Caledonia Mining Corporation PLC (AIM:CMCL, NYSE-A:CMCL, VFEX:CMCL) has appointed Stanbic Bank Zimbabwe and CBZ Bank Limited as co-lead arrangers for its proposed interim funding facility of up to US$150 million to support the development of the Bilboes gold project.
The facility forms part of the funding strategy announced in January 2026 and is intended to advance the Bilboes project in Zimbabwe.
Caledonia said the interim funding facility is expected to be in place by mid-2026, subject to customary lender processes and approvals.
The company launched the process in November to secure up to US$150 million from a consortium of Zimbabwean and South African commercial banks.
Management and its advisers have reviewed submissions received from participating banks before selecting the two institutions.
Stanbic Bank Zimbabwe is a member of Standard Bank Group.
Chief executive Mark Learmonth said: "The appointment of Stanbic and CBZ as co-lead arrangers represents an important step in executing the funding strategy we set out in January."
He added: "We believe this facility, together with our hedging programme, the proceeds from the Convertible Notes Offering and internal cash generation from Blanket Mine will provide additional financial flexibility as we continue to advance our growth plans."
The interim facility sits alongside other funding initiatives already outlined by the company as it progresses its expansion plans.