09:20 AM EST, 12/17/2024 (MT Newswires) -- Caledonia Mining ( CMCL ) said Tuesday it has signed an "at the market" sales agreement with Cantor Fitzgerald to sell up to $50 million worth of its shares from time to time.

The company intends to use the net proceeds to invest in the development of the Bilboes sulphide project, Caledonia Mining ( CMCL ) added.

Additionally, Caledonia said it plans to report a new feasibility study for the project in Q1 next year.