Buffalo Coal Corporation (JSE:BUC) News - Audited Consolidated Financial Statements for the year ended 31 December 2021

Buffalo Coal Corp.
Incorporated in Canada and the Republic of South Africa
(Registration number: 2011/011661/10)
Share code TSX Venture Exchange: BUF
Share code JSE Limited: BUC
ISIN: CA1194421014
(“Buffalo Coal Corp.” or “the Group” or “the Company”)

            AUDITED CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED
                                  31 DECEMBER 2021

Introduction:

Buffalo Coal Corp. is a coal mining and supply company operating in the Republic of South Africa
(“South Africa”). The Company is primarily listed on the TSX Venture Exchange and has a secondary
listing on the Alternative Exchange operated by the JSE Limited.

The Company owns a 100% interest in Buffalo Coal Dundee Proprietary Limited (“BC Dundee”), a
South African company, with an interest in two operating coal mines and two coal mining projects in
South Africa (“the BC Dundee Properties”). BC Dundee indirectly holds a 70% interest in the BC
Dundee Properties through its 70% interest in Zinoju Coal Proprietary Limited (“Zinoju”), which holds
all of the mineral rights with respect to the BC Dundee Properties. The remaining 30% interest in Zinoju
is held by South African Black Economic Empowerment partners.

The BC Dundee Properties comprise the Aviemore anthracite mine, the Magdalena bituminous mine,
the Balgray anthracite project and the Aviemore North Adit anthracite project.

Operational review and results:

The audited consolidated financial statements of the Group for the year ended 31 December 2021, as
compared to the year ended 31 December 2020 (the “Comparative Period”), are set out below:

                                                                               Year ended
                                                      December 31,              December 31,
                                                          2021                      2020
                                                                                                         %
 Key financials                                             R                         R               variance

 Revenue from contracts with customers                  373 959 970                 321 319 560           16%
 (Loss)/profit from operations                          (15 955 261)                 33 867 504        (147%)
 (Loss) per share
 - basic and diluted                                          (0.11)                     (0.00)       (2 213%)
 Headline (loss) per share
 - basic and diluted                                          (0.11)                     (0.00)       (2 213%)
 Normalized headline (loss) per share
 - basic and diluted                                          (0.11)                     (0.00)       (2 213%)


No dividends were declared or paid during the period under review or during the Comparative Period.

The Company’s auditors, McGovern Hurley LLP, issued an unqualified audit opinion for the year ended
31 December 2021, which includes the requisite disclosure of key audit matters pursuant to the
International Standards of Auditing. The full audit report is included in the financial statements.

This short-form announcement, which is the responsibility of the board of directors of the Company, is
only a summary of the information in the full announcement (being the detailed audited consolidated
financial statements for the year ended 31 December 2021) ("Full Announcement”) and therefore does
not contain full or complete details. Any investment decisions by investors and / or shareholders should
be based on consideration of the Full Announcement and the management’s discussion and analysis
document for the three and twelve months ended 31 December 2021, which may be downloaded from:

https://senspdf.jse.co.za/documents/2022/jse/ISSE/BUC/Dec2021.pdf
or the Company’s website at:
http://www.buffalocoal.co.za/investors
and may also be requested from the Company by contacting info@buffalocoal.co.za during ordinary
business hours, for a period of 30 calendar days following the date of this announcement.

8 April 2022

Designated Advisor:
Questco Corporate Advisory Proprietary Limited

Date: 08-04-2022 05:00:00
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