MC Mining Limited (JSE:MCZ) News - Resignation of Executive Director

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


ANNOUNCEMENT                                                                     8 April 2022


RESIGNATION OF EXECUTIVE DIRECTOR

MC Mining Limited (MC Mining or the Company) announces that Sam Randazzo will step down as
Executive Director, effective close of business on 8 April 2022. Sam joined MC Mining in November
2019 as a Non-Executive Director and subsequently as interim Chief Executive Officer (CEO) and
Executive Director from February 2021. Mr Randazzo has agreed to continue in the role of interim CEO
while the Board identifies a suitable replacement.


In the short time of 12 months since his appointment, Mr Randazzo stabilised the financial position of
the Company during a period of acute working capital challenges and social unrest in South Africa. He
successfully implemented diligent cash management, negotiated extensions to debt facilities and
vendor payments, and concluded the R86 million (US$5.7 million) funding package announced by the
Company on 1 February 2022. Additionally, he initiated and directed a bankable feasibility study for
the Makhado hard coking coal project (Makhado Project). Mr Randazzo also originated discussions
with several potential key cornerstone funders for the Makhado Project.


Khomotso Mosehla, MC Mining’s Chairman, said: “On behalf of the Board I would like to thank Mr
Randazzo for his significant contributions as Executive Director. Mr Randazzo agreed to serve in this
role during a challenging time and has successfully guided MC Mining during difficult business
conditions. He has been instrumental in setting the foundation for the Company to complete a
funding package for the development of the Makhado Project. The Board is very grateful for his
commitment.”
Khomotso Mosehla
Chairman
This announcement has been approved by the Company’s Disclosure Committee.


For more information contact:
Tony Bevan                          Company Secretary            Endeavour Corporate              +61 08 9316 9100
                                                                 Services

Company advisors:
James Harris / James Dance          Nominated Adviser (AIM) Strand Hanson Limited                 +44 20 7409 3494

Rory Scott                          Broker (AIM)                Tennyson Securities               +44 20 7186 9031
James Duncan                        Financial PR (South Africa) R&A Strategic                     +27 11 880 3924
                                                                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).



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.

Statements of intention

Statements of intention are statements of current intentions only, which may change as new information becomes available
or circumstances change.




                                                                                                                           
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Date: 08-04-2022 03:16:00
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