GlobeNewswire Inc | Oct 15, 2020 02:01AM EDT

October 15, 2020

ST HELIER, Jersey, Oct. 15, 2020 (GLOBE NEWSWIRE) -- Caledonia Mining Corporation Plc (Caledonia or the Company) (NYSE AMERICAN: CMCL; AIM: CMCL) announces that it received notification on October 14, 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 October 13, 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 issuer Caledonia Miningof existing shares to which voting rights are at Corporation Plctached^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 reache 13/10/2020d^vi:6. Date on which issuer notified (DD/MM/YYYY): 14/10/20207. Total positions of person(s) subject to the notification obligation % of voting % of voting rights Total Total rights through of both number of attached to financial in % voting shares instruments (8.A + rights of (total of (total of 8.B) issuer^vii 8. A) 8.B 1 + 8.B 2)Resulting situation on the date onwhich threshold was crossed or 4.80% 0.64% 5.45% 12,118,823reachedPosition of previous notification 5.00% 0.40% 5.40% (if 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 Indirect Direct Indirectshares Direct (Art 10 of (Art 9 of (Art 10 ofISIN code (if (Art 9 of Directive 2004/ Directive 2004/ Directivepossible) Directive 2004/109 109/EC) 109/EC) 2004/109/ /EC) (DTR5.1) (DTR5.2.1) (DTR5.1) EC) (DTR5.2.1)JE00BF0XVB15 582,346 4.80% SUBTOTAL 8. A 582,346 4.80%

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 the rightsinstrument Period^xi instrument is exercised/converted.Securities 45,500 0.37%Lending SUBTOTAL 8. B 1 45,500 0.37%

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 orfinancial Expirationdate^ Conversion cash Number of % of votinginstrument x Period ^x^ settlement^ voting rights rights i xiiCFD Cash 32,901 0.27% SUBTOTAL 8.B. 32,901 0.27% 2

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 byany natural 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 votingrights and/or thefinancial instruments are effectively held Xstarting with the ultimate controlling natural person or legalentity^xiv (please add additional rows as necessary) % of voting rights Total of % of voting rights if through financial both if it it equals or is higher instruments equalsName^xv than the notifiable if it equals or is higher or is higher threshold than the notifiable than the 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^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 14 October, 2020

Section 9 Attachment

% of voting % of voting rights through Total of both rights financial if it if it equals or instruments if equals or isName^xv is higher it higher than the equals or is than the notifiable higher notifiable threshold than the threshold notifiable thresholdBlackRock, Inc. Trident Merger, LLC BlackRock Investment Management, LLC BlackRock, 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 Capital Holdings, Inc.BlackRock Advisors, LLC 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 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. 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

For further information please contact:

Caledonia Mining Corporation PlcMark Learmonth Tel: +44 1534 679 802Camilla Horsfall Tel: +44 7817 841793 WH IrelandAdrian 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