Buffalo Coal Corp.
 Incorporated in Canada and the Republic of South Africa
 (Registration number: 2011/011661/10)
 Share code TSX Venture Exchange: BUF
 Share code JSE Limited: BUC
 ISIN: CA1194421014
 (“Buffalo Coal Corp.” or “the Group” or “the Company”)

      UNAUDITED CONDENSED INTERIM CONSOLIDATED FINANCIAL RESULTS FOR THE
                 THREE AND NINE MONTHS ENDED 30 SEPTEMBER 2022

Introduction:

Buffalo Coal Corp. is a coal mining and supply company operating in the Republic of South Africa
(“South Africa”). The Company is primarily listed on the TSX Venture Exchange and has a secondary
listing on the Alternative Exchange operated by the JSE Limited.

The Company owns an 100% interest in Buffalo Coal Dundee Proprietary Limited (“BC Dundee”), a
South African company, with an interest in two operating coal mines and two coal mining projects in
South Africa (“the BC Dundee Properties”). BC Dundee indirectly holds a 70% interest in the BC
Dundee Properties through its 70% interest in Zinoju Coal Proprietary Limited (“Zinoju”), which holds
all of the mineral rights with respect to the BC Dundee Properties. The remaining 30% interest in Zinoju
is held by South African Broad-Based Black Economic Empowerment partners.

The BC Dundee Properties comprise the Aviemore East anthracite mine, the Magdalena bituminous
mine, the Balgray anthracite project and the Aviemore North Adit anthracite project.

Operational review and results:

The interim financial results of the Group for the three and nine months ended 30 September 2022 (the
“Interim Results”), as compared to the three and nine months ended 30 September 2021 (the
“Comparative Period”), are set out below:


                                                          9 months ended                              3 months ended


                                         September           September                    September       September
                                            30,                 30,                          30,             30,
                                           2022                2021                         2022            2021
                                                                                  %                                         %
                                                                               variance                                  variance
 Key financials                              R                    R                          R                 R

 Revenue from contracts with customers   383 257 235          288 033 764          33%    195 916 315     113 755 349        72%

 (Loss) / profit from operations          (1 459 237)         (57 290 421)        (97%)     2 007 015     (15 518 000)     (113%)
 Loss per share
 - basic and diluted                             (0.06)               (0.19)      (70%)          (0.02)         (0.06)      (73%)
 Headline loss per share
 - basic and diluted                             (0.06)               (0.19)      (70%)          (0.02)         (0.06)      (73%)
 Normalized headline (loss) / earnings
 per share
 - basic and diluted                             (0.06)               (0.19)      (70%)          (0.02)         (0.06)      (73%)


No dividends were declared or paid during the period under review or during the Comparative Period.

This short-form announcement, which is the responsibility of the board of directors of the Company, is
only a summary of the information in the full announcement (being the detailed unaudited condensed
interim financial results for the three and nine months ended 30 September 2022) ("Full
Announcement”) and therefore does not contain full or complete details. Any investment decisions by
investors and / or shareholders should be based on consideration of the Full Announcement and the
management’s discussion and analysis document for the three and nine months ended 30 September
2022, which may be downloaded from:
.
https://senspdf.jse.co.za/documents/2022/jse/ISSE/BUC/Sep22Quart.pdf
or the Company’s website at:
http://www.buffalocoal.co.za/investors
and may also be requested from the Company by contacting info@buffalocoal.co.za during ordinary
business hours, for a period of 30 calendar days following the date of this announcement.

29 November 2022

Designated Advisor:

Questco Corporate Advisory Proprietary Limited