GlobeNewswire Inc | Nov 12, 2020 02:05AM EST

November 12, 2020

ST HELIER, Jersey, Nov. 12, 2020 (GLOBE NEWSWIRE) -- Caledonia Mining Corporation Plc (Caledonia or the Company) (NYSE AMERICAN: CMCL; AIM: CMCL) announces that it received notification on November 11, 2020, from BlackRock, Inc., 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 November 10, 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 underlyingissuer of existing shares to which voting Caledonia Mining Corporation Plcrights are 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 10/11/2020reached^vi:6. Date on which issuer notified (DD/MM/YYYY): 11/11/20207. Total positions of person(s) subject to the notification obligation % of voting % of voting Total rights rights through Total of number of attached to financial both in voting shares (total instruments % (8.A + rights of of 8. A) (total of 8.B 1 8.B) issuer^vii + 8.B 2)Resulting situation on thedate on which threshold 5.07% 0.47% 5.55% 12,118,823was crossed or reachedPosition of previousnotification (if 4.80% 0.64% 5.45% 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 Indirectshares (Art 9 of (Art 10 of Direct (Art 10 ofISIN code (if Directive 2004/ Directive 2004/ (Art 9 of Directive Directivepossible) 109/EC) 109/EC) 2004/109/EC) 2004/109/ (DTR5.1) (DTR5.2.1) (DTR5.1) EC) (DTR5.2.1)JE00BF0XVB15 615,577 5.07% SUBTOTAL 8. A 615,577 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 % offinancial Expiration Conversion that may be acquired if votinginstrument date^x Period^xi the instrument is rights exercised/converted.Securities 25,200 0.20% Lending SUBTOTAL 8. B 1 25,200 0.20%

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 Expiration Exercise/ Physical or Number of voting % offinancial date^x Conversion cash rights votinginstrument 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 controlled by anynatural person or legal entity and does not control any other undertaking(s) holding directly or indirectly an interest in the(underlying) issuer^xiiiFull chain of controlled undertakings through which the voting rightsand/or the financial instruments are effectively held starting with the Xultimate controlling natural person or legal entity^xiv (please addadditional rows as necessary)

Total of % of voting rights if it % of voting rights through both if it equals financial instruments if it equals orName^xv or is higher than the equals or is is notifiable threshold higher than the notifiable higher than threshold the notifiable thresholdSee Attachment

10. In case of proxy voting, please identify:Name of the proxy holder The number and % of voting rights heldThe date until which the voting rights will be held

11. Additional information^xvi

BlackRock Regulatory Threshold Reporting Team

James Michael

020 7743 3650

Place of completion 12 Throgmorton Avenue, London, EC2N 2DL, U.K.Date of completion 11 November, 2020

Section 9 Attachment

% of voting % of voting rights Total of both rights if it through if it equals equals financial or is higherName^xv or is higher instruments than the than the if it equals or notifiable notifiable is higher than threshold threshold the notifiable thresholdBlackRock, Inc. BlackRock Holdco 2, Inc. BlackRock Financial Management, Inc.BlackRock Holdco 4, LLC BlackRock Holdco 6, LLC BlackRock Delaware Holdings Inc.BlackRock Institutional Trust Company, National Association BlackRock, Inc. BlackRock Holdco 2, Inc. BlackRock Financial Management, Inc.BlackRock International Holdings, Inc.BR Jersey International Holdings L.P.BlackRock (Singapore) Holdco Pte. Ltd.BlackRock HK Holdco Limited BlackRock Lux Finco S.a.r.l. BlackRock Japan Holdings GK BlackRock Japan Co., Ltd. BlackRock, Inc. Trident Merger, LLC BlackRock Investment Management, LLC BlackRock, Inc. BlackRock Holdco 2, Inc. BlackRock Financial Management, Inc.BlackRock International Holdings, Inc.BR Jersey International Holdings L.P.BlackRock Holdco 3, LLC BlackRock Canada Holdings LP BlackRock Canada Holdings ULC BlackRock Asset Management Canada Limited BlackRock, Inc. BlackRock Holdco 2, Inc. BlackRock Financial Management, Inc.BlackRock Holdco 4, LLC BlackRock Holdco 6, LLC BlackRock Delaware Holdings Inc.BlackRock Fund Advisors BlackRock, Inc. BlackRock Holdco 2, Inc. BlackRock Financial Management, Inc. BlackRock, Inc. BlackRock Holdco 2, Inc. BlackRock Financial Management, Inc.BlackRock Capital Holdings, Inc.BlackRock Advisors, LLC

For further information please contact:

Caledonia Mining Corporation PlcMark Learmonth Tel: +44 1534 679 800Camilla Horsfall Tel: +44 7817841 793 WH Ireland (Nomad & Broker)Adrian Hadden/James Sinclair-Ford Tel: +44 20 7220 1751 BlytheweighTim Blythe/Megan Ray Tel: +44 207 138 3204 3PPBPatrick Chidley Tel: +1 917 991 7701Paul Durham Tel: +1 203 940 2538

The information contained within this announcement is deemed by the Company to constitute inside information under the Market Abuse Regulation (EU) No. 596/2014.