Caledonia Mining Corporation Plc: Refiling of Bilboes Gold Project Feasibility Study National Instrument 43-101 Technical Report

Caledonia Mining (NYSE American: CMCL) updated and refiled the Bilboes Gold Project National Instrument 43-101 technical report on SEDAR+ after an Ontario Securities Commission review found some listed authors did not meet the qualified person definition.

Rhea-AI Summary

Caledonia Mining (NYSE American: CMCL) updated and refiled the Bilboes Gold Project National Instrument 43-101 technical report on SEDAR+ after an Ontario Securities Commission review found some listed authors did not meet the qualified person definition.

DRA replaced those authors with compliant qualified persons. The underlying Bilboes Gold Project and the US Feasibility Study remain unchanged; the update is solely to meet Canadian mining disclosure rules.

Argus May 22 session

-1.26% close to close Open Argus

Details

News Market Reaction – CMCL

On May 22, the day this news came out, CMCL closed 1.26% below the previous close.

Data tracked by StockTitan Argus for the May 22 session.

Key Figures

Feasibility study effective date: October 31, 2025 US filing date: November 24, 2025 Canadian filing date: January 6, 2026 +1 more

Feasibility study effective date

October 31, 2025

Bilboes Gold Project technical reports prepared by DRA

US filing date

November 24, 2025

Feasibility Study filed on EDGAR as Form 6-K exhibit

Canadian filing date

January 6, 2026

NI 43-101 Technical Report filed on SEDAR+

Refiling date reference

May 22, 2026

Updated NI 43-101 report filed on SEDAR+ after OSC review

Historical Context

5 past events · Latest: May 15

5 events

1. May 15

   Insider share purchase

   24h Move

   -3.7%

   Chairman July Ndlovu bought 15,000 shares at US$24.81 on NYSE American.

2. May 11

   Quarterly results

   24h Move

   +1.5%

   Q1 2026 results showed higher revenue, EBITDA, EPS and declared a dividend.

3. May 07

   Corporate communications

   24h Move

   +2.5%

   Release of a new corporate video to present the company to investors.

4. May 05

   AGM and leadership

   24h Move

   +3.8%

   AGM results and appointment of July Ndlovu as new Chairman of the Board.

5. May 05

   Shareholding change

   24h Move

   +3.8%

   BlackRock notified a change in major holdings to a total of 5.98%.

24h Move is the share-price change in the day after each event; other market factors may also have contributed.

Key Terms

national instrument 43-101, qualified person, form 6-k, edgar, +1 more

5 terms

national instrument 43-101 regulatory

"Bilboes Gold Project Feasibility Study National Instrument 43-101 Technical Report"

National Instrument 43-101 is a set of rules and guidelines that govern how mineral exploration and mining companies must report information about their projects. It ensures that the details shared with investors are accurate, consistent, and reliable—similar to how a detailed, verified blueprint ensures a building’s safety. This helps investors make informed decisions based on trustworthy information about a company's mineral resources.

qualified person regulatory

"some of the authors listed by DRA as qualified persons in the report"

A qualified person is someone with specialized knowledge, experience, and training in a particular field, allowing them to accurately assess and verify information or work. Their expertise helps ensure that reports, evaluations, or decisions are trustworthy and meet required standards. For investors, a qualified person provides confidence that the information they rely on is credible and properly validated.

form 6-k regulatory

"as an exhibit to a Form 6-K Report of Foreign Private Issuer"

A Form 6-K is a report that companies listed in certain countries file to provide important updates, such as financial results, corporate changes, or other significant information, to regulators and investors. It functions like an official company update or news release, helping investors stay informed about developments that could affect their investment decisions.

edgar regulatory

"prepared by DRA Projects (Pty) Ltd ("DRA") on EDGAR as an exhibit"

EDGAR is a system used by companies to share important financial and business information with the public. It functions like an online filing cabinet where investors can access official reports and documents that help them understand a company's financial health and operations. This transparency allows investors to make more informed decisions, much like checking a company's report card before investing.

sedar+ regulatory

"the updated Canadian Report ... was filed on SEDAR+ yesterday"

SEDAR+ is Canada’s centralized online system where publicly traded companies submit required regulatory documents such as financial reports, prospectuses and disclosure statements. It gives investors a single, searchable place — like a public library or online filing cabinet — to check a company’s official records for transparency, compare performance, and verify material information before making investment decisions.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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

SAINT HELIER, JE / ACCESS Newswire / May 22, 2026 / On November 24, 2025, Caledonia Mining Corporation Plc (the "Company") filed the "Bilboes Gold Project Technical Report Summary" with effective date October 31, 2025 prepared by DRA Projects (Pty) Ltd ("DRA") on EDGAR as an exhibit to a Form 6-K Report of Foreign Private Issuer (the "Feasibility Study").

In accordance with Canadian securities regulations, the Company then filed on January 6, 2026 the "Bilboes Gold Project Feasibility Study National Instrument 43-101 Technical Report" with effective date October 31, 2025 prepared by DRA on SEDAR+ (the "Canadian Report ").

Staff at the Ontario Securities Commission (the "OSC") have reviewed the Canadian Report and identified that some of the authors listed by DRA as qualified persons in the report did not meet the definition of a qualified person under National Instrument 43-101. DRA has therefore updated the Canadian Report by replacing those authors with individuals that meet the definition of a qualified person, and the updated Canadian Report, which is entitled "Bilboes Gold Project Matabeleland Zimbabwe National Instrument 43-101 Technical Report", was filed on SEDAR+ yesterday.

Under US mining disclosure rules, DRA is able to act as the sole qualified person and therefore the Feasibility Study is unchanged. For the avoidance of doubt, there is no effect on the Bilboes Gold Project and the aforementioned change is solely to comply with Canadian mining disclosure rules.

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 Pearl Kellie	Tel: +44 207 397 1965 Tel: +44 131 220 9775
Camarco, Financial PR (UK) 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

SOURCE: Caledonia Mining Corporation Plc

View the original press release on ACCESS Newswire

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What did Caledonia Mining (CMCL) change in the Bilboes Gold Project NI 43-101 report?

Caledonia Mining updated the Bilboes Gold Project NI 43-101 report by replacing certain listed authors with individuals who meet the Canadian qualified person definition. According to Caledonia Mining, this administrative change aligns the report with National Instrument 43-101 disclosure rules.

Why did Caledonia Mining (CMCL) refile the Bilboes Gold Project technical report on SEDAR+?

Caledonia Mining refiled the Bilboes Gold Project NI 43-101 technical report after Ontario Securities Commission staff noted some authors did not qualify as NI 43-101 qualified persons. According to Caledonia Mining, DRA updated the authors and the revised report was refiled on SEDAR+.

Does the Bilboes Gold Project refiling affect Caledonia Mining (CMCL) Feasibility Study?

The refiling does not affect the Bilboes Gold Project Feasibility Study. Under US mining disclosure rules, DRA can act as the sole qualified person, so the EDGAR-filed Feasibility Study remains unchanged, according to Caledonia Mining’s announcement.

Is the Bilboes Gold Project itself impacted by Caledonia Mining (CMCL) report changes?

The Bilboes Gold Project is not impacted by the report changes. According to Caledonia Mining, the updates are purely to comply with Canadian mining disclosure rules and do not change the project or its underlying feasibility assumptions.

What triggered the review of Caledonia Mining (CMCL) Bilboes Gold NI 43-101 report?

Staff at the Ontario Securities Commission reviewed the Bilboes Gold Project NI 43-101 report and found some authors listed by DRA did not meet the qualified person definition. According to Caledonia Mining, this prompted updating and refiling the report.

On which platforms has Caledonia Mining (CMCL) filed Bilboes Gold Project reports?

Caledonia Mining filed a Feasibility Study Technical Report Summary on EDGAR as a Form 6-K exhibit and a separate NI 43-101 technical report on SEDAR+. According to Caledonia Mining, only the Canadian SEDAR+ report required author updates.