MC MINING LIMITED - Non-binding and indicative proposal from Vulcan Resources will not proceed

Non-binding and indicative proposal from Vulcan Resources will not proceed

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   

12 March 2024                                                                   

NON-BINDING AND INDICATIVE PROPOSAL FROM VULCAN RESOURCES WILL NOT PROCEED
                                   
MC Mining Limited (MCM or the Company) refers to its announcement dated 8 March 2024 regarding
a non-binding indicative proposal from Vulcan Resources, a private Indian company and subsidiary of
Vulcan International (Vulcan).

The Company advises that on Tuesday, 12 March 2024, the Company received correspondence from
Vulcan advising that Vulcan has concluded that it would not be proceeding with a formal offer.

Vulcan's intention not to proceed does not alter the Independent Board Committee's current
recommendation to Shareholders NOT TO ACCEPT the Goldway Capital Investment Limited Offer.

As announced on 4 March 2024, the Independent Board Committee reminds Shareholders that a
Supplementary Target's Statement accompanied by an independent expert report will be lodged by
the Company on 18 March 2024.

Khomotso Mosehla
Chairman of the IBC

The information contained within this announcement is deemed by the Company to constitute inside
information as stipulated under the Market Abuse Regulation (EU) No. 596/2014 as it forms part of United
Kingdom domestic law by virtue of the European Union (Withdrawal) Act 2018, as amended.

This announcement has been approved for release by the Company's Disclosure Committee.


For more information contact:
      Tony Bevan                    Company                  Endeavour                   +61 42 1072
                                    Secretary                Corporate Services          165
      Company advisers:
      Richard Johnson / Rob         Nominated                Strand Hanson               +44 20 7409
      Patrick                       Adviser                  Limited                     3494
      Rory Scott                    Broker (AIM)             Tennyson                        +44 20 7186
                                                             Securities                      9031
      Marion Brower                 Financial PR             R&A Strategic                   +27 11 880
                                     (South Africa)          Communications                  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).




                                                                                                              2

Date: 12-03-2024 09:00:00
Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE'). 
The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of
 the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct, 
indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on,
 information disseminated through SENS.