BUFFALO COAL CORPORATION - Buffalo Coal Corp.: Investec Bank Limited Change of Control Notice

Buffalo Coal Corp.: Investec Bank Limited Change of Control Notice

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 Corp." or “Buffalo” or “the Group” or "the Company" or “the Issuer”)


BUFFALO COAL CORP.: INVESTEC BANK LIMITED CHANGE OF CONTROL NOTICE

TORONTO, ONTARIO – Marketwired - July 5, 2022: Buffalo Coal Corp. announces that, on July 4, 2022
the Company received notice from Investec Bank Limited (“Investec”) that, on completion of the
remaining administrative matters required to give effect to Belvedere Resources DMCC’s (“Belvedere”)
acquisition of a majority stake in the Company, as announced by the Company on June 15, 2022, that
Investec will exercise its rights to demand full repayment of all outstanding loans, together with all
accrued interest and all other amounts accrued in terms of the Term loan and Revolving credit facility
agreement (“the Facility Agreement”) between the Company and Investec. As at June 30, 2022 the total
amount owing to Investec amounted to R53,884,936 (approximately CAD4,244,516 using yesterday’s
Bank of Canada exchange rate), which amount is inclusive of royalties payable on sales generated by the
Company’s Magdalena bituminous mine.

The Company and Belvedere have been in discussions regarding a grace period within which the
mandatory repayment under the Facility Agreement will occur and Investec has requested a proposal in
this regard. The Company would need to rely on funding provided by Belvedere to settle the amounts
owing to Investec, the terms of which have yet to be agreed.

About Buffalo Coal

Buffalo is a coal producer in South Africa. It holds a majority interest in two operating mines through its
100% interest in Buffalo Coal Dundee Proprietary Limited, a South African company which has a 70%
interest in Zinoju Coal Proprietary Limited ("Zinoju”). Zinoju holds a 100% interest in the Magdalena
bituminous mine, the Aviemore East anthracite mine and the Balgray and North Adit anthracite projects
in South Africa. Buffalo Coal has an experienced coal-focused management team.
The Company has its primary listing on the TSX Venture Exchange and has a secondary listing on the
Alternative Exchange, operated by the JSE Limited.

Forward-Looking Statements

This press release may contain forward looking information within the meaning of applicable securities
legislation, which reflects the Company’s current expectations regarding future events. Forward looking
information is based on a number of assumptions and is subject to a number of risks and uncertainties,
many of which are beyond the Company’s control, which could cause actual results and events to differ
materially from those that are disclosed in or implied by such forward looking information. The Company
does not undertake any obligation to update such forward looking information, whether as a result of new
information, future events or otherwise, except as expressly required by applicable law.

Neither the TSX Venture Exchange, nor its regulation services provider (as that term is defined in the
policies of the exchange), accepts responsibility for the adequacy or accuracy of this release.
FOR FURTHER INFORMATION PLEASE CONTACT:

Ms Emma Oosthuizen
Chief Executive Officer
Email: emma.oosthuizen@buffalocoal.co.za

Registered office:
Greytown Road
Industrial Area
Dundee
KwaZulu-Natal
3000

Phone: +27 342121455

6 July 2022

Designated advisor:
Questco Corporate Advisory Proprietary Limited

Date: 06-07-2022 07:07:00
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