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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 31 January 2024
ACTIVITIES REPORT FOR THE QUARTER ENDED 31 DECEMBER 2023 (FY2024 Q2)
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, against the background
of the goal of zero harm, with no lost-time injuries (LTIs) recorded during the quarter (FY2024 Q1:
nil LTIs);
• As a result of the implementation of the Operation Penduka turnaround plan, run-of-mine (ROM)
coal production at the Uitkomst steelmaking and thermal coal mine (Uitkomst Colliery or
Uitkomst) was 31% higher than the December 2022 quarter at 129,272 tonnes (t) (FY2023 Q2:
99,336t);
• Uitkomst sold 102,266t of coal during the quarter (FY2023 Q2: 56,817t), comprising 102,266t
(FY2023 Q2: 53,842t) of high-grade domestic sales and coal for the export market with no lower
grade middlings coal sold (FY2023 Q2: 2,975t);
• Uitkomst had 14,422t (FY2023 Q2: 27,058t) of high-grade coal at the colliery and no coal at port
at the end of the quarter (FY2023 Q2: 36,764t);
• Steady progress during the quarter on critical early works activities at the Makhado steelmaking
hard coking coal project (Makhado Project or Makhado) as well as advancing the detailed design
of the coal handling and processing plant (CHPP) and related infrastructure;
• The Company is assessing the various scenarios for the Makhado Project to facilitate an
accelerated start of coal production, subject to further funding;
• The managed tender processes to select the mining contractor as well as the operating and
maintenance contractors for the Makhado CHPP and laboratory continued during the quarter;
• The Vele Aluwani Colliery (Vele Colliery or Vele) outsource agent delivered 48,268 t (FY2023 Q2:
nil t) of thermal coal during the quarter;
• The outsource mining contractor, Hlalethembeni Outsourcing Services (Pty) Ltd (HOS) informed
the Company that due to the operating challenges at Vele, combined with elevated logistics costs
and the depressed API4 coal price, it intends downscaling operations while it progresses a
production optimisation strategy at the colliery; and
• The legal execution of the Greater Soutpansberg (GSP) mining rights by the Department of
Minerals & Energy commenced.
Corporate
• Depressed thermal coal prices continued during the quarter, with average prices of US$116/t for
the three months compared to US$109/t in Q1 FY2024 and US$221/t in Q2 of FY2023. Premium
steelmaking hard coking coal (HCC) prices, however, remained elevated, averaging US$335/t in the
quarter (FY2023 Q2: US$280/t);
• The Industrial Development Corporation of South Africa Limited extended the date for repayment
of the R160 million loan (c.US$8.7 million) plus interest thereon, to 30 September 2024. The
repayment of the loan, plus accrued interest, was due for repayment by 30 September 2023;
• The Company received a notice of a non-binding and indicative takeover offer (Takeover Offer) at
a cash price of A$0.16 per share from Senosi Group Investment Holdings Proprietary Limited and
Dendocept Proprietary Limited, each substantial shareholders of the Company, sent on behalf of
shareholders and associates stated to represent in aggregate 64.3% of the issued capital in the
Company (together, the Consortium). The Bidder’s Statement is still to be lodged by the
Consortium; and
• Available cash and facilities of US$3.4 million (FY2024 Q1: net cash balance of US$5.1 million).
Godfrey Gomwe, Managing Director & Chief Executive Officer, commented:
“The Uitkomst Colliery turnaround plan continues to yield very pleasing results, and ROM coal
production significantly exceeded the comparative period. Production at the underground colliery is
challenging due to the extended travel time to the mining areas but the optimisation plan has resulted
in increased mining time and higher volumes of coal, with no lost-time injuries. These results were
achieved despite the ongoing electricity blackouts implemented by Eskom, the state power utility. The
international and domestic thermal coal markets remain under pricing pressure and the colliery
continues to assess alternative coal products as well as marketing strategies for its premium product.
“The Company progressed the Makhado Project during the quarter, including early works to secure
the site and construction of a bridge across the Mutamba river along with water infrastructure for the
CHPP. The managed tender processes to select the outsourced mining, plant and laboratory operators
progressed and we anticipate making the relevant appointments in FY2024 Q3. We have also
commenced assessing the potential early production of steelmaking HCC and thermal coal on a
smaller scale with no impact to the existing project plan and will provide further updates in due course.
“The outsource agent, HOS, notified the Company during December 2023 that due to production
challenges at Vele, combined with elevated logistics costs and the depressed API4 coal price, it intends
downscaling operations at the colliery while it progresses a production optimisation strategy.”
DETAILED QUARTERLY OPERATIONS REPORTS
Uitkomst Colliery – Utrecht Coalfields (84% owned)
No LTIs were recorded during the quarter (FY2024 Q1: nil LTIs) with the continued focus on leading
indicators delivering safety improvements.
Uitkomst produced 129,272t of ROM coal during the quarter (FY2023 Q2: 99,336t). This followed the
implementation of a turnaround plan in June 2023 that included a revised underground operating
shift system that included in an increase in the number of days worked in December 2023, benefitting
coal production. Uitkomst achieved a 31% improvement in ROM coal production over the prior year
comparative period, despite the impact of daily electricity blackouts.
The poor performance of the state utility responsible for rail and port logistics also continued to
impact Uitkomst. This has resulted in higher quality South African coal that is normally exported, being
sold in the domestic market. The challenging market conditions have prompted the reassessment of
the colliery’s coal product portfolio, including investigation of the ability to sell coal to the pulverised
steelmaking coal or thermal coal markets. These initiatives are expected to be finalised in FY2024 Q3.
Uitkomst sold 102,266t (FY2023 Q2: 53,842t) of coal during the quarter, comprising 96,544t of high-
grade pea and duff-sized coal to domestic as well as customers exporting coal (FY2023 Q2: 53,842t)
and 5,722t (FY2023 Q2: nil t) of a lower grade blended product, also for export. International thermal
coal prices remained under pressure, with an average price of US$116/t during the quarter, 48% lower
than FY2023 Q2 (US$221/t). The fixed-price contract for the sale of high-ash, lower value middlings
coal expired during the FY2023 Q4 and Uitkomst sold nil t (FY2023 Q2: 2,975t) during the three
months. The colliery had 14,422t (FY2023 Q2: 27,058t; 36,764t at port) of high-grade coal on site at
the end of the quarter.
The revenue per tonne declined by 43% compared to FY2023 Q2 due to the decline in international
coal prices and the change in sales mix with a significant volume of coal exported in FY2023 Q2. The
colliery’s production costs per saleable tonne benefitted from the higher sales volumes and weaker
exchange rate, declining 44% to US$52/t (FY2023 Q2: US$93/t).
Quarter
to end- Quarter to
Dec end-Dec
2023 2022 %▲
Production volumes
Uitkomst ROM (t) 129,272 99,336 31%
Inventory volumes
High quality duff and peas at site (t) 14,422 27,058 (47%)
High quality duff and peas at port (t) - 36,764 (100%)
14,422 63,822 (78%)
Sales tonnages
Quarter
to end- Quarter to
Dec end-Dec
2023 2022 %▲
Export-quality duff and peas (t) 102,266 53,842 1 90%
Middlings sales (t) - 2,975 (100%)
102,266 56,817 80%
Quarter financial metrics
Net revenue/t (US$) 74 129 (43%)
Net revenue/t (ZAR) 1,390 2,278 (39%)
Production cost/saleable tonne (US$)^ 52 93 (44%)
^ 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 (FY2024 Q1: nil) during the quarter.
The Makhado Project remains a significant strategic asset for the Company that has the potential to
take the Company’s production profile to in excess of 800,000 tonnes per annum of steelmaking HCC.
The detailed design of the CHPP and related infrastructure for the Makhado Project in preparation for
procurement, continued during the quarter. The Company also progressed the managed tender
processes to select the mining contractor as well as the operating and maintenance contractors for
the Makhado CHPP. Relevant appointments are anticipated to be confirmed in FY2024 Q3.
Early works
The critical early works activities to ensure that the site is secure as well as construction of water
infrastructure for the CHPP are ongoing. The critical Makhado early works undertaken during the
quarter included:
1
40,747t sold under terms of the export Marketing Agreement with Overlooked Collieries (Pty) Ltd (expired 30
June 2023)
• Construction of the main access road and the preparatory earthworks for a bridge across the
Mutamba river;
• Construction of the foundations for the CHPP bulk water supply reservoirs;
• Detailed design, procurement and construction of the power supply overhead transmission line;
• Refurbishment of onsite accommodation to house project construction crews; and
• Securing the site including significant progress with erection of fencing.
Makhado Project Funding
The Company continued with the Makhado Project composite funding initiatives during the quarter,
including progressing the detailed designs for the CHPP and related infrastructure in preparation for
procurement. This information is required by potential funders and the Company anticipates that the
funding will be concluded in FY2024 H2, with construction commencing soon thereafter. The various
initiatives being negotiated include, amongst others, funding arrangements through build, own,
operate, transfer (BOOT); senior debt; coal prepayments; and engineering, procurement and
construction (EPC) contracts.
It is noted that the terms of the Consortium’s proposed Takeover Offer restrict the issue of any new
equity. Consequently, the composite debt/equity funding initiatives can only progress meaningfully in
the event the Takeover Offer expires, is withdrawn or once the process has been completed.
The Company is also assessing various scenarios for the Makhado Project to facilitate an accelerated
start of coal production in H2 CY2024 and anticipates making further announcements in due course.
Vele Aluwani Semi-Soft Coking and Thermal Coal Colliery – Limpopo (Tuli) Coalfield (100% owned)
Vele recorded no LTIs (FY2024 Q1: nil) during the quarter.
The mining and processing operations at the opencast Vele Colliery were outsourced to HOS and
recommissioned in late December 2022. HOS is responsible for all mining and processing costs while
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. HOS pays
Limpopo Coal Company (Pty) Ltd (LCC), the owner of Vele, a fee of ZAR200/t of coal sold if the monthly
average API4 price is higher than $120/t. The contractor delivered 48,268t (FY2023 Q2: nil t) of thermal
coal during the quarter.
HOS experienced operational challenges in attaining the targeted monthly saleable coal production
while unit costs have been adversely impacted by the lack of access to rail capacity to transport Vele’s
coal to port. The railing of coal was anticipated to result in a significant reduction in logistics costs due
to the colliery’s location and the high cost of trucking coal to port and domestic customers. The
challenges experienced by HOS were exacerbated by the decline in the API4 export thermal coal price
during CY2023. The three-month average API4 price for CY2023 Q1 was US$146/t, reducing to
US$115/t in CY2023 Q2, US$109/t in CY2023 Q3, US$116/t in CY2023 Q4 and currently trades at
approximately US$95/t.
HOS has informed LCC, the owner of Vele, that due to the operational challenges at the colliery, it
intends downscaling operations while it progresses development of a production optimisation
strategy at the colliery. As a result, HOS has exercised the hardship clause in its agreement with LCC
and commenced downscaling operations, which is expected to be completed during January 2024.
HOS’s production optimisation strategy (Operation Shandukani), which borrows from some of the
aspects of the Uitkomst turnaround plan, will potentially include, amongst others, changes to the
mining methodology, as well as further modifications to the CHPP and securing access to rail transport
at competitive prices. The evaluation of these measures is expected to take place in FY2024 H2 and
will result in improved profitability at the colliery.
Greater Soutpansberg Project (GSP) – Soutpansberg Coalfield (74% owned)
The Greater Soutpansberg Projects recorded no LTIs (FY2024 Q1: nil) during the quarter and no
reportable activities occurred during the period. The Company has commenced executing the mining
rights for the GSP. The mining rights for the Mopane and Generaal project areas were executed during
the quarter and the Chapudi mining right is expected to be completed during January 2024. The
studies required for the environmental and water use licences are expected to commence during H2
CY2024.
Receipt of Non-Binding Indicative proposals
The Company received a further notice of intention to make a Takeover from the Consortium on 2
November 2023. Following this, on 18 December 2023, MC Mining received a revised Takeover offer
to acquire all of the Company’s shares that the Consortium currently does not own for a cash price of
A$0.16 per share. The Company has established an Independent Board Committee which, together
with MC Mining’s advisors, is considering the revised offer and will provide a recommendation to
shareholders if and when it is in possession of an offer capable of acceptance. There is no need for
shareholders to take any action with respect to the current non-binding indicative proposal from the
Consortium.
Appendix 5B – Quarterly Cash Flow Report
The Company’s available cash balance and facilities as at 31 December 2023 was US$3.4 million. The
aggregate amount of payments to related parties and their associates, as disclosed as item 6.1 of the
December 2023 quarter Appendix 5B, was US$201k, 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 advisers:
Richard Johnson / Rob Nominated Strand Hanson +44 20 7409
Patrick 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.
For the fully disclosed Appendix 5B December 2023 please access here:
https://senspdf.jse.co.za/documents/2024/jse/isse/mcze/App5B.pdf
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
GSP Greater Soutpansberg Projects
HCC Hard coking coal
HOS Hlalethembeni Outsource Services (Pty) Ltd
IDC Industrial Development Corporation of South Africa Limited
LTI Lost time injury
Makhado Project/ Makhado Makhado steelmaking hard coking coal project
MC Mining/ the Company MC Mining Limited
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%
