Notification of Relevant Change to Significant Shareholder

Rhea-AI Summary

Caledonia Mining (NYSE AMERICAN: CMCL) received a notification from BlackRock, Inc. on 11 February 2026 that BlackRock crossed a relevant disclosure threshold on 10 February 2026.

BlackRock's resulting position is 6.88% total (5.57% direct shares; 1.30% via instruments), equal to 1,329,520 voting rights. Financial instrument breakdown: securities lending 136,809 (0.70%) and CFDs 115,857 (0.60%). Prior notified total was 7.14%.

Positive

• BlackRock total stake 6.88% (1,329,520 votes)
• Direct shareholding 5.57% (1,076,855 votes)

Negative

• Notified position down from 7.14% to 6.88%
• Financial-instrument exposure 1.30% (CFDs and securities lending)

Key Figures

BlackRock total voting rights: 6.88% BlackRock total votes: 1,329,520 voting rights Direct voting rights: 5.57% +5 more

8 metrics

BlackRock total voting rights 6.88% Resulting position on 10/02/2026 (shares + instruments)

BlackRock total votes 1,329,520 voting rights Total voting rights held in issuer at new threshold

Direct voting rights 5.57% Voting rights attached to shares (JE00BF0XVB15), 1,076,855 votes

Securities lending exposure 136,809 voting rights (0.70%) Financial instruments classified as securities lending

CFD exposure 115,857 voting rights (0.60%) Cash‑settled CFDs over CMCL shares

Previous total interest 7.14% Prior BlackRock total voting rights position

Current share price $27.70 Pre‑news price with -8.85% daily change

52-week range $9.79–$38.75 Price 28.52% below high, 182.94% above low

Market Reality Check

Price: $27.70 Vol: Volume 660,189 is below t...

normal vol

$27.70 Last Close

Volume Volume 660,189 is below the 20-day average of 776,382 with relative volume at 0.85x. normal

Technical Price at $27.70 is trading above the 200-day MA of $25.44, despite a -8.85% daily move.

Peers on Argus

Gold peers also traded lower, with GAU -12.5%, IAUX -11.82%, DC -10.23%, ODV -6....

Gold peers also traded lower, with GAU -12.5%, IAUX -11.82%, DC -10.23%, ODV -6.23%, and GROY -5.62%, indicating broader weakness in the gold space alongside CMCL’s -8.85% move.

Historical Context

5 past events · Latest: Feb 10 (Neutral)

Pattern 5 events

Date	Event	Sentiment	Move	Catalyst
Feb 10	Incentive share issue	Neutral	-0.9%	Small 8,244-share issuance under long-term incentive plan.
Feb 09	BlackRock stake change	Negative	+5.0%	BlackRock total voting rights reported down to 7.14%.
Feb 06	Director share purchase	Positive	+7.3%	Non-executive director bought 3,500 shares at $29.78.
Jan 27	BlackRock stake increase	Positive	-1.9%	BlackRock position increased to 7.45% of voting rights.
Jan 21	Bilboes funding plan	Positive	+5.9%	Announced multi-part funding strategy including US$150m notes.

Pattern Detected

Shareholder-notification headlines around BlackRock’s stake have produced mixed reactions, sometimes moving opposite to the apparent sentiment, while director buying and funding news have more often aligned with positive price moves.

Recent Company History

Over recent weeks, CMCL’s news flow has focused on capital structure and major shareholders. On Jan 21, the company outlined a Bilboes funding strategy including a US$150m convertible notes issue, with shares rising 5.89%. Multiple BlackRock TR‑1 disclosures between Jan 20–27 showed its voting interest shifting between 5.81% and 7.45%, with price reactions both positive and negative. A director share purchase on Feb 3 at $29.78 saw a 7.27% gain, while small share issuances for incentives had muted impact.

Market Pulse Summary

This announcement details a standard TR‑1 major-holdings notification, with BlackRock’s total intere...

Analysis

This announcement details a standard TR‑1 major-holdings notification, with BlackRock’s total interest moving to 6.88% of CMCL’s voting rights, or 1,329,520 votes. The position combines 5.57% held directly in shares with additional exposure via securities lending and CFDs. Recent history shows multiple similar disclosures and capital markets actions, alongside a funding plan for the Bilboes project. Investors may track future changes in major shareholdings and how they coincide with broader gold-sector moves and project milestones.

Key Terms

securities lending, cfd, financial instruments, voting rights, +2 more

6 terms

securities lending financial

"Securities Lending | N/A | N/A | 136,809 | 0.70%"

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 | 115,857 | 0.60%"

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.

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.

voting rights financial

"% of voting rights attached to shares (total of 8. A)"

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.

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.

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.

AI-generated analysis. Not financial advice.

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

SAINT HELIER, JE / ACCESS Newswire / February 13, 2026 / Caledonia Mining Corporation Plc ("Caledonia" or "the Company") announces that it received notification on February 11, 2026 from BlackRock, Inc. that on February 10, 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						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:			10/02/2026
6. Date on which issuer notified (DD/MM/YYYY):			11/02/2026
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	5.57%	1.30%		6.88%	1,329,520
Position of previous notification (if applicable)	5.57%	1.57%		7.14%

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				1,076,855					5.57%
SUBTOTAL 8. A		1,076,855					5.57%
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			136,809			0.70%
			SUBTOTAL 8. B 1			136,809			0.70%
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			115,857	0.60%
					SUBTOTAL 8.B.2			115,857	0.60%

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	3.05%	0.010%	3.07%
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	11 February 2026

SOURCE: Caledonia Mining Corporation Plc

View the original press release on ACCESS Newswire

FAQ

What stake did BlackRock report in Caledonia Mining (CMCL) on 10 February 2026?

BlackRock reported a 6.88% total position in CMCL on 10 February 2026. According to the company, this comprises 5.57% direct shares and 1.30% via financial instruments, totaling 1,329,520 voting rights.

How many voting rights does BlackRock hold in CMCL after the 10 February 2026 notification?

BlackRock holds 1,329,520 voting rights in CMCL after the notification. According to the company, that equals 5.57% via shares plus 1.30% via instruments, for a combined 6.88%.

What financial instruments did BlackRock report in its CMCL holding on 10 February 2026?

BlackRock reported securities lending and CFDs as instruments in its CMCL position. According to the company, securities lending equals 136,809 votes (0.70%) and CFDs equal 115,857 votes (0.60%).

Did BlackRock's CMCL holding increase or decrease versus the prior notification?

BlackRock's total CMCL position decreased from 7.14% to 6.88%. According to the company, the previous notification showed a higher combined percentage than the 10 February 2026 resulting situation.

When did Caledonia Mining receive BlackRock's notification about the CMCL holding change?

Caledonia Mining received the notification on 11 February 2026 about a threshold crossed on 10 February 2026. According to the company, the TR-1 form was completed at its London address on 11 February 2026.