Notification of Relevant Change to Significant Shareholder

Rhea-AI Summary

Caledonia Mining (NYSE AMERICAN/AIM/VFEX: CMCL) received notice that BlackRock, Inc. crossed a notification threshold on 25 March 2026. As of that date BlackRock held 6.56% of voting rights (1,268,587 votes): 4.93% direct (953,218) and 1.63% via instruments.

Issuer notification was made on 26 March 2026; prior reported total was 6.57%.

Positive

• Institutional stake: BlackRock holds 6.56% (1,268,587 votes) as of 25/03/2026
• Direct ownership: 4.93% of voting rights held in shares (953,218 votes)

Negative

• Small net decrease: total reported stake fell from 6.57% to 6.56% versus prior notification

Key Figures

BlackRock total voting rights: 6.56% BlackRock total votes: 1,268,587 voting rights Direct shareholding: 4.93% +5 more

8 metrics

BlackRock total voting rights 6.56% Resulting situation on threshold date 25/03/2026

BlackRock total votes 1,268,587 voting rights Resulting situation on threshold date 25/03/2026

Direct shareholding 4.93% Voting rights attached to shares (JE00BF0XVB15)

Financial instruments exposure 1.63% Total via securities lending and CFDs

Securities lending votes 173,566 voting rights Financial instruments (securities lending) at 0.89%

CFD votes 141,803 voting rights Cash‑settled CFDs at 0.73%

Previous total holding 6.57% Position of previous TR-1 notification

Previous direct holding 5.05% Direct shares in prior notification

Market Reality Check

Price: $22.33 Vol: Volume 185,137 is below t...

low vol

$22.33 Last Close

Volume Volume 185,137 is below the 20-day average of 266,652. low

Technical Price 22.33 is trading below the 200-day MA at 27.09, indicating a pre-existing downtrend.

Peers on Argus

Gold peers such as GAU, GROY, ODV, DC and IAUX showed gains between about 2–7%, ...

2 Up

Gold peers such as GAU, GROY, ODV, DC and IAUX showed gains between about 2–7%, while CMCL was up 3.25%. Momentum scanners flagged some gold names, but with limited breadth and no related peer headlines, suggesting today’s move is more stock-specific than a broad sector rotation.

Historical Context

5 past events · Latest: Mar 23 (Positive)

Pattern 5 events

Date	Event	Sentiment	Move	Catalyst
Mar 23	Earnings/results update	Positive	+3.9%	Record FY 2025 revenue, EBITDA, profit, cash flow and dividend declaration.
Mar 18	Major holder change	Neutral	-5.1%	BlackRock notified increase to 6.57% of voting rights in TR-1 filing.
Mar 11	Results notice	Neutral	+0.5%	Announcement of Q4 and FY 2025 results release date and investor call.
Mar 10	Major holder change	Neutral	-0.8%	BlackRock reported 6.03% total voting rights via TR-1 notification.
Feb 23	Project financing	Positive	+1.9%	Appointment of co-lead arrangers for up to US$150M interim Bilboes funding.

Pattern Detected

Recent news, from funding and results to shareholder notifications, has mostly seen price moves that align directionally with the tone of the announcements, with no consistent pattern of selling into good news.

Recent Company History

Over the last few months, Caledonia reported strong FY 2025 results on Mar 23 with higher revenue, EBITDA and profit, plus a quarterly dividend, and the stock rose 3.87%. Multiple TR-1 notifications from BlackRock on Mar 10 and Mar 18 detailed changes in a major shareholding with modest price reactions. On Feb 23, the company announced co-lead arrangers for an interim funding facility of up to US$150 million for Bilboes, which coincided with a positive move. Today’s filing reflects another small adjustment to BlackRock’s voting rights.

Market Pulse Summary

This announcement documents a standard TR‑1 notification showing BlackRock’s total interest at 6.56%...

Analysis

This announcement documents a standard TR‑1 notification showing BlackRock’s total interest at 6.56% of Caledonia’s voting rights, comprising 4.93% in direct shares and 1.63% via securities lending and CFDs. It follows several recent TR‑1 filings and strong FY 2025 results. Investors may focus on how major shareholder positions evolve alongside project funding, dividend policy, and operational performance rather than on this incremental adjustment alone.

Key Terms

securities lending, cfd, financial instruments, voting rights, +1 more

5 terms

securities lending financial

"Type of financial instrument | ... | Securities Lending | N/A | N/A | 173,566 | 0.89%"

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

"Type of financial instrument | ... | CFD | N/A | N/A | Cash | 141,803 | 0.73%"

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

"% of voting rights through financial instruments (total of 8.B 1 + 8.B 2)"

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 regulatory

"Total number of voting rights held in issuer (8.A + 8.B) vii"

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.

proxy voting regulatory

"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 / March 27, 2026 / Caledonia Mining Corporation Plc ("Caledonia" or "the Company") announces that it received notification on March 26, 2026 from BlackRock, Inc. that on March 25, 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
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:			25/03/2026
6. Date on which issuer notified (DD/MM/YYYY):			26/03/2026
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	4.93%	1.63%		6.56%	1,268,587
Position of previous notification (if applicable)	5.05%	1.52%		6.57%

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				953,218					4.93%
SUBTOTAL 8. A		953,218					4.93%
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			173,566			0.89%
			SUBTOTAL 8. B 1			173,566			0.89%
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			141,803	0.73%
					SUBTOTAL 8.B.2			141,803	0.73%

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 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
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.
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	26 March 2026

 

SOURCE: Caledonia Mining Corporation Plc

View the original press release on ACCESS Newswire

FAQ

What stake did BlackRock report in CMCL on 25 March 2026?

BlackRock reported a 6.56% total holding in CMCL on 25 March 2026. According to the company, this equals 1,268,587 voting rights, comprising 4.93% direct shares and 1.63% through financial instruments.

How much of CMCL does BlackRock own directly versus via instruments?

BlackRock directly holds 4.93% (953,218 votes) and holds 1.63% via instruments. According to the company, instruments include securities lending (173,566 votes) and CFDs (141,803 votes).

When did Caledonia Mining receive notification of BlackRock's threshold change for CMCL?

Caledonia Mining received the notification on 26 March 2026 regarding a threshold crossing on 25 March 2026. According to the company, the TR-1 form was completed at its London address on 26 March 2026.

Did BlackRock increase or decrease its total CMCL holding versus the prior notice?

BlackRock's total reported CMCL holding slightly decreased from 6.57% to 6.56% versus the previous notification. According to the company, the change is a net decline of 0.01 percentage points.

How many voting rights correspond to BlackRock's CMCL 4.93% direct holding?

BlackRock's 4.93% direct holding corresponds to 953,218 voting rights in CMCL. According to the company, this figure is reported under class ISIN JE00BF0XVB15 for the issuer's shares.