oxides at McCays are finished and only re-leaching activity is taking place.

5.3.2         Production Summary

Prior to the open-pit exploitation of the Isabella Mineral Resource by Bilboes, the Calcite Mine (underground and now part of the Isabella strike) produced 559 kg of gold at an average recovered grade of 8.2 g/t.

The production from Bilboes mines including from inception to 31 December 2024 is presented in Table 5-5. Bilboes has produced some 97,521 oz of gold from the four mines since the takeover of the company in 2003 to 31 December 2024.

// Bilboes Gold Project Technical Report Summary

Table 5-5: Production Data from Bilboes Mines to 31 December 2024

// Bilboes Gold Project Technical Report Summary

Geology in Zimbabwe can be divided into three main areas, the Archean, the Proterozoic, and the Phanerozoic (Figure 6-1).

Figure 6-1: Greenstone Belts and known Gold Deposits in Zimbabwe⁵

6.1.1         The Archean

Rocks from the Archean era in Zimbabwe occupy most of the Zimbabwe Craton, an ancient stable continental block. This is the basement and primarily comprises granites and gneisses with remnants of volcano-sedimentary piles known as Greenstone Belts. Greenstone Belts cover approximately 60% of the land surface of Zimbabwe. The Greenstone Belts are renowned for their rich variety of mineralization as shown in Figure 6-1.

6.1.2         The Proterozoic

In Zimbabwe, the Proterozoic era followed immediately after the emplacement of the Great Dyke intrusion at the end of the Archean era. The Great Dyke is a layered mafic to ultramafic intrusion akin to the Bushveld Complex in South Africa. It was emplaced at the end of the Archaean era at approximately 2,500 mega annum (ma). It has a strike length of 550 km and ranges in width from 4 km to 11 km. It cuts across the entire Zimbabwe Craton in a roughly N-S direction as shown in Figure 6-2. The Great Dyke hosts world-class reserves of Platinum Group Metals (PGMs) and chrome ore.

⁵ Source: Mugumbate, unknown year

// Bilboes Gold Project Technical Report Summary

Figure 6-2: NNE Trending Great Dyke Cutting Across the Zimbabwe Craton⁶

⁶ Source: Mukaka et al 1998

// Bilboes Gold Project Technical Report Summary

There are three metamorphic mobile belts that border the Craton to the north-east, south, and north-west. The neo-Archaean Limpopo mobile belt borders the Craton on the southern boundary. The paleo-Proterozoic Magondi mobile belt borders the Craton to the north-west while the neo-Proterozoic Zambezi mobile belt borders the Craton to the north (Figure 6-3). These metamorphic belts are hosts to economic metamorphic minerals. They also host several gemstones, precious, and base metals. To the east are the Umkondo group sediments which were deposited in a large basin and are capped by younger dolerite sills and basaltic flows. The Umkondo sediments host the Chiadzwa placer diamond deposits.

Figure 6-3: Geological Map showing the Zimbabwe Craton and Mobile Belts⁷

6.1.3         The Phanerozoic

The Phanerozoic consists of several sequences of sedimentary rocks covering the peripheries of the Craton. Included in the Phanerozoic are sedimentary basins: the Permian - Triassic Jurassic Karoo Supergroup, Cretaceous sediments, and Tertiary to recent sand of the Kalahari.

⁷ Source: Gore et al 2009

// Bilboes Gold Project Technical Report Summary

Figure 6-4: Sedimentary Basins of Zimbabwe⁸

The Bubi Greenstone Belt covering the Bilboes Properties consists of volcanic rocks of the Upper Bulawayan Group capped by sedimentary sequences of the Shamvaian Group locally represented by Mdutjana and Dagmar Formations respectively (Figure 6-5). The deposits occur within the meta-volcanic and meta-sediments close to the contact between these two stratigraphic units.

⁸ Source: Mugumbate, unknown year

// Bilboes Gold Project Technical Report Summary

Figure 6-5: Regional Geological Map showing Bilboes Properties⁹

The Bilboes stratigraphic presentation is depicted in Figure 6-6.

⁹ Source: Ngilazi and Martin 2017

// Bilboes Gold Project Technical Report Summary

Figure 6-6: Bilboes Site Stratigraphy

Mineralization at Bilboes’ four properties are Archaean lode, structurally controlled deposits. It consists of silicified stock-works/veins. The veins comprise pyrite and arsenopyrite. Gold is disseminated within the sulphide mineralization and is refractory. Pyrite is the dominant sulphide mineral, with minor arsenopyrite at Isabella and McCays, with the exception of the Isabella North orebodies where an equal proportion of pyrite to arsenopyrite is evident. At Bubi the dominant sulphides is pyrite with minor arsenopyrite. The mineralized zones are often subparallel to each other and are hosted in a much broader shear zone. The best mineralized zones are associated with brecciation and silicification.

The sulphide tends to weather readily and all of the deposits are covered by oxide caps to a depth of 12 m to 50 m which are readily amenable to heap-leach extraction.

Orebody widths at Isabella and McCays range from 5 m to 20 m and are wider near surface. Individual orebodies have strike ranges from 75 m to 500 m and are typically in en echelon pattern in a northwest to south-eastern pattern (Figure 6-7). The oxide cap is deepest at Isabella where the range is 12 m to 50 m. The overall mineralized strike is 4,400 m.

The oxide-sulphides interface at Bubi is shallow in the southwest at about 10 m to 12 m below surface and increases to 30 m in the central parts and to 40 m in the northeast (Figure 6-8). Orebody widths vary from 10 m in the southwest to as wide as 100 m in the central portions of the claims. The overall mineralized strike is 2,950 m.

// Bilboes Gold Project Technical Report Summary

Figure 6-7: Geological Cross Section through the Isabella and McCays Deposit

Figure 6-8: Geological Cross Section through the Bubi Mine

// Bilboes Gold Project Technical Report Summary

Mapping has been conducted progressively at the Bilboes mines since commencement of oxide gold operations, with the latest exercise being conducted between January and September 2018. Below are some of the maps produced for Isabella McCays area (Figure 7-1). Mapping was done to decipher surface and in-pit geological and geotechnical information, critical for structural and alteration interpretation of mineralized units and in aiding pit geotechnical slope stability studies.

Figure 7-1: Map of the Surface Geology at Isabella McCays

Trenching was conducted across all deposits as part of exploration work for the purposes of defining near surface geology and mineralization envelopes within the oxide horizons. The trenches were sampled generally on a 1 m to 2 m interval and analysed by the bottle roll method (excluded fire assay of the residual tails). These assays were used to help in the projection of oxide ore envelopes and excluded from any Mineral Resource estimation. Channel sampling was also done in all accessible sections of the pits during 2017, which also assisted in the projection of mineralized envelopes in the oxide and transition ore horizons, but the assays were also not used for Mineral Resource estimation.

Ground Magnetics and Induced Polarization Geophysical surveys were conducted at the Isabella North deposit by PV as part of the oxide ore exploration in 1996. The anomalies were followed up with oxide trenching and drilling. The oxide drilling data forms part of the depth interpretation of the Bilboes deposits from oxide through transitional and sulphide horizons. Further geophysical surveys were conducted in the Kerry West claims located west of the Isabella South claims and Kerry North claims, between Isabella North and McCays. Further drilling is outstanding on these targets and these offer potential for oxide and sulphide resources.

// Bilboes Gold Project Technical Report Summary

Early exploration works targeted oxide mineralization and includes soil sampling, trenching, and drilling. Assays from this work were not used in the sulphide Mineral Resource estimate but were used to guide the interpretation of the ore outlines at depth.

7.5.1         Sulphide Exploration

Drilling of the sulphides to provide data for the Mineral Resource estimate was completed in three phases:

Phase 1: Anglo explored the sulphide potential beneath the oxides between 1994 and 1999. The results of widely spaced diamond drill holes of the sulphides were used by Anglo American to estimate a non-compliant Mineral Resource for this mineralization and delineated 4.7 Mt at a grade of 3.49 g/t and containing 533,000 oz of gold over a 3,400 m strike to a vertical depth of 120 m from 17,650 m of diamond drill holes.

Phase 2: Between 2011 and 2012, Bilboes completed further exploration on the sulphides with 16,230 m from 69 diamond drill holes and 14,021 m from 101 Reverse Circulation (RC) holes in 2013 and extended the strike to 7,000 m and achieved a vertical depth of 160 m for the mineralization.

Phase 3: An additional 34,987 m of drilling, split as 17,015 m from 129 diamond drill holes and 17,972 m from 178 RC drill holes was completed between December 2017 and November 2018. This was largely an infill drilling programme for a Mineral Resource upgrade across all deposits at Isabella, McCays and Bubi and achieved a vertical depth of 200 m. The total project drilling conducted over the three phases is 93,400 m of diamond drill and RC drill holes with an additional 2,500 m of diamond drill drilled for geotechnical work.

Sulphide mineralization underlies all the oxide deposits at variable depths from 15 mbs to 50 mbs. Two exploration campaigns account for historical exploration of sulphide gold deposits at Bilboes. Both exploration campaigns were headed by PV. The first drilling campaign occurred in 1994/5. During this campaign 24 drill holes were completed. In the second drilling campaign which took place in 1997/9, 99 drill holes were completed. A total of 123 drill holes totaling 17,650 m (12,650 m diamond drill, 5,000 m percussion drilling) were drilled at Isabella, McCays and Bubi covering a strike of 3,440 m.

Drill holes depths varied between 70 m and 350 m for the diamond drill holes, with the drill holes being collared through percussion drilling to a depth of 50 m. The percussion drill holes were largely used to estimate the oxide Mineral Resource and to define the oxide / sulphide interface. Only diamond drill holes were included in the sulphide databases. The drill line spacing varied between 25 m and 100 m with 25 m between drill holes along these lines.

// Bilboes Gold Project Technical Report Summary

The initial drill holes drilled by PV before 1995 targeted the Calcite (five), Castile (nine) and McCays (10) deposits. The majority of these were drilled at 45° inclinations and from hanging wall positions of the mineralized zone. A few exceptions resulted from unavailability of a suitable collar position due to the open pits. Sampling was limited to the visually recognizable alteration zones resulting in approximately 30% of the total drill hole length being sampled.

At the Diana pit (Isabella Mine), 14 drill holes were drilled, two spaced at 10 m and two at 50 m with the rest spaced at approximately 25 m intervals. One drill hole was drilled on each line; all from the hanging wall with one from the footwall. The mineralized intersections occurred at 45 m to 95 m with one intersection at 125 m (DE15-530S). The footwall of the mineralization intersected was at 169 m to 182 m.

At Maria pit (Isabella) all six drill holes (1998-9) were drilled from the hanging wall with five drill holes spaced at 25 m and the rest at 50 m. The average intersection depths occurred at 45 m from surface and geological envelopes were modelled down to 100 m from surface. Two parallel, mineralized zones steeply dip at 70° to SE and the hanging wall ore body stretches along the entire length of the pit, but the footwall zone is restricted to the eastern end of the strike.

A total of 15 drill holes were drilled along the Calcite strike from the footwall and two from the hanging wall at 5 m to 120 m line spacing. The deepest intersection occurred at 130 m from surface and the intersection depths ranged from 50 m to 120 m. The eastern end of the strike remains open.

The Castile drilling intersected two mineralized zones that were modelled to 110 m from surface, but the mineralization remains open on all sides. Two drill holes intersected a significant parallel mineralization (6.68 g/t over 10.59 m and 4.90 g/t over 9 m) in the footwall of the two main zones. Both drill holes ended in mineralization and require further investigation in future. These drill holes have not been investigated in the 2017/8 drilling campaign because they lie outside of the proposed open pit.

The 25 drill holes at Bubi covered a strike of 900 m on lines 25 m apart except for two drill holes which were spaced at 50 m and 100 m. All the drill holes (but one) were drilled from the hanging wall in the same SE direction inclined at 45°. Three distinct, parallel zones were identified but these were discontinuous along strike and the mineralization remained open ended towards the southern strike of 1,500 m. The oxide cap is at 15 m to 30 m from surface and only 10 m in the southern strike. Drilled intercepts start at 20 m to 80 m and the deepest occurs at 130 m. The geological models were done to a vertical depth of 170 m from surface.

At McCays 23 drill holes were drilled in the pit and two mineralized zones were defined along strike but broken up mid-way. Drill spacing was at 50 m to 100 m with a few lines having two drill holes each. All drill holes were drilled from the hanging wall but at varying inclinations from 45° to 60°. The geological models were created to 160 m vertical depth with average intersections occurring at 75 m. Two of the drill holes at McCays had deep (but low grade) intersections that do not form part of the established pattern of mineralization.

A summary of the drilling completed is presented as Table 7-1 with the drill hole distribution being presented in Figure 7-2 to Figure 7-4.

// Bilboes Gold Project Technical Report Summary

Table 7-1: History of Sulphide Project Diamond drill holes 1994 - 1999¹⁰

Figure 7-2, Figure 7-3, Figure 7-4 and are plan views showing drilling at ISBS, ISBN, Bubi, and McCays, respectively. Blue, green and red represent diamond, percussion, and reverse circulation drilling holes. Most of the percussion drilling occur within the oxidised zone, the majority of which is mined out.

Figure 7-2: Plan View showing Drilling at ISBS (green = perc; blue = DD; red = RC

¹⁰ Source: Ngilazi and Martin, 2017

// Bilboes Gold Project Technical Report Summary

Figure 7-3: Plan View showing Drilling at ISBN (green = perc; blue = DD; red = RC)

// Bilboes Gold Project Technical Report Summary

Figure 7-4: Plan View showing Drilling at Bubi (green = perc; blue = DD; red = RC)

7.5.2         Logging and Sampling Procedure

There are no written accounts of the historic sampling procedures, but Mr. Chimedza, who has been employed by Bilboes since 1996, was closely involved with the exploration of the sulphide deposits. He confirms that the sampling of the core followed AMZIM standard procedures. This was considered to have been sufficiently accurate for the purpose of reporting of Inferred Mineral Resource estimates contained in the 2009 Mineral Resource declaration.

// Bilboes Gold Project Technical Report Summary

The geological logging included descriptions of lithologies, structures, alteration, and visible sulphide mineralization. The information was entered into core logging sheets and mineralized zones were identified. All geological boundaries were defined with reference to the drill length. On completion of assaying, the gold results for each sample were recorded on the log sheets for easy reference. Core recoveries were recorded, and any depth discrepancies were checked and corrected. Geotechnical logging, including the RQD index and fracture spacing, was also undertaken.

Bilboes has hardcopy and digital datasets of all information except for the geotechnical logs for which only hard copies are available.

Core was fitted together, and a longitudinal line drawn to guide splitting. Within the mineralized zones sample intervals were marked between 0.5 m and 1.0 m, taking cognizance of geological and structural boundaries, and sampling was continued at 1 m intervals to 5 m on either side of the mineralization.

All the visually recognizable mineralized portions of the drill holes were cut, half core sampled, and assayed with well over 10,000 samples being assayed for gold.

The project site falls within the Bembezi river sub-catchment which drains north towards the Zambezi River. The Gwayi catchment largely comprises the Northern Matabeleland area of hydrological zone A.

Daily and monthly rainfall were obtained from the Nkayi station from the Meteorological Services Department of Zimbabwe (MSD-Z) for 38 hydrological years (from 1980 to June 2018) and were analysed to determine the long-term monthly averages, minimum and maximum monthly rainfall. The Mean Annual Precipitation (MAP) is 657.0 mm, the wettest hydrological year saw 53% more rainfall than the MAP and the driest hydrological year saw only 60% of the MAP. The driest period was associated with the drought experienced in the 1990s.

Data from the Nkayi station was adopted as the design data owing to the weather station having an acceptable length of record of monthly rainfall data and being located closest to the site and at a similar altitude.

Ten years of monthly pan evaporation measurements for Bulawayo Goertz were provided by the MSD-Z. A pan coefficient of 0.75 was adopted for the conversion of Epan measurements to a reference evapotranspiration.

The annual maximum rainfall analysis for various duration storm events (from 24 hours up to 7 days) was undertaken on the 38 years of daily rainfall records supplied by the MSD-Z.

The Generalized Extreme Value (GEV) distribution was then fitted to the annual maximum series to estimate storm depths for events with an annual probability of occurrence of up to 1:10,000 (0.01%).

No hydrological drilling has been undertaken. For pits that contained water ingress, a bathymetric survey was done to determine pit bottom.

A total of 18 geotechnical drill holes: ten at the Isabella McCays and five at Bubi, varying in depth from a minimum of 120 m to a maximum of 260 m were logged. The cumulative length of the drill holes at Isabella McCays was about 1.67 km; and those at the Bubi was about 0.88 km.

// Bilboes Gold Project Technical Report Summary

SLR Consulting (Africa) (Pvt) Ltd, from South Africa was contracted by DRA to conduct a detailed geotechnical study across all the sulphide deposits. SLR Rock Engineers visited site at various stages of the geological drilling campaign during 2018 with the following tasks being conducted; review of geological and geotechnical data; geotechnical logging of core and the collection of intact rock samples for testing. Structural data was collected by both the Acoustic and Optical Televiewer from the geotechnical boreholes. Packer testing was also conducted in each borehole to determine the hydrogeological parameters of the rock mass, for groundwater modelling. Based on the analysis of the geological aspects of the deposits which included rock mass characterization, hydrogeology, and structural geology, a geotechnical model was developed for pit design parameters. Using these design parameters, kinematic, empirical and limit equilibrium analysis was conducted to determine the optimal slope configuration for the various deposits.

// Bilboes Gold Project Technical Report Summary

The recovery of samples from the RC and core drill rigs was done in accordance with laid down procedures adequate for the purposes of this TRS. Once field measurements, markings and numbering and recording of critical information were completed, the core samples were transported daily from the drill site to the core yard and RC samples to secure metal containers to ensure security and avoid tampering, damage, loss, or contamination. The core was adequately secured to prevent damage, loss, or mix-up during transportation. Wet RC samples were collected in calico bags to allow water to drain out and minimize sample loss prior to sun drying in metal trays in a securely fenced section of the core shed which was free from dust ingress and other forms of contamination. Core samples were half split using a core saw and the samples averaged 2 - 3 kg. The core sizes were largely NQ with a few HQ cores being encountered at the start of drill holes. RC samples were collected by way of a Jones riffle splitter and the aliquots also averaged 2 - 3 kg. After sampling, excess cores and RC samples have been stored at the mine in secure sample containers and the core shed and have been retained for future use. All samples were labelled appropriately prior to dispatch. No further sample preparation was done at site and the half cores and riffle split RC samples were transported to the external accredited Laboratory. Transportation of samples to the Assay Laboratories was done utilizing Bilboes vehicles accompanied by a senior member of the technical team followed the laid down chain of custody procedure between the company and the Lab to ensure sample security in transit and proper handover-takeover. Transportation of samples to the Lab was done on the same day within working hours with no unnecessary stopovers along the way to reduce risk of loss, contamination, or damage.

DRA reviewed the procedures for sampling, sample preparation protocol, sample handling and storage and are of the view that these are adequate for the purposes of this TRS. Bilboes and an Independent SRK Consultant also visited and inspected the laboratories used in the analyses and can confirm that these also followed the correct procedures for sample preparation.

Independent SANAS accredited laboratories were used in the analyses of samples. Samples were analysed for gold by Fire Assay on 50 g pulp aliquots and completed by Atomic Adsorption spectrophotometry method. Samples with grades at 3 g/t and above were repeated by the gravimetric finish.

Performance Laboratory (PLZ) in Harare, was selected as the primary laboratory (accreditation number T0533). ZIMLABS Laboratory located in Harare (accreditation number T0339), and Antech Laboratories (Antech) located in Kwekwe (accreditation number T0411) were used for check analyses. All Laboratories are in Zimbabwe and have all since migrated to the Southern African Development Community Accreditation Service “SADCAS” which accreditation is in accordance with ISO/IEC 17025 system. Current accreditation are:

// Bilboes Gold Project Technical Report Summary

At all times during sample collection, storage, and shipment to the laboratory facilities, the samples were in the control of Bilboes. The samples were then trucked to Performance Laboratories in Harare for geochemical analysis.

During the 2018 drilling and sampling campaign, all analytical results were emailed by Performance Laboratories to Bilboes. Comparisons were done between the drilling database received from Bilboes and the assay results received from Performance Laboratories to verify the database.

All the laboratories that conducted the sampling and analytical work were independent of Bilboes. Performance Laboratories in Zimbabwe is an entity of SGS. SGS produces impartial results that are considered suitable for Mineral Resource estimation.

As part of their QA/QC protocols to test for the precision of the analytical process, Bilboes inserted CRMs, blanks into their sampling stream, and created duplicates for re-analysis. During the 2017 Mineral Resource review of the Bilboes properties, DRA did a thorough review of the QA/QC protocols. The findings of that review concluded that the protocols employed at Bilboes were adequate and the database was deemed fit for the purposes of geological modelling and Mineral Resource estimations. The review was in respect of all protocols from commencement of drilling campaigns by Bilboes in 2011 till completion in 2018.

CRMs were sourced from AMIS in South Africa, Geostats in Australia, and Rocklabs in New Zealand. Silica powder from AMIS and local dolerite were used as blanks. Bilboes utilized two types of duplicate materials: a Pulp Duplicate (LPR) and a Coarse Duplicate (LCR). In a batch of twenty samples, at least four out of the twenty samples were control samples. This represents an insertion ratio of at least 20%. If more than 20% of CRM results in a batch returned results that fell outside the allowable deviation of the recommended value; all results from that batch were failed and re-analysed.

8.4.1         Blanks

For the 2018 sampling campaign, Silica powder and local dolerite were used as blank material. AMIS0415, AMIS0439, and AMIS0484 were used as silica blanks. During the 2017 review by DRA, 272 blanks were present in the database. An additional 859 blanks were added to the database for the 2018 campaign, taking the total number of blanks to 1,131.

A detection limit of 0.02 g/t was set for the exercise while the upper acceptable limit was set at 0.1 g/t for the silica blanks and 0.15 g/t for the field blank. All samples for AMIS0415 and AMIS0439 plotted the allowable upper limit of 0.1 g/t. Only one sample returned a gold value more than the 0.1 g/t allowable upper limit for AMIS0484. Similarly, with the field blank, only one sample returned a gold value more than the allowable 0.15 g/t upper limit.

8.4.2         Standards

CRMs were sourced from African Mineral Standards (AMIS) in South Africa and Geostats Pty Ltd in Australia for the previous drilling campaign.

// Bilboes Gold Project Technical Report Summary

For the 2018 drilling campaign, CRMs were sourced from AMIS - AMIS0440, AMIS0441, AMIS0473, AMIS0525, and AMIS0526. These represent the grade distribution observed at Bilboes. AMIS0473 has a recommended grade of 0.41 g/t, for AMIS0526 the recommended grade is 1.03 g/t, 1.74 g/t for AMIS0440, 2.44 g/t for AMIS0441, and 8.04 g/t for AMIS0525.

Most of the control samples of AMIS0440 plot within three standard deviations of the recommended mean value of 1.74 g/t. some seventeen samples plot outside the allowable three standard deviations limit. This is to be expected of a low/middle grade CRM.

All the control samples representing CRM AMIS0441 plot within three standard deviations of the recommended mean value of 2.44 g/t with most samples lying within two standard deviations.

For AMIS0473 all the control samples lie within one standard deviation of the mean of 0.41 g/t. For AMIS0525 all the control samples, bar one, plot within two standard deviations of the mean value of 8.04 g/t. However, a slight positive bias is observed for AMIS0525 with a majority of the samples lying above the recommended mean value. Five samples lie outside three standard deviations of the recommended mean value of 103 g/t for CRM AMIS0526

8.4.3         Duplicates

Two types of duplicates were employed in the 2011 to 2018 drilling and sampling campaigns i.e., Lab repeats and field duplicates. The former is made up of LPR and LCR. There were 721 LPRs and 875 LCRs in the database for the 2018 campaign. The majority of samples were within a 15% margin. Samples that fell outside of the 15% margin could be attributed to the inherent nugget effect of the deposit.

8.4.4         Umpire Labs

Performance Laboratories was used as the primary laboratory for analysis in the recent drilling campaigns from 2011 to 2018. To check the reliability of the results obtained from Performance Laboratories, ZIMLABS and Antech Lab were used as umpire laboratories. The results show the acceptable correlation between the primary laboratory and the umpire laboratories.

The QP is of the opinion that sample preparation, security and analytical procedures were adequate.

// Bilboes Gold Project Technical Report Summary

DRA engagement with Bilboes began with a review of the previous Mineral Resource estimate. During the review process, rigorous tests were conducted to verify the integrity of the Bilboes database. A recommendation from the review process by DRA was to implement a commercial data management software, to which Bilboes complied by acquiring Datamine™ Fusion database software for the capture, storage, and management of drill hole information. This Fusion database was implemented prior to the start of the 2018 drilling campaign.

Before commencement of the 2017/2018 drilling campaign in addition to the Datamine™ software already in place Bilboes utilized Fusion database software for the capture, storage and management of drill hole information.

The 2018 drilling programme contained 41 RC and 55 DD drill holes for ISBN, 27 RC and 20 DD drill holes for ISBS, 76 RC and 55 DD drill holes for McCays, and 40 RC and 13 DD drill holes for Bubi. With regards to the 2018 data, DRA visited the site during drilling and performed various checks to verify the integrity of the collar co-ordinates, logging and sampling procedures, and assay results. Collar locations in the field were clearly marked. The mineralisation zones were observed in the cores as well as from outcrops in the surface mining pits.

The core logging and sampling processes at the core storage facility were observed to be consistent with industry standards. Each hardcopy log is audited and signed-off by a senior geologist prior to being used in modelling and estimation.

The data collected during the exploration, drilling and sampling programmes, including surveying, drill hole logging, sampling, geochemical analysis, and data quality assurance, was collected in a professional manner and in accordance with appropriate industry standards by suitably qualified and experienced personnel.

The data was reviewed and validated by the QP who concluded that the data is suitable for the construction of the geological model and for the purposes used in this TRS.

// Bilboes Gold Project Technical Report Summary

The metallurgical test work was concluded in different phases over a period extending from September 2013 to March 2019 and involved various independent laboratories and consultants as outlined in Table 10-1.

Table 10-1: Test work Program Outline

Phases 1 to 3 constituted preliminary test work and Phase 4 (Pilot plant), supplementary laboratory test work, modelling, and simulation of definitive test work.

10.2.1      Chemical Analyses

The mineralogical and chemical analyses of the ores conducted on the individual and composite samples is summarized as follows:

// Bilboes Gold Project Technical Report Summary

10.2.2      Mineralogical Characterization

10.2.3      Comminution

Comminution test work showed that Isabella and McCays samples with Bond Ball Work Index (BBWi) values ranging from 15.70 kWh/t to 17.81 kWh/t and A*b values ranging 27.50 to 32.80 could be classified as being hard, while Bubi ore with a BBWi value of 21.45 kWh/t and A*b value of 19.0 was very hard. All samples were characterized as being moderately abrasive with Ai indices ranging from 0.22 to 0.42.

10.3.1      Gravity Tests

Gravity amenability tests indicated poor gold recoveries and varied from 14% to 22% at 0.5% mass pull. Gravity separation at higher mass pull provided higher gold recovery but still was not a feasible option.

// Bilboes Gold Project Technical Report Summary

10.3.2      Preliminary Flotation

Initial milling and flotation results indicated high gold recoveries of 89% - 97% with high mass pulls ranging from 10%- 15%, low concentrate grades of 12 g/t - 20 g/t Au and significantly high levels of carbonates in the range of 7% - 13% which were bound to negatively affect the down-stream gold recovery process. The test work established that the ores can be easily floated with good recoveries at grinds ranging from 80% of 106 µm - 75 µm and that flotation optimisation with respect to mass pulls, concentrate grade and other concentrate quality metrics was required.

10.3.3      Flotation Optimisation

Subsequent flotation optimisation tests involving the addition of depressant as well as 1 and 2 cleaning stages improved the overall flotation performance with recoveries ranging from 88% to 94%, with mass pulls ranging from 4% - 12%, concentrate grades of 50 g/t – 120 g/t Au and acceptable carbonates levels in the range of 4% - 10%.

The optimum flotation conditions determined are presented in Table 10-2.

Table 10-2: Optimum Flotation Conditions

10.3.4      Gold Dissolution from Flotation Concentrates

Based on the above results, historical test work and consideration of environmental impacts and risk minimization by adopting commercially established and proven processes, the process route identified for additional evaluation was flotation, pre-treatment of the concentrate by Bio-oxidation followed by cyanidation.

// Bilboes Gold Project Technical Report Summary

Variability flotation test work on the ores indicated an average recovery of 89.2%, a recovery range of 83.4% - 95.9% and recovery standard deviation of 3.4% for Isabella McCays ore and average recovery of 86.6%, a recovery range of 80.5% - 94.2% and recovery standard deviation of 4.4% for Bubi ore.

The pilot plant test work was conducted over a period of three months from July 2018 to September 2018, with the follow up laboratory test work being conducted between September 2018 and January 2019.The pilot plant utilized a total of 20 t of the Isabella McCays ore and 15 t of Bubi ore.

10.5.1      Pilot Plant Operation and Flowsheets

The flowsheets evaluated during the pilot plant campaigns are shown Figure 10-1.

Flowsheet 2 was ultimately adopted as the preferred flowsheet based on better recoveries and concentrate grades.

Reagent addition was as per optimum flotation conditions outlined above.

Figure 10-1: Pilot Plant Campaign Flowsheets

10.6.1      Recoveries and Mass Pulls

The Isabella McCays ores gold recoveries ranged from 85.9% to 91.0% and the mass pulls ranged from 3.8% to 6.0% with a weighted average of 88.4% recovery and 5.0% mass pull. The Bubi ore recoveries ranged from 85.9% to 88.8% and mass pulls ranged from 7.8% to 15.2% with averages of 87.5% recovery and 10.0% mass pull.

// Bilboes Gold Project Technical Report Summary

10.6.2      Chemical Analyses of Bulk Concentrates

The analyses of the individual and blended concentrates produced from the pilot plant operation for the BIOX® process piloting was within the limits of the BIOX® process requirements.

10.6.3      Additional Laboratory Test Work and Simulation

Due to constraints on the classification circuit, the grind on the flotation feed ranged from 63% to 68% - 75 µm against a targeted grind of 80% - 75 µm. This outcome was addressed by conducting additional comparative laboratory flotation tests at these grinds to validate the effect of grind with modelling and simulation applied to the actual pilot plant recoveries to derive expected recoveries at the target grind as explained in the latter section.

10.6.4      Flotation Rate and Comparative Grind Tests

To determine the expected pilot plant recoveries at the target grind of 80% - 75 µm, comparative flotation rate tests were conducted on the individual ores at the pilot plant grind of 65% - 75 µm and the target grind.

The results showed that the target finer grind of 80% - 75 µm consistently resulted in higher recoveries in comparison to the pilot plant grind of 65% - 75 µm with recovery increments ranging from 0.2% - 4.7% on all ore types.

10.6.5      Modelling and Simulation

Eurus Mineral Consultants (EMC) were engaged to review and conduct modelling and simulation on the laboratory and pilot plant test work results.

The comparative results of the simulated pilot plant recoveries at 80% - 75 µm and the actual recoveries at 65% - 75 µm are presented in Table 10-3. The results indicate an expected recovery improvement of 3.1% and 4.2% on the Isabella McCays and Bubi ores with grind improvement from 65% - 75 µm to 80% - 75 µm respectively.

Table 10-3: Comparative Pilot Plant Simulated Recoveries

The modelling and simulation were also applied to derive requisite flotation residence times for the proposed Flowsheet 2 (Table 10-4).

// Bilboes Gold Project Technical Report Summary

Table 10-4: Flotation Residence Times

10.6.6      Projected Operational Gold Recovery

The following observations from the test work programme results provide evidence of expected higher operational recoveries than the average expected 90.0% and 91.1% derived for the Isabella McCays and Bubi ores, respectively.

10.6.7      Improvements in Gold Flotation Recovery

It is anticipated that with better knowledge of the recovery relationships, optimal milling and flotation design, steady state operation, higher head grades with continuous improvement and the benefits of the economies of operating experience, the downside recoveries can be avoided and that the operational recoveries ranging from a minimum of the expected values of 90.0% and 91.1% for Isabella McCays and Bubi respectively to a maximum of 95.0% for both ores may be realized.

10.7.1      Test work

The test work was conducted on ore samples from Isabella McCays and Bubi deposits to develop test work data to design a gold processing plant. Test Work Results Summary of the test work results is presented in Table 10-5.

// Bilboes Gold Project Technical Report Summary

Table 10-5: Summary of the Test Work Pre-Feasibility Results

BIOX® pilot plant test work programs were completed on composite Isabella McCays and Bubi concentrates produced during the on-site flotation test work programs. The pilot plant programs have provided details of sulphide oxidation performance under various operating conditions for each concentrate, as well as the relationship between gold dissolution and sulphide oxidation. This data has been used to specify certain design criteria for a full-scale BIOX® plant treating both concentrates. Associated metallurgical test work programs focusing on unit processes such as liquid – solids separation, neutralization and BIOX® product CIL were also completed on slurries generated during each pilot plant campaign.

The Isabella McCays bulk concentrate sample had a gold grade of 49.9 g/t and a sulphide sulfur grade of 18%. The mineralogical assemblage comprised of 28.5% pyrite, 22.2% arsenopyrite and 0.02% stibnite. The continuous BIOX® pilot plant operated on this sample for a period of 103 days and the run included detailed sampling phases at 6.5 and 6-day retention times.

The BIOX® test work indicated the following:

The continuous neutralization pilot run conducted on an Isabella McCays BIOX® liquor sample produced a suitable effluent since the As(T) concentration in the neutralized solution was at 0.5 ppm and the TCLP testing of the residue showed a final As(T) leachate of <3 ppm, below the stipulated 5 ppm requirement. Continuous neutralization tests are recommended to optimize the use of the Isabella McCays float tails for Stage 1 pH control with respect to high Fe concentration in TCLP extract for the batch neutralization tests.

The settling behaviour and flocculent requirement for the various Isabella McCays process slurries were found to be comparable to projects with a similar concentrate mineralogy previously evaluation during BIOX® test work programs.

// Bilboes Gold Project Technical Report Summary

The Bubi bulk concentrate sample had a gold grade of 28 g/t and a sulphide sulfur grade of 27.1%. The mineralogical assemblage comprised of 57.2% pyrite and 9.00% arsenopyrite. The continuous BIOX® pilot plant operated on this sample for a period of 235 days and the run included detailed sampling phases at 6.5 and 6-day retention times.

The BIOX® test work indicated the following:

The continuous neutralization pilot run conducted on a Bubi McCays BIOX® liquor sample produced a suitable effluent since the As(T) concentration in the neutralized solution was at 0.5 ppm and the TCLP testing of the residue showed a final As(T) leachate of < 0.4 ppm, below the stipulated 5 ppm requirement. Continuous neutralization tests are recommended to optimize the use of Bubi / Isabella McCays float tails for Stage 1 pH with respect to high Fe concentration in TCLP extract for the batch neutralization test.

The settling behavior and flocculent requirement for the various Bubi process slurries were found to be comparable to that achieved on the Isabella McCays process slurries. The test work indicated higher settling area requirement of 4,00 m²/t/h for the Bubi BIOX® product compared the 2,90 m²/t/h for the Isabella McCays BIOX® product.

The QP is of the opinion that the mineral processing and metallurgical testing data is adequate for the purposes used in this FS study phase and Technical Report Summary (TRS).

// Bilboes Gold Project Technical Report Summary

The MRE was prepared by DRA in terms of the definitions of S-K 1300.

Leapfrog Geo™ and Datamine Studio RM™ software were used to construct volumetric solids for the zones of weathering, structural discontinuities, and mineralization. Three-dimensional (3D) resource modelling, using geostatistical techniques for grade estimation, was done in Datamine Studio RM. The key assumptions and methodologies used for the mineral resource estimates are outlined.

A 3D Digital Elevation Model (DEM) was provided by Bilboes Gold. The points were generated from an updated airborne photogrammetric survey conducted in November 2023 incorporating the existing rock dumps, heap leach pads, and mining pits. For pits that contained water ingress, a bathymetric survey was done to determine pit bottom.

The database comprised of DD, RC and Percussion (PERC) drill holes, summarized in Table 11-1. At Isabella South (ISBS), drill holes dip between 40° and 60° towards the NW. At Isabella North (ISBN), drill holes dip between 45° and 60° towards the NW/SE while at McCays, they dip at 60°towards the SE. At Bubi, the majority of drill holes dip at approximately 60° towards the SE.

Table 11-1: Summary of Drill Holes

For drilling campaigns prior to 2011, density measurements were taken at irregular intervals. During the 2011 to 2018 drilling campaigns, every metre of core was sampled, and submitted for density measurements. The Archimedes method of density measurement was used. A summary of these measurements per project area are presented in Table 11-2.

Table 11-2: Summary of Density Measurement per Resource Area

// Bilboes Gold Project Technical Report Summary

To check the reliability of the density measurements that were done in-house, 36 samples from Bubi, 25 from ISBS, 25 from ISBN and 15 from McCays were submitted to an independent third-party laboratory at the Institute of Mining Research, University of Zimbabwe. The in-house measurements compare well with the check analysis.

Mineralization at Bilboes is classified as Archaean hydrothermal alteration within broad shear zones. Discrete mineralized zones have been observed from the oxide open cast mining. A summary of the mineralized zone is presented in Table 11-3.

Table 11-3: Summary of the Geological Parameters for the Geological Models

// Bilboes Gold Project Technical Report Summary

ISBS	ISBN
Bubi	McCays

Figure 11-1: Geological Resource Modelling

// Bilboes Gold Project Technical Report Summary

Oxidation profiles are important in determining the different rock mass densities of ‘ore’ and ‘waste’ and the metallurgical processing method, costs, and recoveries important during mine planning. The geological models included a transitional zone, as illustrated in purple in Figure 11-2.

Figure 11-2: Section View showing Oxidation Profile at ISBS

In areas with limited DD or RC drilling, percussion drilling data was used to inform the mineralized zones during the geological modelling process. Where percussion drill holes were used for geological modelling, they were also included in the estimation.

Oxidation of the “ore zones” is a result of chemical alteration that postdates mineralization. The moderately weathered part of the Transitional Zone was historically mined as part of Oxide Zone because the two zones were considered economically viable by heap leaching. The weakly weathered material was mined together with the fresh sulphide ore. For these reasons, the moderately weathered Transitional Zone was estimated together with the Oxide Zone.

All DD and RC samples that occur within a mineralized zone, irrespective of whether they are located in the Oxide, Transitional, or Sulphide Zone, were used to estimate grade in all three zones. Percussion samples that occur in the Transitional and Oxide parts of the model, were used to estimate grade in the moderately weathered Transitional and Oxide parts of the model.

// Bilboes Gold Project Technical Report Summary

For all four properties, the predominant sampling interval was 0.5 m and 1.0 m; hence a composite length of 1.0 m was used. The statistics for the Au grade before and after compositing were reviewed to ensure that a bias had not been introduced into the database.

For ISBS, a reliable semi-variogram was obtained for the Castile Main mineralized zone, because this zone contained the most samples. These variogram model parameters were used for all other zones in the Castile area (northern part of the project).

For the southern part of the project (Maria area), samples from these zones were grouped together to increase the number of sample pairs, while paying attention to the across strike direction to ensure that samples from one zone do not form pairs with samples from another zone.

At Bubi, the Main zone produced a reliable semi-variogram. All the other zones used these variogram parameters for estimation.

For McCays, a reliable semi-variogram was obtained for Main-1 and footwall West mineralized zones, which occur in fault block 2 and fault block 3, respectively. The variogram obtained within fault block 2 was applied to all mineralized zones within block 2, similarly the variogram obtained within fault block 3 was used for zones within that block. For the remaining mineralized zones, the variogram for the mineralized zone with a similar orientation was selected.

Diana Main was the zone that produced a robust semi-variogram in ISBN and was used for all other mineralized zones within ISBN. Table 11-4 contains the normalized variogram parameters used for the estimation.

Table 11-4: Variogram Parameters used for Grade Estimation

The top capping strategy considered various criteria to determine the optimum values.

// Bilboes Gold Project Technical Report Summary

Based on the above criteria, it was determined that Au values should remain uncapped. Top and bottom capping for density values was however necessary.

11.9.1      Krige Neighborhood Analysis

The aim of Krige Neighborhood Analysis is to determine the optimal theoretical search and estimation parameters during Kriging to achieve an acceptable Kriging Variance and Slope of Regression whilst ensuring that none or a minimal number of samples are assigned negative Kriging Weights.

The search parameters used are presented in Table 11-5.

11.9.2      Estimation Method

The method of estimations for Au was Ordinary Kriging while density was estimated using Inverse Power of Distance with a Power of 2. Estimations were undertaken using the Estimate process in Datamine. The boundaries between the waste / ore were treated as hard boundaries. Parental cell estimation was used.

Dynamic Anisotropy was used to search for samples during estimation to account for the change in dip of the mineralized zones.

// Bilboes Gold Project Technical Report Summary

Table 11-5: Summary of Search Parameters