Buffalo Coal Corporation (JSE:BUC) News - Restructuring of the Investec Term Loan and Revolving Credit Facility

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 “Buffalo” or “the Group” or “the Company”)


RESTRUCTURING OF THE INVESTEC TERM LOAN AND REVOLVING CREDIT FACILITY (“the Investec Loan”)

TORONTO, ONTARIO – Marketwired – March 3, 2022: Buffalo Coal Corp. announces that on January
18, 2022, Investec Bank Limited (“Investec”) agreed to defer the final maturity date of the outstanding
capital amount of R46,114,771 as at December 31, 2021 on the Investec Loan owing by Buffalo Coal
Dundee Proprietary Limited (“Buffalo Coal Dundee”) to February 28, 2022. Investec and the Group (“the
Parties”) further provided undertakings that they would negotiate, in good faith, to agree on the
restructuring of the Investec Loan on or before the final maturity date.

The Group wishes to advise that those negotiations regarding the restructuring of the Investec Loan
have not yet been concluded.

Emma Oosthuizen, the Company’s Chief Executive Officer, commented that “Buffalo Coal Corp.
continues to actively engage with Investec regarding the restructuring of the Investec Loan with the aim
of securing an achievable and acceptable solution for the Parties without compromising the Group’s
ability to continue limited scale development of the Balgray Project (“Balgray”) whilst discussions with
existing and potential new investors are ongoing.

Balgray is the Group’s highest priority project and will extend the Group’s anthracite operations by
approximately 7 years and would need to become operational during the first quarter of 2023 to replace
the diminishing Aviemore East reserves.”

About Buffalo

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, 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.

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:
Ms Emma Oosthuizen
Chief Executive Officer
Email: Emma.Oosthuizen@buffalocoal.co.za


3 March 2022

Designated Advisor:
Questco Corporate Advisory Proprietary Limited

Date: 03-03-2022 04:57:00
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