Caledonia Mining Corporation Plc Notification of Relevant Change to Significant Shareholder

Rhea-AI Summary

Caledonia Mining (NYSE American: CMCL) received a TR-1 notification from BlackRock, Inc. reporting a relevant change in holdings. BlackRock crossed a threshold on 06/03/2026, resulting in total voting rights of 6.03% (1,165,007 votes) reported to the issuer on 09/03/2026.

The filing breaks the holding into 4.95% direct shares, 0.65% securities lending, and 0.42% CFDs.

News Market Reaction – CMCL

-0.84%

1 alert

-0.84% News Effect

-$4M Valuation Impact

$482.62M Market Cap

0.0x Rel. Volume

On the day this news was published, CMCL declined 0.84%, reflecting a mild negative market reaction. This price movement removed approximately $4M from the company's valuation, bringing the market cap to $482.62M at that time.

Data tracked by StockTitan Argus on the day of publication.

Key Figures

Resulting direct voting rights: 4.95% Resulting via instruments: 1.07% Total voting rights %: 6.03% +5 more

8 metrics

Resulting direct voting rights 4.95% BlackRock % of voting rights attached to shares on 06/03/2026

Resulting via instruments 1.07% BlackRock % of voting rights through financial instruments on 06/03/2026

Total voting rights % 6.03% BlackRock combined voting rights percentage on 06/03/2026

Total voting rights count 1,165,007 BlackRock total voting rights in issuer on 06/03/2026

Previous total voting rights % 6.88% BlackRock combined voting rights percentage in previous notification

Shares voting rights 956,648 Number of voting rights attached to shares (ISIN JE00BF0XVB15)

Securities lending votes 126,657 (0.65%) Voting rights via securities lending under financial instruments

CFD votes 81,701 (0.42%) Voting rights via cash‑settled CFDs under financial instruments

Market Reality Check

Price: $25.34 Vol: Volume 233,851 is at 0.78...

normal vol

$25.34 Last Close

Volume Volume 233,851 is at 0.78x the 20-day average of 300,025, indicating subdued trading activity before this filing. normal

Technical Shares traded slightly below the 200-day MA, at $26.24 versus the MA of $26.66, and about 32.28% under the 52-week high.

Peers on Argus

CMCL was up about 1.31% while key gold peers also showed gains: GAU +4.67%, GROY...

CMCL was up about 1.31% while key gold peers also showed gains: GAU +4.67%, GROY +1.69%, ODV +3.28%, DC +1.27%, and IAUX +3.51%. The move preceded this shareholder-disclosure update and was modest relative to several peers.

Historical Context

5 past events · Latest: Feb 23 (Positive)

Pattern 5 events

Date	Event	Sentiment	Move	Catalyst
Feb 23	Project funding update	Positive	+1.9%	Appointment of Stanbic and CBZ as co‑lead arrangers for up to US$150M facility.
Feb 19	Investor outreach event	Neutral	+1.1%	Zimbabwe Mining Forum highlights and video focused on sector perception vs reality.
Feb 13	BlackRock holding change	Neutral	+8.3%	TR‑1 filing showing BlackRock at 6.88% total voting rights after threshold crossing.
Feb 10	LTIP share issuance	Negative	-0.9%	Issue of 8,244 shares under long‑term incentive plan, modestly diluting shareholders.
Feb 09	BlackRock holding change	Negative	-0.9%	BlackRock’s total interest reported at 7.14% of voting rights, down from 7.45%.

Pattern Detected

Recent BlackRock holding updates and capital-structure news have generally seen price moves that align with the neutral-to-slightly-positive tone of the disclosures.

Recent Company History

Over the last few months, CMCL news has focused on funding Bilboes, capital structure actions, and repeated notifications of BlackRock’s changing stake. Funding steps for Bilboes, including an interim facility of up to US$150 million, coincided with modest share gains. Multiple TR‑1 filings tracked BlackRock’s position shifting between about 5.81% and 7.45% of voting rights. A small LTIP share issuance slightly weighed on the stock. Today’s notification continues this pattern of detailed transparency around major holders rather than a new operational catalyst.

Market Pulse Summary

This announcement updates the market on BlackRock’s latest TR‑1 notification, showing a total holdin...

Analysis

This announcement updates the market on BlackRock’s latest TR‑1 notification, showing a total holding of 6.03% of CMCL’s voting rights, split between 4.95% in shares and 1.07% via instruments. It extends a series of detailed disclosures on BlackRock’s position over recent months. Investors may track how these shifts interact with Caledonia’s broader funding strategy, recent convertible notes, and the development of the Bilboes project, while monitoring future changes in major shareholdings.

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 (total of 8.B 1 + 8.B 2)"

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 | 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 | ... | 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.

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.

cash settlement financial

"CFD | N/A | N/A | Cash | 81,701 | 0.42%"

Cash settlement is a process where, instead of exchanging physical assets like stocks or commodities, the parties involved settle the difference in value with money after a contract ends. For investors, it simplifies transactions by avoiding the need to handle or deliver the actual asset, making it quicker and more convenient to complete trades. This method ensures a straightforward way to settle agreements based on their final value.

AI-generated analysis. Not financial advice.

ST HELIER, JERSEY / ACCESS Newswire / March 10, 2026 / Caledonia Mining Corporation Plc (NYSE American:CMCL)(AIM:CMCL)(VFEX:CMCL)("Caledonia" or "the Company") announces that it received notification on March 9, 2026 from BlackRock, Inc. that on March 6, 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:			06/03/2026
6. Date on which issuer notified (DD/MM/YYYY):			09/03/2026
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	4.95%	1.07%		6.03%	1,165,007
Position of previous notification (if applicable)	5.57%	1.30%		6.88%

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				956,648					4.95%
SUBTOTAL 8. A		956,648					4.95%
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			126,657			0.65%
			SUBTOTAL 8. B 1			126,657			0.65%
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			81,701	0.42%
					SUBTOTAL 8.B.2			81,701	0.42%

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.
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 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	09 March 2026

SOURCE: Caledonia Mining Corporation Plc

View the original press release on ACCESS Newswire

FAQ

What did BlackRock report for Caledonia Mining (CMCL) on March 6, 2026?

BlackRock reported crossing a notification threshold, resulting in a 6.03% total holding in CMCL. According to the company, the position reported on 09/03/2026 equals 1,165,007 voting rights comprised of direct shares, securities lending and CFDs.

How is BlackRock's 6.03% CMCL holding broken down by instrument?

The 6.03% comprises 4.95% direct shares, 0.65% securities lending and 0.42% CFDs. According to the company, the TR-1 notification details each component and the total number of voting rights.

When did Caledonia Mining (CMCL) receive notice of the change from BlackRock?

Caledonia received the notification on 09/03/2026 after BlackRock crossed the threshold on 06/03/2026. According to the company, the TR-1 form records the date of crossing and the issuer notification date.

Does BlackRock control other entities listed in the CMCL TR-1 filing?

The TR-1 indicates BlackRock is part of a chain of controlled undertakings but states it is not controlled by a natural person. According to the company, the filing lists multiple BlackRock entities in the chain of holdings.

What is the significance of a TR-1 notification for CMCL shareholders?

A TR-1 notification publicly records when an investor crosses a regulatory threshold in voting rights for CMCL. According to the company, this increases transparency about major holdings and voting-power changes for investors and regulators.