BUFFALO COAL CORP.
Registration number: 001891261
External company registration number: 2011/011661/10
Share code on the TSX Venture Exchange: BUF
Share code on the JSE Limited: BUC
ISIN: CA1194421014
("Buffalo Coal" or “Buffalo” or “the Group” or "the Company" or “the Issuer”)

BUFFALO COAL CORP. ANNOUNCES AMENDMENTS TO LOAN FACILITIES

TORONTO, ONTARIO – Newsfile – November 24, 2022: Buffalo Coal (TSXV: BUF) announced today that
the convertible loan facility as amended from time to time, the (“Convertible Loan”) with Belvedere
Resources DMCC (“Belvedere”) (assumed from Resource Capital Fund V L.P.) has been amended to
remove the right of Belvedere, as lender, to convert amounts owing thereunder into shares in the capital
of the corporation.

There is currently US$27,000,000 outstanding under the Convertible Loan, together with US$270,175
accrued and unpaid interest. The scheduled maturity date under the Convertible Loan is June 30, 2023.
The material terms of the Convertible Loan are disclosed in the corporation’s public disclosures which are
filed on www.sedar.com.

In addition, the Company’s wholly-owned subsidiary, Buffalo Coal Dundee Proprietary Limited (“BCD”),
together with Belvedere and Investec Bank Limited (“Investec”), has entered into an amendment to the
tri-partite agreement previously announced by the Company on October 5, 2022, pursuant to which the
date that BCD will repay the remaining amounts owing to Investec has been extended to January 6, 2023.

About Buffalo Coal

Buffalo is a coal producer in South Africa. It holds a majority interest in two operating mines through its
100% interest in BCD, a South African company which has a 70% interest in Zinoju Coal Proprietary Limited
(“Zinoju”). Zinoju holds a 100% interest in the Magdalena bituminous mine, the Aviemore East anthracite
mine and the Balgray and North Adit anthracite projects in South Africa. Buffalo Coal has an experienced
coal-focused Board and Management team.

The Company has its primary listing on the TSX Venture Exchange and has a secondary listing on the
Alternative Exchange, operated by the JSE Limited.

Forward-Looking Statements

This press release may contain forward looking information within the meaning of applicable securities
legislation, which reflects the Company’s current expectations regarding future events. Forward looking
information is based on a number of assumptions and is subject to a number of risks and uncertainties,
many of which are beyond the Company’s control, which could cause actual results and events to differ
materially from those that are disclosed in or implied by such forward looking information. The Company
does not undertake any obligation to update such forward looking information, whether as a result of
new information, future events or otherwise, except as expressly required by applicable law.

FOR FURTHER INFORMATION PLEASE CONTACT:

Ms Emma Oosthuizen
Chief Executive Officer
Email: emma.oosthuizen@buffalocoal.co.za

Registered office:
Greytown Road
Industrial Area, Dundee
KwaZulu-Natal
3000

24 November 2022

Designated advisor:
Questco Corporate Advisory Proprietary Limited