Cavendish targets 128% upside for Caledonia Mining as Blanket deep drilling pays off
Caledonia Mining (CMCL) shares rose 4% after Cavendish reaffirmed its 'buy' rating, citing a 500,000-ounce resource at Motapa and a 22% resource increase at Blanket mine. Cavendish expects Bilboes development to quadruple annual production to 200,000 ounces, potentially attracting institutional investors. Caledonia aims to secure a $150 million funding facility and surface mining approvals.


