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

2. 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

3. 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

4. Australia Olive Downs Complex

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

6. 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
~ construction phase >1,000 at full production

7. 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

8. 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

9. 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

10. Indonesia Project Sonnet

11. 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