BUC Unaudited condensed interim consolidated financial results for the three and nine months ended 30 September 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 NINE MONTHS ENDED 30 SEPTEMBER 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 Limited. 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 Broad- Based Black Economic Empowerment partners. The BC Dundee Properties are comprised of the Aviemore anthracite mine and the Magdalena bituminous mine. Operational review and results: The interim financial results of the Group for the three and nine months ended 30 September 2020, as compared to the three and nine months ended 30 September 2019 (the Comparative Periods), are set out below: 9 months ended 3 months ended September 30, September 30, % September 30, September 30, % 2020 2019 Variance 2020 2019 Variance Key financials R R R R Revenue 267 152 808 298 490 523 (10%) 65 495 055 99 711 070 (34%) (Loss)/profit from operations (55 082 430) 32 576 828 (269%) 14 308 336 (12 649 838) (213%) (Loss)/earnings per share - basic and diluted (0.19) 0.01 (2355%) 0.01 (0.05) (125%) Headline (loss)/earnings per share - basic and diluted (0.19) 0.01 (*) (2612%) 0.01 (0.05) (*) (125%) Normalized headline (loss)/earnings per share - basic and diluted (0.19) 0.01 (2612%) 0.01 (0.05) (125%) (*) Restated The R55.1 million loss from operations for the nine months ended September 30, 2020 arose mainly as a result of a R72.0 million net unrealized foreign exchange loss recognised during the period. Net foreign exchange gains/losses are primarily driven by fluctuations in the South African Rand (ZAR) and US Dollar exchange rate used to translate the Resource Capital Fund Convertible Loan of US$27.0 million (approximately R455.0 million) into ZAR. 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 contained within the full announcement (being the detailed unaudited condensed interim financial results for the three and nine months ended 30 September 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 nine months ended 30 September 2020, which may be downloaded from: https://senspdf.jse.co.za/documents/2020/jse/ISSE/BUC/Sep20Quart.pdf or the Companys website at: http://www.buffalocoal.co.za/investors and may also be requested from the Company by contacting email@example.com during ordinary business hours, for a period of 30 calendar days following the date of this announcement. 20 November 2020 Designated Advisor: Questco Corporate Advisory Proprietary Limited Date: 20-11-2020 05:07:00 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.