Caledonia Mining Corporation Plc Notification of Relevant Change to Significant Shareholder

Caledonia Mining (AIM:CMCL) received notification that BlackRock, Inc. crossed an AIM notification threshold on 16 March 2026, raising its total holding to 6.57% of voting rights (1,270,632 votes) as notified on 17 March 2026.

Rhea-AI Summary

Caledonia Mining (AIM:CMCL) received notification that BlackRock, Inc. crossed an AIM notification threshold on 16 March 2026, raising its total holding to 6.57% of voting rights (1,270,632 votes) as notified on 17 March 2026.

The position includes 5.05% direct shares and financial instruments (securities lending and CFDs) representing 1.52%.

Positive

• BlackRock stake reached 6.57% of voting rights
• Total votes held: 1,270,632
• Direct shareholding of 5.05% provides visible long position

Negative

• Financial instruments (lending+CFDs) equal 1.51% of voting rights
• Stake crossing 5%+ threshold may increase voting influence
• Position change occurred via acquisition on 16/03/2026

Argus Mar 18 session

-5.11% close to close Open Argus

Details

News Market Reaction – CMCL

On Mar 18, the day this news came out, CMCL closed 5.11% below the previous close.

Data tracked by StockTitan Argus for the Mar 18 session.

Key Figures

Total voting rights %: 6.57% Total voting rights: 1,270,632 Direct shares %: 5.05% +5 more

Total voting rights %

6.57%

BlackRock resulting position on 16/03/2026

Total voting rights

1,270,632

BlackRock voting rights in issuer (8.A + 8.B)

Direct shares %

5.05%

Voting rights attached to shares (JE00BF0XVB15)

Direct voting rights

976,524

Voting rights attached to ordinary shares

Financial instruments %

1.52%

Total voting rights through financial instruments

Securities lending

162,188 (0.83%)

Voting rights via securities lending

CFD exposure

131,920 (0.68%)

Voting rights via cash-settled CFDs

Previous total holding

6.03%

BlackRock position in previous notification

Historical Context

4 past events · Latest: Mar 11

4 events

1. Mar 11

   Results timing notice

   24h Move

   +0.5%

   Announcement of Q4 and FY 2025 results release date and investor presentation.

2. Mar 10

   BlackRock TR-1 notice

   24h Move

   -0.8%

   Disclosure of BlackRock’s holdings change to 6.03% total voting rights in CMCL.

3. Feb 23

   Bilboes funding update

   24h Move

   +1.9%

   Appointment of Stanbic and CBZ as co-lead arrangers for up to US$150M facility.

4. Feb 13

   BlackRock holding change

   24h Move

   +8.3%

   BlackRock reduction in total exposure to 6.88% while direct share stake remained firm.

24h Move is the share-price change in the day after each event; other market factors may also have contributed.

Key Terms

voting rights, financial instruments, securities lending, cfd, +3 more

7 terms

voting rights financial

"existing shares to which voting rights are attached"

Voting rights are the ability of shareholders to have a say in important company decisions, like choosing leaders or approving big changes. They matter because they give owners a voice in how the company is run, similar to how voters influence elections, ensuring the company acts in shareholders’ interests.

financial instruments financial

"% of voting rights through 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

"Type of financial instrument | Securities Lending | N/A"

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.

View in glossary

cfd financial

"Type of financial instrument | CFD | N/A | N/A | Cash"

A CFD (contract for difference) is a financial agreement that lets an investor profit from the change in an asset’s price without actually owning that asset — like betting on a car’s value rising or falling without buying the car. It matters because CFDs use leverage, which can amplify gains and losses and allow easy access to different markets, so they change an investor’s potential return and risk profile and can lead to rapid losses if prices move unfavorably.

non-uk issuer regulatory

"Please indicate if the issuer is a non-UK issuer"

A non-UK issuer is a company or other entity that issues securities but is based, incorporated, or primarily regulated outside the United Kingdom. For investors, this matters because such issuers often follow different reporting rules, legal protections and market practices than UK-based issuers, so buying their securities can be like shopping in a different country: you may face different information, oversight, tax treatment and claim rights if things go wrong.

proxy voting regulatory

"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.

standard form for notification of major holdings regulatory

"TR-1: Standard form for notification of major holdings"

A standard form for notification of major holdings is a required disclosure document that an investor files with regulators and the market when their ownership in a public company crosses certain size thresholds. It tells other investors and regulators who controls a meaningful slice of shares, like a public signpost revealing a big change in ownership; this matters because large stakes can influence company decisions, market confidence, and trading behavior.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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(NYSE AMERICAN: CMCL; AIM: CMCL; VFEX: CMCL)

SAINT HELIER, JE / ACCESS Newswire / March 18, 2026 / Caledonia Mining Corporation Plc ("Caledonia" or "the Company") announces that it received notification on March 17, 2026 from BlackRock, Inc. that on March 16, 2026 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 Pearl Kellie	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 CORPORATION 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:			16/03/2026
6. Date on which issuer notified (DD/MM/YYYY):			17/03/2026
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	5.05%	1.52%		6.57%	1,270,632
Position of previous notification (if applicable)	4.95%	1.07%		6.03%

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				976,524					5.05%
SUBTOTAL 8. A		976,524					5.05%
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			162,188			0.83%
			SUBTOTAL 8. B 1			162,188			0.83%
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			131,920	0.68%
					SUBTOTAL 8.B.2			131,920	0.68%

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.
BlackRock Holdco 2, Inc.
BlackRock Financial Management, Inc.
BlackRock International Holdings, Inc.
BR Jersey International Holdings L.P.
BlackRock (Singapore) Holdco Pte. Ltd.
BlackRock HK Holdco Limited
BlackRock Lux Finco S.a.r.l.
BlackRock Japan Holdings GK
BlackRock Japan Co., Ltd.
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 Investment Management (UK) Limited
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 Australia Holdco Pty. Ltd.
BlackRock Investment Management (Australia) 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	17 March 2026

SOURCE: Caledonia Mining Corporation Plc

View the original press release on ACCESS Newswire

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What change did BlackRock report in its CMCL holding on 16 March 2026?

BlackRock reported its total CMCL holding rose to 6.57% of voting rights on 16 March 2026. According to Caledonia, this equals 1,270,632 voting rights, combining direct shares and financial instruments such as securities lending and CFDs.

How much of the CMCL stake is direct shares versus financial instruments for BlackRock?

BlackRock holds 5.05% of CMCL as direct shares and 1.52% via instruments. According to Caledonia, the instruments include 162,188 from securities lending and 131,920 from CFDs, together representing 1.51%-1.52%.

When did Caledonia (CMCL) receive notification of BlackRock's relevant change?

Caledonia received the notification on 17 March 2026 after BlackRock crossed the threshold on 16 March 2026. According to Caledonia, the TR-1 form was completed in London on 17 March 2026 and lists the resulting position details.

How many CMCL voting rights does BlackRock hold after the 16 March 2026 change?

After the change, BlackRock holds 1,270,632 CMCL voting rights, equal to 6.57% of total voting rights. According to Caledonia, this is the sum of direct shareholdings plus securities lending and CFD exposures.

Does BlackRock’s CMCL position include derivatives or securities lending exposures?

Yes. BlackRock’s CMCL position includes securities lending and CFDs representing about 1.52% of voting rights combined. According to Caledonia, the notified breakdown shows 162,188 votes via lending and 131,920 via CFDs.