BUFFALO COAL CORPORATION - Strategic review process and withdrawal of the cautionary announcement

Strategic review process and withdrawal of the cautionary announcement

Buffalo Coal Corp.
(Registration number: 001891261)
(External company registration number: 2011/011661/10)
Share code on the TSX Venture Exchange: BUF
Share code on the JSE Limited: BUC
ISIN: CA1194421014
(“Buffalo Coal” or “the Company”)


      STRATEGIC REVIEW PROCESS AND WITHDRAWAL OF THE CAUTIONARY
                            ANNOUNCEMENT

Shareholders are referred to the SENS announcement, dated 20 March 2018, which advised, inter alia,
that Buffalo Coal Dundee Proprietary Limited (“Buffalo Coal Dundee”), the Company’s wholly-owned
subsidiary, had entered into an amendment (the “Amendment”) to the term loan and revolving credit
facility with Investec Bank Limited and that as a further condition to the Amendment, the Company had
retained Northcott Capital Limited as its financial advisor to conduct a review of its strategic options.

As there are no guarantees that the strategic review will result in a transaction or if a transaction is
undertaken, as to its terms or timing, the Company does not intend to disclose developments with
respect to the strategic review process unless and until a definitive transaction or strategic option has
been approved, unless otherwise required by law or disclosure of which is deemed appropriate.
Accordingly, the cautionary announcement is hereby withdrawn and shareholders will be advised in due
course as to the outcome of the strategic review.

About Buffalo

Buffalo is a coal producer in southern Africa. It holds a majority interest in two operating mines through
its 100% interest in Buffalo Coal Dundee, a South African company which has a 70% interest in Zinoju.
Zinoju holds a 100% interest in the Magdalena bituminous mine and the Aviemore anthracite mine in
South Africa. Buffalo has an experienced coal-focused management team.

FOR FURTHER INFORMATION PLEASE CONTACT:

Rowan Karstel                                            Graham du Preez
Chief Executive Officer                                  Chief Financial Officer
Email: rowan.karstel@buffalocoal.co.za                   Email: graham.dupreez@buffalocoal.co.za
Johannesburg
4 May 2018

Designated Adviser
Questco Corporate Advisory (Pty) Ltd

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