Buffalo Coal Corporation (JSE:BUC) News - Unaudited condensed interim consolidated financial results for the three and six months ended 30 June 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 six months ended 30 June 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 100% of the shares in Buffalo Coal Dundee Proprietary Limited (“BC Dundee”), a
South African company, with an interest in two operating coal mines 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 are comprised of the Aviemore anthracite mine and the Magdalena
bituminous mine.

Operational review and results:

The interim financial results of the Group for the three and six months ended 30 June 2021 (the “Interim
Results”), as compared to the three and six months ended 30 June 2020 (the “Comparative Period”),
are set out below:

                                                          6 months ended                             3 months ended

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

Revenue                                 174 278 415          201 657 753        (14%)   93 104 089     74 472 661         25%

(Loss) / profit from operations         (41 772 421)        (69 390 768)        (40%)   10 894 929     27 976 158        (61%)
 
(Loss) / earnings per share
 - basic and diluted                          (0.31)              (0.21)        (35%)         0.01           0.04        (79%)
 
Headline (loss)/earnings per share
 - basic and diluted                          (0.31)              (0.21)        (35%)         0.01           0.04        (79%)
 
Normalized headline (loss) / earnings
 per share
 - basic and diluted                          (0.31)              (0.21)        (35%)         0.01           0.04        (79%)


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 six months ended 30 June 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 six months ended 30 June 2021, which may be
downloaded from:
https://senspdf.jse.co.za/documents/2021/jse/ISSE/BUC/Jun21Quart.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.

19 August 2021

Designated Advisor:
Questco Corporate Advisory Proprietary Limited

Date: 19-08-2021 05:29:00
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