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Prairie Mining issues update on potential co-operation with JSW

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World Coal,

Discussions remain ongoing between Prairie Mining Limited (Prairie) and Jastrzebska Spólka Weglowa S.A. (JSW) regarding potential co-operation and/ or transaction options in respect of Prairie’s Polish coal projects, following the exchange of technical information during the last six months.

The Due Diligence process at the Jan Karski project has confirmed that part of the ‘Lublin’ deposit contains semisoft coking coal (type 34), which can be potentially utilised by JSW. Due Diligence has also indicated the technical feasibility and potential synergies of accessing initial seams at the Debiensko deposit utilising the existing infrastructure at JSW’s adjacent KnurówSzczyglowice mine. Exploiting those synergies would require modifications to project configuration and obtaining relevant approvals, including concession modifications. JSW estimates that access via the Szczyglowice mine potentially enables the production of hard coking coal (type 35) from Debiensko in up to 18 months from the time that relevant administrative permits and concession amendments are granted.

There can be no certainty as to whether any transaction(s) or co-operation will be agreed, or the potential form of such transaction(s) or co-operation.

It is emphasised that any potential transaction(s), should they occur, may be subject to a number of conditions including, but not limited to, obtaining necessary corporate approvals, consents and approvals related to funding, consents from Poland’s Office of Competition and Consumer Protection (UOKiK) if required, and any other requirements that may relate to the strategy, objectives and regulatory regimes applicable to the respective issuers.

The companies will continue to comply with their respective disclosure obligations to the relevant markets, as required.

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