COKAL LIMITED — Capital/Financing Update 2021

Oct 11, 2021

T +61 2 8823 3179

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

12 October 2021

Additional Information on the Purchase of BBM Permanent Port Site on Barito River

Key Highlights

• Cokal has purchased a 38 hectare site on the Barito River at Batu Tuhup for its BBM permanent mine jetty and support infrastructure

• Purchase includes the road access corridor to connect the site to the existing road to the BBM mine site

• Topographic and bathymetric surveys completed for the site

• The site will provide area for facilities to support mining at the BBM mine, stockpile coal and to load coal onto barges

Cokal Limited ( Cokal or the Company ) (ASX: CKA ) provides further information on its purchase of 38.13 hectares (ha) of land at Batu Tuhup on the Barito River, 98km from the BBM Pit 3 mine site, as announced on 5 October 2021. This acquisition comprises 25.23 ha of land for the permanent port on the river bank and 12.9 ha of land on which to build the access road from the port to the multi user road to the BBM site.

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Acquisition Terms

Cokal’s 60% owned subsidiary, PT Bumi Barito Mineral (BBM), has entered into agreements with the following vendors in respect of its acquisition of 38.13 hectares (ha) of land at Batu Tuhup:

• 18 local vendors in respect of 25.23ha of land to be used for the permanent port on the river bank; and

• 22 local vendors in respect of 12.9ha of land to be used for the road access.

• No vendor is a related party of the Company.

Total consideration for the acquisition is IDR 3,622,243,597.35 (approx. US$254,442), funded with the debt facility provided by International Commodity Trade Pte Ltd (“ICT”) (refer to the ASX releases dated 14 July 2021).

Settlement of the acquisition will occur over the next two weeks when title is transferred to BBM.

ENDS

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

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.

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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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