Thank you. Good morning, everyone. It's my absolute pleasure to change tack and talk about the Caledonia story. It's a very exciting pathway, and we're really excited about the future and particularly the next five years ahead of us. Draw your attention to the standard disclaimer. You can read it at your leisure. O ur formula or strategy is very simple in terms of how we view the company and how we attack the various solutions. T hat's really around creating value to our stakeholders or shareholders, and that's through both yield and growth. I n terms of yield, we've been a consistent dividend payer. We've been paying dividends since 2016, and we're really focused around anti-dilution. We're really against just issuing shares, s o it's all around that consistent yield.
G rowth, growth in terms of obviously production in ounces, which is very important, helped by the gold price and revenues, by profitability, but ultimately as that relates to share price. I t's a very simple strategy, and we like to stick to our knitting and keep it quite short and simple, but it's within those guidelines that we really look at everything. Caledonia is an established Zimbabwe gold producer. It's a multi-development strategy. As I said, we're really focused on growth. We're targeting over 200,000 oz of annual production. We're really fortunate to have a stable current production profile, s o we've got one operating mine that's been operating since 1906. It's been producing. We've been running the mine for the last 20 years in Zimbabwe.
That mine really provides the support or the foundation for the strategy in terms of how we're going to build and grow the company. We're uniquely positioned in terms of our project pipeline. We like to look at it as having four core assets, and those assets are across the whole life cycle. W e've got a producing mine. We've got a shovel-ready project that's ready for development. W e've got some both brownfield resource conversion and upgrades, and then obviously greenfield exploration, s o all internally positioned projects. We don't have to go out and buy projects, and pay premiums and the like. We've got plenty to do internally, and they're well positioned in terms of that cycle. Ob viously, financial returns, w e've done well. We're adamant around our dividend returns. We've been paying those dividends since 2012.
You can see we've paid over $60 million back and that's core to our strategy, but also our financial returns in terms of profitability and share price growth, which I'll talk to in a few minutes. J ust diving in a little bit more about those four cornerstone assets, o ur Blanket Mine is really successfully delivered on that strategy. Our guidance sits between 75,000 and 79,000 oz. It is a relatively high-cost mine, so our mine costs are just over 1,000 oz. The all-in sustaining cost is closer to 1,800 oz, but it's a long-life mine. We've spent a lot of capital over the last couple of years in terms of upgrading the infrastructure, and importantly, we've got a minimum life of mine of 10 years, plus the ore body is open at depth.
Blanket for us is the gift that keeps on giving and really underwrites the strategy of the company. The exciting development is the Bilboes project on the right, which is a development project. We acquired that project in 2023. It's basically got 3 million oz of both measured and indicated and inferred. It's open-pit mining. It's got a grade of 2.3 grams per ton, and it's really got some huge production upside. We've got a PEA out, which shows 1.5 million oz over a 10-year period.
We're going to be upgrading that and looking at it, but basically, this is a step-change project for the company, bringing it online over the next three to four years, and it'll really upscale and hit our targets in terms of making sure that we really are a mid-tier gold production producer and really will be the biggest producer in Zimbabwe, which is fantastic. A s I mentioned, we've got Maligreen and Motapa, which are more early-stage developments, lots of great potential. S ome exciting results coming out of there, but there's still more work to be done, but certainly complementary to the strategy. I n terms of strategic evolution, just very briefly, back in 2015, we had one mine, Blanket. O ne producing asset was producing about 40,000 oz a year, and we had M&I resource base of about 1 million oz. That production was increased.
As I said, it's closer to 75,000-80,000 oz guidance. We've upgraded that resource base to closer to 5 million oz. We've self-funded a lot of the developments in terms of our Central Shaft commissioning, increasing that production profile, but also setting the scene or the runway for the next decade beyond in terms of being able to launch the company and build the Bilboes project. A s we sit in 2025 looking forward, it's continuing to produce from Blanket, but it's to develop and operate Bilboes, and really position us for that to be a leading intermediate gold producer and obviously hopefully the re-rating that comes with that. We're very proud of our track record in Zimbabwe, and I'll just take a few minutes to talk about Zim and investors. I think the first thing is our long-term performance.
I know it's a little bit small on the slide, but very briefly, in terms of when you look at our track record over the last 10 years, we've got three indices that we've plotted there, both the gold price over the last 10 years, the VanEck, the GDX index that we benchmark to and obviously our share price. Y ou can see the gold price has gone up 3x . The GDX has gone up 4x and we've gone up 10x , and there are two key elements in there that we believe as part of our strategy are very important. This is indexed to 100, but it also includes the dividend reinvestment. I think the compounding effect of our dividend distributions is very important in there, and then the second thing is not issuing shares, so we're very anti-dilution on it.
It's both growth, no share issues, making sure that we stick to our knitting and also that dividend reinvestment. T hat's proof in the pudding in terms of where we've gone as we've increased the growth from Blanket, but also as we take our next steps forward with the Bilboes development. To the left, in terms of operating in Zim, we've been there over 20 years, but you can see over the last 10 years, $193 million of value generated. We're very proud of the fact that we operate and contribute across all elements of supply chain, people, infrastructure, the local community, government, and it's really a winning formula and we're very proud of that. Some significant contributions to government, both in terms of taxes, various royalties paid, but also what we are distributing to the local community and investment.
I t really is a winning formula. A bit more about Zim. For me, it's this perception versus reality. As you can hear, I'm a Zimbabwean and Zimbabwean-born. It's very exciting to be operating and going back into Zim. W hat we're seeing elsewhere in Africa and elsewhere around the world in terms of the challenges of country and jurisdiction, we don't see that in Zim. The first one is physical security. There's none of that in Zim. It's a very safe environment. That's very important for our investors, but also our teams and staff on the ground, and it's just a non-issue. T he big question is around foreign exchange, and the challenges over the last 15- 20 years in terms of devaluation of the Zimbabwe dollar. There's been some massive strides on that fiscal stability.
The Reserve Bank and the monetary authorities have done a great job in terms of stabilizing that. They've introduced a willing buyer, willing seller market and we've been very much part of that as mining companies. In terms of contribution to the economy, it's all mining, agriculture, and some tourism that goes in there. I n terms of the stability of being able to produce U.S. dollars, get those U.S. dollars back into the country and pay our suppliers, but also remit, it's a fully functioning and it's actually quite exciting in terms of fixing what's happened in the past, but the ability for us to function in U.S. dollars. Zim has a very high-quality workforce. All our employees are Zimbabwean. We don't fly expats around the world.
From a technical perspective, a productivity perspective, the Zim workforce is absolutely fantastic, and for us, it's really an asset. We've got close to 2,500 people in the country in terms of supporting those communities. We're an employer of choice in country, but the caliber and the teams that we have on the ground are second to none, s o it's absolutely fantastic. Government's done a good job in terms of power, the electricity generation. There's lots in the press about what happens in Southern Africa and South Africa in particular, but for us, in terms of access to regional power, it's vastly improved and there's some exciting projects that are in the pipeline from a power perspective. A s I say, perception versus reality, Zim was very much bottom of the ranks in the last Fraser Institute ranking. T he most recent one, we're sitting mid-table.
I know you could be skeptical about these various rankings and things, but it really shows the trajectory. For us, I think it's exciting in terms of being able to be recognized that there are improvements. I think that's reflective in terms of the willingness for investment into Zim, and being able to now realize the potential from a geological perspective, but also being able to operate in Zim, which we've been able to show that we've been doing it for many years and it's actually exciting for that to be improving. Very quickly on Blanket Mine in terms of our cornerstone production, the important message here is that we've got a stable runway. It's for the next decade and beyond, 75,000-80,000 oz in terms of what is proved up in terms of reserves, but the exciting part is that it's open at depth.
We've got a resource base of close to 3 million oz that sit there. I mportantly, the development that we've done in underground drilling and the reserve and resource conversion will underwrite that future growth well beyond the next decade, and that sets the engine room for our growth. The exciting part is our Bilboes project, which I'd like to spend a few minutes on. This is a 100% owned mine. It's fully permitted. It's a large-scale series of open pits. We've had the PEA study. You can see the stats on the board. They're compelling economics on it, but this study was done back in May 2024. W e're taking some time to update this, how quickly things change in terms of the last 12 months, gold price and the like, and also our costs.
W e've just taken a step back to reassess it, but this is a fantastic project. It's not about delaying and looking at the project and see how it can work. The delays are really about, how best do we optimize and reassess in terms of how do we pull this project together? The exciting part for Bilboes is that it really is a shovel-ready project in terms of everything that's on the board, a full study done by DRA. N ow it's really about looking at the funding solutions in terms of, how attractive can we fund this in terms of the debt and various financing solutions? A lso, going back to our strategy about not just issuing shares and diluting everybody down, s o really exciting project for us.
Very briefly, immediately adjacent to the Bilboes project is the Motapa project. V ery early stage, but what we see there is contiguous results, very early stage. P ut some results up on the board, but it's really the art of the possible with Bilboes and Motapa is that they could quite easily replicate each other. Y ou could quite feasibly have a doubling up in terms of a super project there and really a gold district in that area.
Very finally, in terms of our outlook, just to confirm, underwritten by Blanket, targeting that 80,000 oz. Next step is really to complete that feasibility study with Bilboes, with a view to having our FEED next year, two years of construction and then producing in 2029. W e're going to stick to our netting in terms of focusing on growth, long-term returns, and capitalizing on Zimbabwe, which we believe has got enormous potential. I think I've got two seconds to go, but happy to take any questions.
Thank you for staying spot on time. I really appreciate it. Unfortunately, there is no time for questions.
Okay.
W e appreciate your presentation, and I'm sure people can grab you and ask questions.
Sure. Thank you.