Wrap Text
Half-Year Results for period ended 31 December 2025
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
ANNOUNCEMENT
13 March 2026
HALF-YEAR RESULTS FOR PERIOD ENDED 31 DECEMBER 2025
MC Mining Limited (MC Mining or the Company) is pleased to announce its interim financial report
for the six months ended 31 December 2025. All figures are denominated in United States dollars
unless otherwise stated and the full interim report is available on the Company's website,
https://mcmining.co.za/all-categories?task=download.send&id=1890:hy2026.
Financial review
• Loss after tax attributable to owners improved by 2% to $8.1 million or 1.22 cents per share
(FY2025 H1: loss after tax of $8.3 million or 1.83 cents per share);
• Revenue declined primarily due to lower sales volumes at Uitkomst and weaker thermal coal
pricing by 22% to $6.6 million (FY2025 H1: $8.4 million).
• Cost of sales decreased by 12% to $11.1 million (FY2025 H1: $12.5 million) resulting in a gross
loss of $4.5 million (FY2026 H1: gross loss of $4.5 million vs FY2025 H1: gross loss of $4.2
million);
• Administrative expenses increased by 3% to $4.5 million (FY2025 H1: $4.4 million);
• Finance costs decreased by 55% to $0.4 million (FY2025 H1: $0.9 million);
• Cash and cash equivalents of $2.9 million compared to $7.4 million at 30 June 2025;
• Net asset value increased by 23% to $101.9 million from $83.2 million at 30 June 2025;
• Headline loss per share improved by 33% from 1.83 cents in FY2025 H1 to 1.22 cents in FY2026
H1;
• Basic and diluted loss per share improved by 33% from 1.83 cents in FY2025 H1 to 1.22 cents in
FY2026 H1; and
• No dividend was declared for the six months ended 31 December 2025 (FY2025 H1: nil).
Operational review
Safety
• Health and safety remains the highest priority, with the goal being to achieve zero harm. The
Company recorded no fatalities (FY2025 H1: one) and one lost-time injury (LTI) during the Period
(FY2025 H1: two LTIs). At Makhado, the project achieved 1,005 days LTI-free (approximately 1.54
million manhours).
Uitkomst Colliery
• The operational results for the Uitkomst metallurgical and thermal coal colliery (Uitkomst or
Uitkomst Colliery) compared to the preceding period are detailed below:
FY2026 H1 FY2025 H1 %
Production tonnages
Uitkomst ROM (t) 140,121 185,558 (24%)
Inventory volumes
High quality duff and peas at site (t) 1,057 1,799 (41%)
Sales tonnages
Own ROM (t) 87,447 108,780 (20%)
Middlings sales - 12,995 (100%)
87,447 121,775 (28%)
Financial metrics
Net revenue/t ($) 75 69 9%
Production costs/saleable tonnes ($)^ 111 93 20%
^all costs are incurred in South African Rand
• The Uitkomst Colliery produced 140,121 tonnes (t) (FY2025 H1: 185,558t) of run of mine (ROM)
coal during the six months to 31 December 2025, 24% lower than the previous period;
• 1,057t (FY2025 H1: 1,799t) of high-quality coal was stockpiled at Uitkomst at the end of December
2025;
• Uitkomst sold 87,447t of coal in FY2026 H1 (FY2025 H1: 121,775t), comprising 87,447t (FY2025
H1: 108,780t) of premium duff and sized peas and no middlings sales (FY2025 H1: 12,995t).
Uitkomst generated sales revenue of $6.6 million (FY2025 H1: $8.4 million) for the period;
• The Uitkomst net revenue per tonne increased to $75/t (FY2025 H1: $69/t) primarily due to a
change in product mix and market pricing, despite lower production volumes driven by geological
challenges; and
• The lower coal production volumes contributed to the 20% increase in production costs per
saleable tonne (FY2026 H1: US$111/t vs. FY2025 H1: US$93/t)
Makhado Project
• Makhado remains on track for hot commissioning of the CHPP in April 2026, representing a
key milestone in transitioning MC Mining into a primary South African producer of premium
hard coking coal;
• 1.3 million bench cubic metres of overburden have been mined to date to expose ROM for
commissioning;
• steelwork, mechanical and equipment installation at the Coal Plant advanced;
• the permanent access bridge across the Mutamba River has been commissioned; and
• Significant progress was made on the 14 km, 22kV overhead power line, including delivery of
transformers to site.
Vele Aluwani Colliery
• The Vele operation recorded no lost time injuries (LTIs) during the period (FY2025 H1: nil).
• Operations at Vele remain suspended pending the conclusion of a re-engineered business plan.
Remaining finished product stockpiles were disposed of at a nominal value during the period.
Greater Soutpansberg Projects
• The GSP recorded zero LTIs (FY2025 H1). Activities included prioritising tenements for future
development and preparing for environmental and water licence applications expected to
progress during H1 CY2026.
Corporate features
• Available cash and facilities of $2.9 million at 31 December 2025;
• Kinetic Development Group Limited (KDG) paid $22 million during the half-year under the Share
Subscription Agreement;
• A further ZAR20 million repayment was made towards the Industrial Development Corporation
(IDC) loan during the period; the outstanding IDC balance at 31 December 2025 was $10.9 million
(ZAR180 million);
• Permanent appointment of Ms Yi (Christine) He as Managing Director & Chief Executive Officer
effective 1 October 2025;
• Appointment of Jianheng (Albert) Deng as Non Executive Director; and
• Resignation of Zhen (Brian) He as Non Executive Director
Subsequent events
• On 2 February 2026, the Board approved the temporary suspension (hibernation) of mining and
processing operations at Uitkomst Colliery, with an intended effective date of 1 March 2026,
subject to completion of the required statutory, labour and regulatory processes. The suspension
aims to stem ongoing cash losses and preserve optionality for restart.
• Subsequent to period end, the Company received an additional $13 million under the KDG
subscription; the Company issued 47,879,095 shares to KDG on 9 January 2026 (increasing KDG's
holding to 44.01%) and a further 47,879,095 shares on 12 March 2026 (increasing KDG's holding
to 47.42%).
Authorised by
Yi (Christine) He
Managing Director & Chief Executive Officer
This announcement has been approved by the Company's Disclosure Committee.
All figures are in South African rand, United States dollars or Australian dollars unless otherwise stated.
For more information contact:
Bill Pavlovski Company Vision Corporate (Pty) bill.pavlovski@mcmining.co.za
Secretary Ltd
Company advisers:
BSM Sponsors Proprietary Limited is the nominated JSE Sponsor
About MC Mining Limited:
MC Mining is an ASX/JSE-listed coal exploration, development and mining company operating in South Africa.
MC Mining's key projects include the Uitkomst Colliery (metallurgical coal), Makhado Project (hard coking coal).
Vele Colliery (semi-soft coking coal), and the Greater Soutpansberg Projects (coking and thermal coal).
Regulatory requirements
This short form announcement, which is the responsibility of MC Mining's directors, is only a summary of
information in the full announcement and does not contain full or complete details. Any investment decisions
by shareholders and/or investors should be based on consideration of the full
announcement.
The full announcement can be found at:
https://senspdf.jse.co.za/documents/2026/jse/isse/mcze/HY2026.pdf
The full announcement is also available for viewing on the company's website at
https://mcmining.co.za/all-categories?task=download.send&id=1890:hy2026 or a copy may be requested in
person, at the company's registered office or the office of the sponsor, at no charge, during office hours.
Copies of the full announcement may also be requested from the Company's group investor relations at
investor@mcmining.co.za.
The information in this announcement has been extracted from the interim reviewed group financial
results for the half-year ended 31 December 2025, but the short-form announcement itself has not
been reviewed by the Company's auditors.
Forvis Mazars Assurance Pty Limited, the group's independent auditor, has reviewed the consolidated interim
financial statements of the group from which the abridged consolidated results contained in this report have
been derived, and has expressed an unmodified review opinion on the consolidated interim financial
statements but have drawn attention to a material uncertainty around the Going Concern, in note 2 of the
interim reviewed group financial results.
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.
Date: 13-03-2026 10:00:00
Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE').
The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of
the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct,
indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on,
information disseminated through SENS.
Sharenet Sites 
