On January 6, 2026, the Republic of Zimbabwe’s Finance Act, 2025 was passed by Parliament, formally enacting the National Budget for the 2026 fiscal year. This legislation exactly mirrors the provisions outlined in Caledonia Mining’s December 19, 2025 announcement, confirming that the mining royalty rate will remain at 5% and the corporate income tax rate at 25% for the period beginning January 1, 2026. By codifying these terms, the government eliminates any residual uncertainty over the fiscal regime governing Caledonia’s Blanket Mine operations, which produced 61,200 ounces of gold in 2025. The enacted budget also preserves an accelerated capital allowance schedule, enabling Caledonia to recover 50% of qualifying capital expenditures in the first year—an incentive that underpins the company’s planned $48 million investment in process plant upgrades and tailings facility expansion for 2026.