Caledonia Mining now presents a clearer upside, driven by improved cash generation and a more credible Bilboes project following its feasibility study. FY2025 results highlighted strong operating leverage to gold prices, with $62.1 million free cash flow, but Q1 2026 exposed operational and cost volatility. Bilboes could transform CMCL's scale, targeting 200,000 oz/year at $1,061/oz AISC, yet requires $484 million peak funding, introducing significant execution and dilution risks.