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

 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                                                                     11 March 2022


                           RESIGNATION OF NON-EXECUTIVE CHAIRMAN

MC Mining Limited (MC Mining or the Company) announces that Mr Bernard Pryor will step down as
Chairman of the Board, effective 5pm Western Australian Standard Time, Friday 11 March 2022. Long
standing non-executive director Mr Khomotso Mosehla has been appointed as interim Chairman
pending the outcome of the shareholder requisitioned meeting scheduled for 11 April 2022.


Mr Pryor joined the Company during August 2012, initially serving as a Non-Executive Director and
then as Chairman from February 2014.


At the time of his initial appointment, MC Mining was in a precarious financial positon having
significant debt and operating several loss making coal mines. The Company is now on more stable
footing having secured a large coal resource base, substantially reduced debt and with the recently
announced South African Rand 86 million capital raising agreement with Senosi Group Investment
Holdings Proprietary Limited (SGIH).


Mr Pryor said: “I am leaving the Board of MC Mining at a hugely positive time for the Company. The
recent investment by SGIH, and in particular the coal experience and skills they bring to the Company,
alongside completing the land acquisition for the Makhado project at a time of strong coal prices, the
Company is well placed to finalise the Makhado financing and set along a path to generate value for
all stakeholders. This has been long overdue but there have been numerous hurdles to overcome to
reach this point. Also as a shareholder myself, I wish the company all success in the future.”


Newly appointed interim Chairman, Mr Khomotso Mosehla said: “The MC Mining board expressed
their sincere appreciation to Mr Pryor for his role in helping to steer the company through some
turbulent periods and wish him every success in his future endeavors.”


This announcement has been approved by the Company’s Disclosure Committee.
This announcement is inside information for the purposes of Article 7 of Regulation 596/2014.


For more information contact:
Sam Randazzo                      Interim CEO                    MC Mining Limited              +61 408 945010
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)                  Mirabaud Securities Limited     +44 20 3167 7220
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).




                                                                                                                       

Date: 11-03-2022 09:00:00
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