Caledonia Mining Corporation Plc: Notification of relevant change to significant shareholder

ST HELIER, June 06, 2022 - Caledonia Mining Corporation plc ("Caledonia" or the "Company") (NYSE AMERICAN: CMCL; AIM: CMCL; VEFX: CMCL) announces that it received notification on June 2, 2022 from Allan Gray Proprietary Limited, which is a "significant shareholder" of the Company as defined by the AIM Rules for Companies, that it has increased its interest in the Company and on June 2, 2022 crossed a particular threshold for notification of its holdings in the Company. A copy of the notification is below.



Enquiries:

Caledonia Mining Corporation Plc
Mark Learmonth Tel: +44 1534 679 800
Camilla Horsfall Tel: +44 7817 841 793

Cenkos Securities plc (Nomad and Joint Broker)
Neil McDonald Tel: +44 131 220 9771
Pearl Kelie Tel: +44 131 220 9775

Liberum Capital Limited (Joint Broker)
Scott Mathieson/Kane Collings
Tel: +44 20 3100 2000

BlytheRay Financial PR (UK)
Tim Blythe/Megan Ray
Tel: +44 207 138 3204

3PPB (Financial PR, North America)
Patrick Chidley Tel: +1 917 991 7701
Paul Durham Tel: +1 203 940 2538

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

1. Issuer Details
ISIN
JE00BF0XVB15
Issuer Name
CALEDONIA MINING CORPORATION PLC
UK or Non-UK Issuer
UK

2. Reason for Notification
An acquisition or disposal of voting rights

3. Details of person subject to the notification obligation
Name
Allan Gray Proprietary Limited
City of registered office (if applicable)
Cape Town
Country of registered office (if applicable)
South Africa

4. Details of the shareholder
Full name of shareholder(s) if different from the person(s) subject to the notification obligation, above

City of registered office (if applicable)
Country of registered office (if applicable)

5. Date on which the threshold was crossed or reached
02-Jun-2022
6. Date on which Issuer notified
02-Jun-2022

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
Resulting situation on the date on which threshold was crossed or reached 16.129000 0.000000 16.129000 2069891
Position of previous notification (if applicable)

8. Notified details of the resulting situation on the date on which the threshold was crossed or reached

8A. Voting rights attached to shares
Class/Type of shares ISIN code(if possible) Number of direct voting rights (DTR5.1) Number of indirect voting rights (DTR5.2.1) % of direct voting rights (DTR5.1) % of indirect voting rights (DTR5.2.1)
JE00BF0XVB15 2069891 16.129000
Sub Total 8.A 2069891 16.129000%

8B1. Financial Instruments according to (DTR5.3.1R.(1) (a))
Type of financial instrument Expiration date Exercise/conversion period Number of voting rights that may be acquired if the instrument is exercised/converted % of voting rights

Sub Total 8.B1

8B2. Financial Instruments with similar economic effect according to (DTR5.3.1R.(1) (b))
Type of financial instrument Expiration date Exercise/conversion period Physical or cash settlement Number of voting rights % of voting rights

Sub Total 8.B2

9. Information in relation to the person subject to the notification obligation
2. 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 entities (please add additional rows as necessary)

Ultimate controlling person Name of controlled undertaking % 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
Allan Gray Proprietary Limited Allan Gray Africa Ex-SA Equity Fund Limited 10.493000 10.493000%
Allan Gray Proprietary Limited Allan Gray Africa Equity Fund Limited 5.636000 5.636000%

10. In case of proxy voting
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

12. Date of Completion
02-Jun-2022

13. Place Of Completion
Cape Town, South Africa.