Half-yearly Report

28 August 2009

BISICHI MINING PLC

Half Year Results for the period ended 30 June 2009

ANOTHER RECORD MINING RESULT

* Profit before tax in excess of £4.3 million (Realised) (2008: £0.9 million)
reflects impact of open cast mining at Black Wattle Colliery

* Profit before tax in excess of £9.4million (Realised) generated over last
twelve months

* Performance has been protected to date from the current lower coal price by
fixed price coal export contract

* Black Wattle has started sampling high quality buy-in coal from nearby
reserves, which will extend the life of the mine

* UK retail property portfolio has maintained rental income levels

* Bisichi warns that the second half of 2009 financial year is unlikely to be
as profitable as the last twelve months as Black Wattle closes underground
mining operations, opens a new open cast pit, fixed price export contract
ends and a strengthened SA Rand:US Dollar rate impacts on export revenues

* Bisichi expects return to higher profitability in 2010

* First ever Interim Dividend of 1p per share

Commenting on the results, Michael Heller, Chairman of Bisichi Mining said:

‘This profit both puts Bisichi in a very secure financial position and will
allow the Group to take advantage of opportunities that arise as a result of
these extremely turbulent times. Looking forward to 2010, we expect to see a
recovery in profitability.’

END

For further information, please call:

Andrew Heller, Bisichi Mining PLC 020 7415 5030

Half year review

We are very pleased to report to shareholders that in the six months ended 30
June 2009, Bisichi Mining made a profit before tax of £4.3 million (Realised)
(2008: £0.9 million). Bisichi has therefore generated profits of £9.4 million
(Realised) over the last twelve months.

This profit both puts Bisichi in a very secure financial position and will
allow the Group to take advantage of opportunities that arise as a result of
these extremely turbulent times.

As previously reported, this profit can, to a significant extent, be attributed
to the commencement of opencast mining in May 2008. Combined with the existing
fixed price export contract, which is providing the Group with prices above
market rates, Bisichi has to some considerable degree been protected to date
from the current lower coal price.

We remain extremely positive about the future of the Black Wattle Colliery, our
direct coal mining operation in South Africa, but we must advise shareholders
that the next six months is unlikely to be as profitable as the last twelve
months. This is for several reasons:

* Black Wattle is in the process of carrying out the planned closure of most
of its underground mining sections which will take several months to
finalise;

* Black Wattle is in the process of closing one opencast pit and opening up
the next;

* the fixed price coal contract will expire during the second half and the
coal prices in all of the Group’s markets have reduced; and

* the South African Rand has appreciated by over 14% against the US Dollar
during the year, which impacts on the Group’s export revenues which are
paid in US Dollars and converted to SA Rands.

Looking forward to 2010, we expect to see a recovery in profitability as Black
Wattle will have completed the switch from underground to lower cost opencast
mining. The forward curve of the coal price from 2010 onwards projects an
upswing as, we hope, the world emerges from recession and the forward rate for
the SA Rand shows the SA Rand depreciating against the US Dollar.

Black Wattle has also started sampling high quality buy-in coal from nearby
reserves. These buy-in coal opportunities are increasing in number and
represent a new development for Black Wattle as, with the timely expansion of
the washing plant, capacity will be increased and the life of mine will be
extended.

Black Wattle still awaits final approval from the Department of Minerals and
Energy for the Company’s new Black Empowerment partner and the necessary
permits for some of the opencast mining activities at Black Wattle. There is
still nothing to report at this stage on Pegasus; shareholders will be informed
as soon as further news emerges.

Bisichi’s UK retail property portfolio, managed by London & Associated
Properties PLC, continues to perform well and, most importantly, there has been
no reduction in rental income.

As previously announced, Tom Kearney has resigned as a director of Bisichi and
we wish him well in his future career.

Finally we are pleased to inform shareholders that the Board will for the first
time be paying an interim dividend of 1p. This will be paid on 5 February 2010,
to shareholders on the register at the close of business on 15 January 2010.

We would like to thank everyone who contributed to these results and we
continue to look to the future with confidence for your Group.

Michael Heller Andrew Heller

Chairman Managing Director

27 August 2009

Bisichi Mining PLC

Consolidated income statement

for the six months ended 30 June 2009

6 months 6 months Year ended
ended 30 ended 30 31
June June December
2009 2008 2008

Notes £000 £000 £000

Group revenue 1 16,629 9,076 25,979

Operating costs (12,281) (8,097) (19,754)

Operating profit on trading 1 4,348 979 6,225
activities

Decrease in value of investment properties – – (3,075)

Gains/(losses) on held for trading 109 (108) (534)
investments

Operating profit 4,457 871 2,616

Share of profit/(loss) in joint ventures 10 (25) (305)

Profit before interest and 1 4,467 846 2,311
taxation

Interest receivable 137 170 345

Interest payable (103) (213) (539)

Profit before taxation 4,501 803 2,117

Income tax expense 2 (1,192) (204) (1,811)

Profit for the period 3,309 599 306

Attributable to:

Equity shareholders 3,309 599 302

Minority interest – – 4

Profit for the year 3,309 599 306

Earnings per share – basic 3 31.66p 5.73 p 2.89 p

Earnings per share – diluted 3 30.96p 5.39 p 2.83 p

Bisichi Mining PLC

Consolidated statement of comprehensive income

for the six months ended 30 June 2009

6 months 6 months Year ended
ended 30 ended 30 31
June June December
2009 2008 2008

£000 £000 £000

Profit for the year 3,309 599 306

Other comprehensive income:

Exchange differences on 263 (509) 61
translation of foreign operations

Other comprehensive income for the year 263 (509) 61
net of tax

Total comprehensive income for the year 3,572 90 367

Attributable to:

Equity shareholders 3,572 90 363

Minority interest – – 4

Profit for the year 3,572 90 367

Bisichi Mining PLC

Consolidated Balance Sheet

as at 30 June 2009

30 June 30 June 31
December

2009 2008 2008

Assets £000 £000 £000

Non-current-assets

Value of investment properties 11,795 14,838 11,773
attributable to the group

Fair value of head leases 234 267 234

Property 12,029 15,105 12,007

Reserves, plant and equipment 6,867 5,720 7,554

Investments in joint ventures 3,182 3,214 3,072

Other investments 358 392 334

Total non-current assets 22,436 24,431 22,967

Current assets

Inventories 1,976 31 1,397

Trade and other receivables 3,325 2,992 5,524

Corporation Tax Recoverable 41 189 15

Held for trading investments 805 685 627

Cash and cash equivalents 6,129 2,263 3,414

Total current assets 12,276 6,160 10,977

Total assets 34,712 30,591 33,944

Liabilities

Current liabilities

Borrowings (6,011) (3,414) (6,877)

Trade and other payables (4,604) (4,305) (5,815

Current tax liabilities (700) (81) (1,645)

Total current liabilities (11,315) (7,800) (14,337)

Non-current liabilities

Borrowings (725) (3,980) (541)

Provision for rehabilitation (615) – (571)

Finance lease liabilities (234) (267) (234)

Deferred tax liabilities (2,497) (2,991) (2,625)

Total non-current liabilities (4,071) (7,238) (3,971)

Total liabilities (15,386) (15,038) (18,308)

Net assets 19,326 15,553 15,636

Equity

Share capital 1,045 1,045 1,045

Translation reserve (952) (1,785) (1,215)

Other reserves 781 544 663

Retained earnings 18,462 15,763 15,153

Total equity attributable to equity shareholders 19,336 15,567 15,646

Minority interest (10) (14) (10)

Total equity 19,326 15,553 15,636

Bisichi Mining PLC

Consolidated Cash Flow Statement

for the six months ended 30 June 2009

30 June 30 June 31
December

2009 2008 2008

£000 £000 £000

Cash flows from operating activities

Operating profit 4,457 871 2,616

Depreciation 1,916 782 2,072

Unrealised (gain)/loss on investments held (109) 108 534
for trading

Unrealised loss on investment properties – – 3,075

Share based payment expense 118 118 237

Decrease (increase) in net current assets 683 154 (4,520)

Net interest paid 34 (43) (194)

Income tax paid (2,270) (773) (866)

Cash flow from operating activities 4,829 1,217 2,954

Cash flows from investing activities (1,059) (1,874) (4,303)

Cash flows from financing activities 80 (813) (12)

Net (decrease) increase in cash and cash 3,850 (1,470) 1,361
equivalents

Cash and cash equivalents at 1 January (116) 1,244 1,244

Exchange adjustment 30 (39) 1

Cash and cash equivalents at end of period 3,764 (265) (116)

Cash and cash equivalents

For the purposes of the cash flow statement, cash and cash equivalents comprise
the following balance sheet amounts:

Cash and cash equivalents 6,129 2,263 3,414

Bank overdraft (2,365) (2,528) (3,530)

Cash and cash equivalents at end of period 3,764 (265) (116)

Bisichi Mining PLC

CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDERS EQUITY

for the six months ended 30 June 2009

Share Translation Other Retained Minority Total
capital reserve reserves earnings Total interest Equity

£’000 £’000 £’000 £’000 £’000 £’000 £’000

Balance as at 1 January 1,045 (1,276) 426 15,164 15,359 – 15,359
2008

Movement on fair value – – – (16) (16) – (16)
of derivatives

Other income statement – – – 615 615 – 615
movements

Profit for the period – – – 599 599 – 599

Other comprehensive – (509) – – (509) – (509)
income and expense

Total recognised income – (509) – 599 90 – 90
and expense for the year

Equity share options – – 118 – 118 – 118

Purchase of additional – – – – – (14) (14)
shares in subsidiary

Balance at 30 June 2008 1,045 (1,785) 544 15,763 15,567 (14) 15,553

Balance as at 1 January 1,045 (1,276) 426 15,164 15,359 – 15,359
2008

Revaluation of – – – (3,075) (3,075) – (3,075)
investment properties

Movement on fair value – – – 16 16 – 16
of derivatives

Other income statement – – – 3,361 3,361 4 3,365
movements

Profit for the year – – – 302 302 4 306

Other comprehensive – 61 – – 61 – 61
income and expense

Total recognised income – 61 – 302 363 4 367
and expense for the year

Dividend – – – (313) (313) – (313)

Equity share options – – 237 – 237 – 237

Purchase of additional – – – – – (14) (14)
shares in subsidiary

Balance at 31 December 1,045 (1,215) 663 15,153 15,646 (10) 15,636
2008

Profit for the year – – – 3,309 3,309 – 3,309

Other comprehensive – 263 – – 263 – 263
income and expense

Total recognised income – 263 – 3,309 3,572 – 3,572
and expense for the year

Equity share options – – 118 – 118 – 118

Balance at 30 June 2009 1,045 (952) 781 18,462 19,336 (10) 19,326

ACCOUNTING POLICIES AND NOTES TO THE ACCOUNTS:

The results for the six months ended 30 June 2009 have been prepared in
accordance with International

Financial Reporting Standards (IFRS). The principal accounting policies applied
are the same as those set

out in the Financial Statements for the year ended 31 December 2008.

1. Segmental analysis

For management purposes, the Group is organised into two operating
Divisions, Mining and Property. These Divisions are the primary
basis on which the Group reports its segment information. This is
consistent with the way the Group is managed and with the format
of the Group’s internal financial reporting.

30 June 30 June 31
December

2009 2008 2008

Revenue

Mining 16,113 8,539 24,911

Property 501 514 1,032

Other 15 23 36

16,629 9,076 25,979

Operating profit on trading
activities

Mining 4,080 888 5,573

Property 262 97 599

Other 6 (6) 53

4,348 979 6,225

Operating profit

Mining 4,080 875 5,573

Property 262 97 (2,476)

Other 115 (101) (481)

4,457 871 2,616

Share of profit/(loss) in joint 10 (25) (305)
ventures

Interest receivable 137 170 345

Interest payable (103) (213) (539)

Profit before taxation 4,501 803 2,117

2. Taxation

30 June 30 June 31 December
2009 2008 2008

Based on the results for the year:

Corporation tax at 28.5% (2007: 1,430 103 2,075
30%)

Prior year adjustment – UK – – 142

1,430 103 2,217

Deferred taxation (238) 101 (406)

1,192 204 1,811

3. Earnings per share

Both the basic and diluted earnings per share calculations are based on a
profit of £3,309,000 (2008: £599,000). The basic earnings per share has been
calculated on 10,451,506 (2008: 10,451,506) ordinary shares being in issue
during the year. The diluted earnings per share has been calculated on the
number of shares in issue of 10,451,506 (2008: 10,451,506) plus the dilutive
potential ordinary shares arising from share options of 236,986 (2008: 660,798)
totaling 10,688,492 (2008: 11,112,304).

4. Properties

Properties are included at valuation as at 31 December 2008 plus additions in
the period ended 30 June 2009.

5. Related parties

The related parties and the nature of costs recharged are as disclosed in the
group’s annual financial statements for the year ended 31 December 2008. The
group paid management fees of £148,000 (30 June 2008: £148,000, 31 December
2008: £355,000) to London & Associated Properties PLC, an associated company.
During the period the group repaid £225,000 of Dragon Retail Properties
Limited’s (a joint venture) loan, leaving a balance of £1,205,000 at 30 June
2009.

6. Financial information

The above financial information does not constitute statutory accounts within
the meaning of section 434 of the Companies Act 2006. The figures for the year
ended 31st December 2008 are based upon the latest statutory accounts, which
have been delivered to the Registrar of Companies; the report of the auditors
on those accounts was unqualified and did not contain a statement under Section
498(2) or (3) of the Companies Act 2006.

As required by the Disclosure and Transparency Rules of the UK’s Financial
Services Authority, the interim financial statements have been prepared in
accordance with the International Financial Reporting Standards (IFRS) and in
accordance with both IAS 34 ‘Interim Financial Reporting’ as adopted by the
European Union and the disclosure requirements of the Listing Rules.

The half year results have not been audited or subject to review by the
company’s auditors.

The annual financial statements of Bisichi Mining PLC are prepared in
accordance with IFRS as adopted by European Union. The same accounting policies
are used for the six months ended 30 June 2009 as were used for the year ended
31 December 2008, except as stated below.

During 2009 the following accounting standards and guidance were adopted by the
group:

IAS 1 (revised) ‘Presentation of Financial Statements’;

IAS 7 (amendment) ‘Statement of Cash Flows’;

IAS 16 (amendment) ‘Property, Plant and Equipment’;

IAS 23 (amendment) ‘Borrowing Costs’;

IAS 27 (amendment) ‘Consolidated and Separate Financial Statements’;

IAS 32 (amendment) ‘Financial Instruments Presentation’;

IAS 39 (amendment) ‘Financial Instruments Recognition and Measurement’;

IAS 40 (amendment) ‘Investment Property’;

IFRS 2 (amendment) ‘Share-based payment’; and

IFRS 8 ‘Operating Segments’;

All of the above were effective for accounting periods beginning on or after 1
January 2009. The new adopted standards either have no impact on the interim
financial statements or resulted in changes to presentation and disclosure
only.

The assessment of new standards, amendments and interpretations issued but not
effective, not included above, are not anticipated to have a material impact on
the financial statements.

The largest area of estimation and uncertainty in the interim financial
statements is in respect of the valuation of investment properties (which are
not revalued at the half year end). Other areas of estimation and uncertainly
are referred to in the group’s annual financial statements.

There is no material seasonal impact on the group’s financial performance.

Taxes on income in the interim periods are accrued using tax rates expected to
be applicable to total annual earnings.

Realised income as reflected in the Half year review on page 2 reflects all the
mining and property operations. Unrealised income reflects the fixed asset
revaluations, joint ventures and gains and losses on held for trading
investments, where the income has not actually been received.

The interim financial statements have been prepared on the going concern basis
as the Directors are satisfied the group has adequate resources to continue in
operational existence for the foreseeable future.

7. Dividend

The final dividend in respect of 2008, totaling £366,000 was paid on the 10th
August 2009. An interim dividend for the year ended 31 December 2009 totaling £
104,516 was approved by the Board of Directors on 27 August 2009 and has not
been included as a liability in these Interim Financial Statements.

8. Board approval

These interim results were approved by the Board of Bisichi Mining on 27 August
2009.

DIRECTORS RESPONSIBILITY STATEMENT AND REPORT ON PRINCIPLE RISKS AND
UNCERTAINTIES

Responsibility statement

We confirm to the best of our knowledge

a. the condensed set of financial statements have been prepared in accordance
with IAS 34 Interim Financial Reporting as adopted by the EU;

b. the interim management report includes a fair review of the information
required by:

1. DTR 4.2.7R of the Disclosure and Transparency Rules, being an indication of
important events that have occurred during the first six months of the
financial year and their impact on the condensed set of financial
statements; and a description of the principal risks and uncertainties for
the remaining six months of the year; and

2. DTR 4.2.8R of the Disclosure and Transparency Rules, being related party
transactions that have taken place in the first six months of the current
financial year and that have materially affected the financial position or
performance of the entity during the period; and any changes in the related
party transactions described in the last described in the last annual
report that could do so.

Principle risks and uncertainties

The Group has an established risk management process which works within the
corporate governance framework as set out in the 2008 Annual Report and
Accounts. Risks and uncertainties identified by the Group are set out on page
15 of the 2008 Annual Report & Accounts and are reviewed on an ongoing basis.
There have been no significant changes in the first half of 2009 to the
principle risks and uncertainties as set out in the 2008 Annual Report &
Accounts.

Michael Heller Andrew Heller

Chairman Managing Director

27 August 2009

DIRECTORS AND ADVISERS

Directors Michael A Heller MA, FCA (Chairman)

Andrew R Heller MA, ACA (Managing Director)

Robert Grobler (Mining Director

C A Joll MA (Non-executive)

John A Sibbald BL(Non-executive)

Secretary Michael C Stevens FCA

Registered office 30-35 Pall Mall

London SW1Y 5LP

Black Wattle Colliery –

Directors Robert Corry (Chairman)

Andrew Heller (Managing Director)

Robert Grobler

David Nkosi

General mine manager Luis Pinel

Registrars and transfer office Capita Registrars

Northern House

Woodsome Park

Fenay Bridge

Huddersfield HD8 0GA

Telephone 0871 664 0300

(Calls cost 10p per minute + network extras)

or +44 208 639 3399 for overseas callers

Website: www.capitaregistrars.com

E-mail: ssd@capitaregistrars.com

Company registration number112155 (Incorporated in England and Wales)

Web sitewww.bisichi.co.uk

E-mailcompanysecretary@bisichi.co.uk

END