Buffalo Coal Corporation (JSE:BUC) News - Unaudited condensed interim consolidated financial results for the three and nine months ended 30 September 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”)

UNAUDITED CONDENSED INTERIM CONSOLIDATED FINANCIAL RESULTS FOR THE THREE AND NINE MONTHS ENDED 30 SEPTEMBER 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 interim financial results of the Group for the three and nine months ended 30 September 2021 (the
“Interim Results”), as compared to the three and nine months ended 30 September 2020 (the
“Comparative Period”), are set out below:

                                                   9 months ended                                   3 months ended


                                   September 30,      September 30,                 September 30,      September 30,
                                       2021               2020              %           2021               2020            %
                                                                         variance                                       variance
Key financials                          R                   R                            R                   R

Revenue                               288 033 764         267 152 808          8%       113 755 349          65 495 055      74%

(Loss) / profit from operations       (57 290 421)        (55 082 430)         4%       (15 518 000)         14 308 336    (208%)
(Loss) / earnings per share
 - basic and diluted                        (0.19)              (0.19)         0%             (0.06)               0.01    (654%)
Headline (loss) / earnings 
per share
 - basic and diluted                        (0.19)              (0.19)         0%             (0.06)               0.01    (654%)
Normalized headline (loss) / earnings 
per share
 - basic and diluted                        (0.19)              (0.19)        (1%)            (0.06)               0.01    (654%)


No dividends were declared or paid during the period under review or during the Comparative Period.
This announcement does not include the information required pursuant to paragraph 16A(j) of IAS 34
Interim Financial Reporting.

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 unaudited condensed
interim financial results for the three and nine months ended 30 September 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 nine months ended 30 September 2021, which may be downloaded from:

https://senspdf.jse.co.za/documents/2021/jse/ISSE/BUC/Sep21Quart.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.


18 November 2021

Designated Advisor:
Questco Corporate Advisory Proprietary Limited

Date: 18-11-2021 05:19:00
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