COKAL LIMITED — Capital/Financing Update 2017

Jun 8, 2017

T +61 7 3212 6299 E info@cokal.com.au

Level 10, 110 Mary Street, Brisbane QLD 4000 PO Box 7122, Brisbane QLD 4001

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

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ASX ANNOUNCEMENT

9 June, 2017

PLATINUM ROYALTY AGREEMENT AND DEBT RESTRUCTURE UPDATE

Further to Cokal Limited’s (ASX:CKA, “Cokal” or “the Company”) announcement on May 2, 2017 the Company and Platinum are proceeding with the implementation plans to finalise the royalty agreement including:

• The Receiver of the PPCO fund and the Liquidator of the PPVA fund (Platinum) have advised this morning that they have completed their Due Diligence in respect of the royalty agreement and are satisfied with the results. Accordingly the Due Diligence precondition in this agreement has now been satisfied.

• The Company will now progress the shareholders meeting to approve this transaction and associated matters.

• The funding secured for the development of the BBM PCI Coal mine as detailed in the Company’s announcement of May 24, 2017 and the commencement of production from this project will fulfil the preconditions for commercial production required for the Debt to Royalty agreement to come into effect

The Company has commissioned an independent Reserves Report for BBM in accordance with the 2012 version of the JORC Code. Following this Reserves Report, Cokal has also commissioned an independent valuation of Cokal’s assets in accordance with the VALMIN Code. Both reports are expected to be completed this month and will be released to the market when received.

Domenic Martino Chairman of Cokal commented that “this is another positive step forward for the Company in achieving its goal of building an export metallurgical coal mining operation at the BBM project and the Company can now confidently move forward with the aim to commence production by the end of this year”.

ENDS

Further enquiries:

Domenic Martino Non-Executive Chairman dmartino@cokal.com.au

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.

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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 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 Coal Resource estimate was announced on 29 April 2016, titled “Cokal announces updated JORC Resource Statement for Bumi Barito Mineral (BBM) Project”. The information in the report relating to Mineral Resources is based on information compiled by Yoga Suryanegara who is a Member of the Australasian Institute of Mining and Metallurgy and a full time employee of Cokal Limited. Mr Suryanegara 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 a Competent Person as defined in the 2012 Edition of the “Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves”.

The Company confirms that it is not aware of any new information or data that materially affects the information included in the announcement made on 29 April 2016 and that all material assumptions and technical parameters underpinning the estimates in the announcement made on 29 April 2016 continue to apply and have not materially changed.

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 2012 Edition of the “Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves”.

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