GlobeNewswire Inc | Sep 29, 2020 02:00AM EDT

September 29, 2020

ST HELIER, Jersey, Sept. 29, 2020 (GLOBE NEWSWIRE) -- Caledonia Mining Corporation Plc (NYSE AMERICAN: CMCL; AIM: CMCL) ("Caledonia" or the "Company") announces that it received notification on September 28, 2020, from BlackRock, Inc., which is a "significant shareholder" of the Company as defined by the AIM Rules for Companies, that it has slightly increased its interest in the Company and on September 25, 2020 crossed a particular threshold for notification of its holdings in the Company. A copy of the notification is below.

TR-1: Standard form for notification of major holdings

NOTIFICATION OF MAJOR HOLDINGS (to be sent to the relevant issuer and to theFCA in Microsoft Word format if possible)^i

1a. Identity of the issuer or the underlying Caledonia Mining Corporationissuer of existing shares to which voting rights Plcare attached^ii:1b. Please indicate if the issuer is a non-UK issuer (please mark with an ?X?if appropriate)Non-UK issuer X2. Reason for the notification (please mark the appropriate box or boxes withan ?X?)An acquisition or disposal of voting rights XAn 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^ivName BlackRock, Inc.City and country of registered office (if Wilmington, DE, USAapplicable)4. Full name of shareholder(s) (if different from 3.)^vName City and country of registered office (if applicable)5. Date on which the threshold was crossed or 25/09/2020reached^vi:6. Date on which issuer notified (DD/MM/YYYY): 28/09/20207. Total positions of person(s) subject to the notification obligation % of voting Total % of voting rights through of both Total number rights attached financial in % of voting to shares instruments (8.A + rights of (total of 8. A) (total of 8.B 8.B) issuer^vii 1 + 8.B 2)Resulting situation on thedate on which threshold was 5.07% 0.31% 5.39% 12,118,823crossed or reachedPosition of previousnotification (if 4.97% 0.65% 5.62% applicable)

8. Notified details of the resulting situation on the date on which thethreshold was crossed or reached^viiiA: Voting rights attached to shares Number of voting rights^ix % of voting rightsClass/type of Direct Indirect Direct Indirectshares (Art 9 of (Art 10 of (Art 9 of (Art 10 ofISIN code (if Directive 2004/ Directive 2004 Directive 2004/ Directive 2004/possible) 109/EC) /109/EC) 109/EC) 109/EC) (DTR5.1) (DTR5.2.1) (DTR5.1) (DTR5.2.1)JE00BF0XVB15 615,610 5.07% SUBTOTAL 8. A 615,610 5.07%

B 1: Financial Instruments according to Art. 13(1)(a) of Directive 2004/109/EC(DTR5.3.1.1 (a))Type of Exercise/ Number of voting rights thatfinancial Expiration Conversion may be acquired if the % of votinginstrument date^x Period^xi instrument is rights exercised/converted.Securities 5,307 0.04%Lending SUBTOTAL 8. 5,307 0.04% B 1



B 2: Financial Instruments with similar economic effect according to Art. 13(1)(b) of Directive 2004/109/EC (DTR5.3.1.1 (b))Type of financial Expiration Exercise/ Physical or Number of % ofinstrument date^x Conversion cash voting rights voting Period ^xi settlement^xii rightsCFD Cash 32,901 0.27% SUBTOTAL 8.B.2 32,901 0.27%



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 controlledby any natural person or legal entity and does not control any other undertaking(s) holding directly or indirectly an interestin the (underlying) issuer^xiiiFull chain of controlled undertakings through which the votingrights and/or thefinancial instruments are effectively held starting with the Xultimate controlling natural person or legal entity^xiv (pleaseadd additional rows as necessary) % of voting rights if % of voting rights through Total of both if it equals or is financial instruments if it it equals or isName^xv higher than the equals or is higher than the higher than the notifiable threshold notifiable threshold notifiable thresholdSee Attachment



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^xviBlackRock Regulatory Threshold Reporting Team

Jana Blumenstein

020 7743 3650

Place of completion 12 Throgmorton Avenue, London, EC2N 2DL, U.K.Date of completion 28 September, 2020

Section 9 Attachment

% of voting rights % of voting rights Total of both if if it equals or is through financial it equals or isName^xv higher than the instruments if it equals higher than the notifiable or is higher than the notifiable threshold notifiable threshold thresholdBlackRock, Inc. BlackRock Holdco 2, Inc.BlackRockFinancial Management,Inc.BlackRock Holdco 4, LLCBlackRock Holdco 6, LLCBlackRockDelaware Holdings Inc.BlackRockInstitutionalTrust Company, NationalAssociation BlackRock, Inc. BlackRock Holdco 2, Inc.BlackRockFinancial Management,Inc.BlackRock Holdco 4, LLCBlackRock Holdco 6, LLCBlackRockDelaware Holdings Inc.BlackRock Fund Advisors BlackRock, Inc. Trident Merger, LLCBlackRockInvestment Management, LLC BlackRock, Inc. BlackRock Holdco 2, Inc.BlackRockFinancial Management,Inc.BlackRockCapital Holdings, Inc.BlackRock Advisors, LLC BlackRock, Inc. BlackRock Holdco 2, Inc.BlackRockFinancial Management,Inc.BlackRockInternational Holdings, Inc.BR JerseyInternational Holdings L.P.BlackRock(Singapore) Holdco Pte.Ltd.BlackRock HK Holdco LimitedBlackRock Lux Finco S.a.r.l.BlackRock Japan Holdings GKBlackRock Japan Co., Ltd. BlackRock, Inc. BlackRock Holdco 2, Inc.BlackRockFinancial Management,Inc. BlackRock, Inc. BlackRock Holdco 2, Inc.BlackRockFinancial Management,Inc.BlackRockInternational Holdings, Inc.BR JerseyInternational Holdings L.P.BlackRock Holdco 3, LLCBlackRockCanada Holdings LPBlackRockCanada Holdings ULCBlackRock AssetManagement Canada Limited

For further information please contact:

Caledonia Mining Corporation PlcMark Learmonth Tel: +44 1534 679 802Camilla Horsfall Tel: +44 7817 841 793 WH IrelandAdrian Hadden/James Sinclair-Ford Tel: +44 20 7220 1751 BlytheweighTim Blythe/Megan Ray Tel: +44 207 138 3204