GlobeNewswire Inc | Jan 11, 2022 02:00AM EST

January 11, 2022

ST HELIER, Jersey, Jan. 11, 2022 (GLOBE NEWSWIRE) -- Caledonia Mining Corporation Plc(NYSE AMERICAN: CMCL; AIM: CMCL; VEFX: CMCL) ("Caledonia" or the "Company") announces that it received notification on January 7, 2022 from Van Eck Associates Corporation, which is a "significant shareholder" of the Company as defined by the AIM Rules for Companies, that it has changed its interest in the Company and on January 6, 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 Tel: +44 1534 679 802Mark Learmonth Tel: +44 7817 841793Camilla Horsfall WH Ireland Tel: +44 20 7220 1751Adrian Hadden/ Andrew De Andrade Blytheweigh Financial PR Tel: +44 207 138 3204Tim Blythe/Megan Ray 3PPB Tel: +1 917 991 7701Patrick Chidley Tel: +1 203 940 2538Paul Durham Curate Public Relations (Zimbabwe) Tel: +263 7728 02131Debra Tatenda

Note: The information contained within this announcement is deemed by the Company to constitute inside information under the Market Abuse Regulation (EU) No. 596/2014(MAR)as it forms part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018and is disclosed in accordance with the Company's obligations under Article 17 of MAR.

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 of Caledonia Mining Corpexisting shares to which voting rights are attached^ii: PLC1b. 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 Van Eck Associates CorporationCity and country of registered office (if applicable) New York, NY USA4. Full name of shareholder(s) (if different from 3.)^v VanEck Junior GoldName Miners ETF VanEck Vectors Junior Gold Miners UCITS ETFCity and country of registered office (if applicable) 5. Date on which the threshold was crossed or reached^vi: 06/01/20226. Date on which issuer notified (DD/MM/YYYY): 07/01/20227. Total positions of person(s) subject to the notification obligation % of voting Total Total % of voting rights rights through of both number of attached to shares financial in % voting (total of 8. A) instruments (8.A + rights of (total of 8.B 1 8.B) issuer^vii + 8.B 2)Resulting situation onthe date on which 3.9838% 3.9838% 508,200threshold was crossed orreachedPosition of previousnotification (if 540,381 4.2361% 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 Number of voting rights^ix % of voting rightsof Indirect Direct Indirectshares Direct (Art 10 of (Art 9 of (Art 10 ofISIN code (Art 9 of Directive Directive Directive 2004/ Directive(if 2004/109/EC) (DTR5.1) 2004/109/EC) 109/EC) (DTR5.1) 2004/109/EC)possible) (DTR5.2.1) (DTR5.2.1)JE00BF0XVB15 508,200 3.9838% SUBTOTAL 8. 508,200 3.9838%A

B 1: Financial Instruments according to Art. 13(1)(a) of Directive 2004/109/EC(DTR5.3.1.1 (a)) Number of votingType of rights that mayfinancial Expiration Exercise/ be acquired if % of votinginstrument date^x Conversion Period^xi the instrument is rights exercised/ converted. SUBTOTAL 8. 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 Exercise/ Physical orfinancial Expiration Conversion cash Number of voting % of votinginstrument date^x Period ^xi settlement^ rights rights xii SUBTOTAL 8.B.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 voting rightsand/or thefinancial instruments are effectively held starting with the ultimate controlling natural person or legal entity^xiv (please add additionalrows as necessary) % of voting rights % of voting rights through Total of both if it if it equals or is financial instruments if it equals or is higherName^xv higher than the equals or is higher than than the notifiable notifiable the notifiable threshold threshold thresholdVanEckJunior Gold 3.5837% 3.5837%Miners ETFVanEckVectorsJunior Gold 0.4001% 0.4001%MinersUCITS ETF

10. In case of proxy voting, please identify:Name of the proxy holder Glass LewisThe number and % of voting 508,200 shares and 3.9838% voting rightrights heldThe date until which the voting Openrights will be held

11. Additional information^xvi

Place of completion Tampa, FLDate of completion 7 January 2022