Caledonia Mining Corporation Plc - Notification of Relevant Change to Significant Shareholder

Rhea-AI Summary

Caledonia Mining (AIM:CMCL; NYSE AMERICAN:CMCL) received a TR-1 notification that BlackRock, Inc. crossed a relevant threshold on 26 March 2026. BlackRock's resulting position is 6.55% total voting rights (1,265,920 votes): 5.18% direct (1,001,011 shares) plus 1.37% via financial instruments (securities lending and CFDs).

The issuer was notified on 27 March 2026; the prior reported total was 6.56%.

Positive

• BlackRock stake reached 6.55% on 26 March 2026
• Direct voting rights at 5.18% (1,001,011 shares)

Negative

• Financial instruments represent 1.37% of voting rights
• Total position essentially unchanged versus prior 6.56%

Key Figures

Voting rights from shares: 5.18% Voting rights via instruments: 1.37% Total voting rights: 6.55% +5 more

8 metrics

Voting rights from shares 5.18% Resulting situation on 26/03/2026

Voting rights via instruments 1.37% Resulting situation on 26/03/2026

Total voting rights 6.55% BlackRock total interest in Caledonia

Total voting rights held 1,265,920 Voting rights corresponding to 6.55% holding

Securities lending votes 123,551 Voting rights via securities lending (0.63%)

CFD voting rights 141,358 Voting rights via cash‑settled CFDs (0.73%)

Previous total voting rights 6.56% Position of previous notification

Previous direct voting rights 4.93% Direct shareholding in prior notification

Market Reality Check

Price: $22.33 Vol: Volume 185,137 is 0.69x t...

low vol

$22.33 Last Close

Volume Volume 185,137 is 0.69x the 20-day average of 266,652, indicating subdued trading interest ahead of this filing. low

Technical Price at 22.33 is trading below the 200-day moving average of 27.09, reflecting a longer-term downtrend despite recent strength.

Peers on Argus

CMCL gained 3.25% while gold peers like IAUX and DC also moved up, but the momen...

2 Up 1 Down

CMCL gained 3.25% while gold peers like IAUX and DC also moved up, but the momentum scanner flags this as a stock-specific move rather than a coordinated sector rotation.

Historical Context

5 past events · Latest: Mar 23 (Positive)

Pattern 5 events

Date	Event	Sentiment	Move	Catalyst
Mar 23	FY 2025 results	Positive	+3.9%	Record 2025 revenue, profit and cash flow with Bilboes study completed.
Mar 18	BlackRock TR-1 notice	Neutral	-5.1%	BlackRock disclosed crossing AIM threshold with 6.57% total voting rights.
Mar 11	Results notice	Neutral	+0.5%	Scheduled date and call details for Q4 and FY 2025 results release.
Mar 10	BlackRock TR-1 notice	Neutral	-0.8%	BlackRock reported 6.03% total voting rights after crossing threshold.
Feb 23	Funding facility	Positive	+1.9%	Appointment of co‑lead arrangers for up to US$150M Bilboes interim funding.

Pattern Detected

Recent BlackRock holding notifications have triggered mixed to slightly negative price reactions, while operational and funding updates have generally coincided with modest gains.

Recent Company History

Over the past months, Caledonia reported strong FY 2025 results with revenue of US$267.7M, EBITDA of US$125.3M, and profit after tax of US$67.5M, which saw a positive price reaction. Multiple TR‑1 notifications from BlackRock in March 2026 highlighted incremental changes around the 6% voting-rights level, with small mixed moves. The interim funding facility of up to US$150M for Bilboes also aligned with a modest gain, framing today’s further BlackRock threshold change within an ongoing period of active capital and shareholder positioning.

Market Pulse Summary

This announcement discloses another TR‑1 notification from BlackRock, with total voting rights aroun...

Analysis

This announcement discloses another TR‑1 notification from BlackRock, with total voting rights around the mid‑single‑digit percentage level. It follows multiple March 2026 filings and comes shortly after strong FY 2025 results and progress on Bilboes funding. Investors may track how BlackRock’s position evolves alongside upcoming capex plans and operational updates, watching both direct shareholdings and exposure via securities lending and CFDs for signals on shareholder structure stability.

Key Terms

securities lending, cfd, financial instruments, voting rights

4 terms

securities lending financial

"Type of financial instrument | Expiration date x | ... 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.

cfd financial

"Type of financial instrument | ... | Physical or cash Settlement xii | Number... CFD | N/A"

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.

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.

voting rights financial

"Total number of voting rights held in issuer (8.A + 8.B) vii"

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.

AI-generated analysis. Not financial advice.

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

SAINT HELIER, JE / ACCESS Newswire / March 27, 2026 / Caledonia Mining Corporation Plc ("Caledonia" or "the Company") announces that it received notification on March 27, 2026 from BlackRock, Inc. that on March 26, 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:			26/03/2026
6. Date on which issuer notified (DD/MM/YYYY):			27/03/2026
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	5.18%	1.37%		6.55%	1,265,920
Position of previous notification (if applicable)	4.93%	1.63%		6.56%

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				1,001,011					5.18%
SUBTOTAL 8. A		1,001,011					5.18%
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			123,551			0.63%
			SUBTOTAL 8. B 1			123,551			0.63%
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			141,358	0.73%
					SUBTOTAL 8.B.2			141,358	0.73%

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 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	27 March 2026

SOURCE: Caledonia Mining Corporation Plc

View the original press release on ACCESS Newswire

FAQ

What change did BlackRock notify for Caledonia Mining (CMCL) on 26 March 2026?

BlackRock notified a threshold crossing to a 6.55% total holding, effective 26 March 2026. According to the company, this comprises 5.18% direct voting rights and 1.37% via financial instruments including securities lending and CFDs.

How many shares does BlackRock directly hold in Caledonia Mining (CMCL)?

BlackRock directly holds 1,001,011 shares, equal to 5.18% of voting rights. According to the company, that direct position is part of a 6.55% total position reported on 26 March 2026.

What types of financial instruments does BlackRock use in its CMCL position?

BlackRock's financial-instrument exposure includes securities lending (123,551 votes) and CFDs (141,358 votes), totalling about 1.37% of voting rights. According to the company, these instruments account for the non-direct portion of the 6.55% position.

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

The company received the notification on 27 March 2026, reporting a threshold crossing that occurred on 26 March 2026. According to the company, the TR-1 standard form was completed on 27 March 2026 in London.

Did BlackRock's total holding in CMCL increase or decrease versus the previous notification?

BlackRock's total holding moved from 6.56% previously to 6.55%, a negligible net change. According to the company, the prior notification recorded 6.56% and the new TR-1 shows 6.55% total voting rights.