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1 QUARTERLY ACTIVITIES REPORT Quarter: 1 October to 31 December 2017 Highlights: Successfully relisted on the ASX on 11 October Fast tracked exploration plan at Cooroorah intersected all target seams in both locations drilled. 3.7m and 4.5m thick Mammoth seam intersects at Cooroorah. Acquisition of Isaac River coking coal project from Aquila. Commenced optimization studies on Comet Ridge. Concept Mining study on Cooroorah expected to be completed in Q Metallurgical coal market remains buoyant. Bowen Coking Coal Ltd (ASX: BCB, Company ) provides the following update to shareholders in respect of Company activities for the December 2017 quarter. Corporate The completion of both the acquisitions of Coking Coal One Pty Ltd from Cape Coal Pty Ltd, and the Comet Ridge Project (EPC 1230 and MLA ) from Acacia Coal Ltd, occurred on 28 September The Company has issued 17,391,304 ordinary fully paid shares to Acacia Coal Ltd, and has paid it the sum of $350,000 in cash. The securities issued to Acacia Coal Ltd are subject to escrow under the ASX Listing Rules for a period of 12 months from the date of issue of the securities. Completion of the acquisition of the Cooroorah Project (MDL 453) and Hillalong Project (EPC1824) from Australian Pacific Coal Ltd occurred on 2 October The Company has issued 54,000,000 ordinary fully paid shares to a subsidiary of Australian Pacific Coal Ltd, which are also escrowed under the ASX Listing Rules for a period of 12 months from the date of issue of the securities. The Company continued the process (which had been commenced under the previous holder of MLA ) of obtaining Conduct and Compensation

2 Agreements with surface right holders over the Comet Ridge MLA area, through the Land Court process. The court process is mandated by statute in respect of mining lease applications where the applicant and the surface right holders have not come to an agreement on compensation arrangements within the time frame set out in the legislation. A second hearing in the Land Court is scheduled for February The Company will keep the market updated on progress in respect of this matter. Acquisition: Isaac River Project On 4 December 2017 the Company announced that it has entered into an agreement with Aquila Resources to acquire the Isaac River Project for a cash consideration of $200,000. The Isaac River Project consists of Mineral Development Licence 444 ( MDL 444 ) and Exploration Permit for Coal 830 ( EPC 830 ). (See ASX release 4 December 2017). BMA s (BHP Mitsubishi Alliance) Daunia Mine is located to the immediate west, and Peabody s Moorvale West resource is located to the immediate north of the Isaac River Project (Figure 1). The Isaac River Project is prospective for coal from the Leichardt seam in the Rangal Coal Measures. The Leichardt seam is the main target seam and is extensively mined in the area by numerous operating mines. The target seam was intersected in several drill holes on MDL 444 between 35m and 142m deep with seam thicknesses varying between 2m and 5.5m. The Vermont seam was also encountered in several drill holes, but is not a priority target at the moment due to lower quality, but could provide some blending optionality to proximate mines and projects. Indicative coal quality and washability analysis have been conducted on hole (E830041C) only by A&B Mylec Pty Ltd, which indicated the potential for an 8.9% ash semi-soft coking coal product with a secondary thermal coal product (6900kcal air dried) at a combined total simulated yield of 87%. Further quality tests, blending options and washability analysis are planned for A section of EPC 830 is overlain by BMA s Mining Lease 1781 for the Daunia Mine in the south (which section is excluded from EPC 830). ML 70115, Daunia East also directly abuts MDL 444, as can be seen in Figures 1. Daunia targets the same seams from the Rangal Coal Measures (Leichhardt and Vermont) and extracts the seams via open cut mining. Drill holes and seismic lines close to the western boundary with Daunia have demonstrated the continuation of those seams into Isaac River.

3 The Board view this project as having potential development synergies with regional mines which could trigger a fast tracked development path. Figure 1. Isaac River Project (MDL 444 and EPC 830)

4 Cooroorah Exploration The Board fast tracked the Cooroorah exploration program by drilling two strategically placed drill holes which was designed to increase confidence in the resource, the coal quality data and to qualify washability data. The program successfully intersected all the target seams in both holes, with the coalescing of the upper Aries and Castor seams (regionally named the Mammoth seam) intersected in both holes at thicknesses of 4.5m and 3.7m respectively. Table 1 and Table 2 below, show a summary of the seam intercepts in both holes. (See ASX releases 14 December 2017 and 21 December 2017) Coring continued into the New Year and coal quality results will be released to the market in coming weeks, after which a re-estimation of the Resource will be initiated in accordance with the JORC Code. Table 1: Summary of the key coal seams in borehole COR0130C (See ASX release 21 December 2017) BOREHOLE SEAM FROM TO THICK COR013OC MAMMOTH COR013OC POLLUX COR013OC PISCES UPPER Table 2: Summary of the key coal seams in borehole COR001PC (See ASX release 14 December 2017) BOREHOLE SEAM FROM TO THICK COR001PC CANCER COR001PC ARIES/CASTOR COR001PC POLLUX COR001PC PISCES Lilyvale Exploration (JV with Stanmore Coal Ltd (ASX:SMR) Exploration planning is underway and drilling is expected to commence after the wet season has ended.

5 Studies: Comet Ridge The Company has engaged Xenith Consulting to review previous studies conducted on Comet Ridge. Work to date has focused on the previous mine plans and re-costing thereof, as well as margin ranking on potential new layouts. Beneficiation process and yield analysis studies have commenced and will feed into the financial evaluation of the project in Q Studies: Cooroorah The Company has engaged the international mining and geology specialists of John T Boyd Company to conduct a Concept Mining study on Cooroorah. The study is expected to be completed within Q1 2018, following the receipt of the coal quality data from the current exploration program. Initial progress of the study looks encouraging and outcomes will be communicated to the market on completion. Metallurgical Coal Markets The metallurgical coal market is tightly linked to the steel market, as approximately 0.8 tonnes of metallurgical coal is used to produce 1 ton of crude steel in a blast furnace. Steel demand is closely linked to country growth, as approximately 50% of steel is used in the construction industry, 16% in the machinery industry and 13% in the automotive industry. Chinese steel production is at its highest level in 5 years, and demand for metallurgical coal remained strong during the quarter, which supported the FOB price for premium hard coking coal ranging between US$178 and US$242. The significant increase from Q is ascribed to strong demand from steel mills and supply concerns mainly associated with the Australian logistics chain. The higher US$ denominated price, coupled with an average AUD exchange rate below $US0.80, supported significant margins for Australian coking coal producers. Performance Shares To date no Performance Shares have converted or been cancelled, and no vesting conditions have been met during the period.

6 Key activities for the next quarter Coal quality and washability analysis from the recent Cooroorah exploration program is currently underway and will be fed into the geological model for Resource estimation as well as the mining schedules for the Concept Study. On completion, and subject to the outcome of the mining and beneficiation studies for Comet Ridge (EPC1230 and MLA ), the Company will take a decision whether to commence a pre-feasibility study (PFS). Managing Director of Bowen Coking Coal, Gerhard Redelinghuys, commented: The Board, myself and team at BCB are very pleased with this quarter s operational activities, having recently listed on the ASX and moved straight into our strategy to develop these excellent assets. The Company looks forward firstly to the Cooroorah exploration drill results in coming weeks, and to continuing to report progress as we deliver on Bowen s strategy to build this Company into a high quality coking coal producer. Project Information as required in terms of Listing Rule Country Location Project Tenement Change in Holding (%) Current Interest (%) Australia Queensland Cooroorah MDL % Australia Queensland Mt Hillalong EPC % Australia Queensland Lilyvale EPC % Australia Queensland Lilyvale EPC % Australia Queensland Mackenzie EPC % Australia Queensland Comet Ridge EPC % Australia Queensland Comet Ridge MLA %

7 For further information contact: Gerhard Redelinghuys Peter Taylor CEO/Managing Director Investor Relations +61 (07) (0) ABOUT BOWEN COKING COAL Bowen Coking Coal is a Queensland based coking coal exploration company with advanced exploration assets. The Company fully owns the Comet Ridge, Cooroorah and Hillalong coking coal Projects in the world renowned Bowen Basin in Queensland, Australia. Bowen Coking Coal is also a joint venture partner in the Lilyvale (15% interest) and Mackenzie (5% interest) coking coal Projects with Stanmore Coal Limited. The highly experienced Board and management aim to grow the value of Bowen Coking Coal s projects to benefit shareholders by leveraging innovation and maximising the assets and network of the team. An aggressive two year exploration and development program will underpin the business strategy. Listing Rule 5.23 Statement All exploration results referred to in this quarterly report have previously been announced to the market by the Company in accordance with the requirements of Chapter 5 of the ASX Listing Rules and the JORC Code 2012, including as to the requirements for a statement from a Competent Person; and the relevant announcements have been referred to in the in the body of the quarterly report. The Company confirms that it is not aware of any new information or data that materially affects that information.