Wrap Text
Activities Report for the quarter ended 31 March 2026 (FY2026 Q3) for MC Mining Limited and its Subsidiary Companies
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
30 April 2026
ACTIVITIES REPORT FOR THE QUARTER ENDED 31 MARCH 2026 (FY2026 Q3) FOR MC MINING LIMITED (MC Mining or the Company)
AND ITS SUBSIDIARY COMPANIES
HIGHLIGHTS
Operations
• Health and safety performance improvement across the group remains a top priority, with the
Company having operated with one lost time injury ("LTI") for the quarter. The Makhado
steelmaking hard coking coal Project ("Makhado Project" or "Makhado") had one LTI for the
quarter, whilst Uitkomst Colliery ("Uitkomst Colliery" or "Uitkomst") had no LTIs for the quarter;
• Key milestones achieved on the development of the Makhado Project:
o commissioning activities and start-up of the coal handling and preparation plant ("CHPP"
or "Coal Plant") are scheduled for May 2026;
o the mining of overburden material from the open cast pit is on track with run-of-mine
(ROM) delivery to the CHPP having started and coal faces exposed and ready to continue
during commissioning and operation. ROM stockpiles are being built in preparation for
the CHPP commissioning;
o construction of the Coal Plant is scheduled for completion in May 2026; and
o commissioning of the 14km overhead power transmission line is scheduled for April 2026;
• The board of directors approved the temporary suspension of mining and processing operations
at Uitkomst Colliery, with an effective date of 1 March 2026. During this period, the Company is
evaluating strategic options aimed at unlocking value and preserving future optionality. These
evaluations may include engagement with interested third parties regarding potential
partnerships, joint operations or other strategic arrangements in respect of Uitkomst. No
decisions have been taken, and any transaction would be subject to customary approvals. In
addition, the Company continues to review its asset base with a view to disposing of redundant
or non-core items where appropriate
• Comprehensive evaluations of geological and mine planning information relating to the
Company's Vele Aluwani semi-soft coking coal ("SSCC") and thermal coal ("TC") Colliery ("Vele
Colliery" or "Vele") are still ongoing; and
• TC prices continued with average prices of US$99/t for the three months, compared to US$86/t
in Q2 FY2026 and US$96/t in Q3 of FY2025. Premium steelmaking HCC prices have increased,
averaging US$231/t in the quarter compared to US$186/t in FY2025 Q3.
Corporate
• Available cash and facilities was US$5.4 million at the period end (FY2026 Q2: US$2.9 million);
• Kinetic Development Group Limited (KDG) made payments amounting to US$19 million for the
purchase of MC Mining shares, as part of the share subscription agreement, during the quarter.
US$3 million payment relates to the sixth Second Closing, US$10 million payment relates to the
seventh Second Closing and US$6 million payment relates to the eighth Second Closing as per the
Share Subscription Agreement;
• The Company made a further repayment of ZAR20 million towards the Industrial Development
Corporation (IDC) loan during the quarter;
Events subsequent to the end of the quarter
KDG made payments amounting to US$6 million for the purchase of MC Mining shares, as part of the
share subscription agreement, during April 2026. The US$6 million payment relates to the final Second
Closing as per the Share Subscription Agreement. KDG has a 51% shareholding of MC Mining after the
US$6 million that was paid in April 2026.
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 hot commissioning activities and start-up of the Coal
Plant scheduled during May 2026. Project delays were largely attributed to inclement weather and
delays in commissioning of the Eskom power supply line. During the quarter, more project
development milestones were successfully achieved, whilst maintaining regulatory compliance
performance 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 had
one LTI for the quarter. Employee health initiatives focused on raising awareness on mental health,
men's health and chronic conditions management. The workforce onsite peaked at 977 people during
the quarter with the host community well-represented in the labour complement and support
services.
The mine continued to be built with zero reportable environmental incidents and keen emphasis being
placed on environmental protection and management. 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 Company continues to promote collaborative and constructive relationships with regulatory
authorities and host community stakeholders.
Project Development Milestones Achieved. Following the heavy rainfall at the start of the quarter,
the Makhado Project has rebounded, with flooding subsiding and construction activities regaining
momentum. Flood damage to the temporary bridge was severe and, as such, it has been taken out of
use and the main access bridge opened to traffic. Work is continuing well on the Coal Handling and
Processing Plant ("CHPP") and the team has begun with cold commissioning of completed
areas. Noteworthy features of the project include:
- Open pit Mining: – The mining of overburden material from the open cast pit is in progress
and on track for run of mine delivery to the CHPP startup. JCI Mining (Pty) Ltd ("JCI"), the
principal mining contractor, now has 249 people on site, with a mining fleet consisting of 8
backhoe configured excavators, supported by a team of 33 articulated dump trucks. Mining
of overburden material is progressing steadily, with over 1.3 million bench cubic metres (BCM)
already mined.
- Construction of the Coal Plant: – The CHPP construction works are progressing well with
planned completion being Q2 2026. The construction works were largely completed and cold
commissioning of the plant is under way. Hot commissioning and plant start-up is scheduled
for May 2026. The CHPP will process ROM coal to produce a primary product of HCC 64 Mid
Vol and a secondary product of 5,500kcal 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, peaked at a staff compliment of 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 mine access road bridge across the Mutamba
River is commissioned and in service, with works now focused on upgrading the approach
roads providing site access.
- Construction power reticulation: –The main power supply line construction has progressed
well and commissioning of the Eskom point of supply scheduled in April 2026. The installation
of the MV Substation and transformers completed marks a significant milestone in the
development of the power supply infrastructure. This power line, the Paradise Overhead Line
(OHL), is a new 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
managed by the EHL Engineering Group (EHL) on an EPC-turnkey basis.
Outlook. Construction work and operational readiness activities are ongoing, with hot commissioning
activities and start-up of the Coal Plant expected to commence during May 2026.
Uitkomst Colliery – Utrecht Coalfields, KwaZulu Natal Province, South Africa (84% owned)
The board of directors approved the temporary suspension of mining and processing operations at
Uitkomst Colliery, with an effective date of 1 March 2026.
The decision follows continued operational underperformance and cash losses experienced at the
operation. The suspension is intended to be a care and maintenance measure and does not represent
a permanent closure of the mine, a relinquishment of the mining right, nor a decision to place the
operation into liquidation or business rescue.
During this period, the Company is evaluating strategic options aimed at unlocking value and
preserving future optionality.
These evaluations may include engagement with interested third parties regarding potential
partnerships, joint operations or other strategic arrangements in respect of Uitkomst. No decisions
have been taken, and any transaction would be subject to customary approvals.
In addition, the Company continues to review its asset base with a view to disposing of redundant or
non-core items where appropriate.
Health, Safety and Environmental Performance. Uitkomst Colliery had a quarter free of reportable
environmental incidents and no LTI (FY2026 Q2: One LTI).
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 (FY2026 Q2: nil) during the quarter.
Greater Soutpansberg Projects (GSP) – Soutpansberg Coalfield (74% owned)
The GSP recorded no LTIs (FY2026 Q2: 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. Negotiations were
progressed with respect to securing surface land access for prioritised deposits. The work required to
obtain environmental and water use licences for the Mining Rights are expected to commence during
Q4 FY2026.
Appendix 5B – Quarterly Cash Flow Report
The Company's available cash balance and facilities as at 31 March 2026 was US$5.4 million. The
aggregate amount of payments to related parties and their associates, disclosed as item 6.1 of the
March 2026 quarter Appendix 5B, was US$84k, comprising executive and non-executive director
remuneration.
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
A copy of the Appendix 5B can be found here:
https://senspdf.jse.co.za/documents/2026/jse/isse/mcze/app_5b.pdf
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%
Change
Project during
Name Tenement Number Location Interest quarter
Grootvlei 684 MS 74%
Kalkbult 709 MS 74%
Remaining Extent, Remaining 74%
Extent of Portion 2, Remaining
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
Change
Project during
Name Tenement Number Location Interest quarter
Sandilands 708 MS 74%
Portions 1 & 2 of Sandpan 687 MS 74%
Sandstone Edge 658 MS 74%
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<>
Change
Project during
Name Tenement Number Location Interest quarter
P27/1830-1842 Royalty<>
P27/1887 Royalty<>
Abbotshall ML63/409,410 Norseman^ Royalty
Royalty
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%
Change
Project during
Name Tenement Number Location Interest quarter
Remaining Extent of Maseri Pan 74%
520 MS
Remaining Extent and Portion 2 of 100%
Mount Stuart 153 MT
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%
Change
Project during
Name Tenement Number Location Interest quarter
Faure 562 MS 74%
Remaining Extent and Portion 1 of 74%
Goosen 530 MS
Hermanus 533 MS 74%
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%
Change
Project during
Name Tenement Number Location Interest quarter
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
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
Change
Project during
Name Tenement Number Location Interest quarter
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
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
Change
Project during
Name Tenement Number Location Interest quarter
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%
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%
Change
Project during
Name Tenement Number Location Interest quarter
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
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: 30-04-2026 10:00:00
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