Wrap Text
Activities Report for the quarter ended 30 June 2025 (FY2025 Q4) 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
31 July 2025
ACTIVITIES REPORT FOR THE QUARTER ENDED 30 JUNE 2025 (FY2025 Q4) 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 817 days LTI-free, for 556,000 manhours
worked, whilst Uitkomst steelmaking coal Colliery (Uitkomst Colliery or Uitkomst) reached 136
days LTI-free;
• Development of the Makhado Project continued on schedule, with commissioning of the coal
handling and preparation plant (CHPP or Coal Plant) expected by December 2025, the principal
mining contractor being appointed and commencing with site establishment, procurement
activities for the Coal Plant reaching factory acceptance testing stage for critical equipment,
significant progress being made towards the commissioning of the 14km overhead power
transmission line and work on the permanent bridge to access the project site having commenced;
• The operational improvement plan for Uitkomst Colliery (Turnaround Plan) was completed and is
set to be in full implementation during the coming quarter, with a specialist mining engineering
and consultancy firm, Metalla Tutum Engineering Proprietary Limited (MTE), co-opted to assist
with the implementation. The Turnaround Plan should see an improvement in cost, stabilise
earnings and result in operating efficiencies at the mine.
• Run-of-mine (ROM) coal production from Uitkomst Colliery improved 3% on the previous
quarter's production, though was 9% lower than the June 2024 quarter at 104,129 tonnes (t)
(FY2024 Q4: 113,977t). The reduction in production, compared to 2024, was due to disruptions in
production whilst reconfiguring underground layouts as part of the Turnaround Plan and also due
to lower-than-expected coal seam mining heights in some areas of the mine;
• Uitkomst Colliery sold 68,020t of high-grade coal during the quarter (FY2024 Q4: 62,274t), a 9%
increase on 2024 sales, and had no sales of the lower grade middlings coal (FY2024 Q4: 10,099).
Coal plant yields remained high at 69% due to operational improvement initiatives over the
period, which offset the lower ROM coal production to result in improved sales volumes;
• 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$90/t for the three months, compared to
US$96/t in Q3 FY2025 and US$108/t in Q4 of FY2024. Premium steelmaking HCC prices have
decreased, averaging US$184/t in the quarter compared to US$243/t in FY2024 Q4.
Corporate
• Available cash and facilities was US$7.4 million at the period end (FY2025 Q3: US$9 million);
• Kinetic Development Group Limited (KDG) made payments amounting to US$10 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 third Second Closing and US$5 million of the payment
relates to the fourth 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.
• Wang Lanlan (Lily) was appointed as a Non-Executive Director of MC Mining;
• Dr Huoxin Wang (Hevin) was appointed as a Non-Executive Director of MC Mining; and
• An Chee Sin 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 as planned, with commissioning of the Coal Plant scheduled for
December 2025. 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 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 and Environmental Performance. The Makhado Project achieved another quarter
free from any LTIs (FY2025 Q3: nil), with 817 days LTI-free and 556,000 manhours now accumulated
for the project to date. Approximately 388 people are now working onsite, with numbers expected
to almost double during the coming quarter.
The mine continued to be built with zero reportable environmental incidents and keen emphasis being
placed on environmental protection and management. Visits were successfully hosted for officials
from the Department of Mineral and Petroleum Resources (DMPR) to assess compliance with the
site's Environmental Authorisation obligations. Statutory reporting, including Pollution Prevention
Plans, Groundwater and Stormwater Management reports, the Greenhouse Gas Emission report, the
Wet Season Bio-monitoring report and the National Atmospheric Emissions Inventory System (NAEIS)
update, were all submitted timeously to the relevant regulatory authorities. The Company continues
to promote collaborative and constructive relationships with regulatory authorities and host
community stakeholders.
Project Development Milestones Achieved. Development of the Makhado Project is on schedule for
the December 2025 Coal Plant commissioning and project expenditure remains within the budgeted
estimates. The following key milestones were achieved for the quarter:
- appointment of the principal mining contractor, JCI Mining Proprietary Limited (JCI): – JCI, a
South African-based specialist surface mining contractor, was formally awarded a 5-year
duration contract to undertake contract mining for the Makhado Project. JCI's site
establishment is already underway with mining of the East Pit boxcut scheduled to build up
during the coming quarter. JCI will mobilise the mining fleet, a 200-strong workforce and the
management and supervision to initially target the mining of 2Mtpa of ROM coal by
conventional load and haul, using backhoe-configured excavators and a fleet of articulated
dump trucks.
- Detailed design of the Coal Plant completed and equipment procurement at factory
acceptance testing stage for critical equipment: – With the detailed design work for the Coal
Plant now completed, the electrical and instrumentation design workstream is now in
progress. Civil construction, which commenced last quarter, is well advanced for the majority
of the Coal Plant work packages, structural steel fabrication has started, platework orders
placed and equipment procurement is far enough progressed that the first factory acceptance
testing, for vibrating screens, mineral sizers and the feeder breaker have been arranged. 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 has also started on planning the expansion
strategy once the foundation phase is commissioned.
- Commencement of permanent access bridge: - The construction of a permanent bridge
crossing the Mutamba River, to provide access to the mine site has commenced, with the first
activity being the drilling and installation of 16 piles to support the bridge abutment and piers.
Bridge construction is scheduled for completion before major rains at year's end. A temporary
access bridge, completed last quarter is currently being used to provide site access.
- Construction power reticulation: – During the quarter, emphasis was on obtaining the
requisite electrical equipment specifications approvals from the national power utility
company (Eskom) and on the follow-on procurement of critical components for power
reticulation. Many of the critical components have now been approved by Eskom, allowing
the work on the Paradise Overhead Line (OHL) to progress. The 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 open pit mining
activities set to commence in earnest during the coming quarter.
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 in full implementation during the coming quarter. The Turnaround Plan aims to introduce
operational changes that will lower operating costs and deliver a commercially viable business, given
the low coal price environment, and a mature underground mine that hosts significant high quality
coal reserves. Coal preparation plant yields were pleasing at 69% which helped offset the lower than
planned ROM coal tonnes mined.
Health, Safety and Environmental Performance. Uitkomst Colliery had a quarter free of reportable
environmental incidents and LTIs (FY2025 Q3: four 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 104,129t of ROM coal during the quarter, which was a
3% increase on the previous quarter, though 9% decrease on 2024 (FY2024 Q4: 113,977t). The 9%
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 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 during the quarter. More
modifications made to the coal preparation plant in combination with a greater proportion of coal
being mined from higher yielding sections of the mine saw plant yields remain high at 69% for the
quarter.
Uitkomst sold 68,020t (FY2024 Q4: 62,274t) of high-grade duff and peas coal, a 9% improvement on
the same period last year. The colliery sold no middlings coal during the three months (FY2024 Q4:
10,099). The colliery had 1,518t (FY2024 Q4: nil) of high-grade coal inventory at the end of June 2025.
The production costs per saleable tonne were 9% lower than the comparative period in 2024 (FY2025
Q4: US$88/t vs. FY2024 Q4: US$96/t). The increase in sales volumes and improved plant yields
resulted in the decrease in unit production costs.
Outlook. Uitkomst Colliery, as of the end of the quarter, has commenced with the implementation of
the Turnaround Plan. The focus remains on implementing initiatives to reduce unit operating costs
whilst improving safety performance. The Turnaround Plan is being implemented with the assistance
of Metalla Tutum Engineering Proprietary Limited (MTE). MTE is a South African specialist mining
engineering and consulting firm, established in 2017, with expertise in mine management and
operational improvements.
Key focus areas of the Turnaround plan are to:
- reconfigure underground mining layouts to streamline operational efficiencies and resource
deployment;
- implement Coal Plant modifications to improve coal product yields;
- reduce workforce numbers from 430 to 366, with minimal forced retrenchments; and
- enter into longer-term coal offtake agreements to improve price certainty.
These changes should see Uitkomst:
- improve on the operations safety and health performance;
- further reduce unit costs of saleable coal production to respond to the current low coal price
environment; and
- reduce the volatility in earnings.
Quarter to Quarter to
end-Jun end-Jun
2025 2024 %?
Production volumes
Uitkomst ROM (t) 104,129 113,977 (9%)
Inventory volumes
High quality duff and peas (t) 1,518 - 100%
Sales tonnages
High quality duff and peas (t) 68,020 62,274 9%
Middlings sales (t) - 10,099 (100%)
68,020 72,372 (6%)
Quarter financial metrics
Net revenue/t (US$) 75 74 1%
Net revenue/t (ZAR) 1,373 1,383 (1%)
Production cost/saleable tonne (US$)^ 88 96 (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. Vele recorded no LTIs (FY2025 Q3: nil) during the quarter.
Greater Soutpansberg Projects (GSP) – Soutpansberg Coalfield (74% owned)
The GSP recorded no LTIs (FY2025 Q3: 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
H2 CY2025.
Appendix 5B – Quarterly Cash Flow Report
The Company's available cash balance and facilities as at 30 June 2025 was US$7.4 million. The
aggregate amount of payments to related parties and their associates, as disclosed as item 6.1 of the
June 2025 quarter Appendix 5B, was US$172k, comprising executive and non-executive director
remuneration.
Christine He
Interim 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.
A copy of the Appendix 5B can be found here: https://senspdf.jse.co.za/documents/2025/jse/isse/mcze/Q425.pdf
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%
Change
Project during
Name Tenement Number Location Interest quarter
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
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
Change
Project during
Name Tenement Number Location Interest quarter
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%
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<>
Change
Project during
Name Tenement Number Location Interest quarter
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
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 74%
MS
Faure 562 MS 74%
Remaining Extent and Portion 1 of 74%
Goosen 530 MS
Change
Project during
Name Tenement Number Location Interest quarter
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%
Uitkomst Portion 3 (of 2) of Kweekspruit No. KwaZulu- 84%
Colliery 22 Natal~
and Portion 8 (of 1) of Kweekspruit No. 84%
prospects 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%
Change
Project during
Name Tenement Number Location Interest quarter
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
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
Change
Project during
Name Tenement Number Location Interest quarter
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%
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%
Change
Project during
Name Tenement Number Location Interest quarter
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: 31-07-2025 10:30:00
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