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Receipt of non-binding indicative offer of between A$0.17c and A$0.20c from Vulcan Resources

Published: 2024-03-08 12:55:31 ET

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                                                                       8 March 2024

 RECEIPT OF NON-BINDING INDICATIVE OFFER OF BETWEEN A$0.17c AND A$0.20c FROM
                              VULCAN RESOURCES


MC Mining Limited (MC Mining or the Company) confirms that it is in receipt of a letter (Proposal
Letter) from Vulcan Resources (Vulcan). Vulcan is the operator of the Moatize Coal Mine, the largest
operating steelmaking coking coal mine in Mozambique and Africa.

The Proposal Letter outlines Vulcan’s non-binding proposal to make an off-market cash takeover offer
for all the shares in the Company at an indicative price of between A$0.17 and A$0.20 cents per share
valuing the Company’s equity at between A$69.34 million and A$81.58 million (Proposal).

The Proposal contains a number of customary conditions, including completion of a due diligence
process, and is not a binding offer currently capable of acceptance by shareholders of the Company.
The Independent Board Committee (IBC) notes that the Proposal Letter is at an indicative price range
that is higher than the current takeover offer price of A$0.16 per share by Goldway Capital Investment
Limited. There is no certainty however, that any formal offer by Vulcan will be received nor the terms
thereof.

The IBC reiterates its recommendation to shareholders NOT TO ACCEPT the current Goldway Capital
Investment Limited offer.

The IBC will evaluate the indicative terms of the Proposal Letter, including taking advice from its
financial and Australian and South African legal advisors, Adelaide Equity Partners Limited as Financial
Advisor, K&L Gates as Australian Legal Advisors and Falcon & Hume Inc. as South African Legal
Advisors.

MC Mining remains committed to keeping shareholders appraised of developments and intends to
make a further announcement when more complete and definitive details are received.

Khomotso Mosehla
Chairman of the IBC
The information contained within this announcement is deemed by the Company to constitute inside
information as stipulated under the Market Abuse Regulation (EU) No. 596/2014 as it forms part of United
Kingdom domestic law by virtue of the European Union (Withdrawal) Act 2018, as amended.

This announcement has been approved for release by the Company’s Disclosure Committee.




For more information contact:
    Tony Bevan                Company                  Endeavour                 +61 42 1072 165
                              Secretary                Corporate
                                                       Services
    Company advisers:
    Richard Johnson /            Nominated             Strand Hanson             +44 20 7409 3494
    Rob Patrick                  Adviser               Limited

    Rory Scott                   Broker                Tennyson                  +44 20 7186 9031
                                 (AIM)                 Securities

    Marion Brower                Financial PR          R&A Strategic             +27 11 880 3924
                                 (South                Communications
                                 Africa)

    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).




                                                                                                      2

Enhanced Investments, Inc.
329 South Oyster Bay Road #2085
Plainview, NY 11803
team@eninvs.com

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Certain investments are not suitable for all investors. Before investing, consider your investment objectives and applicable fees. The rate of return on investments can vary widely over time, especially for long term investments. Investment losses are possible, including the potential loss of all amounts invested. Information provided by Enhanced Investments is for informational and general educational purposes only and is not investment or financial advice.