COKAL LIMITED — Capital/Financing Update 2009

Nov 24, 2009

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A l t e r a Resources Ltd

24 November 2009

The Manager Australian Stock Exchange Limited 10[th] Floor 10 Bond Street SYDNEY NSW 2000 Dear Sir,

Queensland Coal Project – Three EPCs Granted

Altera Resources Ltd (“Altera”) is pleased to announce that three of its Exploration Permits for Coal Applications (EPCs 1649, 1652 and 1664) have been granted in Queensland. The granted EPCs cover an area of approximately 950 km[2] .

As previously announced Altera has signed an agreement to enter into a Joint Venture (“JV”) with Dragon Energy Ltd (Dragon) on its Queensland Coal Project EPCAs in the Surat/Clarence-Moreton and Bowen Basins covering an area of 5,626 km[2] .

The terms of the “Inglewood Coal JV” involve an expenditure of at least $3.5 million over 3 years to earn an 85% interest. The first year’s commitment by Dragon will be $0.5 million in exploration expenditure plus rents and environmental bonds, with second and third year expenditure commitments of $1.5million each.

Once Dragon has earned an 85% interest, Altera has the option to sell the remaining 15% interest in the Project to Dragon for an amount as agreed between Dragon and Altera and failing an agreement an amount determined by an independent expert. Subject to the above option, Altera will retain a 15% free carried interest until decision to mine.

The commencement date of the JV will be the first date by which at least six of the EPCA’s have been granted including EPC 1664 near Toowoomba which has now been granted.

The Company advises that the remainder of the ten applications are going through the grant process with the Queensland Department of Mines and Energy and expects them to be granted in the New Year.

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ALTERA RESOURCES LIMITED

A.B.N. 55 082 541 437

Unit 6, 11 Colin Grove, West Perth WA 6005 | (08) 94815866 F | (08) 94815966 E | info@alteraresources.com.au

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A l t e r a Resources Ltd

A detailed geological review and compilation completed during the September quarter by Moultrie Database and Modelling Pty. Ltd has highlighted that:

• Altera’s EPCAs cover a strategic area with potential for large tonnages of thermal coal.

• A large Inventory coal tonnage has been established, from which several Exploration Targets have been estimated, totalling some 405 to 540 Million tonnes.

• Whilst these Exploration Targets are conceptual in nature, there is potential for both open cut and underground mining in each area.

• Expected product coals range from domestic to export thermal and perhaps a semi-soft coking coal.

For further information please refer to our website www.alteraresources.com.au or contact:

Harjinder Kehal Executive Director Altera Resources Limited

ASX CODE: AEA

For further information please contact us on (08) 9481 5866

The information in this report that relates to Coal Resources or Coal Reserves is based on information compiled by Mark Biggs who is a member of the AusIMM. Mark Biggs is a full-time employee of Moultrie Database and Modelling Pty. Ltd.

Mark Biggs is a consultant geologist with over 20 years of experience in exploring for and evaluating coal deposits. He has sufficient experience which is relevant to the style of mineralization and type of deposit under consideration and to the activity which they are undertaking to qualify as a Competent Person as defined in the 2004 Edition of the 'Australasian Code for Reporting Mineral Resources and Ore Reserves"

Mark Biggs consents to the inclusion in the report of the matters based on their information in the form and context in which it appears.

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ALTERA RESOURCES LIMITED

A.B.N. 55 082 541 437

Unit 6, 11 Colin Grove, West Perth WA 6005 | (08) 94815866 F | (08) 94815966

E | info@alteraresources.com.au

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A l t e r a Resources Ltd

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Figure 1: Exploration Permit for Coal applications – Toowoomba area, Clarence Morton Basin, Queensland

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ALTERA RESOURCES LIMITED Unit 6, 11 Colin Grove, West Perth WA 6005 | (08) 94815866 F | (08) 94815966

A.B.N. 55 082 541 437

E | info@alteraresources.com.au

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A l t e r a Resources Ltd

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Figure 2: Exploration Permit for Coal applications – Moranbah area, North Bowen Basin, Queensland

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ALTERA RESOURCES LIMITED

A.B.N. 55 082 541 437

Unit 6, 11 Colin Grove, West Perth WA 6005 T | (08) 94815866 F | (08) 94815966

E | info@alteraresources.com.au