Investor Presentation

June 2014

1
Investor Presentation

Disclaimer
This presentation has been prepared by the management of Cokal Limited (the Company) in connection with meetings with institutional investors, for the benefit of brokers
and analysts and not as specific advice to any particular party or person. The information is based on publicly available information, internally developed data and other sources.
Where any opinion is expressed in this presentation, it is based on the assumptions and limitations mentioned herein and is an expression of present opinion only. No warranties or
representations can be made as to the origin, validity, accuracy, completeness, currency or reliability of the information. The Company disclaims and excludes all liability (to the
extent permitted by law), for losses, claims, damages, demands, costs and expenses of whatever nature arising in any way out of or in connection with the information, its
accuracy, completeness or by reason of reliance by any person on any of it.
The presentation contains forward-looking information within the meaning of applicable securities legislation. Forward-looking information may include, but is not limited to,
information with respect to the future financial and operating performance of the Company, its affiliates and subsidiaries, the estimation of mineral reserves and mineral resources,
realization of mineral reserves and resource estimates, costs and timing of development of the Companys projects, costs and timing of future exploration, timing and receipt of
approvals, consents and permits under applicable legislation, results of future exploration and drilling and adequacy of financial resources. Forward-looking information is often
characterized by words such as plan, expect, budget, target, project, intend, believe, anticipate, estimate and other similar words or statements that certain events or
conditions may or will occur.
Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause actual results to be materially different from those
expressed or implied by such forward-looking information, including risks associated with investments in publicly listed companies such as the Company; risks associated with
general economic conditions; the risk that further funding may be required but unavailable for the ongoing development of the Companys projects; changes in government
regulations, policies or legislation; unforeseen expenses; fluctuations in commodity prices; fluctuation in exchange rates; litigation risk; restrictions on the repatriation of earnings by
the Companys subsidiaries; the inherent risks and dangers of mining exploration and operations in general; risk of continued negative operating cash flow; the possibility that
required permits may not be obtained; environmental risks; uncertainty in the estimation of mineral resources and mineral reserves; general risks associated with the feasibility and
development of each of the Companys projects; foreign investment risks in Indonesia; changes in laws or regulations; future actions by government; breach of any of the contracts
through which the Company holds property rights; defects in or challenges to the Companys property interests; uninsured hazards; disruptions to the Companys supplies or
service providers; reliance on key personnel and retention of key employees.
Forward-looking information is based on the reasonable assumptions, estimates, analysis and opinions of management of the Company made in light of their experience
and their perception of trends, current conditions and expected developments, as well as other factors that management believes to be relevant and reasonable in the
circumstances at the date that such statements are made, but which may prove to be incorrect. The Company believes that the assumptions and expectations reflected in such
forward-looking information are reasonable. Assumptions have been made regarding, among other things: the Companys ability to carry on its exploration and development
activities, the timely receipt of required approvals, the price of coal, the ability of the Company to operate in a safe, efficient and effective manner and the ability of the Company to
obtain financing as and when required and on reasonable terms. Readers are cautioned that the foregoing list is not exhaustive of all factors and assumptions which may have
been used.
Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information,
there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate, as actual
results and future events could differ materially from those anticipated in such information. Accordingly, readers should not place undue reliance on forward-looking information.
The Company does not undertake to update any forward-looking information, except in accordance with applicable securities laws.
Competent Person Statement

The information in this report relating to Mineral Resources is based on information compiled by Tri Yoso who is a Member of the Australasian Institute of Mining and
Metallurgy and a full time employee of Cokal Limited. Mr Yoso is a qualified geologist and has sufficient experience which is relevant to the style of mineralisation and
type of deposit under consideration and to the activity which he is undertaking, to qualify as a Competent Person as defined in the 2012 Edition of the Australasian Code
for Reporting of Exploration Results, Mineral Resources and Ore Reserves. Mr Yoso consents to the inclusion in the report of the matters based on the information, in the
form and context in which it appears.

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Investor Presentation

Outline

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Investor Presentation

Corporate
Overview

BBM Project
Description
Priority Development

Other Company
Activity

Community
Development

Our Focus
Building a Global Metallurgical Coal Business
Positive and Agile Decision Making
Respect for all Stakeholders
Ethical Decision Making
Strong Indonesian Team
Technical Skills for Innovative Solutions
Results Orientated
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Investor Presentation

Strong Board Coal Pedigree

Peter Lynch - Chairman and CEO, Mining Engineer, 25 years experience in mining; MIM, Shell
Coal, MacArthur Coal, Open Cut & Underground, TSX and ASX:WCI.
Pat Hanna - Executive Director, Geologist, over 30 years experience all coal; Globally consulting
on over 40 projects; strong Indonesian track record; exploration manager Riversdale; prior JORC
committee member.
Domenic Martino - Non-Executive Director, Former CEO, Deloitte Australia; ASX companies
including Sydney Gas, Pan Asia, Clean Global Energy, NuEnergy Capital; Strong reputation in China
and HKSE; over 12 years successful Indonesian energy and resource dealings with local partners.
Agus Widjojo - Non-Executive Director, Former Vice Chairman (Deputy Speaker) of the
National Assembly of the Republic of Indonesia and Indonesian Armed Forces (TNI) Chief of
Territorial Affairs.
Garry Kielenstyn - Indonesian Country Manager, Project, Production, previously General and
Area Manager with various companies and veteran of the Indonesian mining and civil contracting
industries. Based in Kalimantan, living and working in Indonesian since 1990.
Vic Kuss - Chief Financial Officer and Joint Company Secretary, Chartered Accountant; M&A
activities and capital raising; worked extensively in a number of overseas mining and resource
related operations including in Indonesia.

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Investor Presentation

Diverse & Experienced Management

Yoga Suryanegara - Resource Manager Indonesia, Geologist, international experience, responsible for
overseeing multi-million dollar exploration programs in Queensland and Kalimantan; more than 10 years
experience in Berau Coal (fifth largest open cut thermal coal in Indonesia).

Mark Imber - Environmental & Approvals Manager, ex Waratah Coal, WorleyParsons, oversaw the
EPBC process for major Galilee Basin development.

Teuku Juliansyah - Finance Manager, Indonesia, Accountant, over 8 years practical experience in
finance roles involving finance policy and procedure strategy and implementation, accounting, budgeting,
auditing and other financial consulting type of work.

Endah Cakrawati Investor & Public Relations Manager, Marketing Professional, Jakarta based
focused on raising the profile of Cokal among investors in Asia, particularly Indonesia and Malaysia.

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Investor Presentation

Executive Summary
Cokal Limited (CKA)

Listed on the ASX in December 2010

Developing Metallurgical Coal Projects in Central
Kalimantan
Objective: Metallurgical coal producer by H1 2015

Bumi Barito Mineral Project

High quality metallurgical coal project in Indonesia

261Mt JORC Measured, Indicated & Inferred
Resource 90% Coking Coal and 10% PCI
Low ash, low sulphur and high calorific value
(Direct Shipping)

Definitive Feasibility Study Completed

for BBM (NPV US$366M)
Open pit coking coal mine targeting first coal H1
2015
Confirms low initial capital expenditure (US$75M)
Operating cost average first 5 years US$82/
product tonne

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Investor Presentation

Cokal Capital
Structure
ASX Code
Shares on Issue
Options on Issue
Debt Facility
Drawn
Cash at
31 March 2014

CKA
471.1M
22.1M
US$4.0M
US$3.0M
$4.0M

Price history at 30 May 2014

Project Locations - Indonesia

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Investor Presentation

BBM, TBAR and BBP Tenements

INDONESIA

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Investor Presentation

BBM Priority Project

Advanced development plan:
In Feasibility phase
Near term production

High quality
coking coal with
significant upside
potential

Low cash
operating cost

Investment
Highlights
Experienced
Management team
with a strong record of
delivering high
performance & low
capital operations

Flexible development
plans low
capital requirement
Advantageous export
location close to
markets

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Investor Presentation

BBM Project Timeline

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Investor Presentation

Study Outcomes
DFS: Real NPV of $US366M (100% Project)
Stand-alone DFS at BBM
completed by Resindo

ASSET DESCRIPTION
Project

BBM, Central Kalimantan,

Indonesia

JORC Resources

261Mt
10.5Mt Measured, 13.5Mt
Indicated + 237Mt Inferred)

Capable of rapid expansion

Confirms low initial capital
expenditure and operating cost
Schedule for production in H1
2015
Payback <2 years

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Investor Presentation

Coal Product
Total Resources
2Mtpa DFS

Premium coking coal

90%/PCI 10%
Premium coking coal
82%/PCI 18%

Mining Method DFS

Open-cut

First Coal

H1 2015

Annual Production

2Mtpa saleable coal

Definitive Feasibility Study Highlights

Confirmed that BBM and associated transport system can be developed as

a low cost operation with moderate to medium range operating cost:
BBM Coal will command a high value as a blending feed in the Coking Coal
Market
No risks were identified that would prevent construction and operation of the
mine, supporting facilities and transport chain

DCF Financial model:

US$366M NPV after tax using a 10% discount rate (100% basis)
Payback period < 2 years

Low capital cost requirements (incl. contract mining and barging) of

US$75M
Initial start-up capital US$50M
After start-up: Enhancement capital US$25M
Expand blending operations at the Intermediate port of Kelanis

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Investor Presentation

Increase coal handling capability to handle higher ash pits.

Mine Costs
Development Capital

US$
(Million)

- Initial Start up

50

- Enhancement

25

TOTAL

*75

*Note: Based on contract mining and barging

Highly Competitive
Capital Investment
Operating Costs
Margin

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Investor Presentation

Operating Cost
(excluding 7% Royalty)

US$
/t Avg

Year 1

65.00
- Average first 5 years

Life of Mine

82.00
*97.00

BBM Approvals
Current Approvals
IUP (Exploration), on Clean & Clear List
PT BBM approved Foreign Owned
company (PMA status)
Cokal Shareholding of PT BBM approved
by BKPM (Central Government Foreign
Investment Co-ordination Board)
Exploration Forestry Permit
(IPPKH Izin Pinjam Pakai)
Environmental Approval (AMDAL)
IUP (Production)

Upcoming
Forestry Permit (Production)
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Investor Presentation

On the Doorstep of the Biggest

MET Coal Markets
Fastest and lowest cost shipping to key customers
Dalandzangad

Mongolia

Coos Bay

S. Korea Japan

Seoul
China Seoul
Tokyo
Shanghai

India

Mumbai
Mumbai
Mumbai
Mumbai

Guangzhou
Vietnam

China

Ho Chi Min City

Seoul

Shanghai

Banjarmasin
Banjarmasin

India

Guangzhou

Indonesia
Mackay
Mackay
Australia

Vietnam

Ho Chi Min City

Indonesia

Banjarmasin
Banjarmasin

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Investor Presentation

United
States

Tokyo

Developing a new
Coking Coal Province
Indonesian Coal Reserves

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Investor Presentation

BBM Resources 261Mt1

Sufficient Resource to underwrite 2Mtpa initial open cut production plan
Resources by Seam and Category
Seam
Name

Seam Thickness
(m)

Measured
Resource (Mt)

Indicated
Resources (Mt)

Inferred
Resources (Mt)

Total Resources
(Mt)

1.34

10.5

13.5

31

55

1.37

75

75

1.14

70

70

0.97

61

61

237

261

Total

10.5

13.5

Resources by Category and Depth of Cover

Depth Range
(m)

Measured
Resources (Mt)

Indicated
Resources (Mt)

Inferred Resources
(Mt)

Total Resources
(Mt)

0-50

5.0

2.0

13.0

0-100

9.3

8.0

18

35.3

0-150

10.5

13.0

39

62.5

0-200

10.5

13.5

60

84.0

0-250

10.5

13.5

86

110.0

0-300

10.5

13.5

120

144.0

10.5

13.5

237

261.0

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>300
Investor
Presentation

1261Mt

Measured,
Indicated
and Inferred
Resource

BBM
Premium Quality Coking and PCI Coal
Ash
(% adb)

Range

8.0

Average

8.0

Ash
(% adb)
Range

8.0

Average

8.0

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Investor Presentation

Product Quality BCD Seams Premium Coking Coal

CSN
Volatile
Sulphur
Phosphorus
Matter
(adb)
(% adb)
(% adb)
7.5-8.5
13.9-14.1
0.31-0.34
0.000-0.001
8.0

14.0

0.33

0.001

Product Quality J Seam Premium Coking Coal

CSN
Volatile
Sulphur
Phosphorus
Matter
(adb)
(% adb)
(% adb)
9.0-9.5
16.2-18.6
0.34-0.47
0.002-0.016

9.0

17.4

0.38

0.008

Calorific
Value
(adb)
7960-8065

Fixed
Carbon
(adb)
77.0-78.1

8020

77.6

Calorific
Value
(adb)
6935-7925

Fixed
Carbon
(adb)
64.0-73.5

7600

69.9

BBM
Premium Quality Coking and PCI Coal
Ash
(% adb)

CSN

Range

8.0

0.0-3.0

Average

8.0

1.0

BBM PCI Product Coal

Volatile
Sulphur
Matter
(adb)
(% adb)
5.9-13.4
0.37-0.48
10.2

Phosphorus
(% adb)

0.001-0.003

Calorific
Value
(adb)
7720-8080

Fixed
Carbon
(adb)
78.6-84.3

0.002

7985

81.3

0.40

Low insitu-ash allows direct shipping potential low OPEX and CAPEX
Highly sought after:
High Carbon
Low Sulphur
Low Phosphorus
High Energy

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Investor Presentation

BBM Potential to Increase

Resource Size
This potential is in
addition to the
current 261Mt JORC
Measured, Indicated
and Inferred
Resources
Comprised of 13
Seams in the
Eastern Block of
BBM (40% of the
tenement area)

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Investor Presentation

Planned Mining Operations

Truck / Excavator Operation

Contractor operated
Pit to Jetty

Seam Outcrop on the Surface

Significant length of outcrop
J Seam ~ 1.4m thick
In-pit sizing / screening
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Investor Presentation

Infrastructure and Transport

Coal to be transported in three
phases, accounting for ~ 774km from
the mine site to the Java Sea
55km haul road from mine to the
Barito River
500km down the Barito River to the
Intermediate Stockpile Port at
Kelanis
Ocean-going barges to transport
coal ~ 200km to the open sea
anchorage at Taboneo in the Java
Sea
Coal to be transshipped to an ocean
going vessel for the customer
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Investor Presentation

Truck Haulage
55km road route, 2
studies done, initial
quotation received
Detail work underway
All weather surface
Ease of loading,
unloading, reliability
Excellent balance of
operating and capital
costs
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Investor Presentation

Barge Loading
Plan for direct load
from trucks to
barges

Spare barges
enable efficient
system
Stockpiling
capability
Front End Loader
hoppers for reloading from
stockpile
Low capital, low operating cost
Minimises coal degradation
25
Investor Presentation

Shallow Draft Barges

River designed barge system for safe, reliable
and economic transport
Indonesian system currently uses towed ocean
going barges
Mississippi style allows flexibility, for
manoeuvring and cargo sizes
JV formed with MDM Meratus highly respected
Indonesian river barging company

USA: 40,000 km of
rivers; 2.7m draft;
$5B economic
impact; 624Mtpa

Mississippi Style Push Barge

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Investor Presentation

Transferring current
technology to Indonesia
barging

Shallow Draft Barges

Tug and
4 Barge Convoy

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Investor Presentation

Stage 1 6,000t convoys

(4 x 1,500t barges) 500km
Shallow draft: down to 2.3m
water level
3 Studies completed
Full bathymetric survey of
river
Daily river height data for
over 10 years used
6 tugs and barge sets for
2Mtpa
Spare barge set at loading
and unloading point

Deep Water Barge to Shiploader

Deep Water Barges to Floating Crane
in Java Sea
12,000t now common (matches 2 x 6,000t
upper river shallow barge convoys)
Matches common ship hatch size

Operators
Many Barge operators at this point
Many Floating crane operators offshore
Low cost, efficient

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Investor Presentation

Other Tenements
Central Kalimantan, INDONESIA
TBAR Agreement signed 75/25 with local owners. 19,000ha adjoins BBM, which
doubles the size of the exploration area available.
Potential for BBM seams extend into TBAR
Tenement is on the Clean and Clear List issued by the Directorate General of
Mineral and Mining, Central Jakarta on 23 January 2013
Mapping has commenced.
BBP 60/40 with local owner, PMA company ownership structure. 13,000ha
directly adjacent to BHP, Maruwai. Has bright coal seam outcrops, laboratory
tests indicate low in-situ ash, low sulphur, ultra-low phosphorous and high
energy
Exploration forestry permit (IPPKH) granted
Targeting potential following BBM Cashflow.
AAK 75/25 with local owner, PMA company ownership structure 5,000ha with
5 outcrops (1-2m in thickness) with bright coal and possible anthracite.
AAM 75/25 with local owner, PMA company ownership structure 10,000ha
11 outcrops have bright coal.
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Investor Presentation

BBM Project Conclusions

High quality
coking product

Low operating
cost

Low capital
investment
required

Good margin
and quick
payback

Early
production

Geographically
well
positioned

Potential for
expansion

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Investor Presentation

Experienced
Executive
team

Developing Infrastructure
Two river ports and two coal
-fired power stations
to facilitate metallurgical
coal production
Working together for
mutual benefit with
the Murung Raya Regency

Dr Willy Yoseph (Head of Regency), Jim Middleton

and Domenic Martino (Cokal Director)

CSR program on education

and training, employment and local infrastructure
development

Brings jobs, education and prosperity to the region

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Investor Presentation

Corporate Social Responsibility

Local Schools
Assisted with materials and labour to make repairs to the Tumbang Tuan Village Jnr
Elementary School
Provided an emergency generator to ensure reliable electricity for the local school
Sponsored four teachers for the Tumbang Tuan Jnr High School

Sponsorship Programs
University Scholarship program in conjunction with the Palangkaraya University
Evolving to assist students in Snr High School within the project area

Medical Support
Provided medical support to the community, arranging a ophthalmologist to run a free
clinic

Local Supply
Co-operative business employs local people to assist Cokal with logistics for food,
general supplies and field work.

32
Investor Presentation

Project Location
West Kalimantan, INDONESIA
Cokal 75.2% interest in PT
Silangkop Nusa Raya
(SNR)
Three IUPs in Singtang
Regency, West Kalimantan
covers an area of 13,000ha
Outcrop samples show high
volatile, low ash, moderate
sulphur and low phosphorus
coking coal

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Investor Presentation

Summary
Executive Team
with strong track
record
High Margin
Metallurgical Coal
confirmed

Plans for
becoming a
Significant
Metallurgical Coal
Producer

Assets with Good

Potential

Plans to develop
the portfolio
BBM on track for
production in
2015, with
significant upside
potential

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Investor Presentation