Caledonia Mining (NYSE: CMCL) refiles Bilboes NI 43-101 report

Rhea-AI Filing Summary

Caledonia Mining Corporation Plc has updated its Canadian technical report for the Bilboes Gold Project to address comments from the Ontario Securities Commission. Some authors originally listed as qualified persons under National Instrument 43-101 were replaced by individuals who meet that definition.

The revised report, titled “Bilboes Gold Project Matabeleland Zimbabwe National Instrument 43-101 Technical Report,” has been filed on SEDAR+. The related US Feasibility Study filed on EDGAR remains unchanged, and the company states there is no effect on the Bilboes Gold Project; the change is solely to comply with Canadian mining disclosure rules.

Key Terms

National Instrument 43-101 Technical Report, qualified person, US mining disclosure rules, Feasibility Study

4 terms

National Instrument 43-101 Technical Report regulatory

"“Bilboes Gold Project Feasibility Study National Instrument 43-101 Technical Report” with effective date October 31, 2025"

A National Instrument 43-101 technical report is a standardized, regulator-required document prepared by certified experts that describes a mining project’s geology, exploration results, and estimates of mineral resources or reserves. It matters to investors because it provides vetted, comparable information and clear disclosure of assumptions and risks—like an independent home inspection for a property—helping investors judge the value and uncertainty of a mineral asset.

qualified person regulatory

"some of the authors listed by DRA as qualified persons in the report did not meet the definition of a qualified person under National Instrument 43-101"

A qualified person is someone with specialized knowledge, experience, and training in a particular field, allowing them to accurately assess and verify information or work. Their expertise helps ensure that reports, evaluations, or decisions are trustworthy and meet required standards. For investors, a qualified person provides confidence that the information they rely on is credible and properly validated.

US mining disclosure rules regulatory

"Under US mining disclosure rules, DRA is able to act as the sole qualified person and therefore the Feasibility Study is unchanged"

Feasibility Study financial

"filed the “Bilboes Gold Project Technical Report Summary” ... on EDGAR ... (the “Feasibility Study")"

A feasibility study is an assessment that evaluates whether a proposed project or idea is practical and likely to succeed before investing significant time and resources. It considers factors like costs, potential benefits, and challenges, helping stakeholders decide if moving forward makes sense. Think of it as a detailed plan that gauges if a new venture is worth pursuing.

Form 6-K: How Foreign Companies Report to the SEC →

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

Form 6-K

Report of Foreign Private Issuer
Pursuant to Rule 13a-16 or 15d-16
Of the Securities Exchange Act of 1934

For the month of May 2026
Commission File Number: 001-38164

CALEDONIA MINING CORPORATION PLC
(Translation of registrant's name into English)

2 Mulcaster Street
St Helier
Jersey JE2 3NJ
(Address of principal executive office)

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.

Form 20-F ☒      Form 40-F ☐

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

		CALEDONIA MINING CORPORATION PLC
		(Registrant)
Date: May 22, 2026		/s/ JOHN MARK LEARMONTH
		John Mark Learmonth
		CEO and Director

2

EXHIBIT INDEX

Exhibit Number		Description
99.1		Press Release dated May 22, 2026

3

Exhibit 99.1

 

Caledonia Mining Corporation Plc

Refiling of Bilboes Gold Project Feasibility Study National Instrument 43-101

Technical Report

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

St Helier, 22 May, 2026: On November 24, 2025, Caledonia Mining Corporation Plc (the "Company") filed the “Bilboes Gold Project Technical Report Summary” with effective date October 31, 2025 prepared by DRA Projects (Pty) Ltd (“DRA”) on EDGAR as an exhibit to a Form 6-K Report of Foreign Private Issuer (the “Feasibility Study").

In accordance with Canadian securities regulations, the Company then filed on January 6, 2026 the “Bilboes Gold Project Feasibility Study National Instrument 43-101 Technical Report” with effective date October 31, 2025 prepared by DRA on SEDAR+ (the “Canadian Report ").

Staff at the Ontario Securities Commission (the “OSC”) have reviewed the Canadian Report and identified that some of the authors listed by DRA as qualified persons in the report did not meet the definition of a qualified person under National Instrument 43-101. DRA has therefore updated the Canadian Report by replacing those authors with individuals that meet the definition of a qualified person, and the updated Canadian Report, which is entitled “Bilboes Gold Project Matabeleland Zimbabwe National Instrument 43-101 Technical Report”, was filed on SEDAR+ yesterday.

Under US mining disclosure rules, DRA is able to act as the sole qualified person and therefore the Feasibility Study is unchanged. For the avoidance of doubt, there is no effect on the Bilboes Gold Project and the aforementioned change is solely to comply with Canadian mining disclosure rules.

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 Pearl Kellie	Tel: +44 207 397 1965 Tel: +44 131 220 9775
Camarco, Financial PR (UK) 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

Head and Registered Office: Caledonia Mining Corporation Plc

2 Mulcaster Street, St Helier, Jersey, Channel Islands, JE2 3NJ

info@caledoniamining.com | | www.caledoniamining.com

FAQ

What change did Caledonia Mining (CMCL) make to the Bilboes Gold Project report?

Caledonia Mining updated its Canadian Bilboes Gold Project technical report to change some listed authors. DRA replaced authors who did not meet National Instrument 43-101 qualified person requirements with individuals who do, and the updated report was filed on SEDAR+.

Does the refiling affect the Bilboes Gold Project for Caledonia Mining (CMCL)?

The refiling does not affect the Bilboes Gold Project itself. Caledonia Mining states the change is purely to comply with Canadian mining disclosure rules, with project details and the US Feasibility Study remaining unchanged according to the disclosure.

Why did Caledonia Mining (CMCL) need to amend its NI 43-101 technical report?

Staff at the Ontario Securities Commission reviewed the Canadian report and found some authors did not meet the NI 43-101 qualified person definition. DRA therefore updated the report by replacing those authors with individuals who satisfy the qualified person criteria.

Is the US Feasibility Study for Bilboes Gold Project changed for Caledonia Mining (CMCL)?

The US Feasibility Study remains unchanged. Under US mining disclosure rules, DRA can act as the sole qualified person, so the earlier Bilboes Gold Project Technical Report Summary filed on EDGAR does not require amendment based on this Canadian author change.

What new title was given to Caledonia Mining’s updated Canadian Bilboes report?

The updated Canadian report is titled “Bilboes Gold Project Matabeleland Zimbabwe National Instrument 43-101 Technical Report.” It replaces the previous Canadian filing while keeping the effective date of October 31, 2025 and aligns with Canadian securities regulatory requirements.

Filing Exhibits & Attachments

1 document

Press Releases

• EX-99.1 PRESS RELEASE 9.4 KB