Caledonia Mining Corporation Plc: Utilisation of the block admission in respect of ATM Sales Agreement

Rhea-AI Summary

Caledonia Mining Corporation Plc (CMCL) reports an update under Rule 29/Schedule Six relating to its ATM Sales Agreement with Cantor Fitzgerald & Co covering the period 16 June 2025 to 16 December 2025. The company confirms no securities were issued or allotted under the ATM during this period and that a balance of 4,000,000 depositary interests (each representing a common share) remains available under the scheme. The ATM was originally announced on 17 December 2024. Contact details for investor enquiries are provided.

Positive

• Available capacity of 4,000,000 depositary interests under ATM
• No new issuances during period: Nil securities issued/allotted

Negative

• No capital raised under the ATM during the six-month period

News Market Reaction – CMCL

+1.56%

1 alert

+1.56% News Effect

On the day this news was published, CMCL gained 1.56%, reflecting a mild positive market reaction.

Data tracked by StockTitan Argus on the day of publication.

Key Figures

Unissued ATM capacity: 4,000,000 depositary interests ATM balance remaining: 4,000,000 depositary interests ATM reporting period start: June 16, 2025 +1 more

4 metrics

Unissued ATM capacity 4,000,000 depositary interests Number of securities not issued under ATM scheme as of Dec 16, 2025

ATM balance remaining 4,000,000 depositary interests Balance of securities not yet issued/allotted at end of period

ATM reporting period start June 16, 2025 Start of period covered by Rule 29 block admission return

ATM reporting period end December 16, 2025 End of period covered by Rule 29 block admission return

Market Reality Check

Price: $28.61 Vol: Volume 324,590 is 1.33x t...

normal vol

$28.61 Last Close

Volume Volume 324,590 is 1.33x the 20-day average of 243,627. normal

Technical Price 23.72 is trading above the 200-day MA of 22.13.

Peers on Argus

Gold peers mostly traded lower, with GAU -4.62%, ODV -7.77%, GROY -1.21%, and DC...

Gold peers mostly traded lower, with GAU -4.62%, ODV -7.77%, GROY -1.21%, and DC -1.39%, while IAUX was flat. This places CMCL’s -7.16% move at the weaker end of its group.

Historical Context

5 past events · Latest: Dec 10 (Neutral)

Pattern 5 events

Date	Event	Sentiment	Move	Catalyst
Dec 10	Shareholder threshold change	Neutral	-1.0%	Notification of BlackRock crossing an AIM relevant-change voting threshold.
Dec 01	Fiscal regime update	Negative	-14.4%	Commentary on proposed Zimbabwe royalty and tax changes affecting gold miners.
Nov 28	Investor presentation notice	Neutral	+0.7%	Reminder of remote presentation on Bilboes Gold Project feasibility study.
Nov 25	Feasibility study decision	Positive	+2.6%	Publication of Bilboes feasibility study and decision to proceed with project.
Nov 10	Dividend declaration	Positive	+5.0%	Approval of quarterly cash dividend alongside third quarter results.

Pattern Detected

Recent news with clear operational or fiscal implications (royalty changes, feasibility study, dividends) tended to see price moves aligned with the apparent impact of the announcement.

Recent Company History

Over the last months, Caledonia reported several significant updates. On Nov 10, a US$0.14 quarterly dividend coincided with a 5.05% gain. The Nov 25 feasibility study and decision to proceed with the Bilboes Gold Project saw a 2.59% rise. A later Dec 1 statement on proposed Zimbabwe royalty and tax changes was followed by a 14.41% drop. The latest shareholder-notification news on Dec 10 had a modest -0.97% reaction.

Market Pulse Summary

This announcement details that under the existing ATM Sales Agreement, 4,000,000 depositary interest...

Analysis

This announcement details that under the existing ATM Sales Agreement, 4,000,000 depositary interests remained unissued during the period from June 16, 2025 to December 16, 2025. In recent months, investors have digested significant events including a Bilboes feasibility study, a quarterly dividend, and proposed Zimbabwe fiscal changes. Going forward, tracking any future use of the ATM capacity alongside project financing needs and regulatory developments will be important for assessing potential capital-structure impacts.

Key Terms

atm sales agreement, aim rules, depositary interests

3 terms

atm sales agreement financial

"its "At the Market" or "ATM" sales agreement with Cantor Fitzgerald & Co"

An ATM sales agreement is a standing arrangement that lets a company sell its shares directly into the open market at prevailing prices, often through a broker, instead of selling a large block all at once. Investors care because it gives the company a flexible, on-demand way to raise cash but can slowly increase the number of shares outstanding and put downward pressure on the stock price—think of it like drip-feeding new supply into a marketplace.

aim rules regulatory

"In accordance with Rule 29 of the AIM Rules for Companies"

AIM Rules are the set of regulatory requirements that govern companies listed on the AIM market of the London Stock Exchange, outlining what firms must disclose, how they must behave, and the standards for admission and ongoing trading. For investors, they matter because they set expectations for transparency and accountability—like a rulebook that helps you judge how reliably a small or growing company shares material information and manages risks, which affects investment trust and valuation.

depositary interests financial

"4,000,000 depositary interests representing the same number of common shares"

Depositary interests are certificates or electronic receipts that represent ownership of shares in a foreign company held by a local custodian, letting investors buy and sell those shares on their home exchange without directly holding the underlying foreign stock. Think of them like a warehouse receipt for goods stored overseas: they make trading simpler and often avoid the need to deal with foreign paperwork, currency or settlement systems. Investors use them to access foreign companies more easily, but rights such as voting and dividend timing can differ from holding the original shares.

AI-generated analysis. Not financial advice.

ST HELIER, Jersey, Dec. 16, 2025 (GLOBE NEWSWIRE) -- In accordance with Rule 29 of the AIM Rules for Companies (“the AIM Rules”), Caledonia Mining Corporation Plc (“Caledonia” or “the Company”) (NYSE AMERICAN: CMCL; AIM: CMCL; VFEX: CMCL) gives below the information required by Schedule Six of the AIM Rules in connection with its "At the Market" or "ATM" sales agreement with Cantor Fitzgerald & Co (“Cantor”) (the “ATM Sales Agreement”), as announced on December 17, 2024.

Name of company:	Caledonia Mining Corporation Plc
Name of scheme:	ATM Sales Agreement
Period of return:	From June 16, 2025 to December 16, 2025
Number and class of securities not issued under the scheme:	4,000,000 depositary interests representing the same number of common shares
Number of securities issued/allotted under scheme during period:	Nil
Balance under scheme of securities not yet issued/allotted at end of period:	4,000,000 depositary interests  representing the same number of common shares
Number and class of securities originally admitted pursuant to the scheme and the date of admission:	Nil
Contact name and telephone number:	As 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	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

FAQ

What did Caledonia (CMCL) report about its ATM Sales Agreement for 16 June–16 December 2025?

Caledonia reported no securities were issued under the ATM for that period and a remaining balance of 4,000,000 depositary interests.

How many depositary interests remain available under Caledonia's ATM (CMCL)?

A balance of 4,000,000 depositary interests representing the same number of common shares remains available.

When was Caledonia's ATM Sales Agreement with Cantor announced (CMCL)?

The ATM Sales Agreement was announced on 17 December 2024.

Did Caledonia (CMCL) issue any shares under the ATM between June 16 and December 16, 2025?

No. The company confirmed Nil securities were issued or allotted during that period.

Who should investors contact about Caledonia's ATM update (CMCL)?

Investor enquiries can be directed to the listed contacts including Mark Learmonth at the company and the nominated broker Cavendish Capital Markets.