Investor Presentation July 2011

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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 Company’s 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 Company’s 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 Company’s 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 Company’s 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 Company’s property interests; uninsured hazards; disruptions to the Company’s 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 Company’s 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 exploration results is based on information compiled by Patrick Hanna who is a fellow of the Australasian Institute of Mining and Metallurgy and is a consultant (through Hanna Consulting Services) to Cokal Limited. Mr Hanna 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 Competent Person as defined in the 2004 Edition of the “Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves”. Mr Hanna consents to the inclusion in the report of the matters based on the information, in the form and context in which it appears.

DISCLAIMER F

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1. Strong, Diverse Executive Team

2. Metallurgical Coal focus, in global context

3. Prospective Assets

4. Financial Backing

5. Commitment and Experience to bring assets to Production

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OVERVIEW F

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Corporate, Exploration and Operational Strength

Peter Lynch - Executive Chairman Pat Hanna - Executive Director Jim Middleton - Managing Director Domenic Martino - Non-Executive Director Duncan Cornish - CFO and Company Secretary Chris Turvey - Exploration and Resource Manager Africa Yoga Suryanegara - Exploration and Resource Manager Indonesia Tri Yoso - Senior Resource Geologist

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STRONG DIVERSE TEAM F

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Peter Lynch - Executive Chairman

Mining Engineer, 47, over 24 years experience mainly in coal.

Proven track record in coal project evaluation, development and operation.

Responsible for design and construction of one of Australia’s best producing longwall projects, Oaky North.

Ex-CEO of Waratah Coal responsible for putting the Galilee basin on the map, visionary development plan.

Ex-MD APC, MacArthur Coal operating entity expanded to 6Mtpa.

Strong following in Nth American Capital Markets, WCI.TSX-V.

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Pat Hanna - Executive Director

Geologist, 56, over 30 years experience all in coal.

Extensive experience in Indonesian coal. Exploration Manager for Riversdale Mining,

principal responsibility for discovery and documentation of new coking coal basin in Mozambique.

Ex-member of JORC committee. Principal Geologist SRK Australia 6yrs. Author of 19 technical publications. Reviewed and consulted on over 40 coal

projects globally. Highly experienced and respected.

STRONG COAL PEDIGREE F

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Jim Middleton - Managing Director

Mining Engineer, 47, over 30 years all coal mining experience.

Highly successful career with the majors, BHPB, Xstrata, Glencore, Exxon Coal, Coal & Allied.

Designed and built Xstrata’s highest ROI United Longwall Project, 12 month payback.

Part of gathering first assets for Glencore to form the basis of Xstrata float.

Head of operations for BHPB Illawarra Coal 8Mtpa, three mine, coking coal project.

Success in strategy, exploration, project delivery and operations.

Reputation for low cost, high production and innovation. Industry leader.

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Domenic Martino - Non Executive Director

Former CEO Deloitte Touche Tohmatsu Australia.

Key player in the re-birth of a broad grouping of ASX companies including Sydney Gas, Pan Asia, Clean Global Energy, NuEnergy Capital.

Strong reputation in China and HKSE Lengthy track record of operating in

Indonesia, successfully closed key energy and resources deals with key local players.

Proven track record in capital raisings across a range of markets.

STRONG COAL PEDIGREE F

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Duncan Cornish - CFO & Company Secretary

Chartered Accountant, Ernst & Young and PWC background

Successful IPO and RTO record on ASX, TSX and AIM listed companies

Strong track record in resources junior companies

Administered capital raisings totalling over A$200M across several markets

Companies include TSX – WCI, WCB; AIM – SLG; ASX – DGR, PGM, MET, BOW, WCI, FSA, SMR.

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Chris Turvey - Exploration and Resource Manager

Geologist, 48, over 22 years coal experience.

Responsible for overseeing multi-million dollar exploration programs to define resources for major Chinese coal company listings.

14 years experience with Bengalla now Rio Tinto Coal Australia.

Over five years experience in Asian coal projects including Indonesia.

Highly skill operator of all modern computer coal modelling packages.

Can take a project from a drilling program to proven reserves.

EXPERIENCED EXECUTIVE TEAM F

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Yoga Suryanegara - Exploration and Resource Manager Indonesian Geologist with International

Experience. Ex Senior Coal Geologist in Caledon Resources

for 3 years (underground mining experience with international standard).

Worked side by side with Pat Hanna in SRK Consulting as Exploration and Resource Geologist.

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)

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EXPERIENCED EXECUTIVE TEAM

Tri Yoso - Senior Resource Geologist Indonesian Geologist with International

Experience. Ex Senior Coal Geologist in Riversdale for 3

years (open cut mining experience with international standard).

Worked side by side with Pat Hanna in SRK Consulting as Exploration and Resource Geologist for 3 years.

PT BEP (Bhakti Energi Persada) in Jakarta as Senior Geologist.

More than 7 years experience in Berau Coal Strong track record in resources junior

companies.

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Building A Global Metallurgical Coal Business

Positive and Agile Decision Making

Respect for all Stakeholders

Ethical Decision Making

Technical Skills for Innovative Solutions

Results Orientated

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OUR FOCUS F

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Metallurgical Coal Strong and prospective volume growth

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Source Bhpbilliton 2010

STRATEGY

Source: CISA; WMM; Global Insight; BHP Billiton Analysis

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Metallurgical Coal Strong & prospective pricing

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Data: CRU Analysis

STRATEGY F

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Metallurgical Coal (cont’d) Current Assets in Emerging Metallurgical Coal Basin – Kalimantan View to seek appropriately prospective opportunities (see Tanzania) Pursue development to production within reasonable timeframe

Major Basins Bowen – Qld USA Canada CIS (Kazakhstan, Ukraine & Russia) China Columbia Mongolia Mozambique Kalimantan

(Indonesia/Kalimantan exports) 12

STRATEGY F

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Respect for Stakeholders and Ethics Distinguish ourselves as valued mining operator for Employees, Communities,

Regulators and Investors. Long term value generation. Low risk management of regulatory issues. Environmental and safety values

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STRATEGY

Technical Skills and Results Team has skills and track record in:

Potential Resource identification and definition Project development and execution Operational success Business value creation

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Cokal Limited (CKA) Transaction completed 23rd December $20.0M private placement @ 30c New Board of Peter Lynch, Jim Middleton,

Pat Hanna and Domenic Martino installed Passport Capital Placement $12.0M @ 75c

Capital Structure

CKA (pre transaction) 45.9M shares 16.2M options (avg 19c) JDC 210.0M shares (escrowed) 21.0M options (30c) Executive Options 14.0M ($0.50 - $1.00) Placement Dec’10 66.7M shares (30c) Placement (Passport) 16.0M shares (75c) Total 338.6M 51.2M Board and Insiders 215.0M shares 25.0M options

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COMPANY STRUCTURE F

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MARKET CAPITALISATION

$2,941

$796 624 $524 $289 $247 $203 $181 $158

BORN.JK BTU.AX CZA.AX COK.AX HUN.AX CKA.AX AFR.AX KRL.AX CLR.AX

Coal Companies Million Dollars (A$)

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*as at 20 July 2011

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Kalimantan Tenements Four tenements and company structure agreed:

BBM – 60/40 with local owner. 20k ha – straddles Barito River, adjacent to BHPB tenements

BBP – 60/40 with local owner. 13k ha – adjacent to BHP tenements (Maruwai)

AAK – 75/25 with local owner. 5k ha

AAM – 75/25 with local owner. 10k ha

Payments based on timing, ownership provisions and resource definition

Prospective area for metallurgical coal (near BHPB’s Maruwai), largely unexplored

Solid local partnership / ownership

Geological mapping has commenced

Drilling exploration for resource definition underway

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INITIAL ASSETS F

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DRILLING CONFIRMS EXCELLENT COAL QUALITY

Product Ash %

Vols. %

Fixed Carbon

%

Moisture ad %

Total Sulphur

%

Phos %

Calorific Value

Kcal/kg

CSN Vitrinite Content

%

Ultra Low Vol PCI 4.7-5.8 6.7-7.2 86.1-86.9 1.4-1.5 0.45 ≤0.005 8144-8236 0 95.8-96.9

Low Vol PCI 2.8-8.8 13.3-13.7 77.2-82.7 0.8-2.4 0.32-0.45 ≤0.005 7806-8548 0 94.5-96.8

Blend Coking Coal 4.6-5.7 15.4-15.7 78.5-79.4 0.3-0.4 0.33-0.35 ≤0.005 8266-8348 4.5-7 94.8-95.2

Premium Coking Coal 3.6-4.2 18.2-19.3 76.5-77.4 0.2-0.3 0.4-0.49 ≤0.005 8322-8404 >9 95.2-97.8

Hole / Sample

Easting (local Grid)

Northing (local Grid)

Collar RL (m)

angle o Remark

Depth to 1st Coal

(m)

Nett Coal (m)

No seams / plys

Depth to base Coal

(m)

BBM001 275,793 9,761,801 109 90 Drillhole 25.90 4.19 4 39.25

BBM002 276,794 9,763,332 91 90 Drillhole 23.70 6.21 5 40.63

BBM003 276,665 9,762,193 198 90 Drillhole 18.10 5.17 5 54.60

BBM004 277,640 9,763,961 227 90 Drillhole 63.80 3.30 3 72.60

Channel Sample 281,566 9,760,555 194 90 Outcrop 5.70 1.30 1 7.0

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PREMIUM QUALITY METALLURGICAL COAL

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PREMIUM QUALITY METALLURGICAL COAL

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PREMIUM QUALITY METALLURGICAL COAL

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PROJECT LOCATIONS – INDONESIA

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PROJECT LOCATIONS - INDONESIA

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BBM (Bumi Barito Mineral) - 60/40 ownership Straddles the Barito River, with coal seam outcrops on riverbanks

Outcrops have bright coal drilling and laboratory analysis confirms premium quality metallurgical coal

Laboratory tests indicate very low in-situ ash, low sulphur, low Phosphorous & high energy

2 coal horizons with total coal thickness 3-4m each have been mapped,

Directly adjacent to BHPB - Juloi

BBP (Borneo Bara Prima) - 60/40 ownership Coal seam outcrops (bright coal)

Laboratory tests indicate low in-situ ash, low sulphur with coking or PCI potential

2 main coal horizons with total coal thickness 1-2m each have been mapped, only a small area has been visited

13,000 ha, directly adjacent to BHP – Maruwai

65km to heavy river transport

PROJECT INFORMATION - INDONESIA

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AAM (Anugerah Alam Manuhing) - 75/25 ownership 11 Outcrops, up to 4m in thickness

Outcrops have bright coal

10,000 ha

AAK (Anugerah Alam Katingan) - 75/25 ownership 5 Outcrops

1-2m in thickness

Outcrops have bright coal and possible anthracite

5,000 ha

PROJECT INFORMATION - INDONESIA

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EMEM CO-OPERATION AGREEMENT Mozambique Government owned EMEM

and Cokal will jointly develop coal projects that EMEM gain title to in the emerging, vast Mozambique metallurgical coal basin.

EMEM will have 20% ownership and Cokal 80% of the JV company.

Cokal will provide funding for exploration over 3 years.

EMEM provide exploration licences

The Agreement between EMEM & Cokal provides for post exploration development through to mining and sale of coal.

(From left to right) Pat Hanna – Executive Director Cokal, Antonio Manhica – CEO EMEM, Victor Zacarius – Chairman EMEM, Jim Middleton – MD & CEO Cokal, Felisberto Nhabomba – Board Member EMEM Following Signing of the EMEM – Cokal Co-operation Agreement in Maputo, Mozambique

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Two companies being formed

JV1 - 50:50; JV2 - 60:40

JV1 has tenement

JV2 vehicle for further prospects

Part of Karoo Basin (per Mozambique)

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TANZANIA JOINT VENTURE F

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PROJECT LOCATION - TANZANIA

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Q1 - Geologists mapping – Kal

Q1 - Drilling to commence – Kal

Q2 - Drilling to commence – Tanz

Q2 - Coal quality data – Kal

Q3 - Initial resource – Kal

Q3 - Coal Quality data - Tanz

Q4 - Concept Studies commence – Kal

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MILESTONES - 2011

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Executive Team with strong track record

High Margin Metallurgical Coal confirmed

Assets with Good Prospectivity

Strong Ability and resolve to bring Assets into Production

High Integrity for Long Term value

Plans for Global footprint

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SUMMARY F

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