Unaudited condensed interim consolidated financial results for the three and nine months ended 30 September 2019 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”) UNAUDITED CONDENSED INTERIM CONSOLIDATED FINANCIAL RESULTS FOR THE THREE AND NINE MONTHS ENDED 30 SEPTEMBER 2019 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 (“TSXV”) and has a secondary listing on the Alternative Exchange (“AltX”) 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 ("BEE") partners. The BC Dundee Properties comprise Aviemore anthracite mine ("Aviemore") and Magdalena bituminous mine ("Magdalena"). The Group is currently only engaged in underground coal mining at Aviemore, having suspended its underground mining operations at Magdalena in the last quarter of 2018. Operational review and results: The interim financial results of the Group for the three and nine months ended 30 September 2019, as compared to the three and nine months ended 30 September 2018 (comparative period), are set out below: 9 months ended 3 months ended September 30, September 30, September 30, September 30, 2019 2018 % Variance 2019 2018 % Variance Key financials R R R R Revenue 298 490 523 601 150 187 (50%) 99 711 070 206 404 312 (52%) Profit/(loss) from operations 32 576 828 (52 180 900) (162%) (12 649 838) (56 819 525) (78%) Earnings/(loss) per share - basic and diluted 0.01 (0.23) 104% (0.05) (0.18) (71%) Headline earnings/(loss) per share - basic and diluted 0.01 (0.23) 103% (0.05) (0.18) (71%) 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 consolidated financial results for the three and nine months ended 30 September 2019, which may be downloaded from: https://senspdf.jse.co.za/documents/2019/jse/ISSE/BUC/Sep19Quart.pdf or the Company’s website at: http://www.buffalocoal.co.za/investors and may also be viewed, at no cost, at the registered office of the Company and the Johannesburg office of its Designated Adviser, during ordinary business hours, for a period of 30 calendar days following the date of this announcement. Registered office: First Floor, Building 1, Manhattan Office Park 16 Pieter Street Highveld, Centurion 15 November 2019 Designated Advisor: Questco Corporate Advisory Proprietary Limited First Floor, Yellowwood House, Ballywoods Office Park, 33 Ballyclare Drive, Bryanston. Date: 15/11/2019 03:40:00 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.