Caledonia Mining Corporation PLC (AIM:CMCL, NYSE-A:CMCL, VFEX:CMCL) CEO Mark Learmonth joined Proactive this week to discuss the latest high-grade drilling results from the Motapa gold project, highlighting progress towards a maiden mineral resource estimate expected later this year.
In this interview, Learmonth outlines the project's exploration success, potential synergies with the neighbouring Bilboes development, and key milestones investors should watch in the coming months.
Watch the full interview below, followed by the transcript.
Proactive: Hello, you are watching Proactive. I'm joined by Mark Learmonth, the CEO of Caledonia Mining Corporation PLC. Mark, good to speak with you this morning. You reported a number of high-grade drill intersections at Motapa. What stands out to you most from these latest results?
Mark Learmonth: The results were very encouraging. We've done extensive work at Motapa over the last several years. In 2024, we completed around 12km of trenching and nearly 10km of drilling. In 2025, we completed more than 20km of trenching and over 20km of drilling.
We're pleased to have released the results from the 2025 programme. The process took longer than expected because assay laboratories in Zimbabwe are overwhelmed by the amount of exploration activity currently underway. Despite that delay, the results are very encouraging.
We recorded grades of up to almost 14 grams per tonne, although that was one standout result. More importantly, the overall combination of grades and widths was strong. Some widths reached up to 19 metres. The combination of good grades and meaningful widths gives us confidence that we should be able to publish a meaningful resource in due course.
Proactive: Motapa is directly adjacent to Bilboes. How do you see the potential for shared infrastructure and operational synergies enhancing the overall economics of the broader project?
Mark Learmonth: Motapa is directly adjacent to Bilboes. Bilboes itself effectively consists of two phases. During the first six years or so, mining would focus on the southern portion around Isabella and McCays. The second phase would involve material from Bubi, approximately 30km to the north.
Our exploration work at Motapa has focused on the northern edge of the property, which borders Bilboes. This creates significant potential for shared infrastructure. Material from Motapa could potentially be processed through Bilboes facilities.
There is substantial potential for synergies. However, our current focus remains on advancing Bilboes as a standalone project, which contains 1.5 million ounces over a projected mine life of 10.8 years. As work progresses at Motapa, we'll assess the best approach to commercialisation alongside Bilboes.
Proactive: You've indicated the maiden mineral resource estimate could be published in the third quarter of this year. What work still needs to be completed to reach that milestone?
Mark Learmonth: The remaining work involves internal geostatistical modelling, quality assurance and quality control processes, and final verification work. We remain confident that we'll publish a maiden resource during the northern hemisphere summer. Most of the delay has been related to receiving assay results, which we now have.
Proactive: What should investors be looking out for over the next few months?
Mark Learmonth: Investors should watch for the maiden resource estimate at Motapa and ongoing updates from Caledonia Mining Corporation PLC.
We expect to publish second-quarter production figures and summary financial results in early to mid-August. As previously stated, production at Blanket Mine is expected to improve as the year progresses. The first quarter was challenging, but we anticipate sequential improvements during the second, third and fourth quarters.
I would also expect further news flow regarding ongoing financing efforts for Bilboes.
Proactive: Thank you very much for speaking with us today.
