COKAL LIMITED — AGM Information 2020

Dec 14, 2020

T +61 2 8319 9299 E info@cokal.com.au

Level 5, 56 Pitt Street Sydney NSW 2000 ABN 55 082 541 437 (ASX: CKA) www.cokal.com.au

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ASX ANNOUNCEMENT

15 December 2020

AGM 2020 Presentation - Amended

Cokal Limited (ASX:CKA, “ Cokal ” or “the Company ”) provides disclosure in respect of the Company’s production target contained on page 10 of its AGM 2020 Presentation.

The AGM 2020 Presentation, including the amendment on page 10, is attached.

ENDS

Further enquiries:

Domenic Martino Non-Executive Chairman dmartino@cokal.com

This ASX announcement was authorised for release by the Board of Cokal Limited.

About Cokal Limited

Cokal Limited (ASX:CKA) is an Australian listed company with the objective of becoming a metallurgical coal producer with a global presence. Cokal has interests in four projects in Central Kalimantan, Indonesia considered prospective for metallurgical coal.

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Page 1 of 1

15 December 2020

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Company Presentation
AGM 2020
24 [th ] November, 2020
1
AGM 2020
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Cokal Board

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Mr Martino Mr Hanna Mr Bangur Mr Delbridge

2 AGM 2020

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Cokal Management

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Mr Yayha
Mr Sukardi – BBM Mr Huei – BBM
Mr Coleman General Manager -
Chief Executive Officer Project Project Mines
Mr Hui Mr Ichwan
Mr Wilianto Mr Cahyono
Site Manager Finance Manager
Geology Manager Mine Planning Manager
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AGM 2020
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Vision and Mission Statement

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BBM will differentiate the company from others, by focusing on:

• Building a Global Metallurgical Coal Business. Geographical, political and partnership diversification in areas of high potential value generation; in a commodity we understand, and believe has a tremendous future.

• Positive and Agile Decision Making. Our executive team has a track record of being able to make quality decisions – quickly, cost effectively and consistently.

• Respect for All Stakeholders. We believe in fundamental respect for diverse beliefs, opinions, education levels, culture and the well-being of the people we influence. This includes safety, environmental management, and behaving in a way which brings credit to us.

• Ethical Decision Making. An approach to how we do business that ensures our long term license to operate from our key stakeholders.

• Technical Skills for Innovative Solutions. Within our company we have the people, with not just the motivation to make a difference, but also the technical capability to apply innovative solutions to various challenges.

• Results Orientated. We are focused on delivering results, utilizing efficient processes, making use of the skills and talents of our people in a low risk manner.

4 AGM 2020

Cokal’s Project Portfolio & Development

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• Projects Preparation / Exploration Production •

• BBM Permitted •

• (Bumi Barito Mineral) Production to

• 60% owned by Cokal commence in 2021

TBAR (Tambang Benua Alam Raya) 75% owned by Cokal

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• Exploration licence extended until 2022

• • Exploration plan being prepared

• • Application for mining licence to be submitted prior to 2023

• BBP

• (Borneo Bara Prima)

• 60% owned by Cokal

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• Exploration licence granted

• • Work plan and budget submitted

• • Awaiting approval for mining licence

AAK • Application for exploration licence continue to be (Anugrah Alam Katingan) processed 75% owned by Cokal

5 AGM 2020

Developing a new Coking Coal Province

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BBM Concession and location

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PIT 1
PIT 4
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Developing a new Coking Coal Province

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• Most developed coalfields in Indonesia are low rank thermal coals:

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Data from ESDM
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• All the coal in Cokal’s tenements is metallurgical coal

• Metallurgical coals comprise anthracite, PCI coal and coking coal, used primarily to make steel

8 AGM 2020

BBM Permitted

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All Approvals in place for BBM :

• IUP (Exploration) on ‘Clean & Clear’ List

• PT BBM approved Foreign Owned company (PMA status)

• Cokal Shareholding of PT BBM approved by BKPM (Central Government Foreign Investment Co-ordination Board)

• Forestry Permit already obtained (IPPKH Izin Pinjam Pakai)

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• Environmental Permit Approval (AMDAL) obtained

• IUP Produksi (Production permit) obtained

• Coal Haul road corridor permit obtained

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9 AGM 2020

BBM JORC Resources – 266Mt

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Sufficient Resource to underwrite 2Mtpa[1] initial open cut production plan

Resources by Seam and Category

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Refer ASX announcement 29 January 2015, 29 April 2016 and 30 September 2016

Resources by Category and Depth of Cover

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10 Refer ASX announcement 29 January 2015, 29 April 2016 and 30 September 2016 AGM 2020

1 Refer ASX release 2 November 2016. All material assumptions underpinning the production target in this release continue to apply and have not materially changed.

Coal Quality

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Coking Coal Quality of J Seam

Product	Yield	Inherent Moisture	Ash	Volatile Matter	Fixed Carbon	Total Sulphur	Calorific Value Kcal/kg	CSN	Relative Density	Phos- phorus
Raw Coal	100	1.0	13.2	17.6	68.2	0.38	7,412	9	1.39	0.007
Washed Coal	81	0.7	5.3	18.1	76.0	0.42	8,300	9	1.32	0.007

CSR for a washed and un-weathered J seam coal is estimated at 50, Vitrinite 92% Refer ASX announcement dated 29 April 2016 and 30 September 2016

PCI Coal Quality of B, C and D Seams (% adb)

Product	Seam	Inherent Moisture %	Ash %	Volatile Matter %	Fixed Carbon %	Total Sulphur %	Calorific Value (Kcal/kg)	Relative Density (g/cc)	Phos- phorus %
PCI	D	2	3	9	85	0.48	8150	1.36	0.001
PCI	C	1.5	3.5	9	85	0.44	8250	1.36	0.002
PCI	B	1.5	7	9	80	0.47	7750	1.38	0.005

BBM Life Of Mine Reserves and Costs

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BBM Life Of Mine Reserves and Costs	BBM Life Of Mine Reserves and Costs	BBM Life Of Mine Reserves and Costs	BBM Life Of Mine Reserves and Costs	BBM Life Of Mine Reserves and Costs	BBM Life Of Mine Reserves and Costs
The reportable reserves within final pit designs for BBM are shown in the table below: Reserves Proved (Mt) Probable (Mt) Proved + Probable (Mt) Av. SR (bcm/t) All Pits 13.0 7.2 20.2 20.9 Extracted from ASEAMCO statement of reserves – July 2017, IAW JORC 2012, FOB coking sale price $150/prod t and FOB PCI sale price $112.50/prod t (Refer ASX announcement dated 1 August 2017) Cost Item (USD /prod t) ASEAMCO Comments FOB Barge $47.92 Contract prices are expected to be less than these ASEAMCO estimations from July 2017 FOB Ship (cum) $62.30 Overheads $21.58 TOTAL $83.88
		Reserves
		Proved (Mt)	Probable (Mt)	Proved + Probable (Mt)	Av. SR (bcm/t)
	All Pits	13.0	7.2	20.2	20.9
	Extracted from ASEAMCO statement of reserves – July 2017, IAW JORC 2012, FOB coking sale price $150/prod t and FOB PCI sale price $112.50/prod t (Refer ASX announcement dated 1 August 2017) Cost Item (USD /prod t) ASEAMCO Comments FOB Barge $47.92 Contract prices are expected to be less than these ASEAMCO estimations from July 2017 FOB Ship (cum) $62.30 Overheads $21.58 TOTAL $83.88

Costs are extracted from year 1. FOB Barge (mining) contracts are in place. Still negotiating FOB Ship (Barging) contract. FOB Ship is a cumulative number that includes FOB Barge. (Refer ASX announcement dated 1 August 2017)

Mineable reserves are expected to increase with future exploration programs

12 AGM 2020

Milestones Achieved - 2020

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Milestones achieved this year despite several challenges & global slow down due to the ongoing COVID crisis:

• Platinum debt release;

• BBM Minority Share settlement;

• Mining Services tender release and award despite the ongoing COVID crisis;

• Securing exclusive access for internal 1st leg of hauling road from local authorities;

• TBAR exploration permit renewal; and

• Ensuring uncompromising health and safety standards for our team in Jakarta , Sydney Office and site operations team.

Ongoing positive progress on several other fronts including:

• China Rail CRCC contract on track;

• Potential off take contracts;

• Initial branding and marketing exercise for BBM Coking Coal and PCI Coal in association with existing industry leaders; and

• Engagement of experienced Broker for building a corporate image in the financial markets.

13 AGM 2020

Haul Road Development

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14
AGM 2020
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Proposed Jetty Location

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• BBM has in principle approval from one of existing jetty owner/operator to use their jetty to load coal onto barges for the initial period of 1-2years while its permanent jetty is being built which will be located in the adjacent area also

• The same existing jetty shall also be used for mobilization of equipment and fuel including fuel storage for BBM and its contractors for the initial period of 1-2years until BBM’s permanent jetty construction is completed

• Several sites available for port development

• Preferred sites as shown on the slide

• Bathymetric studies indicate continuous operation at 2.5m draft

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15 AGM 2020

Proposed Jetty Locations

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16 AGM 2020

Logistics

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• Former logging road, with the eastern 52km of which is still at a high standard of maintenance and repair. BBM has obtained the exclusive right to use this road.

• Total of 98km dedicated coal haul road from Pit to Bumban jetty.

• This eliminates the necessity to use a 160km convoluted section of the seasonally unreliable upper Barito river.

Pit to Port

• The full 98km length of road is planned to be operated by 30t payload trucks in early 2021, road access to the mine targeted to open in December 2020, BBM to commence upgrading the former logging road soon.

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17 AGM 2020

Logistics

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• After completing a bathymetric survey, the results of which helped defined an all year round jetty at Bumban, offering a minimum 2.5m water depth.

• In addition, special purpose built shallow draught self propelled high tonnage barges are also part of the BBM logistical planning (HSM Marine - Singapore), to further risk proof all year round barging operations.

• Bumban jetty infrastructure will include a 1,000t/h barge loading conveyor and support facilities.

Barge

• BBM, as an early start strategy, has in principle approval from one of existing jetty owner/operator to use their jetty to load coal onto barges for the initial period of 1- 2years.

• From initial barge loading at Bumban, transshipment will occur, initially 310km downstream from Bumban near Kelanis, ultimately further upstream closer to Muara Teweh bridge (111km downstream Bumban), where coal will be transshipped to a bigger conventional barge of minimum 8,000 mt capacity to optimise economies of scale for the journey to Taboneo.

• The barging contractor plans to operate locally available self propelled barges for initial operations alongside to building new shallow draft barges in local Indonesian shipyards.

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Shallow draft barges:

• 100m long

• 3,100t capacity

• 2.5m loaded draft

• Self propelled

• Twin azimuth thrusters

• Bow thruster

18 AGM 2020

Barging

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19 AGM 2020

Potential ISP

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20 AGM 2020

Logistics

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• Coal will be loaded to bulk carrier from the larger conventional barges either by using the ship’s gear or using a Conventional Transhipment Facility at Taboneo.

• Taboneo is 176km from Kelanis.

Ship Loading

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21 AGM 2020

Offtake Markets and Potential Customers

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• PCI coal will be sold as a priority to local steel industry

• Leading Japanese trading houses expressed keen interest on our coking coal

• coking coal will be sold into Indonesia, Japan , Korea, Taiwan , China, Vietnam and India

• Tier 1 trading houses and steel mills show keen interest in offtake arrangements

Potential Customers :

• Krakatau Steel (samples provided and tested) and other operating smelters in Sulawesi Indonesia

• Existing Steel Mills in Indonesia

• Sumitomo Corporation

• Sojitz

• Posco

• Nippon Steel (samples provided and tested)

• Javelin Commodities

22 AGM 2020

PT Harmoni Panca Utama (HPU) – Awarded Mining Contractor for BBM

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Letter of Award Handover Ceremony – Cokal/BBM offices Jakarta Nov 2020

23 AGM 2020

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“HPU has a total annual capacity of 120 – 150 Mbcm spread over 11 x sites”.

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https://hpu-mining.com/

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Thank You...

T: +62 21 579 03265 F: +62 21 5790 3269 Wisma GKBI 23rd Floor Suite 2302 Jl. Jend. Sudirman No. 28 Jakarta 10210 Indonesia info@cokal.com.au

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25 AGM 2020

Disclaimer

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This presentation has been prepared by Cokal Limited (“CKA”). The information contained in this presentation is a professional opinion only and is given in good faith. The material in this presentation (“material”) is not and does not constitute an offer, invitation or recommendation to subscribe for or purchase any security in CKA, nor does it form the basis of any contract or commitment. CKA makes no representation or warranty, express or implied, as to the accuracy, reliability or completeness of this material. CKA, its directors, employees, agents and consultants shall have no liability, including liability to any person by reason of negligence or negligent misstatement, for any statements, opinions, information or matters, express or implied, arising out of, contained in or derived from, or for any omissions from, this material, except liability under statute that cannot be excluded. Statements contained in this material, particularly those regarding possible or assumed future performance, costs, dividends, production levels or rates, prices, resources, reserves or potential growth of CKA, industry growth or other trend projections are, or may be, forward looking statements. Such statements relate to future events and expectations and, as such, involve known and unknown risks and uncertainties, many of which are outside the control of, and may be unknown to, CKA. Actual results and developments may differ materially from those expressed or implied by these forward looking statements depending on a variety of factors. Recipients of this presentation are cautioned to not place undue reliance on such forward looking statements. CKA does not take responsibility to release publicly any revisions or updates to any forward looking statements to reflect events, circumstances or unanticipated events occurring after the date of this presentation except as required by law or by any appropriate regulatory authority.

This presentation is a visual aid and is not intended to be read as a stand alone document. The material contains selected and abbreviated summary information about CKA and its subsidiaries and their activities current as at the date of this presentation. The material is of general background and does not purport to be complete. CKA does not take responsibility for updating any information or correcting any error or omission which may become apparent after the date of this presentation.

Compliance Statement

This presentation contains information extracted from ASX market announcements reported in accordance with the 2012 edition of the “Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves” ("2012 JORC Code") and available for viewing at www.cokal.com. CKA confirms that it is not aware of any new information or data that materially affects the information included in any original ASX market announcement.

ASX announcements are as follows:

• Cokal Announces Updated JORC Resource Statement for Bumi Barito Mineral (BBM) Project – 29 January 2015

• Updated JORC Resource Statement for Bumi Barito Mineral (BBM) Project – 29 April 2016

• Cokal Announces Reserve Update Bumi Barito Mineral (BBM) Project – 1 August 2017

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26 AGM 2020