COKAL LIMITED — Capital/Financing Update 2019

Jan 15, 2019

T +61 2 8319 9299 E info@cokal.com.au Level 5, 56 Pitt Street, Sydney NSW 2000 ABN 55 082 541 437

==> picture [174 x 53] intentionally omitted <==

www.cokal.com.au

ASX ANNOUNCEMENT / MEDIA RELEASE 16 January 201 9

Aahana Global Resources & Investment Pte Ltd (AGRI) Enters Agreement to Acquire Substantial Interest in Cokal Ltd

Cokal Limited (Cokal ASX:CKA, “Cokal” or “the Company”) has been advised by AGRI that it has entered into a conditional agreement (the AGRI Agreement ) to acquire a substantial interest in the Company through the purchase of shares and options which are currently owned by the Platinum funds (in receivership and liquidation). Completion of the AGRI Agreement will result in AGRI acquiring approximately 19.9% on a diluted basis of Cokal Limited.

The AGRI Agreement is conditional on AGRI, with the consent of the Cokal Ltd board, being able to nominate two directors to the board of Cokal Ltd and its Indonesian subsidiaries. The Board of Cokal Ltd has advised AGRI in writing that it consents to these board appointments, subject to AGRI acquiring the said substantial interest.

AGRI have separately advised that their interest in Cokal Ltd is not limited to the purchase of shares in the Company. AGRI will bring their expertise to Cokal Ltd in the development of its BBM project through AGRI’s principal’s experience in operating remote coal mines in Indonesia. AGRI have also advised that it is their intention to assist Cokal Ltd in arranging the necessary financing facilities for its capital expenditure on the BBM project, subject to acceptable terms. AGRI is in the process of completing its due diligence on the BBM mine and quality as well as the logistics chain and legal requirements for this. This is a work in progress and no binding agreements in respect of financing facilities have been reached yet.

Board Chairman Domenic Martino commented that “this is a significant milestone in the development of the BBM mine, bringing a strong substantial shareholder with industry experience on board augurs well for the early development of production at the BBM minesite.”

ENDS

Further enquiries:

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

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.

==> picture [46 x 15] intentionally omitted <==

Page 1 of 1

16 January 201 9