Resignation of Chief Financial Officer

Buffalo Coal Corp. (TSXV: BUF) (the "Company") today announces that it intends to seek shareholder approval for a proposal to take the Company private at a special meeting of shareholders ("Shareholders") to be held on Monday, April 17, 2023 at 10:00 a.m. (Toronto time) (the "Meeting").

The Company proposes to complete the going private transaction by way of a share consolidation and purchase (the "Consolidation") of all common shares ("Common Shares"), other than the Common Shares held by Belvedere Resources DMCC ("Belvedere"), for cash consideration of CAD$0.01 per pre-Consolidation Common Share, for Common Shares held on the TSX Venture Exchange ("TSXV"), or R0.1339580per pre-Consolidation Common Share, for Common Shares held on the Alternative Exchange maintained by JSE Limited ("JSE"). The consideration offered in connection with the Consolidation is equal to the subscription price under the Company's recently completed rights offering, which was greatly undersubscribed. Upon completion of the Consolidation and repurchase of the resulting fractional Common Shares, Belvedere is expected to be the sole Shareholder of the Company, which will then be delisted from the TSXV and JSE. The Company will subsequently apply to the relevant securities regulatory authorities to cease being a reporting issuer.

Buffalo Coal Corp. (TSXV: BUF) (JSE: BUC) (the "Company") announced today that its wholly-owned subsidiary, Buffalo Coal Dundee Proprietary Limited ("BCD") has entered into and received approval from the South African Reserve Bank regarding a secured credit facility agreement dated November 7, 2022 and addendum to the facility agreement dated December 29, 2022 (as amended, the "Credit Agreement") with Ikwezi Mining FZE (the "Lender"), an affiliate of the Company's majority shareholder, Belvedere Resources DMCC ("Belvedere").

Pursuant to the Credit Agreement, the Lender will make a credit facility available to BCD in the aggregate principal amount of USD$30,000,000, which amount may be drawn in up to ten draws under the Credit Agreement (each such draw, a "Facility Advance"). Interest will accrue on each Facility Advance at a rate based on the base lending rate applicable in the United States of America, as prescribed by the South African Reserve Bank (7.5% as of January 20, 2023), and each Facility Advance will become due and payable three (3) years after the date such Facility Advance was advanced to BCD by the Lender. The Credit Agreement provides for a general charge against BCD's assets as security for the Facility Advances made thereunder, which may be prepaid by BCD on notice to the Lender in whole or in part without any penalties.

Buffalo Coal Corp. (TSXV: BUF) (JSE: BUC) (the "Company" or "Buffalo Coal") today announced the final discharge of Buffalo Coal's loan facility with Investec Bank Limited ("Investec"). The Company settled the outstanding loan facility of R32,576,523 including interest along with a reduced royalty amount agreed to with Investec of R2,500,000. On January 13, 2023 Investec issued a final discharge notice confirming that all the indebtedness and obligations of the Company under the loan facility agreement have been irrevocably and unconditionally finally paid and discharged in full on January 12, 2023. Investec has commenced the process to cancel the securities that covered this loan facility.

Buffalo Coal Corp. (TSXV: BUF) (JSE: BUC) (the "Company" or "Buffalo Coal") today announced the completion of the previously announced rights offering to its shareholders (the "Rights Offering"), subject to final approval of the TSX Venture Exchange (the "TSXV").

Buffalo Coal issued 315,135,452 common shares of the Company (each a "Common Share") at a price of CDN$0.01 per Common Share for rights exercised on the TSXV and 111,038 common shares at a price of R0.13396 per Common Share  for rights exercised on the JSE. The Company raised total gross proceeds of approximately CDN$3,152,535.63 (TSXV – CDN$3,151,354.52 and JSE – R14,874.65).