BUFFALO COAL CORPORATION - Unaudited condensed interim consolidated financial results for the three months ended 31 March 2022

Unaudited condensed interim consolidated financial results for the three months ended 31 March 2022

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” or “the Company”)

UNAUDITED CONDENSED INTERIM CONSOLIDATED FINANCIAL RESULTS FOR THE THREE MONTHS ENDED 31 MARCH 2022


Introduction:

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

The Company owns a 100% interest in Buffalo Coal Dundee Proprietary Limited (“BC Dundee”), a
South African company, with an interest in two operating coal mines and two coal mining projects in
South Africa (“the 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 partners.

The BC Dundee Properties comprise the Aviemore East anthracite mine, the Magdalena bituminous
mine, the Balgray anthracite project and the Aviemore North Adit anthracite project.

Operational review and results:

The interim financial results of the Group for the three months ended 31 March 2022 (the “Interim
Results”), as compared to the three months ended 31 March 2021 (the “Comparative Period”), are
set out below:

                                                          
                                                          3 months ended
                                                 
                                                        March 31,              March 31,
                                                             2022                   2021
                                                                                                        %
Key financials                                               R                    R                   variance

Revenue from contracts with customers                    91 006 740              81 174 326           12%
 
Loss from operations                                   (24 145 687)            (52 667 349)          (54%)
 
Loss per share
 - basic and diluted                                         (0.07)                  (0.14)          (49%)
 
Headline loss per share
 - basic and diluted                                         (0.07)                  (0.14)          (49%)
 
Normalized headline loss per share
 - basic and diluted                                         (0.07)                  (0.14)          (49%)


No dividends were declared or paid during the period under review or during the Comparative Period.
This announcement does not include the information required pursuant to paragraph 16A(j) of IAS 34:Interim Financial Reporting.

This short-form announcement, which is the responsibility of the board of directors of the Company, is
only a summary of the information in the full announcement (being the detailed unaudited condensed
interim financial results for the three months ended 31 March 2022) ("Full Announcement”) and
therefore does not contain full or complete details. 

Any investment decisions by investors and / or
shareholders should be based on consideration of the Full Announcement and the management’s
discussion and analysis document for the three months ended 31 March 2022, which may be
downloaded from:

https://senspdf.jse.co.za/documents/2022/jse/ISSE/BUC/Mar22Quart.pdf
or the Company’s website at:
http://www.buffalocoal.co.za/investors
and may also be requested from the Company by contacting info@buffalocoal.co.za during ordinary
business hours, for a period of 30 calendar days following the date of this announcement.

27 May 2022

Designated Advisor:
Questco Corporate Advisory Proprietary Limited

Date: 27-05-2022 03:47:00
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