TIDMMCM
RNS Number : 8757X
MC Mining Limited
28 April 2023
ANNOUNCEMENT 28 April 2023
ACTIVITIES REPORT FOR THE QUARTERED 31 MARCH 2023
FOR
MC Mining Limited ( MC Mining or the Company)
and its subsidiary companies
HIGHLIGHTS
Operations
-- Health and safety remains a priority and we continue to make
progress despite one lost-time injury (LTI) recorded during the
quarter (FY2023 Q2: two LTIs);
-- Run-of-mine (ROM) coal production at the Uitkomst
metallurgical and thermal coal mine (Uitkomst Colliery or Uitkomst)
was 18% lower than the March 2022 quarter at 101,616 tonnes (t)
(FY2022 Q3: 124,144t). Production was affected by challenging
geological conditions , floods in the area, as well as national
electricity blackouts that regularly interrupt ed operations at the
colliery;
-- Uitkomst recorded 78,032t of coal sales during the quarter
(FY2022 Q3: 71,361t), comprising 23,326t (FY2022 Q3: 62,751t) of
high-grade domestic coal sales, 2,801t (FY2022 Q3: 8,610t) of lower
grade middlings coal and coal exports of 51,905t (FY2022 Q3: nil
t);
-- Uitkomst had 35,103t (FY2022 Q3: 10,754t) of high-grade coal
at the colliery and 4,872t of stock (FY2022 Q3: nil t) at port at
the end of the quarter;
-- Formulated and put into action a detailed implementation plan
(Implementation Plan) for the construction and first five years of
mining and processing operations at the Makhado hard coking coal
project (Makhado Project or Makhado); and
-- Mining and processing coal at the outsourced Vele Aluwani
Colliery (Vele Colliery or Vele) ramped up following the
recommissioning of the mine in December 2022 and the outsource
agent delivered 48,581t (FY2022 Q3: nil t) of thermal coal during
the quarter .
Corporate
-- The appointment of Yi (Christine) He as a Non-Executive
Director and Julian Hoskin as an Independent Non-Executive Director
on 10 March 2023, and the resignation of Haohua Energy
International (Hong Kong) Co. Ltd's shareholder representative
director, Mr Junchao Liu on the same date.
-- The appointment BSM Sponsors (Proprietary) Limited as the Company's sponsor on the JSE.
-- The period saw a sharp decline in Thermal Coal prices which
averaged $146/t in the quarter compared to $273/t experienced in H1
of FY2022. Hard coking coal (HCC) prices remained elevated
averaging $344/t in the quarter.
-- Available cash and facilities at quarter-end of US$14.1
million (US$20.2 million at 31 December 2022) and restricted cash
of US$0.02 million (US$0.03 million at 31 December 2022).
Godfrey Gomwe, Managing Director & Chief Executive Officer,
commented:
"The Company is progressing to being the only large-scale
producer of hard coking coal in South Africa. The commencement of
the Makhado Implementation Plan during the period will provide the
detail required for the Project's execution. The recently announced
optimised Makhado development plan, with an increase in annual ROM
production and coal handling and processing plant (CHPP) capacity
has resulted in a significant improvement in hard coking coal
production as well as higher yields of the thermal coal by-product,
enhancing the Project's attractive economics.
Further milestones were achieved in the progression and
execution of the project as the Company augmented its owner's team
during the period, following the previous appointment of Erudite, a
reputable and expert Engineering, Procurement & Construction
Manager. The funding initiatives are expected to be concluded in
early Q3 CY2023, together with the selection and appointment of
outsourced mining and CHPP operating contractors.
The operations at the outsourced Vele Colliery ramped up during
the quarter and the contractor is expected to be at full production
by the end of H1 CY2023. The recommissioning of Vele has created
333 permanent job positions and alleviated any 'use it or lose it'
risk associated with unutilised mining assets in South Africa. The
Uitkomst colliery was impacted by the increased incidents of
electricity blackouts implemented by Eskom, the state power
utility, as well as flooding in KwaZulu-Natal during February 2023.
The decline in international thermal coal prices experienced in the
period has resulted in the Company assessing various alternative
marketing strategies."
DETAILED QUARTERLY OPERATIONS REPORTS
Uitkomst Colliery - Utrecht Coalfields (84% owned)
One LTI was recorded during the quarter (FY2023 Q2: two LTIs).
The mine has a heightened focus on leading indicators to deliver
safety improvements.
The Uitkomst Colliery generated 101,616t of ROM coal during the
quarter (FY2022 Q3: 124,144t) with production adversely affected by
challenging geological conditions in two of the underground mining
sections, particularly the occurrence of dyke intrusions as well as
narrow coal mining seams. The daily implementation of electricity
blackouts by Eskom, also impacted operations at the colliery.
Uitkomst does have back-up diesel generators but these are only
sufficient for underground mining operations and the switch from
Eskom to internally generated power affects both underground and
surface operations. The continued use of the generators for the
underground mining activities and high cost of diesel has also
detrimentally impacted mining costs.
Uitkomst sold 75,231t (FY2022 Q3: 62,751t) of high-grade pea and
duff-sized coal during the three months, comprising 51,905t
exported from the port of Durban (FY2022 Q3: nil t) and 23,326t
(FY2022 Q3: 62,751t) to domestic customers. Sales of high-grade pea
and duff-sized coal in February 2023 were affected by flooding in
KwaZulu-Natal, with the colliery losing approximately 6,000t of
coal sales. Uitkomst also sold 2,801t (FY2022 Q3: 8,601t) of high
ash, lower value middlings coal under fixed price arrangements and
had 4,872t (FY2022 Q3: nil t) at port and 35,103t (FY2022 Q3:
10,754t) on site at the end of the quarter. The colliery continues
to assess domestic and export marketing opportunities for its
coal.
The API4 coal price averaged $146/t during the quarter, which is
39% lower than FY2022 Q3 ($238/t) and the colliery's revenue per
tonne was affected by lower API4 coal prices as well as higher port
and logistics costs during the quarter. Uitkomst realised an
average export sales price of US$124/t with average sales
prices/tonne impacted by lower priced, ZAR denominated domestic
sales as well as weaker ZAR:US$ exchange rates (FY2023 Q3:
R17.74:US$; FY2022 Q3: R15.25:US$).
The production costs per saleable tonne were 12% lower than the
comparative period (FY2023 Q3: US$68/t vs. FY2022 Q3: US$74/t) with
the higher sales volumes largely offsetting the 16% weakening of
the ZAR. The ZAR denominated production costs increased due to
inflationary pressures as well as higher energy costs as the
underground operations use diesel during blackout periods and
processing costs increase due to increased overtime, in addition to
inefficiencies caused by the power outages.
Quarter to end-Mar 2023 Quarter to end-Mar 2022 %
Production volumes
Uitkomst ROM (t) 101,616 124,144 (18%)
Inventory volumes
High quality duff and peas at site (t) 35,103 10,754 >100%
High quality duff and peas at port (t) 4,872 - 100%
39,975 10,754 >100%
Sales tonnages
Domestic high quality duff and peas (t) 23,326 62,751 (63%)
Export high quality duff and peas (t) 51,905 - >100%
Middlings sales (t) 2,801 8,601 (68%)
78,032 71,361 9%
Quarter financial metrics
Net revenue/t (US$) 70 110 (36%)
Net revenue/t (ZAR) 1,242 1,677 (26%)
Production cost/saleable tonnes (US$)^ 65 74 (12%)
----------------------------------------- ------------------------- ------------------------- -------
^ costs are all South African Rand (ZAR) based
Makhado Hard Coking Coal Project - Soutpansberg Coalfield (67%
owned)
The development of the Company's flagship Makhado Project is
expected to position MC Mining as South Africa's pre-eminent HCC
producer, with Makhado producing a mid-volatile HCC. The Company
completed various studies including an optimisation study that has
doubled the Makhado CHPP annual ROM feed capacity from 2.0 million
tonnes per annum (Mtpa) to 4.0Mtpa . Erudite (Pty) Ltd (Erudite)
complete d the detailed planning for a full process plant design
for the CHPP. During the quarter, MC Mining appointed independent
consultants to peer review the Makhado mine plan and this forms
part of the detailed Implementation Plan.
An information day was held during the quarter to inform host
communities on the status of the Makhado Project , as well as the
procurement and recruitment protocols.
Early works
A budget of ZAR71.3 million (US$4.0 million) for early works was
approved in November 2022 by the MC Mining Board. The early works
include, inter alia, a bridge and internal roads, initial bulk
earthworks, site security and communication infrastructure. The
early works commenced during the quarter and included the
construction of site accommodation using host community service
providers and the selection of a contractor to build the bridge
across the Mutamba river to facilitate access of heavy machinery.
The Company also placed orders for long lead items for construction
of the CHPP and access road and advanced the design of electricity
and communication infrastructure, with planned construction to
commence in H2 FY2023.
Implementation Plan
The Company progressed the Makhado Implementation Plan during
the quarter. A primary goal of the Implementation Plan was to
improve the accuracy of the August 2022 pre-feasibility studies
from +/-70% accuracy to an estimated accuracy of +/-90%. In
addition, the Implementation Plan includes a detailed execution
plan for the construction of the East Pit, Makhado CHPP and related
infrastructure and a detailed mine plan for the first five years of
operations. I ndependent peer reviews of key inputs of the Makhado
Implementation Plan commenced during the quarter.
The work completed during the quarter resulted in the
announcement, on 26 April 2023, of the revised mine plan detailing
that the East Pit will be mined first and ROM coal production will
increase from 3.2Mtpa to 4.0Mtpa. Previous development plans
incorporated a crushing and screen plant that would have removed
1.2Mtpa of discard material prior to processing in the CHPP. Under
the Implementation Plan, the full ROM feed stream (4.0Mtpa) will
now be processed through the CHPP. As a result, Makhado is expected
to produce an average of 880,000t per annum (tpa) of HCC during the
first five years of operation, compared to 540,000tpa in the April
2022 Bankable Feasibility Study, while thermal coal production
increases from 570,000tpa to an average of 650,000tpa.
Project expenditure
MC Mining augmented its technical execution capacity in line
with its strategy to limit fixed overhead costs, by recruiting an
outsourced owner's team during the quarter and also engaged key
service providers to manage the Implementation Plan.
The higher volume of coal to be mined as well as an increased
CHPP processing capacity is anticipated to result in higher capital
expenditure. Erudite completed the detailed designs for the mine
infrastructure and CHPP and also commenced obtaining detailed
execution quotes for the construction of the CHPP. This process is
expected to be finished in July 2023 and will also cater for the
enlarged mining and processing footprint.
The Makhado Project will be contractor-operated and during April
2023, the Company commenced an open tender process to select a
mining contractor. This process is expected to be completed in
early Q3 CY2023. First coal production is expected 18 months from
commencement of construction, which is expected during H2
CY2023.
Makhado Project Funding
The Company continued the Makhado Project composite funding
initiatives during the quarter and anticipates that the balance of
the funding will be concluded in early H2 CY2023. The various
initiatives underway include amongst others, build, own, operate,
transfer (BOOT) funding arrangements, additional senior debt as
well as debt/equity instruments and coal prepayments. During the
quarter, the Company advanced discussions with Enprotec (Pty) Ltd
(Enprotec) to design and procure the flotation and filtration
plant, a key part of the CHPP required to extract the HCC. The
flotation and filtration plant is expected to cost R155 million
(US$8.6 million) and the Company has in-principle agreement with
Enprotec that this part of the plant will be constructed on a BOOT
basis.
Vele Aluwani Semi-Soft Coking and Thermal Coal Colliery -
Limpopo (Tuli) Coalfield (100% owned)
Vele recorded no LTIs (FY2023 Q2: nil) during the quarter.
The mining and processing of operations at the opencast Vele
Colliery were outsourced to Hlalethembeni Outsourcing Services
(Pty) Ltd (HOS) and recommissioned in late December 2022. The
recommissioning of Vele adds a further cash generating unit to MC
Mining's portfolio with limited financial or human capital
contributions and has created 333 permanent jobs.
HOS is responsible for all mining and processing costs and the
Company remains responsible for the colliery's regulatory
compliance, rehabilitation guarantees, relationships with
authorities and communities as well as the supply of electricity
and water. The construction of the overhead powerline to facilitate
electricity supply from Eskom was delayed during the quarter and as
a result, MC Mining was required to supply diesel for the CHPP
generators. The construction of the overhead line was completed in
April 2023 and connection to the Eskom electricity supply is
expected to take place in May 2023.
The ramp-up of mining at Vele continued during the quarter and
HOS delivered 48,581t (FY2022 Q3: nil t) of thermal coal during the
period. Ramp-up to full production is expected to occur in late Q4
FY2023 with HOS targeting monthly production of 60,000t of saleable
thermal coal from Vele. Under the terms of the Company's agreement
with HOS, the Company earns R200/t of coal sold.
During February 2023, a fire damaged parts of the support
infrastructure at one of the Company's lodge facilities. The lodge
does not form part of the Vele Colliery and the estimated damage is
R7.5 million (US$0.4 million). The Company's insurers are
processing the claim.
Greater Soutpansberg Project (GSP) - Soutpansberg Coalfield (74%
owned)
The Greater Soutpansberg Projects recorded no LTIs (FY2023 Q2:
nil) during the quarter and no reportable activities occurred
during the period.
Appendix 5B - Quarterly Cash Flow Report
The Company's cash balance as at 31 March 2023 was US$14.1
million with available facilities of US$0.2 million. The aggregate
amount of payments to related parties and their associates, as
disclosed as item 6.1 of the March 2023 quarter Appendix 5B was
US$109k, comprising executive and non-executive director
remuneration.
Godfrey Gomwe
Managing Director and Chief Executive Officer
This announcement has been approved by the Company's Disclosure
Committee.
All figures are in South African rand or United States dollars
unless otherwise stated.
For more information
contact:
Endeavour Corporate
Tony Bevan Company Secretary Services +61 8 9316 9100
Company advisors:
James Harris / James
Dance Nominated Adviser Strand Hanson Limited +44 20 7409 3494
Rory Scott Broker (AIM) Tennyson Securities +44 20 7186 9031
R&A Strategic
Marion Brower Financial PR (South Africa) Communications +27 11 880 3924
BSM Sponsors Proprietary Limited is the nominated JSE Sponsor
About MC Mining Limited:
MC Mining is an AIM/ASX/JSE-listed coal exploration, development
and mining company operating in South Africa. MC Mining's key
projects include the Uitkomst Colliery (metallurgical and thermal
coal), Makhado Project (hard coking coal), Vele Colliery (semi-soft
coking and thermal coal), and the Greater Soutpansberg Projects
(coking and thermal coal).
All figures are denominated in United States dollars unless
otherwise stated. Safety metrics are compared to the preceding
quarter while financial and operational metrics are measured
against the comparable period in the previous financial year. A
copy of this report is available on the Company's website,
www.mcmining.co.za .
Forward-looking statements
This Announcement, including information included or
incorporated by reference in this Announcement, may contain
"forward-looking statements" concerning MC Mining that are subject
to risks and uncertainties. Generally, the words "will", "may",
"should", "continue", "believes", "expects", "intends",
"anticipates" or similar expressions identify forward-looking
statements. These forward-looking statements involve risks and
uncertainties that could cause actual results to differ materially
from those expressed in the forward-looking statements. Many of
these risks and uncertainties relate to factors that are beyond MC
Mining's ability to control or estimate precisely, such as future
market conditions, changes in regulatory environment and the
behaviour of other market participants. MC Mining cannot give any
assurance that such forward-looking statements will prove to have
been correct. The reader is cautioned not to place undue reliance
on these forward-looking statements. MC Mining assumes no
obligation and does not undertake any obligation to update or
revise publicly any of the forward-looking statements set out
herein, whether as a result of new information, future events or
otherwise, except to the extent legally required.
Statements of intention
Statements of intention are statements of current intentions
only, which may change as new information becomes available or
circumstances change.
Tenements held by MC Mining and its Controlled Entities
Project Name Tenement Number Location Interest Change during quarter
------------------------------ ------------------------------ ---------------- ---------- ----------------------
Chapudi Project* Albert 686 MS Limpopo 74%
Bergwater 712 MS 74%
Remaining Extent and Portion
2 of Bergwater 697 MS 74%
Blackstone Edge 705 MS 74%
Remaining Extent & Portion 1
of Bluebell 480 MS 74%
Remaining Extent & Portion 1
of Bushy Rise 702 MS 74%
Castle Koppies 652 MS 74%
Chapudi 752 MS 74%
Remaining Extent, Portions 1,
3 & 4 of Coniston 699 MS 74%
Driehoek 631 MS 74%
Remaining Extent of
Dorps-rivier 696 MS 74%
Enfield 512 MS (consolidation
of Remaining Extent of
Enfield 474 MS, Brosdoorn
682 MS & Remaining
Extent of Grootvlei 684 MS) 74%
Remaining Extent and Portion
1 of 74%
Grootboomen 476 MS 74%
Grootvlei 684 MS 74%
Kalkbult 709 MS 74%
Remaining Extent, Remaining
Extent of Portion 2,
Remaining Extent of Portion
3, Portions 1,
4, 5, 6, 7 & 8 of Kliprivier
692 MS 74%
Remaining Extent of
Koodoobult 664 MS 74%
Koschade 657 MS (Was Mapani
Kop 656 MS) 74%
Malapchani 659 MS 74%
Mapani Ridge 660 MS 74%
Melrose 469 MS 74%
Middelfontein 683 MS 74%
Mountain View 706 MS 74%
M'tamba Vlei 654 MS 74%
Remaining Extent & Portion 1
of Pienaar 635 MS 74%
Remaining Extent & Portion 1
of Prince's Hill 704 MS 74%
Qualipan 655 MS 74%
Queensdale 707 MS 74%
Remaining Extent & Portion 1
of Ridge End 662 MS 74%
Remaining Extent & Portion 1
of Rochdale 700 MS 74%
Sandilands 708 MS 74%
Portions 1 & 2 of Sandpan 687
MS 74%
Sandstone Edge 658 MS 74%
Remaining Extent of Portions
2 & 3 of Sterkstroom 689 MS 74%
Sutherland 693 MS 74%
Remaining Extent & Portion 1
of Varkfontein 671 MS 74%
Remaining Extent, Portion 2,
Remaining Extent of Portion
1 of Vastval 477 MS 74%
Vleifontein 691 MS 74%
Ptn 3, 4, 5 & 6 of Waterpoort
695 MS 74%
Wildebeesthoek 661 MS 74%
Woodlands 701 MS 74%
------------------------------ ----------------------------------------------- ---------- ----------------------
Kanowna West & Kalbara M27/41 Coolgardie^ Royalty<>
----------------
M27/47 Royalty<>
----------------
M27/59 Royalty<>
M27/72,27/73 Royalty<>
M27/114 Royalty<>
M27/196 Royalty<>
M27/181 5.99%
M27/414,27/415 Royalty<>
P27/1826-1829 Royalty<>
P27/1830-1842 Royalty<>
P27/1887 Royalty<>
------------------------------ ------------------------------ ---------------- ---------- ----------------------
Abbotshall Royalty ML63/409,410 Norseman^ Royalty
------------------------------ ------------------------------ ---------------- ---------- ----------------------
Kookynie Royalty ML40/061 Leonora^ Royalty
------------------------------
ML40/135,136 Royalty
------------------------------ ------------------------------ ---------------- ---------- ----------------------
Makhado Project Fripp 645 MS Limpopo 67%(#)
Lukin 643 MS 67%(#)
Mutamba 668 MS 67%(#)
Salaita 188 MT 67%(#)
Tanga 849 MS 67%(#)
Daru 889 MS 67%(#)
Windhoek 900 MS 67%(#)
Generaal Project* Beck 568 MS Limpopo 74%
Bekaf 650 MS 74%
Remaining Extent & Portion 1
of Boas 642 MS- 74%
Chase 576 MS 74%
Coen Britz 646 MS 74%
Fanie 578 MS 74%
Portions 1, 2 and Remaining
Extent of Generaal 587 MS 74%
Joffre 584 MS 74%
Juliana 647 MS 74%
Kleinenberg 636 MS 74%
Remaining Extent of Maseri
Pan 520 MS 74%
Remaining Extent and Portion
2 of Mount Stuart 153 MT 100%
Nakab 184 MT 100%
Phantom 640 MS 74%
Riet 182 MT 100%
Rissik 637 MS 100%
Schuitdrift 179 MT 100%
Septimus 156 MT 100%
Solitude 111 MT 74%
Stayt 183 MT 100%
Remaining Extent & Portion 1
of Terblanche 155 MT 100%
Van Deventer 641 MS 74%
Wildgoose 577 MS 74%
------------------------------ ----------------------------------------------- ---------- ----------------------
Mopane Project* Ancaster 501 MS Limpopo 100%
Banff 502 MS 74%
Bierman 599 MS 74%
Cavan 508 MS 100%
Cohen 591 MS 100%
Remaining Extent, Portions 1
& 2 of Delft 499 MS 74%
Dreyer 526 MS 74%
Remaining Extent of Du Toit
563 MS 74%
Faure 562 MS 74%
Remaining Extent and Portion
1 of Goosen 530 MS 74%
Hermanus 533 MS 74%
Jutland 536 MS 100%
Krige 495 MS 74%
Mons 557 MS 100%
Remaining Extent of Otto 560
MS (Now Honeymoon) 74%
Remaining Extent & Portion 1
of Pretorius 531 MS 74%
Schalk 542 MS 74%
Stubbs 558 MS 100%
Ursa Minor 551 MS 74%
Van Heerden 519 MS 74%
Portions 1, 3, 4, 5, 6, 7, 8,
9, Remaining Extent of
Portion 10, Portions 13, 14,
15, 16,
17, 18, 19, 20, 21, 22, 23,
24, 26, 27, 29, 30, 35, 36,
37, 38, 39, 40, 41, 44, 45,
46, 48,
49, 50, 51, 52 & 54 of Vera
815 MS 74%
Remaining Extent of Verdun
535 MS 74%
Voorburg 503 MS 100%
Scheveningen 500 MS 74%
Uitkomst Colliery and Portion 3 (of 2) of
prospects Kweekspruit No. 22 KwaZulu-Natal 84%
Portion 8 (of 1) of
Kweekspruit No. 22 84%
Remainder of Portion 1 of
Uitkomst No. 95 84%
Portion 5 (of 2) of Uitkomst
No. 95 84%
Remainder Portion1 of
Vaalbank No. 103 84%
Portion 4 (of 1) of Vaalbank
No. 103 84%
Portion 5 (of 1) of Vaalbank
No. 103 84%
Remainder of Portion 1 of
Rustverwacht No. 151 84%
Remainder of Portion 2 of
Rustverwacht No. 151 84%
Remainder of Portion 3 (of 1)
of Rustverwacht No. 151 84%
Portion 4 (of 1) Rustverwacht
No.151 84%
Portion 5 (of 1) Rustverwacht
No. 151 84%
Remainder of Portion 6 (of 1)
of Rustverwacht No. 151 84%
Portion 7 (of 1) of
Rustverwacht No. 151 84%
Portion 8 (of 2) of
Rustverwacht No. 151 84%
Remainder of Portion 9 (of 2)
of Rustverwacht No. 151 84%
Portion 11 (of 6) of
Rustverwacht No. 151 84%
Portion 12 (of 9) of
Rustverwacht No. 151 84%
Portion 13 (of 2) of
Rustverwacht No. 151 84%
Portion 14 (of 2) of
Rustverwacht No. 151 84%
Portion 15 (of 3) of
Rustverwacht No. 151 84%
Portion 16 (of 3) of
Rustverwacht No. 151 84%
Portion 17 (of 2) of
Rustverwacht No. 151 84%
Portion 18 (of 3) of Waterval
No. 157 84%
Remainder of Portion 1 of
Klipspruit No. 178 84%
Remainder of Portion 4 of
Klipspruit No. 178 84%
Remainder of Portion 5 of
Klipspruit No. 178 84%
Portion 6 of Klipspruit No.
178 84%
Portion 7 (of 1) of
Klipspruit No. 178 84%
Portion 8 (of 1 )of
Klipspruit No. 178 84%
Portion 9 of Klipspruit No.
178 84%
Remainder of Portion 10 (of
5) of Klipspruit No. 178 84%
Portion 11 (of 5) of
Klipspruit No. 178 84%
Portion 13 (of 4) of
Klipspruit No. 178 84%
Remainder of Portion 14 of
Klipspruit No. 178 84%
Portion 16 (of 14) of
Klipspruit No. 178 84%
Portion 18 of Klipspruit No.
178 84%
Portion 23 of Klipspruit No.
178 84%
Remainder of Portion 1 of
Jackalsdraai No. 299 84%
Remainder of Jericho B No.
400 84%
Portion 1 of Jericho B No.
400 84%
Portion 2 of Jericho B No.
400 84%
Portion 3 of Jericho B No.
400 84%
Remainder of Jericho C No.
413 84%
Portion 1 of Jericho C No.
413 84%
Remainder of Portion 1 of
Jericho A No. 414 84%
Remainder of Portion 2 (of 1)
of Jericho A No. 414 84%
Portion 3 (of 1) of Jericho A
No. 414 84%
Portion 4 (of 1) of Jericho A
No. 414 84%
Portion 5 (of 2) of Jericho A
No. 414 84%
Portion 6 (of 1) of Jericho A
No. 414 84%
Margin No. 420 84%
Portions of Overvlakte 125 MS
Vele Colliery and (Remaining Extent, 3, 4, 5,
prospects 6, 13, 14) Limpopo 100%
Bergen Op Zoom 124 MS 100%
Semple 155 MS 100%
Voorspoed 836 MS 100%
Alyth 837 MS 100%
------------------------------ ----------------------------------------------- ---------- ----------------------
* Form part of the Greater Soutpansberg Projects
Tenement located in the Republic of South Africa
^ Tenement located in Australia
(#) MC Mining's interest will reduce to 67% on completion of the
26% Broad Based Black Economic Empowerment (BBBEE) transaction
<> net smelter royalty of 0.5%
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END
MSCGIGDSUDDDGXI
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April 28, 2023 04:30 ET (08:30 GMT)
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