COKAL LIMITED — Capital/Financing Update 2017

Dec 19, 2017

Cokal Limited ACN 082 541 437 Supplementary Prospectus

1 Important information

This supplementary prospectus ( First Supplementary Prospectus ) of Cokal Limited ( Cokal or the Company ) is dated 20 December 2017 and was lodged with ASIC on that date under section 719 of the Corporations Act.

This First Supplementary Prospectus supplements the prospectus dated 18 December 2017 and lodged with ASIC on that date ( Prospectus ), and must be read together with the Prospectus. If there is any inconsistency between the Prospectus and this First Supplementary Prospectus, this First Supplementary Prospectus prevails.

Terms used but not defined in this First Supplementary Prospectus have the meanings given in the Prospectus. ASIC and ASX take no responsibility for the contents of this First Supplementary Prospectus or the Prospectus.

2 Update on Coal Off-Take Finance Letter of Intent

The Company has today released the announcement attached to this First Supplementary Prospectus.

3 Consent to lodgement

This First Supplementary Prospectus is issued by the Company and the issue has been authorised by a resolution of the Directors. In accordance with section 720 of the Corporations Act, each Director of the Company has consented in writing to the lodgement of this First Supplementary Prospectus with ASIC.

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Domenic Martino Director 20 December 2017

Legal/49984282_1

T +61 2 8823 3179 E info@cokal.com.au

Level 5, 56 Pitt Street Sydney NSW 2000

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ABN 55 082 541 437 (ASX: CKA) www.cokal.com.au

ASX ANNOUNCEMENT/MEDIA RELEASE 20 December 2017

Update on Coal Offtake Finance Letter of Intent

Cokal Limited (ASX:CKA, “ Cokal ” or “the Company ”) advises that further to the Company’s ASX announcement of 11 December 2017, it is continuing negotiations with Renjian International Trading (Shanghai) Co Ltd ( Renjian ) in respect of a coal offtake agreement for 2.5 million tonnes of premium PCI coal from the BBM PCI Project.

In accordance with the Letter of Intent for a Coal Offtake Financing transaction (the “LOI”), Cokal will supply 50,000 tonnes of PCI coal per month over the term of the agreement. Renjian will pay Cokal monthly, with each payment to be three months prior to the shipment date.

Ongoing negotiations concern the pricing mechanism for the sale of coal, the discount to Renjian in compensation for providing the prepayment amounts and the timing of repayment of the prepayment amounts by Cokal through the supply of coal. Cokal has proposed using the Platts index pricing for Low Vol PCI (currently US146/tonne FOB Australia) as the pricing mechanism.

It is expected that these items will take further time to finalise and Cokal intends to reach an agreement by the end of December 2017.

ENDS

Further Enquiries:

Domenic Martino Non-Executive Chairman Tel: +61 2 8823 3177 Email: dmartino@cokal.com.au