Caledonia Mining Corporation Plc: Notification of relevant change to significant shareholder
Rhea-AI Impact
Rhea-AI Sentiment
Rhea-AI Summary
Caledonia Mining Plc (CMCL) received a notification from BlackRock, Inc. that on 8 December 2025 BlackRock crossed the AIM relevant-change threshold.
Resulting position on 08/12/2025: total 5.37% of voting rights (1,037,639 votes), comprising direct shares 5.02% (970,305 votes), CFDs 0.33% (65,602 votes) and securities lending 1,733 votes.
Loading...
Loading translation...
Positive
- Institutional stake of 5.37% held by BlackRock on 08/12/2025
- Direct shareholding equals 970,305 votes (5.02%)
- Total voting rights reported: 1,037,639
Negative
- Reported total down from prior 5.54% to 5.37%
- CFDs represent 0.33% of voting rights, not outright shares
Key Figures
BlackRock total holding
5.37%
Total voting rights (shares + financial instruments) as of 08/12/2025
Voting rights attached to shares
5.02%
Direct/indirect voting rights in ordinary shares
Voting rights via instruments
0.34%
Voting rights through financial instruments
Total voting rights held
1,037,639
Total number of voting rights in issuer held by BlackRock group
Previous total holding
5.54%
Total voting rights in prior notification
Shares voting rights
970,305
Voting rights attached to JE00BF0XVB15 ordinary shares
Securities lending rights
1,733
Voting rights that may be acquired via securities lending
CFD voting rights
65,602
Voting rights exposure via cash-settled CFDs
Market Reality Check
$24.71
Last Close
Volume
Volume 136,870 is below the 20-day average 243,755 (relative volume 0.56x).
low
Technical
Shares at $24.71, trading above the 200-day MA $21.84.
Peers on Argus
Gold peers like GAU (+3.46%), GROY (+5.43%), ODV (+2.51%), DC (+3.98%), and IAUX (+4.00%) were all up, indicating a broadly constructive gold tape even though momentum scanners did not flag a sector-wide move for CMCL.
Historical Context
| Date | Event | Sentiment | Move | Catalyst |
|---|---|---|---|---|
| Dec 01 | Fiscal regime update | Negative | -14.4% | Market reacted to proposed higher royalties and tax changes in Zimbabwe. |
| Nov 28 | Project presentation | Neutral | +0.7% | Reminder of investor presentation on Bilboes feasibility study decision. |
| Nov 25 | Feasibility study | Positive | +2.6% | Bilboes Feasibility Study and decision to proceed with project development. |
| Nov 10 | Dividend declaration | Positive | +5.0% | Board approval of a US$0.14 per share quarterly dividend. |
| Nov 10 | Q3 2025 results | Positive | +5.0% | Strong Q3 financials and liquidity alongside an announced quarterly dividend. |
Pattern Detected
Recent news flow shows price reactions generally aligning with the perceived tone of announcements, including large downside to adverse fiscal news and gains on operational and financial positives.
Recent Company History
This announcement adds to an active period for Caledonia. In November 2025, the company published a detailed feasibility study for the Bilboes Gold Project and decided to proceed, followed by a presentation reminder. Q3 2025 results on November 10 highlighted revenue of US$71.4m, EBITDA of US$33.5m and a quarterly dividend of US$0.14 per share. More recently, the market reacted sharply to proposed royalty and tax changes in Zimbabwe, with shares falling 14.41%. Today’s shareholder threshold notification sits against this backdrop of strategic growth and fiscal uncertainty.
Market Pulse Summary
This announcement details a change in a major shareholding, with BlackRock reporting 5.02% of voting rights via shares and 0.34% through financial instruments, totaling 5.37% or 1,037,639 voting rights. It follows a period of significant news, including the Bilboes feasibility study and Q3 2025 results. Investors may track how ownership concentration evolves alongside country-specific fiscal developments and project milestones, watching future disclosures and operational updates for changes in risk profile.
Key Terms
financial instruments financial
"An acquisition or disposal of financial instruments"
Financial instruments are assets or contracts that hold monetary value and can be bought, sold, or traded. They serve as tools for investors to grow, protect, or transfer money, much like how a ticket or voucher can be used to access goods or services. These instruments help individuals and organizations manage financial goals and risks across different markets and economic conditions.
securities lending financial
"Securities Lending | N/A | N/A | 1,733 | 0.00%"
Securities lending is when an owner of stocks or bonds temporarily loans them to another party, usually so the borrower can sell them short or meet settlement needs; the lender receives a fee and typically some form of security in return. Investors should care because lending can generate extra income on holdings and affects market liquidity and short-selling activity, much like renting out a spare room brings income while someone else uses the space.
proxy voting financial
"10. In case of proxy voting, please identify:"
Proxy voting is a process that allows investors to have their voting power on company decisions exercised by someone else if they cannot attend meetings in person. It ensures that their opinions are still represented, similar to authorizing someone else to vote on their behalf at an election. This helps investors influence company actions even when they cannot be physically present.
AI-generated analysis. Not financial advice.
ST HELIER, Jersey, Dec. 10, 2025 (GLOBE NEWSWIRE) -- Caledonia Mining Corporation Plc (NYSE AMERICAN: CMCL; AIM: CMCL; VFEX: CMCL) ("Caledonia" or "the Company") announces that it received notification on December 9, 2025 from BlackRock, Inc. that on December 8, 2025 it had crossed a threshold for notification of a relevant change (as defined by the AIM Rules for Companies).
A copy of the notification is below.
Enquiries:
| Caledonia Mining Corporation Plc Mark Learmonth Camilla Horsfall | Tel: +44 1534 679 800 Tel: +44 7817 841 793 |
| Cavendish Capital Markets Limited (Nomad and Broker) Adrian Hadden George Lawson | Tel: +44 207 397 1965 Tel: +44 131 220 9775 |
| Camarco, Financial PR (UK) Gordon Poole Elfie Kent | Tel: +44 20 3757 4980 |
| Curate Public Relations (Zimbabwe) Debra Tatenda | Tel: +263 77802131 |
| IH Securities (Private) Limited (VFEX Sponsor - Zimbabwe) Lloyd Mlotshwa | Tel: +263 (242) 745 119/33/39 |
TR-1: Standard form for notification of major holdings
| NOTIFICATION OF MAJOR HOLDINGS (to be sent to the relevant issuer and to the FCA in Microsoft Word format if possible) i | ||||||
| 1a. Identity of the issuer or the underlying issuer of existing shares to which voting rights are attached ii: | CALEDONIA MINING PLC | |||||
| 1b. Please indicate if the issuer is a non-UK issuer (please mark with an “X” if appropriate) | ||||||
| Non-UK issuer | X | |||||
| 2. Reason for the notification (please mark the appropriate box or boxes with an “X”) | ||||||
| An acquisition or disposal of voting rights | X | |||||
| An acquisition or disposal of financial instruments | ||||||
| An event changing the breakdown of voting rights | ||||||
| Other (please specify) iii: | ||||||
| 3. Details of person subject to the notification obligation iv | ||||||
| Name | BlackRock, Inc. | |||||
| City and country of registered office (if applicable) | Wilmington, DE, USA | |||||
| 4. Full name of shareholder(s) (if different from 3.) v | ||||||
| Name | ||||||
| City and country of registered office (if applicable) | ||||||
| 5. Date on which the threshold was crossed or reached vi: | 08/12/2025 | |||||
| 6. Date on which issuer notified (DD/MM/YYYY): | 09/12/2025 | |||||
| 7. Total positions of person(s) subject to the notification obligation | ||||||
| % of voting rights attached to shares (total of 8. A) | % of voting rights through financial instruments (total of 8.B 1 + 8.B 2) | Total of both in % (8.A + 8.B) | Total number of voting rights held in issuer (8.A + 8.B) vii | |||
| Resulting situation on the date on which threshold was crossed or reached | 1,037,639 | |||||
| Position of previous notification (if applicable) | ||||||
8. Notified details of the resulting situation on the date on which the threshold was crossed or reached viii | |||||||||
| A: Voting rights attached to shares | |||||||||
| Class/type of shares ISIN code (if possible) | Number of voting rights ix | % of voting rights | |||||||
| Direct (DTR5.1) | Indirect (DTR5.2.1) | Direct (DTR5.1) | Indirect (DTR5.2.1) | ||||||
| JE00BF0XVB15 | 970,305 | ||||||||
| SUBTOTAL 8. A | 970,305 | ||||||||
| B 1: Financial Instruments according to DTR5.3.1R (1) (a) | |||||||||
| Type of financial instrument | Expiration date x | Exercise/ Conversion Period xi | Number of voting rights that may be acquired if the instrument is exercised/converted. | % of voting rights | |||||
| Securities Lending | N/A | N/A | 1,733 | ||||||
| SUBTOTAL 8. B 1 | 1,733 | ||||||||
| B 2: Financial Instruments with similar economic effect according to DTR5.3.1R (1) (b) | |||||||||
| Type of financial instrument | Expiration date x | Exercise/ Conversion Period xi | Physical or cash Settlement xii | Number of voting rights | % of voting rights | ||||
| CFD | N/A | N/A | Cash | 65,602 | |||||
| SUBTOTAL 8.B.2 | 65,602 | ||||||||
| 9. Information in relation to the person subject to the notification obligation (please mark the applicable box with an “X”) | ||||
| Person subject to the notification obligation is not controlled by any natural person or legal entity and does not control any other undertaking(s) holding directly or indirectly an interest in the (underlying) issuer xiii | ||||
| Full chain of controlled undertakings through which the voting rights and/or the financial instruments are effectively held starting with the ultimate controlling natural person or legal entity (please add additional rows as necessary) xiv | X | |||
| Name xv | % of voting rights if it equals or is higher than the notifiable threshold | % of voting rights through financial instruments if it equals or is higher than the notifiable threshold | Total of both if it equals or is higher than the notifiable threshold | |
| BlackRock, Inc. | ||||
| BlackRock Saturn Subco, LLC | ||||
| BlackRock Finance, Inc. | ||||
| Trident Merger, LLC | ||||
| BlackRock Investment Management, LLC | ||||
| BlackRock, Inc. | ||||
| BlackRock Saturn Subco, LLC | ||||
| BlackRock Finance, Inc. | ||||
| BlackRock Holdco 2, Inc. | ||||
| BlackRock Financial Management, Inc. | ||||
| BlackRock International Holdings, Inc. | ||||
| BR Jersey International Holdings L.P. | ||||
| BlackRock Holdco 3, LLC | ||||
| BlackRock Cayman 1 LP | ||||
| BlackRock Cayman West Bay Finco Limited | ||||
| BlackRock Cayman West Bay IV Limited | ||||
| BlackRock Group Limited | ||||
| BlackRock Finance Europe Limited | ||||
| BlackRock Investment Management (UK) Limited | ||||
| BlackRock, Inc. | ||||
| BlackRock Saturn Subco, LLC | ||||
| BlackRock Finance, Inc. | ||||
| BlackRock Holdco 2, Inc. | ||||
| BlackRock Financial Management, Inc. | ||||
| BlackRock Holdco 4, LLC | ||||
| BlackRock Holdco 6, LLC | ||||
| BlackRock Delaware Holdings Inc. | ||||
| BlackRock Institutional Trust Company, National Association | ||||
| BlackRock, Inc. | ||||
| BlackRock Saturn Subco, LLC | ||||
| BlackRock Finance, Inc. | ||||
| BlackRock Holdco 2, Inc. | ||||
| BlackRock Financial Management, Inc. | ||||
| BlackRock Holdco 4, LLC | ||||
| BlackRock Holdco 6, LLC | ||||
| BlackRock Delaware Holdings Inc. | ||||
| BlackRock Fund Advisors | ||||
| BlackRock, Inc. | ||||
| BlackRock Saturn Subco, LLC | ||||
| BlackRock Finance, Inc. | ||||
| BlackRock Holdco 2, Inc. | ||||
| BlackRock Financial Management, Inc. | ||||
| BlackRock, Inc. | ||||
| BlackRock Saturn Subco, LLC | ||||
| BlackRock Finance, Inc. | ||||
| BlackRock Holdco 2, Inc. | ||||
| BlackRock Financial Management, Inc. | ||||
| BlackRock International Holdings, Inc. | ||||
| BlackRock Canada Holdings ULC | ||||
| BlackRock Asset Management Canada Limited | ||||
| BlackRock, Inc. | ||||
| BlackRock Saturn Subco, LLC | ||||
| BlackRock Finance, Inc. | ||||
| BlackRock Holdco 2, Inc. | ||||
| BlackRock Financial Management, Inc. | ||||
| BlackRock Capital Holdings, Inc. | ||||
| BlackRock Advisors, LLC | ||||
| BlackRock, Inc. | ||||
| BlackRock Saturn Subco, LLC | ||||
| BlackRock Finance, Inc. | ||||
| Trident Merger, LLC | ||||
| BlackRock Investment Management, LLC | ||||
| Amethyst Intermediate, LLC | ||||
| Aperio Holdings, LLC | ||||
| Aperio Group, LLC | ||||
| 10. In case of proxy voting, please identify: | ||||
| Name of the proxy holder | ||||
| The number and % of voting rights held | ||||
| The date until which the voting rights will be held | ||||
| 11. Additional information xvi | ||||
BlackRock Regulatory Threshold Reporting Team Jana Blumenstein 020 7743 3650 | ||||
| Place of completion | 12 Throgmorton Avenue, London, EC2N 2DL, U.K. |
| Date of completion | 09 December 2025 |
FAQ
What stake did BlackRock report in Caledonia Mining (CMCL) on 08/12/2025?
BlackRock reported a 5.37% total position in CMCL, equal to 1,037,639 voting rights.
How many direct shares does BlackRock hold in CMCL as of 08/12/2025?
BlackRock holds 970,305 direct voting rights, representing 5.02% of CMCL voting rights.
Do BlackRock’s CMCL holdings include financial instruments on 08/12/2025?
Yes; the filing lists CFDs 65,602 votes (0.33%) and securities lending 1,733 votes.
When did Caledonia Mining receive the BlackRock notification for CMCL?
Caledonia received the notification on 09/12/2025, stating the threshold was crossed on 08/12/2025.
What changed versus BlackRock’s previous CMCL disclosure?
The reported total decreased from 5.54% in the previous notification to 5.37% on 08/12/2025.
Caledonia Mining