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MC MINING LIMITED — Interim / Quarterly Report 2026
Apr 29, 2026
48758_rns_2026-04-29_9b722741-d496-4ba2-b1ec-65ce92767360.pdf
Interim / Quarterly Report
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MCMining
LIMITED
ANNOUNCEMENT
30 April 2026
ACTIVITIES REPORT FOR THE QUARTER ENDED 31 MARCH 2026 (FY2026 Q3)
FOR MC MINING LIMITED (MC Mining or the Company)
AND ITS SUBSIDIARY COMPANIES
HIGHLIGHTS
Operations
- Health and safety performance improvement across the group remains a top priority, with the Company having operated with one lost time injury ("LTI") for the quarter. The Makhado steelmaking hard coking coal Project ("Makhado Project" or "Makhado") had one LTI for the quarter, whilst Uitkomst Colliery ("Uitkomst Colliery" or "Uitkomst") had no LTIs for the quarter;
- Key milestones achieved on the development of the Makhado Project:
- commissioning activities and start-up of the coal handling and preparation plant ("CHPP" or "Coal Plant") are scheduled for May 2026;
- the mining of overburden material from the open cast pit is on track with run-of-mine (ROM) delivery to the CHPP having started and coal faces exposed and ready to continue during commissioning and operation. ROM stockpiles are being built in preparation for the CHPP commissioning;
- construction of the Coal Plant is scheduled for completion in May 2026; and
- commissioning of the 14km overhead power transmission line is scheduled for April 2026;
- The board of directors approved the temporary suspension of mining and processing operations at Uitkomst Colliery, with an effective date of 1 March 2026. During this period, the Company is evaluating strategic options aimed at unlocking value and preserving future optionality. These evaluations may include engagement with interested third parties regarding potential
WEB WWW.MCMINING.CO.ZA
EMAIL [email protected]
AU Suite 303, 365 Little Collins Street, Melbourne, VIC 3000, Australia Tel +613 9364 4212
ZA Ground Floor, Greystone Building, Fourways Golf Park, Roos Street, Fourways, 2196 Tel: +27 10 003 8000
Interim Chairman Mathews Senosi Managing Director and Chief Executive Officer Y (Christine) He
Non-executive Directors Jianheng (Albert) Deng, Dr S West, B Pavlovski, M Huang, L Wang, Dr H Wang
MCMining
LIMITED
partnerships, joint operations or other strategic arrangements in respect of Uitkomst. No decisions have been taken, and any transaction would be subject to customary approvals. In addition, the Company continues to review its asset base with a view to disposing of redundant or non-core items where appropriate
- Comprehensive evaluations of geological and mine planning information relating to the Company's Vele Aluwani semi-soft coking coal ("SSCC") and thermal coal ("TC") Colliery ("Vele Colliery" or "Vele") are still ongoing; and
- TC prices continued with average prices of US$99/t for the three months, compared to US$86/t in Q2 FY2026 and US$96/t in Q3 of FY2025. Premium steelmaking HCC prices have increased, averaging US$231/t in the quarter compared to US$186/t in FY2025 Q3.
Corporate
- Available cash and facilities was US$5.4 million at the period end (FY2026 Q2: US$2.9 million);
- Kinetic Development Group Limited (KDG) made payments amounting to US$19 million for the purchase of MC Mining shares, as part of the share subscription agreement, during the quarter. US$3 million payment relates to the sixth Second Closing, US$10 million payment relates to the seventh Second Closing and US$6 million payment relates to the eighth Second Closing as per the Share Subscription Agreement;
- The Company made a further repayment of ZAR20 million towards the Industrial Development Corporation (IDC) loan during the quarter;
Events subsequent to the end of the quarter
KDG made payments amounting to US$6 million for the purchase of MC Mining shares, as part of the share subscription agreement, during April 2026. The US$6 million payment relates to the final Second Closing as per the Share Subscription Agreement. KDG has a 51% shareholding of MC Mining after the US$6 million that was paid in April 2026.
WEB WWW.MCMINING.CO.ZA
EMAIL [email protected]
AU Suite 303, 365 Little Collins Street, Melbourne, VIC 3000, Australia Tel +613 9364 4212
ZA Ground Floor, Greystone Building, Fourways Golf Park, Roos Street, Fourways, 2196 Tel: +27 10 003 8000
Interim Chairman Mathews Senosi Managing Director and Chief Executive Officer Y (Christine) He
Non-executive Directors Jianheng (Albert) Deng, Dr S West, B Pavlovski, M Huang, L Wang, Dr H Wang
MCMining
LIMITED
DETAILED QUARTERLY OPERATIONS REPORTS
Makhado HCC Project – Soutpansberg Coalfield, Limpopo Province, South Africa (67% owned)
Project Overview. Construction of the Makhado steelmaking hard coking coal Project (“Makhado Project” or “Makhado”) progressed well, with hot commissioning activities and start-up of the Coal Plant scheduled during May 2026. Project delays were largely attributed to inclement weather and delays in commissioning of the Eskom power supply line. During the quarter, more project development milestones were successfully achieved, whilst maintaining regulatory compliance performance that have become a recognizable feature of the venture to date. The colliery will be South Africa’s largest hard coking coal (HCC) producer, designed to produce 800,000 tonnes a year of HCC 64 Mid Vol, once steady-state operation for the foundation phase is reached. The life-of-mine (LOM) for the Makhado Colliery is planned to be 28 years. Contiguous to the Makhado Project are the satellite Greater Soutpansberg Projects (GSP), that are all at granted Mining Right status, also endowed with steelmaking HCC potential, and scheduled to be the focus of mine planning, once the Makhado Project is commissioned.
Health, Safety, Regulatory Compliance and Environmental Performance. The Makhado Project had one LTI for the quarter. Employee health initiatives focused on raising awareness on mental health, men’s health and chronic conditions management. The workforce onsite peaked at 977 people during the quarter with the host community well-represented in the labour complement and support services.
The mine continued to be built with zero reportable environmental incidents and keen emphasis being placed on environmental protection and management. The Department of Mineral and Petroleum Resources (DMPR) undertook a comprehensive and multi-discipline onsite health and safety, environmental, social and labour planning and regulatory compliance audit of the Makhado Project. The Company continues to promote collaborative and constructive relationships with regulatory authorities and host community stakeholders.
WEB WWW.MCMINING.CO.ZA
EMAIL [email protected]
AU Suite 303, 365 Little Collins Street, Melbourne, VIC 3000, Australia Tel +613 9364 4212
ZA Ground Floor, Greystone Building, Fourways Golf Park, Roos Street, Fourways, 2196 Tel: +27 10 003 8000
Interim Chairman Mathews Senosi Managing Director and Chief Executive Officer Y (Christine) He
Non-executive Directors Jianheng (Albert) Deng, Dr S West, B Pavlovski, M Huang, L Wang, Dr H Wang
MCMining
LIMITED
Project Development Milestones Achieved. Following the heavy rainfall at the start of the quarter, the Makhado Project has rebounded, with flooding subsiding and construction activities regaining momentum. Flood damage to the temporary bridge was severe and, as such, it has been taken out of use and the main access bridge opened to traffic. Work is continuing well on the Coal Handling and Processing Plant ("CHPP") and the team has begun with cold commissioning of completed areas. Noteworthy features of the project include:
-
Open pit Mining: – The mining of overburden material from the open cast pit is in progress and on track for run of mine delivery to the CHPP startup. JCI Mining (Pty) Ltd ("JCI"), the principal mining contractor, now has 249 people on site, with a mining fleet consisting of 8 backhoe configured excavators, supported by a team of 33 articulated dump trucks. Mining of overburden material is progressing steadily, with over 1.3 million bench cubic metres (BCM) already mined.
-
Construction of the Coal Plant: – The CHPP construction works are progressing well with planned completion being Q2 2026. The construction works were largely completed and cold commissioning of the plant is under way. Hot commissioning and plant start-up is scheduled for May 2026. The CHPP will process ROM coal to produce a primary product of HCC 64 Mid Vol and a secondary product of 5,500kcal thermal coal ("TC"). Work is continuing on the planning of the expansion strategy once the foundation phase is commissioned. Environmental and Process Technologies (Enprotec), the lead contractors for building the Coal Plant, peaked at a staff compliment of 450 persons on site, across 16 different subcontractors, with 140 of these employees having been recruited from the host communities.
-
Construction of permanent access bridge: – The mine access road bridge across the Mutamba River is commissioned and in service, with works now focused on upgrading the approach roads providing site access.
-
Construction power reticulation: – The main power supply line construction has progressed well and commissioning of the Eskom point of supply scheduled in April 2026. The installation of the MV Substation and transformers completed marks a significant milestone in the
WEB WWW.MCMINING.CO.ZA
EMAIL [email protected]
AU Suite 303, 365 Little Collins Street, Melbourne, VIC 3000, Australia Tel +613 9364 4212
ZA Ground Floor, Greystone Building, Fourways Golf Park, Roos Street, Fourways, 2196 Tel: +27 10 003 8000
Interim Chairman Mathews Senosi Managing Director and Chief Executive Officer Y (Christine) He
Non-executive Directors Jianheng (Albert) Deng, Dr S West, B Pavlovski, M Huang, L Wang, Dr H Wang
MCMining
LIMITED
development of the power supply infrastructure. This power line, the Paradise Overhead Line (OHL), is a new a 14km long, 22kV bulk power transmission line, to deliver 7.5MVA of power to the site from the national grid, via the nearby Paradise Power Station. This workstream is managed by the EHL Engineering Group (EHL) on an EPC-turnkey basis.
Outlook. Construction work and operational readiness activities are ongoing, with hot commissioning activities and start-up of the Coal Plant expected to commence during May 2026.
Uitkomst Colliery – Utrecht Coalfields, KwaZulu Natal Province, South Africa (84% owned)
The board of directors approved the temporary suspension of mining and processing operations at Uitkomst Colliery, with an effective date of 1 March 2026.
The decision follows continued operational underperformance and cash losses experienced at the operation. The suspension is intended to be a care and maintenance measure and does not represent a permanent closure of the mine, a relinquishment of the mining right, nor a decision to place the operation into liquidation or business rescue.
During this period, the Company is evaluating strategic options aimed at unlocking value and preserving future optionality.
These evaluations may include engagement with interested third parties regarding potential partnerships, joint operations or other strategic arrangements in respect of Uitkomst. No decisions have been taken, and any transaction would be subject to customary approvals.
In addition, the Company continues to review its asset base with a view to disposing of redundant or non-core items where appropriate.
WEB WWW.MCMINING.CO.ZA
EMAIL [email protected]
AU Suite 303, 365 Little Collins Street, Melbourne, VIC 3000, Australia Tel +613 9364 4212
ZA Ground Floor, Greystone Building, Fourways Golf Park, Roos Street, Fourways, 2196 Tel: +27 10 003 8000
Interim Chairman Mathews Senosi Managing Director and Chief Executive Officer Y (Christine) He
Non-executive Directors Jianheng (Albert) Deng, Dr S West, B Pavlovski, M Huang, L Wang, Dr H Wang
MCMining
LIMITED
Health, Safety and Environmental Performance. Uitkomst Colliery had a quarter free of reportable environmental incidents and no LTI (FY2026 Q2: One LTI).
Vele Aluwani SSCC and TC Colliery – Limpopo (Tuli) Coalfield (100% owned)
Operations at Vele remain suspended, pending the conclusion of a re-engineered business plan. Work continues on investigating a commercially viable logistics solution for the coal products to come from the colliery. Vele recorded no LTIs (FY2026 Q2: nil) during the quarter.
Greater Soutpansberg Projects (GSP) – Soutpansberg Coalfield (74% owned)
The GSP recorded no LTIs (FY2026 Q2: nil) during the quarter. The GSP are a group of mineral tenements, held as Mining Rights and satellite to the Makhado Project. Work has commenced on assessing and prioritising the various tenements, as part of developing the future pipeline of steelmaking HCC prospects to supplement the Makhado Colliery production. Negotiations were progressed with respect to securing surface land access for prioritised deposits. The work required to obtain environmental and water use licences for the Mining Rights are expected to commence during Q4 FY2026.
Appendix 5B – Quarterly Cash Flow Report
The Company's available cash balance and facilities as at 31 March 2026 was US$5.4 million. The aggregate amount of payments to related parties and their associates, disclosed as item 6.1 of the March 2026 quarter Appendix 5B, was US$84k, comprising executive and non-executive director remuneration.
Christine He
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.
WEB WWW.MCMINING.CO.ZA
EMAIL [email protected]
AU Suite 303, 365 Little Collins Street, Melbourne, VIC 3000, Australia Tel +613 9364 4212
ZA Ground Floor, Greystone Building, Fourways Golf Park, Roos Street, Fourways, 2196 Tel: +27 10 003 8000
Interim Chairman Mathews Senosi Managing Director and Chief Executive Officer Y (Christine) He
Non-executive Directors Jianheng (Albert) Deng, Dr S West, B Pavlovski, M Huang, L Wang, Dr H Wang
MCMining
LIMITED
For more information contact:
Bill Pavlovski
Company
Secretary
Vision Corporate
(Pty) Ltd
[email protected]
Company advisers:
BSM Sponsors Proprietary Limited is the nominated JSE Sponsor
About MC Mining Limited:
MC Mining is an 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.
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.
WEB WWW.MCMINING.CO.ZA
EMAIL [email protected]
AU Suite 303, 365 Little Collins Street, Melbourne, VIC 3000, Australia Tel +613 9364 4212
ZA Ground Floor, Greystone Building, Fourways Golf Park, Roos Street, Fourways, 2196 Tel: +27 10 003 8000
Interim Chairman Mathews Senosi Managing Director and Chief Executive Officer Y (Christine) He
Non-executive Directors Jianheng (Albert) Deng, Dr S West, B Pavlovski, M Huang, L Wang, Dr H Wang
MCMining
LIMITED
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 682 MS & Remaining Extent of Grootvlei 684 MS) | 74% | |||
| Remaining Extent and Portion 1 of | 74% | |||
| Grootboomen 476 MS | 74% |
WEB WWW.MCMINING.CO.ZA
EMAIL [email protected]
AU Suite 303, 365 Little Collins Street, Melbourne, VIC 3000, Australia Tel +613 9364 4212
ZA Ground Floor, Greystone Building, Fourways Golf Park, Roos Street, Fourways, 2196 Tel: +27 10 003 8000
Interim Chairman Mathews Senosi Managing Director and Chief Executive Officer Y (Christine) He
Non-executive Directors Jianheng (Albert) Deng, Dr S West, B Pavlovski, M Huang, L Wang, Dr H Wang
MCMining
LIMITED
| Project Name | Tenement Number | Location | Interest | Change during quarter |
|---|---|---|---|---|
| Grootvlei 684 MS | 74% | |||
| Kalkbult 709 MS | 74% | |||
| Remaining Extent, Remaining Extent of Portion 2, Remaining Extent of Portion 3, Portions 1, 4, 5, 6, 7 & 8 of Kliprivier 692 MS | 74% | |||
| 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% |
WEB WWW.MCMINING.CO.ZA
EMAIL [email protected]
AU Suite 303, 365 Little Collins Street, Melbourne, VIC 3000, Australia Tel +613 9364 4212
ZA Ground Floor, Greystone Building, Fourways Golf Park, Roos Street, Fourways, 2196 Tel: +27 10 003 8000
Interim Chairman Mathews Senosi Managing Director and Chief Executive Officer Y (Christine) He
Non-executive Directors Jianheng (Albert) Deng, Dr S West, B Pavlovski, M Huang, L Wang, Dr H Wang
MCMining
LIMITED
| Project Name | Tenement Number | Location | Interest | Change during quarter |
|---|---|---|---|---|
| Kanowna West & Kalbara | 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% | |||
| 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<> |
WEB WWW.MCMINING.CO.ZA
EMAIL [email protected]
AU Suite 303, 365 Little Collins Street, Melbourne, VIC 3000, Australia Tel +613 9364 4212
ZA Ground Floor, Greystone Building, Fourways Golf Park, Roos Street, Fourways, 2196 Tel: +27 10 003 8000
Interim Chairman Mathews Senosi Managing Director and Chief Executive Officer Y (Christine) He
Non-executive Directors Jianheng (Albert) Deng, Dr S West, B Pavlovski, M Huang, L Wang, Dr H Wang
MCMining
LIMITED
| Project Name | Tenement Number | Location | Interest | Change during quarter |
|---|---|---|---|---|
| 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%^a | |
| Lukin 643 MS | 67%^a | |||
| Mutamba 668 MS | 67%^a | |||
| Salaita 188 MT | 67%^a | |||
| Tanga 849 MS | 67%^a | |||
| Daru 889 MS | 67%^a | |||
| Windhoek 900 MS | 67%^a | |||
| 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% |
WEB WWW.MCMINING.CO.ZA
EMAIL [email protected]
AU Suite 303, 365 Little Collins Street, Melbourne, VIC 3000, Australia Tel +613 9364 4212
ZA Ground Floor, Greystone Building, Fourways Golf Park, Roos Street, Fourways, 2196 Tel: +27 10 003 8000
Interim Chairman Mathews Senosi Managing Director and Chief Executive Officer Y (Christine) He
Non-executive Directors Jianheng (Albert) Deng, Dr S West, B Pavlovski, M Huang, L Wang, Dr H Wang
MCMining
LIMITED
| Project Name | Tenement Number | Location | Interest | Change during quarter |
|---|---|---|---|---|
| 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% |
WEB WWW.MCMINING.CO.ZA
EMAIL [email protected]
AU Suite 303, 365 Little Collins Street, Melbourne, VIC 3000, Australia Tel +613 9364 4212
ZA Ground Floor, Greystone Building, Fourways Golf Park, Roos Street, Fourways, 2196 Tel: +27 10 003 8000
Interim Chairman Mathews Senosi Managing Director and Chief Executive Officer Y (Christine) He
Non-executive Directors Jianheng (Albert) Deng, Dr S West, B Pavlovski, M Huang, L Wang, Dr H Wang
MCMining
LIMITED
| Project Name | Tenement Number | Location | Interest | Change during quarter |
|---|---|---|---|---|
| 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, 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 | 74% | |||
| Remaining Extent of Verdun 535 MS | 74% | |||
| Voorburg 503 MS | 100% | |||
| Scheveningen 500 MS | 74% |
WEB WWW.MCMINING.CO.ZA
EMAIL [email protected]
AU Suite 303, 365 Little Collins Street, Melbourne, VIC 3000, Australia Tel +613 9364 4212
ZA Ground Floor, Greystone Building, Fourways Golf Park, Roos Street, Fourways, 2196 Tel: +27 10 003 8000
Interim Chairman Mathews Senosi Managing Director and Chief Executive Officer Y (Christine) He
Non-executive Directors Jianheng (Albert) Deng, Dr S West, B Pavlovski, M Huang, L Wang, Dr H Wang
MCMining
LIMITED
| Project Name | Tenement Number | Location | Interest | Change during quarter |
|---|---|---|---|---|
| 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% |
WEB WWW.MCMINING.CO.ZA
EMAIL [email protected]
AU Suite 303, 365 Little Collins Street, Melbourne, VIC 3000, Australia Tel +613 9364 4212
ZA Ground Floor, Greystone Building, Fourways Golf Park, Roos Street, Fourways, 2196 Tel: +27 10 003 8000
Interim Chairman Mathews Senosi Managing Director and Chief Executive Officer Y (Christine) He
Non-executive Directors Jianheng (Albert) Deng, Dr S West, B Pavlovski, M Huang, L Wang, Dr H Wang
MCMining
LIMITED
| Project Name | Tenement Number | Location | Interest | Change during quarter |
|---|---|---|---|---|
| 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% |
WEB WWW.MCMINING.CO.ZA
EMAIL [email protected]
AU Suite 303, 365 Little Collins Street, Melbourne, VIC 3000, Australia Tel +613 9364 4212
ZA Ground Floor, Greystone Building, Fourways Golf Park, Roos Street, Fourways, 2196 Tel: +27 10 003 8000
Interim Chairman Mathews Senosi Managing Director and Chief Executive Officer Y (Christine) He
Non-executive Directors Jianheng (Albert) Deng, Dr S West, B Pavlovski, M Huang, L Wang, Dr H Wang
MCMining
LIMITED
| Project Name | Tenement Number | Location | Interest | Change during quarter |
|---|---|---|---|---|
| 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% |
WEB WWW.MCMINING.CO.ZA
EMAIL [email protected]
AU Suite 303, 365 Little Collins Street, Melbourne, VIC 3000, Australia Tel +613 9364 4212
ZA Ground Floor, Greystone Building, Fourways Golf Park, Roos Street, Fourways, 2196 Tel: +27 10 003 8000
Interim Chairman Mathews Senosi Managing Director and Chief Executive Officer Y (Christine) He
Non-executive Directors Jianheng (Albert) Deng, Dr S West, B Pavlovski, M Huang, L Wang, Dr H Wang
MCMining
LIMITED
| Project Name | Tenement Number | Location | Interest | Change during quarter |
|---|---|---|---|---|
| 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
$^{\text{a}}$ 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%
WEB WWW.MCMINING.CO.ZA
EMAIL [email protected]
AU Suite 303, 365 Little Collins Street, Melbourne, VIC 3000, Australia Tel +613 9364 4212
ZA Ground Floor, Greystone Building, Fourways Golf Park, Roos Street, Fourways, 2196 Tel: +27 10 003 8000
Interim Chairman Mathews Senosi Managing Director and Chief Executive Officer Y (Christine) He
Non-executive Directors Jianheng (Albert) Deng, Dr S West, B Pavlovski, M Huang, L Wang, Dr H Wang
Rule 5.5
Appendix 5B
Mining exploration entity or oil and gas exploration entity quarterly cash flow report
Name of entity
MC Mining Limited
ABN
Quarter ended ("current quarter")
98 008 905 388
31 March 2026
| Consolidated statement of cash flows | Current quarter $USD'000 | Year to date (Nine months) $USD'000 | |
|---|---|---|---|
| 1. | Cash flows from operating activities | ||
| 1.1 | Receipts from customers | 533 | 8,899 |
| 1.2 | Payments for | ||
| (a) exploration & evaluation | - | - | |
| (b) development | |||
| (c) production | (3,925) | (15,979) | |
| (d) staff costs | (654) | (2,144) | |
| (e) administration and corporate costs | (215) | (1,861) | |
| 1.3 | Dividends received (see note 3) | ||
| 1.4 | Interest received | 32 | 319 |
| 1.5 | Interest and other costs of finance paid | (38) | (154) |
| 1.6 | Income taxes paid | - | - |
| 1.7 | Government grants and tax incentives | ||
| 1.8 | Other (provide details if material) | - | - |
| 1.9 | Net cash from / (used in) operating activities | (4,267) | (10,920) |
| 2. Cash flows from investing activities | |||
| --- | --- | --- | --- |
| 2.1 | Payments to acquire or for: | ||
| (a) entities | |||
| (b) tenements | |||
| (c) property, plant and equipment | (10,695) | (29,142) | |
| (d) exploration & evaluation | - | - | |
| (e) investments | 97 | 97 | |
| (f) other non-current assets |
ASX Listing Rules Appendix 5B (17/07/20)
- See chapter 19 of the ASX Listing Rules for defined terms.
Appendix 5B
Mining exploration entity or oil and gas exploration entity quarterly cash flow report
| Consolidated statement of cash flows | Current quarter $USD'000 | Year to date (Nine months) $USD'000 | |
|---|---|---|---|
| 2.2 | Proceeds from the disposal of: | ||
| (a) entities | |||
| (b) tenements | |||
| (c) property, plant and equipment | |||
| (d) investments | |||
| (e) other non-current assets | - | ||
| - | - | ||
| - | |||
| 2.3 | Cash flows from loans to other entities | ||
| 2.4 | Dividends received (see note 3) | ||
| 2.5 | Other (provide details if material) | - | - |
| 2.6 | Net cash from / (used in) investing activities | (10,598) | (29,045) |
| 3. | Cash flows from financing activities | ||
| 3.1 | Proceeds from issues of equity securities (excluding convertible debt securities) | 19,000 | 41,000 |
| 3.2 | Proceeds from issue of convertible debt securities | ||
| 3.3 | Proceeds from exercise of options | ||
| 3.4 | Transaction costs related to issues of equity securities or convertible debt securities | (68) | (587) |
| 3.5 | Proceeds from borrowings | - | 172 |
| 3.6 | Repayment of borrowings | (1,389) | (2,464) |
| 3.7 | Transaction costs related to loans and borrowings | ||
| 3.8 | Dividends paid | - | - |
| 3.9 | Other (provide details if material) | (120) | (369) |
| 3.10 | Net cash from / (used in) financing activities | 17,423 | 37,752 |
| 4. | Net increase / (decrease) in cash and cash equivalents for the period | ||
| 4.1 | Cash and cash equivalents at beginning of period | 2,900 | 7,376 |
| 4.2 | Net cash from / (used in) operating activities (item 1.9 above) | (4,267) | (10,920) |
| 4.3 | Net cash from / (used in) investing activities (item 2.6 above) | (10,598) | (29,045) |
| 4.4 | Net cash from / (used in) financing activities (item 3.10 above) | 17,423 | 37,752 |
ASX Listing Rules Appendix 5B (17/07/20)
+ See chapter 19 of the ASX Listing Rules for defined terms.
Appendix 5B
Mining exploration entity or oil and gas exploration entity quarterly cash flow report
| Consolidated statement of cash flows | Current quarter $USD'000 | Year to date (Nine months) $USD'000 | |
|---|---|---|---|
| 4.5 | Effect of movement in exchange rates on cash held | (96) | 199 |
| 4.6 | Cash and cash equivalents at end of period | 5,362 | 5,362 |
| 5. | Reconciliation of cash and cash equivalents at the end of the quarter (as shown in the consolidated statement of cash flows) to the related items in the accounts | Current quarter $USD'000 | Previous quarter $USD'000 |
| --- | --- | --- | --- |
| 5.1 | Bank balances | 6,438 | 4,142 |
| 5.2 | Call deposits | 25 | 25 |
| 5.3 | Bank overdrafts | (1,101) | (1,267) |
| 5.4 | Other (provide details) | ||
| 5.5 | Cash and cash equivalents at end of quarter (should equal item 4.6 above) | 5,362 | 2,900 |
| 6. | Payments to related parties of the entity and their associates | Current quarter $USD'000 | |
| --- | --- | --- | |
| 6.1 | Aggregate amount of payments to related parties and their associates included in item 1 | 84 | |
| 6.2 | Aggregate amount of payments to related parties and their associates included in item 2 | ||
| Note: if any amounts are shown in items 6.1 or 6.2, your quarterly activity report must include a description of, and an explanation for, such payments. |
ASX Listing Rules Appendix 5B (17/07/20)
+ See chapter 19 of the ASX Listing Rules for defined terms.
Appendix 5B
Mining exploration entity or oil and gas exploration entity quarterly cash flow report
| 7. Financing facilities | Total facility amount at quarter end $USD'000 | Amount drawn at quarter end $USD'000 |
|---|---|---|
| 7.1 Loan facilities | - | - |
| 7.2 Credit standby arrangements | ||
| 7.3 Other (please specify) | 1,395 | 1,101 |
| 7.4 Total financing facilities | 1,395 | 1,101 |
| 7.5 Unused financing facilities available at quarter end | 294 | |
| 7.6 Include in the box below a description of each facility above, including the lender, interest rate, maturity date and whether it is secured or unsecured. If any additional financing facilities have been entered into or are proposed to be entered into after quarter end, include a note providing details of those facilities as well. | ||
| All facilities are ZAR denominated and are repayable in South African Rand (ZAR) | ||
| 7.3 Other $USD1.4 million: | ||
| Lender: ABSA Group Limited | ||
| a) $USD 1.4 million overdraft facility | ||
| Maturity Date | ||
| a) Reviewed annually | ||
| Interest Rate: | ||
| a) Floating rate: South African Prime plus 3% | ||
| Security | ||
| a) Receivables, bond over Uitkomst assets |
ASX Listing Rules Appendix 5B (17/07/20)
+ See chapter 19 of the ASX Listing Rules for defined terms.
Appendix 5B
Mining exploration entity or oil and gas exploration entity quarterly cash flow report
| 8. Estimated cash available for future operating activities | $USD'000 |
|---|---|
| 8.1 Net cash from / (used in) operating activities (item 1.9) | (4,267) |
| 8.2 (Payments for exploration & evaluation classified as investing activities) (item 2.1(d)) | - |
| 8.3 Total relevant outgoings (item 8.1 + item 8.2) | (4,267) |
| 8.4 Cash and cash equivalents at quarter end (item 4.6) | 5,362 |
| 8.5 Unused finance facilities available at quarter end (item 7.5) | 294 |
| 8.6 Total available funding (item 8.4 + item 8.5) | 5,656 |
| 8.7 Estimated quarters of funding available (item 8.6 divided by item 8.3) | 1.3 |
| Note: if the entity has reported positive relevant outgoings (ie a net cash inflow) in item 8.3, answer item 8.7 as “N/A”. Otherwise, a figure for the estimated quarters of funding available must be included in item 8.7. | |
| 8.8 If item 8.7 is less than 2 quarters, please provide answers to the following questions: | |
| 8.8.1 Does the entity expect that it will continue to have the current level of net operating cash flows for the time being and, if not, why not? | |
| Answer: Yes: Significant investing activity taking place to start up Makhado Colliery being funded out of Shareholder funds as funds are required. | |
| 8.8.2 Has the entity taken any steps, or does it propose to take any steps, to raise further cash to fund its operations and, if so, what are those steps and how likely does it believe that they will be successful? | |
| Answer: Yes: Final Equity subscription of US$6m received in April 2026. A shareholder loan is in the final stages of completion and external loan is well progressed. | |
| 8.8.3 Does the entity expect to be able to continue its operations and to meet its business objectives and, if so, on what basis? | |
| Answer: Yes: Current funding plans expected to meet cashflow requirements till revenue generated from Makhado. | |
| Note: where item 8.7 is less than 2 quarters, all of questions 8.8.1, 8.8.2 and 8.8.3 above must be answered. |
Compliance statement
- This statement has been prepared in accordance with accounting standards and policies which comply with Listing Rule 19.11A.
- This statement gives a true and fair view of the matters disclosed.
Date: ...30 April 2026
Authorised by: ... Disclosure Committee
(Name of body or officer authorising release – see note 4)
Notes
- This quarterly cash flow report and the accompanying activity report provide a basis for informing the market about the entity's activities for the past quarter, how they have been financed and the effect this has had on its cash position. An
ASX Listing Rules Appendix 5B (17/07/20)
+ See chapter 19 of the ASX Listing Rules for defined terms.
Appendix 5B
Mining exploration entity or oil and gas exploration entity quarterly cash flow report
entity that wishes to disclose additional information over and above the minimum required under the Listing Rules is encouraged to do so.
-
If this quarterly cash flow report has been prepared in accordance with Australian Accounting Standards, the definitions in, and provisions of, AASB 6: Exploration for and Evaluation of Mineral Resources and AASB 107: Statement of Cash Flows apply to this report. If this quarterly cash flow report has been prepared in accordance with other accounting standards agreed by ASX pursuant to Listing Rule 19.11A, the corresponding equivalent standards apply to this report.
-
Dividends received may be classified either as cash flows from operating activities or cash flows from investing activities, depending on the accounting policy of the entity.
-
If this report has been authorised for release to the market by your board of directors, you can insert here: "By the board". If it has been authorised for release to the market by a committee of your board of directors, you can insert here: "By the [name of board committee – eg Audit and Risk Committee]". If it has been authorised for release to the market by a disclosure committee, you can insert here: "By the Disclosure Committee".
-
If this report has been authorised for release to the market by your board of directors and you wish to hold yourself out as complying with recommendation 4.2 of the ASX Corporate Governance Council's Corporate Governance Principles and Recommendations, the board should have received a declaration from its CEO and CFO that, in their opinion, the financial records of the entity have been properly maintained, that this report complies with the appropriate accounting standards and gives a true and fair view of the cash flows of the entity and that their opinion has been formed on the basis of a sound system of risk management and internal control which is operating effectively.
ASX Listing Rules Appendix 5B (17/07/20)
- See chapter 19 of the ASX Listing Rules for defined terms.