Notification of relevant change to significant shareholder (NYSE AMERICAN: CMCL; AIM: CMCL; VEFX: CMCL)

Caledonia Mining Corporation Plc ("Caledonia" or the "Company" - https://www.commodity-tv.com/ondemand/companies/profil/caledonia-mining-corporation-plc/) announces that it received notification on December 15, 2021 from Van Eck Associates Corporation, 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 December 13, 2021 crossed a particular threshold for notification of its holdings in the Company. A copy of the notification is below.

Caledonia Mining Corporation Plc

Mark Learmonth

Camilla Horsfall

Tel: +44 1534 679 802

Tel: +44 7817 841793

WH Ireland

Adrian Hadden/ Andrew De Andrade

Tel: +44 20 7220 1751

Blytheweigh Financial PR

Tim Blythe/Megan Ray

Tel: +44 207 138 3204

3PPB

Patrick Chidley

Paul Durham

Tel: +1 917 991 7701

Tel: +1 203 940 2538

Curate Public Relations (Zimbabwe)

Debra Tatenda

Tel: +263 77802131

Swiss Resource Capital AG

Jochen Staiger

www.resource-capital.ch

info@resource-capital.ch

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 2018 and is disclosed in accordance with the Company's obligations under Article 17 of MAR.