JOGMEC – Queensland
Investment Seminar
2 November 2022

STEELMAKING COAL

Strictly private and confidential©©Pembroke
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DISCLAIMER
THIS DOCUMENT IS NOT FOR RELEASE,
PUBLICATION OR DISTRIBUTION, IN WHOLE OR
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WHERE SUCH DISTRIBUTION IS UNLAWFUL.
THIS DOCUMENT IS NOT AN OFFER OR AN
INVITATION TO BUY OR SELL SECURITIES.
This presentation (this "Presentation") has been
produced by Pembroke Olive Downs Pty Ltd (the"Issuer), solely for information purposes for use inpresentations to the holders of the Issuer's seniorsecured bonds 2021/2028 with ISIN NO0011173536(the "Bonds").
This Presentation and its contents are strictly
confidential and shall not (in whole or in part) be
reproduced, distributed or passed on, directly or
indirectly, to any other person (excluding
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is entitled to provide information in respect ofmatters described in this Presentation. Information
obtained from other sources is not relevant to thecontent of this Presentation and should not be
relied upon.

STEELMAKING COAL

This Presentation is for information purposes onlyand does not in itself constitute an offer to sell or asolicitation of an offer to buy any of the securities
described herein.
This Presentation contains certain forward-looking
statements relating to the business, financial
performance and results of the Issuer and its
parent and subsidiaries of the parent (together, the"Group") and/or the industry in which they operate.
Forward-looking statements concern future
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The forward-looking statements contained in thisPresentation, including assumptions, opinions andviews of the Group or cited from third party sources
are solely opinions and forecasts which are subject
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as required by law, to update any forward-looking
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statements to the Group's actual results.

An investment in the Bonds involves a high level ofrisk, and several factors could cause the actual
results or performance of the Issuer to be different
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recipient acknowledges that it will be solely
responsible for its own assessment of the market
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neither Issuer, any other member of the Group nor
any of their respective Representatives (the"Covered Persons"), makes any representation or
warranty, expressed or implied, as to the fairness,accuracy or completeness of the information
contained in this Presentation, or regarding anyother additional information which has or will bemade available to the recipients in connection withany investment in the Bonds. Accordingly, no
Covered Person accepts any liability whatsoever
for any loss of any nature arising from use of thisPresentation or its contents or the additional
information referred to above or otherwise arisingin connection therewith, except as may follow frommandatory law.

This Presentation reflects the conditions and views
as of the date set out on the front page of thisPresentation. The information contained herein issubject to change, completion, or amendment
without notice. In furnishing this Presentation, no
Covered Person undertakes any obligation toprovide the recipients with access to any additional
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Neither this Presentation nor any copy of it nor the
information contained herein is being provided, andnor may this Presentation nor any copy of it nor the
information contained herein be distributed directly
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By receiving this Presentation, each recipient agrees
to be bound by the terms and conditions set forth
above and represents that it is a qualified
institutional or other professional investor who issufficiently experienced to understand the aspects
and risks related to an investment in the Bonds, and
who will obtain additional expert advice where andwhen needed© Pembroke Resources Pty Ltd

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Pembroke Resources
Established in 2014 to acquire anddevelop a portfolio of highquality, steelmaking coal assets.
Shareholders

Pembroke Assets

Founder members of the
Executive team

Olive Downs Complex(Australia)

Denham Capital (USA)PT SAB (Indonesia)

SAB
INDONESIA

Olive Downs Complex
AUSTRALIAP A C I F I CO C E A N

Executive TeamNEW ZEALAND

Barry Tudor
Chairman / CEOMark Sheldon
COO

STEELMAKING COAL

Siobhan Geraghty
CFO

Amit Tyagi
CCO

Kate Lindner
General Counsel

Bob Reynolds
Marketing Director

Mat Lynch
GM Business
Development© Pembroke Resources Pty Ltd

3Olive Downs Complex at a Glance
Strategically LocatedBowen Basin, Queensland
Existing mature basin
Surrounded by establishedinfrastructure
Mining friendly jurisdiction

Large Size
& Long Life
527Mt OC JORC Reserve

Under Construction& Operations Ready

Fully
Approved

Under Construction/Operations Readiness

Three Mining Leases
GrantedRail & DBCT Port secured

EA Approval covers Life ofMine of >75 years

Water Supply secured
CHPP Sedgman design &construction
Thiess mining services 5
year contract secured

ESG
Non-Contentious
Compliant with Equator
Principles

843Mt OC JORC Resource

90%
Steelmaking Coal

No objections

15Mtpa Projected
Production

Coking and PCIILUA / SIMP

Low phos & low wall ovenpressure SHCC

30,000 Hectare
conservation area

> 75 years mine life
Commencement of
production in 2023
Ramp-up to 15Mtpa
High Yield

Lowest quartile Scope 1 & 2

A WORLD CLASS& RARE ASSET

1,000+ Workforce~500 – 700 during
construction phase>1,000 at full production

STEELMAKING COAL©©Pembroke
PembrokeResources
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Asset overview
First production expected in H2 2023
• Located in the Bowen Basin, the best coking coal basin
the world. A mature, mining friendly region withestablished infrastructure.
• Third largest steelmaking coal Reserves inAustralia with a mine life of ~80 years• Fully permitted for first and second stage• More than 90% high-quality coking coal
• Well understood Rangals coal
Olive Downs South
Stages 1 and 2• JORC Reserves 303Mt(>90% steelmaking)• Stage 1 - 6Mtpa ROM• Stage 2 - 12Mtpa ROM

Willunga
Stage 3

• JORC Reserves 224Mt (mainly PCI)
• Up to ~8Mtpa ROM

STEELMAKING COAL©©Pembroke
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One of the largest steelmaking
coal mines in the world
South Walker
Creek
151Mt

Broadmeadow
192Mt

Kestrel
185Mt

Norwich
Park
229Mt

Hail
Creek
245Mt

Elkview
310Mt

Caval Ridge
376Mt

Fording
436Mt

Daunia451Mt

Blackwater
451Mt

Saraji
483Mt

Olive Downs
Complex
527Mt

GoonyellaRiverside
582Mt

Peak Downs
762Mt

527Mt
Source: JORC Reserves, Company Reports

Peak Downs – 17Mtpa
Olive Downs Complex – 15Mtpa
Red Hill (UG) – 14Mtpa
Blackwater – 13Mtpa
Goonyella Riverside – 13Mtpa
Saraji– 11Mtpa
Lake Vermont – 8Mtpa

15 Mtpa

Annual production
capacity at stage 3

Byerwen – 8Mtpa
Broadmeadow -7Mtpa
Minyango – 7Mtpa
Source: JORC Reserves, Company Reports 10 Largest Met Coal
Marketable Reserves in Australia (LT Production)

STEELMAKING COAL

© Pembroke Resources Pty Ltd

6Geologicalcertainty• Rangal Coal Measures• Leichardt and Vermont coalseams
• Deposit over 15km long,consistent coal rank and typeacross the deposit

Well understoodgeology in themature Bowen
Basin

STEELMAKING COAL

• High confidence category
Resource and Reserve status due
to extensive drilling and seismic• Best Practice assessment ofcoking coal attributes and >100
coke oven tests© Pembroke Resources Pty Ltd

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Three phase
expansion to
20 Mtpa (ROM)The Olive Downs Complex has been engineered withcapacity expansion built into plans & approvals up to
20Mtpa (ROM).

2 0 MT P A R O M C O A L

1 5 MT P A R O M C O A L

1 0 MT P A R O M C O A L

12 Mtpa
5 MT P A R O M C O A L

20 Mtpa

ROM up to
79 years of mine life

6 MtpaPhase 1

Olive Downs SouthSTEELMAKING COAL

Phase 2

Olive Downs
South Expansion
Doubling Capacity

Phase 3

Willunga Expansion
Full Capacity© Pembroke Resources Pty Ltd

8Timeline – rapid development of a Tier One Project>$450 Million Investment to date

Rail Load Out
commissioned

2016

Project Commencement

Mining contract awarded

CHPP complete

Port & Rail secured at DBCT

Construction Commences

Mining Commences

2018

2021

2023

Acquisition of Olive Downs
LOM Complex Planning
Commences

STEELMAKING COAL

2020

Mining Leases Granted

2022

Water Pipeline complete
Bridge Complete©©Pembroke
PembrokeResources
ResourcesPty
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Construction & Production
Rail

Processing
Plant

Power

STEELMAKING COAL

Water

Tier One partners
involved in all
aspects ofconstruction &production

MiningPort© Pembroke Resources Pty Ltd

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THE TRANSITION PHASE

Critical New
SupplyNew sources of lower
emissions metallurgicalcoal is a key part of thesolution

Blast Furnace production to remain dominant for
decades.
Revolutionary new low emission technology is
decades away. A transition phase comes first.
Zero emissions steelmaking is stillcommercially unfeasible at scale.
Southeast Asia crude steel production capacity togrow significantly.
Olive Downs SHCC assists steel mills to lower CO2
footprint during this transition phase.
Greatest improvements in emission reduction will
come from efficiency improvements of existing
steel making plants.

Source: Pembroke Environment, Social & Governance Report July 2021
*Hatch “Low emissions technology report” commissioned by Denham Capital 2021

© Pembroke Resources Pty Ltd

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THE TRANSITION PHASE

The Pembroke Emissions Modelestimates over the first decade:Lowest Quartile Scope 1 & 2 Emissions

Average total emissions per annum:
392kt CO2e

Emissions Intensity of Global steelmaking
Coal Mines – kg CO2e/product tonne
1400

Mitigate
ManageProvide Offsets

Total Intensity

Open cut mining has lower impact
compared with underground mining● Diesel● Methane● Onsite Generation● Grid Generation

1200

Avoid

Average emissions intensity:
91kg/product coal tonne

1000
800
600

Emissions modelling has been externallyaudited by Umwelt Environmental
Consultants
Emissions estimates have been
benchmarked within 10% of
independent estimates made by CRU
and Wood Mackenzie

ODS Emissions Intensity

400
200
0

0

50k

100k

150k

200k

250k

300k

350k

Production

400k

450k

500k

550k

600k

650k

Source: Pembroke Environment, Social & Governance
Report July 2021.. ODS estimate based on first-principles
modelling for Stage 1 at 91kg CO2e/t of product coal.
Pembroke model audited by Umwelt© Pembroke Resources Pty Ltd

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ENVIRONMENTAL SOCIAL & GOVERNANCE

Integrated and Embedded ESG
Setting new standards

Environment Offsets
Purchased significant landholding adjacent to the mine foruse as wildlife conservation area

Mine Design
Superior environmental
outcomes through strategicmine design

Mine Sequencing
Scheduling mining to ensure
early commencement ofprogressive rehabilitation

Water Management
No groundwater usage.
Groundwater and groundwater
dependent ecosystems will bemonitored in real time

Traditional Owner Partnership
ILUA & Cultural Heritage
Management Plan agreed with
the Barada Barna Aboriginal
Corporation for the life of mine

Corporate GovernanceProtect and enhance social
licence to operate with avalues-led culture andtransparent reporting

Community Well-being
First project approved under Strong
and Sustainable Communities Act
with Social Impact Management Plan

Flora / Fauna Management
Proactive and progressive
measures to protect and preserve
natural habitat and wildlife

Climate Change
Emissions reducing
initiatives embedded
across all activities© Pembroke Resources Pty Ltd

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Continued strong
demand withconstrained
supply may leadto a significant
shortage ofsteelmaking coal
Is Olive Downs the lastof the major new
sources of supply?

STEELMAKING COAL

Demand for Carbon Steel•••Southeast Asia investment in blast
furnace technology
Forecast increase in steel production
New technology decades away

Limited new supply• New greenfield supply faces many
increasing hurdles• Heightened ESG• Significant regulatory hurdles andnew legislation• Limited financing options• Talk of new technology depressing
appetite for new investment• Dramatic decrease in traditional lender appetite• Changes to Government royalties

Potential
shortageof supply© Pembroke Resources Pty Ltd

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Key Markets

Japan

Long term, stable customer
relationships are key to Olive
Downs’ success.
Key markets include:• Japan• India• South Korea• Southeast Asia

South Korea

India

VietnamIndonesia

Currently establishing long term
relationships through MoU’s
in Q4 2022.
More than 50% of first stage production
already committed under MOU.

Olive Downs
Complex

Wollongong

STEELMAKING COAL©©Pembroke
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STEELMAKING COAL©©Pembroke
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