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

Rhea-AI Summary

Caledonia Mining (AIM:CMCL) received a TR-1 notification from BlackRock, Inc. reporting a relevant change on 27/03/2026. BlackRock's resulting position was 6.44% of voting rights (1,245,363 votes), comprising 4.83% direct shares, 0.88% securities lending and 0.73% CFDs. Prior position was 6.55%.

The notice was filed with completion date 30 March 2026 and lists BlackRock fund entities and contact details for regulatory reporting.

Positive

• BlackRock total position at 6.44% (1,245,363 voting rights)
• Direct shareholding represents 4.83% of voting rights

Negative

• Position fell from 6.55% to 6.44% versus prior notification
• Non‑voting exposures: securities lending 0.88% and CFDs 0.73%

News Market Reaction – CMCL

+4.16%

2 alerts

+4.16% News Effect

+$19M Valuation Impact

$466.70M Market Cap

0.3x Rel. Volume

On the day this news was published, CMCL gained 4.16%, reflecting a moderate positive market reaction. Our momentum scanner triggered 2 alerts that day, indicating moderate trading interest and price volatility. This price movement added approximately $19M to the company's valuation, bringing the market cap to $466.70M at that time.

Data tracked by StockTitan Argus on the day of publication.

Key Figures

Resulting total voting rights: 6.44% Voting rights via shares: 4.83% Voting rights via instruments: 1.61% +5 more

8 metrics

Resulting total voting rights 6.44% BlackRock total interest on 27 March 2026

Voting rights via shares 4.83% BlackRock direct holding on 27 March 2026

Voting rights via instruments 1.61% BlackRock financial instruments on 27 March 2026

Total voting rights held 1,245,363 BlackRock total voting rights in issuer

Previous total voting rights 6.55% Prior BlackRock notification position

Direct voting rights count 933,809 Voting rights attached to JE00BF0XVB15 shares

Securities lending rights 170,195 Voting rights from securities lending (0.88%)

CFD voting rights 141,358 Voting rights from CFDs (0.73%)

Market Reality Check

Price: $23.37 Vol: Volume 198,020 versus 20-...

normal vol

$23.37 Last Close

Volume Volume 198,020 versus 20-day average of 253,922 ahead of this disclosure-focused news. normal

Technical Shares at 22.68, trading below the 200-day MA of 27.12 and well under the 38.75 52-week high.

Peers on Argus

CMCL was up 2.5% while gold peers like GAU, GROY, ODV, DC and IAUX showed gains ...

CMCL was up 2.5% while gold peers like GAU, GROY, ODV, DC and IAUX showed gains between 4.83% and 6.77%, indicating the stock lagged stronger moves in its gold peer group.

Historical Context

5 past events · Latest: Mar 30 (Neutral)

Pattern 5 events

Date	Event	Sentiment	Move	Catalyst
Mar 30	Major holding notice	Neutral	-1.0%	BlackRock reported a 6.55% total voting rights position in CMCL.
Mar 27	Major holding notice	Neutral	-1.0%	BlackRock disclosed a 6.56% voting rights interest after crossing a threshold.
Mar 27	Major holding notice	Neutral	-1.0%	TR-1 showed BlackRock at 6.55% total voting rights, mixing shares and instruments.
Mar 23	FY 2025 results	Positive	+3.9%	Record FY 2025 revenue and profit with dividend and Bilboes development plans.
Mar 18	Major holding notice	Neutral	-5.1%	BlackRock increased its stake to 6.57% of CMCL voting rights.

Pattern Detected

Recent BlackRock threshold notifications have been frequent and generally coincided with modest price moves, while the FY 2025 results release drew a clearer positive reaction.

Recent Company History

Over recent weeks, Caledonia has repeatedly reported TR-1 notifications showing BlackRock, Inc. adjusting its voting interest around the 6.5% level, with 24-hour moves around -1.03% and a larger -5.11% move on an earlier filing. In contrast, preliminary FY 2025 results on Mar 23 highlighted revenue of US$267.7M and strong profitability, which aligned with a 3.87% gain. Today’s further BlackRock position update fits the pattern of disclosure-driven, largely technical news against this backdrop.

Market Pulse Summary

This announcement details a TR-1 major holdings notification showing BlackRock at 6.44% of Caledonia...

Analysis

This announcement details a TR-1 major holdings notification showing BlackRock at 6.44% of Caledonia’s voting rights via shares and financial instruments. It follows several recent threshold updates where BlackRock’s stake hovered around 6.5%. Against a backdrop of strong FY 2025 results and a share price trading below the 27.12 200-day MA and 38.75 52-week high, investors may focus on how ongoing shifts in a major shareholder’s position interact with broader gold-sector moves and the company’s capital plans.

Key Terms

voting rights, financial instruments, securities lending, CFD, +4 more

8 terms

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.

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

"Securities Lending | N/A | N/A | 170,195 | 0.88%"

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 | 141,358 | 0.73%"

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.

cash settlement financial

"CFD | N/A | N/A | Cash | 141,358 | 0.73%"

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.

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.

Form 3 regulatory

"Form 3 does not report any new purchase or sale activity"

Form 3 is the initial public filing that officers, directors and large shareholders must submit to report their ownership of a company’s securities when they become insiders. It acts like an opening inventory sheet that gives investors a starting point to see who holds significant stakes and to spot later trades or potential conflicts of interest, helping assess insider confidence and transparency.

6-K regulatory

"[6-K] Caledonia Mining Corp Plc Current Report (Foreign Issuer)"

A Form 6‑K is a periodic report that foreign companies file with the U.S. securities regulator to share important, non-routine information—like earnings summaries, business updates, contracts, or regulatory notices—outside their home country. For investors it acts like a news bulletin or text alert, giving timely access to material developments that can affect a company’s value or risk so they can make informed buy, hold, or sell decisions.

AI-generated analysis. Not financial advice.

(NYSE American:CMCL)(AIM:CMCL)(VFEX:CMCL)

SAINT HELIER, JE / ACCESS Newswire / April 1, 2026 / Caledonia Mining Corporation Plc ("Caledonia" or "the Company") announces that it received notification on March 30, 2026 from BlackRock, Inc. that on March 27, 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:			27/03/2026
6. Date on which issuer notified (DD/MM/YYYY):			30/03/2026
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	4.83%	1.61%		6.44%	1,245,363
Position of previous notification (if applicable)	5.18%	1.37%		6.55%

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				933,809					4.83%
SUBTOTAL 8. A		933,809					4.83%
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			170,195			0.88%
			SUBTOTAL 8. B 1			170,195			0.88%
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	3.03%	0.01%	3.04%
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	30 March 2026

SOURCE: Caledonia Mining Corporation Plc

View the original press release on ACCESS Newswire

FAQ

What change did BlackRock report in its CMCL holding on 27 March 2026?

BlackRock reported a resulting position of 6.44% of CMCL voting rights on 27 March 2026. According to the company, that equals 1,245,363 voting rights, down from a prior total of 6.55% in the previous notification.

How is BlackRock's 6.44% CMCL holding broken down by instrument?

The 6.44% position comprised 4.83% direct shares, 0.88% securities lending and 0.73% CFDs. According to the company, those percentages reflect direct voting rights plus financial instrument exposures reported on 27 March 2026.

When did Caledonia Mining receive BlackRock's notification for CMCL?

Caledonia Mining received the notification on 30 March 2026 regarding a threshold crossing dated 27 March 2026. According to the company, the TR-1 form was completed in London on 30 March 2026 with regulatory contact details included.

What is the total number of CMCL voting rights BlackRock reported?

BlackRock reported 1,245,363 total voting rights in CMCL as its resulting position. According to the company, that total combines direct holdings and financial instruments as declared in the TR-1 on 27 March 2026.

Does BlackRock's CMCL filing indicate control via fund entities?

The notification lists multiple BlackRock fund and holding entities, including BlackRock Fund Advisors at 3.04%. According to the company, the TR-1 discloses the full chain of controlled undertakings relevant to the reported voting rights.