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 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.