COKAL LIMITED — Interim / Quarterly Report 2021

Jul 25, 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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26 July 2021

QUARTERLY REPORT FOR THE THREE MONTHS ENDING 30 JUNE 2021

HIGHLIGHTS

• Mining contract signed;

• Road repair progressing well;

• Coal haulage contract close to final;

• Fuel and explosives contracts agreed;

• Bumban / Batu Tuhup site selected for barge loading;

• Downriver ISP site selected at Buntok;

• $20 million BBM funding in place.

INDONESIAN COAL ASSETS

Cokal holds shares in the following Indonesian coal assets in Central Kalimantan, each with known resources of metallurgical coal:

• 60% of the Bumi Barito Mineral (BBM) project located in Central Province, Kalimantan, Indonesia. The BBM project area is 14,980ha;

• 75% of PT Tambang Benua Alam Raya (TBAR) which owns an exploration tenement covering an area of approximately 18,850ha in Central Province, Kalimantan, Indonesia. This tenement is located adjacent to and southeast of the BBM project;

• 60% of the Borneo Bara Prima (BBP) project located in Central Province, Kalimantan, Indonesia. The BBP project area is approximately 13,050ha;

• 75% of the Anugerah Alam Katingan (AAK) project. This project is located in Central Province, Kalimantan with an area of approximately 5,000ha. AAK is currently on ‘on-hold’ status by the Provincial Police Department. The Police have investigated a dispute over the ownership of AAK pre-dating Cokal’s interest in the Project. Cokal is an aggrieved party and will await the outcome of the Police investigation.

There was no change in these shareholdings during the quarter.

BBM, TBAR, BBP and AAK are located adjacent to Indomet’s extensive coking coal tenements. The Company is focussed on the development of the BBM Project.

26 July 2021

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Cokal's Coking Coal Tenements

Bumi Barito Mineral (BBM) Tenement

BBM’s permit covers an area of 14,980ha with multiple seams of high quality metallurgical coal. It is bissected by the Barito River, which cuts through the tenement in a north-south trend. Almost the entire IUP contains coal-bearing sediments with open cut mineable areas controlled by three major fault systems.

Coal analyses from more than 130 outcrops on the west side of the Barito River indicate that it contains premium quality anthracite and PCI coals. This coal does not currently form part of the stated BBM coal resources and therefore provides significant potential for a major future expansion of BBM resources.

BBM has regulatory approvals in place including:

• Mining Licence for 20 years with two further extensions of 10 years each

• Environmental approval for a mining rate of up to 6Mt per annum

• Port construction approval

• Forestry Permit to commence mining activity

• RKAB approval of its annual plan.

BBM is under development and will be the first area to be mined by Cokal.

No exploration activity was conducted by Cokal at BBM during the quarter. However, work started on the repair of the 98km access road to the tenement.

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BBM Tenement Areas

Tambang Benua Alam Raya (TBAR) Tenement

TBAR’s exploration authority covers an area of 18,850ha immediately adjacent to and south east of Cokal's BBM tenement. Outcrop mapping of four seams over 17km strike length indicates a substantial resource of high grade coking coal in this deposit. It is believed these seams correlate to the B, C, D and J seams in BBM.

Tenders have been called for delineation drilling in the TBAR deposit. This will outline the coal occurrence in the tenement and enable an estimate to be made of the TBAR Resources and Reserves under the JORC code. An application for a Production and Operation IUP for TBAR will be made within 2022. This will be equivalent to a mining licence. It is expected that all coal in the TBAR deposit is high grade coking coal.

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TBAR Drilling Area

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The haul road from BBM to the jetty at Bumban passes through the TBAR tenement and provides a notional 75km access road to the jetty when the mine is developed.

No other exploration activity or mining production was conducted at TBAR during the quarter.

Borneo Bara Prima (BBP) Tenement

Cokal's BBP project covers 13,050ha in Murung Raya Regency, Central Kalimantan. BBP has been granted an Exploration Forestry Permit (IPPKH) and has been confirmed on the Central Government’s Clean and Clear list. The IUP was transferred to the Central Government where it now awaits approval to be upgraded to a Production and Operation IUP.

No exploration activity or mining production was conducted in BBP during the quarter.

Anugerah Alam Katingan (AAK) Tenement

Cokal's AAK project covers 5,000ha in Central Kalimantan. Applications for the Exploration Forestry Permit (IPPKH) and Clean and Clear Certificates continue to be processed. Cokal continues to monitor the progress of the regulatory upgrade approvals for AAK.

No exploration activity or mining production was conducted on AAK during the quarter.

BBM PROJECT ACTIVITIES

98 Km Mine Access and Coal Haul Road

• BM is repairing the eastern 46km of this road and has progressed 12 km to date from km52 to km64;

• So far this has required the construction of two significant bridges, over Toloh River and Merah River, and seven culverts;

• Heavy rain prevented work for more than three weeks in June, preventing delivery of logs used for culverts and bridges;

• Logs recovered from previous bridges and logs from road clearing are being used to supplement log supply from KDP;

• Bridges and culverts are being repaired using these logs;

• Logs in bridges are bound together by steel ropes with geotextiles covering them before filling over with laterite and compacting;

• The road is being widened to 18m as required to allow for 10 to 12m running width, adequate shoulders and provision for drains;

• Across bridges the road width will be reduced to 9m to minimise construction costs;

• Appropriate signposts are being erected along the road;

• All fill is being graded to provide 2% crossfall to drains and compacted to 90%;

• Consultant to the coal haulage contractor (Rotec) has four staff on site advising on road design, construction materials, CBR testing and compaction of fill;

• Agreement being negotiated on the joint maintenance of the 52km shared section of the road.

• Anticipate road access to site in October, hauling in December;

• Road will be improved to all-weather in the following months.

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26 July 2021

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Toloh River Bridge

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Jetty Location for Barge Loading

• BBM has a rental agreement in place with an existing operating jetty owner/operator to use its jetty to load coal onto barges for the initial period of 1-2years while its permanent jetty is being built;

• This jetty shall also be used for mobilisation of equipment and fuel for BBM and its contractors;

• BBM has selected its preferred site for its long term jetty in the Bumban area at Batu Tuhup only 1.5km from the rented jetty;

• At this location river channel depth is more than 2.5m all year long enabling uninterrupted barging;

• It has a river frontage of 316m and river width more than 150m;

• BBM is applying for a single user jetty permit for this site.

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Batu Tuhup Jetty Location (purple)

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Water depth gauges installed at Batu Tuhup

Platts Benchmarking of BBM Coal

• Platts reviewed BBM coal quality and assessed its value in the international market;

• Positive aspects of BBM coal is low ash, low volatiles, low sulfur, high vitrinite content and ultra low phosphorus;

• Platts assessed BBM coking coal to be premium low vol hard coking coal (HCC) most likely used in a blend in blast furnaces;

• Attractive in the Chinese market where the current spot price for premium low vol HCC is above US$300/t cif;

• Platts advise to allow US$5.57/t for freight to adjust cif China to FOB Kalimantan;

• Platts assessed BBM PCI coal as premium PCI;

• Rated BBM PCI coal justifies a 10% premium over top value PCI coal.

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Overview of Logistics

• A 98km road will be used to transport coal to Bumban/Batu Tuhup, bypassing 160km of river;

• 52km of this road is in regular use with 46km under repair;

• Road repair is making good progress;

• At Batu Tuhup the river depth exceeds 2.5m all year round;

• 3,100t shallow draft, self propelled barges will carry coal 111km from Batu Luhup to below Muarah Teweh bridge;

• At Muarah Teweh coal will be transhipped in-river to 8,000t barges for the 474km voyage to Tabaneo;

• An intermediate stockpile (ISP) will be created at Buntok, about half way to the mouth of the river;

• The ISP at Buntok will provide a buffer between river barging and ship loading at Tabaneo;

• The appropriate site for an ISP at Buntok has been selected.

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BBM Mine Logistics (mine to barge loader)

BBM Contracts

Substantial progress has been made in the suite of contracts required to bring BBM into production:

• A contract for mining contractor has been signed for overburden removal, coal mining and equipment hire;

• Negotiations for drill and blast and explosive supply and storage contracts have been concluded and are being integrated into the mining contract arrangements;

• Fuel supply contracts are nearing completion and include fuel storage facilities at the port and mine;

• A contract has been signed with forestry company KDP to supply logs to the project and use them to construct culverts and bridges as required;

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• The long haul coal transportation contract to take coal from the mine 98km to the port at Bumban will be finalised when the preferred contractor is able to inspect key parts of the access road now under repair, probably in August.

Other

• Labour sourcing for BBM continues;

• Sites have been surveyed for the Intermediate Coal Stockpile (ISP) at Buntok where coal will be transhipped to load ocean-going vessels;

• The rehab of the first 200ha of the required 1500ha is underway as part of the BBM commitment to BBM development.

CORPORATE ACTIVITY

Staff Appointments

Staff have been employed to manage activities in BBM relating to the repair of the access road and in preparation for mining.

This includes:

• Chief Security officer;

• Human Resource officer;

• Accounts clerk;

• Earthworks supervisor;

• Equipment operators;

• Paramedic:

• HSE officer.

BBM Jakarta Office Relocation

The BBM and Cokal office in Jakarta is now at:

THE BELLEZZA OFFICE TOWER 21 Floor, Unit 3 & 5 ARTERI PERMATA HIJAU JALAN MAYJEN SOEPENO KAV 34 PERMATA HIJAU, KEBAYORAN LAMA JAKARTA SELATAN 10210 TEL : 021-30027133 & 021-30027166

INDONESIA

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Corporate Finance

• In June Cokal concluded a binding commitment for a US$20m debt financing facility for development of the Bumi Barito Mineral (“BBM”) Coking Coal Project;

• A Coal Sales Rights Agreement was also completed, assisting with the Company’s working capital;

• An attractive financing structure was negotiated by Cokal, which avoids any dilution for Cokal shareholders;

• Drawdown of the financing facility commenced.

Funding from China Railway Corporation Limited (CRCC)

In view of the above corporate financing facility, Cokal advised CRCC subsidiary CR-BFJV it will not proceed with the facility previously discussed with them.

General

The Company had $169k in cash at the end of the quarter. During the quarter the aggregate amount of payments made to related parties and their associates for Directors fees, consulting fees, company secretarial fees and Sydney office rental fees totalled $48k.

During the quarter $228k was spent on development and production expenditure. Details of the activities carried out during the quarter are set out in this report.

COVID-19

Both Indonesian and Australian operations have responded to the COVID-19 virus pandemic. Staff and contractors have been minimally impacted and operations continue as planned. There have been some delays with site visits and finalising contracts due to travel restrictions, with analysis of contractor bids for mining operations and finalisation of the infrastructure agreement with China Rail delayed.

The Company has a focus on the well-being of its staff, contractors and the broader community and has implemented measures to ensure their well-being including; health screening and temperature monitoring, spatial distancing protocols, a high level of hygiene, change in flow of staff to and from the local community, and the minimisation of staff in the Jakarta and Sydney administrative offices.

ENDS

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

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

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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, which are 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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Rule 5.5

Appendix 5B

Mining exploration entity or oil and gas exploration entity quarterly cash flow report

Name of entity Cokal Limited ABN Quarter ended (“current quarter”) 55 082 541 437 June 2021

Consolidated statement of cash flows	Current quarter US$’000	Year to date (12 months) US$’000
1. Cash flows from operating activities 1.1 Receipts from customers 1.2 Payments for (a) exploration & evaluation (b) development (c) production (d) staff costs (e) administration and corporate costs 1.3 Dividends received (see note 3) 1.4 Interest received 1.5 Interest and other costs of finance paid 1.6 Income taxes paid 1.7 Government grants and tax incentives 1.8 Other (provide details if material) 1.9 Net cash from / (used in) operating activities	- - (204) (24) (237) (264) - - (2) - - -	- - (379) (110) (909) (880) - - (5) - - -
	(731)	(2,283)
2. Cash flows from investing activities 2.1 Payments to acquire or for: (a) entities (b) tenements (c) property, plant and equipment (d) exploration & evaluation (e) investments (f) other non-current assets	- - (6) - - -	- (124) (44) - - -

ASX Listing Rules Appendix 5B (17/07/20) + See chapter 19 of the ASX Listing Rules for defined terms.

Page 1

Appendix 5B

Mining exploration entity or oil and gas exploration entity quarterly cash flow report

Consolidated statement of cash flows	Current quarter US$’000	Year to date (12 months) US$’000
2.2 Proceeds from the disposal of: (a) entities (b) tenements (c) property, plant and equipment (d) investments (e) other non-current assets 2.3 Cash flows from loans to other entities 2.4 Dividends received (see note 3) 2.5 Other (provide details if material) 2.6 Net cash from / (used in) investing activities	- - - - - - - -	- - - - - - - -
	(6)	(168)
3. Cash flows from financing activities 3.1 Proceeds from issues of equity securities (excluding convertible debt securities) 3.2 Proceeds from issue of convertible debt securities 3.3 Proceeds from exercise of options 3.4 Transaction costs related to issues of equity securities or convertible debt securities 3.5 Proceeds from borrowings 3.6 Repayment of borrowings 3.7 Transaction costs related to loans and borrowings 3.8 Dividends paid 3.9 Other (provide details if material) 3.10 Net cash from / (used in) financing activities	- - - - 895 - - (10)	- - - - 1,862 (7) - - (30)
	885	1,825
4. Net increase / (decrease) in cash and cash equivalents for the period
4.1 Cash and cash equivalents at beginning of period 4.2 Net cash from / (used in) operating activities (item 1.9 above) 4.3 Net cash from / (used in) investing activities (item 2.6 above) 4.4 Net cash from / (used in) financing activities (item 3.10 above)	27 (731) (6) 885	779 (2,283) (168) 1,825

ASX Listing Rules Appendix 5B (17/07/20) + See chapter 19 of the ASX Listing Rules for defined terms.

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Appendix 5B

Mining exploration entity or oil and gas exploration entity quarterly cash flow report

Consolidated statement of cash flows	Current quarter US$’000	Year to date (12 months) US$’000
4.5 Effect of movement in exchange rates on cash held 4.6 Cash and cash equivalents at end of period	(6)	16
	169	169
5. Reconciliation of cash and cash equivalents at the end of the quarter (as shown in the consolidated statement of cash flows) to the related items in the accounts	Current quarter US$’000	Previous quarter US$’000
5.1 Bank balances 5.2 Call deposits 5.3 Bank overdrafts 5.4 Other (provide details) 5.5 Cash and cash equivalents at end of quarter (should equal item 4.6 above)	169 - - -	27 - - -
	169	27
6. Payments to related parties of the entity and their associates		Current quarter US$'000
6.1 Aggregate amount of payments to related parties and their associates included in item 1 48 6.2 Aggregate amount of payments to related parties and their associates included in item 2 - Note: if any amounts are shown in items 6.1 or 6.2, your quarterly activity report must include a description of, and an explanation for, such payments.		48
		-

ASX Listing Rules Appendix 5B (17/07/20) + See chapter 19 of the ASX Listing Rules for defined terms.

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Appendix 5B

Mining exploration entity or oil and gas exploration entity quarterly cash flow report

7. 7.1 7.2 7.3 7.4 7.5 7.6	Financing facilities Note: the term “facility’ includes all forms of financing arrangements available to the entity. Add notes as necessary for an understanding of the sources of finance available to the entity. Total facility amount at quarter end US$’000 Amount drawn at quarter end US$’000 Loan facilities 1,550 1,450 Credit standby arrangements Other (Prepayment) 2,000 250 Total financing facilities 3,550 1,700 Unused financing facilities available at quarter end 1,850 Include in the box below a description of each facility above, including the lender, interest rate, maturity date and whether it is secured or unsecured. If any additional financing facilities have been entered into or are proposed to be entered into after quarter end, include a note providing details of those facilities as well.	Total facility amount at quarter end US$’000	Amount drawn at quarter end US$’000
		1,550	1,450
		2,000	250
		3,550	1,700
	7.1 A The US$800,000 loan facility provided by Aahana Minerals Resources SDN BHD (Lender) was executed in September 2020. The facility interest rate is 12% per annum, compounded monthly and payable on the funds drawn down. The loan is repayable within 30 days of receipt of a written demand for repayment by the Lender. Cokal Limited has provided a corporate guarantee for payment the Loan. 7.2 The US$500,000 loan facility provided by Alpine Invest Holding Ltd was executed in 20 April 2021. The facility interest rate is 12% per annum, compounded monthly and payable on the funds drawn down. US$500,000 was drawn during the quarter ended 30 June 2021. 7.3 The US$250,000 loan facility provided by Alpine Invest Holding Ltd was executed in 9 June 2021. The facility interest rate is 12% per annum, compounded monthly and payable on the funds drawn down. US$250,000 was drawn during the quarter ended 30 June 2021. 7.4 On 29 December 2020 Cokal Limited entered into an agreement to monetise near-term coal production from BBM production. PT Sumber Global Energy (“SGE“) will advance BBM a total of US$2.0m as consideration for Cokal appointing SGE as Exclusive Sales Agent for domestic Indonesia coal sales, whereby SGE will undertake the marketing and sales of BBM coal, sold into the Indonesian domestic market, for a period of 2 years from the date of first delivery of coal to SGE. BBM has agreed to allocate SGE ~0.6Mt of saleable production of Coking and PCI coals to SGE over the 2-year period. BBM will repay the US$2.0m to SGE through a reduction in the coal sales price over the term of the Agreement. The repayment schedule to SGE will be calculated by apportioning the US$2.0m consideration over the total tonnage of coal allocated to SGE over the term of the Agreement, which will be deducted from the sales price (e.g. If BBM allocates 0.6Mt of coal to SGE, then the US$2.0m in consideration will result in a US$3.33/t reduction in coal sales price.) The reduction in coal sales price shall be adjusted in the final period of the Agreement to ensure full repayment of the US$2.0m consideration. US$250,000 was drawn during the quarter ended 31 March 2021

ASX Listing Rules Appendix 5B (17/07/20) + See chapter 19 of the ASX Listing Rules for defined terms.

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Appendix 5B

Mining exploration entity or oil and gas exploration entity quarterly cash flow report

8.	Estimated cash available for future operating activities	US$’000
8.1 8.2 8.3 8.4 8.5 8.6 8.7 8.8	Net cash from / (used in) operating activities (item 1.9) (731) (Payments for exploration & evaluation classified as investing activities) (item 2.1(d)) - Total relevant outgoings (item 8.1 + item 8.2) (731) Cash and cash equivalents at quarter end (item 4.6) 169 Unused finance facilities available at quarter end (item 7.5) 1,850 Total available funding (item 8.4 + item 8.5) 2,019 Estimated quarters of funding available (item 8.6 divided by item 8.3) 2.8 quarters Note: if the entity has reported positive relevant outgoings (ie a net cash inflow) in item 8.3, answer item 8.7 as “N/A”. Otherwise, a figure for the estimated quarters of funding available must be included in item 8.7. If item 8.7 is less than 2 quarters, please provide answers to the following questions: 8.8.1 Does the entity expect that it will continue to have the current level of net operating cash flows for the time being and, if not, why not?	(731) - (731) 169 1,850
		2,019
	Answer:
	8.8.2 Has the entity taken any steps, or does it propose to take any steps, to raise further cash to fund its operations and, if so, what are those steps and how likely does it believe that they will be successful?
	Answer:
	8.8.3 Does the entity expect to be able to continue its operations and to meet its business objectives and, if so, on what basis?
	Answer:
	Note: where item 8.7 is less than 2 quarters, all of questions 8.8.1, 8.8.2 and 8.8.3 above must be answered.

Compliance statement

• 1 This statement has been prepared in accordance with accounting standards and policies which comply with Listing Rule 19.11A.

• 2 This statement gives a true and fair view of the matters disclosed.

Date: 26 July 2021

Authorised by: The Board

(Name of body or officer authorising release – see note 4)

Notes

1. This quarterly cash flow report and the accompanying activity report provide a basis for informing the market about the entity’s activities for the past quarter, how they have been financed and the effect this has had on its cash position. An

ASX Listing Rules Appendix 5B (17/07/20) + See chapter 19 of the ASX Listing Rules for defined terms.

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Appendix 5B

Mining exploration entity or oil and gas exploration entity quarterly cash flow report

entity that wishes to disclose additional information over and above the minimum required under the Listing Rules is encouraged to do so.

1. If this quarterly cash flow report has been prepared in accordance with Australian Accounting Standards, the definitions in, and provisions of, AASB 6: Exploration for and Evaluation of Mineral Resources and AASB 107: Statement of Cash Flows apply to this report. If this quarterly cash flow report has been prepared in accordance with other accounting standards agreed by ASX pursuant to Listing Rule 19.11A, the corresponding equivalent standards apply to this report.

2. Dividends received may be classified either as cash flows from operating activities or cash flows from investing activities, depending on the accounting policy of the entity.

3. If this report has been authorised for release to the market by your board of directors, you can insert here: “By the board”. If it has been authorised for release to the market by a committee of your board of directors, you can insert here: “By the [ name of board committee – eg Audit and Risk Committee ]”. If it has been authorised for release to the market by a disclosure committee, you can insert here: “By the Disclosure Committee”.

4. If this report has been authorised for release to the market by your board of directors and you wish to hold yourself out as complying with recommendation 4.2 of the ASX Corporate Governance Council’s Corporate Governance Principles and Recommendations , the board should have received a declaration from its CEO and CFO that, in their opinion, the financial records of the entity have been properly maintained, that this report complies with the appropriate accounting standards and gives a true and fair view of the cash flows of the entity, and that their opinion has been formed on the basis of a sound system of risk management and internal control which is operating effectively.

ASX Listing Rules Appendix 5B (17/07/20) + See chapter 19 of the ASX Listing Rules for defined terms.

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