Cokal Limited · ASX:CKA
Cokal — Shareholder Meeting (November 2025)
28 slides from Cokal's shareholder meeting presentation, Nov 21, 2025
Slide 1: Bringing It All Together - Annual General Meeting November 2025
BRINGING IT ALL TOGETHER For personal use only ANNUAL GENERAL MEETING NOVEMBER 2025
Slide 2: Important Information and Disclaimer
Important Information and Disclaimer This presentation has been prepared by Cokal Limited (the Company or CKA). The information contained in this presentation is a professional opinion only and is given in good faith. The material in this presentation (“material”) is not and does not constitute an o
Slide 3: Emerging met coal producer focused on regional Asian markets
Emerging met coal producer focused on regional Asian markets coals KEY ASSETS & STRATEGY ASX CODE SHARE PRICE Metallurgical Coal Mine Operations and Prospective Developments CKA A$0.04a For personal use only One producing mine (Bumi Barito Mineral (BBM)) and three exploration / MARKET development
Slide 4: Board & Key Management Profiles
Board & Key Management Profiles Cokal has a wealth of expertise and experience in its leadership team For personal use only Domenic Martino Allen Delbridge Karan Bangur Eddie Chin Sukardi PRESIDENT PRESIDENT NON-EXECUTIVE NON-EXECUTIVE MANAGING DIRECTOR & COMMISSIONER BBM DIRECTOR BBM CHAIRMAN DIREC
Slide 5: Management & Market Overview 2025
1 Management & Market Overview 2025 For personal use only
Slide 6: Management Overview 2025
Management Overview 2025 A Challenging Year, Yet One of Resilience and Meaningful Progress 2025 has been a challenging year for the metallurgical coal For personal use only sector amid soft steel demand and pricing pressures. Despite this, Cokal maintained focus on project execution, infrastruct
Slide 7: Market Overview – Global Metallurgical Coal
Market Overview – Global Metallurgical Coal Key Drivers for Q4 price recovery: US$ per tonne Q4 2025: Price Recovery Underway FOB Australia For personal use only Chinese Price Premium: Domestic Chinese Current Price Trajectory 2026 Forecast HCC is trading at a significant premium to 280 Premium Ha
Slide 8: 2025 Outlook: Fuelled by India & China
2025 Outlook: Fuelled by India & China Primary Growth Engine: India Indian Coking Coal Demand Increase (Mtpa) Steel Production Surge: Indian steel demand is growing For personal use only at ~9% annually driving met coal consumption. Buyer Unit Mtpa New Blast Furnaces: Multiple new blast furnaces
Slide 9: Graphs for reference
Graphs for reference China Metallurgical Coal Imports by Origin % of total imports 100% 200 80% For personal use only 150 60% 100 40% 50 20% 0% 0 2019 2020 2021 2022 2023 2024 2025 Australia Russia USA Canada Mozambique Indonesia Mongolia† Other Total imports Indian Metallurgical Coal Imports by Ori
Slide 10: Market Summary Data – Export Volumes, Pricing, Demand
Market Summary Data – Export Volumes, Pricing, Demand For personal use only Data: CRU Metallurgical Coal and Coke Market Outlook
Slide 11: Key Highlights 2025
For personal use only 2 Key Highlights 2025
Slide 12: BBM Key Highlights 2025
BBM Key Highlights 2025 BBM Operational Milestones a As of Q3 2025, BBM has shipped 14,472t of coal product to domestic markets. BBM PIT 3 OPERATIONS During the absence of mining contractor, BBM commenced in-house mining during the period of late September – November 2025 to produce coal at prev
Slide 13: BBM Key Highlights 2025
MOHING HAUL ROAD BBM Key Highlights 2025 BATU TUHUP JETTY Jetty Manual Temporary Stockpile PT PETROSEA Tbk For personal use only Loading Jetty and Manual Temporary Unloading Loading Stockpile Krajan and Jetty Unloading Permanent PCI Coal Stockpile Permanent Coking Coal Stockpile Coal sales resumed
Slide 14: Underground Mine Development – Background and Key Highlights 2025
Underground Mine Development – Background and Key Highlights 2025 Transaction Overview Cokal has partnered with mining contractor PT Cipta Bersama Indonesia Tbk (CBI) to develop an underground mining operation at Pit 1 of the BBM Metallurgical Coal Mine, to produce a Coking Coal in high S/R extens
Slide 15: TBAR – Key Highlights 2025
TBAR – Key Highlights 2025 PROJECT LOCATION Project Overview Located in Central Kalimantan, Indonesia; contiguous to BBM - Cokal holds a 75% interest and is the project manager For personal use only - Large 18,850 ha. project area holding potential for extensive coal resources - The coal haul road
Slide 16: BSN – Key Highlights 2025
BSN – Key Highlights 2025 PT Barito Samudera Nusantara (BSN) - Operational Overview 2025 Assets and Operations BSN’s activity in early 2025 commenced at a measured pace in line Coal loading: Krajan Jetty and Batu Tuhup Jetty with the challenging market environment. Despite this, BSN continued to
Slide 17: Strategic Projects 2026 Target
For personal use only Strategic Projects 2026 3 Target
Slide 18: BBM Production Target 2026
BBM Production Target 2026 BBM MINING OPERATIONS SALEABLE PRODUCTION FORECAST 2026 (Kt) a BBM will continually expand production of high- 60 For personal use only quality metallurgical coals 50 50 50 44 44 44 Saleable production 0.4+Mt in CY2026 | Near-term 2.0Mtpa | 40 35 35 35 Permitted to 6.0Mt
Slide 19: BBM Production, Fleet Expansion and Logistics Overview 2026
BBM Production, Fleet Expansion and Logistics Overview 2026 HML FLEET PRODUCTION FORECAST 2026 For personal use only 7 2.5 6 Co Fleet OB Fleet 2 5 4 1.5 3 1 2 0.5 BBM MINING PRODUCTION FORECAST 2026 1 - 0 1,600 53 60 Jul-26 Jun-26 Nov-26 Apr-26 May-26 Dec-25 Aug-26 Dec-26 Jan-26 Feb-26 Mar-26 Sep-26
Slide 20: Infrastructure Developments and Strategy 2026
Infrastructure Developments and Strategy 2026 KEY INFRASTRUCTURE ASSETS HAUL ROAD SECTION TO BE UPGRADED BY PETROSEA Haul Road Development & Upgrades PT Petrosea has been appointed as the main contractor For personal use only for the haul-road construction. The Work is planned to commence in Decem
Slide 21: TBAR & BBM Underground Road Map & Implementation Plan 2026
TBAR & BBM Underground Road Map & Implementation Plan 2026 2026 Drilling Programme TBAR Exploration Drilling Area Deposit resource delineation drilling to commence For personal use only - Comprises open hole drilling, coring and geophysical logging - Cores will be sampled and analysed to determine
Slide 22: BSN Outlook 2026
BSN Outlook 2026 Looking ahead, and subject to market conditions and the Company’s cash flow position, BSN will evaluate the acquisition of additional barges to For personal use only expand logistics capacity in line with production growth. BSN may also explore the trial use of third-party self-prop
Slide 23: Financial
For personal use only 4 Financial
Slide 24: Production Volumes, Sales & Revenue Trends
For personal use only Production Volumes Sales & Revenue Trends • Progressive increase in output from BBM aligned • Domestic & International sales volume rising with market recovery through end-user relationships • Sustainable ramp-up supported by upgraded • Pricing uplift expected as regional met-c
Slide 25: Appendices
For personal use only 5 Appendices
Slide 26: Appendix: BBM is ramping-up production of high-quality metallurgical coal products
Appendix: BBM is ramping-up production of high-quality metallurgical coal products BBM MINE SUMMARY BBM Location Puruk Cahu Regency of Central Kalimantan, Indonesia Production a Ramping-up to saleable metallurgical coal production of 2.0Mtpa | Life-of-mine (LOM) Product mix: 60% Coking / 40% For per
Slide 27: Cokal Group Companies
For personal use only Cokal Group Companies Our Key Strategic Partners Our Key Offtake and Marketing Partners Our Strategic Infrastructure Partners Our Clients
Slide 28: Cokal Ltd
For personal use only Cokal Ltd Jakarta: Sydney: The Bellezza Office Tower Level 5, 56 Pitt Street 21 Floor, Unit 3 & 5 Sydney Arteri Permata Hijau NSW 2000 Jalan Mayjen Soepeno Kav 34 Australia Permata Hijau, Kebayoran Lama Jakarta Selatan 10210 Domenic Martino (DMartino@cokal.com.au) Indonesia Kar