Cautionary Announcement

TORONTO, ONTARIO – June 2, 2016: Buffalo Coal Corp. (TSX: BUF; JSE: BUC) (“Buffalo” or “the
announces that its majority shareholder, Resource Capital Fund V L.P. (“RCF”), has informed
the Company that it is undergoing a review of its strategic options in respect of its investment in the
Company, and has appointed an advisorto assist in this regard.

The Company cautions that there are no guarantees that the strategic review will result in a transaction
or if a transaction is undertaken, as to its terms or timing. The Company does not intend to disclose
developments with respect to the strategic review process unless and until a definitive transaction or
strategic option has been approved, unless otherwise required by law or disclosure of which is deemed
appropriate. Shareholders of the Company are advised to exercise caution when dealing in the
Company’s securities until a further announcement is made.

About Buffalo

Buffalo is a coal producer in southern Africa. It holds a majority interest in two operating mines through
its 100% interest in Buffalo Coal Dundee, a South African company which has a 70% interest in Zinoju.
Zinoju holds a 100% interest in the Magdalena bituminous mine and the Aviemore anthracite mine in
South Africa. Buffalo has an experienced coal‐focused management team.

Cautionary Notes:

This press release contains “forward‐looking information” within the meaning of applicable Canadian
securities legislation. Forward‐looking information includes, but is not limited to, the outcome of the
strategic review process being undertaken by RCF. Generally, forward‐looking information can be
identified by the use of forward‐looking terminology such as “plans”, “expects” or “does not expect”, “is
expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates” or “does not
anticipate”, or “believes”, or variations of such words and phrases or state that certain actions, events
or results “may”, “could”, “would”, “might” or “will be taken”, “occur” or “be achieved”. Forwardlooking
information is subject to known and unknown risks, uncertainties and other factors that may
cause the actual results, level of activity, performance or achievements of Buffalo to be materially
different from those expressed or implied by such forward‐looking information, including but not limited
to: general business, economic, competitive, foreign operations, political and social uncertainties; a
history of operating losses; delay or failure to receive board or regulatory approvals; timing and
availability of external financing on acceptable terms; not realizing on the potential benefits of any
proposed transaction; conclusions of economic evaluations; changes in project parameters as plans
continue to be refined; future prices of mineral products; failure of plant, equipment or processes to
operate as anticipated; accidents, labour disputes and other risks of the mining industry; and, delays in
obtaining governmental approvals or required financing or in the completion of activities. Although
Buffalo has attempted to identify important factors that could cause actual results to differ materially
from those contained in forward‐looking information, there may be other factors that cause results not
to be as anticipated, estimated or intended. There can be no assurance that such information will prove
to be accurate, as actual results and future events could differ materially from those anticipated in such
statements. Accordingly, readers should not place undue reliance on forward‐looking information.
Buffalo does not undertake to update any forward‐looking information, except in accordance with
applicable securities laws.

Neither the Toronto Venture Exchange, nor its regulation services provider (as that term is defined in the
policies of the exchange), accepts responsibility for the adequacy or accuracy of this release


Malcolm Campbell
Chief Executive Officer
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Sarah Williams
Chief Financial Officer
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