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”)

MANAGEMENT CHANGES

TORONTO, ONTARIO – Newsfile – November 29, 2022: Buffalo Coal. (TSXV: BUF) advises its shareholders
that its Chief Executive Officer (“CEO”), Ms. Emma Oosthuizen has resigned as the CEO of Buffalo by
triggering the termination clause of her employment contract, pursuant to the change of control of
ownership of Buffalo Coal, first reported on June 15, 2022. Further, Ms. Oosthuizen, who was also acting
as the interim Chief Financial Officer (“CFO”), assumes the role of the CFO of the Company effective
immediately.

Simultaneously, the Company announces the appointment of Mr. Somdeb Banerjee as the CEO effective
November 29, 2022. Mr. Banerjee is appointed as the CEO of the Group including the operating and
revenue generating subsidiaries, Buffalo Coal Dundee Proprietary Limited (“BCD”) and Zinoju Coal
Proprietary Limited (“Zinoju”), and for the entirety of the Group's coal mining and processing businesses.

Mr. Banerjee completed his engineering qualification from the prestigious Indian Institute of Technology,
Kharagpur and pursued an MBA from the Indian Institute of Management, Calcutta (now Kolkata), a
premier institute for business studies, and has had a significant stint leading certain African operations of
Tata Steel, a global steel conglomerate, as Managing Director / CEO.

The Company also wishes to advise that Mr. Kevern Mattison has departed as the General Manager of its
South African operations during the third quarter of 2022.

The board of directors (the “Board”) welcomes Mr. Banerjee to the Group and wishes him every success,
and thanks Ms. Oosthuizen for her valuable contributions as the Company’s CEO whilst looking forward
to her continued association as the CFO.

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. 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:

Mr Alok Joshi
Director
Email: alok.joshi@buffalocoal.co.za

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

29 November 2022

Designated advisor:
Questco Corporate Advisory Proprietary Limited