Cokal (CKA) AGM 2024 Presentation summary

Key assets and operations

• BBM mine in Central Kalimantan is producing high-quality metallurgical coal, with expansion to 2Mtpa saleable coal forecast by 2026 and permitted up to 6Mtpa.

• BBM has 23.05Mt JORC reserves and 260.1Mt resources, with a product mix of 60-70% low-volatility hard coking coal and 30-40% PCI.

• TBAR project, contiguous to BBM, is set for drilling in 2025, targeting a JORC resource and production approval, with Cokal holding a 75% interest.

• Ownership of critical coal transport infrastructure, including haul roads, jetties, barges, and trucking, provides operational and financial advantages.

• BBM achieved 80,000t coal production as of October 2024, with selective mining improving product quality and further ramp-up underway.

Infrastructure developments and strategy

• Ongoing upgrades to haul roads and construction of the Mohing Bridge and Batu Tuhup Jetty are scheduled for completion by end of 2024 and Q2 2025.

• Krajan Jetty is being upgraded to support increased barge transport capacity under the BSN-Cratus JV.

• Cokal’s infrastructure assets are managed through its subsidiary PT Barito Samudera Nusantara, creating a new profit center.

• Logistics chain includes trucking, jetties, barging, and transshipment, supporting access to export markets.

Strategic partnerships and funding

• Cratus partnership brings US$20m funding, with US$7m to Cokal and US$13m to the infrastructure JV, enhancing coal sales, marketing, and transport capacity.

• CBI will develop an underground PCI coal mine at BBM Pit 1 at zero cost to Cokal, with CBI covering all development and operational costs and revenue split 40% BBM/60% CBI.

• Petrindo JV focuses on haul road upgrades, new infrastructure, and immediate access to Petrindo’s coal stockpile at Buntok.

• Petrosea, a major mining contractor, will be appointed as lead mining contractor in 2025, supporting production ramp-up and cost optimization.