Caledonia Mining is a Zimbabwe-focused gold producer whose sole revenue-generating asset is Blanket Mine, a 64%-owned underground gold mine in Matabeleland South, Zimbabwe. Blanket has operated for over a century, producing roughly 76,200 oz of gold in FY25 from an underground operation that now extends over 1,200 meters below surface, feeding an on-site carbon-in-leach processing plant. Caledonia sells gold at the prevailing LBMA spot price, making it a pure price-taker with profitability highly leveraged to gold price movements. Approximately 70% of Blanket's revenues are received in USD, with the balance in Zimbabwe's local currency (ZiG), making currency management a persistent operational focus. The company pays a 5% royalty on revenue to Zimbabwe, plus an incremental 5% royalty on gold sold above $2,000/oz. Caledonia's primary growth initiative is the Bilboes Project, a 100%-owned open-pit gold development located ~80 km north of Bulawayo, with proven and probable reserves of 1.75 Moz. Bilboes is expected to produce up to ~200,000 oz/year at peak, which would grow Caledonia from an ~80,000 oz/year producer to ~280,000 oz/year. Bilboes development is being funded through Blanket's operating cash flows, a $150M convertible note, and planned debt facilities. Caledonia also holds two exploration-stage assets, Motapa and Maligreen, both in Zimbabwe. Caledonia has paid a quarterly dividend of $0.14/share since 2012.