November 2022
Investor Presentation

Bowen Basin’s new
independent met
coal producer.

Disclaimer
Cautionary Statement
This presentation has been prepared by Bowen Coking Coal Limited (BCB, ASX:BCB or Bowen). This document contains backgroundinformation about Bowen current at the date of this presentation. The presentation is in summary form and does not purport to be allinclusive or complete. Recipients should conduct their own investigations into the completeness of the information, statements andopinions contained in this presentation and perform their own analysis in order to satisfy themselves as to the accuracy of this information.
This presentation is for information purposes only. Neither this presentation nor the information contained in it constitutes an offer,invitation, solicitation or recommendation in relation to the purchase or sales of shares or other securities in any jurisdiction. This
presentation is not a prospectus, product disclosure statement or other offering document under Australian law (and will not be lodged
with the Australian Securities and Investments Commission (ASIC)) or any other law. This presentation and the announcement to which it
is attached does not and will not form any part of any contract or commitment for the acquisition of BCB securities.
No action has been (or will be) taken to register BCB securities or otherwise permit a public offering of BCB securities in any jurisdiction
outside of Australia and New Zealand.. The BCB shares to be offered in the capital raisings referenced in this presentation and theannouncements contemporaneous with this presentation have not been and will not be registered under the U.S. Securities Act of 1933, as
amended (“Securities Act”), or under the securities laws of any state or other jurisdiction of the United States and may not be offered orsold, directly or indirectly, in the United States except in compliance with the registration requirements of the Securities Act and any otherapplicable securities laws of any state or other jurisdiction of the United States (which BCB has no obligation to do or procure) or pursuant
to an exemption from, or in a transaction exempt from or not subject to, such registration requirements and any other applicable securities
laws. This presentation and the announcement to which it is attached should also be read in conjunction with BCB's other periodic andcontinuous disclosure announcements lodged with ASX which are available at www.asx.com.au.
This presentation does not constitute investment or financial product advice (nor tax, accounting or legal advice) and has been preparedwithout taking into account the recipient’s investment objectives, financial circumstances or particular needs and the opinions andrecommendations in this presentation are not intended to represent recommendations of particular investments to particular persons.
Recipients should seek professional advice when deciding if an investment is appropriate. All securities involve risks which include (among
others) the risk of adverse or unanticipated market, financial or political developments. The information contained in this presentation andrelated market announcements should not be considered to be comprehensive or to comprise all the information which a shareholder or
potential investor in BCB may require in order to determine whether to deal in BCB securities or otherwise participate in any offer toacquire or sell securities, nor does it contain all the information which would be required in a prospectus, product disclosure statement orother offer document prepared in accordance with the Corporations Act 2001 (Cth).
To the fullest extent permitted by law, Bowen, its officers, employees, agents and advisors do not make any representation or warranty,
express or implied, as to the currency, accuracy, reliability or completeness of any information, statements, opinions, estimates, forecasts
or other representations contained in this presentation. No responsibility for any errors or omissions from this presentation arising out ofnegligence or otherwise are accepted. To the maximum extent permitted by law, BCB and its directors, officers and employees exclude
and disclaim all liability, including without limitation for negligence or for any expenses, losses, damages or costs incurred by you as aresult of your participation in any offer or dealing in BCB securities or the information in this presentation and market announcements towhich it is related being inaccurate or incomplete in any way for any reason, whether by negligence or otherwise.
This presentation may include forward-looking statements. Forward-looking statements are only predictions and are subject to risks,
uncertainties and assumptions which are outside the control of Bowen. Actual values, results or events may be materially different to thoseexpressed or implied in this presentation. Given these uncertainties, recipients are cautioned not to place reliance on forward-looking
statements. Any forward-looking statements in this presentation speak only at the date of issue of this presentation. Subject to any
continuing obligations under applicable law, Bowen does not undertake any obligation to update or revise any information or any of theforward-looking statements in this presentation or any changes in events, conditions, or circumstances on which any such forward-looking
statement is based.

Listing Rule 5.23 and 5.19.2 Statements
The statements in this presentation concerning Mineral Resource Estimates at:•
Cooroorah Project are as set out in an announcement dated 27 April 2018•
Isaac River Project are as set out in an announcement dated 1 November 2018•
Hillalong are as set out in an announcement dated 9 June 2020•
Broadmeadow East are as set out in an announcement dated 24 June 2020,•
Burton/Lenton are as set out in an announcement dated 4 August 2021 and Bluff are as set out in an announcement dated 26 October2021.
The statements concerning exploration results at:•
Cooroorah refer to announcements released on 14 December 2017, 21 December 2017, 12 February 2018, 14 February 2018, 27
April 2018, 20 June 2018, 19 November 2018, 6 December 2018, 12 February 2019 and 3 April 2019;•
Hillalong refer to announcements released on 15 February 2018, 9 July 2018, 27 November 2019, 5 May 2020, 9 June 2020, 28
August 2020, 5 March 2021 and 16 June 2021;•
Isaac River refer to announcements released on 4 December 2017, 1 November 2018, 11 March 2019, 8 May 2019, 3 June 2019, 5
July 2019, 23 August 2019, 12 September 2019, 1 October 2020 and 26 July 2021;•
Broadmeadow East refer to announcement released on 24 June 2020, 30 September 2020, 12 February 2021, 8 June 2021 and 26
July 2021; 4 August 2021 concerning acquisition by the Company of an entity holding a 90% joint venture interest in the Burton andLenton Projects; and 26 October 2021 concerning acquisition by the Company of the Bluff mine and properties.
In relation to the above announcements, the Company confirms in accordance with Listing Rule 5.23 that it is not aware of any new
information or data that materially affects the information included in the original market announcements and, in the case of estimates ofmineral resources or ore reserves, that all material assumptions and technical parameters underpinning the estimates in the relevantmarket announcements continue to apply and have not materially changed. The company confirms that the form and context in which theCompetent Person’s findings are presented have not been materially modified from the original market announcement.
This presentation incorporates material concerning production targets and associated forecast financial information derived fromproduction targets in BCB's ASX announcement dated 4 August 2021 headed “Transformational Acquisition of Burton Mine & Lenton
Project“, Production targets for Bluff Mine as per BCB’s ASX Release dated 26 October 2021 “Option to acquire Bluff Mine”, andProduction targets for Broadmeadow East and Isaac River as per BCB’s ASX Release dated 28 July 2021 “Production Targets for
Broadmeadow East and Isaac River”” .
BCB confirms in accordance with Listing Rule 5.19.2 that all material assumptions underpinning the production targets and corresponding
forecast financial information derived from production targets in those ASX releases continue to apply and have not materially changed.
Competent Persons Statement
The information in this presentation relating to coal resource estimates is based on information compiled and reviewed by Mr Troy Turner,
who is a Member of the Australian Institute of Mining & Metallurgy. Mr Turner, Managing Director and a fulltime employee of Xenith
Consulting Pty Ltd, has sufficient experience that is relevant to the styles of mineralisation under consideration and to the activity which heis 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 Turner consents to the inclusion in the presentation of the matters based on his
information in the form and context in which it appears.

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Mission

Bowen Coking Coal istargeting over 5Mt
ROM coal production
by 2024.
First coal shipped June 2022,
First coal mined from second
mine in July 2022
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ASX:

Experienced leadership
Our team has successfully opened 11 coal mines and operated morethan 25 coal mines worldwide

Nick Jorss
Executive Chairman

Gerhard Redelinghuys
Managing Director / CEO

Matt Latimore
Non-Exec Director

Neville Sneddon
Non-Exec Director

Mr Jorss was the founding Managing
Director of Stanmore Coal (via St Lucia)
where he led the company from explorer
to producer through the acquisition of
Isaac Plains. He has over 30 years’
experience in investment banking, civilengineering, corporate finance, project
management, and mining. Currently NonExec Chairman of Ballymore Resources(ASX:BMR).

Mr Redelinghuys founded Bowen Coking
Coal in 2016 and listed the Company on
the ASX in October 2017. He is theManaging Director of Cape Coal andpreviously Exxaro Australia where heheld the responsibility for Exxaro’s
Australian Projects and growth in the
Bowen Basin. He started his career with
PwC before moving to Exxaro where heserved in various senior roles, both onmines and the Corporate Office.

Before building M Resources, Mr
Latimore was General Manager for
Sales and Marketing at Wesfarmer’s
Curragh Mine where he led the sales
and marketing of the unit’s
metallurgical and thermal coalproducts worldwide. Mr Resources
holds a 50:50 joint venture with
Stanmore Coal (MetRes) for the miningof the Millennium Mine.

Mr Sneddon is a Mining Engineer withover 40 years experience in coal. He is
the former CEO of Anglo Coal Australia,
Chairman of Dalrymple Bay Coal
Terminal, and Director of Port Waratah
Coal Services. He has developed andoperated both underground and open
cut mines.

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September/October 2022

Delivering on the first phaseof our growth strategy$0.40cJuly 2022
First coal mined at
Broadmeadow East Pit
June 2022

ASX share priceperformance

August 2021

Bluff ships first coal to Formosa,generating cash flow

Burton Mine &Lenton JV acquired.
Fitzroy infrastructure deal

$0.30cApril 2022
First coal mined at Bluff
Dec 2021

March 2021

Bluff PCI Mineacquired

Sumitomo commits a further A$2.5m
for Phase 2 exploration at Hillalong
JV (A$5m in December 2020)$0.20cSecond vessel from Bluff andfirst coal railed from BME

September 2020

$0.10cBroadmeadow East
Project acquired

Jan
2020

July 2022
Queensland Govt Royalty
increase

July

Jan
2021

July

Jan
2022

July
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Bluff MineFirst coal shipped June 2022
Benchmark quality ULV PCI coal
Mine production - HSE Mining
CHPP and TLO - Cook Colliery
Second vessel shipped in August, nextplanned for late September

Annual ROM
production target~1.0Mt+JORC Resource

14Mt

Dec 2021
Acquisition

April 2022
First coal mined

Jan 2021
Production crew mobilised

June 2022
First coal shipped+ Further exploration planned

to test possible LOM extension

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Bluff MineFirst coal shipped June 2022
RG Tanna Coal Terminal, Gladstone
Strong demand in record high pricing environment.
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Bluff MineFirst coal shipped June 2022
Mining at Bluff in Stage 1
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Burton Complex

Burton Pits
Lenton Pit>350 person camp

1. Broadmeadow East Pit | 100%

Open cut and potential underground –will mainly utilise Fitzroy CHPP
infrastructure until Burton CHPP isrefurbished.

2. Burton Pits | 90%

Open cut coal mine currently in careand maintenance –– over $300m of
established CHPP, TLO and otherinfrastructure.

3. Lenton Pits | 90%

Open cut - environmental authority
and mining lease - EPBC approval
underway.

Resource

Burton CHPP

33Mt
Mallawa haul road
BME Pit to
Burton CHPP
20km

64Mt

Ironbark(Fitzroy)

Broadmeadow
East Pit

140Mt

Burton CHPP to
Mallawa TLO
35km

Broadlea North(Fitzroy)
Broadlea to CarboroughDowns haul road

Mallawa TLO
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Burton Complex

Broadmeadow East Pit
First coal railed Oct 2022
Flexibility to produce HCC of high quality or
high yield
Mine Production - BUMA (Downer)
CHPP/TLO - Fitzroy Resources 2022
Burton Complex 2023
Export via Dalrymple Bay Coal Terminal

Annual ROM
production target

JORC Resource

0.8-1.1Mt

33Mt

March 2022
EA granted

July 2022
First coal mined

May 2022
Mobilisation

Q3 2022First coal shipped target
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Broadmeadow East Pit
First coal mined in July 2022
Mining at Bluff in Stage 1
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Burton Complex

Burton Lenton Pits

First
Firstcoal
ROMexpectedcoal dueQ4
late2022
Q4 2022
to early 2023
World renowned coking coal brandMine Production - BUMA (Downer)
CHPP/TLO - Burton Complex 2023
Rail & Port – Export via DBCT and potentially
Abbot Point

Annual ROM
production target

JORC Resource

3.5-4.5Mt

64Mt
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Burton Complex

Burton CHPP

Burton CHPP

Mallawa TLO

To
restartin early
2023
Refurbstarted,stagedrecommissioning early in 2023

5.5Mt CHPP
Train loadout facility
Rail loop
350+ person camp
Haul road
Offices & workshop

Mine camp
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Burton Complex
Camp Refurbishment

240 of the 350 rooms now fully operational in theaccommodation facility.
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Approximate ROM
Production targets (Mt)1
6.1

7Mt

0.5

6Mt

5.0

5Mt

0.3

4.5

4Mt
3Mt
2Mt

2.0

3.8

1.4

1Mt
1 BCB's ASX announcement dated 4 August 2021 headed “Transformational Acquisition

of Burton Mine & Lenton Project“, Production targets for Bluff Mine as per BCB’s ASX
Release dated 26 October 2021 “Option to acquire Bluff Mine”, Production targets for
Broadmeadow East and Isaac River as per BCB’s ASX Release dated 28 July 2021
“Production Targets for Broadmeadow East and Isaac River”. BCB confirms inaccordance with Listing Rule 5.19.2 that all material assumptions underpinning the
production target and corresponding forecast financial information continue to apply andhave not materially changed. See Annexure 1 for the Resources underpinning the
Production targets.
Where the above ASX releases refer to production targets based on inferred mineral
resources, please note that there is a low level of geological confidence associated withinferred mineral resources and there is no certainty that further exploration work will resultin the determination of indicated mineral resources or that the production target itself will
be realised.

0.6

0.9

FY2023

FY2024

Bluff

Burton Complex

1.1

FY2025Isaac River
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Project pipeline
Diversified portfolio of producing and development-readymetallurgical coal assets in the Bowen Basin.

Hillalong
Cooroorah

BURTONCOMPLEX
LentonBroadmeadow
East

Lilyvale
Mackenzie River

BurtonIsaac River
Bluff

Comet Ridge

Exploration

Development/Maintenance

Production
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Contact
Nick Jorss
Executive Chairman

Gerhard Redelinghuys
Managing Director/CEO+61 7 3191 8413
nick@bowencokingcoal.com+61 7 3191 8413
gerhard@bowencokingcoal.com

bowencokingcoal.com.au

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Annexure 1
Resources supporting the Production Targets (Mt) 1

Measured

Indicated

Inferred*

Total

4.8

0.3

-

5.1

-

4.3

0.2

4.5

Isaac River

2.5

0.1

-

2.6

Burton & Lenton

25.0

5.0

3.0

33.0

Broadmeadow
East
Bluff

* There is a low level of geological confidence associated with inferred mineral resources and there is no certainty that further exploration work
will result in the determination of indicated mineral resources or that the production target itself will be realised

1 BCB's ASX announcement dated 4 August 2021 headed “Transformational Acquisition of Burton Mine & Lenton Project“, Production targets for Bluff Mine as per BCB’s ASX Release dated 26
October 2021 “Option to acquire Bluff Mine”, Production targets for Broadmeadow East and Isaac River as per BCB’s ASX Release dated 28 July 2021 “Production Targets for Broadmeadow Eastand Isaac River” . BCB confirms in accordance with Listing Rule 5.19.2 that all material assumptions underpinning the production target and corresponding forecast financial information continue toapply and have not materially changed

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