MC Mining Limited - Extension of the Cautionary Announcement

MC Mining

08/09/2022 15:59

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RNS Number : 8297Y  MC Mining Limited  08 September 2022

ANNOUNCEMENT
8 September 2022

 

EXTENSION OF THE CAUTIONARY ANNOUNCEMENT

 

MC Mining Limited (MC Mining or the Company) issued a cautionary announcement
on 28 July 2022 noting the rise in its share price. Further to this
announcement and further share price movements, the Company announces an
extension of the cautionary announcement.

 

As previously reported, the Company continues to advance the funding processes
for the Makhado hard coking coal project (Makhado or the Makhado Project) and
targets to conclude this during Q4 CY2022. The funding is expected to include
a combination of debt and equity issues by the Company.

The Bankable Feasibility Study (BFS) completed by Minxcon (Pty) Ltd (Minxcon)
and announced to the market on 14 April 2022 was a key milestone in
progressing such funding and the BFS development plan was designed to minimise
the upfront capital expenditure. As announced on 30 August 2022, to enhance
value, Minxcon undertook a pre-feasibility study that, amongst others,
included the potential construction of a coal processing plant (CPP) at the
Makhado Project. The construction of a CPP at Makhado allows for alternative
development opportunities at the Vele Colliery, currently on care and
maintenance, which the Company is also investigating.

 

Should any of the various processes outlined above be pursued and concluded,
it may have a material effect on the price of the Company's securities and
further announcements will be made in due course, as appropriate. Shareholders
should note that there can be no certainty of any such initiatives ultimately
being secured. Accordingly, shareholders are advised to exercise caution when
dealing in their MC Mining securities until further announcements are made.

 

On 8 September 2022 the Company announced a trading halt on the Australian
Stock Exchange (ASX) and expects to make a further announcement by Monday, 12
September 2022, whereupon it will apply for its shares to recommence trading
on the ASX. The Company's ordinary shares will continue to trade on the and
Johannesburg Stock Exchange and AIM market of the London Stock Exchange plc.

 

Godfrey Gomwe

Managing Director and Chief Executive Officer

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

This announcement contains inside information for the purposes of Article 7 of
the Market Abuse Regulation (EU) 596/2014, as it forms part of UK domestic law
by virtue of the European Union (Withdrawal) Act 2018 (as amended).

 

 

 For more information contact:
             Tony Bevan                  Company Secretary                       Endeavour Corporate Services          +61 08 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
             James Duncan                Financial PR (South Africa)             R&A Strategic Communications          +27 11 880 3924
             Investec Bank 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.

 

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