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Activities Report for the quarter ended 30 September 2025 (FY2026 Q1)
MC Mining Limited
Previously Coal of Africa Limited
(Incorporated and registered in Australia)
Registration number ABN 008 905 388
ISIN AU000000MCM9
JSE share code: MCZ
ASX/AIM code: MCM
ANNOUNCEMENT
31 October 2025
ACTIVITIES REPORT FOR THE QUARTER ENDED 30 SEPTEMBER 2025 (FY2026 Q1) FOR MC MINING LIMITED (MC Mining
or the Company) AND ITS SUBSIDIARY COMPANIES
HIGHLIGHTS
Operations
Health and safety performance across the group improved, with the Company having operated
with no lost time injuries (LTI) for the quarter. The Makhado steelmaking hard coking coal Project
(Makhado Project or Makhado) has now reached 911 days LTI-free, for 949,000 manhours
worked, whilst Uitkomst steelmaking coal Colliery (Uitkomst Colliery or Uitkomst) reached 228
days LTI-free;
Development of the Makhado Project progressed well, with key milestones achieved despite
experiencing some construction delays: commissioning activities for the coal handling and
preparation plant (CHPP or Coal Plant) are expected to begin by December 2025; the principal
mining contractor has commenced with the open pit mining of the box cut; civil foundational
works for the Coal Plant are largely complete; and significant progress is being made towards the
commissioning of the 14km overhead power transmission line;
The operational improvement plan for Uitkomst Colliery (Turnaround Plan) was approved and key
improvement initiatives are being executed accordingly. Overhead cost reductions are being
realised and focus has moved to increasing production via improved equipment availabilities and
utilisation. Improved production is expected in the last quarter of this calendar year.
Run-of-mine (ROM) coal production from Uitkomst Colliery decreased by 21% on the previous
quarter's production, and was 8% lower than the comparative period in FY2025 at 82,588 tonnes
(t) (FY2025 Q1: 90,069t). The reduction in production, compared to FY2025 Q1, was due to delays
in the start of the turnaround plan, temporary operational challenges (geological intrusions) and
reduced machine availability due to intensive repair and refurbishment being carried as part of
turnaround plan;
Uitkomst Colliery sold 47,116t of high-grade coal during the quarter (FY2025 Q1: 47,586t), a 1%
decrease on the prior year sales, and there was no sales of the lower grade middlings coal (FY2025
Q1: 8,719). Coal plant yields remained high at 73% due to operational improvement initiatives
over the period, which offset the lower ROM coal production;
Limited activities were undertaken at the Company's Vele Aluwani semi-soft coking coal (SSCC)
and thermal coal (TC) Colliery (Vele Colliery or Vele), whilst the numerous coal deposits within
the Greater Soutpansberg Projects (GSP) were evaluated and prioritised for development; and
Depressed TC prices continued with average prices of US$91/t for the three months, compared to
US$90/t in Q4 FY2025 and US$110/t in Q1 of FY2025. Premium steelmaking HCC prices have
decreased, averaging US$185/t in the quarter compared to US$212/t in FY2025 Q1.
Corporate
Available cash and facilities was US$13.2 million at the period end (FY2025 Q4: US$7.4 million);
Kinetic Development Group Limited (KDG) made payments amounting to US$15 million for the
purchase of MC Mining shares, as part of the share subscription agreement, during the quarter.
US$5 million of the payment relates to the fourth Second Closing and US$10 million of the payment
relates to the fifth Second Closing as per the Share Subscription Agreement;
The Company made a further repayment of ZAR10 million towards the Industrial Development
Corporation (IDC) loan during the quarter;
Permanent appointment of Ms Yi (Christine) He as Managing Director and Chief Executive Officer
of MC Mining Limited.
Events subsequent to the end of the quarter
Jianheng (Albert) Deng was appointed as a Non-Executive Director of MC Mining; and
Zhen (Brian) He resigned from being a Non-Executive Director of MC Mining.
DETAILED QUARTERLY OPERATIONS REPORTS
Makhado HCC Project Soutpansberg Coalfield, Limpopo Province, South Africa (67% owned)
Project Overview. Construction of the Makhado steelmaking hard coking coal Project (Makhado
Project or Makhado) progressed well, with commissioning activities of the Coal Plant scheduled to
begin in December 2025, despite experiencing some construction delays. During the quarter, more
project development milestones were successfully achieved, whilst maintaining the excellent safety,
health, environmental and regulatory compliance performances that have become a recognizable
feature of the venture to date. The colliery will be South Africa's largest hard coking coal (HCC)
producer, designed to produce 800,000 tonnes a year of HCC 64 Mid Vol, once steady-state operation
for the foundation phase is reached. The life-of-mine (LOM) for the Makhado Colliery is planned to
be 28 years. Contiguous to the Makhado Project are the satellite Greater Soutpansberg Projects (GSP),
that are all at granted Mining Right status, also endowed with steelmaking HCC potential, and
scheduled to be the focus of mine planning, once the Makhado Project is commissioned.
Health, Safety, Regulatory Compliance and Environmental Performance. The Makhado Project
achieved another quarter free from any LTIs (FY2025 Q4: nil), with 911 days LTI-free and 949,000
manhours now accumulated for the project to date. Employee health initiatives focused on raising
awareness on mental health, men's health and chronic conditions management. The workforce onsite
now numbers 790 people of whom 312 are employed from the host communities. In line with the
project's social and labour plan commitments and environmental management obligations, designs to
improve the regional roads (D745 and D3672) are largely completed, and a host community business
has been contracted to undertake the road maintenance.
The mine continued to be built with zero reportable environmental incidents and keen emphasis being
placed on environmental protection and management. As of the reporting date, the Department of
Mineral and Petroleum Resources (DMPR) undertook a comprehensive and multi-discipline onsite
health and safety, environmental, social and labour planning and regulatory compliance audit of the
Makhado Project. The Pollution Prevention Plan and the Greenhouse Gases Emission report were
approved by the Department of Forestry, Fisheries and the Environment, further improving the
environmental credentials of the Makhado Project. The Company continues to promote collaborative
and constructive relationships with regulatory authorities and host community stakeholders.
Project Development Milestones Achieved. The Makhado Project is progressing strongly with more
key development milestones achieved this quarter. Coal Plant commissioning activities are expected
to start during December 2025, despite delays encountered due to inclement weather, sourcing of
suitable construction materials and obtaining of all requisite clearances to continue with construction
of the 14km long power transmission line. The project expenditure remains within the budgeted
estimates. Noteworthy features of the project include:
- Open pit Mining: Open pit mining of the boxcut commenced during the quarter, with the
first in-pit blast being performed in early October 2025. JCI Mining (Pty) Ltd ('JCI'), the principal
mining contractor, now has 167 people onsite, with a mining fleet consisting of 8 backhoe
configured excavators, supported by a team of 33 articulated dump trucks. A further 4 trucks
are schedule to be mobilised during the coming quarter. Mining of overburden material is
progressing steadily, with 1.3 million bench cubic metres (BCM) already mined. Coal exposure
is anticipated by November 2025.
- Construction of the Coal Plant: Civil foundational works are largely complete, and the focus
has now shifted to steelwork, mechanical, and equipment installations. Despite the delays
experienced due to weather, sourcing of construction materials, obtaining clearances to
continue with powerline construction and slow deliveries of equipment procured offshore,
commissioning activities are scheduled to commence in December 2025. Site infrastructure
development is advancing steadily. Access and bulk services remain on schedule for
completion in time for production start-up. Mine access roads are complete and currently
undergoing wear course and stormwater drainage works. The CHPP will process ROM coal to
produce a primary product of HCC 64 Mid Vol and a secondary product of 5,500kcal API4
thermal coal (TC). Work is continuing on the planning of the expansion strategy once the
foundation phase is commissioned. Environmental and Process Technologies (Enprotec), the
lead contractors for building the Coal Plant, now manage 450 persons on site, across 16
different sub-contractors, with 140 of these employees having been recruited from the host
communities.
- Construction of permanent access bridge: - The construction of a permanent bridge crossing
the Mutamba River, to provide access to the mine site is continuing. The Matamba River
bridge is advancing, with foundation works to be completed in October 2025 and overall
completion expected in December 2025. A temporary access bridge, completed in FY2025 Q3
is currently being used to provide site access.
- Construction power reticulation: The main power supply line construction is progressing well
and remains on track for completion in December 2025. This power line, the Paradise
Overhead Line (OHL), will be a 14km long, 22kV bulk power transmission line, to deliver
7.5MVA of power to the site from the national grid, via the nearby Paradise Power Station.
This workstream is being managed by the EHL Engineering Group (EHL) on an EPC-turnkey
basis.
Outlook. Construction work and operational readiness activities are ongoing, with commissioning
activities for the Coal Plant expected to commence by December 2025.
Uitkomst steelmaking coal Colliery Utrecht Coalfields, KwaZulu Natal Province, South Africa (84%
owned)
Colliery Overview. Intensive re-engineering and operational reviews were completed, resulting in the
development of a performance improvement plan for the colliery (the Turnaround Plan). The plan
will be fully implemented during the last quarter of this calendar year. With the coal preparation
plant modifications improving yields to 73%, cost base being permanently reduced, the low-seam
zones largely mined through, and fleet remediation underway, production is expected to improve in
the coming quarter.
Health, Safety and Environmental Performance. Uitkomst Colliery had a quarter free of reportable
environmental incidents and LTIs (FY2025 Q4: nil LTI). The concerted efforts by site personnel,
focusing on behaviour-based safety principles, realignment sessions and operational improvement
reviews, have contributed to an improvement in health and safety performance over the period.
Production Performance. The colliery mined 82,588t of ROM coal during the quarter, which was a
21% decrease on the previous quarter, and 8% lower than the comparative period in FY2025 (FY2025
Q1: 90,069t). The 8% decrease in ROM coal production compared to the same period the previous
year was due, in part, to disruptions in production whilst reconfiguring the underground mining layout
as part of the Turnaround Plan and due to lower coal seam mining heights than what was expected in
some sections. Outlook is for an improvement in coal seam mining heights over the next quarter as
the operating sections continue to move through the low seam zones. Underground mining fleet
condition assessments and remediation plans have commenced to be implemented on-going.
Uitkomst sold 47,116t (FY2025 Q1: 47,586t) of high-grade duff and peas coal, which is in-line with the
sales for same period last year. The colliery sold no middlings coal during the three months (FY2025
Q1: 8,719t). The colliery had 3,088t (FY2025 Q1: 2,343) of high-grade coal inventory at the end of
September 2025.
The production costs per saleable tonne were 9% higher than the comparative period in FY2025
(FY2026 Q1: US$107/t vs. FY2025 Q1: US$97/t). The decrease in volumes resulted in the increase in
unit production costs. This was partially offset by the improved yields.
Outlook. Uitkomst Colliery, as of the end of the quarter, has commenced with the implementation of
the Turnaround Plan. The focus remains on implementing initiatives to improve equipment
availability whilst maintaining excellent safety performance. The Turnaround Plan is being
implemented with the assistance of Metalla Tutum Engineering Proprietary Limited (MTE). MTE is a
South African specialist mining engineering and consulting firm, established in 2017, with expertise in
mine management and operational improvements.
Quarter to Quarter to
end-Sep end-Sep
2025 2024 %
Production volumes
Uitkomst ROM (t) 82,588 90,069 (8%)
Inventory volumes
High quality duff and peas (t) 3,088 2,343 32%
Sales tonnages
High quality duff and peas (t) 47,116 47,586 (1%)
Middlings sales (t) - 8,719 (100%)
Quarter to Quarter to
end-Sep end-Sep
2025 2024 %
47,116 56,304 (16%)
Quarter financial metrics
Net revenue/t (US$) 75 67 12%
Net revenue/t (ZAR) 1,327 1,208 10%
Production cost/saleable tonne (US$)^ 107 97 9%
^ costs are all South African Rand (ZAR) based
Vele Aluwani SSCC and TC Colliery Limpopo (Tuli) Coalfield (100% owned)
Operations at Vele remain suspended, pending the conclusion of a re-engineered business plan. Work
continues on investigating a commercially viable logistics solution for the coal products to come from
the colliery. Vele recorded no LTIs (FY2025 Q4: nil) during the quarter.
Greater Soutpansberg Projects (GSP) Soutpansberg Coalfield (74% owned)
The GSP recorded no LTIs (FY2025 Q4: nil) during the quarter. The GSP are a group of mineral
tenements, held as Mining Rights and satellite to the Makhado Project. Work has commenced on
assessing and prioritising the various tenements, as part of developing the future pipeline of
steelmaking HCC prospects to supplement the Makhado Colliery production. The work required to
obtain environmental and water use licences for the Mining Rights are expected to commence during
H1 CY2026.
Appendix 5B Quarterly Cash Flow Report
The Company's available cash balance and facilities as at 30 September 2025 was US$13.2 million. The
aggregate amount of payments to related parties and their associates, as disclosed as item 6.1 of the
September 2025 quarter Appendix 5B, was US$72k, comprising executive and non-executive director
remuneration.
This can be found here: https://senspdf.jse.co.za/documents/2025/jse/isse/mcze/Q126.pdf
Christine He
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:
Bill Pavlovski Company Vision Corporate bill.pavlovski@mcmining.co.za
Secretary (Pty) Ltd
Company advisers:
BSM Sponsors Proprietary Limited is the nominated JSE Sponsor
About MC Mining Limited:
MC Mining is an 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
Change
Project during
Name Tenement Number Location Interest quarter
Chapudi Albert 686 MS Limpopo~ 74%
Project*
Bergwater 712 MS 74%
Remaining Extent and Portion 2 of 74%
Bergwater 697 MS
Blackstone Edge 705 MS 74%
Remaining Extent & Portion 1 of 74%
Bluebell 480 MS
Remaining Extent & Portion 1 of 74%
Bushy Rise 702 MS
Castle Koppies 652 MS 74%
Chapudi 752 MS 74%
Remaining Extent, Portions 1, 3 & 4 74%
of Coniston 699 MS
Driehoek 631 MS 74%
Remaining Extent of Dorps-rivier 74%
696 MS
Enfield 512 MS (consolidation of 74%
Remaining Extent of Enfield 474
MS, Brosdoorn 682 MS &
Remaining Extent of Grootvlei
684 MS)
Remaining Extent and Portion 1 of 74%
Grootboomen 476 MS 74%
Grootvlei 684 MS 74%
Kalkbult 709 MS 74%
Remaining Extent, Remaining 74%
Extent of Portion 2, Remaining
Project Change during
Name Tenement Number Location Interest quarter
Extent of Portion 3, Portions 1,
4, 5, 6, 7 & 8 of Kliprivier 692
MS
Remaining Extent of Koodoobult 74%
664 MS
Koschade 657 MS (Was Mapani Kop 74%
656 MS)
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 74%
Pienaar 635 MS
Remaining Extent & Portion 1 of 74%
Prince's Hill 704 MS
Qualipan 655 MS 74%
Queensdale 707 MS 74%
Remaining Extent & Portion 1 of 74%
Ridge End 662 MS
Remaining Extent & Portion 1 of 74%
Rochdale 700 MS
Sandilands 708 MS 74%
Portions 1 & 2 of Sandpan 687 MS 74%
Sandstone Edge 658 MS 74%
Change
Project during
Name Tenement Number Location Interest quarter
Remaining Extent of Portions 2 & 3 74%
of Sterkstroom 689 MS
Sutherland 693 MS 74%
Remaining Extent & Portion 1 of 74%
Varkfontein 671 MS
Remaining Extent, Portion 2, 74%
Remaining Extent of Portion 1 of
Vastval 477 MS
Vleifontein 691 MS 74%
Ptn 3, 4, 5 & 6 of Waterpoort 695 74%
MS
Wildebeesthoek 661 MS 74%
Woodlands 701 MS 74%
Kanowna M27/41 Coolgardie^ Royalty<>
West &
M27/47 Royalty<>
Kalbara
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 ML63/409,410 Norseman^ Royalty
Royalty
Change
Project during
Name Tenement Number Location Interest quarter
Kookynie ML40/061 Leonora^ Royalty
Royalty
ML40/135,136 Royalty
Makhado Fripp 645 MS Limpopo~ 67%#
Project
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 Beck 568 MS Limpopo~ 74%
Project*
Bekaf 650 MS 74%
Remaining Extent & Portion 1 of 74%
Boas 642 MS-
Chase 576 MS 74%
Coen Britz 646 MS 74%
Fanie 578 MS 74%
Portions 1, 2 and Remaining Extent 74%
of Generaal 587 MS
Joffre 584 MS 74%
Juliana 647 MS 74%
Kleinenberg 636 MS 74%
Remaining Extent of Maseri Pan 74%
520 MS
Remaining Extent and Portion 2 of 100%
Mount Stuart 153 MT
Change
Project during
Name Tenement Number Location Interest quarter
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 100%
Terblanche 155 MT
Van Deventer 641 MS 74%
Wildgoose 577 MS 74%
Mopane Ancaster 501 MS Limpopo~ 100%
Project*
Banff 502 MS 74%
Bierman 599 MS 74%
Cavan 508 MS 100%
Cohen 591 MS 100%
Remaining Extent, Portions 1 & 2 of 74%
Delft 499 MS
Dreyer 526 MS 74%
Remaining Extent of Du Toit 563 MS 74%
Faure 562 MS 74%
Remaining Extent and Portion 1 of 74%
Goosen 530 MS
Hermanus 533 MS 74%
Change
Project during
Name Tenement Number Location Interest quarter
Jutland 536 MS 100%
Krige 495 MS 74%
Mons 557 MS 100%
Remaining Extent of Otto 560 MS 74%
(Now Honeymoon)
Remaining Extent & Portion 1 of 74%
Pretorius 531 MS
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, 74%
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
Remaining Extent of Verdun 535 74%
MS
Voorburg 503 MS 100%
Scheveningen 500 MS 74%
Uitkomst Portion 3 (of 2) of Kweekspruit No. KwaZulu- 84%
Colliery 22 Natal~
and
prospects Portion 8 (of 1) of Kweekspruit No. 84%
22
Remainder of Portion 1 of Uitkomst 84%
No. 95
Change
Project during
Name Tenement Number Location Interest quarter
Portion 5 (of 2) of Uitkomst No. 95 84%
Remainder Portion1 of Vaalbank 84%
No. 103
Portion 4 (of 1) of Vaalbank No. 103 84%
Portion 5 (of 1) of Vaalbank No. 103 84%
Remainder of Portion 1 of 84%
Rustverwacht No. 151
Remainder of Portion 2 of 84%
Rustverwacht No. 151
Remainder of Portion 3 (of 1) of 84%
Rustverwacht No. 151
Portion 4 (of 1) Rustverwacht 84%
No.151
Portion 5 (of 1) Rustverwacht No. 84%
151
Remainder of Portion 6 (of 1) of 84%
Rustverwacht No. 151
Portion 7 (of 1) of Rustverwacht No. 84%
151
Portion 8 (of 2) of Rustverwacht No. 84%
151
Remainder of Portion 9 (of 2) of 84%
Rustverwacht No. 151
Portion 11 (of 6) of Rustverwacht 84%
No. 151
Change
Project during
Name Tenement Number Location Interest quarter
Portion 12 (of 9) of Rustverwacht 84%
No. 151
Portion 13 (of 2) of Rustverwacht 84%
No. 151
Portion 14 (of 2) of Rustverwacht 84%
No. 151
Portion 15 (of 3) of Rustverwacht 84%
No. 151
Portion 16 (of 3) of Rustverwacht 84%
No. 151
Portion 17 (of 2) of Rustverwacht 84%
No. 151
Portion 18 (of 3) of Waterval No. 84%
157
Remainder of Portion 1 of Klipspruit 84%
No. 178
Remainder of Portion 4 of Klipspruit 84%
No. 178
Remainder of Portion 5 of Klipspruit 84%
No. 178
Portion 6 of Klipspruit No. 178 84%
Portion 7 (of 1) of Klipspruit No. 84%
178
Portion 8 (of 1 )of Klipspruit No. 84%
178
Portion 9 of Klipspruit No. 178 84%
Change
Project during
Name Tenement Number Location Interest quarter
Remainder of Portion 10 (of 5) of 84%
Klipspruit No. 178
Portion 11 (of 5) of Klipspruit No. 84%
178
Portion 13 (of 4) of Klipspruit No. 84%
178
Remainder of Portion 14 of 84%
Klipspruit No. 178
Portion 16 (of 14) of Klipspruit No. 84%
178
Portion 18 of Klipspruit No. 178 84%
Portion 23 of Klipspruit No. 178 84%
Remainder of Portion 1 of 84%
Jackalsdraai No. 299
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 84%
No. 414
Remainder of Portion 2 (of 1) of 84%
Jericho A No. 414
Change
Project during
Name Tenement Number Location Interest quarter
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%
Vele Portions of Overvlakte 125 MS Limpopo~ 100%
Colliery (Remaining Extent, 3, 4, 5, 6, 13,
and 14)
prospects
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%
Date: 31-10-2025 10:00:00
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