Buffalo Coal Corporation (JSE:BUC) News - Acquisition of majority stake in Buffalo Coal complete BUFFALO COAL CORP. Registration number: 001891261 External company registration number: 2011/011661/10 Share code on the TSX Venture Exchange: BUF Share code on the JSE Limited: BUC ISIN: CA1194421014 ("Buffalo Coal" or “Buffalo” or “the Group” or "the Company" or “the Issuer”) ACQUISITION OF MAJORITY STAKE IN BUFFALO COAL COMPLETE August 8, 2022: Buffalo Coal announces that, further to the transaction between Resource Capital Fund V L.P. (“RCF V”) and Belvedere Resources DMCC (“Belvedere”) for the transfer of ownership of RCF V's securities holdings in the Company as previously announced in the press release of the Company dated as of June 15, 2022, that all administrative matters required to give effect to the transaction were completed on August 5, 2022. The Company further advises that engagements with Investec Bank Limited, as previously announced in the press release of the Company dated as of July 5, 2022 are ongoing. Craig Wiggill, the chairman of the Board, commented as follows: “We are pleased to have Belvedere as our new majority shareholder and look forward to working closely with Belvedere’s management team to unlock the synergies that exist between Buffalo Coal and Belvedere." About Buffalo Coal Buffalo is a coal producer in South Africa. It holds a majority interest in two operating mines through its 100% interest in Buffalo Coal Dundee Proprietary Limited, a South African company which has a 70% interest in Zinoju Coal Proprietary Limited (“Zinoju”). Zinoju holds a 100% interest in the Magdalena bituminous mine, the Aviemore East anthracite mine and the Balgray and North Adit anthracite projects in South Africa. Buffalo Coal has an experienced coal-focused management team. The Company has its primary listing on the TSX Venture Exchange and has a secondary listing on the Alternative Exchange, operated by the JSE Limited. Forward-Looking Statements This press release may contain forward looking information within the meaning of applicable securities legislation, which reflects the Company’s current expectations regarding future events. Forward looking information is based on a number of assumptions and is subject to a number of risks and uncertainties, many of which are beyond the Company’s control, which could cause actual results and events to differ materially from those that are disclosed in or implied by such forward looking information. The Company does not undertake any obligation to update such forward looking information, whether as a result of new information, future events or otherwise, except as expressly required by applicable law. Neither the TSX Venture Exchange, nor its regulation services provider (as that term is defined in the policies of the exchange), accepts responsibility for the adequacy or accuracy of this release. FOR FURTHER INFORMATION PLEASE CONTACT: Mr Craig Wiggill Chairman of the Board Email: info@buffalocoal.co.za Registered office: Greytown Road Industrial Area Dundee KwaZulu-Natal 3000 8 August 2022 Designated advisor: Questco Corporate Advisory Proprietary Limited Date: 08-08-2022 05:27:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE'). The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct, indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on, information disseminated through SENS.