ANNOUNCEMENT                                                                                                                           31 March 2023

ISSUE OF SHARES UNDER THE PERFORMANCE RIGHTS PLAN

MC Mining Limited (MC Mining or the Company) announces the issue of 1,983,613 new ordinary shares of no par value in the Company's capital (Ordinary Shares) subsequent to the receipt of South African regulatory approval for the issue of the new Ordinary Shares. The new Ordinary Shares have been issued following the vesting, on the commissioning of the Vele Colliery coal processing plant in December 2022, of 1,602,393 special incentive performance rights. The remaining 381,220 new Ordinary Shares have been issued following satisfaction of the vesting conditions for performance rights granted to management in November 2019.

Certain of the Ordinary Shares have been issued to the following non-Board persons discharging managerial responsibilities (PDMRs):

Admission and Total Voting Rights

Application has been made for the new Ordinary Shares to be admitted to trading on the ASX, AIM and JSE markets (Admission). Admission of the new Ordinary Shares to trading on AIM is expected to become effective at 8:00 a.m. on or around 3 April 2023 and on the JSE on or around 9:00 a.m. on 3 April 2023, and the new Ordinary Shares will rank pari passu with the Company's existing Ordinary Shares.

On Admission, MC Mining's issued share capital shall comprise 399,665,202 Ordinary Shares. This figure may be used by shareholders in the Company as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change in their interest in, the share capital of the Company under the ASX Listing Rules or the FCA's Disclosure Guidance and Transparency Rules.

For and on behalf of

MC Mining

Tony Bevan

Company Secretary

For more information contact:

About MC Mining

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).