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




4 November 2022

                   FULLY UNDERWRITTEN RIGHTS ISSUE OFFER CLOSES
MC Mining Limited (MC Mining or the Company) is pleased to announce the successful conclusion of
its fully underwritten renounceable rights offer as announced on 27 September 2022 (the Rights
Issue).

The Right Issue has resulted in the Company raising its target A$40 million through the issue of
200,026,719 new ordinary shares (the New Shares). Previous announcements in relation to the Rights
Issue indicated that 200,026,728 news shares would be issued and the nine share variance compared
to the New Shares is following rounding to each qualifying individual holder.

Of the 200,026,719 New Shares that were offered under the Rights Issue, the Company received total
applications in respect of 107,617,686 New Shares.

The total shortfall, being 92,409,033 New Shares, will be issued to the sub-underwriters of the Rights
Issue in the following proportions:

         Name of sub-         Number of New Shares to           Number of Ordinary         Relevant Interest
         underwriter          be issued (Rights take-up           Shares held on              (as a %) on
                               and sub-underwriting)               Completion *              Completion1
  SGIH                               56,993,546                     95,357,455                  23.98%
  Dendocept Group 1                                                 95,357,455                  23.98%
  - Dendocept                          25,423,755                   28,265,593                   7.11%
  - Golden Eagle                       26,499,345                   26,499,345                   6.66%
  - Pacific Coal                       24,927,758                   24,927,758                   6.27%
  - Golden Archer                        264,845                      264,845                    0.07%
  - Jun Lui                             3,387,705                    6,735,240                   1.69%
  - Y He                                4,358,176                    8,664,674                   2.18%
* Senosi Group Investment Holdings Proprietary Limited (an entity that is owned and controlled by Mr Mathews
Senosi, a Director of the Company) (SGIH) and Dendocept Proprietary Limited (Dendocept) and its associates
(collectively, the Dendocept Group) each (as applicable) took up their Rights in full and had entered into sub-
underwriting agreements with the Underwriter for the balance of the total amount the Company was seeking to
raise under the Rights Issue. SGIH therefore was issued 38,824,276 New Shares pursuant to the Rights Issue, and
has additionally been issued 18,169,270 New Shares from those not subscribed for or sold under the Rights Issue


1
 Since Dendocept, Golden Eagle, Pacific Coal, Golden Archer, Jun Lui and Y. He are “associates” for the purposes
of the Rights Issue, their Relevant Interests are aggregated.
(for which SGIH received a fee from the Underwriter).

Morgans Corporate Limited acted as Underwriter to the Rights Issue, and Joint Lead Managers
together with Adelaide Equity Partners Limited. The Company also wishes to acknowledge the support
provided by K&L Gates and Ares Capital, the Company’s legal and financial advisers, as well as by the
above noted sub-underwriters. This support was instrumental in ensuring the success of the Rights
Issue in the current volatile market and economic environment.

The Company expects to issue the New Shares the subject of the Rights Issue to investors with a
registered address in South Africa on 4 November 2022 and to investors with a registered address in
Australia or New Zealand on 8 November 2022. Quotation of these New Shares is expected to occur
on the timing set out in the timetable in Schedule 1 of the Rights Issue offer booklet (Offer Booklet).

For further details in relation to the terms of the Rights Issue, and the proposed use of proceeds,
please refer to the Offer Booklet2 a copy of which is available at: www.mcmining.co.za.

Mr Godfrey Gomwe, Managing Director & Chief Executive Officer, commented:

“The encouraging result of the Rights Issue has underscored the continued robust support of our
anchor shareholders combined with the increased opportunity for new equity participants to partake
in our maturing growth strategy. The additional capital transforms the Company’s balance sheet and
marks a further key milestone towards the complete financing of the flagship Makhado project and
the positioning of MC Mining Limited as the only large scale producer of Hard Coking Coal in the South
African market.”

Admission and Total Voting Rights

Application has been made for the New Shares to be admitted to trading on the ASX, AIM and JSE
markets (Admission). Admission of the New Shares to trading on AIM is expected to become effective
at 8:00 a.m. on or around 9 November 2022, and the New Shares will rank pari passu with the
Company's existing ordinary shares of no par value (Ordinary Shares).

On Admission, MC Mining's issued share capital shall comprise 397,681,589 Ordinary Shares. This
figure may be used by shareholders in the Company as the denominator for the calculations by which
they will determine if they are required to notify their interest in, or a change in their interest in, the
share capital of the Company under the ASX Listing Rules or the FCA's Disclosure Guidance and
Transparency Rules.

This announcement has been authorised and approved by the Board or an officer of the Company
with the requisite delegated authority.

For and on behalf of

MC Mining

Tony Bevan
Company Secretary



2
 Unless otherwise defined, capitalised words and terms used in this announcement have the meanings given to
them in the Offer Booklet.

                                                                                                         2
For more information contact:

 Tony Bevan                   Company Secretary       Endeavour Corporate Services   +61 08 9316 9100

 James Harris/ James Dance    Nominated Adviser       Strand Hanson Limited          +44 20 7409 3494

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

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

 Investec Bank Limited is the nominated JSE Sponsor


About MC Mining
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).

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.




                                                                                                        3