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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 28 April 2023
Activities Report for the Quarter Ended 31 March 2023
for
Mc Mining Limited (Mc Mining Or The Company)
and Its Subsidiary Companies
HIGHLIGHTS
Operations
• Health and safety remains a priority and we continue to make progress despite one lost-time injury
(LTI) recorded during the quarter (FY2023 Q2: two LTIs);
• Run-of-mine (ROM) coal production at the Uitkomst metallurgical and thermal coal mine
(Uitkomst Colliery or Uitkomst) was 18% lower than the March 2022 quarter at 101,616 tonnes
(t) (FY2022 Q3: 124,144t). Production was affected by challenging geological conditions, floods in
the area, as well as national electricity blackouts that regularly interrupted operations at the
colliery;
• Uitkomst recorded 78,032t of coal sales during the quarter (FY2022 Q3: 71,361t), comprising
23,326t (FY2022 Q3: 62,751t) of high-grade domestic coal sales, 2,801t (FY2022 Q3: 8,610t) of
lower grade middlings coal and coal exports of 51,905t (FY2022 Q3: nil t);
• Uitkomst had 35,103t (FY2022 Q3: 10,754t) of high-grade coal at the colliery and 4,872t of stock
(FY2022 Q3: nil t) at port at the end of the quarter;
• Formulated and put into action a detailed implementation plan (Implementation Plan) for the
construction and first five years of mining and processing operations at the Makhado hard coking
coal project (Makhado Project or Makhado); and
• Mining and processing coal at the outsourced Vele Aluwani Colliery (Vele Colliery or Vele) ramped
up following the recommissioning of the mine in December 2022 and the outsource agent
delivered 48,581t (FY2022 Q3: nil t) of thermal coal during the quarter.
Corporate
• The appointment of Yi (Christine) He as a Non-Executive Director and Julian Hoskin as an
Independent Non-Executive Director on 10 March 2023, and the resignation of Haohua Energy
International (Hong Kong) Co. Ltd’s shareholder representative director, Mr Junchao Liu on the
same date.
• The appointment BSM Sponsors (Proprietary) Limited as the Company’s sponsor on the JSE.
• The period saw a sharp decline in Thermal Coal prices which averaged $146/t in the quarter
compared to $273/t experienced in H1 of FY2022. Hard coking coal (HCC) prices remained elevated
averaging $344/t in the quarter.
• Available cash and facilities at quarter-end of US$14.1 million (US$20.2 million at 31 December
2022) and restricted cash of US$0.02 million (US$0.03 million at 31 December 2022).
Godfrey Gomwe, Managing Director & Chief Executive Officer, commented:
“The Company is progressing to being the only large-scale producer of hard coking coal in South Africa.
The commencement of the Makhado Implementation Plan during the period will provide the detail
required for the Project’s execution. The recently announced optimised Makhado development plan,
with an increase in annual ROM production and coal handling and processing plant (CHPP) capacity
has resulted in a significant improvement in hard coking coal production as well as higher yields of the
thermal coal by-product, enhancing the Project’s attractive economics.
Further milestones were achieved in the progression and execution of the project as the Company
augmented its owner’s team during the period, following the previous appointment of Erudite, a
reputable and expert Engineering, Procurement & Construction Manager. The funding initiatives are
2
expected to be concluded in early Q3 CY2023, together with the selection and appointment of
outsourced mining and CHPP operating contractors.
The operations at the outsourced Vele Colliery ramped up during the quarter and the contractor is
expected to be at full production by the end of H1 CY2023. The recommissioning of Vele has created
333 permanent job positions and alleviated any ‘use it or lose it’ risk associated with unutilised mining
assets in South Africa. The Uitkomst colliery was impacted by the increased incidents of electricity
blackouts implemented by Eskom, the state power utility, as well as flooding in KwaZulu-Natal during
February 2023. The decline in international thermal coal prices experienced in the period has resulted
in the Company assessing various alternative marketing strategies.”
DETAILED QUARTERLY OPERATIONS REPORTS
Uitkomst Colliery – Utrecht Coalfields (84% owned)
One LTI was recorded during the quarter (FY2023 Q2: two LTIs). The mine has a heightened focus on
leading indicators to deliver safety improvements.
The Uitkomst Colliery generated 101,616t of ROM coal during the quarter (FY2022 Q3: 124,144t) with
production adversely affected by challenging geological conditions in two of the underground mining
sections, particularly the occurrence of dyke intrusions as well as narrow coal mining seams. The daily
implementation of electricity blackouts by Eskom, also impacted operations at the colliery. Uitkomst
does have back-up diesel generators but these are only sufficient for underground mining operations
and the switch from Eskom to internally generated power affects both underground and surface
operations. The continued use of the generators for the underground mining activities and high cost
of diesel has also detrimentally impacted mining costs.
Uitkomst sold 75,231t (FY2022 Q3: 62,751t) of high-grade pea and duff-sized coal during the three
months, comprising 51,905t exported from the port of Durban (FY2022 Q3: nil t) and 23,326t (FY2022
Q3: 62,751t) to domestic customers. Sales of high-grade pea and duff-sized coal in February 2023 were
affected by flooding in KwaZulu-Natal, with the colliery losing approximately 6,000t of coal sales.
3
Uitkomst also sold 2,801t (FY2022 Q3: 8,601t) of high ash, lower value middlings coal under fixed price
arrangements and had 4,872t (FY2022 Q3: nil t) at port and 35,103t (FY2022 Q3: 10,754t) on site at
the end of the quarter. The colliery continues to assess domestic and export marketing opportunities
for its coal.
The API4 coal price averaged $146/t during the quarter, which is 39% lower than FY2022 Q3 ($238/t)
and the colliery’s revenue per tonne was affected by lower API4 coal prices as well as higher port and
logistics costs during the quarter. Uitkomst realised an average export sales price of US$124/t with
average sales prices/tonne impacted by lower priced, ZAR denominated domestic sales as well as
weaker ZAR:US$ exchange rates (FY2023 Q3: R17.74:US$; FY2022 Q3: R15.25:US$).
The production costs per saleable tonne were 12% lower than the comparative period (FY2023 Q3:
US$68/t vs. FY2022 Q3: US$74/t) with the higher sales volumes largely offsetting the 16% weakening
of the ZAR. The ZAR denominated production costs increased due to inflationary pressures as well as
higher energy costs as the underground operations use diesel during blackout periods and processing
costs increase due to increased overtime, in addition to inefficiencies caused by the power outages.
Quarter
Quarter to to end-
end-Mar Mar
2023 2022 %▲
Production volumes
Uitkomst ROM (t) 101,616 124,144 (18%)
Inventory volumes
High quality duff and peas at site (t) 35,103 10,754 >100%
High quality duff and peas at port (t) 4,872 - 100%
39,975 10,754 >100%
Sales tonnages
Domestic high quality duff and peas (t) 23,326 62,751 (63%)
Export high quality duff and peas (t) 51,905 - >100%
Middlings sales (t) 2,801 8,601 (68%)
78,032 71,361 9%
Quarter financial metrics
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Quarter
Quarter to to end-
end-Mar Mar
2023 2022 %▲
Net revenue/t (US$) 70 110 (36%)
Net revenue/t (ZAR) 1,242 1,677 (26%)
Production cost/saleable tonnes
65 74 (12%)
(US$)^
^ costs are all South African Rand (ZAR) based
Makhado Hard Coking Coal Project – Soutpansberg Coalfield (67% owned)
The development of the Company’s flagship Makhado Project is expected to position MC Mining as
South Africa’s pre-eminent HCC producer, with Makhado producing a mid-volatile HCC. The Company
completed various studies including an optimisation study that has doubled the Makhado CHPP
annual ROM feed capacity from 2.0 million tonnes per annum (Mtpa) to 4.0Mtpa. Erudite (Pty) Ltd
(Erudite) completed the detailed planning for a full process plant design for the CHPP. During the
quarter, MC Mining appointed independent consultants to peer review the Makhado mine plan and
this forms part of the detailed Implementation Plan.
An information day was held during the quarter to inform host communities on the status of the
Makhado Project, as well as the procurement and recruitment protocols.
Early works
A budget of ZAR71.3 million (US$4.0 million) for early works was approved in November 2022 by the
MC Mining Board. The early works include, inter alia, a bridge and internal roads, initial bulk
earthworks, site security and communication infrastructure. The early works commenced during the
quarter and included the construction of site accommodation using host community service providers
and the selection of a contractor to build the bridge across the Mutamba river to facilitate access of
heavy machinery. The Company also placed orders for long lead items for construction of the CHPP
and access road and advanced the design of electricity and communication infrastructure, with
planned construction to commence in H2 FY2023.
5
Implementation Plan
The Company progressed the Makhado Implementation Plan during the quarter. A primary goal of the
Implementation Plan was to improve the accuracy of the August 2022 pre-feasibility studies from
±70% accuracy to an estimated accuracy of ±90%. In addition, the Implementation Plan includes a
detailed execution plan for the construction of the East Pit, Makhado CHPP and related infrastructure
and a detailed mine plan for the first five years of operations. Independent peer reviews of key inputs
of the Makhado Implementation Plan commenced during the quarter.
The work completed during the quarter resulted in the announcement, on 26 April 2023, of the revised
mine plan detailing that the East Pit will be mined first and ROM coal production will increase from
3.2Mtpa to 4.0Mtpa. Previous development plans incorporated a crushing and screen plant that
would have removed 1.2Mtpa of discard material prior to processing in the CHPP. Under the
Implementation Plan, the full ROM feed stream (4.0Mtpa) will now be processed through the CHPP.
As a result, Makhado is expected to produce an average of 880,000t per annum (tpa) of HCC during
the first five years of operation, compared to 540,000tpa in the April 2022 Bankable Feasibility Study,
while thermal coal production increases from 570,000tpa to an average of 650,000tpa.
Project expenditure
MC Mining augmented its technical execution capacity in line with its strategy to limit fixed overhead
costs, by recruiting an outsourced owner’s team during the quarter and also engaged key service
providers to manage the Implementation Plan.
The higher volume of coal to be mined as well as an increased CHPP processing capacity is anticipated
to result in higher capital expenditure. Erudite completed the detailed designs for the mine
infrastructure and CHPP and also commenced obtaining detailed execution quotes for the
construction of the CHPP. This process is expected to be finished in July 2023 and will also cater for
the enlarged mining and processing footprint.
The Makhado Project will be contractor-operated and during April 2023, the Company commenced
an open tender process to select a mining contractor. This process is expected to be completed in
early Q3 CY2023. First coal production is expected 18 months from commencement of construction,
which is expected during H2 CY2023.
6
Makhado Project Funding
The Company continued the Makhado Project composite funding initiatives during the quarter and
anticipates that the balance of the funding will be concluded in early H2 CY2023. The various initiatives
underway include amongst others, build, own, operate, transfer (BOOT) funding arrangements,
additional senior debt as well as debt/equity instruments and coal prepayments. During the quarter,
the Company advanced discussions with Enprotec (Pty) Ltd (Enprotec) to design and procure the
flotation and filtration plant, a key part of the CHPP required to extract the HCC. The flotation and
filtration plant is expected to cost R155 million (US$8.6 million) and the Company has in-principle
agreement with Enprotec that this part of the plant will be constructed on a BOOT basis.
Vele Aluwani Semi-Soft Coking and Thermal Coal Colliery – Limpopo (Tuli) Coalfield (100% owned)
Vele recorded no LTIs (FY2023 Q2: nil) during the quarter.
The mining and processing of operations at the opencast Vele Colliery were outsourced to
Hlalethembeni Outsourcing Services (Pty) Ltd (HOS) and recommissioned in late December 2022. The
recommissioning of Vele adds a further cash generating unit to MC Mining’s portfolio with limited
financial or human capital contributions and has created 333 permanent jobs.
HOS is responsible for all mining and processing costs and the Company remains responsible for the
colliery’s regulatory compliance, rehabilitation guarantees, relationships with authorities and
communities as well as the supply of electricity and water. The construction of the overhead powerline
to facilitate electricity supply from Eskom was delayed during the quarter and as a result, MC Mining
was required to supply diesel for the CHPP generators. The construction of the overhead line was
completed in April 2023 and connection to the Eskom electricity supply is expected to take place in
May 2023.
The ramp-up of mining at Vele continued during the quarter and HOS delivered 48,581t (FY2022 Q3:
nil t) of thermal coal during the period. Ramp-up to full production is expected to occur in late Q4
FY2023 with HOS targeting monthly production of 60,000t of saleable thermal coal from Vele. Under
the terms of the Company’s agreement with HOS, the Company earns R200/t of coal sold.
7
During February 2023, a fire damaged parts of the support infrastructure at one of the Company’s
lodge facilities. The lodge does not form part of the Vele Colliery and the estimated damage is R7.5
million (US$0.4 million). The Company’s insurers are processing the claim.
Greater Soutpansberg Project (GSP) – Soutpansberg Coalfield (74% owned)
The Greater Soutpansberg Projects recorded no LTIs (FY2023 Q2: nil) during the quarter and no
reportable activities occurred during the period.
Appendix 5B – Quarterly Cash Flow Report
The Company’s cash balance as at 31 March 2023 was US$14.1 million with available facilities of
US$0.2 million. The aggregate amount of payments to related parties and their associates, as disclosed
as item 6.1 of the March 2023 quarter Appendix 5B was US$109k, comprising executive and non-
executive director remuneration.
Godfrey Gomwe
Managing Director and Chief Executive Officer
This announcement has been approved by the Company’s Disclosure Committee.
All figures are in South African rand or United States dollars unless otherwise stated.
For more information contact:
Tony Bevan Company Endeavour Corporate +61 8 9316
Secretary Services 9100
Company advisors:
James Harris / James Nominated Strand Hanson +44 20 7409
Dance Adviser Limited 3494
Rory Scott Broker (AIM) Tennyson Securities +44 20 7186
9031
Marion Brower Financial PR R&A Strategic +27 11 880
(South Africa) Communications 3924
BSM Sponsors Proprietary Limited is the nominated JSE Sponsor
About MC Mining Limited:
MC Mining is an AIM/ASX/JSE-listed coal exploration, development and mining company operating in South Africa.
MC Mining’s key projects include the Uitkomst Colliery (metallurgical and thermal coal), Makhado Project (hard
coking coal), Vele Colliery (semi-soft coking and thermal coal), and the Greater Soutpansberg Projects (coking and
thermal coal).
8
All figures are denominated in United States dollars unless otherwise stated. Safety metrics are compared to the
preceding quarter while financial and operational metrics are measured against the comparable period in the
previous financial year. A copy of this report is available on the Company's website, www.mcmining.co.za.
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.
Statements of intention
Statements of intention are statements of current intentions only, which may change as new information becomes
available or circumstances change.
9
Tenements held by MC Mining and its Controlled Entities
Change
Project during
Name Tenement Number Location Interest quarter
Chapudi Albert 686 MS Limpopo~ 74%
Project*
Bergwater 712 MS 74%
Remaining Extent and Portion 2 of 74%
Bergwater 697 MS
Blackstone Edge 705 MS 74%
Remaining Extent & Portion 1 of 74%
Bluebell 480 MS
Remaining Extent & Portion 1 of 74%
Bushy Rise 702 MS
Castle Koppies 652 MS 74%
Chapudi 752 MS 74%
Remaining Extent, Portions 1, 3 & 4 74%
of Coniston 699 MS
Driehoek 631 MS 74%
Remaining Extent of Dorps-rivier 74%
696 MS
Enfield 512 MS (consolidation of 74%
Remaining Extent of Enfield 474
MS, Brosdoorn 682 MS &
Remaining Extent of Grootvlei
684 MS)
Remaining Extent and Portion 1 of 74%
Grootboomen 476 MS 74%
Grootvlei 684 MS 74%
Kalkbult 709 MS 74%
Remaining Extent, Remaining 74%
Extent of Portion 2, Remaining
Extent of Portion 3, Portions 1,
4, 5, 6, 7 & 8 of Kliprivier 692
MS
Remaining Extent of Koodoobult 74%
664 MS
10
Change
Project during
Name Tenement Number Location Interest quarter
Koschade 657 MS (Was Mapani Kop 74%
656 MS)
Malapchani 659 MS 74%
Mapani Ridge 660 MS 74%
Melrose 469 MS 74%
Middelfontein 683 MS 74%
Mountain View 706 MS 74%
M'tamba Vlei 654 MS 74%
Remaining Extent & Portion 1 of 74%
Pienaar 635 MS
Remaining Extent & Portion 1 of 74%
Prince's Hill 704 MS
Qualipan 655 MS 74%
Queensdale 707 MS 74%
Remaining Extent & Portion 1 of 74%
Ridge End 662 MS
Remaining Extent & Portion 1 of 74%
Rochdale 700 MS
Sandilands 708 MS 74%
Portions 1 & 2 of Sandpan 687 MS 74%
Sandstone Edge 658 MS 74%
Remaining Extent of Portions 2 & 3 74%
of Sterkstroom 689 MS
Sutherland 693 MS 74%
Remaining Extent & Portion 1 of 74%
Varkfontein 671 MS
Remaining Extent, Portion 2, 74%
Remaining Extent of Portion 1 of
Vastval 477 MS
Vleifontein 691 MS 74%
11
Change
Project during
Name Tenement Number Location Interest quarter
Ptn 3, 4, 5 & 6 of Waterpoort 695 74%
MS
Wildebeesthoek 661 MS 74%
Woodlands 701 MS 74%
Kanowna M27/41 Coolgardie^ Royalty<>
West &
M27/47 Royalty<>
Kalbara
M27/59 Royalty<>
M27/72,27/73 Royalty<>
M27/114 Royalty<>
M27/196 Royalty<>
M27/181 5.99%
M27/414,27/415 Royalty<>
P27/1826-1829 Royalty<>
P27/1830-1842 Royalty<>
P27/1887 Royalty<>
Abbotshall ML63/409,410 Norseman^ Royalty
Royalty
Kookynie ML40/061 Leonora^ Royalty
Royalty
ML40/135,136 Royalty
Makhado Fripp 645 MS Limpopo~ 67%#
Project
Lukin 643 MS 67%#
Mutamba 668 MS 67%#
Salaita 188 MT 67%#
Tanga 849 MS 67%#
Daru 889 MS 67%#
Windhoek 900 MS 67%#
Beck 568 MS Limpopo~ 74%
12
Change
Project during
Name Tenement Number Location Interest quarter
Generaal Bekaf 650 MS 74%
Project*
Remaining Extent & Portion 1 of 74%
Boas 642 MS-
Chase 576 MS 74%
Coen Britz 646 MS 74%
Fanie 578 MS 74%
Portions 1, 2 and Remaining Extent 74%
of Generaal 587 MS
Joffre 584 MS 74%
Juliana 647 MS 74%
Kleinenberg 636 MS 74%
Remaining Extent of Maseri Pan 74%
520 MS
Remaining Extent and Portion 2 of 100%
Mount Stuart 153 MT
Nakab 184 MT 100%
Phantom 640 MS 74%
Riet 182 MT 100%
Rissik 637 MS 100%
Schuitdrift 179 MT 100%
Septimus 156 MT 100%
Solitude 111 MT 74%
Stayt 183 MT 100%
Remaining Extent & Portion 1 of 100%
Terblanche 155 MT
Van Deventer 641 MS 74%
Wildgoose 577 MS 74%
Ancaster 501 MS Limpopo~ 100%
13
Change
Project during
Name Tenement Number Location Interest quarter
Mopane Banff 502 MS 74%
Project*
Bierman 599 MS 74%
Cavan 508 MS 100%
Cohen 591 MS 100%
Remaining Extent, Portions 1 & 2 of 74%
Delft 499 MS
Dreyer 526 MS 74%
Remaining Extent of Du Toit 563 74%
MS
Faure 562 MS 74%
Remaining Extent and Portion 1 of 74%
Goosen 530 MS
Hermanus 533 MS 74%
Jutland 536 MS 100%
Krige 495 MS 74%
Mons 557 MS 100%
Remaining Extent of Otto 560 MS 74%
(Now Honeymoon)
Remaining Extent & Portion 1 of 74%
Pretorius 531 MS
Schalk 542 MS 74%
Stubbs 558 MS 100%
Ursa Minor 551 MS 74%
Van Heerden 519 MS 74%
Portions 1, 3, 4, 5, 6, 7, 8, 9, 74%
Remaining Extent of Portion 10,
Portions 13, 14, 15, 16, 17, 18,
19, 20, 21, 22, 23, 24, 26, 27, 29,
30, 35, 36, 37, 38, 39, 40, 41, 44,
14
Change
Project during
Name Tenement Number Location Interest quarter
45, 46, 48, 49, 50, 51, 52 & 54 of
Vera 815 MS
Remaining Extent of Verdun 535 74%
MS
Voorburg 503 MS 100%
Scheveningen 500 MS 74%
Uitkomst Portion 3 (of 2) of Kweekspruit No. KwaZulu- 84%
Colliery 22 Natal~
and Portion 8 (of 1) of Kweekspruit No. 84%
prospects 22
Remainder of Portion 1 of Uitkomst 84%
No. 95
Portion 5 (of 2) of Uitkomst No. 95 84%
Remainder Portion1 of Vaalbank 84%
No. 103
Portion 4 (of 1) of Vaalbank No. 103 84%
Portion 5 (of 1) of Vaalbank No. 103 84%
Remainder of Portion 1 of 84%
Rustverwacht No. 151
Remainder of Portion 2 of 84%
Rustverwacht No. 151
Remainder of Portion 3 (of 1) of 84%
Rustverwacht No. 151
Portion 4 (of 1) Rustverwacht 84%
No.151
Portion 5 (of 1) Rustverwacht No. 84%
151
Remainder of Portion 6 (of 1) of 84%
Rustverwacht No. 151
Portion 7 (of 1) of Rustverwacht No. 84%
151
Portion 8 (of 2) of Rustverwacht No. 84%
151
Remainder of Portion 9 (of 2) of 84%
Rustverwacht No. 151
Portion 11 (of 6) of Rustverwacht 84%
No. 151
Portion 12 (of 9) of Rustverwacht 84%
No. 151
Portion 13 (of 2) of Rustverwacht 84%
No. 151
15
Change
Project during
Name Tenement Number Location Interest quarter
Portion 14 (of 2) of Rustverwacht 84%
No. 151
Portion 15 (of 3) of Rustverwacht 84%
No. 151
Portion 16 (of 3) of Rustverwacht 84%
No. 151
Portion 17 (of 2) of Rustverwacht 84%
No. 151
Portion 18 (of 3) of Waterval No. 84%
157
Remainder of Portion 1 of Klipspruit 84%
No. 178
Remainder of Portion 4 of Klipspruit 84%
No. 178
Remainder of Portion 5 of Klipspruit 84%
No. 178
Portion 6 of Klipspruit No. 178 84%
Portion 7 (of 1) of Klipspruit No. 84%
178
Portion 8 (of 1 )of Klipspruit No. 84%
178
Portion 9 of Klipspruit No. 178 84%
Remainder of Portion 10 (of 5) of 84%
Klipspruit No. 178
Portion 11 (of 5) of Klipspruit No. 84%
178
Portion 13 (of 4) of Klipspruit No. 84%
178
Remainder of Portion 14 of 84%
Klipspruit No. 178
Portion 16 (of 14) of Klipspruit No. 84%
178
Portion 18 of Klipspruit No. 178 84%
Portion 23 of Klipspruit No. 178 84%
Remainder of Portion 1 of 84%
Jackalsdraai No. 299
Remainder of Jericho B No. 400 84%
Portion 1 of Jericho B No. 400 84%
Portion 2 of Jericho B No. 400 84%
Portion 3 of Jericho B No. 400 84%
16
Change
Project during
Name Tenement Number Location Interest quarter
Remainder of Jericho C No. 413 84%
Portion 1 of Jericho C No. 413 84%
Remainder of Portion 1 of Jericho A 84%
No. 414
Remainder of Portion 2 (of 1) of 84%
Jericho A No. 414
Portion 3 (of 1) of Jericho A No. 414 84%
Portion 4 (of 1) of Jericho A No. 414 84%
Portion 5 (of 2) of Jericho A No. 414 84%
Portion 6 (of 1) of Jericho A No. 414 84%
Margin No. 420 84%
Vele Portions of Overvlakte 125 MS Limpopo~ 100%
Colliery (Remaining Extent, 3, 4, 5, 6, 13,
and 14)
prospects
Bergen Op Zoom 124 MS 100%
Semple 155 MS 100%
Voorspoed 836 MS 100%
Alyth 837 MS 100%
* Form part of the Greater Soutpansberg Projects
~ Tenement located in the Republic of South Africa
^ Tenement located in Australia
#
MC Mining’s interest will reduce to 67% on completion of the 26% Broad Based Black Economic
Empowerment (BBBEE) transaction
<> net smelter royalty of 0.5%
Supporting Document - [https://senspdf.jse.co.za/documents/2023/jse/isse/mcze/app_5b.pdf]
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