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 31 July 2023 ACTIVITIES REPORT FOR THE QUARTER ENDED 30 JUNE 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 two lost-time injuries (LTIs) recorded during the quarter (FY2023 Q3: one LTI); • Run-of-mine (ROM) coal production at the Uitkomst metallurgical and thermal coal mine (Uitkomst Colliery or Uitkomst) was 1% lower than the June 2022 quarter at 118,469 tonnes (t) (FY2022 Q4: 119,005t). Production was impacted by difficult geological conditions and regular electricity blackouts interrupting operations at the colliery; o Uitkomst recorded 53,489t of coal sales during the quarter (FY2022 Q4: 34,126t), comprising 51,036t (FY2022 Q4: 28,360t) of high-grade domestic coal sales and 2,453t (FY2022 Q4: 5,766t) of lower grade middlings coal; o Uitkomst had 50,491t (FY2022 Q4: 15,534t) of high-grade coal at the colliery and 4,872t (FY2022 Q4: 22,169t) at port at the end of the quarter; • Updated Life of Mine (LOM) plan and Coal Reserve estimate for the fully-licensed and shovel- ready Makhado steelmaking hard coking coal (HCC) project (Makhado Project or Makhado), significantly increasing the LOM and improving the project’s economics; o Compared to the 30 August 2022 announcement of pre-feasibility studies, Coal Reserves 1 increased 53%, saleable steelmaking HCC increased 64% and saleable thermal coal increased by 57%; o The updated LOM plan resulted in a 25% higher annual mine production rate with a 21.2% yield of saleable steelmaking HCC and 17.6% yield of 5,500kcal thermal coal (previously 19.8% and 17.2% respectively), delivering improved project financial returns; o Commencement of managed tender processes to select the outsourced mining, plant and laboratory operators, which are expected to be completed during Q3 CY2023; o Steady progress during the quarter on critical early works activities; and • Continued ramp-up of mining and processing at the outsourced Vele Aluwani Colliery (Vele Colliery or Vele) following the recommissioning of the mine in December 2022; the outsourced agent produced 48,092t (FY2022 Q4: nil t) of thermal coal during the quarter. Corporate • Benchmark API4 export thermal coal prices continued to decline, averaging US$115/t in the quarter compared to US$146/t in Q3 FY2023 and US$273/t in H1 of FY2022. Steelmaking HCC prices remained elevated, with the index-price averaging US$250/t for the quarter. • Available cash and facilities of US$8.8 million comprising cash of US$7.5 million and facilities of US$1.3 million at quarter-end (net cash balance of US$14.1 million at 31 March 2023) and restricted cash of US$0.02 million (US$0.02 million at 31 March 2023). Events post June 2023 • Extension of the repayment date for the R160 million loan (US$8.9 million), plus interest thereon, by the Industrial Development Corporation of South Africa Limited (the IDC), to 30 September 2023. The IDC withdrew the conditional, undrawn R245 million (US$13.6 million) loan facility, which had been available since July 2019, subject to completion of due diligence and credit approval. The change of the project scope resulting in Makhado’s peak funding increasing to R1.8 billion, made this facility redundant. 1 As announced on 30 June 2023. The increased Coal Reserves in the East Pit have resulted in increased saleable tonnes. This was confirmed by the most recent drilling programme. Godfrey Gomwe, Managing Director & Chief Executive Officer, commented: “MC Mining has made significant progress on the Makhado Project during the quarter. The completion of a five-year Makhado Implementation Plan was augmented by the substantial increase in Coal Reserves and mine life at much-improved annual production rates. This progress bodes well for moving operations down the cost curve while aiming to take advantage of the favourable near-term steelmaking HCC coal prices. The Makhado early works activities continued during the quarter with funding activities expected to be concluded in H2 CY2023. The managed tender processes to select the outsourced mining, plant and laboratory operators also commenced during the quarter. We are excited to have strong contenders to be our partners and these processes are expected to be completed during Q3 CY2023. The Uitkomst colliery continues to be impacted by the increased incidents of electricity blackouts implemented by Eskom, the state power utility. Production at the colliery requires extended travel time to the underground mining areas and a revised shift system to increase mining time was implemented during June 2023. I am pleased to report that initial results of the new shift system recorded favourable improvements in daily ROM coal production. Uitkomst is assessing potential additional international and domestic customers to optimise prices for the colliery’s premium product. The ramp-up of operations at the outsourced Vele Colliery continued during the quarter and the contractor is expected to be at full production during H2 CY2023.” DETAILED QUARTERLY OPERATIONS REPORTS Uitkomst Colliery – Utrecht Coalfields (84% owned) One LTI was recorded during the quarter (FY2023 Q3: one LTI) and the mine has enhanced its focus on leading indicators to deliver improvements in safety with the goal of zero harm. The Uitkomst Colliery generated 118,469t of ROM coal during the quarter (FY2022 Q4: 119,005t) with production adversely affected by challenging geological conditions and lower seam heights. The implementation of daily 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 is impacting mining costs. A revised underground operating shift system was implemented at Uitkomst during June 2023. This is designed to increase mining time, yielding additional ROM coal production leading to improved volumes of saleable coal. Uitkomst sold 51,036t (FY2022 Q4: 28,360t) of high-grade pea and duff-sized coal during the three months to domestic customers. Due to the low API4 export prices, no coal was exported (FY2022 Q4: nil t). The average API4 coal price during the quarter was US$115/t, 64% lower than FY2022 Q4 (US$315/t). Uitkomst sold 2,453t (FY2022 Q4: 5,766t) of high ash, lower value middlings coal under fixed price arrangements. The colliery had 4,872t (FY2022 Q4: 22,169t) of high-grade coal at port and 50,491t (FY2022 Q4: 15,534t) on site at the end of the quarter. The export marketing agreement with Overlooked Collieries (Pty) Ltd expired at the end of June 2023 and the Company continues to assess potential domestic and international customers. The weaker ZAR:US$ exchange rate and higher coal sales volumes contributed to a 17% decline in production costs per saleable tonne (FY2023 Q4: US$90/t vs. FY2022 Q4: US$108/t). The ZAR denominated production costs continued to experience inflationary pressures as well as higher energy costs due to the increased diesel consumption to maintain underground operations during blackout periods. Processing costs were higher due to increased overtime and operating inefficiencies caused by the power outages. Quarter to Quarter to end-Jun end-Jun 2023 2022 %▲ Production volumes Uitkomst ROM (t) 118,469 119,005 (1%) Inventory volumes High quality duff and peas at site (t) 50,491 15,534 >100% High quality duff and peas at port (t) 4,872 22,169 (78%) 55,363 37,703 46% Quarter to Quarter to end-Jun end-Jun 2023 2022 %▲ Sales tonnages Domestic high-quality duff and peas (t) 51,036 28,360 80% Middlings sales (t) 2,453 5,766 (58%) 53,489 34,126 57% Quarter financial metrics Net revenue/t (US$) 104 80 31% Net revenue/t (ZAR) 1,946 1,238 57% Production cost/saleable tonne 90 108 (17%) (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 fully licensed and shovel-ready Makhado Project is expected to position MC Mining as South Africa’s pre-eminent steelmaking HCC producer. Makhado recorded no LTIs (FY2023 Q3: nil) during the quarter. Implementation Plan The Company continued to make steady progress and during April 2023 announced the Makhado Project Implementation Plan. A primary goal of the Implementation Plan was to improve the accuracy of the August 2022 pre-feasibility studies from ±30% accuracy to an estimated accuracy of ±10%. In addition, the Implementation Plan included a detailed execution plan for the construction of the East Pit, Makhado coal handling and processing plant (CHPP) and related infrastructure and a detailed mine plan for the first five years of operations. Updated LOM Plan and Coal Reserve Subsequent to the Implementation Plan, MC Mining prepared an updated LOM plan and Coal Reserve estimate for the Makhado steelmaking HCC Project. The LOM plan builds on the five-year Implementation Plan and incorporates the exploitation of all portions of the East, Central and West Pit coal deposits that are mineable by surface mining methods. The updated Coal Reserve estimate was derived from the updated LOM plan using updated costs, macroeconomic and coal price assumptions. The updated LOM plan extended the Makhado LOM from 22 years to 28 years (27% increase), despite the 25% higher annual ROM coal production rate and improved production metrics, as demonstrated below: • 25% increase in the targeted mining rate from 3.2 to 4.0 million tonnes per annum (Mtpa) of ROM coal; • 100% increase in CHPP capacity, from 2.0 to 4.0 Mtpa; • 30% increase in planned annual sales of 64 Mid Volatile (Vol) steelmaking HCC to 0.81 Mtpa; • 15% increase in planned annual sales of 5,500 kcal thermal coal to 0.62 Mtpa; • 60% increase of total saleable coal products from 26 to 41 million tonnes over the mine life; • time to first production increasing from 12 to 18 months due to the construction of the new CHPP whilst keeping the payback period materially unchanged at 3.5 years from the start of construction; and • 11% increase in the estimated project peak funding requirements to US$100 million (ZAR1.8 billion). Engineering and operational tenders Erudite (Pty) Ltd (Erudite) completed the detailed designs for the Makhado mine infrastructure and CHPP during the quarter. Erudite also commenced obtaining detailed execution quotes for the construction of the CHPP. This process is expected to be finished in Q3 CY2023 and will also cater for the enlarged mining and processing footprint. The Makhado Project will be contractor-operated and during the quarter the Company commenced managed tender processes to select a mining contractor, CHPP operating contractor and the analytical laboratory operator. These processes are expected to be completed in Q3 CY2023. First coal production is expected 18 months from commencement of construction, which is expected during H2 CY2023. Early works The Company continued to progress the critical Makhado early works during the quarter, including: • commencement with detailed design, procurement and construction of the power supply overhead transmission line, with construction team mobilised onsite - a critical path activity; • refurbishment of onsite accommodation to house project construction crews; • placement of orders for key long-lead time items, including the payment of a deposit of ZAR19.0 million (US$1.0 million); • mobilisation of contractors for the construction of the main access road, main bridge and civil works for bulk water reticulation; and • progress with erection of fencing to secure the project site. Makhado Project Funding The Company continued the Makhado Project composite funding initiatives during the quarter and anticipates that the funding will be concluded in 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 signed a Memorandum of Agreement (MOA) with Enprotec (Pty) Ltd (Enprotec) to design and procure the flotation and filtration plant, a key part of the CHPP required to extract the steelmaking HCC. The flotation and filtration plant is expected to cost ZAR155 million (US$8.6 million) and in terms of the MOA, a significant portion of this plant will be constructed on a BOOT basis. Vele Aluwani Semi-Soft Coking and Thermal Coal Colliery – Limpopo (Tuli) Coalfield (100% owned) Vele recorded one LTI (FY2023 Q3: nil) during the quarter and a safety awareness campaign was launched at the colliery during the period. The mining and processing 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 by the end of the period, had 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 electricity line was completed in April 2023 and connected to the national power grid in May 2023. As a result, the generator at the Vele CHPP will be used as a back-up source of power, with Eskom being the primary source of electricity at the colliery. This satisfies the Company’s commitment with regards to electricity infrastructure. HOS completed the de-watering of the Vele Colliery open cast pit during the period and produced 48,092t (FY2022 Q4: nil t) of thermal coal during the quarter. Ramp-up to full production is expected to occur in H2 CY2023 with HOS targeting monthly production of 60,000t of saleable thermal coal from Vele. Greater Soutpansberg Project (GSP) – Soutpansberg Coalfield (74% owned) The Greater Soutpansberg Projects recorded no LTIs (FY2023 Q3: 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 30 June 2023 was US$7.5 million with available facilities of US$1.3 million. The aggregate amount of payments to related parties and their associates, as disclosed as item 6.1 of the June 2023 quarter Appendix 5B was US$107k, 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). 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. Glossary Term Definition BOOT Build, own, operate, transfer CHPP Coal handling & processing plant Enprotec Enprotec (Pty) Ltd Erudite Erudite (Pty) Ltd GSP Greater Soutpansberg Projects HCC Hard coking coal HOS Hlalethembeni Outsource Services (Pty) Ltd IDC Industrial Development Corporation of South Africa Limited LOM Life of mine LTI Lost time injury Makhado Project/ Makhado Makhado steelmaking hard coking coal project MC Mining/ the Company MC Mining Limited MOA Memorandum of Agreement Mtpa Million tonnes per annum ROM Run of mine t tonnes Uitkomst Colliery/ Uitkomst Uitkomst metallurgical and thermal coal mine Vele Colliery/Vele Vele Aluwani Colliery 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 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% 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% 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% 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, 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 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% 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 Documents - [https://senspdf.jse.co.za/documents/2023/jse/isse/mcze/app 5b.pdf]