COKAL LIMITED — Capital/Financing Update 2013

Feb 3, 2013

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

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Level 34 Riverside Centre, 123 Eagle Street, Brisbane QLD 4000 PO Box 7122, Brisbane QLD 4001 ABN 55 082 541 437 (ASX: CKA) www.cokal.com.au

ASX Announcement – 4[th] February 2013

COKAL GRANTED FORESTRY PERMIT FOR BORNEO BARA PRIMA PROJECT

HIGHLIGHTS

• Indonesian Government approves BBP exploration forestry permit (IPPKH)

• Cokal can now mobilise larger machinery and increase exploration drilling activity

Global metallurgical coal group Cokal Limited (ASX:CKA) (Cokal) is pleased to announce the company has received Ministry approval for its Forest Utilization Approval permit (exploration stage) (Ijin Pinjam Pakai Kawasan Hutan or “IPPKH”), covering its Borneo Bara Prima (BBP) metallurgical Coal Project. The IPPKH is critical for the use of larger capacity equipment which will allow for high impact exploration drilling activity at the BBP Project. The IPPKH also enables the construction of access tracks and temporary infrastructure on the concession, both of which will enable increased exploration activity.

“The approval of the IPPKH from the Indonesian government means Cokal can now use large drills to finalise drilling in order to obtain its maiden JORC compliant resource” said Executive Chairman Peter Lynch. “The issuing of the IPPKH allows us to now finalise the substantially completed Environmental Impact Statement (AMDAL) for the Project and to progress the upgrading of our IUP to Operation / Production status” he said. “The next step forward for the BBP Project is to submit the EIS and then apply to have the mining licence upgraded to enable construction to commence”.

The issuing of the IPPKH for BBP, and previously for our premier coal project Bumi Barito Mineral (BBM), further confirms Cokal’s strategy in developing coking and other metallurgical coal opencut mines in Indonesia. “We have always believed this is the right place to operate, because the system works here in Indonesia if you follow the rules” Executive Director, Pat Hanna said. “We now have a coal project which is legally owned by Cokal (60% foreign ownership approved by Badan Koordinasi Penanaman Modal (BKPM) the Indonesian equivalent of the Foreign Investment Review Board), and the licence has no outstanding legal ownership issues as it was approved by the Central Government and listed on the ’Clean and Clear List’ “.

Hanna went on to say: “Now that the Exploration Forestry Permit has been granted for the BBP project we can develop the necessary access tracks and logistics chain to support the implementation of high impact drills rigs. The high Impact drill rigs have the ability to drill much deeper and allow us to correlate the multiple coal seams we have already mapped and tested

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during the outcrop sampling. This is the next step towards developing a Maiden JORC Resource at the BBP Project.”

The workforce on site at BBP is entirely Indonesian skilled people who are conducting exploration activities to International standards and in accordance with the JORC Code as required by the Australian Securities Exchange.”

Outcrop mapping and testing in the southern portion of the BBP lease has delineated potentially over ten coal seams with the coal quality indicating a low ash, low sulphur, low phosphorus PCI and anthracite. Mapping is underway in the north of BBP to delineate outcrops and potential coal quality, this information will be used to design a drilling program and the associated access tracks.

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ENDS

Further enquiries:

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

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 and one project (which holds three exploration licences) in West Kalimantan, Indonesia considered prospective for metallurgical coal. Cokal has also signed

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a joint venture with Tanzoz Resource Company Limited to explore for coal in Tanzania and a co-operation agreement with Mozambique Government Mining Corporation, EMEM, to explore for coking coal in the emerging coal province of Mozambique.

Forward Looking Statements

This release 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 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 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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