Caledonia Mining CFO acquires 2,062 shares via RSUs

Caledonia Mining Corp Plc’s Chief Financial Officer, Jerrard Ross Ian, reported compensation-related equity activity.

Rhea-AI Filing Summary

Caledonia Mining Corp Plc’s Chief Financial Officer, Jerrard Ross Ian, reported compensation-related equity activity. On 1 April 2026, he exercised 2,062 Restricted Share Units at $22.59 per unit, converting them into 2,062 common shares. Following the grant, he directly holds 2,062 common shares.

The number of shares issued on vesting increased due to dividend reinvestment, and the Restricted Share Units were originally granted on 1 April 2023 to vest in three equal annual tranches in April 2026, 2027 and 2028, subject to potential reduction, cancellation, forfeiture, acceleration or closed periods.

Insider Trade Summary

2,062 shares exercised/converted

Exercise 2 txns

Insider Jerrard Ross Ian

Role Chief Financial Officer

Type	Security	Shares	Price	Value
Exercise	Restricted Share Units	2,062	$22.59	$47K
Grant/Award	Common shares	2,062	$22.59	$47K

Holdings After Transaction: Restricted Share Units — 4,003 contracts (Direct); Common shares — 2,062 shares (Direct)

Footnotes (2)

1. F1. The number of shares issued upon vesting reflects an increase due to dividend reinvestment.
2. F2. The Issuer granted the Restricted Share Units on 1 April 2023 and subject to any to any reduction, cancellation, forfeiture oracceleration in vesting, will vest in tranches of a third on each of the first business day in April 2026, 2027 and 2028 (followingthe publication of annual financial results) subject to any closed period.

Key Figures

RSUs exercised: 2,062 units Exercise price: $22.59 per unit Common shares acquired: 2,062 shares +1 more

4 metrics

RSUs exercised 2,062 units Restricted Share Units exercised on 1 April 2026

Exercise price $22.59 per unit Conversion price for Restricted Share Units

Common shares acquired 2,062 shares Common shares received from RSU vesting

Common shares held 2,062 shares Direct common share holdings after transaction

Key Terms

Restricted Share Units, dividend reinvestment, vest, closed period

4 terms

Restricted Share Units financial

"The number of shares issued upon vesting reflects an increase due to dividend reinvestment."

Restricted share units (RSUs) are a promise from a company to give an employee or service provider actual shares or cash equal to the shares after certain conditions are met, typically staying with the company for a set time or hitting performance targets. Think of them like a time-locked gift card that becomes usable only after you’ve earned it. For investors, RSUs matter because they align employee incentives with company performance and can increase the number of shares outstanding over time, diluting existing ownership and affecting earnings per share.

dividend reinvestment financial

"The number of shares issued upon vesting reflects an increase due to dividend reinvestment."

Dividend reinvestment is when the money earned from a company's profit sharing, called dividends, is automatically used to buy more shares of that company instead of being received as cash. This process helps investors grow their holdings over time without extra effort, much like using earned interest to buy more of a savings account. It encourages long-term investment growth by continuously increasing the amount of shares owned.

vest financial

"will vest in tranches of a third on each of the first business day in April 2026, 2027 and 2028"

A vest is the process by which an employee earns the right to receive certain benefits or ownership interests, such as stock or retirement funds, over time. It’s similar to earning a reward gradually, ensuring that the benefit becomes fully yours only after a set period or meeting specific conditions. This makes it important for investors because it determines when they can actually claim or use those benefits.

closed period financial

"following the publication of annual financial results) subject to any closed period."

FAQ

What insider transaction did Caledonia Mining (CMCL) report for its CFO?

Caledonia Mining reported that CFO Jerrard Ross Ian acquired 2,062 common shares through vesting of Restricted Share Units at $22.59 per share. This reflects compensation-related equity, not an open-market purchase or sale, and increases his direct ownership stake in the company.

How many Caledonia Mining (CMCL) shares did the CFO receive from RSU vesting?

The CFO received 2,062 Caledonia Mining common shares when his Restricted Share Units vested at $22.59 per unit. These shares come from an incentive grant and are now held directly, aligning part of his compensation with the company’s share performance over time.

Was the Caledonia Mining (CMCL) CFO’s Form 4 transaction a market buy or sell?

The Form 4 shows no open-market buy or sell by the CFO. Instead, it records an exercise of 2,062 Restricted Share Units into common shares and a related award acquisition, both compensation-driven events rather than discretionary trading decisions in the public market.

At what price did the Caledonia Mining (CMCL) CFO’s Restricted Share Units convert?

The CFO’s 2,062 Restricted Share Units converted into common shares at an exercise price of $22.59 per unit. This reflects the contractual conversion price for the equity award rather than a price chosen in open-market trading on the transaction date.

How are the Caledonia Mining (CMCL) CFO’s Restricted Share Units scheduled to vest?

The Restricted Share Units were granted on 1 April 2023 and are scheduled to vest in three equal tranches on the first business day of April 2026, 2027 and 2028. Vesting occurs after annual results publication and may be affected by closed periods or award adjustments.

Why did the number of Caledonia Mining (CMCL) shares issued on vesting change?

The footnotes state that the number of shares issued upon vesting increased due to dividend reinvestment. This means dividends credited on the unvested Restricted Share Units were reinvested into additional units, slightly increasing the final share count delivered at vesting.

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

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Accepted by SEC EDGAR 04/02/2026 - 08:08 PM Learn about SEC filing dates

SEC Form 4

FORM 4

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

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

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:			3235-0287
Estimated average burden
hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

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

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

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

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
01/04/2026

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

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

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

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Common shares	04/01/2026		A		2,062	A	$22.59	2,062	D

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Restricted Share Units	$22.59	04/01/2026		M		2,062(1)		04/01/2026	04/01/2028	Common Shares	6,004(2)	$22.59	4,003	D

Explanation of Responses:

1. The number of shares issued upon vesting reflects an increase due to dividend reinvestment.

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

	/s/ Ross Jerrard By Susan Yu, Attorney-in-fact	04/02/2026
	** 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 4 (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 4: SEC 1474 (03-26)