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
                                                           20 December 2022

                EXTENSION OF THE UITKOMST COAL SALES & MARKETING AGREEMENT
                                     RELATED PARTY TRANSACTION


MC Mining Limited (MC Mining or the Company) is pleased to announce a six-month extension
(Extension) of the July 2022 Coal Sales & Marketing Agreement (Marketing Agreement or the
Agreement) between the Company’s subsidiary Uitkomst Colliery Proprietary Ltd (Uitkomst Colliery
or Uitkomst) and Overlooked (Proprietary) Limited (Overlooked). The Marketing Agreement was due
to expire on 31 December 2022 and has now been extended to 30 June 2023, with the key terms of
the Marketing Agreement remaining.


The prevailing anti-fossil fuel sentiment and invasion of Ukraine earlier in 2022 has resulted in a global
energy shortage and record international thermal coal prices. The coal sold between July and
November 2022 under the terms of the Agreement, realised an average free-on-board price of $237/t,
significantly higher than domestic coal sales prices.


The salient features of the Marketing Agreement and the Extension thereof are:
•     contract now expiring in June 2023;
•     from 1 January 2023, sale of a minimum of 15,000t of Uitkomst coal per month at API4-linked, US
      dollar denominated prices;
•     Overlooked is responsible for the transportation, stockpiling and export of the coal at port and
      will receive a market related commission; and
•     Overlooked charges a competitive marketing fee of 5% of the sales price, which is reasonable
      considering competing proposals received by Uitkomst, for providing access to the international
      market.
Related Party Transaction


The Extension is deemed a related party transaction under the AIM Rules for Companies due to Mr
Matthews Senosi (a Non-Executive Director and Substantial Shareholder (as defined by the AIM Rules)
of the Company) being the Chief Executive Officer and majority shareholder of Overlooked. The
independent directors of the Board of MC Mining, being those directors other than Mr Senosi, having
consulted with Strand Hanson Limited, the Company's Nominated Adviser, consider the Extension to
be fair and reasonable insofar as the Company's shareholders are concerned.


Godfrey Gomwe, Managing Director and Chief Executive Officer of MC Mining, commented:

“Uitkomst produces high quality coal but does not produce sufficient volumes to fill a ship on a monthly
basis and the partnership with Overlooked has generated significant benefits for Uitkomst, facilitating
an export route to market and access to higher international thermal coal prices. The sale of the initial
120,000t is not expected to be completed by the end of December 2022, mainly due to shipping delays,
with 36,764t currently stockpiled at the harbour and the remaining 11,281t at Uitkomst. The Uitkomst
Colliery continues to supply coal to the local market, but at reduced volumes.”


Godfrey Gomwe
Managing Director and Chief Executive Officer
This announcement has been approved by the Company’s Disclosure Committee.
All figures are in United States dollars unless otherwise stated.

This announcement contains inside information for the purposes of Article 7 of the Market Abuse Regulation
(EU) 596/2014, as it forms part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018 (as
amended).



For more information contact:
Tony Bevan                  Company Secretary           Endeavour Corporate          +61 08 9316 9100
                                                             Services
Company advisors:
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 (South      R&A Strategic                +27 11 880 3924
                                     Africa)                  Communications
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.