Cokal Limited released its annual statement of Mineral Resources and Ore Reserves as at 30 June 2022. This statement demonstrates the continued execution of Cokal's strategy of achieving low-cost, high- margin metallurgical coal production, with saleable production from Bumi Barito Mineral (BBM) (Cokal 60%) commencing Third Quarter 2022. Changes in Mineral Resources & Ore Reserves are driven by the continuing technical work undertaken at BBM, updated long-term coal price assumptions, and refinement of life-of-mine operating assumptions, including operating costs and development capital expenditure.

Cokal notes the significant and comprehensive technical work previously completed at BBM, including the A Feasibility Study undertaken by Resindo Resources & Energy Indonesia (Resindo), announced on 13 February 2014; and an Updated Feasibility Study, indicating significant reductions in BBM operating costs and capital costs, undertaken by Resindo, and announced 2 November 2016. BBM is a high-quality metallurgical coal project located in the Central Province, Kalimantan, Indonesia with an area of approximately 14,980ha. BBM is currently under development with first production scheduled for Third Quarter 2022.

The reported Mineral Resources and Ore Reserves in this Announcement have been prepared in accordance with the 2012 Edition of the "Australasian Code for reporting of Exploration Results, Mineral Resources and Ore Reserves" (the JORC Code 2012) and the ASX Listing Rules. In accordance with the requirements for reporting an Ore Reserve under the JORC Code 2012, Cokal has determined a mine plan and production schedule that is technically achievable and economically viable. Proved and Probable Coal Reserves are derived from the respective Coal Resource classifications in accordance with the JORC Code 2012.

Ore Reserves were estimated only on the Measured and Indicated portions of the Mineral Resource Estimate. The Ore Reserves are reported to a coal seam thickness cut-off of 0.3m in line with the reporting of the Resources. Based on guidelines specified in the JORC Code 2012 Measured Resources falling within the practical pit designs have been mostly classified as Proved Ore Reserves (depending on relevant modifying factors) and all Indicated Resources falling within the practical pit designs have been classified as Probable Ore Reserves.

The Mineral Resources in the report are reported inclusive of Ore Reserves.