GlobeNewswire Inc | Oct 2, 2020 02:00AM EDT

October 02, 2020

ST HELIER, Jersey, Oct. 02, 2020 (GLOBE NEWSWIRE) -- Caledonia Mining Corporation Plc(NYSE AMERICAN: CMCL; AIM: CMCL)(Caledonia or the Company) announces that it received notification on September 30, 2020, from BlackRock, Inc., which is a significant shareholder of the Company as defined by the AIM Rules for Companies, that it has slightly decreased its interest in the Company and on September 29, 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 29/09/2020or reached^vi:6. Date on which issuer notified (DD/MM/ 30/09/2020YYYY):7. Total positions of person(s) subject to the notification obligation % of % of voting voting rights through Total Total number rights financial of both of voting attached instruments in % rights of to shares (total of 8.B 1 + (8.A + issuer^vii (total of 8.B 2) 8.B) 8. A)Resulting situation on thedate on which threshold was 4.99% 0.39% 5.38% 12,118,823crossed or reachedPosition of previous 5.07% 0.31% 5.39% notification (if applicable)

8. Notified details of the resulting situation on the date on which thethreshold was crossed or reached^viiiA: Voting rights attached to sharesClass/type of Number of voting rights^ix % of voting rightsshares Direct Indirect Direct IndirectISIN code (if (Art 9 of (Art 10 of (Art 9 of (Art 10 ofpossible) Directive 2004/ Directive 2004/ Directive 2004/ Directive 109/EC) 109/EC) 109/EC) 2004/109/EC) (DTR5.1) (DTR5.2.1) (DTR5.1) (DTR5.2.1)JE00BF0XVB15 604,843 4.99% SUBTOTAL 8. A 604,843 4.99%

B 1: Financial Instruments according to Art. 13(1)(a) of Directive 2004/109/EC(DTR5.3.1.1 (a)) Number of votingType of Expiration Exercise/ rights that may be % of votingfinancial date^x Conversion acquired if rightsinstrument Period^xi the instrument is exercised/converted.Securities 15,107 0.12% Lending SUBTOTAL 8. B 1 15,107 0.12% 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 Exercise/ Physical or Number offinancial Expiration Conversion cash voting % of votinginstrument date^x Period ^x^ settlement^xii rights rights iCFD 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 the financial instruments are effectively held Xstarting with the ultimate controlling natural person or legalentity^xiv (please add additional rows as necessary) % of voting rights if it % of voting rights Total of both if equals or is higher than through financial it equals or isName^xv the notifiable instruments if it equals higher than the threshold or is higher than the notifiable notifiable threshold 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

Jana Blumenstein

020 7743 3650

Place of completion 12 Throgmorton Avenue, London, EC2N 2DL, U.K.Date of completion 30 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.BlackRock Fund Advisors BlackRock, Inc. BlackRock Holdco 2, Inc.BlackRockFinancial Management,Inc.BlackRock Holdco 4, LLCBlackRock Holdco 6, LLCBlackRockDelaware Holdings Inc.BlackRockInstitutionalTrust Company, NationalAssociation BlackRock, Inc. Trident Merger, LLCBlackRockInvestment Management, LLC BlackRock, Inc. BlackRock Holdco 2, Inc.BlackRockFinancial Management,Inc. 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.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 Plc Mark Learmonth Tel: +44 1534 679 802Camilla Horsfall Tel: +44 7817 841 793 WH Ireland Adrian Hadden/James Sinclair-Ford Tel: +44 20 7220 1751 Blytheweigh Tim Blythe/Megan Ray Tel: +44 207 138 3204