Investor Presentation

• Acquisition of Dartbrook Underground Mine in 2017
• Commercial production imminent with coal successfully produced to surface
• Fully funded restart with high margin potential and material free cash flow generation

Australian Pacific Coal Ltd (AQC) has acquired the Dartbrook Underground Mine in the Hunter Valley in 2017 and is preparing to restart commercial production at the mine. The restart program to fully remediate the underground operations is substantially complete, with coal successfully produced to surface. Dartbrook is situated in a prime location approximately 100 km from the Newcastle export terminals, with excellent access to productive seams and high-quality coal. The project has comprehensive infrastructure in place, including the Hunter Tunnel, rail loop and coal handling and preparation plant (CHPP) with up to 6 Mtpa ROM nameplate capacity, leveraging significant pre-investment by Shell and Anglo American. Dartbrook has substantial JORC compliant resources of 2.5 Bt and reserves of 470 Mt ROM, with the potential to extend the mine life to 2033 and beyond with minimal capex. The project is fully funded, with an initial US$60m senior secured restart capex facility in place, which has been upsized to a US$90m facility to include working capital, and a further A$20m subordinated facility. The restart of Dartbrook represents the revival of a quality coal asset with high margin potential and material free cash flow generation.

Targeted peak production of ~2.4 Mtpa ROM coal in Year 3 (~2 Mt sales).