Tranche Update on Forbes and Manhattan Coal Corp.'s Equity Buyback Plan announced on April 25, 2012.

From April 25, 2012 to November 30, 2012, the company has repurchased 265,898 shares, representing 0.76% for CAD 0.15 million. With this, the company has completed the repurchase of 265,898 shares, representing 0.76% for CAD 0.15 million under the buyback announced on April 25, 2012.