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 31 October 2022 ACTIVITIES REPORT FOR THE QUARTER ENDED 30 SEPTEMBER 2022 FOR MC MINING LIMITED (“MC Mining” or the “Company”) AND ITS SUBSIDIARY COMPANIES HIGHLIGHTS Operations • Health and safety remain a top priority and one lost-time injury (LTI) was recorded during the quarter (FY2022 Q4: zero LTIs); • Restrictions previously implemented to limit the spread of the COVID-19 virus at the various group workplaces were to a large extent removed following the relaxation of regulations by the government; • Run-of-mine (ROM) coal production at Uitkomst metallurgical and thermal coal mine (Uitkomst Colliery or Uitkomst) was 5% higher than the September 2021 quarter at 126,053 tonnes (t) (FY2022 Q1: 120,260t); • Conclusion of a Coal Sales & Marketing Agreement (Marketing Agreement) with Overlooked (Proprietary) Limited (Overlooked) facilitating the export of at least 20,000t of API4 (6,000k/cal) coal from Uitkomst on a monthly basis, providing access to higher-priced international thermal coal markets; • The Company recorded 42,686t of coal sales during the quarter (FY2022 Q1: 70,545t), comprising 39,730t (FY2022 Q1: 64,673t) of high-grade thermal coal and 2,956t (FY2022 Q1: 5,872t) of lower grade middlings coal. This included the export of 25,856t (FY2022 Q1: 0t) with a further 42,115t at port at the end of the quarter, subsequently exported during October 2022; • Revenue per tonne increased to $125/t (FY2022 Q1: $108/t) following the sale of coal in the higher-priced US dollar denominated, API4 thermal coal market; o Independent mining consultancy Minxcon (Pty) Ltd (Minxcon) completed a study assessing potential alternative development scenarios for the Makhado hard coking coal project (Makhado Project or Makhado) with a view to optimising capital expenditure and reducing operational costs compared to the ‘Base Case’ scenario detailed in the Bankable Feasibility Study (BFS) announced in April 2022; o Following the successful outcome of the additional scenario pre-feasibility study, the MC Mining Board approved the construction of a 2.0Mt per annum coal processing plant (CPP) at Makhado, subject to funding; o Minxcon further assessed the potential advantages of additional BOOT (build, own, operate, transfer) funding for elements of the Makhado CPP; and o Limited activities were undertaken at the Company’s Vele Aluwani semi-soft coking and thermal coal colliery (Vele Colliery or Vele) and Greater Soutpansberg Projects (GSP). Corporate o MC Mining shareholders voted against the issue of a further 33,333,333 new Ordinary Shares to the Senosi Group Investment Holdings (Proprietary) Limited (SGIH) and the Company repaid ZAR10 million ($0.6 million) of the ZAR20 million ($1.2 million) already advanced by SGIH with the balance to be paid in November 2022; o Commencement of a fully underwritten 1.012 for 1 renounceable rights issue offer (Rights Offer) of new ordinary shares of no par value in MC Mining (each, a New Share) at an issue price of A$0.20 (US$0.14) per New Share raising gross proceeds of A$40 million (equivalent to approximately ZAR451 million / US$27.6 million) via the issue of approximately 200,026,728 New Shares; and. • Available cash and facilities at quarter-end of $2.2 million ($3.1 million at 30 June 2022) and restricted cash of $0.03 million. Godfrey Gomwe, Managing Director & Chief Executive Officer, commented: 2 “The Company made significant progress during the September 2022 quarter. The most notable achievements being securing access to export markets for Uitkomst’s coal, assessment of alternative development and BOOT funding scenarios for Makhado and the commencement of the fully underwritten A$40.0 million Rights Issue. “The six-month Marketing Agreement signed with Overlooked ensures that our Uitkomst Colliery is in a position to benefit from elevated international thermal coal prices following Russia’s invasion of Ukraine and the global energy shortage. We recorded our first shipment during August and had significant stockpiles at port at the end of the quarter and pleasingly, this coal was exported during October 2022. The construction of the Makhado CPP materially reduces the colliery’s operational costs by removing the need to transport the crushed and screened ROM coal 134km to Vele. Makhado is expected to create an estimated 650 permanent employment positions, including contractors, when at steady state production. Following this, the MC Mining Board approved the construction of a CPP at Makhado, subject to funding. “The launch of the Rights Issue at the end of September 2022 secures the cornerstone funding for Makhado and confirms shareholder support for the development of the project. The Rights Issue, once concluded, also satisfies a key condition for the drawdown of the new Industrial Development Corporation of South Africa Limited (IDC) facility. The Company is progressing initiatives to secure the balance of the funding, including additional BOOT funding and composite debt opportunities as well as potential coal prepayments. These initiatives are expected to be finalised in Q1 2023 and early works at the Makhado Project will also commence during this time.” Uitkomst Colliery – Utrecht Coalfields (70% owned) One LTI was recorded during the quarter (FY2022 Q4: zero LTIs). The increase in international thermal coal prices led to the Company assessing alternative coal marketing strategies for Uitkomst and the conclusion of the six-month Marketing Agreement during the quarter. The Marketing Agreement expires at the end of December 2022 and, until then, allows 3 Uitkomst to sell the majority of its coal at prices linked to international coal indexes rather than at floating and fixed price domestic prices. The Uitkomst Colliery generated 126,053t of ROM coal during the quarter (FY2022 Q1: 120,260t) despite challenging geological conditions and the intermittent electricity black-outs implemented by Eskom, the state power utility, adversely affecting production. Uitkomst does have back-up generators but these are only sufficient for underground mining operations. Uitkomst sold 42,686t (FY2022 Q1: 70,545t) of coal during the three months with a further 42,115t (FY2022 Q1: 0t) at port and 24,312t (FY2022 Q1: 1,218t) at the colliery at the end of the quarter. The coal sales and port inventory volumes were augmented by the 22,169t at port at the start of the September 2022 period and the inventory at port was subsequently exported during October 2022. Uitkomst’s sales included 2,956t (FY2022 Q1: 5,872t) of high ash, lower value middlings coal as well as sales under fixed price arrangements and the volumes of these offtakes were reduced following the conclusion of the Marketing Agreement. The delays in shipping during the quarter, mainly caused by port backlogs, resulted in elevated inventory levels at the end of September 2022 and in terms of the Marketing Agreement, Uitkomst received a prepayment of $4.0 million for coal transported to port but not yet loaded onto a ship. The balance of the index-linked revenue is due following shipment of the coal. Uitkomst’s revenue/t increased 24% in South African rand terms (R2,124/t vs. R1,578/t), benefitting from the favorable export US dollar denominated API4 prices and the weakening ZAR:US$ exchange rate with the initial shipment realising $166/t net of logistics, Overlooked commission and export charges. The decline in sales volumes as well as increased mining and energy costs resulted in production costs per saleable tonne being 7% higher than the comparative period (FY2023 Q1: $82/t vs. FY2022 Q1: $76/t). Quarter Quarter to end- to end- Sep 2022 Sep 2021 %▲ Production volumes Uitkomst ROM (t) 126,053 120,260 7% Inventory volumes High quality duff and peas at site (t) 24,312 1,218 >100% High quality duff and peas at port (t) 42,115 - 100% 4 Quarter Quarter to end- to end- Sep 2022 Sep 2021 %▲ 72,316 1,218 >100% Sales tonnages High quality duff and peas (t) 39,730 64,673 (67%) Middlings sales (t) 2,956 5,872 (4%) 42,686 70,545 (62%) Quarter financial metrics Revenue/t (US$) 125 108 16% Revenue/t (ZAR) 2,124 1,578 35% Production cost/saleable tonnes ($)^ 82 76 7% ^ costs are all South African Rand based Makhado Hard Coking Coal Project – Soutpansberg Coalfield (67% owned) The favourable economics of the Company’s flagship Makhado Project were confirmed in the April 2022 BFS and the development of Makhado would deliver positive returns for shareholders and position the Company as South Africa’s pre-eminent hard coking coal (HCC) producer. During the quarter, Minxcon expanded the BFS ‘Base Case’, assessing potential alternative development scenarios (at pre-feasibility level) as well as the advantages of BOOT funding elements of the Makhado CPP. The potential alternative development scenarios were developed with a view to optimising capital expenditure and reducing operational costs, including possibly: 1. moving the Vele CPP and modifying the plant at Makhado; or 2. the construction of a bespoke CPP at Makhado. Both alternative development scenarios entail mining of the East Pit, followed by the Central and West Pits and the hauling the saleable coal only 72km from Makhado to the Musina siding. The BFS Base Case included the hauling of crushed and screened Makhado coal 134km to the Vele CPP for processing, followed by the 55km back-haul of saleable coal to the Musina siding. The additional two scenarios resulted in improved project economics with higher NPV and IRR values, primarily due to the exclusion of the trucking of crushed and screened ROM coal. While the peak funding requirements 5 for both alternative scenarios are higher, the payback periods are slightly shorter due to the lower operating costs detailed in the table below (compiled by Minxcon). Scenario 1: Scenario 2: Base Case Move Vele CPP Build new CPP to Makhado at Makhado Construction capital ZAR625m ZAR1.1bn ZAR1.2bn Peak funding ZAR727m ZAR1.2bn ZAR1.3bn Construction period1 ~12 months ~12 months ~12 months Long-term ZAR:US$ exchange rate used 2 ZAR15.47 ZAR15.47 ZAR15.47 Benchmark real long-term premium HCC US$212 US$212 US$212 price/t 3 Benchmark real long term API4 (6,000k/cal) US$106 US$106 US$106 thermal coal price/t 4 Post-tax IRR 39.6% 45.2% 41.0% Post-tax NPV(6.1%) 5 ZAR4.0bn ZAR5.9bn ZAR5.8bn Post-tax NPV(10%) ZAR2.5bn ZAR4.0bn ZAR3.8bn Average payback period (years) 3.8 3.2 3.5 1 Timelines to be confirmed during detailed design phase 2 Average of ZAR17.54:US$1.00 for September 2022 3 Average of $266/t for September 2022 4 Average of $295/t for September 2022 5 The 6.1% (real, after tax/ 10.9% nominal) discount rate calculated by Minxcon was the optimal rate due to, inter alia, the Company’s financial position and macroeconomic factors. The option of moving the Vele CPP (Scenario 1) provides the most attractive financial metrics but removes the Vele asset from MC Mining’s portfolio, limiting future exploitation opportunities at Vele. Construction of a new Makhado CPP provides similar results but requires additional peak funding of ZAR145 million (US$8.9 million) while keeping the Vele CPP intact for future exploitation. As a result, the MC Mining board has conditionally approved a development strategy involving the construction of the Makhado CPP (Scenario 2). In order to reduce the peak funding requirement, Minxcon further 6 assessed opportunities for BOOT arrangements for the Makhado CPP. The BOOT (pre-feasibility level) funding significantly reduced the peak funding requirement while the NPV value remained similar but the IRR increased significantly from 41.0% to 61.6% for the new Makhado CPP option. Makhado Project Funding The Company continued the Makhado Project composite debt/equity funding initiatives during the quarter and subsequently announced a fully underwritten, renounceable A$40.0 million (ZAR451 million/US$27.6 million) Rights Issue. This will be completed in early November 2022 and provides the cornerstone funding for Makhado. The Rights Issue also satisfies a key condition for the drawdown of the new ZAR245 million (US$40.0 million) new facility from the IDC. This facility remains subject to due diligence and credit approval. The potential funding scenarios for the development of Makhado are assessed in the table below. Construction of Makhado BOOT funded new CPP (no BOOT funding) Makhado CPP Peak funding ZAR 1.3bn ZAR 653m Construction capital ZAR 1.2bn ZAR 1.2bn Underwritten rights offer (ZAR 451m) (ZAR 451m) Potential BOOT funding (ZAR 60m)(1) (ZAR 663m)(2) Indicative IDC debt funding (ZAR 245m) (ZAR 245m) Potential debt funding(3) (ZAR 344m) - Working capital funding (to peak (ZAR 200) - funding) (3) Average payback period (years) 3.5 2.8 (1) In-principle, non-binding BOOT funding proposal received which is subject to signature of the formal 7 agreement (2) Not necessarily indicative of finance to be secured (assumes 100%) (3) The Company is considering options in this regard The Company appointed Erudite (Pty) Ltd (Erudite) to complete the detailed study work that will allow for a full process plant design specifically for the Makhado CPP. Erudite expects to complete the study during December 2022. This study is also required for potential additional BOOT funders to complete their assessments. Minxcon confirmed that this engineering design work could potentially materially reduce capital costs and consequently, the peak funding requirement. The Company anticipates that the balance of the Makhado Project funding will be concluded in Q1 CY2023 with early works construction also commencing during this period. Vele Semi-Soft Coking and Thermal Coal Colliery – Limpopo (Tuli) Coalfield (100% owned) The Vele Colliery remained on care and maintenance during the quarter and recorded no LTIs during the period (FY2022 Q4: no LTIs). The Makhado BFS Base Case assumed the Vele CPP would be refurbished and recommissioned as part of the development of Makhado with the crushed and screened Makhado coal processed coal at Vele. This would have required modifications to the Vele CPP of approximately ZAR397 million (US$23.9 million). The MC Mining Board approval to build a new CPP at Makhado thus created optionality for the potential recommencement of operations at Vele. The Company has previously reported that when market conditions improve, the reopening of Vele would be considered and options being evaluated include the possible outsourcing of operations at the colliery. The Company is currently assessing potential partnerships in this regard and any development model that includes elements of outsourcing will reduce the start-up working capital funding and prioritise resources on the development of the flagship Makhado Project. Greater Soutpansberg Project (GSP) – Soutpansberg Coalfield (74% owned) GSP recorded no LTIs (FY2022 Q4: nil) during the quarter and no reportable activities occurred during the period. 8 Rights Issue During the quarter, the Company commenced with a fully underwritten 1.012 for 1 renounceable Rights Issue at an issue price of A$0.20 (US$0.14) in Australia (and New Zealand) and ZAR2.36 in South Africa. The Rights issue was limited to Eligible Shareholders in these three jurisdictions and will raise gross proceeds of A$40 million (equivalent to approximately ZAR451 million / US$27.6 million) via the issue of approximately 200,026,728 New Shares (subject to rounding). The Rights Issue is expected to be completed in early November 2022 and the net funds received will be used for the following purposes: • to meet the Company’s equity contribution required for the IDC’s proposed debt funding, in relation the development of Makhado; • fund the continued development of the Makhado Project; • repayment of the ZAR60 million (approximately $3.7 million) of the Standby Loan Facility; and • for general working capital (including to pay the costs of the Rights Issue) purposes. Appendix 5B – Quarterly Cash Flow Report The Company’s cash balance as at 30 September 2022 was $2.2 million with available facilities of $0.3 million. The aggregate amount of payments to related parties and their associates, as disclosed as item 6.1 of the September 2022 quarter Appendix 5B was $87k, 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 08 9316 Secretary Services 9100 Company advisors: James Harris / James Nominated Strand Hanson +44 20 7409 Dance Adviser Limited 3494 9 Rory Scott Broker (AIM) Tennyson Securities +44 20 7186 9031 Marion Brower Financial PR R&A Strategic +27 11 880 (South Africa) Communications 3924 Investec Bank 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. 10 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 11 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% 12 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 6.79% 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% 13 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% 14 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, 15 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- 70% Colliery 22 Natal~ and Portion 8 (of 1) of Kweekspruit No. 70% prospects 22 Remainder of Portion 1 of Uitkomst 70% No. 95 Portion 5 (of 2) of Uitkomst No. 95 70% Remainder Portion1 of Vaalbank 70% No. 103 Portion 4 (of 1) of Vaalbank No. 103 70% Portion 5 (of 1) of Vaalbank No. 103 70% Remainder of Portion 1 of 70% Rustverwacht No. 151 Remainder of Portion 2 of 70% Rustverwacht No. 151 Remainder of Portion 3 (of 1) of 70% Rustverwacht No. 151 Portion 4 (of 1) Rustverwacht 70% No.151 Portion 5 (of 1) Rustverwacht No. 70% 151 Remainder of Portion 6 (of 1) of 70% Rustverwacht No. 151 Portion 7 (of 1) of Rustverwacht No. 70% 151 Portion 8 (of 2) of Rustverwacht No. 70% 151 Remainder of Portion 9 (of 2) of 70% Rustverwacht No. 151 Portion 11 (of 6) of Rustverwacht 70% No. 151 Portion 12 (of 9) of Rustverwacht 70% No. 151 Portion 13 (of 2) of Rustverwacht 70% No. 151 16 Change Project during Name Tenement Number Location Interest quarter Portion 14 (of 2) of Rustverwacht 70% No. 151 Portion 15 (of 3) of Rustverwacht 70% No. 151 Portion 16 (of 3) of Rustverwacht 70% No. 151 Portion 17 (of 2) of Rustverwacht 70% No. 151 Portion 18 (of 3) of Waterval No. 70% 157 Remainder of Portion 1 of Klipspruit 70% No. 178 Remainder of Portion 4 of Klipspruit 70% No. 178 Remainder of Portion 5 of Klipspruit 70% No. 178 Portion 6 of Klipspruit No. 178 70% Portion 7 (of 1) of Klipspruit No. 70% 178 Portion 8 (of 1 )of Klipspruit No. 70% 178 Portion 9 of Klipspruit No. 178 70% Remainder of Portion 10 (of 5) of 70% Klipspruit No. 178 Portion 11 (of 5) of Klipspruit No. 70% 178 Portion 13 (of 4) of Klipspruit No. 70% 178 Remainder of Portion 14 of 70% Klipspruit No. 178 Portion 16 (of 14) of Klipspruit No. 70% 178 Portion 18 of Klipspruit No. 178 70% Portion 23 of Klipspruit No. 178 70% Remainder of Portion 1 of 70% Jackalsdraai No. 299 Remainder of Jericho B No. 400 70% Portion 1 of Jericho B No. 400 70% Portion 2 of Jericho B No. 400 70% Portion 3 of Jericho B No. 400 70% 17 Change Project during Name Tenement Number Location Interest quarter Remainder of Jericho C No. 413 70% Portion 1 of Jericho C No. 413 70% Remainder of Portion 1 of Jericho A 70% No. 414 Remainder of Portion 2 (of 1) of 70% Jericho A No. 414 Portion 3 (of 1) of Jericho A No. 414 70% Portion 4 (of 1) of Jericho A No. 414 70% Portion 5 (of 2) of Jericho A No. 414 70% Portion 6 (of 1) of Jericho A No. 414 70% Margin No. 420 70% 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% 18