REG - MC Mining Limited - Activities Report for the Quarter Ended 31 Mar 23
28/04/2023 09:30
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RNS Number : 8757X MC Mining Limited 28 April 2023
ANNOUNCEMENT
28 April 2023
ACTIVITIES REPORT FOR THE QUARTER ENDED 31 MARCH 2023
FOR
MC Mining Limited (MC Mining or the Company)
and its subsidiary companies
HIGHLIGHTS
Operations
· Health and safety remains a priority and we continue to make progress
despite one lost-time injury (LTI) recorded during the quarter (FY2023 Q2: two
LTIs);
· Run-of-mine (ROM) coal production at the Uitkomst metallurgical and
thermal coal mine (Uitkomst Colliery or Uitkomst) was 18% lower than the March
2022 quarter at 101,616 tonnes (t) (FY2022 Q3: 124,144t). Production was
affected by challenging geological conditions, floods in the area, as well as
national electricity blackouts that regularly interrupted operations at the
colliery;
· Uitkomst recorded 78,032t of coal sales during the quarter (FY2022
Q3: 71,361t), comprising 23,326t (FY2022 Q3: 62,751t) of high-grade domestic
coal sales, 2,801t (FY2022 Q3: 8,610t) of lower grade middlings coal and coal
exports of 51,905t (FY2022 Q3: nil t);
· Uitkomst had 35,103t (FY2022 Q3: 10,754t) of high-grade coal at the
colliery and 4,872t of stock (FY2022 Q3: nil t) at port at the end of the
quarter;
· Formulated and put into action a detailed implementation plan
(Implementation Plan) for the construction and first five years of mining and
processing operations at the Makhado hard coking coal project (Makhado Project
or Makhado); and
· Mining and processing coal at the outsourced Vele Aluwani Colliery
(Vele Colliery or Vele) ramped up following the recommissioning of the mine in
December 2022 and the outsource agent delivered 48,581t (FY2022 Q3: nil t) of
thermal coal during the quarter.
Corporate
· The appointment of Yi (Christine) He as a Non-Executive Director and
Julian Hoskin as an Independent Non-Executive Director on 10 March 2023, and
the resignation of Haohua Energy International (Hong Kong) Co. Ltd's
shareholder representative director, Mr Junchao Liu on the same date.
· The appointment BSM Sponsors (Proprietary) Limited as the Company's
sponsor on the JSE.
· The period saw a sharp decline in Thermal Coal prices which averaged
$146/t in the quarter compared to $273/t experienced in H1 of FY2022. Hard
coking coal (HCC) prices remained elevated averaging $344/t in the quarter.
· Available cash and facilities at quarter-end of US$14.1 million
(US$20.2 million at 31 December 2022) and restricted cash of US$0.02 million
(US$0.03 million at 31 December 2022).
Godfrey Gomwe, Managing Director & Chief Executive Officer, commented:
"The Company is progressing to being the only large-scale producer of hard
coking coal in South Africa. The commencement of the Makhado Implementation
Plan during the period will provide the detail required for the Project's
execution. The recently announced optimised Makhado development plan, with an
increase in annual ROM production and coal handling and processing plant
(CHPP) capacity has resulted in a significant improvement in hard coking coal
production as well as higher yields of the thermal coal by-product, enhancing
the Project's attractive economics.
Further milestones were achieved in the progression and execution of the
project as the Company augmented its owner's team during the period, following
the previous appointment of Erudite, a reputable and expert Engineering,
Procurement & Construction Manager. The funding initiatives are expected
to be concluded in early Q3 CY2023, together with the selection and
appointment of outsourced mining and CHPP operating contractors.
The operations at the outsourced Vele Colliery ramped up during the quarter
and the contractor is expected to be at full production by the end of H1
CY2023. The recommissioning of Vele has created 333 permanent job positions
and alleviated any 'use it or lose it' risk associated with unutilised mining
assets in South Africa. The Uitkomst colliery was impacted by the increased
incidents of electricity blackouts implemented by Eskom, the state power
utility, as well as flooding in KwaZulu-Natal during February 2023. The
decline in international thermal coal prices experienced in the period has
resulted in the Company assessing various alternative marketing strategies."
DETAILED QUARTERLY OPERATIONS REPORTS
Uitkomst Colliery - Utrecht Coalfields (84% owned)
One LTI was recorded during the quarter (FY2023 Q2: two LTIs). The mine has a
heightened focus on leading indicators to deliver safety improvements.
The Uitkomst Colliery generated 101,616t of ROM coal during the quarter
(FY2022 Q3: 124,144t) with production adversely affected by challenging
geological conditions in two of the underground mining sections, particularly
the occurrence of dyke intrusions as well as narrow coal mining seams. The
daily implementation of electricity blackouts by Eskom, also impacted
operations at the colliery. Uitkomst does have back-up diesel generators but
these are only sufficient for underground mining operations and the switch
from Eskom to internally generated power affects both underground and surface
operations. The continued use of the generators for the underground mining
activities and high cost of diesel has also detrimentally impacted mining
costs.
Uitkomst sold 75,231t (FY2022 Q3: 62,751t) of high-grade pea and duff-sized
coal during the three months, comprising 51,905t exported from the port of
Durban (FY2022 Q3: nil t) and 23,326t (FY2022 Q3: 62,751t) to domestic
customers. Sales of high-grade pea and duff-sized coal in February 2023 were
affected by flooding in KwaZulu-Natal, with the colliery losing approximately
6,000t of coal sales. Uitkomst also sold 2,801t (FY2022 Q3: 8,601t) of high
ash, lower value middlings coal under fixed price arrangements and had 4,872t
(FY2022 Q3: nil t) at port and 35,103t (FY2022 Q3: 10,754t) on site at the end
of the quarter. The colliery continues to assess domestic and export marketing
opportunities for its coal.
The API4 coal price averaged $146/t during the quarter, which is 39% lower
than FY2022 Q3 ($238/t) and the colliery's revenue per tonne was affected by
lower API4 coal prices as well as higher port and logistics costs during the
quarter. Uitkomst realised an average export sales price of US$124/t with
average sales prices/tonne impacted by lower priced, ZAR denominated domestic
sales as well as weaker ZAR:US$ exchange rates (FY2023 Q3: R17.74:US$; FY2022
Q3: R15.25:US$).
The production costs per saleable tonne were 12% lower than the comparative
period (FY2023 Q3: US$68/t vs. FY2022 Q3: US$74/t) with the higher sales
volumes largely offsetting the 16% weakening of the ZAR. The ZAR denominated
production costs increased due to inflationary pressures as well as higher
energy costs as the underground operations use diesel during blackout periods
and processing costs increase due to increased overtime, in addition to
inefficiencies caused by the power outages.
Quarter to end-Mar 2023 Quarter to end-Mar 2022 %▲
Production volumes
Uitkomst ROM (t) 101,616 124,144 (18%)
Inventory volumes
High quality duff and peas at site (t) 35,103 10,754 >100%
High quality duff and peas at port (t) 4,872 - 100%
39,975 10,754 >100%
Sales tonnages
Domestic high quality duff and peas (t) 23,326 62,751 (63%)
Export high quality duff and peas (t) 51,905 - >100%
Middlings sales (t) 2,801 8,601 (68%)
78,032 71,361 9%
Quarter financial metrics
Net revenue/t (US$) 70 110 (36%)
Net revenue/t (ZAR) 1,242 1,677 (26%)
Production cost/saleable tonnes (US$)^ 65 74 (12%)
^ costs are all South African Rand (ZAR) based
Makhado Hard Coking Coal Project - Soutpansberg Coalfield (67% owned)
The development of the Company's flagship Makhado Project is expected to
position MC Mining as South Africa's pre-eminent HCC producer, with Makhado
producing a mid-volatile HCC. The Company completed various studies including
an optimisation study that has doubled the Makhado CHPP annual ROM feed
capacity from 2.0 million tonnes per annum (Mtpa) to 4.0Mtpa. Erudite (Pty)
Ltd (Erudite) completed the detailed planning for a full process plant design
for the CHPP. During the quarter, MC Mining appointed independent consultants
to peer review the Makhado mine plan and this forms part of the detailed
Implementation Plan.
An information day was held during the quarter to inform host communities on
the status of the Makhado Project, as well as the procurement and recruitment
protocols.
Early works
A budget of ZAR71.3 million (US$4.0 million) for early works was approved in
November 2022 by the MC Mining Board. The early works include, inter alia, a
bridge and internal roads, initial bulk earthworks, site security and
communication infrastructure. The early works commenced during the quarter and
included the construction of site accommodation using host community service
providers and the selection of a contractor to build the bridge across the
Mutamba river to facilitate access of heavy machinery. The Company also placed
orders for long lead items for construction of the CHPP and access road and
advanced the design of electricity and communication infrastructure, with
planned construction to commence in H2 FY2023.
Implementation Plan
The Company progressed the Makhado Implementation Plan during the quarter. A
primary goal of the Implementation Plan was to improve the accuracy of the
August 2022 pre-feasibility studies from ±70% accuracy to an estimated
accuracy of ±90%. In addition, the Implementation Plan includes a detailed
execution plan for the construction of the East Pit, Makhado CHPP and related
infrastructure and a detailed mine plan for the first five years of
operations. Independent peer reviews of key inputs of the Makhado
Implementation Plan commenced during the quarter.
The work completed during the quarter resulted in the announcement, on 26
April 2023, of the revised mine plan detailing that the East Pit will be mined
first and ROM coal production will increase from 3.2Mtpa to 4.0Mtpa. Previous
development plans incorporated a crushing and screen plant that would have
removed 1.2Mtpa of discard material prior to processing in the CHPP. Under the
Implementation Plan, the full ROM feed stream (4.0Mtpa) will now be processed
through the CHPP. As a result, Makhado is expected to produce an average of
880,000t per annum (tpa) of HCC during the first five years of operation,
compared to 540,000tpa in the April 2022 Bankable Feasibility Study, while
thermal coal production increases from 570,000tpa to an average of 650,000tpa.
Project expenditure
MC Mining augmented its technical execution capacity in line with its strategy
to limit fixed overhead costs, by recruiting an outsourced owner's team during
the quarter and also engaged key service providers to manage the
Implementation Plan.
The higher volume of coal to be mined as well as an increased CHPP processing
capacity is anticipated to result in higher capital expenditure. Erudite
completed the detailed designs for the mine infrastructure and CHPP and also
commenced obtaining detailed execution quotes for the construction of the
CHPP. This process is expected to be finished in July 2023 and will also cater
for the enlarged mining and processing footprint.
The Makhado Project will be contractor-operated and during April 2023, the
Company commenced an open tender process to select a mining contractor. This
process is expected to be completed in early Q3 CY2023. First coal production
is expected 18 months from commencement of construction, which is expected
during H2 CY2023.
Makhado Project Funding
The Company continued the Makhado Project composite funding initiatives during
the quarter and anticipates that the balance of the funding will be concluded
in early H2 CY2023. The various initiatives underway include amongst others,
build, own, operate, transfer (BOOT) funding arrangements, additional senior
debt as well as debt/equity instruments and coal prepayments. During the
quarter, the Company advanced discussions with Enprotec (Pty) Ltd (Enprotec)
to design and procure the flotation and filtration plant, a key part of the
CHPP required to extract the HCC. The flotation and filtration plant is
expected to cost R155 million (US$8.6 million) and the Company has
in-principle agreement with Enprotec that this part of the plant will be
constructed on a BOOT basis.
Vele Aluwani Semi-Soft Coking and Thermal Coal Colliery - Limpopo (Tuli)
Coalfield (100% owned)
Vele recorded no LTIs (FY2023 Q2: nil) during the quarter.
The mining and processing of operations at the opencast Vele Colliery were
outsourced to Hlalethembeni Outsourcing Services (Pty) Ltd (HOS) and
recommissioned in late December 2022. The recommissioning of Vele adds a
further cash generating unit to MC Mining's portfolio with limited financial
or human capital contributions and has created 333 permanent jobs.
HOS is responsible for all mining and processing costs and the Company remains
responsible for the colliery's regulatory compliance, rehabilitation
guarantees, relationships with authorities and communities as well as the
supply of electricity and water. The construction of the overhead powerline to
facilitate electricity supply from Eskom was delayed during the quarter and as
a result, MC Mining was required to supply diesel for the CHPP generators. The
construction of the overhead line was completed in April 2023 and connection
to the Eskom electricity supply is expected to take place in May 2023.
The ramp-up of mining at Vele continued during the quarter and HOS delivered
48,581t (FY2022 Q3: nil t) of thermal coal during the period. Ramp-up to full
production is expected to occur in late Q4 FY2023 with HOS targeting monthly
production of 60,000t of saleable thermal coal from Vele. Under the terms of
the Company's agreement with HOS, the Company earns R200/t of coal sold.
During February 2023, a fire damaged parts of the support infrastructure at
one of the Company's lodge facilities. The lodge does not form part of the
Vele Colliery and the estimated damage is R7.5 million (US$0.4 million). The
Company's insurers are processing the claim.
Greater Soutpansberg Project (GSP) - Soutpansberg Coalfield (74% owned)
The Greater Soutpansberg Projects recorded no LTIs (FY2023 Q2: nil) during the
quarter and no reportable activities occurred during the period.
Appendix 5B - Quarterly Cash Flow Report
The Company's cash balance as at 31 March 2023 was US$14.1 million with
available facilities of US$0.2 million. The aggregate amount of payments to
related parties and their associates, as disclosed as item 6.1 of the March
2023 quarter Appendix 5B was US$109k, comprising executive and non-executive
director remuneration.
Godfrey Gomwe
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:
Tony Bevan Company Secretary Endeavour Corporate Services +61 8 9316 9100
Company advisors:
James Harris / James Dance Nominated Adviser Strand Hanson Limited +44 20 7409 3494
Rory Scott Broker (AIM) Tennyson Securities +44 20 7186 9031
Marion Brower Financial PR (South Africa) R&A Strategic Communications +27 11 880 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).
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 (http://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
Project Name Tenement Number Location Interest Change during quarter
Chapudi Project* Albert 686 MS Limpopo~ 74%
Bergwater 712 MS 74%
Remaining Extent and Portion 2 of Bergwater 697 MS 74%
Blackstone Edge 705 MS 74%
Remaining Extent & Portion 1 of Bluebell 480 MS 74%
Remaining Extent & Portion 1 of Bushy Rise 702 MS 74%
Castle Koppies 652 MS 74%
Chapudi 752 MS 74%
Remaining Extent, Portions 1, 3 & 4 of Coniston 699 MS 74%
Driehoek 631 MS 74%
Remaining Extent of Dorps-rivier 696 MS 74%
Enfield 512 MS (consolidation of Remaining Extent of Enfield 474 MS, Brosdoorn 74%
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 Extent of Portion 2, Remaining Extent of Portion 74%
3, Portions 1, 4, 5, 6, 7 & 8 of Kliprivier 692 MS
Remaining Extent of Koodoobult 664 MS 74%
Koschade 657 MS (Was Mapani Kop 656 MS) 74%
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 Pienaar 635 MS 74%
Remaining Extent & Portion 1 of Prince's Hill 704 MS 74%
Qualipan 655 MS 74%
Queensdale 707 MS 74%
Remaining Extent & Portion 1 of Ridge End 662 MS 74%
Remaining Extent & Portion 1 of Rochdale 700 MS 74%
Sandilands 708 MS 74%
Portions 1 & 2 of Sandpan 687 MS 74%
Sandstone Edge 658 MS 74%
Remaining Extent of Portions 2 & 3 of Sterkstroom 689 MS 74%
Sutherland 693 MS 74%
Remaining Extent & Portion 1 of Varkfontein 671 MS 74%
Remaining Extent, Portion 2, Remaining Extent of Portion 1 of Vastval 477 MS 74%
Vleifontein 691 MS 74%
Ptn 3, 4, 5 & 6 of Waterpoort 695 MS 74%
Wildebeesthoek 661 MS 74%
Woodlands 701 MS 74%
Kanowna West & Kalbara M27/41 Coolgardie^ Royalty<>
M27/47 Royalty<>
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<>
P27/1830-1842 Royalty<>
P27/1887 Royalty<>
Abbotshall Royalty ML63/409,410 Norseman^ Royalty
Kookynie Royalty ML40/061 Leonora^ Royalty
ML40/135,136 Royalty
Makhado Project Fripp 645 MS Limpopo~ 67%(#)
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 Project* Beck 568 MS Limpopo~ 74%
Bekaf 650 MS 74%
Remaining Extent & Portion 1 of Boas 642 MS- 74%
Chase 576 MS 74%
Coen Britz 646 MS 74%
Fanie 578 MS 74%
Portions 1, 2 and Remaining Extent of Generaal 587 MS 74%
Joffre 584 MS 74%
Juliana 647 MS 74%
Kleinenberg 636 MS 74%
Remaining Extent of Maseri Pan 520 MS 74%
Remaining Extent and Portion 2 of Mount Stuart 153 MT 100%
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 Terblanche 155 MT 100%
Van Deventer 641 MS 74%
Wildgoose 577 MS 74%
Mopane Project* Ancaster 501 MS Limpopo~ 100%
Banff 502 MS 74%
Bierman 599 MS 74%
Cavan 508 MS 100%
Cohen 591 MS 100%
Remaining Extent, Portions 1 & 2 of Delft 499 MS 74%
Dreyer 526 MS 74%
Remaining Extent of Du Toit 563 MS 74%
Faure 562 MS 74%
Remaining Extent and Portion 1 of Goosen 530 MS 74%
Hermanus 533 MS 74%
Jutland 536 MS 100%
Krige 495 MS 74%
Mons 557 MS 100%
Remaining Extent of Otto 560 MS (Now Honeymoon) 74%
Remaining Extent & Portion 1 of Pretorius 531 MS 74%
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, Remaining Extent of Portion 10, Portions 13, 74%
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 MS 74%
Voorburg 503 MS 100%
Scheveningen 500 MS 74%
Uitkomst Colliery and prospects Portion 3 (of 2) of Kweekspruit No. 22 KwaZulu-Natal~ 84%
Portion 8 (of 1) of Kweekspruit No. 22 84%
Remainder of Portion 1 of Uitkomst No. 95 84%
Portion 5 (of 2) of Uitkomst No. 95 84%
Remainder Portion1 of Vaalbank No. 103 84%
Portion 4 (of 1) of Vaalbank No. 103 84%
Portion 5 (of 1) of Vaalbank No. 103 84%
Remainder of Portion 1 of Rustverwacht No. 151 84%
Remainder of Portion 2 of Rustverwacht No. 151 84%
Remainder of Portion 3 (of 1) of Rustverwacht No. 151 84%
Portion 4 (of 1) Rustverwacht No.151 84%
Portion 5 (of 1) Rustverwacht No. 151 84%
Remainder of Portion 6 (of 1) of Rustverwacht No. 151 84%
Portion 7 (of 1) of Rustverwacht No. 151 84%
Portion 8 (of 2) of Rustverwacht No. 151 84%
Remainder of Portion 9 (of 2) of Rustverwacht No. 151 84%
Portion 11 (of 6) of Rustverwacht No. 151 84%
Portion 12 (of 9) of Rustverwacht No. 151 84%
Portion 13 (of 2) of Rustverwacht No. 151 84%
Portion 14 (of 2) of Rustverwacht No. 151 84%
Portion 15 (of 3) of Rustverwacht No. 151 84%
Portion 16 (of 3) of Rustverwacht No. 151 84%
Portion 17 (of 2) of Rustverwacht No. 151 84%
Portion 18 (of 3) of Waterval No. 157 84%
Remainder of Portion 1 of Klipspruit No. 178 84%
Remainder of Portion 4 of Klipspruit No. 178 84%
Remainder of Portion 5 of Klipspruit No. 178 84%
Portion 6 of Klipspruit No. 178 84%
Portion 7 (of 1) of Klipspruit No. 178 84%
Portion 8 (of 1 )of Klipspruit No. 178 84%
Portion 9 of Klipspruit No. 178 84%
Remainder of Portion 10 (of 5) of Klipspruit No. 178 84%
Portion 11 (of 5) of Klipspruit No. 178 84%
Portion 13 (of 4) of Klipspruit No. 178 84%
Remainder of Portion 14 of Klipspruit No. 178 84%
Portion 16 (of 14) of Klipspruit No. 178 84%
Portion 18 of Klipspruit No. 178 84%
Portion 23 of Klipspruit No. 178 84%
Remainder of Portion 1 of Jackalsdraai No. 299 84%
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 No. 414 84%
Remainder of Portion 2 (of 1) of Jericho A No. 414 84%
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 Colliery and prospects Portions of Overvlakte 125 MS (Remaining Extent, 3, 4, 5, 6, 13, 14) Limpopo~ 100%
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%
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