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”, “vision”, “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 to capture all aspects of the value chain
Seek opportunities to secure access to markets and ensure commercial flexibility
Foster a culture of citizenship and
environmentally responsible stewardship
Pacific Coal is on track to produce
2.0 Mt of thermal coal in 2012
The Company has a compelling portfolio
of high quality producing assets:
La Caypa (thermal coal)
Cerro Largo (thermal coal)
CI Jam (coke)
Cerro Largo Mine
2
4. Strategy
Vertical integration to secure market access in value-added product streams
RAW MATERIAL • La Caypa – thermal coal • 100% ownership and control
• Cerro Largo – thermal coal of La Caypa, Cerro Largo and
PRODUCTION La Tigra
• CI Jam – hard coking coal • Company owns 92% of CI
(UPSTREAM)
• La Tigra – asphaltite Jam, and controls 100%
CAW/CCW plant
• 50% equity interest
• Carried interest for
• Upgraded coke production 50/50 JV
MANUFACTURING/ • Colloidal coal in water (“CCW”)*
PROCESSING Pyrolysis plant
(MIDSTREAM) • Colloidal asphaltite in water (“CAW”)* • 100% equity interest
• Pyrolysis • Not yet constructed
• Pyrolysis is a proven
procedure
1. Marketing of thermal coal
RETAIL/MARKETING 2. Marketing of coke
3. Marketing of colloidal products to:
(DOWNSTREAM)
• Power generation plants
• Heavy oil producing companies and refineries
*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. Blue ACF received exclusive US Patent for CCW Technology in May 2012. 3
5. 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
Open pit steam coal Port Barranquilla 5
185 Kt
1 La Caypa mine with Producing 2
(Coal)
underground potential
Open pit steam coal 132 Kt
2 Cerro Largo Producing 4
mine (Coal)
Medellin
Underground coking
Producing 10 kt 3
3 CI Jam coal mine upgrading Bogota
(ramp-up) (Coke)
to coke
Cali
Exploration/ Start mid-
4 La Tigra Asphaltite
Development 2013
Port concession for
5 Barranquilla Port Development -
coke export
Source: Management estimates
*Q1 2012 numbers
4
6. Thermal Coal Production Profile
Robust production growth from existing assets with additional greenfield and consolidation opportunities
3.4-3.6
Total Production
Annual Production (millions of tonnes)
Cerro Largo
La Caypa 2.7-2.9
2.2
2.0
1.4
1.2
2010A 2011A 2012E 2013E 2014E
Source: Management estimates
*Includes total production from Cerro Largo Q1/2011, before the acquisition closed
5
7. 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
• One underground mine in exploration, expected development in 2013
LA CAYPA – COAL CHARACTERISTICS (1)
(1)
2011 Production • 1,239,583 t
Year Moisture % Ash % Sulphur % CV Btu/lb
2012E Production • Approx. 1,300,000 t (4) 2009 10.11 5.78 0.69 12,264
Projected Costs (2): • US$85/t (4)
RESERVES & RESOURCES (1)
Avg Contract Price: • US$100/t in long-term contracts for 100% of production to 2013 LA CAYPA - (Inclusive of Additional Resources)
Infrastructure: • Secured allocation at Santa Marta (250 km) Surface (Mt) Underground (Mt)
• Expected additional capacity at Puerto Brisa, mid-2013, reducing Measured 11.2 35.8
freight costs by 40%-50% Indicated - 17.8
Current strip ratio: • 8.75:1 (Q1 2012)
(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
(3) Includes South Pit development at La Caypa 6
(4) Management Estimate
8. La Caypa Mine Operations
Increasing production and improving strip ratios
2012 La Caypa production forecasted to La Caypa 2012 Estimated Coal Production (kt)
rise from 1.23 Mt to approx. 1.3 Mt 250
200
Coal Production
150
Organic growth in 2012 and 2013 driven by: (Thousand Tonnes) -
100 2012 Actual & Forecast
Expansion of South Pit (2012) 50 (Total: 1.389 Mt)
Underground mining (2013) 0
Oct
Aug
Dec
Nov
Jan
May
Feb
Sep
Apr
Jul
Jun
Mar
La Caypa 2012 Estimated Stripping Ratio*
Stripping Ratio: waste : production
(1)
15
10
La Caypa 2012 Estimated
Operational Stripping
5
Ratio (Total Year: 7.1:1)
0
Feb
Sep
Oct
Apr
Jul
Jun
Aug
Mar
Dec
Nov
Jan
May
Source: Management estimates
* Does not include South Pit – total waste (tonnes) estimated for 2012: 2,516,505
7
9. La Caypa Mine
South Pit Expansion to Extend Mine Life in 2012
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)
South pit development to be concurrent with existing mining operations
SECTOR +400
(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
8
10. La Caypa Mine
Underground Production to Drive Growth in 2013
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 metres to 6.8 metres)
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 metres 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
9
11. 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: • 11.6 Mt – 21.2 Mt inferred (1)
Area: • 488 hectares
Average BTU: • 12,000 (1)
Average Sulphur: • 0.78% (1)
Operations: • One open-pit mine currently operating
Projected Costs (2): • US$90/t, expected to lower US$2/year
with improved efficiencies and strip ratio (3)
Q1 2012 Production • 131,895 t*
2012E Production • 700,000 t (3)
Infrastructure: • Secured allocation at Santa Marta (250 km)
• Expected additional capacity at Puerto Brisa in
mid-2013, reducing freight costs by 30%-40%
Current strip ratio: • 16.19:1 (Q1 2012) (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
* Q1/2011 production of Cerro Largo was prior to Pacific Coal acquisition 10
(3) Management Estimate
12. Cerro Largo – La Divisa
Increasing production and improving strip ratio
Cerro Largo 2012 Estimated Coal Production
(kt)
150
Coal Production
100 (Thousand Tonnes) -
2012 Actual & Forecast
50 (Total: 0.7 Mt)
0
Feb
Sep
Oct
Apr
Jul
Jun
Aug
Mar
Dec
Nov
Jan
May
2012 Cerro Largo production expected
Cerro Largo 2012 Estimated Stripping Ratio to rise from 298kt to approx. 700kt
Stripping Ratio: waste : production
40
30
Production increase and lower strip ratios
Cerro Largo 2012
Estimated Operational due to:
20
Stripping Ratio (Total
10 Year: 13.5:1) New integrated mine plan
0 Commissioning additional mining
equipment
Feb
Sep
Oct
Apr
Jul
Jun
Aug
Mar
Dec
Nov
Jan
May
Source: Management estimates
11
13. Coke Production Profile
High value coke operation with long mine life and coal to coke conversion of ~70%
Operational adjustments during the 90,000- 90,000-
first year of operations resulted in 120,000 120,000
reduced production for 2011 (7,256 t CI Jam
Annual Production in tonnes
of coke produced in Q4 2011)
These adjustments also allowed for
infrastructure and capacity to be built 60,000-
up, resulting in longer-term production 72,000
targets being achieved sooner
Ramp-up in progress
10,547 t of coke produced during
Q1 2012
7,256
Expected coke production in
2012: 60,000 – 72,000 t 2010A 2011A 2012E 2013E 2014E
Source: Management estimates
12
14. CI Jam
Coking Coal and Upgraded Coke Production
Underground coking coal operation selling premium coke into high price environment
Location: • Samaca Municipality, in Department of Boyaca
• 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 (3)
2011 Production: • 7,000 tonnes of coke
2012E Production • 60,000 – 72,000 tonnes of coke (3)
2012E Avg Budget Price: • US$270/t (3)
Infrastructure: • Well maintained roads to truck coke to domestic markets and
to port terminals (800 km to Barranquilla)
Status: • Completed refurbishment of 160 beehive coking ovens
• Completed refurbishment of coker infrastructure
(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
(3) Management Estimate 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 a minimum of 1.8 Mtpa of
stockpiling and shipping capacity at the
Port of Santa Marta until 2013
Port of Santa Marta Puerto Brisa
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
from La Caypa and 280 km from Cerro
Cartagena
Cartagena Port Largo at a cost of approximately
US$23-US$24
Cerro Largo
Expected capacity at Puerto Brisa
provides alternative port location closer
Panama to both La Caypa and Cerro Largo with
potential to reduce freight costs by 40%-
50% and by 30%-40%, respectively
Venezuela
Puerto Brisa construction
Colombia La Tigra expected to be completed by
Q1/2013, providing additional
35 Mt of specialized coal
CI Jam shipping capacity
Legend
River Transport Coal Mine Coal/Asphaltite Project Road Ports
14
16. Port of Barranquilla
Investing in Long-Term Port Access for Coke
Pacific Coal acquired a port concession 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. Excess capacity at the port can be
monetized by selling to other exporters
Pacific Coal plans to tender for engineering, construction and procurement by Q2/2012, expecting to have an early start on coal loading
operations with a provisional set-up for 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
15
17. La Tigra – 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: • Geophysical, metalotelluric, and gravimetric studies are in progress;
results expected Q3 2012
La Tigra outcrop
• Production start planned for mid-2013
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
16
18. 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, can
• Metal casings 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 USA
Pyrolysis • Significant marketing opportunities as CAW can be sold as a
• High margin application, potential for substantial volumes fuel oil substitute
• Converts asphaltite to valuable liquid and gas products, and • Management foresees strong market demand for CAW in
pet coke Central America and the Caribbean
• Pet coke is a by-product produced through pyrolysis
Colloidal Coal in Water (“CCW”)
• Prefeasibility study indicates excellent economics based on • Similar to CAW, but using coal instead of asphaltite
lab tests conducted with Colombia grahamite and gilsonite
• Blue ACF CCW trials at Babcock & Wilcox ongoing
• Feasibility study in progress in order to select the specific
technology and to conduct pilot plant tests (100% PAK) • In May 2012 Blue ACF received exclusive rights to the patent
for “nano-dispersions of coal in water as the basis of fuel
related technologies and methods of making same”
• Blue ACF has a 36-month exclusivity period related to any
vehicle developed by Blue ACF for applications of the patent
using coal and asphaltite
• PAK has 50% investment option in the development of CCW
and CAW plants
Experimental Pyrolysis Products CCW Trial
17
19. Pacific Coal
Health, Safety, Environment, and Community
• La Caypa mine named as an example of environmental best practice by SGS at the 8th Annual International Mining Congress
Health and Safety Mission: Achieve Health and Safety goals through stewardship, integrity, and empowerment
The Company seeks to continuously reduce the number of workplace and operational safety incidents, with the ultimate
goal of achieving the lowest accident frequency rates in the industry
• The Company strives for eco-friendly operations wherever possible, by forming strategic alliances with environmental
corporations
• The Company seeks to work with partners with high health and safety policies and standards
• The Company encourages its employees to participate actively in safety initiatives and prevention programs
• All of our employees take part in our community health programs as both volunteers and patients
• The Company maintains weekly updates of its safety performance indicators
Community Mission: 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
• The Company aligns its initiatives with the needs and activities of local governments, to contribute to the nation’s progress
• The Company works closely with non-profit organizations to maximize its community efforts
• The Company ensures responsible operations by minimizing wherever possible its impact on the environment
18
20. Capital Structure
Pacific Coal became a publicly listed company via RTO on March 14, 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
As at April 13, 2012, 11.1 million shares had been purchased for cancellation under the normal
course issuer bid
Pacific Coal (TSXV: PAK)
Shares outstanding: 322.1 million
Options (vested & exercisable) 35.8 million
Warrants outstanding with weighted avg. exercise price of $2.10(1) 75.1 million
Fully diluted: 433.0 million
Market cap (basic): $61.2 million (2)
Cash (March 31, 2012) $4.2 million
Long-term debt (3) (March 31, 2012) $38.9 million
Enterprise value $96.0 million
(1) Expiry date March 14, 2016
(2) Based on closing price of $0.19 on 06/08/2012
(3) Includes finance leases 19
21. Pacific Coal
Achievement Scorecard
Achieved In Progress
Completion of amended NI 43-101 at La Caypa and Cerro Largo O
Commencement of development of south pit expansion /
Commencement 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 freight O
costs by 30%-50%
Completion of refurbishment of 160 beehive coking ovens at CI Jam
Commencement of exploration at La Tigra
Completion of NI 43-101 on La Tigra O
Development of Port of Barranquilla O
CAW tests and trials
CCW tests and trials O
20
22. Pacific Coal
Summary
Strategically located, high-quality projects in a world-class jurisdiction with significant growth potential
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 colloidal fuels
21
23. 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 for companies in Colombia and at Colombian branches of Canadian
companies
Peter Volk – General Counsel and Secretary
Mr.Volk has acted as General Counsel and Secretary of several Canadian public companies including PetroMagdalena Energy Corp.,
Pacific Rubiales Energy Corp., Gran Colombia Gold Corp., and Bolivar Gold Corp.
Investor Relations
Belinda Labatte, Principal
Greg DiTomaso, Director, Investor Relations and Special Projects
22
25. Colombia
A World-Class Coal District
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
24
26. Colombia
A World-Class Coal District
Colombia is a significant coal mining region with 2012 production forecast to exceed 87 million tonnes*
Colombian Coal Production (Mt) DMTU Thermal Coal Price (FOB Puerto Bolivar)
100 $200
90 $180
80 Average contract
$160
price in 2012: $100
70 Production in Mt $140
60 $120
50 $100
40 $80
30 $60
20 $40
10 $20
0 $-
2012E*
CAPP Coal Futures FOB Puerto Bolivar
Source: BP Statistical Review of World Energy and Bloomberg
*Economist Intelligence Unit
25
27. Valuation Metrics
Opportunity For Re-valuation
As at May 16, 2012
$4 $12 $100
11.0x
3.6x
$90 86.5x
$4
$10
$80
$3 72.1x
$70
$8
$3
$60
EV / Tonne Sold
EV / Resource
EV / EBITDA
$2 1.8x $6 $50
$40
$2
$4
$30
$1
$20
$2
1.4x
$1
$10
$0 $0 $0
Pacific Coal Peer* 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 26
