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 Accordingly, the cautionary announcement is hereby withdrawn and shareholders will be advised in due course as to the outcome of the strategic review.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 Date: 04/05/2018 03:30:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE'). The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct, indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on, information disseminated through SENS.