Caledonia Mining Corporation Plc Notification of Relevant Change to Significant Shareholder

Rhea-AI Summary

Caledonia Mining (AIM: CMCL) received a notification from BlackRock, Inc. that on 15/01/2026 it crossed a relevant disclosure threshold. The resulting position was 5.81% total voting rights (1,122,249 voting rights) comprising 4.12% direct holdings (796,267 voting rights) and 1.68% via financial instruments. The issuer was notified on 16/01/2026. The filing breaks the instruments into 232,902 voting rights via securities lending (1.20%) and 93,081 via CFDs (0.48%). The previous reported position was 5.37%.

Positive

• Total stake reported at 5.81% (1,122,249 voting rights) on 15/01/2026
• Direct shareholding of 4.12% (796,267 voting rights)
• Financial instruments represent 1.68% (232,902 securities lending; 93,081 CFD)

Negative

• None.

News Market Reaction

+1.03%

13 alerts

+1.03% News Effect

+5.3% Peak in 1 hr 11 min

+$6M Valuation Impact

$577M Market Cap

1.1x Rel. Volume

On the day this news was published, CMCL gained 1.03%, reflecting a mild positive market reaction. Argus tracked a peak move of +5.3% during that session. Our momentum scanner triggered 13 alerts that day, indicating notable trading interest and price volatility. This price movement added approximately $6M to the company's valuation, bringing the market cap to $577M at that time.

Data tracked by StockTitan Argus on the day of publication.

Key Figures

Total voting rights: 5.81% Voting rights count: 1,122,249 Shares voting rights: 4.12% +5 more

8 metrics

Total voting rights 5.81% BlackRock total position after threshold crossing on 15/01/2026

Voting rights count 1,122,249 BlackRock total voting rights in Caledonia

Shares voting rights 4.12% Percentage of voting rights attached to shares

Shares voting count 796,267 Number of voting rights attached to shares

Financial instruments stake 1.68% Voting rights held through financial instruments

Securities lending rights 232,902 Voting rights via securities lending (1.20%)

CFD rights 93,081 Voting rights via cash-settled CFDs (0.48%)

Previous total stake 5.37% Previously notified BlackRock holding before increase

Market Reality Check

Price: $30.75 Vol: Volume 1,052,120 is 2.4x ...

high vol

$30.75 Last Close

Volume Volume 1,052,120 is 2.4x the 20-day average of 438,346 shares. high

Technical Price $27.25 is trading above the 200-day MA at $23.95.

Peers on Argus

CMCL gained 1.08% with elevated volume, while gold peers showed mixed moves: som...

CMCL gained 1.08% with elevated volume, while gold peers showed mixed moves: some up (e.g., IAUX +3.9%, GAU +1.09%, GROY +1.02%) and others down (ODV -2.81%, DC -0.32%). This points to a stock-specific driver rather than a broad sector move.

Historical Context

5 past events · Latest: Jan 14 (Negative)

Pattern 5 events

Date	Event	Sentiment	Move	Catalyst
Jan 14	Convertible notes pricing	Negative	-1.3%	Upsized $125M 5.875% convertible notes due 2033 priced and structured.
Jan 14	Convertible notes launch	Negative	-1.3%	Proposed $100M private placement of 2033 convertible senior notes announced.
Jan 14	Production & guidance	Neutral	-1.3%	FY 2025 production met guidance; FY 2026 output and cost guidance issued.
Jan 14	Management change	Neutral	-1.3%	COO departure announced with operations to be managed by existing team.
Jan 06	Regulatory budget update	Positive	+5.8%	Zimbabwe 2026 budget enacted with tax and royalty terms seen as favourable.

Pattern Detected

Recent news flow includes financing, operational updates and regulatory changes. A positive regulatory win in early January saw a strong upside reaction, while financing and operational updates around mid-January coincided with modest share price weakness, suggesting sensitivity to capital structure and guidance news.

Recent Company History

Over recent months, Caledonia has reported several material developments. On Jan 6, 2026, a favourable Zimbabwe budget outcome with a conditional 10% royalty ceiling triggered a 5.82% gain. On Jan 14, 2026, the company issued FY 2025 production and FY 2026 guidance, announced a COO departure, and launched and priced a $125 million 5.875% convertible notes offering, with all three items seeing a -1.34% price reaction. Today’s BlackRock holding update fits into a period of active corporate financing and strategic positioning.

Market Pulse Summary

This announcement details that BlackRock’s total holding in Caledonia reached 5.81%, representing 1,...

Analysis

This announcement details that BlackRock’s total holding in Caledonia reached 5.81%, representing 1,122,249 voting rights, up from 5.37%. The position includes 4.12% via shares and 1.68% through instruments such as securities lending and CFDs. It follows a busy January that saw production guidance, a management change and a sizeable convertible notes offering. Investors may monitor future disclosures of major holdings alongside progress on guidance and financing plans.

Key Terms

tr-1, financial instruments, securities lending, cfd, +1 more

5 terms

tr-1 regulatory

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

A TR-1 is a financial form used by investors to report significant ownership stakes in a company, typically when they acquire or dispose of a large number of shares. It helps keep the market informed about major shareholders and potential changes in control, allowing other investors to make better-informed decisions. This transparency encourages fair trading and reduces surprises related to ownership shifts.

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 | 232,902 | 1.20%"

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.

cfd financial

"CFD | N/A | N/A | Cash | 93,081 | 0.48%"

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.

AI-generated analysis. Not financial advice.

SAINT HELIER, JE / ACCESS Newswire / January 20, 2026 / Caledonia Mining Corporation Plc ("Caledonia" or "the Company") announces that it received notification on January 16, 2026 from BlackRock, Inc. that on January 15, 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 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 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:			15/01/2026
6. Date on which issuer notified (DD/MM/YYYY):			16/01/2026
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	4.12%	1.68%		5.81%	1,122,249
Position of previous notification (if applicable)	5.02%	0.34%		5.37%

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				796,267					4.12%
SUBTOTAL 8. A		796,267					4.12%
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			232,902			1.20%
			SUBTOTAL 8. B 1			232,902			1.20%
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			93,081	0.48%
					SUBTOTAL 8.B.2			93,081	0.48%

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 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 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.
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 Advisors (UK) Limited
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	16 January 2026

SOURCE: Caledonia Mining Corporation Plc

View the original press release on ACCESS Newswire

FAQ

What stake did BlackRock report in Caledonia Mining (CMCL) on 15 January 2026?

BlackRock reported a 5.81% total stake in CMCL (1,122,249 voting rights) as of 15/01/2026.

How much of BlackRock's CMCL position is direct shares versus instruments?

Direct shares were 4.12% (796,267 voting rights) and financial instruments 1.68% of CMCL.

Which financial instruments did BlackRock report for CMCL and their sizes?

The filing lists 232,902 voting rights via securities lending (1.20%) and 93,081 via CFDs (0.48%).

When was Caledonia Mining notified of BlackRock's relevant change for CMCL?

Caledonia Mining was notified on 16/01/2026 that the threshold was crossed on 15/01/2026.

What was BlackRock's prior reported position in CMCL before 15 January 2026?

The previous notification showed a total position of 5.37% before the 15/01/2026 change.