# CKA: FY2026 Annual Report Canonical Atlas analysis: https://atlas-staging.minestarters.com/news/cka-fy2026-annual-report--536d40c5-af85-4fd8-8fe8-a97d20c9f82d Original source: https://www.asx.com.au/asx/v2/statistics/displayAnnouncement.do?display=pdf&idsId=03146592 Publisher: asx Original announcement: 2026-09-30T07:40:00.000Z Analysis by Minestarters Atlas Atlas analysis published: 2026-09-30T08:23:28.650Z Atlas analysis updated: 2026-09-30T08:23:28.650Z - 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 Narrative sentiment: -0.60 · Bearish ## Minestarters Atlas 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 factor: JORC Compliant - Positive factor: QP/CP Signed - Positive factor: Substantial Resource Base - Positive factor: Debt Maturity Extended - Negative factor: No Grade Disclosure - Negative factor: Significant Inferred Component - Negative factor: Net Liability Position - Negative factor: Going Concern Warning - Negative factor: Operational Delays Low confidence — this extraction should be reviewed alongside the original source. Facts used in scoring: 5 ## Classification and evidence **Measured Resource** Polarity: positive Definition: 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 Resource** Polarity: positive Definition: 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 Resource** Polarity: negative Definition: 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 Reserve** Polarity: positive Definition: 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 Reserve** Polarity: positive Definition: 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 Signed** Polarity: positive Definition: 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 Compliant** Polarity: positive Definition: 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 Update** Polarity: neutral Definition: 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 Decline** Polarity: negative Definition: 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 Disclosure** Polarity: negative Story-specific tag Definition: 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) ### proven [Link to this fact](https://atlas-staging.minestarters.com/news/cka-fy2026-annual-report--536d40c5-af85-4fd8-8fe8-a97d20c9f82d#fact-resource-facts-0) BBM · coal #### 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 factor: QP/CP Signed - Positive factor: JORC Compliant - Negative factor: No Grade Disclosure - Negative factor: Minor Tonnage Decline Evidence · table > 13.68 Context: Proven #### Tags used in scoring **Proven Reserve** Polarity: positive Definition: Measured Resource with demonstrated economic viability after applying modifying factors. Why it applies: category is "proven" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: 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 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **Tonnage Decline** Polarity: negative Definition: Resource tonnage decreased vs prior estimate — pit optimization removed marginal material or geological model revised down. Why it applies: 13680000 against 13710000 previously **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **DFS-Supporting** Polarity: neutral Definition: 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 ### probable [Link to this fact](https://atlas-staging.minestarters.com/news/cka-fy2026-annual-report--536d40c5-af85-4fd8-8fe8-a97d20c9f82d#fact-resource-facts-1) BBM · coal #### 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 factor: QP/CP Signed - Positive factor: JORC Compliant - Negative factor: No Grade Disclosure - Negative factor: No Tonnage Growth Evidence · table > 9.3 Context: Probable #### Tags used in scoring **Probable Reserve** Polarity: positive Definition: Indicated Resource with demonstrated economic viability after applying modifying factors. Why it applies: category is "probable" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: 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 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **DFS-Supporting** Polarity: neutral Definition: 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 ### measured [Link to this fact](https://atlas-staging.minestarters.com/news/cka-fy2026-annual-report--536d40c5-af85-4fd8-8fe8-a97d20c9f82d#fact-resource-facts-2) BBM · coal #### 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 factor: QP/CP Signed - Positive factor: JORC Compliant - Positive factor: High Confidence Category - Negative factor: No Grade Disclosure - Negative factor: No Tonnage Growth Evidence · table > 18.7 Context: Measured #### Tags used in scoring **Measured Resource** Polarity: positive Definition: Highest confidence category — tonnage, grade, shape well-established from closely-spaced drilling. Basis for Proven Reserves. Why it applies: category is "measured" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: 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 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **DFS-Supporting** Polarity: neutral Definition: 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 ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/cka-fy2026-annual-report--536d40c5-af85-4fd8-8fe8-a97d20c9f82d#fact-resource-facts-3) BBM · coal #### 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 factor: QP/CP Signed - Positive factor: JORC Compliant - Positive factor: Moderate Confidence Category - Negative factor: No Grade Disclosure - Negative factor: No Tonnage Growth Evidence · table > 22.9 Context: Indicated #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: 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 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **DFS-Supporting** Polarity: neutral Definition: 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 ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/cka-fy2026-annual-report--536d40c5-af85-4fd8-8fe8-a97d20c9f82d#fact-resource-facts-4) BBM · coal #### 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 factor: QP/CP Signed - Positive factor: JORC Compliant - Positive factor: Large Tonnage - Negative factor: No Grade Disclosure - Negative factor: No Tonnage Growth - Negative factor: Low Confidence Category Evidence · table > 218.5 Context: Inferred #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: 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 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **DFS-Supporting** Polarity: neutral Definition: 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.