Cokal (CKA) Q4 2026 TU earnings summary

Executive summary

• Mining operations at the BBM Project recommenced after receiving 2026 RKAB approval and operational restart activities were completed.

• Approximately 10,200 tonnes of Low Vol Hard Coking Coal were exported to China, with hauling and logistics operations resumed.

• Infrastructure upgrades at Batu Tuhup Jetty and progress on the all-weather haul road continued, supporting future production and logistics.

• Underground mining permitting advanced, with environmental and forestry approvals underway and initial site activities targeted for Q1 2027.

Financial highlights

• Cash at quarter end was US$194k, with undrawn facilities of US$2.56 million.

• Net cash used in operating activities for the quarter was US$892k; year-to-date net cash used was US$5.4 million.

• US$1.4 million was spent on production activities during the quarter.

• Net cash from financing activities for the quarter was US$1.21 million.

Outlook and guidance

• Management will adjust production capacity for the remainder of 2026 in line with revised RKAB approval and market conditions.

• Environmental permitting for underground mining is targeted for completion by Q4 2026, with initial activities expected in Q1 2027.

• Additional coal shipments are targeted for the August–September 2026 laycan period.