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**2017

AGM
Presenta-on**

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1 Investor
Presenta-on

Disclaimer

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This presentation has been prepared by the management of Cokal Limited (the Company) in connection with meetings with institutional investors, for the benefit of brokers and analysts and not as specific advice to any particular party or person. The information is based on publicly available information, internally developed data and other sources. Where any opinion is expressed in this presentation, it is based on the assumptions and limitations mentioned herein and is an expression of present opinion only. No warranties or representations can be made as to the origin, validity, accuracy, completeness, currency or reliability of the information. The Company disclaims and excludes all liability (to the extent permitted by law), for losses, claims, damages, demands, costs and expenses of whatever nature arising in any way out of or in connection with the information, its accuracy, completeness or by reason of reliance by any person on any of it.

This presentation includes forward looking statements. Often, but not always, forward looking statements can generally be identified by the use of forward looking words such as “may”, “will”, “expect”, “intend”, “plan”, “estimate”, “anticipate”, “continue”, and “guidance”, or other similar words and may include, without limitation statements regarding plans, strategies and objectives of management, anticipated production or construction commencement dates and expected costs or production outputs. Forward looking statements in this release include, but are not limited to, the capital and operating cost estimates and economic analyses from the Study.

Forward looking statements inherently involve known and unknown risks, uncertainties and other factors that may cause the company’s actual results, performance and achievements to differ materially from any future results, performance or achievements. Relevant factors may include, but are not limited to, changes in commodity prices, foreign exchange fluctuations and general economic conditions, increased costs and demand for production inputs, the speculative nature of exploration and project development, including the risks of obtaining necessary licences and permits and diminishing quantities or grades of resources or reserves, political and social risks, changes to the regulatory framework within which the company operates or may in the future operate, environmental conditions including extreme weather conditions, recruitment and retention of personnel, industrial relations issues and litigation.

Forward looking statements are based on the company and its management’s good faith assumptions relating to the financial, market, regulatory and other relevant environments that will exist and affect the company’s business and operations in the future. The company does not give any assurance that the assumptions on which forward looking statements are based will prove to be correct, or that the company’s business or operations will not be affected in any material manner by these or other factors not foreseen or foreseeable by the Company or management or beyond the Company’s control.

Although the Company attempts to identify factors that would cause actual actions, events or results to differ materially from those disclosed in forward looking statements, there may be other factors that could cause actual results, performance, achievements or events not to be anticipated, estimated or intended, and many events are beyond the reasonable control of the Company. Accordingly, readers are cautioned not to place undue reliance on forward looking statements.

Forward looking statements in this release are given as at the date of issue only. Subject to any continuing obligations under applicable law or any relevant stock exchange listing rules, in providing this information the Company does not undertake any obligation to publicly update or revise any of the forward looking statements or to advise of any change in events, conditions or circumstances on which any such statement is based.

Competent Person Statement

The Total Coal Resource estimate was announced on 29 April 2016, titled “Cokal announces updated JORC Resource Statement for Bumi Barito Mineral (BBM) Project”. The information in the report relating to Mineral Resources is based on information compiled by Yoga Suryanegara who is a Member of the Australasian Institute of Mining and Metallurgy and a full time employee of Cokal Limited. Mr Suryanegara is a qualified geologist and has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking, to qualify as a Competent Person as defined in the 2012 Edition of the “Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves”.

The Company confirms that it is not aware of any new information or data that materially affects the information included in the announcement made on 29 April 2016 and that all material assumptions and technical parameters underpinning the estimates in the announcement made on 29 April 2016 continue to apply and have not materially changed.

The information in this report relating to exploration results is based on information compiled by Patrick Hanna who is a fellow of the Australasian Institute of Mining and Metallurgy and is a consultant (through Hanna Consulting Services) to Cokal Limited. Mr Hanna is a qualified geologist and has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which they are undertaking, to qualify as Competent Persons as defined in the 2012 Edition of the “Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves”.

2 Investor
Presenta-on

Outline

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----- Start of picture text -----

Bridge Across Barito River, Puruk Cahu
Length 550m
1 Corporate Update 3 BBM Coking Coal Project
2 BBM PCI Project 4 Community Development
----- End of picture text -----

The
Barito
River
in
Kalimantan,
Indonesia

3 Investor
Presenta-on

**Corporate

Update**

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Investment Highlights

Recent Achievements § April 2017: Agreement to convert all of Cokal’s loans into a production royalty

Near-term Objectives § Cokal is ready to deliver the BBM PCI Coal Project

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Please
refer
to
Cokal’s
announcement
“ BBM
Defini)ve
Feasibility
Study
Update
–
Costs
Fall”
r eleased
2
November
2016
for
full
details
of
the reduc@ons
in
capital
and
opera@ng
costs

4 Investor
Presenta-on

**Corporate

Update**

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Royalty agreement and Debt Restructure

Cokal
Limited
announced
on
29[th] April,
2017,
it
entered
into
a
royalty
agreement
with its
senior
lenders
in
rela@on
to
the
conversion
of
all
of
its
outstanding
loans
to
a produc@on
royalty.
The
conversion
is
subject
to
condi@ons
including
defini@ve
legal agreements,
shareholder
approval
by
29
October
2017
and
commercial
produc@on
by 29
October
The
agreement
with
Wintercrest
Advisors
LLC
(Wintercrest)
and
Northrock
Financial, LLC
(Northrock),
funds
managed
by
Pla@num
or
its
affiliates
(the Pla-num
Group ),
will, on
sa@sfac@on
of
all
condi@ons,
convert
approximately
USD13.8
million
of
loans
owing by
Cokal.
Those
loans
include
the
Blumont
loan,
which
was
acquired
by
the
Pla@num Group.
The
royalty
will
be
1%
of
Cokal's
share
of
the
realized
selling
price
(FOB)
(i.e.
selling price
per
tonne
x
tonnes
sold
x
1%)
up
to
a
maximum
royalty
amount
of
USD40
million.

Please
refer
to
Cokal
ASX
announcement
2[nd] May
2017.

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5 Investor
Presenta-on

**Corporate

Update**

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November 2016 An Idea Evolved Why Not Build a Low Capital (Funded) Low Opex PCI Coal Business

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6 Investor
Presenta-on

**BBM

PCI
Project
Highlights**

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BBM PCI Project All Mining Permits Approved Strong Technical Merits Financially Robust Generate Cash Flow

7 Investor
Presenta-on

**BBM

PCI
Project
Highlights**

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A
financially
robust
project
possessing
strong
technical
merits,
with
all
mining permits
and
approvals
in-‐place Ke Pro ect Metrics y j Location Central Kalimantan Minin O en Pit g p Vertical Stri Ratio 5:1 p 2.5 Mt Product (LOM) Premium LV PCI Construction June 2017 Commences[1 ] First Production End Q4 2017

Construc@on
to
commence
upon
receipt
of
IAA
funding.
Please
refer
to
Cokal’s
announcement
“ Funding
Secured
for
Development
of
the
BBM
PCI
Coal
Mine
at
the
Bumi
Barito
Mineral
Metallurgical Coal
Project”
r eleased
24
May
2017

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8 Investor
Presenta-on

**BBM

PCI
Opera-onal
Metrics**

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Total Development Capex for BBM PCI is	estimated	at US$15m / A$20m.
A large portion of the development funding has already been expended.
Development Capex	US$m	A$m
Infrastructure & Logistics	9.4	12.5
Open Pit Development	0.75	1.0
Licensing and Permit Maintenance	0.15	0.2
Overheads	3.6	4.8
Contingency	1.1	1.5
TOTAL	15.0	20.0
9 Investor Presenta-on

**BBM

PCI
Coal
Specifica-ons**

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Marketing Research

Interest from Japanese and Vietnamese buyers - low ash, low sulphur
• Indications that BBM low-vol PCI product will attract a premium price
Advantage of close proximity to markets

Coal Type	Rela-ve Density g/cc	Inherent Moisture (% ad)	Ash Content (% ad)	Vola-le MaWer (% ad)	Fixed Carbon (% ad)	Total Sulphur (% ad)	Calorifc Value (Kcal/kg)	Phosphorous (% ad)	Crucible Swell Index
BBM LV PCI	1.33	2.00	3.20	11.90	82.90	0.44	8,100	0.003	<1
Aust. LV PCI		1.5	4-13	10-18	68 -85	0.5	7,800
Mid Vol PCI		1.5	9-11.5	22-26	62-67	0.35-0.41	7,400
NSW HV PCI		1.5	5-10.5	33-38	50-55	0.35-0.85	7,250

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10 Investor
Presenta-on

**BBM

PCI
Project
Area**

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Western Portion of BBM predominantly PCI and Anthracitic coals

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11 Investor
Presenta-on

**BBM

PCI
Project
Team**

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Strong Mining and Marketing Team Technical Skills - Simplistic Solutions

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20 Investor
Presenta-on

**BBM

Anak**

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The Barito River “It can’t be done”

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Pat Hanna – Non-Executive Director , Geologist, over 40 years’ experience all coal; Globally consulting on over 100 projects; strong Indonesian track record; exploration manager Riversdale; prior JORC committee member.

Domenic Martino – Non-Executive Director , Former CEO, Deloitte Australia; ASX companies including Sydney Gas, Pan Asia, Clean Global Energy, NuEnergy Capital; Strong reputation in China and HKSE; over 12 years successful Indonesian energy and resource dealings with local partners.

Garry Kielenstyn – Executive Director, Chief Operating Officer , Project, Production, previously General and Area Manager with various companies and veteran of the Indonesian mining and civil contracting industries. Based in Kalimantan, living and working in Indonesian since 1990.

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Teuku Juliansyah – Chief Financial Officer, has over 10 years’ practical experience in finance roles involving finance policy and procedure strategy and implementation, accounting, budgeting, auditing and other financial consulting type of work. He served the first 8 years of his professional experience as public accountant before joining Cokal in March 2012

Yoga Suryanegara - Resource Manager Indonesia , Geologist, 20 years’ experience including international experience, responsible for overseeing multi-million dollar exploration programs in Queensland and Kalimantan; more than 10 years experience in Berau Coal (fifth largest open cut thermal coal in Indonesia).

Yudhi Purwandi – Government Relations Manager , over 15 years in Mining Business, experience in Rio Tinto Foundation, Kelian Gold Mine, and Mt.Muro Gold Mine.

Investor
Presenta-on

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The Projects

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25 Investor
Presenta-on

**Coking

Coal
Tenements**

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**BBM,

TBAR
and
BBP
Loca-ons**

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26 Investor
Presenta-on

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The Markets

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27 Investor
Presenta-on

**On the Doorstep of the Biggest Metallurgical

Coal
Markets**

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Fastest and lowest-cost shipping to key customers

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----- Start of picture text -----

Dalandzangad
llll
Mongolia S. Korea Japan Coos Bayllll United
China SeoulSeoulSeoulSeoulllll States
llllTokyo
Shanghaillll
India llll
llll Guangzhou China llll
MumbaiMumbaiMumbaiMumbai Vietnam Seoul llll
llllHo Chi Min City Shanghaillll Tokyo
BanjarmasinBanjarmasinBanjarmasinBanjarmasinllll India llll
Guangzhou
Indonesia
Vietnam
MackayMackayMackayMackay
llll llll
Australia
Ho Chi Min City
Indonesia
BanjarmasinBanjarmasinBanjarmasinBanjarmasinllll
----- End of picture text -----

28 Investor
Presenta-on

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The Imminent

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29 Investor
Presenta-on

_**BBM Poten*al to Increase – Resource

Size**_

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Ø This potential is in addition to the current 266Mt JORC Measured, Indicated and Inferred Resources

Ø Comprised of 13

Seams in the Eastern Block of BBM (only 40% of the tenement area)

30 Investor
Presenta-on

Corporate Social Responsibility

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Education

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University Scholarship program in conjunction with the Palangkaraya University
General Lecturer at The Palangkaraya University
Sponsored four teachers for the Tumbang Tuan Jnr High School
Environment Awareness Program
CERDAS Scholarship for 24 local students since 2013

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General Lecture Programmes for Palangkaraya University (UNPAR) since 2013
Support and sponsorship for Mining Major Palangkaraya University for UNPAR Students Mining Competition since 2013
Support and sponsorship Indonesian Students Mining Competition since 2014

Health

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Medical
and
Emergency
Service
for
local
people
Nutri@on
Food
&
Food
Support
Clean
water
support
Fogging

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**The

Story
of TWO
DOCTORS**

31 Investor
Presenta-on

Corporate Social Responsibility

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Safety Awareness and Support Campaign

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Safety Socialisations Programmes for local students
Safety Trainings Programmes for local government
Safety tools & equipment support for local airstrip
Face Mask N95 type support for local government (during smoke session)

Environmental Awareness Programmes

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Planting Programmes at local schools

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Business Development

Local Brick Business

32 Investor
Presenta-on

Corporate Social Responsibility Borneo Orangatan Survival Foundation Orangutan Release

Cokal provided materials, support and accommodation for 20 BOSF staff
BOSF released 12 Orangutan on 21 April 2016
Release procedure overseen by Jamarin Sihite , a world renown specialist in Orangutan rehabilitation.

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33 Investor
Presenta-on

BOSF Coopera-on

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November
2016,
Cokal
provided
an
intense
First
Aid
Training
and Basic
Safety
Awareness
course
for
over
80
BOSF
personnel

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34 Investor
Presenta-on

Summary

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----- Start of picture text -----

Execu-ve
Team
with
strong
track
record
Plans
for
High
Margin
becoming
a
Metallurgical
Coal
Significant
confirmed
Metallurgical
Coal
Producer
Assets
with
Good
Plans
to
develop
Poten-al
the
porbolio
BBM
PCI
Mine
on
track
for
quick
produc-on,
with
significant
upside
poten-al
35
Investor
Presenta-on
----- End of picture text -----

AI assistant

COKAL LIMITED — AGM Information 2017

64656_rns_2017-11-28_2933a971-1fe4-424d-89d4-ab0c36a32cb2.pdf

**2017

Disclaimer

Competent Person Statement

Outline

**Corporate

Investment Highlights

Recent Achievements § April 2017: Agreement to convert all of Cokal’s loans into a production royalty

**Corporate

Royalty agreement and Debt Restructure

**Corporate

**BBM

BBM PCI Project All Mining Permits Approved Strong Technical Merits Financially Robust Generate Cash Flow

**BBM

**BBM

**BBM

Marketing Research

**BBM

Western Portion of BBM predominantly PCI and Anthracitic coals

**BBM

Results Orientated

**BBM

Then along came

BBM Anak

**BBM

• Built for less than US$0.5Mill

**BBM

Breaking New Ground

**BBM

Efficiency

**BBM

First Piece of Equipment

**BBM

Within the first week

**BBM

Not Long After

**BBM

It’s all about the COAL

**BBM

**BBM

Ready for Customers - ISP

**BBM

The Team

**BBM

The Projects

**Coking

**BBM,

The Markets

**On the Doorstep of the Biggest Metallurgical

Fastest and lowest-cost shipping to key customers

The Imminent

_*BBM Potenal to Increase – Resource

Corporate Social Responsibility

Education

Health

**The

Corporate Social Responsibility

Safety Awareness and Support Campaign

Environmental Awareness Programmes

Corporate Social Responsibility Borneo Orangatan Survival Foundation Orangutan Release

BOSF Coopera-on

Summary

More from COKAL LIMITED

COKAL LIMITED AGM Information 2017

_**BBM Poten*al to Increase – Resource