COKAL LIMITED — Capital/Financing Update 2012

Mar 12, 2012

T +61 7 3001 4100 E info@cokal.com.au

Level 34, 123 Eagle Street, Riverside Centre, Brisbane QLD 4000 GPO Box 7122, Riverside Centre, Brisbane QLD 4001

ABN 55 082 541 437 (ASX: CKA)

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www.cokal.com.au

ASX Announcement

March 13, 2012

COKAL TAKES ANOTHER STEP IN DEVELOPING INFRASTRUCTURE TO FACILITATE METALLURGICAL COAL PRODUCTION

Global coal group, Cokal Limited (ASX-CKA), has signed Memorandums of Understanding (MoU’s) to develop two river ports and two small scale coal-fired power stations in the regency of Murung Raya, Central Kalimantan in Indonesia.

Cokal chairman Peter Lynch said the company has signed two MoU’s with the Murung Raya Regency and was aiming to be exporting coal from the region by mid-2013. Detailed Agreements arising from these MoU’s are currently being finalised.

Cokal Managing Director & CEO Jim Middleton and Director Domenic Martino attended a signing ceremony with the Head of the Murung Regency Government, Bp Willy Yoseph, in the capital, Puruk Cahu (along with the Head of the Local House of Representatives). Mr Willy Yoseph commented that he was very happy to have Cokal, with its experience and skills, committed to working with the Regency to develop infrastructure to mutual benefit.

Cokal has previously confirmed high quality premium metallurgical coal at its 60% owned Bumi Barito Mineral (BBM) project in Central Kalimantan. Cokal announced a maiden Inferred Resource of 60Mt of Metallurgical Coal, comprising 60% coking and 40% PCI, in December 2011. The Inferred Resource covered 8% of BBM’s 19,920 ha, which is located immediately adjacent to BHPBilliton’s Juloi tenement.

Mr Lynch said Cokal’s first MoU with the regency was to develop two river ports for coal stockpiling and barge loading on the Barito River to service the needs of BBM as well as other future Cokal projects in the regency.

He said the second MoU is for the potential development of two small scale coal-fired power stations (5 -10MW) in the regency. This could service the needs of proposed Cokal mines in the area, as well as providing benefits to the local community.

Mr Middleton announced that the Regency Government’s Development Corporation would be a joint venture partner with Cokal, and is committed to provide assistance for this infrastructure development.

“This co-operation and assistance will help us to quickly move into the production phase. The Regency Government is enthusiastic about the mine development as it brings jobs, education and prosperity to the region. “Cokal has committed to a high level of community engagement through an effective community social responsibility program focused on education and training, employment and local infrastructure development.

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Mr Middleton said concept studies for the port infrastructure and power stations will commence immediately, funded by Cokal. “Subject to a positive outcome of the studies, Cokal will be examining a range of options whereby this vital infrastructure may be project financed,” he said.

Kalimantan is located favourably in a geographic sense, being on the doorstep of the world’s biggest and strongest growing markets.

Mr Lynch commented that the MoU’s and the corresponding planned Agreements, are part of expediting planned metallurgical coal production in this high quality coal basin, while providing significant benefits to the local community.

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Dr Willy Yoseph (Head of Regency) & Jim Middleton (Cokal CEO) shaking hands after the signing of MoU’s in front of Local Government Department Heads

ENDS

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Further enquiries:

Peter Lynch Andrew Crook Chairman Media Enquiries Mobile: 0419 764 747 Mobile: 0419 788 431

About Cokal Limited

Cokal (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. Cokal has also signed a joint venture with Tanoz Resources to explore for coal in Tanzania and a cooperation agreement with Mozambique Government Mining Corporation, EMEM, to explore for coking coal in the emerging coal province of Mozambique.

Forward Looking Statements

Statements regarding plans with respect to the Company’s exploration properties are forward-looking statements. There can be no assurance that the Company’s plans for development of its properties will proceed as currently expected. There can also be no assurance that the Company will be able to confirm the presence of additional deposits, that any mineralisation will prove to be economic or that a mine will successfully be developed on any of the Company’s exploration properties.

Competent Person Statement

The information in this report relating to exploration results and coal resources 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 Ltd.

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 he is undertaking, to qualify as Competent Person as defined in the 2004 Edition of the “Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves”.

Mr Hanna consents to the inclusion in the report of the matters based on the information, in the form and context in which it appears.

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