August 5, 2022: Buffalo Coal Corp. announces, that, further to the transaction between Resource Capital Fund V L.P. (“RCF V”) and Belvedere Resources DMCC (“Belvedere”) for the transfer of ownership of RCF V's securities holdings in the Company previously announced in the press release of the Company dated as of June 15, 2022, the board of directors of the Company (the “Board”) is pleased to confirm the appointment of Mr Alok Joshi as non-executive Board member with effect as of August 4, 2022.

Mr Joshi has more than two decades’ global leadership experience, built over mining and manufacturing industry segments and geographically spread across Africa, South-East Asia, Western Europe, Australia and the Middle East. Mr Joshi specialises in cross-border mergers and acquisitions and will continue in his current role as Director Finance of Belvedere, based out of Dubai, UAE where he leads Belvedere’s strategic growth and investment initiatives.

He played a pivotal role in the financial restructuring of Ikwezi Mining Limited, a South African based coal mining and processing company listed on the Australian Stock Exchange, as its director from 2015 to 2020, and has a strong understanding of the South African and global coal markets. Mr Joshi also led Cemza (Pty) Ltd as its CEO, steering the greenfield venture to become a leading South African cement brand. He graduated from Sydenham College, Mumbai, articled with KPMG in India and is a Chartered Accountant (India).

Craig Wiggill, the chairman of the Board, commented as follows: “We are pleased that Alok will be joining the Buffalo Coal Board as a representative of Belvedere Resources DMCC. Both our Board and management team look forward to working with him in furtherance of our Company’s goals."

About Buffalo Coal

Buffalo is a coal producer in South Africa. It holds a majority interest in two operating mines through its 100% interest in Buffalo Coal Dundee Proprietary Limited, a South African company which has a 70% interest in Zinoju Coal Proprietary Limited (“Zinoju”). Zinoju holds a 100% interest in the Magdalena bituminous mine, the Aviemore East anthracite mine and the Balgray and North Adit anthracite projects in South Africa. Buffalo Coal has an experienced coal-focused management team.

The Company has its primary listing on the TSX Venture Exchange and has a secondary listing on the Alternative Exchange, operated by the JSE Limited.

Forward-Looking Statements

This press release may contain forward looking information within the meaning of applicable securities legislation, which reflects the Company’s current expectations regarding future events. Forward looking information is based on a number of assumptions and is subject to a number of risks and uncertainties, many of which are beyond the Company’s control, which could cause actual results and events to differ materially from those that are disclosed in or implied by such forward looking information. The Company does not undertake any obligation to update such forward looking information, whether as a result of new information, future events or otherwise, except as expressly required by applicable law.

Neither the TSX 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.


Mr Craig Wiggill
Chairman of the Board
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