Notification of relevant change to significant shareholder

Rhea-AI Summary

Caledonia Mining (NYSE AMERICAN: CMCL; AIM: CMCL; VFEX: CMCL) received notification that BlackRock, Inc. crossed a relevant threshold on 22/01/2026. BlackRock's resulting position is 7.45% total voting rights, consisting of 6.51% (1,258,601 voting rights) held via shares and 0.93% (180,458 voting rights) via financial instruments (35,124 securities lending; 145,334 CFDs). The issuer was notified on 23/01/2026. The prior notified position was 6.20%, so the disclosure records an increase to 7.45% and a total of 1,439,059 voting rights at the reporting date.

Positive

• BlackRock increased total stake to 7.45% of voting rights
• Shareholding component of 6.51% equals 1,258,601 voting rights

Negative

• Financial instruments account for 0.93% (180,458 voting rights), including CFDs and securities lending

Key Figures

Direct voting rights: 6.51% Voting rights via instruments: 0.93% Total voting rights %: 7.45% +5 more

8 metrics

Direct voting rights 6.51% BlackRock % of voting rights attached to shares on 22/01/2026

Voting rights via instruments 0.93% BlackRock % of voting rights through financial instruments on 22/01/2026

Total voting rights % 7.45% BlackRock total percentage of voting rights in Caledonia

Total voting rights count 1,439,059 Total BlackRock voting rights in Caledonia on threshold date

Previous total holding 6.20% BlackRock previously notified total voting rights percentage

Previous direct voting rights 5.63% Prior % of voting rights attached to shares

Previous via instruments 0.56% Prior % of voting rights via financial instruments

Securities lending rights 35,124 Voting rights that may be acquired via securities lending (0.18%)

Market Reality Check

Price: $31.57 Vol: Volume 883,989 is about 1...

normal vol

$31.57 Last Close

Volume Volume 883,989 is about 1.44x the 20-day average of 612,874 ahead of this disclosure. normal

Technical Shares at $31.57 are trading above the 200-day MA of $24.40 and 18.53% below the 52-week high of $38.75.

Peers on Argus

While CMCL gained 0.54%, gold peers like GAU (-3.43%), GROY (-7.27%), ODV (-3.75...

While CMCL gained 0.54%, gold peers like GAU (-3.43%), GROY (-7.27%), ODV (-3.75%), DC (-10.34%) and IAUX (-4.79%) traded lower, indicating a stock-specific move rather than a sector-wide rotation.

Historical Context

5 past events · Latest: Jan 21 (Positive)

Pattern 5 events

Date	Event	Sentiment	Move	Catalyst
Jan 21	Funding strategy update	Positive	+5.9%	Outlined four-part funding plan to advance Bilboes gold project.
Jan 21	Major holder change	Positive	+5.9%	BlackRock disclosed increase to 6.20% of voting rights via TR‑1 filing.
Jan 20	Convertible notes closing	Neutral	+1.0%	Closed upsized $150M 5.875% Convertible Senior Notes due 2033.
Jan 20	Major holder change	Positive	+1.0%	BlackRock reported stake at 5.81% of voting rights via TR‑1.
Jan 14	Convertible notes pricing	Negative	-1.3%	Priced upsized $125M 5.875% Convertible Senior Notes due 2033.

Pattern Detected

Recent funding and major-shareholder disclosures have often coincided with positive price reactions, especially when linked to Bilboes project funding and BlackRock stake increases.

Recent Company History

Over January 2026, Caledonia combined major financing steps with repeated BlackRock stake notifications. An upsized $150 million convertible notes deal and a detailed Bilboes funding plan preceded strong gains of about 5.89%. Multiple TR‑1 filings showed BlackRock lifting its holding from 5.37% to over 6%. Today’s further increase to 7.45% of voting rights builds directly on that sequence of shareholder-disclosure events.

Market Pulse Summary

This announcement details a TR‑1 major holdings notification showing BlackRock increasing its intere...

Analysis

This announcement details a TR‑1 major holdings notification showing BlackRock increasing its interest in Caledonia to 7.45% of voting rights, up from 6.20%. It follows a series of January disclosures in which BlackRock gradually raised its stake alongside Caledonia’s $150 million convertible notes financing and Bilboes funding plans. Investors may watch future regulatory filings, further changes in major shareholdings, and execution on the Bilboes project to assess how ownership structure evolves.

Key Terms

tr-1, securities lending, cfd, financial instruments, +1 more

5 terms

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.

securities lending financial

"Securities Lending | N/A | N/A | 35,124 | 0.18%"

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 | 145,334 | 0.75%"

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.

non-uk issuer regulatory

"Please indicate if the issuer is a non-UK issuer (please mark with an "X")"

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.

AI-generated analysis. Not financial advice.

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

SAINT HELIER, JE / ACCESS Newswire / January 27, 2026 / Caledonia Mining Corporation Plc ("Caledonia" or "the Company") announces that it received notification on January 23, 2026 from BlackRock, Inc. that on January 22, 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:			22/01/2026
6. Date on which issuer notified (DD/MM/YYYY):			23/01/2026
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	6.51%	0.93%		7.45%	1,439,059
Position of previous notification (if applicable)	5.63%	0.56%		6.20%

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		1,258,601		6.51%
SUBTOTAL 8. A	1,258,601		6.51%

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	35,124	0.18%
		SUBTOTAL 8. B 1	35,124	0.18%

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	145,334	0.75%
			SUBTOTAL 8.B.2	145,334	0.75%

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	3.04%	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 Advisors (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 (Singapore) Holdco Pte. Ltd.
BlackRock (Singapore) 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	23 January 2026

SOURCE: Caledonia Mining Corporation Plc

View the original press release on ACCESS Newswire

FAQ

When did BlackRock cross the disclosure threshold for CMCL?

BlackRock crossed the threshold on 22/01/2026 and the issuer was notified on 23/01/2026.

What is BlackRock's total voting rights percentage in CMCL as of 22 January 2026?

BlackRock holds a total of 7.45% of voting rights in CMCL on that date.

How many CMCL voting rights does BlackRock hold directly as shares?

BlackRock holds 1,258,601 voting rights via shares, representing 6.51%.

What portion of BlackRock's CMCL position is via financial instruments?

Financial instruments represent 0.93% (180,458 voting rights), comprising 35,124 from securities lending and 145,334 from CFDs.

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

The previously notified position was a total of 6.20% of voting rights.