BUFFALO COAL CORPORATION - Unaudited condensed interim consolidated financial results for the three months ended 31 March 2020

Unaudited condensed interim consolidated financial results for the three months ended 31 March 2020

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 2020 AND NOTIFICATION OF CHANGE OF REGISTERED OFFICE

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 and has a secondary listing on the Alternative Exchange
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 partners.

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

Operational review and results:

The interim financial results of the Group for the three months ended 31 March 2020, as compared to
the three months ended 31 March 2019 (the “Comparative Period”), are set out below:

                                                                3 months ended
                                                           March 31,       March 31,
                                                             2020            2019                % Variance
Key financials                                                 R                R


Revenue                                                    127 185 092        96 187 952                32%
Profit/(loss) from operations                              (97 366 925)       10 468 743            (1 030%)

(Loss)/earnings per share - basic and diluted                    (0.25)             0.00           (12 838%)
Headline loss/earnings per share - basic and diluted             (0.25)             0.00(*)        (14 994%)
Normalized headline loss/earnings per share - basic and
diluted                                                          (0.25)             0.00           (14 994%)
(*) Restated

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 financial results for the three months ended 31 March 2020, which may
be downloaded from:
https://senspdf.jse.co.za/documents/2020/jse/ISSE/buc/Mar20Quart.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.

Change of address of the registered office

Shareholders are further advised that the Company has relocated to the following address:

Greytown Road
Industrial Area
Dundee
KwaZulu-Natal
3000

The telephone number has also changed from + 27 11 656 3210 to + 27 34 212 1455.

All other contact details remain unchanged as follows:
     • Postal address:            PO BOX 72
                                  Woodlands, Johannesburg
                                  2052

     • Website address:           www.buffalocoal.co.za.


29 May 2020

Designated Advisor:
Questco Corporate Advisory Proprietary Limited

Date: 29-05-2020 04:21:00
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