News alert from Caledonia Mining

Caledonia Mining Corporation Plc

Mark Learmonth

Camilla Horsfall

Tel: +44 1534 679 802

Tel: +44 7817 841793

Cenkos Securities plc (Nomad and Joint Broker)

Adrian Hadden

Neil McDonald

Pearl Kellie

Tel: +44 207 397 1965

Tel: +44 131 220 9771

Tel: +44 131 220 9775

Liberum Capital Limited (Joint Broker)

Scott Mathieson/Kane Collings

Tel: +44 20 3100 2000

BlytheRay 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

IH Securities (Private) Limited (VFEX Sponsor - Zimbabwe)

Dzika Dhana

Lloyd Mlotshwa

Tel: +263 (242) 745 119/33/39

NOTIFICATION OF MAJOR HOLDINGS(to be sent to the relevant issuerandto the FCA in Microsoft Word format if possible)ⁱ

1a. Identity of the issuer or the underlying issuer of existing shares to which voting rights are attachedⁱⁱ:

Caledonia Mining Corp PLC

1b. Please indicate if the issuer is a non-UK issuer (please mark with an "X" if appropriate)

Non-UK issuer

X

2. Reason for the notification(please mark the appropriate box or boxes with an "X")

An acquisition or disposal of voting rights

X

An 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^iv

Name

Van Eck Associates Corporation

City and country of registered office (if applicable)

New York, NY USA

4. Full name of shareholder(s)(if different from 3.)^v

Name

VanEck Junior Gold Miners ETF

VanEck Junior Gold Miners UCITS ETF

City and country of registered office (if applicable)

5. Date on which the threshold was crossed or reached(DD/MM/YYYY)^vi:

18/01/2023

6.Date on which issuer notified (DD/MM/YYYY):

19/01/2023

7. Total positions of person(s) subject to the notification obligation

% of voting rights attached to shares (total of 8. A)

% ofvoting rights throughfinancial instruments
(total of 8.B 1 + 8.B 2)

Total of both in % (8.A + 8.B)

Total number of voting rights of issuer^vii

Resulting situation on the date on which threshold was crossed or reached

3.08%

3.08%

17,258,923

Position of previous notification (if

applicable)

529,779

4.128%

8. Notified details of the resulting situation on the date on which the threshold was crossed or reached^viii

A: Voting rights attached to shares

Class/type of
shares

ISIN code (if possible)

Number of voting rights^ix

% of voting rights

Direct

(Art 9 of Directive 2004/109/EC) (DTR5.1)

Indirect

(Art 10 of Directive 2004/109/EC) (DTR5.2.1)

Direct

(Art 9 of Directive 2004/109/EC) (DTR5.1)

Indirect

(Art 10 of Directive 2004/109/EC) (DTR5.2.1)

JE00BF0XVB15

532,077

3.08%

SUBTOTAL 8. A

532,077

3.08%

B 1: Financial Instruments according to Art. 13(1)(a) of Directive 2004/109/EC (DTR5.3.1.1 (a))

Type of financial instrument

Expiration
date^x

Exercise/
Conversion Period^xi

Number of voting rights that may be acquired if the instrument is

exercised/converted.

% of voting rights

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 financial instrument

Expiration
date^x

Exercise/
Conversion Period^xi

Physical or cash

settlement^xii

Number of voting rights

% of voting rights

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 by any natural person or legal entity and does not control any other undertaking(s) holding directly or indirectly an interest in the (underlying) issuer^xiii

Fullchain of controlled undertakings through which the voting rights and/or the
financial instruments are effectively held starting with the ultimate controlling natural person or legal entity^xiv(please add additional rows as necessary)

X

Name^xv

% of voting rights if it equals or is higher than the notifiable threshold

% of voting rights through financial instruments if it equals or is higher than the notifiable threshold

Total of both if it equals or is higher than the notifiable threshold

VanEck Junior Gold Miners ETF

2.78%

2.78%

VanEck Junior Gold Miners UCITS ETF

0.30%

0.30%

10.In case of proxy voting, please identify:

Name of the proxy holder

Glass Lewis

The number and % of voting rights held

532,077 shares and 3.08% voting right

The date until which the voting rights will be held

Open

11. Additional information^xvi

Place of completion

Tampa, FL

Date of completion

19 January 2023