Olive Downs Barry Tudor Chairman & CEO International Coal, Coke and Carbon Forum November 2017

Pembroke Resources Established in 2014 to specifically focus on the acquisition and development of high quality metallurgical coal assets Project Sonnet Shareholders Executive team Denham Capital (USA) INDONESIA Olive Downs Complex Current Assets Olive Downs Complex (Australia) Project Sonnet (Indonesia) AUSTRALIA PACIFIC OCEAN NEW ZEALAND Founded by 5 Coal Executives Barry Tudor Chairman / CEO Mark Sheldon COO Amit Tyagi CCO Neil McKenzie CFO Attila Kovago Exploration Director

Target Asset Attributes Project Sonnet Indonesian Specific Low capital intensity Exploration and consolidation Flexibility INDONESIA PACIFIC OCEAN Olive Downs Complex Australian Specific Large reserves & resources Low geological risk Large production capacity (flexible + scalable) AUSTRALIA Common Attributes Sound technical foundations (geology and coal quality) Strategic location – infrastructure corridors and consolidation opportunities Open cut mining

Australia Olive Downs Complex

Olive Downs Complex Olive Downs South Large deposit of premium coking coal Willunga Large deposit of PCI

Olive Downs Complex Highlights ` ` 813Mt Open Cut Resources > 1 Billion tonnes Underground target 535Mt Open Cut Reserves 435Mt Product Coal Quality Product Similar to well accepted Bowen Basin brands Open-Cut Production Commencement of production in 2020. Develops to 15Mtpa with > 40 years mine life 100% Interest Held by Pembroke Workforce ~500-700 construction phase >1,000 at full production

Olive Downs Complex Period Progress Plan 40km Combined strike length of open cut areas is 25km Open cut mine life > 40 years, then underground Develops to 15Mtpa product Production commences in 2020 ODS Willunga Stage 1 Stage 3 Stage 2 Stage 4 40km Stages 2- 4

Olive Downs Complex Scalable Production and Long Mine Life Comparison to largest metallurgical coal mines Mine Life (Years) Olive Downs Complex ‘00Mt Marketable Reserves Source: Wood Mackenzie

Olive Downs Complex Accelerated Development - Progress to Date Pembroke is committed in developing to first production in the shortest practicable timeframe Pre Development Development Production 2016 2017 2018 2019 2020 Land Access + Traditional Owner Agreements Coordinated Project + Ministerial Support ML Grant Regulatory/Environmental Approvals Infrastructure and Utility Agreements Feasibility Studies Design Tender and Construction Production

Indonesia Project Sonnet

Project Sonnet Highlights ` ` Long Mine Life Over 25 years Production Reserves: 16Mt Resources: 31Mt Exploration target: ~100Mt Superior Geological Conditions 20 coal seams up to 3.86m thick Premium Product at a Low Cost Low ash and low sulphur Semi Soft and Semi Hard Product Open-Cut Production Production commencement 2018 Initial 1Mtpa developing to 3Mtpa. Global Experience + Local Expertise 80% interest held by Pembroke* Excellent Infrastructure 60km of well maintained all weather haul road *Sell down to 49% under way