Wrap Text
Activities Report for the Quarter ended 31 December 2022
MC Mining Limited
Previously Coal of Africa Limited
(Incorporated and registered in Australia)
Registration number ABN 008 905 388
ISIN AU000000MCM9
JSE share code: MCZ
ASX/AIM code: MCM
31 January 2023
ACTIVITIES REPORT FOR THE QUARTER ENDED 31 DECEMBER 2022 FOR
MC MINING LIMITED (“MC Mining” or the “Company”) AND ITS SUBSIDIARY COMPANIES
HIGHLIGHTS
Operations
- Health and safety remains a priority and we continue to make progress despite two lost-time
injuries (LTIs) recorded during the quarter (FY2023 Q1: one LTI);
- Run-of-mine (ROM) coal production at the Uitkomst metallurgical and thermal coal mine
(Uitkomst Colliery or Uitkomst) was 7% lower than the December 2021 quarter at 99,336 tonnes
(t) (FY2022 Q2: 107,188t). Production was adversely affected by geological conditions as well as
national electricity blackouts interrupting underground mining operations;
- The Company recorded 56,817t of coal sales during the quarter (FY2022 Q2: 49,063t), comprising
13,095t (FY2022 Q2: 43,280t) of high-grade domestic coal sales, 2,975t (FY2022 Q2: 5,783t) of
lower grade middlings coal and coal exports of 40,747t (FY2022 Q2: nil t).
- Uitkomst had 27,058t (FY2022 Q2: 10,803t) of high-grade coal at the colliery and a strong export
pipeline of 36,764t of stock (FY2022 Q2: nil t) at port at the end of the quarter;
- Coal Sales & Marketing Agreement (Marketing Agreement) with Overlooked (Proprietary) Limited
(Overlooked) extended to 30 June 2023;
- Buy-back of a 14% interest in Uitkomst held by a minority black economic empowerment partner,
increasing MC Mining’s interest in the colliery to 84% and ensuring the colliery satisfies the ‘once
empowered, always empowered’ principle;
- Detailed planning and fund-raising initiatives for the Makhado hard coking coal project (Makhado
Project or Makhado) continued during the quarter; and
- Conclusion of a Contract Mining Agreement (the Mining Agreement) with Hlalethembeni
Outsourcing Services (Pty) Ltd (HOS) to recommission, upgrade and operate the Company’s Vele
Aluwani Colliery (Vele or the Vele Colliery). This resulted in the recommissioning of the Vele
Colliery coal processing plant (CPP) during the quarter.
Corporate
- Completion of a A$40 million fully underwritten renounceable rights issue (Rights Issue) through
the issue of 200,026,719 new ordinary shares;
- The ZAR60 million (US$3.5 million) owing to Dendocept (Pty) Ltd (Dendocept) in terms of the
previously announced Standby Loan Facility, was settled as part of the Rights Issue;
- Repayment of the remaining ZAR10 million (US$0.2 million) loan owing to the Senosi Group
Investment Holdings (Proprietary) Limited;
- The Industrial Development Corporation of South Africa Limited (IDC) agreed to extend the
repayment date for the existing ZAR160 million (US$9.4 million) loan, plus accrued interest, to
30 June 2023; and
- Available cash and facilities at quarter-end of US$20.2 million (US$2.2 million at 30 September
2022) and restricted cash of US$0.03 million.
Godfrey Gomwe, Managing Director & Chief Executive Officer, commented:
“The Company made pleasing progress during the December 2022 quarter. The most notable
achievements being the completion of the A$40 million Rights Issue, the recommencement of
operations at the Vele Colliery and the extension of the Marketing Agreement with Overlooked.
The completion of the Rights Issue confirmed the continued robust support of our anchor
shareholders and provided an opportunity for new equity investors to participate in the Company’s
maturing growth strategy. This was completed despite the current volatile market and uncertain
economic environment. The additional capital has transformed the Company’s balance sheet and is a
further key milestone towards the complete financing of the flagship Makhado Project and the
positioning of MC Mining as the only large scale producer of hard coking coal in South Africa.
The Makhado CPP optimisation study was completed during the period. This will potentially increase
the Makhado CPP annual ROM feed capacity from 3 million tonnes per annum to 4 million tonnes per
annum and will be used in the detailed CPP and infrastructure design work as well as revised mine
plans. These are expected to be completed during Q1 CY2023. Following this, the Company’s directors
approved expenditure of ZAR71.3 million (US$4.1 million) on early works at Makhado and this is
expected to commence in early CY2023. The funding initiatives for Makhado continued during the
period and these initiatives are expected to be finalised in first half of CY2023.
The Vele Colliery had been on care and maintenance for almost ten years and during this time the
Company assessed various strategies to utilise the asset. During December 2022, the Company signed
the Mining Agreement with HOS and first coal sales from Vele are expected in Q1 CY2023. The cash
generated will be used for Group general working capital requirements and can also potentially
contribute funding for the construction of Makhado. The recommissioning will create approximately
245 permanent job positions and the resumption of production at Vele will also alleviate any ‘use it
or lose it’ risk associated with unutilised mining assets in South Africa.”
DETAILED QUARTERLY OPERATIONS REPORTS
Uitkomst Colliery – Utrecht Coalfields (84% owned)
Two LTIs were recorded during the quarter (FY2023 Q1: one LTI).
The Uitkomst Colliery generated 99,336t of ROM coal during the quarter (FY2022 Q2: 107,188t) with
production adversely affected by challenging geological conditions and frequent electricity blackouts
implemented by Eskom, the state power utility. Uitkomst does have back-up diesel generators with
limited capacity and are only sufficient for underground mining operations. The switch from Eskom to
internally generated power does result in operational delays within the mining activities while the
increased use of generators and high cost of diesel has had a detrimental effect on mining costs.
Uitkomst sold 53,842t (FY2022 Q2: 43,280t) of high-grade pea and duff-sized coal during the three
months, comprising 40,747t exported from Durban (FY2022 Q2: nil t) and 13,095t (FY2022 Q2:
43,280t) to domestic customers. The export coal sales volumes included most of the 42,115t at port
at the start of the December 2022 period for which Uitkomst early received export revenue of US$4.0
million in Q1 FY2023 compared to early export receipts of US$1.5 million in Q2 FY2023. Uitkomst also
sold 2,975t (FY2022 Q2: 5,783t) of high ash, lower value middlings coal under fixed price
arrangements. The colliery had 36,764t (FY2022 Q2: nil t) at port and 27,058t (FY2022 Q2: 10,803t) on
site at the end of the quarter with the almost all of the coal at port sold during January 2023.
During the quarter, Uitkomst realized an average export sales price of US$220/t. However, the net
revenue per tonne was adversely affected by high logistics, port, demurrage and export related
charges of approximately US$70/t as well as lower priced, ZAR denominated domestic sales. This
yielded net revenue per tonne of US$129/t (FY2022 Q2: 111/t).
The production costs per saleable tonne were 5% lower than the comparative period (FY2023 Q2:
US$93/t vs. FY2022 Q2: US$98/t) with the higher sales volumes largely offsetting the 14% weakening
of the rand. The ZAR denominated production cost per saleable tonne have been adversely affected
by inflationary pressures as well as higher energy costs when the underground mining area uses diesel
during blackout periods. Processing costs increased due to increased overtime incurred at the
Uitkomst CPP.
Quarter
Quarter to to end-
end-Dec Dec
2022 2021 %
Production volumes
Uitkomst ROM (t) 99,336 107,188 (7%)
Inventory volumes
High quality duff and peas at site (t) 27,058 10,803 >100%
High quality duff and peas at port (t) 36,764 - 100%
63,822 10,803 >100%
Sales tonnages
Domestic high quality duff and peas (t) 13,095 43,280 (70%)
Export high quality duff and peas (t) 40,747 - 100%
Middlings sales (t) 2,975 5,783 (49%)
Quarter
Quarter to to end-
end-Dec Dec
2022 2021 %
56,817 49,063 16%
Quarter financial metrics
Net revenue/t (US$) 129 111 16%
Net revenue/t (ZAR) 2,279 1,720 32%
Production cost/saleable tonnes
93 98 (5%)
(US$)^
^ costs are all South African rand based
The initial six-month Marketing Agreement with Overlooked was due to expire on 31 December 2022
and was extended to 30 June 2023 during the quarter. The key terms of the Marketing Agreement
remain, allowing Uitkomst the opportunity to sell the majority of its coal at prices linked to
international coal indexes rather than at floating and fixed price domestic prices.
MC Mining also increased its interest in the Uitkomst Colliery during the period when it bought back
the 14% belonging to a black industrialist shareholder, for US$511k. This transaction ensures that
Uitkomst qualifies under the ‘once empowered, always empowered’ principle associated with mining
rights.
Makhado Hard Coking Coal Project – Soutpansberg Coalfield (67% owned)
The development of the Company’s flagship Makhado Project is expected to deliver positive returns
for shareholders and position MC Mining as South Africa’s pre-eminent hard coking coal (HCC)
producer.
The Company appointed Erudite (Pty) Ltd (Erudite) to complete the detailed planning for a full process
plant design for the Makhado CPP. Erudite expects to complete the panning during Q1 CY2023 and
this plan is also required by potential additional funders to complete their assessments. The Company
has also employed independent consultants to review the Makhado mine plan and this forms part of
the detailed execution plan.
MC Mining’s directors approved the commencement of early works at Makhado and the Company
allocated ZAR71.3 million (US$4.1 million) to this. The early works are planned to commence in
February 2023 and include amongst others, a bridge and internal roads, initial bulk earthworks, site
security and communication infrastructure.
Makhado Project Funding
The IDC is a 6.7% shareholder in MC Mining subsidiary, Baobab Mining & Exploration (Pty) Ltd, the
owner of the Makhado Project and the bank continues to provide financial support for the
development of the Makhado Project. MC Mining previously utilised the existing IDC loan facility to
develop the project and during the quarter, the IDC extended the date for repayment of the ZAR160
million loan (US$9.4 million) plus interest thereon, as well as the terminal draw down date of the
additional ZAR245 million (US$14.4 million) loan facility, to 30 June 2023. Draw down of the additional
ZAR245 million (US$14.4 million) loan facility remains subject to the IDC confirming its due diligence
and credit approval.
The Company continued the Makhado Project composite funding initiatives during the quarter and
anticipates that the balance of the funding will be concluded in the first half of CY2023. The various
initiatives underway include amongst others, build, own, operate, transfer (BOOT) funding
arrangements, additional senior debt as well as debt/equity instruments and coal prepayments.
Vele Aluwani Semi-Soft Coking and Thermal Coal Colliery – Limpopo (Tuli) Coalfield (100% owned)
Vele recorded no LTIs (FY2023 Q1: nil) during the quarter.
The Vele Colliery had been on care and maintenance for almost ten years and during this period the
Company assessed various strategies to utilise the asset. This confirmed the significant capital and
technical investment required to optimise production at the colliery. With the increase in coal prices,
the outsourcing of operations at Vele was identified as the optimal strategy as this would secure the
necessary investment from a third party to modify the CPP and remove a significant portion of the
ongoing costs associated with the colliery. This resulted in the conclusion of the Mining Agreement
with HOS during the quarter.
In terms of the Mining Agreement, HOS will undertake mining in terms of an agreed mine plan on an
exclusive basis until 22 December 2027. HOS is targeting monthly production of 60,000t of saleable
thermal coal from Vele and is responsible for all mining and processing costs. The Company remains
responsible for the colliery’s regulatory compliance, rehabilitation guarantees, relationships with
authorities and communities as well as the supply of electricity and water.
HOS recommissioned the Vele CPP in late December 2022 and first coal sales are expected in Q1
CY2023 with ramp-up to full production during Q2 CY2023. The recommissioning adds a further cash
generating unit to MC Mining’s portfolio with limited financial or human capital contributions,
potentially contributes funding for Makhado, creates approximately 245 permanent job positions and
also alleviates any ‘use it or lose it’ risk associated with unutilised mining assets in South Africa.
Greater Soutpansberg Project (GSP) – Soutpansberg Coalfield (74% owned)
The Greater Soutpansberg Projects recorded no LTIs (FY2023 Q1: nil) during the quarter and no
reportable activities occurred during the period.
Fully Underwritten Rights Issue
During the quarter, the Company completed the Rights Issue to investors in South Africa, Australia
and New Zealand, raising A$40 million (before costs). The net proceeds are being used as follows:
- to meet the Company’s equity contribution required for the IDC’s proposed debt funding, in
relation the development of Makhado;
- fund the continued development of the Makhado Project;
- repayment of the ZAR60 million (approximately US$3.5 million) of the Dendocept Standby Loan
Facility; and
- for general working capital purposes.
Appendix 5B – Quarterly Cash Flow Report
The Company’s cash balance as at 31 December 2022 was US$20.2 million with available facilities of
US$0.3 million. The aggregate amount of payments to related parties and their associates, as disclosed
as item 6.1 of the December 2022 quarter Appendix 5B was US$59k, comprising executive and non-
executive director remuneration.
Godfrey Gomwe
Managing Director and Chief Executive Officer
This announcement has been approved by the Company’s Disclosure Committee.
All figures are in South African rand or United States dollars unless otherwise stated.
For more information contact:
Tony Bevan Company Endeavour Corporate +61 8 9316
Secretary Services 9100
Company advisors:
James Harris / James Nominated Strand Hanson +44 20 7409
Dance Adviser Limited 3494
Rory Scott Broker (AIM) Tennyson Securities +44 20 7186
9031
Marion Brower Financial PR R&A Strategic +27 11 880
(South Africa) Communications 3924
Investec Bank Limited is the nominated JSE Sponsor
About MC Mining Limited:
MC Mining is an AIM/ASX/JSE-listed coal exploration, development and mining company operating in South Africa.
MC Mining’s key projects include the Uitkomst Colliery (metallurgical and thermal coal), Makhado Project (hard
coking coal), Vele Colliery (semi-soft coking and thermal coal), and the Greater Soutpansberg Projects (coking and
thermal coal).
All figures are denominated in United States dollars unless otherwise stated. Safety metrics are compared to the
preceding quarter while financial and operational metrics are measured against the comparable period in the
previous financial year. A copy of this report is available on the Company's website, www.mcmining.co.za.
Forward-looking statements
This Announcement, including information included or incorporated by reference in this Announcement, may
contain "forward-looking statements" concerning MC Mining that are subject to risks and uncertainties. Generally,
the words "will", "may", "should", "continue", "believes", "expects", "intends", "anticipates" or similar expressions
identify forward-looking statements. These forward-looking statements involve risks and uncertainties that could
cause actual results to differ materially from those expressed in the forward-looking statements. Many of these risks
and uncertainties relate to factors that are beyond MC Mining’s ability to control or estimate precisely, such as future
market conditions, changes in regulatory environment and the behaviour of other market participants. MC Mining
cannot give any assurance that such forward-looking statements will prove to have been correct. The reader is
cautioned not to place undue reliance on these forward-looking statements. MC Mining assumes no obligation and
does not undertake any obligation to update or revise publicly any of the forward-looking statements set out herein,
whether as a result of new information, future events or otherwise, except to the extent legally required.
Statements of intention
Statements of intention are statements of current intentions only, which may change as new information becomes
available or circumstances change.
Tenements held by MC Mining and its Controlled Entities
Change
Project during
Name Tenement Number Location Interest quarter
Chapudi Albert 686 MS Limpopo~ 74%
Project*
Bergwater 712 MS 74%
Remaining Extent and Portion 2 of 74%
Bergwater 697 MS
Blackstone Edge 705 MS 74%
Remaining Extent & Portion 1 of 74%
Bluebell 480 MS
Remaining Extent & Portion 1 of 74%
Bushy Rise 702 MS
Castle Koppies 652 MS 74%
Chapudi 752 MS 74%
Remaining Extent, Portions 1, 3 & 4 74%
of Coniston 699 MS
Driehoek 631 MS 74%
Remaining Extent of Dorps-rivier 74%
696 MS
Enfield 512 MS (consolidation of 74%
Remaining Extent of Enfield 474
MS, Brosdoorn 682 MS &
Remaining Extent of Grootvlei
684 MS)
Remaining Extent and Portion 1 of 74%
Grootboomen 476 MS 74%
Grootvlei 684 MS 74%
Kalkbult 709 MS 74%
Remaining Extent, Remaining 74%
Extent of Portion 2, Remaining
Extent of Portion 3, Portions 1,
4, 5, 6, 7 & 8 of Kliprivier 692
MS
Remaining Extent of Koodoobult 74%
664 MS
Change
Project during
Name Tenement Number Location Interest quarter
Koschade 657 MS (Was Mapani Kop 74%
656 MS)
Malapchani 659 MS 74%
Mapani Ridge 660 MS 74%
Melrose 469 MS 74%
Middelfontein 683 MS 74%
Mountain View 706 MS 74%
M'tamba Vlei 654 MS 74%
Remaining Extent & Portion 1 of 74%
Pienaar 635 MS
Remaining Extent & Portion 1 of 74%
Prince's Hill 704 MS
Qualipan 655 MS 74%
Queensdale 707 MS 74%
Remaining Extent & Portion 1 of 74%
Ridge End 662 MS
Remaining Extent & Portion 1 of 74%
Rochdale 700 MS
Sandilands 708 MS 74%
Portions 1 & 2 of Sandpan 687 MS 74%
Sandstone Edge 658 MS 74%
Remaining Extent of Portions 2 & 3 74%
of Sterkstroom 689 MS
Sutherland 693 MS 74%
Remaining Extent & Portion 1 of 74%
Varkfontein 671 MS
Remaining Extent, Portion 2, 74%
Remaining Extent of Portion 1 of
Vastval 477 MS
Vleifontein 691 MS 74%
Change
Project during
Name Tenement Number Location Interest quarter
Ptn 3, 4, 5 & 6 of Waterpoort 695 74%
MS
Wildebeesthoek 661 MS 74%
Woodlands 701 MS 74%
Kanowna M27/41 Coolgardie^ Royalty<>
West &
M27/47 Royalty<>
Kalbara
M27/59 Royalty<>
M27/72,27/73 Royalty<>
M27/114 Royalty<>
M27/196 Royalty<>
M27/181 5.99% (0.80%)
M27/414,27/415 Royalty<>
P27/1826-1829 Royalty<>
P27/1830-1842 Royalty<>
P27/1887 Royalty<>
Abbotshall ML63/409,410 Norseman^ Royalty
Royalty
Kookynie ML40/061 Leonora^ Royalty
Royalty
ML40/135,136 Royalty
Makhado Fripp 645 MS Limpopo~ 67%#
Project
Lukin 643 MS 67%#
Mutamba 668 MS 67%#
Salaita 188 MT 67%#
Tanga 849 MS 67%#
Daru 889 MS 67%#
Windhoek 900 MS 67%#
Beck 568 MS Limpopo~ 74%
Change
Project during
Name Tenement Number Location Interest quarter
Generaal Bekaf 650 MS 74%
Project*
Remaining Extent & Portion 1 of 74%
Boas 642 MS-
Chase 576 MS 74%
Coen Britz 646 MS 74%
Fanie 578 MS 74%
Portions 1, 2 and Remaining Extent 74%
of Generaal 587 MS
Joffre 584 MS 74%
Juliana 647 MS 74%
Kleinenberg 636 MS 74%
Remaining Extent of Maseri Pan 74%
520 MS
Remaining Extent and Portion 2 of 100%
Mount Stuart 153 MT
Nakab 184 MT 100%
Phantom 640 MS 74%
Riet 182 MT 100%
Rissik 637 MS 100%
Schuitdrift 179 MT 100%
Septimus 156 MT 100%
Solitude 111 MT 74%
Stayt 183 MT 100%
Remaining Extent & Portion 1 of 100%
Terblanche 155 MT
Van Deventer 641 MS 74%
Wildgoose 577 MS 74%
Ancaster 501 MS Limpopo~ 100%
Change
Project during
Name Tenement Number Location Interest quarter
Mopane Banff 502 MS 74%
Project*
Bierman 599 MS 74%
Cavan 508 MS 100%
Cohen 591 MS 100%
Remaining Extent, Portions 1 & 2 of 74%
Delft 499 MS
Dreyer 526 MS 74%
Remaining Extent of Du Toit 563 74%
MS
Faure 562 MS 74%
Remaining Extent and Portion 1 of 74%
Goosen 530 MS
Hermanus 533 MS 74%
Jutland 536 MS 100%
Krige 495 MS 74%
Mons 557 MS 100%
Remaining Extent of Otto 560 MS 74%
(Now Honeymoon)
Remaining Extent & Portion 1 of 74%
Pretorius 531 MS
Schalk 542 MS 74%
Stubbs 558 MS 100%
Ursa Minor 551 MS 74%
Van Heerden 519 MS 74%
Portions 1, 3, 4, 5, 6, 7, 8, 9, 74%
Remaining Extent of Portion 10,
Portions 13, 14, 15, 16, 17, 18,
19, 20, 21, 22, 23, 24, 26, 27, 29,
30, 35, 36, 37, 38, 39, 40, 41, 44,
Change
Project during
Name Tenement Number Location Interest quarter
45, 46, 48, 49, 50, 51, 52 & 54 of
Vera 815 MS
Remaining Extent of Verdun 535 74%
MS
Voorburg 503 MS 100%
Scheveningen 500 MS 74%
Uitkomst Portion 3 (of 2) of Kweekspruit No. KwaZulu- 84% 14%
Colliery 22 Natal~
and Portion 8 (of 1) of Kweekspruit No. 84% 14%
prospects 22
Remainder of Portion 1 of Uitkomst 84% 14%
No. 95
Portion 5 (of 2) of Uitkomst No. 95 84% 14%
Remainder Portion1 of Vaalbank 84% 14%
No. 103
Portion 4 (of 1) of Vaalbank No. 103 84% 14%
Portion 5 (of 1) of Vaalbank No. 103 84% 14%
Remainder of Portion 1 of 84% 14%
Rustverwacht No. 151
Remainder of Portion 2 of 84% 14%
Rustverwacht No. 151
Remainder of Portion 3 (of 1) of 84% 14%
Rustverwacht No. 151
Portion 4 (of 1) Rustverwacht 84% 14%
No.151
Portion 5 (of 1) Rustverwacht No. 84% 14%
151
Remainder of Portion 6 (of 1) of 84% 14%
Rustverwacht No. 151
Portion 7 (of 1) of Rustverwacht No. 84% 14%
151
Portion 8 (of 2) of Rustverwacht No. 84% 14%
151
Remainder of Portion 9 (of 2) of 84% 14%
Rustverwacht No. 151
Portion 11 (of 6) of Rustverwacht 84% 14%
No. 151
Portion 12 (of 9) of Rustverwacht 84% 14%
No. 151
Portion 13 (of 2) of Rustverwacht 84% 14%
No. 151
Change
Project during
Name Tenement Number Location Interest quarter
Portion 14 (of 2) of Rustverwacht 84% 14%
No. 151
Portion 15 (of 3) of Rustverwacht 84% 14%
No. 151
Portion 16 (of 3) of Rustverwacht 84% 14%
No. 151
Portion 17 (of 2) of Rustverwacht 84% 14%
No. 151
Portion 18 (of 3) of Waterval No. 84% 14%
157
Remainder of Portion 1 of Klipspruit 84% 14%
No. 178
Remainder of Portion 4 of Klipspruit 84% 14%
No. 178
Remainder of Portion 5 of Klipspruit 84% 14%
No. 178
Portion 6 of Klipspruit No. 178 84% 14%
Portion 7 (of 1) of Klipspruit No. 84% 14%
178
Portion 8 (of 1 )of Klipspruit No. 84% 14%
178
Portion 9 of Klipspruit No. 178 84% 14%
Remainder of Portion 10 (of 5) of 84% 14%
Klipspruit No. 178
Portion 11 (of 5) of Klipspruit No. 84% 14%
178
Portion 13 (of 4) of Klipspruit No. 84% 14%
178
Remainder of Portion 14 of 84% 14%
Klipspruit No. 178
Portion 16 (of 14) of Klipspruit No. 84% 14%
178
Portion 18 of Klipspruit No. 178 84% 14%
Portion 23 of Klipspruit No. 178 84% 14%
Remainder of Portion 1 of 84% 14%
Jackalsdraai No. 299
Remainder of Jericho B No. 400 84% 14%
Portion 1 of Jericho B No. 400 84% 14%
Portion 2 of Jericho B No. 400 84% 14%
Portion 3 of Jericho B No. 400 84% 14%
15
Change
Project during
Name Tenement Number Location Interest quarter
Remainder of Jericho C No. 413 84% 14%
Portion 1 of Jericho C No. 413 84% 14%
Remainder of Portion 1 of Jericho A 84% 14%
No. 414
Remainder of Portion 2 (of 1) of 84% 14%
Jericho A No. 414
Portion 3 (of 1) of Jericho A No. 414 84% 14%
Portion 4 (of 1) of Jericho A No. 414 84% 14%
Portion 5 (of 2) of Jericho A No. 414 84% 14%
Portion 6 (of 1) of Jericho A No. 414 84% 14%
Margin No. 420 84% 14%
Vele Portions of Overvlakte 125 MS Limpopo~ 100%
Colliery (Remaining Extent, 3, 4, 5, 6, 13,
and 14)
prospects
Bergen Op Zoom 124 MS 100%
Semple 155 MS 100%
Voorspoed 836 MS 100%
Alyth 837 MS 100%
* Form part of the Greater Soutpansberg Projects
~ Tenement located in the Republic of South Africa
^ Tenement located in Australia
#
MC Mining’s interest will reduce to 67% on completion of the 26% Broad Based Black Economic
Empowerment (BBBEE) transaction
<> net smelter royalty of 0.5%
Date: 31-01-2023 09:03:00
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