COKAL LIMITED — Capital/Financing Update 2021

Dec 14, 2021

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

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ASX ANNOUNCEMENT / MEDIA RELEASE 15 December 2021

Progress Towards First Coal for Cokal’s BBM Project

Key Highlights

• Road clearing has progressed beyond Mohing bridge while bridge is being constructed

• Additional materials secured to complete the Mohing bridge

• Road upgrading now in the sector km60 to km70

• Licencing for the jetty at Batu Tahup progressing well. Licence issue is expected shortly.

• Detailed design progressing for facilities at Batu Tuhup jetty

• Agreement with other user to upgrade and maintain the road up to km52

• Joint survey underway with other user.

Cokal Limited (ASX:CKA, “ Cokal ” or the “ Company ”) already announced it was delayed in road and bridge construction by unseasonal heavy rain. This impacted all mining operations in Kalimantan and beyond. Steps have been taken to alleviate the delays and for BBM to get back on track to mine coal in the first quarter of calendar 2022.

A shallow river crossing has been established near the Mohing bridge site so equipment can cross and road construction operations can push ahead while the bridge is being built. There is 4km of forest to traverse before linking with an existing road. All of the large trees have been felled over this 4km so road clearing can continue. So far the road is a quarter of the way through the forest.

An alternative source of bridge building materials has been identified and bridge construction is continuing.

The upgrading of the road up to the Mohing bridge has proceeded well. A large rock cutting at km 55.5 has been completed and the road from km 52 to km 60 is finished ready for gravel.

The following photographs depict the progress being made.

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Road upgrading is now in the last 10km before the Mohing River from km 60 to km 70. First task is cutting to grade, then widening and finally grading and compaction to the final profile. This should be completed by the time the Mohing bridge has been completed.

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The above photos show that even after heavy rain the road foundation stands up to heavy traffic. After crushed gravel is applied the road will be an all weather road suitable for a mine operating 24 hours a day throughout every month of the year.

Negotiations and application for the jetty licence at Batu Tuhup are going well. It is believed the licence will be issued soon.

The engineers for the shore based facilities at the jetty have submitted preliminary designs. The final design levels are being discussed to agree on the appropriate earthworks for the site. Good progress is being made.

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The joint survey is underway with other users of road from km 4 to km 52 to agree on appropriate road improvements and maintenance o be undertaken.

ENDS

Further enquiries:

Domenic Martino Non-Executive Chairman dmartino@cokal.com

This ASX announcement was authorised for release by the Board of Cokal Limited.

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, Indonesia considered prospective for metallurgical coal.

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.

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