Cokal (CKA) Investor Presentation summary

Investment highlights

• Production and revenues have commenced at the BBM Coal Mine, with ramp-up to 2.0Mtpa and permitted capacity of 6.0Mtpa.

• BBM produces high-quality hard coking coal (60%) and PCI (40%), with strong demand from domestic and international steelmakers.

• Material upside exists from BBM’s 260Mt coking coal resource, offering potential for production increases and mine-life extensions.

• The TBAR project, adjacent to BBM, is highly prospective with a maiden JORC resource expected in 2024/2025 and first production targeted for 2025.

• Coking coal is a scarce, strategically important commodity with robust long-term demand fundamentals, especially in Indonesia.

Project portfolio and resources

• Cokal operates one producing mine (BBM) and three prospective coking coal projects in Central Kalimantan, Indonesia.

• BBM achieved first production in November 2022 and is ramping up to 2.0Mtpa, with significant expansion potential.

• BBM has 23.8Mt in reserves and 260.2Mt in resources (100% basis), with Cokal holding a 60% interest.

• TBAR (75% interest) is contiguous to BBM and targets first production in 2025, with drilling and maiden resource estimation underway.

• BBP and AAK projects offer further exploration upside, with BBP adjacent to the world-class Indomet Coal Mine.

BBM mine operations and production

• BBM is ramping up to 2.0Mtpa saleable metallurgical coal, with a 60% coking/40% PCI product mix and permitted up to 6.0Mtpa.

• Operating costs are approximately US$135/t FOB for hard coking coal and US$120/t FOB for PCI.

• Open cut, contract mining is used, with ongoing infrastructure development and full permitting in place.

• As of April 2024, BBM produced 42,800t of coal and shipped 26,700t, with production ramping up as new mining fleets arrive.

• Infrastructure upgrades, including new fleets, permanent jetty, and haul road improvements, are underway to support higher output.