Notification of Relevant Change to Significant Shareholder

Rhea-AI Summary

Caledonia Mining (NYSE AMERICAN: CMCL) received a notification from BlackRock, Inc. reporting a relevant change in holdings. On 5 February 2026 BlackRock's total interest fell to 7.14% of voting rights (1,379,505 votes), reported to the issuer on 6 February 2026.

The breakdown shows 5.57% direct voting rights, 0.89% via securities lending and 0.67% via CFDs.

Key Figures

Voting rights via shares: 5.57% Voting rights via instruments: 1.57% Total voting rights: 7.14% +4 more

7 metrics

Voting rights via shares 5.57% Resulting situation on 05/02/2026

Voting rights via instruments 1.57% Resulting situation on 05/02/2026

Total voting rights 7.14% BlackRock total position on 05/02/2026

Total voting rights count 1,379,505 BlackRock position (shares + instruments)

Securities lending votes 172,513 (0.89%) Financial instruments under DTR5.3.1R(1)(a)

CFD votes 130,573 (0.67%) Cash-settled CFDs under DTR5.3.1R(1)(b)

Previous total voting rights 7.45% Previously notified BlackRock position

Market Reality Check

Price: $29.88 Vol: Volume 495,227 is below 2...

low vol

$29.88 Last Close

Volume Volume 495,227 is below 20-day average 757,709 (relative volume 0.65). low

Technical Price 29.88 is trading above the 200-day MA 25.2, indicating a pre-news uptrend.

Peers on Argus

Momentum scanner only highlighted peer DC moving -6.23% on the day with no news,...

1 Down

Momentum scanner only highlighted peer DC moving -6.23% on the day with no news, suggesting the BlackRock holding change in CMCL was not part of a broad, synchronized sector move.

Historical Context

5 past events · Latest: Feb 06 (Positive)

Pattern 5 events

Date	Event	Sentiment	Move	Catalyst
Feb 06	Director share purchase	Positive	+7.3%	Non-executive director bought 3,500 shares at $29.78 on open market.
Jan 27	BlackRock stake change	Positive	-1.9%	BlackRock increased total voting rights to 7.45% from 6.20%.
Jan 21	Funding strategy update	Positive	+5.9%	Outlined multi-part funding plan including US$150m converts and hedging.
Jan 21	BlackRock threshold cross	Positive	+5.9%	BlackRock disclosed 6.20% total voting rights via TR‑1 notification.
Jan 20	Convertible notes closing	Neutral	+1.0%	Closed $150m 5.875% Convertible Senior Notes offering due 2033.

Pattern Detected

Recent BlackRock holding notifications and funding news often coincided with positive or mixed price reactions, with only one clear divergence when an increased stake was followed by a modest decline.

Recent Company History

Over recent weeks, CMCL has issued several disclosures tied to institutional holdings and financing. Multiple TR‑1 notices detailed BlackRock’s voting rights moving between 5.81%, 6.20%, and 7.45%, while a director purchase of 3,500 shares at $29.78 highlighted insider participation. In parallel, Caledonia closed a $150 million 5.875% convertible notes offering and outlined a broader funding strategy. Today’s further update on BlackRock’s stake continues this sequence of ownership notifications against a backdrop of recent balance-sheet activity.

Market Pulse Summary

This announcement details a TR‑1 major holdings notification showing BlackRock at 7.14% of Caledonia...

Analysis

This announcement details a TR‑1 major holdings notification showing BlackRock at 7.14% of Caledonia’s voting rights, split between 5.57% via shares and 1.57% through instruments such as securities lending and CFDs. It follows several recent filings documenting BlackRock’s stake changes and the company’s convertible notes financing. Investors may focus on how institutional ownership trends evolve alongside funding plans and whether further TR‑1 updates signal continued repositioning.

Key Terms

tr-1, voting rights, financial instruments, securities lending, +3 more

7 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.

voting rights financial

"existing shares to which voting rights are attached"

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.

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.

securities lending financial

"Securities Lending | N/A | N/A | 172,513 | 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

"CFD | N/A | N/A | Cash | 130,573 | 0.67%"

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.

non-uk issuer regulatory

"Please indicate if the issuer is a non-UK issuer"

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.

cash settlement financial

"CFD | N/A | N/A | Cash | 130,573 | 0.67%"

Cash settlement is a process where, instead of exchanging physical assets like stocks or commodities, the parties involved settle the difference in value with money after a contract ends. For investors, it simplifies transactions by avoiding the need to handle or deliver the actual asset, making it quicker and more convenient to complete trades. This method ensures a straightforward way to settle agreements based on their final value.

AI-generated analysis. Not financial advice.

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

SAINT HELIER, JE / ACCESS Newswire / February 9, 2026 / Caledonia Mining Corporation Plc ("Caledonia" or "the Company") announces that it received notification on February 6, 2026 from BlackRock, Inc. that on February 5, 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:			05/02/2026
6. Date on which issuer notified (DD/MM/YYYY):			06/02/2026
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%	1.57%		7.14%	1,379,505
Position of previous notification (if applicable)	6.51%	0.93%		7.45%

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				1,076,419					5.57%
SUBTOTAL 8. A		1,076,419					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			172,513			0.89%
			SUBTOTAL 8. B 1			172,513			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			130,573	0.67%
					SUBTOTAL 8.B.2			130,573	0.67%

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%	3.05%
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	06 February 2026

SOURCE: Caledonia Mining Corporation Plc

View the original press release on ACCESS Newswire

FAQ

What change did BlackRock report for Caledonia Mining (CMCL) on 05/02/2026?

BlackRock reported its total position in Caledonia Mining (CMCL) fell to 7.14% of voting rights on 05/02/2026. According to the company, this comprised 5.57% direct holdings plus financial instruments totaling 1.57%, notified on 06/02/2026.

How many voting rights does BlackRock hold in CMCL after the February 5, 2026 notification?

After the change, BlackRock holds 1,379,505 voting rights in CMCL. According to the company, that total equals 7.14% of voting rights, combining direct shares and financial instruments such as securities lending and CFDs.

What is the breakdown of BlackRock's 7.14% stake in CMCL by instrument type?

BlackRock's 7.14% in CMCL breaks down to 5.57% direct shares, 0.89% securities lending, and 0.67% CFDs. According to the company, those figures represent the composition of the total 1,379,505 voting rights notified.

When did Caledonia Mining receive formal notice of BlackRock's holding change for CMCL?

Caledonia Mining received formal notice on 06 February 2026 regarding the threshold change dated 05/02/2026. According to the company, the TR-1 notification form was completed at its London address on 06/02/2026.

Did BlackRock's reported CMCL holding increase or decrease compared with the previous notification?

BlackRock's total reported stake in CMCL decreased from 7.45% previously to 7.14% on 05/02/2026. According to the company, the prior position was 6.51% direct plus 0.93% via instruments, totaling 7.45%.