Receipt of non-binding indicative offer of between A$0.17c and A$0.20c from Vulcan Resources 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 8 March 2024 ANNOUNCEMENT RECEIPT OF NON-BINDING INDICATIVE OFFER OF BETWEEN A$0.17c AND A$0.20c FROM VULCAN RESOURCES MC Mining Limited (MC Mining or the Company) confirms that it is in receipt of a letter (Proposal Letter) from Vulcan Resources (Vulcan). Vulcan is the operator of the Moatize Coal Mine, the largest operating steelmaking coking coal mine in Mozambique and Africa. The Proposal Letter outlines Vulcan's non-binding proposal to make an off-market cash takeover offer for all the shares in the Company at an indicative price of between A$0.17 and A$0.20 cents per share valuing the Company's equity at between A$69.34 million and A$81.58 million (Proposal). The Proposal contains a number of customary conditions, including completion of a due diligence process, and is not a binding offer currently capable of acceptance by shareholders of the Company. The Independent Board Committee (IBC) notes that the Proposal Letter is at an indicative price range that is higher than the current takeover offer price of A$0.16 per share by Goldway Capital Investment Limited. There is no certainty however, that any formal offer by Vulcan will be received nor the terms thereof. The IBC reiterates its recommendation to shareholders NOT TO ACCEPT the current Goldway Capital Investment Limited offer. The IBC will evaluate the indicative terms of the Proposal Letter, including taking advice from its financial and Australian and South African legal advisors, Adelaide Equity Partners Limited as Financial Advisor, K&L Gates as Australian Legal Advisors and Falcon & Hume Inc. as South African Legal Advisors. MC Mining remains committed to keeping shareholders appraised of developments and intends to make a further announcement when more complete and definitive details are received. 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 165 Secretary Corporate Services Company advisers: Richard Johnson / Nominated Strand Hanson +44 20 7409 3494 Rob Patrick Adviser Limited Rory Scott Broker Tennyson +44 20 7186 9031 (AIM) Securities Marion Brower Financial PR R&A Strategic +27 11 880 3924 (South Communications Africa) 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). Date: 08-03-2024 11:55:00 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.