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Audited consolidated financial statements for the year ended 31 December 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”)
AUDITED CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020
Introduction:
Buffalo Coal Corp. is a coal mining and supply company operating in the Republic of South Africa
(“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 Limited.
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 (“the 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 Broad-
Based Black Economic Empowerment partners.
The BC Dundee Properties are comprised of the Aviemore anthracite mine and the Magdalena
bituminous mine.
Operational review and results:
The audited consolidated financial statements of the Group for the year ended 31 December 2020, as
compared to the year ended 31 December 2019 (the “Comparative Period”), are set out below:
Year ended Year ended
December 31, December 31, %
2020 2019 Variance
Key financials R R
Revenue from contracts with customers 321 319 560 398 968 089 (19%)
Profit/(loss) from operations 33 867 504 73 970 476 (54%)
(Loss)/earnings per share - basic and diluted (0.00) 0.09 (105%)
Headline (loss)/earnings per share - basic and diluted (0.00) 0.10 (105%)
Normalized headline (loss)/earnings per share - basic and
diluted (0.00) 0.10 (105%)
No dividends were declared or paid during the period under review or during the Comparative Period.
The Company’s auditors, McGovern Hurley LLP, issued an unqualified audit opinion for the year ended
31 December 2020, which includes the requisite disclosure of key audit matters pursuant to the
International Standards of Auditing. The full audit report is included in the financial statements.
This short-form announcement, which is the responsibility of the board of directors of the Company, is
only a summary of the information in the full announcement (being the detailed audited consolidated
financial statements for the year ended 31 December 2020) ("Full Announcement”) and therefore does
not contain full or complete details. Any investment decisions by investors and / or shareholders should
be based on consideration of the Full Announcement and management’s discussion and analysis
document for the three and twelve months ended 31 December 2020, which may be downloaded from:
https://senspdf.jse.co.za/documents/2021/jse/ISSE/BUC/Dec2020.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.
26 March 2021
Designated Advisor:
Questco Corporate Advisory Proprietary Limited
Date: 26-03-2021 05:13:00
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