MC Mining Limited (JSE:MCZ) News - Statement Regarding Share Price Movement
Cautionary Announcement

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
                                                           28 July 2022

STATEMENT RE SHARE PRICE MOVEMENT
CAUTIONARY ANNOUNCEMENT


MC Mining Limited (MC Mining or the Company) notes the recent share price rise and provides the
following update. As previously announced, the Company is advancing the funding processes for the
Makhado hard coking coal project (Makhado or the Makhado Project) and targets concluding this
during Q3 CY2022. The funding is expected to include a combination of debt and an equity issue by
the Company, and the Bankable Feasibility Study (BFS) completed by Minxcon (Pty) Ltd (Minxcon) in
April 2022 (and advised to the market on 14 April 2022) was a key milestone in progressing such
funding. The Makhado development plan in the BFS was designed to minimise the upfront capital
expenditure by utilising existing infrastructure at the Vele Colliery. This included modifying the existing
coal processing plant (CPP) at the Vele Colliery, currently on care and maintenance, allowing it to
simultaneously produce hard coking coal (HCC) and export quality thermal coal.


The Company has subsequently mandated Minxcon to expand the BFS to include alternative
development plans to enhance value. These include, amongst others, the moving of the Vele CPP to
Makhado or the construction of a new CPP at Makhado, and this additional work on the BFS is ongoing,
and a further announcement will be made will be made in the coming weeks. The construction of a
CPP at Makhado allows alternative development opportunities at Vele which the Company is also
investigating.


MC Mining has ongoing performance improvement initiatives at its high-grade Uitkomst metallurgical
and thermal colliery. This included the alternative product production as well as associated marketing
strategies resulted in the 28 July 2022 announcement detailing the Sales & Marketing Agreement with
Overlooked Collieries Proprietary Limited.


Should any of the various processes outlined above be pursued and concluded, it may have a material
effect on the price of the Company’s securities and further announcements will be made in due
course, as appropriate. Shareholders should note that there can be no certainty of any such initiatives
ultimately being secured. Accordingly, shareholders are advised to exercise caution when dealing in
their MC Mining securities until further announcements are made.


Godfrey Gomwe
Managing Director and Chief Executive Officer
This announcement has been approved by the Company’s Disclosure Committee.


For more information contact:
       Tony Bevan                          Company                      Endeavour Corporate              +61 08 9316
                                           Secretary                    Services                         9100
       Company advisors:
       James Harris / James                Nominated                    Strand Hanson                    +44 20 7409
       Dance                               Adviser                      Limited                          3494

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



       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.

[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).]




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Date: 28-07-2022 12:10:00
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