BUFFALO COAL CORPORATION - Unaudited condensed interim consolidated financial results for the three and nine months ended 30 September 2019

Unaudited condensed interim consolidated financial results for the three and nine months ended 30 September 2019

 Buffalo Coal Corp.
 Incorporated in Canada and the Republic of South Africa
 (Registration number: 2011/011661/10)
 Share code TSX Venture Exchange: BUF
 Share code JSE Limited: BUC
 ISIN: CA1194421014
 (“Buffalo Coal Corp.” or “the Group”)

UNAUDITED CONDENSED INTERIM CONSOLIDATED FINANCIAL RESULTS FOR THE THREE AND NINE
MONTHS ENDED 30 SEPTEMBER 2019

Introduction:

Buffalo Coal Corp is a coal mining and supply company operating in South Africa. The Company is
primarily listed on the TSX Venture Exchange (“TSXV”) and has a secondary listing on the Alternative
Exchange (“AltX”) operated by the JSE.

The Company owns 100% of the shares in Buffalo Coal Dundee Proprietary Limited (“BC Dundee”), a
South African company, with an interest in two operating coal mines in South Africa (“BC Dundee
Properties”). BC Dundee indirectly holds a 70% interest in the BC Dundee Properties through its 70%
interest in Zinoju Coal Proprietary Limited (“Zinoju”), which holds all of the mineral rights with respect
to the BC Dundee Properties. The remaining 30% interest in Zinoju is held by South African Black
Economic Empowerment ("BEE") partners.

The BC Dundee Properties comprise Aviemore anthracite mine ("Aviemore") and Magdalena
bituminous mine ("Magdalena"). The Group is currently only engaged in underground coal mining at
Aviemore, having suspended its underground mining operations at Magdalena in the last quarter of
2018.

Operational review and results:

The interim financial results of the Group for the three and nine months ended 30 September 2019, as
compared to the three and nine months ended 30 September 2018 (comparative period), are set out
below:

                                                                         9 months ended                               3 months ended
                                                         September 30,     September 30,                  September 30, September 30,
                                                             2019              2018          % Variance       2019           2018     % Variance
Key financials                                                R                 R                              R                R


Revenue                                                    298 490 523       601 150 187          (50%)      99 711 070     206 404 312      (52%)
Profit/(loss) from operations                               32 576 828       (52 180 900)        (162%)     (12 649 838)    (56 819 525)     (78%)

Earnings/(loss) per share - basic and diluted                     0.01              (0.23)         104%            (0.05)           (0.18)   (71%)
Headline earnings/(loss) per share - basic and diluted            0.01              (0.23)         103%            (0.05)           (0.18)   (71%)

No dividends were declared or paid during the period under review or during the comparative period.

This short form announcement is the responsibility of the Board, is only a summary of the information
in the full announcement and therefore does not contain full or complete details. Any investment
decisions by investors and/or shareholders should be based as a whole on consideration of the
unaudited condensed interim consolidated financial results for the three and nine months ended 30
September 2019, which may be downloaded from:
https://senspdf.jse.co.za/documents/2019/jse/ISSE/BUC/Sep19Quart.pdf
or the Company’s website at:
http://www.buffalocoal.co.za/investors
and may also be viewed, at no cost, at the registered office of the Company and the Johannesburg
office of its Designated Adviser, during ordinary business hours, for a period of 30 calendar days
following the date of this announcement.
Registered office:

First Floor, Building 1, Manhattan Office Park
16 Pieter Street
Highveld, Centurion

15 November 2019

Designated Advisor:

Questco Corporate Advisory Proprietary Limited
First Floor, Yellowwood House, Ballywoods Office Park, 33 Ballyclare Drive, Bryanston.

Date: 15/11/2019 03:40:00
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