Caledonia Mining Corporation Plc Notification of Relevant Change to Significant Shareholder

Rhea-AI Summary

Caledonia Mining (CMCL) notified that BlackRock, Inc. crossed an AIM notification threshold on 16/01/2026, with the issuer informed on 19/01/2026. BlackRock's resulting position is 6.20% total of voting rights, comprised of 5.63% direct voting rights (1,088,324 votes) and 0.56% via CFDs (109,510 votes), totalling 1,197,834 voting rights. The previous notified position was 5.81%. The filing lists BlackRock group entities and confirms completion at 12 Throgmorton Avenue, London on 19 January 2026.

Positive

• BlackRock total position increased to 6.20% of CMCL voting rights
• Direct shareholding of 5.63% equals 1,088,324 voting rights
• Financial instruments (CFDs) account for 109,510 votes (0.56%)

Negative

• Previous notified total was 5.81%; net increase by 0.39 percentage points
• BlackRock crossing >5% may attract increased market and regulatory attention

News Market Reaction – CMCL

+5.89%

8 alerts

+5.89% News Effect

+$32M Valuation Impact

$569M Market Cap

1.1x Rel. Volume

On the day this news was published, CMCL gained 5.89%, reflecting a notable positive market reaction. Our momentum scanner triggered 8 alerts that day, indicating moderate trading interest and price volatility. This price movement added approximately $32M to the company's valuation, bringing the market cap to $569M at that time.

Data tracked by StockTitan Argus on the day of publication.

Key Figures

Resulting voting rights %: 5.63% Resulting financial instruments %: 0.56% Total voting rights %: 6.20% +5 more

8 metrics

Resulting voting rights % 5.63% Voting rights attached to shares on Jan 16, 2026

Resulting financial instruments % 0.56% Voting rights through financial instruments on Jan 16, 2026

Total voting rights % 6.20% Combined position (shares + instruments) on threshold crossing date

Total voting rights count 1,197,834 Total voting rights held in issuer (shares + instruments)

Prior total voting rights % 5.81% Previously notified combined position before latest change

Shares voting rights 1,088,324 Voting rights attached to shares (JE00BF0XVB15)

CFD voting rights 109,510 Voting rights via cash-settled CFDs (0.56%)

BlackRock Fund Advisors stake 3.04% Total voting rights held via BlackRock Fund Advisors chain

Market Reality Check

Price: $21.45 Vol: Volume 1,427,628 vs 502,5...

high vol

$21.45 Last Close

Volume Volume 1,427,628 vs 502,517 20-day average (2.84x), indicating elevated trading activity before this filing. high

Technical Price at 27.5, trading above 200-day MA of 24.03, showing a pre-news uptrend.

Peers on Argus

CMCL gained 1.03% with high volume. Peers were mixed but mostly positive (e.g., ...

CMCL gained 1.03% with high volume. Peers were mixed but mostly positive (e.g., GAU +3.09%, IAUX +3.55%, DC -0.93%), suggesting more stock-specific interest around CMCL.

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 with capped calls.
Jan 14	Convertible notes proposal	Negative	-1.3%	Proposed $100M convertible senior notes to fund Bilboes and corporate needs.
Jan 14	Production & guidance	Negative	-1.3%	FY 2025 output met guidance but Q4 fell YoY and 2026 costs guided higher.
Jan 14	Management change	Negative	-1.3%	COO James Mufara departed; company to operate without a replacement COO.
Jan 06	Zimbabwe budget outcome	Positive	+5.8%	Zimbabwe budget confirmed favorable royalty regime and withdrew other tax changes.

Pattern Detected

Recent material news (financing, guidance, management changes, and Zimbabwe budget) has generally seen price moves that align with the apparent news tone.

Recent Company History

Over the last weeks, Caledonia reported several key developments. On Jan 6, 2026, Zimbabwe’s 2026 National Budget confirmed a 10% royalty only above US$5,000/oz, and the stock rose 5.82%. On Jan 14, 2026, the company issued and priced up to $150 million-equivalent in Convertible Senior Notes and provided Q4/FY 2025 production plus FY 2026 guidance, while also announcing the COO’s departure; these events coincided with a modest -1.34% move. Today’s BlackRock holding change continues a period of active capital and ownership shifts.

Market Pulse Summary

The stock moved +5.9% in the session following this news. A strong positive reaction aligns with ele...

Analysis

The stock moved +5.9% in the session following this news. A strong positive reaction aligns with elevated pre-news volume of 1,427,628 shares and the disclosure that BlackRock’s total position reached 6.20% of voting rights. Recent events included sizeable convertible note financing and updated production guidance, which had smaller price impacts. A sharp move on this filing could reflect investor focus on institutional ownership trends, but prior financing-related dilution concerns and changing guidance would remain key factors that could temper longer-term enthusiasm.

Key Terms

voting rights, financial instruments, CFD, cash Settlement, +4 more

8 terms

voting rights financial

"existing shares to which voting rights are attached ii : | CALEDONIA"

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

"An acquisition or disposal of financial instruments | X"

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.

CFD financial

"CFD | N/A | N/A | Cash | 109,510 | 0.56%"

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 | 109,510 | 0.56%"

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.

ISIN code technical

"Class/type of shares ISIN code (if possible) | Number of voting rights"

An ISIN code is a unique identifier for a specific financial asset, like a stock or bond, similar to a product's barcode. It helps investors, traders, and banks quickly and accurately find and track that asset across different markets worldwide. This makes buying, selling, and managing investments more organized and reliable.

FCA regulatory

"to the relevant issuer and to the FCA in Microsoft Word format"

The FCA is the United Kingdom's financial regulator that oversees banks, brokerages, investment firms and markets to make sure they act fairly, transparently and safely. For investors it matters because the FCA sets rules, enforces protections and can impose penalties or bans that influence market behavior and company reputations—think of it as a referee whose decisions can affect the value and trustworthiness of financial products and firms.

non-UK issuer regulatory

"Please indicate if the issuer is a non-UK issuer (please mark"

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 financial

"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.

AI-generated analysis. Not financial advice.

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

SAINT HELIER, JE / ACCESS Newswire / January 21, 2026 / Caledonia Mining Corporation Plc ("Caledonia" or "the Company") announces that it received notification on January 19, 2026 from BlackRock, Inc. that on January 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 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 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						X
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 :			16/01/2026
6. Date on which issuer notified (DD/MM/YYYY):			19/01/2026
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	5.63%	0.56%		6.20%	1,197,834
Position of previous notification (if applicable)	4.12%	1.68%		5.81%

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				1,088,324					5.63%
SUBTOTAL 8. A		1,088,324					5.63%
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
			SUBTOTAL 8. B 1
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			109,510	0.56%
					SUBTOTAL 8.B.2			109,510	0.56%

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	3.04%	0.00%	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.
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	19 January 2026

SOURCE: Caledonia Mining Corporation Plc

View the original press release on ACCESS Newswire

FAQ

When did BlackRock cross the 5% notification threshold in CMCL shares?

BlackRock crossed the threshold on 16/01/2026, with the issuer notified on 19/01/2026.

What is BlackRock's total holding in Caledonia Mining (CMCL) after the notification?

The total position reported is 6.20% of voting rights, equivalent to 1,197,834 voting rights.

How is BlackRock's 6.20% CMCL position split between shares and financial instruments?

BlackRock holds 5.63% via direct shares (1,088,324 votes) and 0.56% via CFDs (109,510 votes).

What was BlackRock's previously notified position in CMCL before this change?

The prior notification showed a total position of 5.81%.

Does the notification identify which BlackRock entities hold CMCL voting rights?

Yes; the filing lists multiple BlackRock group entities and identifies BlackRock Fund Advisors holding 3.04%.