Pacific Coal aims to become Colombia's leading independent coal producer by expanding its existing producing assets and securing infrastructure capacity. The company's strategy involves vertical integration across the coal supply chain from raw material production to marketing value-added products. Pacific Coal has a fully funded capital expenditure budget of $191 million from 2011-2012 to execute its strategy through exploration, development, acquisitions, infrastructure investments, equipment purchases, and pending projects. It has a strong capital structure as a publicly traded company with institutional investor support and no long-term debt issues.

1. Becoming Colombia’s Leading Independent Coal Producer
October 2011
TSXV: PAK

2. Disclaimer
Forward Looking Statement
This presentation contains certain “forward-looking statements” and “forward-looking information” under applicable Canadian securities laws concerning the business, operations
and financial performance and condition of Pacific Coal, S.A. Forward-looking statements and forward-looking information include, but are not limited to, statements with respect
to business plans and strategies of Pacific Coal; information with respect to the proposed subscription receipt financing of Pacific Coal; estimated production of the various projects
of Pacific Coal; the benefits of the acquisitions and the development potential of properties of Pacific Coal; the future price of coal; estimates regarding mineralization and
exploration results; the ability of Pacific Coal to achieve mining success consistent with management’s expectations; and expected levels of royalty rates, operating costs, and other
costs and expenses. Undue reliance should not be placed on forward-looking statements, which are inherently uncertain, are based on estimates and assumptions, and are subject
to known and unknown risks and uncertainties (both general and specific) that contribute to the possibility that the future events or circumstances contemplated by the forward-
looking statements will not occur. There can be no assurance that the plans, intentions or expectations upon which forward-looking statements are based will in fact be realized.
Actual results will differ, and the difference may be material and adverse to the Corporation and its shareholders.
All statements other than statements of historical fact are forward-looking statements. Forward-looking statements are often, but not always, identified by the use of words such as
“anticipate”, “believe”, “could”, “estimate”, “expect”, “forecast”, “guidance”, “intend”, “may”, “plan”, “predict”, “project”, “should”, “target”, “will”, or similar words suggesting
future outcomes or language suggesting an outlook. Forward looking statements are based on the opinions and estimates of management at the date the statements are made, as
well as a number of assumptions made by, and information currently available to, the Corporation concerning, among other things, Pacific Coal’s ability to successfully complete the
proposed subscription receipt financing; anticipated geological, operational and financial performance, business prospects, strategies, regulatory developments, future commodity
prices, future production levels of the Corporation’s assets, the ability to obtain financing on acceptable terms, the timely receipt of any required approvals and that there will be no
significant events occurring outside of Pacific Coal’s normal course of business. Although management considers these assumptions to be reasonable based on information
currently available to it, they may prove to be incorrect. Factors that could cause actual results to vary materially from results anticipated by such forward-looking statements
include changes in market conditions, risks relating to international operations, fluctuating coal prices and currency exchange rates, changes in project parameters, the possibility of
project cost overruns or unanticipated costs and expenses, labour disputes and other risks of the mining industry, failure of equipment or processes to operate as anticipated, and
acquisitions not being integrated successfully or such integration proving more difficult, time consuming or costly than expected. Although Pacific Coal has attempted to identify
important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause
actions, events or results not to be anticipated, estimated or intended. Pacific Coal undertakes no obligation to update forward-looking statements if circumstances or
management’s estimates or opinions should change except as required by applicable securities laws.
This presentation uses the terms “measured”, “indicated”, and/or “inferred” mineral resources. United States investors are advised that while such terms are recognized by
Canadian regulations, the United States Securities and Exchange Commission does not recognize them. Unites States investors are cautioned not to assume that all or any part of
mineral resources will ever be converted into mineral reserves. Inferred mineral resources have a great amount of uncertainty as to their existence, and as to their economic and
legal feasibility. It cannot be assumed that all or any part of an inferred mineral resource will ever be upgraded to a higher category. Under Canadian rules, estimates of inferred
mineral resources may not form the basis of feasibility or other economic studies. United States investors are cautioned not to assume that all or any part of an inferred mineral
resource exists, or is economically or legally mineable.
1

3. Vision
Explore, expand and develop existing producing
assets to increase efficiencies, reserves and
production, while securing infrastructure capacity
(La Caypa, Cerro Largo, CI Jam/Port of
Barranquilla)
LEADING
INDEPENDENT
Seek opportunities to secure access to markets
and ensure commercial flexibility COLOMBIAN
COAL
Foster a corporate environment of responsible
PRODUCER
citizenship
2

4. Strategy
• La Caypa – thermal coal
RAW MATERIAL • Cerro Largo – thermal coal 100% ownership and
PRODUCTION • CI Jam – hard coking coal control of assets
(UPSTREAM) • La Tigra – asphaltite
CAW/CCW plant
• 50% equity interest
• Carried interest for
50/50 JV
• Upgraded coke production
MANUFACTURING/ • Colloidal asphaltite in water (“CAW”)*
PROCESSING
(MIDSTREAM)
• Colloidal petcoke in water (“CPW”)* Pyrolysis plant
• 100% equity interest
• Marketing of asphaltite products to:
• Power generation plants
RETAIL/MARKETING • Heavy oil producing companies
(DOWNSTREAM) • Refineries
• Marketing of coke
Vertical integration to secure market access in value-added product streams
*CAW and CCW are technologies being developed by Blue ACF, a company in which PAK has a 5% equity interest, with the right
to increase its investment to 20% pending successful trials. Pyrolysis is a proven procedure. 3

5. Capital Structure
Fully Funded to Execute Strategy
 Pacific Coal became a publicly listed company via RTO on March 11, 2011, making the Company the
only independent, public coal producer in Colombia
 Fully leveraged to rising interest in Colombian coal
 Strong sponsorship and institutional investor support
 Cash flow positive
 As at September 30, 2011, 3,071,000 shares have been purchased for cancellation under the normal
course issuer bid
Pacific Coal (TSXV: PAK)
Shares outstanding: 330.0 million
Options (vested & exercisable) 30.9 million
Warrants outstanding with weighted avg. exercise price of $2.10(1) 75.1 million
Fully diluted: 436.0 million
Market cap (basic): $135.3 million (2)
Cash (June 30, 2011) $34.2 million
Long-term debt (June 30, 2011) $9.0 million
Enterprise value $110.1 million
(1) Expiry date March 11, 2016
(2) Based on closing price of $0.41 on 10/05/2011
4

6. Pacific Coal
Fully Funded Capex 2011-2012
Exploration = $10 m Development = $15 m Acquisitions = $125 m Infrastructure = $17 m Equipment = $15 m
Pending* = $9 m Pending* = $2.5 m Pending* = $15 m Pending* = $13 m Pending* = $5 m
• Drilling at Cerro Largo • South pit expansion at • Paying Cerro Largo • Completion of Coking • Double body trailers
to update NI43-101 La Caypa (Royalties) contract to Masering Infrastructure (Trucks were acquired
• Drilling, mapping and • Paying Barranquilla via leasing)
• Barranquilla Port setup
geophysics at La Tigra Port outstanding debt • Exploration drills
• Drilling in Catatumbo • Closing 86% Cerro • Equipment for South
• Drilling La Caypa for Largo Pit operations
underground mine • Blue ACF investment • Other equipment
design
* As at September 2011
5

7. Executive Management
Strong and Experienced Team
Luis Arturo Carvajales (Chief Executive Officer)
 More than 20 years of experience in the mining industry, holding management positions in marketing, sales, logistics,
and serving as legal counsel
 Most recently President / Legal Representative of Carbones Colombianos del Cerrejon S.A.
Miguel Velasquez (Chief Financial Officer)
 Over 25 years experience as Finance & Administrative Manager at companies in Colombia and at Colombian branches of
Canadian companies
Giovanni Pizarro (Chief Operating Officer)
 Over 23 years experience in the mining industry, specifically coal, holding senior positions in logistics and mine
management. He spent over 8 years with Carbones del Caribe (Argos) and has a breadth of experience in managing
integrated mining projects, coal processing and handling facilities, quality control, and port operations in Colombia.
 Has a degree in Civil Engineering
Peter Volk (General Counsel and Secretary)
 Mr.Volk has acted as General Counsel and Secretary of PetroMagdalena Energy Corp., Pacific Rubiales Energy Corp.,
Gran Colombia Gold Corp., and Bolivar Gold Corp.
6

8. Asset Summary
Diverse Portfolio of High Quality Coal Assets
Well-positioned portfolio with diversified current and future production of steam coal, coke and asphaltite
Current
Asset Type Stage
Production* Puerto Brisa
Port of Santa Marta 1
1
Port Barranquilla 6
Open pit steam coal
1.2 Mt1
1 La Caypa mine with Producing 2
(Coal)
underground potential
5
Open pit steam coal 600 Kt2
2 Cerro Largo Producing 4
mine (Coal)
Medellin
Underground coking Producing
35 kt 3
3 CI Jam coal mine upgrading (2011 ramp- Bogota
(Coke)
to coke up)
Cali
4 Start late-
La Tigra Asphaltite Development
2012
5 Evaluating
Catatumbo Steam coal -
opportunities
Port concession for
6 Port Barranquilla Development -
coke export
Source: Management estimates
*Annualized rate
1 La Caypa produced 654,445 tonnes in H1/2011 7
2 Cerro Largo produced 125,730 during H1/2011; Q1 production prior to Pacific Coal acquisition of Cerro Largo

9. Thermal Coal Production Profile
Fully Funded Organic Growth Pipeline
Robust production growth from existing assets with additional greenfield and consolidation opportunities
Annual Production (millions of tonnes)
3.4-3.6
2.7-2.9
2.6-2.9
1.6-1.8*
1.2
Source: Management estimates
*Includes total production from Cerro Largo Q1/2011, before the acquisition closed
8

10. Coke Production Profile
Fully Funded Organic Growth Pipeline
High value coke operation with long mine life and coal to coke conversion of ~70%
82,000
68,000
Annual Production in tonnes
55,000
36,000
Source: Management estimates
9

11. La Caypa Mine
Significant Thermal Coal Production
High quality steam coal production with attractive expansion and underground potential
Location: • Guajira Department, Colombia
• Adjacent to Carbones del Cerrejón mine, largest coal mine in South
America
Resource estimate: • 47.0 Mt of measured resource (1)
• 17.8 Mt of indicated resource (1)
Area: • 300 hectares
Average BTU: • 12,264 (1)
Average Sulphur: • 0.69% (1)
Operations: • One open-pit mine currently operating
₋ South pit expansion in development with expected start-up in
2012 and potential production of additional 1.0 Mtpa
LA CAYPA – COAL CHARACTERISTICS (1)
(1)
• One underground mine in exploration, expected development in
Year Moisture % Ash % Sulphur % CV Btu/lb
2013
2009 10.11 5.78 0.69 12,264
Projected Costs (2): • US$80/t
Avg Contract Price: • US$102/t in long-term contracts for 100% of production to 2013 RESERVES & RESOURCES (1)
LA CAYPA - (Inclusive of Additional Resources)
Infrastructure: • Secured allocation at Santa Marta (250 km) Surface (Mt) Underground (Mt)
• Expected additional capacity at Puerto Brisa, early-2012, reducing Measured 11.2 35.8
freight costs by 40%-50% Indicated - 17.8
Current strip ratio: • 8.2:1
(1) Source: Report titled “NI 43-101 Compliant Technical Report, La Caypa Mine, Department of Guajira, Colombia” prepared by SRK Consulting and dated November 1, 2010
(2) Includes transportation, port, and administrative costs
10

12. La Caypa Mine
South Pit Expansion to Extend Mine Life
Potential incremental production of 1.0 Mt per annum
 Extension of existing open pit to south of highwall
with same premium coal characteristics as the
primary pit with a similar CV Btu/lb
 Straightforward integration into existing mining
operations
 Expected production start-up in 2012 with all
permits in hand
 South pit measured and indicated resources of 7.7
Mt(1)
 Development of south pit will be concurrent with
existing mining operations
(1) Report titled “NI 43-101 Compliant Technical Report, La Caypa Mine, Department of Guajira, Colombia” prepared by SRK Consulting and dated November 1, 2010
11

13. La Caypa Mine
Underground Production to Drive Growth
Underground potential to drive resource expansion and continued growth in production(1)
 Mine planning underway based on 16 coal seams showing consistent thicknesses suitable for underground mining (average
thickness ranging from 2.3 meters to 6.8 meters)
 Measured and indicated resource of 53.6 Mt (1)
 Potential thermal coal production to increase 0.8 – 1.0 Mtpa expected to commence in 2013
 Existing pit provides underground access point with three contemplated levels to depth of 240 meters from pit bottom
 Studies underway to determine optimum mining method and design; potential to become the largest underground coal
operation in Colombia
EXISTING OPEN PIT
ELEVATION: 0 Level 1
Cradle
ELEVATION: -150
Level 1
ELEVATION: -300
Level 2
(1) Source: Report titled “NI 43-101 Compliant Technical Report, La Caypa Mine, Department of Guajira, Colombia” prepared by SRK Consulting and dated November 1, 2010 and management
projections
12

14. Cerro Largo – La Divisa
Acquisition of Significant Coal Production
Contains high volatile bituminous type B coal with high calorific values and low sulphur
Location: • Cesar Department, Colombia in the La Jagua de Ibirico
coalfield
• Adjacent to licences owned by Drummond and Vale.
Glencore is currently operating an open-pit mine on the
adjacent La Jagua sector
Resource estimate: • 18 Mt – 22 Mt inferred (1)
Area: • 488 hectares
Average BTU: • 12,000 (1)
Average Sulphur: • 0.78% (1)
Operations: • One open-pit mine currently operating
2011 Projected Costs (2): • US$80/t, expected to lower US$2/year with improved
efficiencies and strip ratio
Infrastructure: • Secured allocation at Santa Marta (250 km)
• Expected additional capacity at Puerto Brisa in early-
2012, reducing freight costs by 30%-40%
Current strip ratio: • 15:1 (during ramp up)
• Long-term mine plan has been implemented
(1) Source: Report titled “Independent Technical Report, Cerro Largo Mine” prepared by SRK Consulting and dated February 2011
(2) Includes transportation, port, and administrative costs
13

15. Regional Infrastructure
Proximity to Infrastructure Supporting Growth
Significant port and road infrastructure in place to support existing regional coal production
Puerto Bolivar
 Secured allocation to 2013 of 1.8 Mtpa
of coal stockpiling and shipping capacity
Port of Santa Marta Puerto Brisa at the Port of Santa Marta
Barranquilla  Production trucked 250 km by paved
Port La Caypa
highway to Santa Marta at a cost of
Barranquilla
approximately US$20-$23 per tonne
Cartagena from La Caypa and 280 km from Cerro
Cartagena Port
Largo at a cost of approximately US$23-
Cerro Largo US$24.
 Expected capacity at Puerto Brisa
Panama provides alternative port location closer
Catatumbo to both La Caypa and Cerro Largo with
potential to reduce freight costs by 40%-
Venezuela 50% and by 30%-50%, respectively
Colombia La Tigra  Puerto Brisa construction expected
to be completed in the first half of
2012 providing additional 35 Mt of
specialized coal shipping capacity
CI Jam
Legend
River Transport Coal Mine Coal Project Road Ports 14

16. CI Jam
Coking Coal and Upgraded Coke Production
Underground coking coal operation selling premium coke into high price environment
Location: • Boyaca Department, Colombia, west of the town of
Samaca
• 3,000 small HCC producers in the area
Resource estimate: • 2.8 Mt in situ (1)
Area: • 52 hectares
Average BTU: • 13,800 with coking properties (1)
Average Sulphur: • 0.92% (1)
Operations: • Underground coking coal
• Upgrading coking coal to coke
Projected Costs (2) : • US$210/t
Avg Contract Price: • US$350/t - US$400/t
Infrastructure: • Well maintained roads to truck coke to domestic
markets and to port terminals (800km to Barranquilla)
Status: • Completed refurbishment of 160 beehive coking
ovens
• Completed refurbishment of coker infrastructure
• 2011 estimated production at 36,000 tpa of coke
• Currently evaluating economics of solera ovens
(1) Source: Report titled “SRK Technical Report Written To Be Compliant With NI 43-101 On Contract 7241, Boyaca, Colombia” prepared by SRK Consulting and dated August 2010
(2) Includes transportation, port, and administrative costs
15

17. Port of Barranquilla
Investing in Long-Term Port Access for Coke
 Pacific Coal has agreed to acquire a port concession owned by Masering situated on the Magdelena River near the Port of Barranquilla
(approximately 5km from the Caribbean Sea) to be used to export coke, specialized coals, and bulk commodity products
 Pacific Coal plans to tender for engineering, construction and procurement by the Q4/2011 pursuant to commissioning of the port
starting in Q3/2012
Main features of the final proposed scheme:
 Two portable shiploaders
 A pile supported concrete berth with 12 m water depth
 Portable Stacker
 Coal/coke piles
BARRANQUILLA
CONCESSION  Reclaim conveyor alongside the open stockpiles
 Office/Maintenance building
 FEL receiving hopper (rail mounted)
 Overall average loading capacity of
approximately 10,000 tonnes per day
BARRANQUILLA
CONCESSION
16

18. La Tigra’s Asphaltite
Profile
Asphaltites are species of bitumen, dark-colored, comparatively hard
and non-volatile solids, composed principally of hydrocarbons. Gilsonite
As of today in the La Tigra area, there is evidence for the presence of
two different types of asphaltite: Grahamite and Gilsonite.
Management expects a significant resource at La Tigra to be confirmed
with a National Instrument 43-101 compliant report – physical
evidence on outcrops, oil seeps and 3 mines already in production in
the area lead to optimistic forecasts on the existence of important
asphaltite reserves.
Grahamite
Location of La Tigra: • 80 km from Barrancabermeja
Area: • 5,700 hectares
Operations: • Initial exploration drilling, mapping, trenching and geophysics commenced
June 2011 with the objective of a NI 43-101 compliant report by Q1/2012 La Tigra outcrop
• Production start planned for late-2012
Infrastructure: • 70 km from Bucaramanga with paved roads between Bucaramanga and
San Alberto
• 80 km from Barrancabermeja, the centre for petroleum refining and a port
on the Magdalena River
17

19. La Tigra’s Asphaltite Applications
Proven Applications Applications in Evaluation Phase
Asphalt modifiers Colloidal Asphaltite in Water (“CAW”)
• Oil drilling and mud additive • Crushed asphaltite, suspended in water forming a colloid ,
• Metal casings can be used as fuel by power generators
• Paving/roofing asphalts • PAK and Blue ACF are in the process of developing a pilot
• Paint resins plant test for CAW at Babcock & Wilcox facilities in Ohio,
USA
Pyrolysis • Trials on track at Babcock & Wilcox with results expected
in Q4/2011
• Extensively used technology at the industrial level
• Significant marketing opportunities as CAW can be sold as
• Converts asphaltite to valuable liquid and gas products, a fuel oil substitute
and pet coke
• Management foresees strong market demand for CAW in
• Pet coke is a by-product produced through pyrolysis Central America and the Caribbean
• Prefeasibility study indicates excellent economics based on
lab tests conducted with Colombia grahamite and gilsonite Colloidal Petcoke in Water (“CPW”)
• High margin application, potential for substantial volumes • Similar to CAW, but using pet coke instead of asphaltite
• Feasibility study in progress in order to select the specific • Blue ACF already conducted successful trials on colloidal
technology and to conduct pilot plant tests (100% PAK) pet coke in water at Babcock & Wilcox in Q1/2011
PAK has investment option in the development
of the CAW and CCW plants (50%)
18

20. CAW/CCW Emissions Abatement
The technologies being developed by Blue ACF have emissions abatement opportunities embedded in the R&D
SO2
 The abatement of these emissions is usually achieved using Flue Gas Desulfurization technologies (`FGD`)
 The key component is the limestone-based reaction (or calcium carbonate) as it removes SO2 from the flue gases to
produce calcium sulfate or gypsum, a non-emission causing element
 CAW with this limestone-based component will make this fuel less detrimental to the atmosphere than other heavy
fuels
NO2
 The abatement of NO2 is achieved by re-burning: re-burning is a NO2 staged combustion control technique that suppresses
the formation of NO2 in burners and then provides for additional NO2 reduction in the furnace area of the boiler
Blue ACF is currently developing a new scheme to further
reduce SO2 and NO2 emissions
19

21. Pacific Coal
Health & Safety
Mission & values: To achieve Health & Safety goals through stewardship, integrity, and employee empowerment
Our goal as a responsible company is to reduce the safety incidents in our operations each year:
seeking to achieve the lowest rates of the mining industry
• The organization maintains weekly updates in our • The company makes strategic alliances with environmental
safety performance indicators. corporations to guarantee top eco-friendly performance.
• We seek to find work partners that have high standards in
health and safety politics.
• We periodically work with our direct and indirect
workforce in industrial security to ensure best practice in
the mining industry.
• We encourage our employees to participate actively in
safety activities by creating prevention programs.
• We assure that the company and our work partners
perform by all law obligations regarding health and safety
activities.
• All of our employees take part in our community health
programs as volunteers and patients.
20

22. Pacific Coal
Community Relations
Mission: To maximize shareholder value, while fostering a corporate environment of responsible citizenship and
respecting the interests of our stakeholders and members of the communities in which we operate and live
Leading the responsible progress our country needs
We align our initiatives with local government
needs and activities contributing to the nation’s
progress.
We work hand to hand with non-profit
organizations to maximize our community efforts.
We ensure responsible operations by minimizing
the impact on the environment.
21

23. Pacific Coal
Achievement Scorecard
Achieved In Process
Completion of updated NI 43-101 at La Caypa and Cerro Largo 
Production and costs in line with management estimates at La
Caypa

Commencement of development of south pit expansion and O
surface work for underground at La Caypa
Implementation of integrated mine plan at Cerro Largo 
Transition from Port of Santa Marta to Puerto Brisa, reducing O
freight costs by 30%-50%
Completion of refurbishment of 160 beehive coking ovens 
Evaluation of expansion with solera ovens at CI Jam O
Commencement of exploration at La Tigra 
Completion of NI 43-101 on La Tigra O
Development of Port of Barranquilla O
22

24. Pacific Coal
Summary
Strategically located, high-quality projects in a world-class jurisdiction with significant growth potential
 Fully funded for organic growth plans and cash flow positive
 High-grade material of which global supply is permanently depleting and thus carrying premiums
 High quality coal characteristics – high BTU, low moisture, low ash, low sulphur
 Access to international markets via ports – improving efficiencies and cost reductions
 Opportunities to develop projects to access growth markets such as coking coal and asphaltite
 Strong operating team with a proven track record for project advancement
23

25. APPENDIX
24

26. Colombia
A World-Class Coal District
Catatumbo LA GUAJIRA DEPARTMENT
La Tigra
Cerrejon
(BHP/Xstrata/Anglo)
CI Jam
 Colombia is the world’s 10th largest producer (76
La Caypa
million tonnes in 2009) and 4th largest exporter of
coal
 Coal represented 25% of total export earnings for
Colombia in 2009
 Colombia has one of the largest proven coal reserves
CESAR DEPARTMENT in the world, with over 7 billion tonnes of recoverable
El Descanso
Calenturitas
(Drummond)
(Glencore) reserves and 17 billion tonnes of potential reserves
El Hatillo
La Francia
(Vale)
 Colombia’s estimated 2011 coal production is 85
(Goldman Sachs)
million to 95 million tonnes
Cerro Largo La Jagua
(Glencore)
Pribbenow
(Drummond)
Source: Ingeominas Colombian Institute of Geology and Mining; Energy Information Administration; Reuters; Intierra
25

27. Colombia
A World-Class Coal District
Colombia is a significant coal mining region with 2011 production forecast to exceed 85 million tonnes
Colombian Coal Production (Mt) DMTU Thermal Coal Price (FOB Puerto Bolivar)
90.0
80.0
$250 Colombian Coal
70.0 Production in Mt prices up over 60%
since January 2010
60.0 $200
50.0
$150
40.0
$100
30.0
20.0 $50
10.0
$0
0.0 Jul-06 Jul-07 Jul-08 Jul-09 Jul-10 Jul-11 Jul-12 Jul-13
2011E
1980
1982
1984
1986
1988
1990
1992
1994
1996
1998
2000
2002
2004
2006
2008
2010
FOB Puerto Bolivar to Europe API#2 Price
Source: BP Statistical Review of World Energy and Bloomberg
26

28. Valuation Metrics
Opportunity For Re-evaluation
$18 $16.34
As at October 1, 2011 $16
$14
$12
EV / Resource
$10
$8
$6
$4
2.9x $1.78
3.0 $2
$-
2.5 2.4x Pacific Coal Peer*
$160.00
EV / 2012E EBITDA
2.0 $139.91
$140.00
$120.00
EV / Tonne Sold**
1.5
$100.00 $94.04
1.0 $80.00
$60.00
0.5 $40.00
$20.00
0.0 $0.00
Pacific Coal Peer* Pacific Coal Peer*
Source: Management estimates, Fraser Mackenzie research, and Bloomberg
* Peers: Corsa Coal Corp., Forbes & Manhattan Coal Corp., Lipari Energy, and Xinergy Ltd.
** Production sales as of most recent quarter on an annualized basis 27

29. Becoming Colombia’s Leading Independent Coal Producer
October 2011
TSXV: PAK
28