CKA: FY2026 Annual Report
Original announcement by asx on
- Company
- COKAL LIMITED
- Ticker
- CKA
- Exchange
- ASX
- Region
- Central Kalimantan, Indonesia
- Primary commodity
- Coal
- Secondary commodities
- None reported
- Document categories
- Resource update
- Extracted
- 2026-09-30 08:23:29 UTC
Analysis by Minestarters Atlas
Atlas analysis published:
Minestarters Atlas analysis
Summary
Cokal Limited's 2026 Annual Report confirms a stable Mineral Resource of 260.1 Mt and Ore Reserve of 22.98 Mt for its BBM metallurgical coal project, compliant with JORC 2012. The figures show minimal change from the prior year, primarily reflecting mining depletion. However, the report notably omits grade disclosure for these estimates. The company faces significant financial challenges, including net liabilities and a going concern warning, exacerbated by operational delays due to regulatory changes in Indonesia, despite an extended debt maturity.
Reasoning: The annual report confirms a stable JORC-compliant resource and reserve base for the BBM project, with minor depletion from mining. While the resource base is substantial, the critical omission of grade disclosure, combined with the company's net liability position, going concern warning, and ongoing operational delays due to regulatory issues, results in a negative overall outlook.
Positive factors
- JORC Compliant
- QP/CP Signed
- Substantial Resource Base
- Debt Maturity Extended
Negative factors
- No Grade Disclosure
- Significant Inferred Component
- Net Liability Position
- Going Concern Warning
- Operational Delays
Low confidence — this extraction should be reviewed alongside the original source.
Facts used in scoring: 5
Classification and evidence
Measured Resourcepositive
Highest confidence category — tonnage, grade, shape well-established from closely-spaced drilling. Basis for Proven Reserves.
Why it applies: The report explicitly states a 'Measured' category for the Mineral Resource, indicating a high level of geological confidence.
Evidence · table
“Measured”
Context: 18.7
Indicated Resourcepositive
Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.
Why it applies: The report explicitly states an 'Indicated' category for the Mineral Resource, indicating a reasonable level of geological confidence.
Evidence · table
“Indicated”
Context: 22.9
Inferred Resourcenegative
Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
Why it applies: A significant portion of the Mineral Resource is classified as 'Inferred', which is a speculative category with limited geological confidence.
Evidence · table
“Inferred”
Context: 218.5
Proven Reservepositive
Measured Resource with demonstrated economic viability after applying modifying factors.
Why it applies: The report explicitly states a 'Proven' category for the Ore Reserve, indicating a high level of economic viability and confidence.
Evidence · table
“13.68”
Context: Proven
Probable Reservepositive
Indicated Resource with demonstrated economic viability after applying modifying factors.
Why it applies: The report explicitly states a 'Probable' category for the Ore Reserve, indicating a reasonable level of economic viability and confidence.
Evidence · table
“9.3”
Context: Probable
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: The Mineral Resources and Ore Reserves are signed off by Mr Luki Wilianto and Mr Arie Cahyono, both members of AusIMM and employees of Cokal, qualifying them as Competent Persons under JORC.
Evidence · text
“Mr Arie Cahyono is a Competent Person and a member of the Australasian Institute of Mining and Metallurgy and an employee of the Company. Mr Wilianto, who is a Member of The Australian Institute Mining and Metallurgy (AusIMM) and is a full-time employee of Cokal.”
JORC Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: The Mineral Resources and Ore Reserves are reported in accordance with the 2012 Edition of the 'Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves' (JORC Code 2012).
Evidence · text
“prepared in accordance with the 2012 Edition of the “Australasian Code for reporting of Exploration Results, Mineral Resources and Ore Reserves” (the JORC Code 2012)”
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: The document presents an annual update to the company's Mineral Resources and Ore Reserves.
Evidence · text
“Annual Mineral Resources Statement”
Tonnage Declinenegative
Resource tonnage decreased vs prior estimate — pit optimization removed marginal material or geological model revised down.
Why it applies: The Ore Reserves show a minor annual decline of 0.13% and Mineral Resources show a decline of 0.03 Mt, indicating depletion from mining.
Evidence · table
“(0.03) (0.13)”
Context: Annual change
No Grade Disclosurenegative · Story-specific tag
No canonical definition is currently available.
Why it applies: The tables for both Ore Reserves and Mineral Resources report tonnage by category but do not provide corresponding grade values, which is a critical omission for assessing the quality of the resource.
Evidence · table
“Ore Reserves as at 30 June 2026”
Context: 2026 Reserves (in-situ) - Mt
Extracted facts
Stored fact records: 5. Some facts used in scoring do not have a stored record.
Resource Estimates (5)
provenBBM · coalTonnes: 13680000View all detailsHide details
Identity
- Project
- BBM
- Commodity
- coal
- Region
- indonesia
- Reported Region
- Central Kalimantan, Indonesia
- Ticker
- CKA
Resource scope
- Estimate type
- reserve
- Reporting standards
- jorc
- QP Signed
- Yes
- Qualified person names
- Mr Arie Cahyono
- Resource group id
- resource:dfb4bafca5463f3e8adb
- Mining method
- combined
- Ownership percent
- 60 %
- Resource basis
- gross
Resource Data
- Category
- proven
- Tonnes
- 13680000
Prior Estimate
- Resource Date
- 2026-06-30
- Prior Tonnes
- 13710000
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-30T00:00:00.000Z
Reasoning: The Proven Reserve for BBM shows a minor tonnage decline due to mining depletion, with no grade information provided. It is JORC compliant and signed by a Competent Person.
Positive factors
- QP/CP Signed
- JORC Compliant
Negative factors
- No Grade Disclosure
- Minor Tonnage Decline
Evidence · table
“13.68”
Context: Proven
Tags used in scoring
Proven Reservepositive
Measured Resource with demonstrated economic viability after applying modifying factors.
Why it applies: category is "proven"
Cut-off Undisclosednegative
High-grade interval reported without stating the cut-off grade used for compositing.
Why it applies: no cutoff_grade was stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
JORC Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: reporting_standards includes jorc
No Contained Metalnegative
Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.
Why it applies: contained_metal was not reported
Tonnage Declinenegative
Resource tonnage decreased vs prior estimate — pit optimization removed marginal material or geological model revised down.
Why it applies: 13680000 against 13710000 previously
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
DFS-Supportingneutral
Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.
Why it applies: the release names the study this estimate supports
probableBBM · coalTonnes: 9300000View all detailsHide details
Identity
- Project
- BBM
- Commodity
- coal
- Region
- indonesia
- Reported Region
- Central Kalimantan, Indonesia
- Ticker
- CKA
Resource scope
- Estimate type
- reserve
- Reporting standards
- jorc
- QP Signed
- Yes
- Qualified person names
- Mr Arie Cahyono
- Resource group id
- resource:b5aaac47d3d507277391
- Mining method
- combined
- Ownership percent
- 60 %
- Resource basis
- gross
Resource Data
- Category
- probable
- Tonnes
- 9300000
Prior Estimate
- Resource Date
- 2026-06-30
- Prior Tonnes
- 9300000
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-30T00:00:00.000Z
Reasoning: The Probable Reserve for BBM remains stable with no tonnage growth and no grade information provided. It is JORC compliant and signed by a Competent Person.
Positive factors
- QP/CP Signed
- JORC Compliant
Negative factors
- No Grade Disclosure
- No Tonnage Growth
Evidence · table
“9.3”
Context: Probable
Tags used in scoring
Probable Reservepositive
Indicated Resource with demonstrated economic viability after applying modifying factors.
Why it applies: category is "probable"
Cut-off Undisclosednegative
High-grade interval reported without stating the cut-off grade used for compositing.
Why it applies: no cutoff_grade was stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
JORC Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: reporting_standards includes jorc
No Contained Metalnegative
Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.
Why it applies: contained_metal was not reported
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
DFS-Supportingneutral
Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.
Why it applies: the release names the study this estimate supports
measuredBBM · coalTonnes: 18700000View all detailsHide details
Identity
- Project
- BBM
- Commodity
- coal
- Region
- indonesia
- Reported Region
- Central Kalimantan, Indonesia
- Ticker
- CKA
Resource scope
- Estimate type
- resource
- Reporting standards
- jorc
- QP Signed
- Yes
- Qualified person names
- Mr Luki Wilianto
- Resource group id
- resource:8f4fd1b3ec0829b5eedf
- Mining method
- combined
- Ownership percent
- 60 %
- Resource basis
- gross
Resource Data
- Category
- measured
- Tonnes
- 18700000
Prior Estimate
- Resource Date
- 2026-06-30
- Prior Tonnes
- 18700000
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-30T00:00:00.000Z
Reasoning: The Measured Resource for BBM remains stable with no tonnage growth and no grade information provided. It is JORC compliant and signed by a Competent Person.
Positive factors
- QP/CP Signed
- JORC Compliant
- High Confidence Category
Negative factors
- No Grade Disclosure
- No Tonnage Growth
Evidence · table
“18.7”
Context: Measured
Tags used in scoring
Measured Resourcepositive
Highest confidence category — tonnage, grade, shape well-established from closely-spaced drilling. Basis for Proven Reserves.
Why it applies: category is "measured"
Cut-off Undisclosednegative
High-grade interval reported without stating the cut-off grade used for compositing.
Why it applies: no cutoff_grade was stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
JORC Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: reporting_standards includes jorc
No Contained Metalnegative
Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.
Why it applies: contained_metal was not reported
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
DFS-Supportingneutral
Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.
Why it applies: the release names the study this estimate supports
indicatedBBM · coalTonnes: 22900000View all detailsHide details
Identity
- Project
- BBM
- Commodity
- coal
- Region
- indonesia
- Reported Region
- Central Kalimantan, Indonesia
- Ticker
- CKA
Resource scope
- Estimate type
- resource
- Reporting standards
- jorc
- QP Signed
- Yes
- Qualified person names
- Mr Luki Wilianto
- Resource group id
- resource:1bc3d6cde786fc087f40
- Mining method
- combined
- Ownership percent
- 60 %
- Resource basis
- gross
Resource Data
- Category
- indicated
- Tonnes
- 22900000
Prior Estimate
- Resource Date
- 2026-06-30
- Prior Tonnes
- 22900000
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-30T00:00:00.000Z
Reasoning: The Indicated Resource for BBM remains stable with no tonnage growth and no grade information provided. It is JORC compliant and signed by a Competent Person.
Positive factors
- QP/CP Signed
- JORC Compliant
- Moderate Confidence Category
Negative factors
- No Grade Disclosure
- No Tonnage Growth
Evidence · table
“22.9”
Context: Indicated
Tags used in scoring
Indicated Resourcepositive
Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.
Why it applies: category is "indicated"
Cut-off Undisclosednegative
High-grade interval reported without stating the cut-off grade used for compositing.
Why it applies: no cutoff_grade was stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
JORC Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: reporting_standards includes jorc
No Contained Metalnegative
Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.
Why it applies: contained_metal was not reported
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
DFS-Supportingneutral
Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.
Why it applies: the release names the study this estimate supports
inferredBBM · coalTonnes: 218500000View all detailsHide details
Identity
- Project
- BBM
- Commodity
- coal
- Region
- indonesia
- Reported Region
- Central Kalimantan, Indonesia
- Ticker
- CKA
Resource scope
- Estimate type
- resource
- Reporting standards
- jorc
- QP Signed
- Yes
- Qualified person names
- Mr Luki Wilianto
- Resource group id
- resource:b41c1ec8421e42e3f0ca
- Mining method
- combined
- Ownership percent
- 60 %
- Resource basis
- gross
Resource Data
- Category
- inferred
- Tonnes
- 218500000
Prior Estimate
- Resource Date
- 2026-06-30
- Prior Tonnes
- 218500000
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-30T00:00:00.000Z
Reasoning: The Inferred Resource for BBM remains stable with no tonnage growth and no grade information provided. While JORC compliant and signed by a Competent Person, the Inferred category represents lower geological confidence.
Positive factors
- QP/CP Signed
- JORC Compliant
- Large Tonnage
Negative factors
- No Grade Disclosure
- No Tonnage Growth
- Low Confidence Category
Evidence · table
“218.5”
Context: Inferred
Tags used in scoring
Inferred Resourcenegative
Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
Why it applies: category is "inferred"
Cut-off Undisclosednegative
High-grade interval reported without stating the cut-off grade used for compositing.
Why it applies: no cutoff_grade was stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
JORC Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: reporting_standards includes jorc
No Contained Metalnegative
Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.
Why it applies: contained_metal was not reported
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
DFS-Supportingneutral
Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.
Why it applies: the release names the study this estimate supports
How Atlas produces this analysis
Minestarters Atlas uses automated extraction to summarize mining announcements, identify reported measurements, and classify supporting evidence. Sentiment reflects the extracted narrative and classification rules; it is an interpretation, not a reported measurement. Evidence quotes and context are provided where available. Missing data, low-confidence results, and review flags indicate limitations. Check the original publisher announcement before relying on an interpretation.