Does each RSU for Caledonia Mining (CMCL) equal one share?

Yes. Each Restricted Share Unit held by the CFO represents a contingent right to receive one common share of Caledonia Mining. This one-to-one structure directly links his RSU holdings to the same number of potential future common shares.

Caledonia Mining CFO reports 6004 RSUs holding

Caledonia Mining Corp Plc filed an initial insider report for Chief Financial Officer Jerrard Ross Ian, showing a holding of Restricted Share Units that are linked to 6004 underlying common shares.

Accepted by SEC EDGAR 03/30/2026 - 02:01 PM EDT

Filing Impact

(Moderate)

Filing Sentiment

(Neutral)How Sentiment works

Sentiment and the balance of points

Rhea-AI Sentiment reads the wording of the document, how positive or negative its language is on a 1 to 5 scale. The balance of points shown with the takes weighs what the document actually discloses, so the two can disagree, for example when a trial that missed its main goal is described in upbeat language.

How Sentiment works How the balance works

Form Type

Rhea-AI Filing Summary

Caledonia Mining Corp Plc filed an initial insider report for Chief Financial Officer Jerrard Ross Ian, showing a holding of Restricted Share Units that are linked to 6004 underlying common shares. These RSUs were granted on 1 April 2023 and are scheduled to vest in three equal tranches on the first business day in April 2026, 2027 and 2028, following the publication of annual financial results and subject to any closed period as well as potential reduction, cancellation, forfeiture or acceleration in vesting.

Insider Trade Summary

Holdings reported, no transactions

Holdings

Insider Jerrard Ross Ian

Role Chief Financial Officer

Type	Security	Shares	Price	Value
Holding	Restricted Share Units	--	--	--

Holdings: Restricted Share Units — 6,004 contracts (Direct)

Footnotes (2)

F1. The Issuer granted the Restricted Share Units on 1 April 2023 and subject to any to any reduction, cancellation, forfeiture or acceleration in vesting, will vest in tranches of a third on each of the first business day in April 2026, 2027 and 2028 (following the publication of annual financial results) subject to any closed period.
F2. Each RSU represents a contingent right to receive one common share of the Issuer.

Key Figures

Underlying common shares: 6004 shares Exercise price of RSUs: 0.0000 Grant date of RSUs: 1 April 2023 +1 more

4 metrics

Underlying common shares 6004 shares Underlying shares for CFO Restricted Share Units

Exercise price of RSUs 0.0000 Exercise or conversion price for Restricted Share Units

Grant date of RSUs 1 April 2023 Grant date for CFO Restricted Share Units

Vesting tranches 3 tranches Vest in thirds in April 2026, 2027 and 2028

Key Terms

Restricted Share Units, RSU, contingent right, closed period

4 terms

RSU financial

"Each RSU represents a contingent right to receive one common share"

Restricted stock units (RSUs) are a form of company shares given to employees as part of their compensation, usually with certain restrictions or conditions, such as remaining with the company for a set period. When these restrictions lift, employees receive actual shares that they can sell or hold. For investors, RSUs can impact a company's stock supply and reflect the company's commitment to attracting and retaining talent.

contingent right financial

"Each RSU represents a contingent right to receive one common share"

closed period financial

"subject to any closed period"

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What insider position does Caledonia Mining (CMCL) disclose for its CFO?

Caledonia Mining reports that its Chief Financial Officer, Jerrard Ross Ian, holds Restricted Share Units linked to 6004 underlying common shares. This Form 3 filing establishes his initial reported equity-based position with the company as an officer.

How many Caledonia Mining (CMCL) shares are tied to the CFO’s RSUs?

The CFO’s Restricted Share Units correspond to 6004 underlying common shares of Caledonia Mining. Each RSU represents a contingent right to receive one common share, aligning his potential future equity directly with the company’s common stock.

When do the Caledonia Mining (CMCL) CFO’s RSUs vest?

The RSUs granted on 1 April 2023 are set to vest in three equal tranches on the first business day in April 2026, 2027 and 2028. Vesting occurs after publication of annual financial results and remains subject to any closed period.

What conditions affect vesting of the Caledonia Mining (CMCL) CFO’s RSUs?

The RSUs may be subject to reduction, cancellation, forfeiture or acceleration in vesting. They will vest in thirds in April 2026, 2027 and 2028, following publication of annual financial results and subject to any applicable closed period restrictions.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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SEC Form 3

FORM 3

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

INITIAL STATEMENT OF BENEFICIAL OWNERSHIP OF SECURITIES

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0104
Estimated average burden
hours per response:			0.5

1. Name and Address of Reporting Person^*

Jerrard Ross Ian

(Last)

(First)

(Middle)

C/O CALEDONIA MINING CORP PLC

2 MULCASTER STREET

(Street)

ST. HELIER

JE2 3NJ

(City)

(State)

(Zip)

JERSEY

(Country)

2. Date of Event Requiring Statement (Month/Day/Year)
03/18/2026

3. Issuer Name and Ticker or Trading Symbol
Caledonia Mining Corp Plc [ CMCL ]

3a. Foreign Trading Symbol

5. If Amendment, Date of Original Filed (Month/Day/Year)

4. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

	Director	10% Owner
X	Officer (give title below)	Other (specify below)
	Chief Financial Officer

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Beneficially Owned
1. Title of Security (Instr. 4)	2. Amount of Securities Beneficially Owned (Instr. 4)	3. Ownership Form: Direct (D) or Indirect (I) (Instr. 5)	4. Nature of Indirect Beneficial Ownership (Instr. 5)

Table II - Derivative Securities Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 4)	2. Date Exercisable and Expiration Date (Month/Day/Year)		3. Title and Amount of Securities Underlying Derivative Security (Instr. 4)		4. Conversion or Exercise Price of Derivative Security	5. Ownership Form: Direct (D) or Indirect (I) (Instr. 5)	6. Nature of Indirect Beneficial Ownership (Instr. 5)
1. Title of Derivative Security (Instr. 4)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares	4. Conversion or Exercise Price of Derivative Security	5. Ownership Form: Direct (D) or Indirect (I) (Instr. 5)	6. Nature of Indirect Beneficial Ownership (Instr. 5)
Restricted Share Units	⁽¹⁾	⁽¹⁾	Common Shares	6,004	⁽²⁾	D

Explanation of Responses:

1. The Issuer granted the Restricted Share Units on 1 April 2023 and subject to any to any reduction, cancellation, forfeiture or acceleration in vesting, will vest in tranches of a third on each of the first business day in April 2026, 2027 and 2028 (following the publication of annual financial results) subject to any closed period.

2. Each RSU represents a contingent right to receive one common share of the Issuer.

Remarks:

The reporting person has granted a power of attorney to the undersigned to file this Form 3 on his behalf.

	/s/ Ross Jerrard By Susan Yu, Attorney-in-fact	03/30/2026
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 5 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.
* Form 3: SEC 1473 (03-26)

Source: View Original Filing on SEC EDGAR