BUFFALO COAL CORPORATION - Unaudited condensed interim consolidated financial results for the three months ended 31 March 2021

Unaudited condensed interim consolidated financial results for the three months ended 31 March 2021

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 2021


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 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 interim financial results of the Group for the three months ended 31 March 2021, as compared to
the three months ended 31 March 2020 (the “Comparative Period”), are set out below:

                                                                            3 months ended
                                                             March 31,         March 31,         %
                                                               2021              2020         variance
  Key financial metrics                                          R                 R
  Revenue from contracts with customers                       81 174 326       127 185 092         (36%)
  Loss from operations                                      (52 667 349)      (97 366 925)         (46%)
  Loss per share – basic and diluted                               (0.14)            (0.25)        (43%)
  Headline loss per share – basic and diluted                      (0.14)            (0.25)        (43%)
  Normalized headline loss per share – basic and diluted           (0.14)            (0.25)        (43%)

No dividends were declared or paid during the period under review or during the Comparative Period.

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 unaudited condensed
interim financial results for the three months ended 31 March 2021) ("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 the management’s
discussion and analysis document for the three months ended 31 March 2021, which may be
downloaded from:

https://senspdf.jse.co.za/documents/2021/jse/ISSE/BUC/Mar21Quart.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.

20 May 2021

Designated Advisor:
Questco Corporate Advisory Proprietary Limited

Date: 20-05-2021 04:17:00
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