THE WATERBERG COAL COMPANY LTD - The Waterberg Coal Company Limited - Transaction Update

The Waterberg Coal Company Limited - Transaction Update

                                      

The Waterberg Coal Company 
(formerly ‘Range River Gold Limited’) 
(Incorporated in Australia) 
(ABN 64 065 480 453) 
ASX: WCC (previously, RNG) 
JSE: WCC • ISIN: AU000000RNG7 

ABN 64 065 480 453

23 September 2013

ASX Release

THE WATERBERG COAL COMPANY LIMITED – TRANSACTION UPDATE

The following information is provided by The Waterberg Coal Company Limited (WCC or the
Company) for release to the market:

Takeover Offer

As announced on 17 December 2012, the Company made a takeover offer (Takeover Offer)
in respect of all of the issued share capital in Firestone Energy Limited (Firestone).

The Company closed the takeover offer on Monday, 23 September 2013 resulting in the
Company acquiring 1,140,513,874 fully paid ordinary shares in the capital of Firestone (FSE
Shares), being a 32.13% interest therein. In addition, the Company acquired 480,000,000 FSE
Shares from Sekoko Resources (Proprietary) Limited outside of the Takeover Offer, being a
13.52% interest therein.

As a result, the Company holds 1,620,513,874 FSE Shares, being a cumulative 45.65% interest
in the total FSE Shares on issue.

The Company’s Interest in the Waterberg Coal Project

The Waterberg Coal Project is currently held through a joint venture between Firestone
and Sekoko Coal (Proprietary) Limited (Sekoko), who have the following joint venture
interests:

(a)    Firestone – 60%; and

(b)    Sekoko – 40%.

As a result of the Takeover Offer and the acquisition by the Company of Ariona
Company SA (which holds a 25% interest in Sekoko), the Company has the following
interest in the Waterberg Coal Project:

(c)    a 27.39% indirect interest through its shareholding in Firestone (being 45.65% of
       Firestone’s 60% interest); and

(d)    a further 10% indirect interest through its 25% shareholding in Sekoko (being 25%
       of Sekoko’s 40% interest).

Accordingly, the Company holds a total indirect interest of 37.39%.

Development and management of mining operations in respect of the Waterberg Coal
Project will be conducted through a management committee, details of which are set
out in the Company’s announcement on 25 September 2013 entitled “Waterberg
Management Agreement”.

Further details in respect of the Waterberg Coal Project are set out in sections 6.6, 10 and
11 of the Company’s replacement prospectus dated 25 July 2013 (Prospectus).

Outstanding Applications in relation to the Waterberg Coal Project

As set out in the South African Title Report which forms section 11 of the Prospectus (Report):

(a)    an application has been made to the Minister to extend the time permitted to
       commence mining on the mining right MPT90/2012EMR held by Sekoko Coal
       (Proprietary) Limited (Mining Right) (refer to section 5.3 of the Report); and

(b)    an application has been made to amend the approved environmental
       management plan in respect of the Mining Right (refer to section 5.5.4 of the Report).

The Company confirms that the status of those applications remain unchanged.

Compliance with ASX Listing Rules

The Company confirms that, as at the date of this announcement, it is in compliance with
the ASX Listing Rules and, in particular, ASX Listing Rule 3.1.

-end-

16 October 2013

Sponsor: Bravura Equity Services (Pty) Ltd

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