Cokal : Platinum Group Debt Conversion Update

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Level 10, 110 Mary Street, Brisbane QLD 4000 PO Box 7122, Brisbane QLD 4001

ABN 55 082 541 437 (ASX: CKA)

www.cokal.com.au

ASX ANNOUNCEMENT

2 December 2016

PLATINUM GROUP DEBT CONVERSION - UPDATE

Cokal Limited (Company) provides an update in relation to the debt conversion agreement with Platinum Partners (Platinum) announced on 22 July 2016.

Platinum is working together with Cokal to replace its existing security with a direct royalty security over the IUP licences to specifically secure the royalty.

The Company is awaiting feedback from Platinum on these matters. Once the draft royalty agreement and security arrangements are in agreed form, the Company will consult with ASX in relation to any listing rule requirements, and, subject to the outcomes of those consultations, take the necessary steps to satisfy those requirements and complete the debt restructure.

The Platinum group is undertaking an internal restructure of its affairs and the Company has recently become aware that, as a result of this internal restructuring, Platinum Partners Value Arbitrage Fund, LP (PPVA) was placed into liquidation on or about 25 August 2016.

The Company advises that it does not expect this event or the wider Platinum group restructure to have a material impact on the announced debt conversion.

The July debt conversion agreement was expressed to be entered into by PPVA and its associated entities. PPVA currently does not hold any Cokal debt.

The Platinum loan is currently held by Northrock Financial LLC, a subsidiary of Platinum Partners Credit Opportunities Fund, LP (PPCO). Both Northrock and PPCO are in good standing and are unrelated to PPVA.

Both those entities have recently affirmed their commitment to finalising and implementing the debt conversion agreement on a timely basis subject to and in accordance with its terms.

Platinum and Cokal continue to collaborate with each other and all stakeholders to finalise and complete the debt conversion agreement as expeditiously as possible.

ENDS