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BUFFALO COAL CORPORATION - Unaudited condensed interim consolidated financial results for the three and six months ended 30 June 2020

Release Date: 21/08/2020 16:42
Code(s): BUC     PDF:  
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Unaudited condensed interim consolidated financial results for the three and six months ended 30 June 2020

Buffalo Coal Corp.
Incorporated in Canada and the Republic of South Africa
(Registration number: 2011/011661/10)
Share code TSX Venture Exchange: BUF
Share code JSE Limited: BUC
ISIN: CA1194421014
(“Buffalo Coal Corp.” or “the Group” or “the Company”)

 UNAUDITED CONDENSED INTERIM CONSOLIDATED FINANCIAL RESULTS FOR THE THREE AND SIX MONTHS ENDED 30 JUNE 2020

Introduction:

Buffalo Coal Corp. is a coal mining and supply company operating in the Republic of South Africa
(“South Africa”). The Company is primarily listed on the TSX Venture Exchange and has a secondary
listing on the Alternative Exchange operated by the JSE.

The Company owns 100% of the shares in Buffalo Coal Dundee Proprietary Limited (“BC Dundee”), a
South African company, with an interest in two operating coal mines in South Africa (“the BC Dundee
Properties”). BC Dundee indirectly holds a 70% interest in the BC Dundee Properties through its 70%
interest in Zinoju Coal Proprietary Limited (“Zinoju”), which holds all of the mineral rights with respect
to the BC Dundee Properties. The remaining 30% interest in Zinoju is held by South African Black
Economic Empowerment partners.

The BC Dundee Properties are comprised of the Aviemore anthracite mine ("Aviemore") and the
Magdalena bituminous mine ("Magdalena").

Operational review and results:

The interim financial results of the Group for the three and six months ended 30 June 2020, as
compared to the three and six months ended 30 June 2019 (the “Comparative Period”), are set out
below:

                                                              6 months ended                             3 months ended
                                                         June 30,        June 30,             %       June 30,     June 30,              %
                                                           2020            2019            Variance     2020         2019             Variance
Key financials                                              R               R                            R             R


Revenue                                                    201 657 753    198 779 453             1%    74 472 661      102 591 501        (27%)
(Loss)/profit from operations                             (69 390 768)     45 226 665         (253%)    27 976 158       34 757 922        (20%)

(Loss)/earnings per share - basic and diluted                   (0.21)           0.06         (445%)          0.04             0.06        (23%)
Headline (loss)/earnings per share - basic and diluted          (0.21)           0.06 (*)     (445%)          0.04             0.06 (*)    (23%)
Normalized headline (loss)/earnings per share - basic
and diluted                                                     (0.21)           0.06         (445%)          0.04             0.06        (23%)
(*) Restated

No dividends were declared or paid during the period under review or during the Comparative Period.

This short-form announcement, which is the responsibility of the board of directors of the Company, is
only a summary of the information in the full announcement (being the detailed unaudited condensed
interim financial results for the three and six months ended 30 June 2020) ("Full Announcement”) and
therefore does not contain full or complete details. 

Any investment decisions by investors and/or shareholders should be based as a whole on consideration of the Full Announcement and the
management discussion and analysis document for the three and six months ended 30 June 2020, which may be downloaded from: 
https://senspdf.jse.co.za/documents/2020/jse/ISSE/BUC/Jun20Quart.pdf
or the Company’s website at: 
http://www.buffalocoal.co.za/investors and may also be requested from the Company by contacting info@buffalocoal.co.za during ordinary
business hours, for a period of 30 calendar days following the date of this announcement.


21 August 2020

Designated Advisor:
Questco Corporate Advisory Proprietary Limited

Date: 21-08-2020 04:42:00
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