The project, run by Firestone Energy and its joint venture partner Sekoko Resources, has a memorandum of understanding with South African utility Eskom.
The amended completion date of the BFS makes allowance for additional drilling and technical components required to support the BFS.
The BFS is a necessary condition of the amended MOU, with Eskom to provide 10 million tonnes per annum of thermal coal for 30 years.
The technical components of the BFS will be provided to Eskom in December.
Derivative specialist studies, which are already underway, are expected to be completed during first quarter 2013.
Firestone Energy chairman Timothy Tebeila said the scale of the anticipated relationship between Firestone and Eskom had evolved over the past 12 months.
This was driven by more information about the Waterberg deposit coming to light and a better understanding of Eskom’s needs being reached.
“We are working cooperatively to react to these changed circumstances and have agreed to revise earlier studies,” Tebeila said.
“This does not alter the previously announced expectation that production will commence in 2014.”