COKAL LIMITED — Capital/Financing Update 2021

Nov 8, 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

9 November 2021

Update for Cokal’s BBM Project

Key Highlights

• The permanent jetty and ISP site at Batu Luhung has been purchased

• Lidar and bathymetric surveys at this site have been completed

• Engineers have been appointed to design the land and river facilities at the permanent jetty site

• Application for the jetty licence is underway

• Short term fuel supply facilities established at the temporary barge loading site

• The road access to the BBM mine has passed the Mohing River at km 72

• Mohing River bridge construction has commenced and is proceeding well

• Road 52km to 72km being upgraded to final profile ahead of schedule

• Additional equipment now deployed to establish and repair the road to BBM

• Compensation for land beyond Mohing River now completed for the next 6km to enable road clearing to progress

• Land compensation also happening in the Pit 3 area and along the road towards theMohing River

• MOU signed with other users of the road from km 4 to km 52 to share road improvement and road maintenance costs

Cokal Limited (ASX:CKA, “ Cokal ” or the “ Company ”) already announced it selected the Batu Luhung site for its permanent jetty for the BBM project. It has now completed the purchase of this site and completed lidar and bathymetric surveys of the site. BBM has appointed consultants to design the coal stockpiles, conveyors, barge loader, fuel storage, power supply, laboratory, weighbridge and office.

A temporary crossing of the Mohing River has been established to enable road clearing to proceed ahead while the Mohing River bridge is being built.

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Construction commenced on the Mohing River bridge, the biggest bridge on this road, and is proceeding to plan.

BBM has deployed additional equipment to upgrade the road to access its coal mining areas while at the same time upgrading the road profile to be suitable for use as a long term coal haulage road. Upgrading will require the team to widen the road, reduce road gradients, spread sub-base rock where required, compact the sub-base and improve drainage to final standard.

After the Mohing River bridge has been constructed only one major bridge will be required in the last 26km of road to the mine. The most difficult section of the road reconstruction is now behind us.

Cokal is confident the road can be completed to become an all weather road in future after crushed gravel is applied as is appropriate for a mine operating 24 hours a day throughout every month of the year.

Land compensation has been prioritised so road clearing can proceed unhindered. This is a major element of construction in Kalimantan to ensure indigenous villagers are fairly compensated for the impact on their agricultural land. Two teams are working simultaneously in order to speed up the process. One team is continuing the survey and legal due diligence from KM 52 towards Pit 3 which has already reached KM 76 and other team has started from Pit 3 along the road towards the first crew.

Cokal has signed an MOU with other users of road to conduct a joint survey for the road beginning from KM 52 all the way to KM 4 which is the intersection road to BBM’s jetty at Batu Luhung. This has a clear division of responsibility for road upgrading, repair and maintenance.

Some sections of road require significant cut and fill:

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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

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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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