Zimbabwe’s 2026 budget sets a 10% gold royalty above $5,000/oz, with no impact on Caledonia’s Bilboes project.

Zimbabwe’s 2026 National Budget has been enacted via the Finance Act, 2025, confirming a 10% gold royalty only if the gold price exceeds $5,000 per ounce, with other proposed tax changes withdrawn. Caledonia Mining Corporation Plc stated no updates are needed to its Bilboes Gold Project Technical Report Summary, published November 25, 2025, as the final budget does not affect the project’s financial or technical assessments. The company cautioned that forward-looking statements remain subject to risks including gold price volatility, operational hazards, regulatory shifts, political instability, and supply chain disruptions.