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9 Consulting Figure 4.21 Ventsim Model (Projected Worst Case Merriown Seam Level) Boggabri Coal Underground Mine Study

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12 Consulting APPENDICIES Appendix 1 Appendix 2 Appendix 3 Study Standards Reserve Estimation Work Schedule Boggabri Coal Underground Mine Study -1

13 Estimate class Scoping - Conceptual Study - Phase 1 Pre-feasibility Study - Phase 2 Feasibility Study Phase 3 and Investment Decision Execution Phase 4 Definitive Estimate A1 - Mining Costs: Resources/Reserves Status Indicated Probable Proven/Probable Proven/Probable Resource/Reserve Analysis Limited Data Cross Sections Detailed Block Model Detailed Block Model Geology Preliminary Preliminary Detailed Detailed Geotechnical Preliminary Preliminary Detailed Detailed Mine Plan Sketch Only Preliminary Firm detailed - General optimised Final for Year 1 and Firm thereafter Mine Schedule Assumed Approximated Calculated Detail Final for Year 1 and Firm thereafter Mine Equipment Assumed In house data Optimised Quoted Specifically Mine Services Assumed Sketch design Full Outlines Firm basis A2 - Capital Cost Estimating Methodology: Direct Costs: Equipment Quotes Supply None factorised Single check price Multiple quotes Fixed Prices Civil/Structural Material Supply Sketched only Take-off sketch MTO & Quotes Benchmarked Tender Prices Mechanical/piping and Construction % of key equipment Mix of MTO's and factors MTO's & Hours to actual Tender Prices Electrical/Instruments $ per kw $ per kw MTO's & Hours data Detailed Estimates or Tender Prices Information Systems / Control Systems % of total budget % of total budget Mix of calculated and multiple quotes Firm and Tender Prices Labour Rates Current best information Current quotes Actual Labour Productivity Not Applicable included in factorisation Assumed Evaluated Evaluated Construction Equipment $ / Hr $ / Hr Quotes

14 Estimate class Scoping - Conceptual Study - Phase 1 Pre-feasibility Study - Phase 2 Feasibility Study Phase 3 and Investment Decision Execution Phase 4 Definitive Estimate Indirect Costs: EPCM and other Services and Temporary Facilities % per total % of total Calculated Calculated Owners Costs: Management Services, Commissioning, Preproduction, Contingency and Provisions % per total Calculated Preliminary Calculated Detailed Calculated and firm quotes Contingency Amount Typically 20 to 25 % Typically 15 to 20% Typically 10 to 15% Typically 5 to 10% A3 - ESTIMATE CLASS Level of Definition (expressed as a percentage of complete engineering and project definition using appropriate indicators ie % of EPCM, % of Engineer) 1% to 2% of full project definition 10% to 15% of full project definition 10% to 25% of full project definition 40% to 60% of Full Project Definition Typical Accuracy Range 30 to 35% 20 to 25% 10 to 15% 5 to 10% Quotations / Tenders - Supporting the Estimates None - Benchmark Data Equipment Quotes and benchmark material supply and construction rates. Multiple firm equipment quotes. Multiple material supply and construction quotes and rates checked. Equipment on order, tendered or firm quotes available. Tenders for Material Supply and Construction costs. Some contracts awarded. A4 - General Project Data needed to support the Estimate Class: Project Scope Description General Preliminary Defined Defined Soils and Hydrology Report Assumed Preliminary Defined Defined Integrated Project Plan (Mine & Plant) General Approximate Specific Specific Contracting Strategy - Implementation Assumed Outline Defined and Optimised Defined and Detailed

15 Estimate class Scoping - Conceptual Study - Phase 1 Pre-feasibility Study - Phase 2 Feasibility Study Phase 3 and Investment Decision Execution Phase 4 Definitive Estimate Project Master Schedule - Implementation Outline Preliminary Bar chart Detailed and Resourced Critical Path Actual to Date, Detailed and Resourced To Go Critical Path. Project Master Schedule - Commissioning and Ramp-up Assessed Outlined Detailed Critical Path Detailed and Resourced Critical Path Work Breakdown Structure Outline Preliminary Defined Defined Project Code of Accounts None Preliminary Defined Defined Escalation Strategy None Preliminary Defined Defined Foreign Exchange Strategy None Preliminary Defined Defined Contingency Assessed / Factorised Calculated Detailed Calculation and Analysis Detailed Calculation on the To Go Accuracy Assessed by Judgement Evaluated Detailed Analysis - Monte Carlo Detailed Analysis - Monte Carlo Basis of Estimate and Methodology Statement Outline Preliminary Complete Complete A5 - Engineering Deliverables: Block Flow Diagrams Started / Preliminary Preliminary / Complete Complete Complete Process Flow Diagrams Possibly Started Started / Preliminary Preliminary / Complete Complete P&ID's None Started Preliminary / Complete Complete Heat & Material Balances None Likely Started Preliminary / Complete Complete Design Criteria Outline Preliminary Preliminary / Complete Complete Overall Site Plan Sketch (Possible) Started Preliminary / Complete Complete

16 Estimate class Scoping - Conceptual Study - Phase 1 Pre-feasibility Study - Phase 2 Feasibility Study Phase 3 and Investment Decision Execution Phase 4 Definitive Estimate Plot Plans None Started / Preliminary Preliminary / Complete Complete Process/Mechanical Equipment List Started / Preliminary Started / Preliminary Preliminary / Complete Complete Electrical Equipment List None Started / Preliminary Preliminary / Complete Complete Specifications and Datasheets None Started Preliminary / Complete Complete GA Drawings by Facility/Area None None Preliminary / Complete Complete Mechanical / Piping Discipline Drawings None Started Preliminary / Complete Preliminary / Complete Civil / Structural Discipline Drawings None Started Preliminary / Complete Preliminary / Complete Electrical Single Line Diagrams None Started / Preliminary Preliminary / Complete Complete Electrical Discipline Drawings None Started Started Preliminary / Complete Instrumentation & Control Discipline Drawings None None Started Preliminary / Complete Information Systems None Started / Preliminary Preliminary / Complete Complete Information Systems Plan, as per PEP None Started Preliminary / Complete Complete Spare Parts Listings None Started Started / Preliminary Complete Environmental Assessed only Preliminary Study EIS underway & may be nearing completion EIS Complete Cash Flow None needed Preliminary- annual Detailed Quarterly and Monthly Updated monthly

17 B - OPERATING COSTS Estimate Class Scoping Conceptual Study Phase 1 Prefeasibility Study Phase 2 Feasibility Study Phase 3 and Investment Decision Execution Phase 4 - Definitive Estimate B1 - Operating Cost Estimate Methodology: Basis of Estimate and Methodology Statement Outline Preliminary Complete Complete Staffing Levels Factorised Preliminary Detailed Estimate Known Cost Rates Factorised Calculated Known basis Known Consumables Factorised Factorised Estimated Estimated - Detailed Maintenance Factorised Factorised Estimated Estimated - Detailed Spares Factorised Factorised Estimated Some quotes B2 - Operating Costs: Labour Rates Assumed average Separate categories Detailed Review Detailed Review and updated to Actuals Labour Burden Assumed average Calculated Calculated Calculated and updated to Actuals Power & Water Costs Data bank Preliminary Calculations Detailed Calculations Detailed Calculations and updated to Actuals Fuel Costs Data bank Budget Quotes Firm written quotes Firm written quotes and updated to Actuals Expendable Supplies & Reagents Data bank Budget Quotes Firm written quotes Firm written quotes and updated to Actuals Transport and Logistics factored % of total estimate Preliminary Calculations Quotes and Calculations Detailed Calculations and Quotes B3 -Post Commissioning: Working Capital factored % of total estimate Preliminary Calculations Detailed Calculations Detailed Calculations Sustaining / Replacement Capital / Improvement Capital Factorised % Factorised % Detailed Calculations Detailed Calculations and updated to Actuals

18 Estimate Class Scoping Conceptual Study Phase 1 Prefeasibility Study Phase 2 Feasibility Study Phase 3 and Investment Decision Execution Phase 4 - Definitive Estimate Business Systems (core and support systems, e-commerce, business management, office, etc) factored % of total estimate Preliminary Calculations Detailed Review Detailed Review and updated to Actuals Training factored % of total estimate Preliminary Calculations Detailed Review Detailed Review and updated to Actuals Ramp Up factored % of total estimate Preliminary Calculations Detailed Review Detailed Review and updated to Actuals Insurances factored % of total estimate Budget Quotes Firm written quotes Firm written quotes and updated to Actuals Escalation factored % of total estimate Preliminary Calculations Detailed Review Detailed Review and updated to Actuals Foreign Currency Provisions factored % of total estimate Preliminary Calculations Detailed Review Detailed Review and updated to Actuals Accuracy 15 to 20% 10 to 15% ±5% to 10% (more to 5%) 5% or better

19 General Notes: Although this Cost Estimate Guideline defines the classes of Estimates, the classes should not be considered absolute levels to be complied with in all categories of costs to achieve a certain class. Similarly, a particular class of estimate for Capital Costs may be met, but for demonstrable reasons the Operating Cost Estimates may achieve a different class of estimate. The lowest class of estimate achieved for any area should decide the overall class achieved. Should one or more individual categories of costs not achieve the stated levels, but other categories exceed the stated level, then the overall class in that area may be achieved. The quality of definitions and accuracy of the estimates shall be the determinates of the Class of Estimate achieved by the end of a defined Phase of activities. Terms Used: None = work on development of deliverable has not begun, or is only conceptual in nature. Started = work on deliverable has begun. Development is typically limited to sketches, rough outlines, or similar levels of early completion, may be sufficient to indicate, but not define the scope. Preliminary = work on deliverable is advanced. Interim, cross functional reviews have usually been conducted. Development may be near completion except for final reviews and approvals. Sufficient to define scope and major sizes and locations to allow MTO's to be prepared. Complete = deliverable has been reviewed and approved. Sufficient to define scope and quantities to allow trackable MTO's to be prepared and quotations obtained. Assumed = based on non-demonstrable experience. Approximate = sketch or similar based on assumed or assessed data. Outlined = primary features or dimensions shown. Calculated = Utilising inputs, derive sizes or features on a trackable basis. Defined = outline able to be aligned to a specific engineering or other deliverable.

20 Assessed = based on judgement of benchmarks. Factorised = proportioned from previous cost data.

21 BOGGABRI UNDERGROUNG RESERVE ESTIMATE * 0 Braymont Seam Development Assumed Coal Density (kg/m3) = Assumed Stone Density (kg/m3) = 2.3 Dev Panel Length No. Road Pillar Pillar Seam Ht Mining Dilution Dilution Dilution No. Total Hdg Total C/T Total Total Total Dev Dilution Vol Total Dev Total Dilution % Name (m) Headings Width (m) Length (m) Width (m) Range (m) Height Floor (mm) Parting (mm) Roof (mm) C/T 's Drive (m) Drive (m) Dev (m) Dev Vol Coal Tonnes (%) Dilution Stone Tonnes Tonnes by Mass Mains ,480 8, % 648 1,490 9, % Mains-2 2, ,046 7,950 24, , , % 2,500 5, , % Mains-3 1, ,822 4,650 14, , , % , % % MG-1 1, , ,697 44,501 56, % 944 2,171 58, % MG-2 1, , ,697 40,455 51, % 944 2,171 53, % TG , ,215 34,333 43, % 775 1,783 45, % MG-3 (too shallow) % % TG-3 (too shallow) % % MG-4 1, , ,143 51,860 66, % , % MG-5 1, , ,693 60,935 77, % , % MG-6 1, , ,753 61,925 78, % , % MG-7 1, , ,211 52,982 67, % , % MG-8 1, , ,667 44,006 56, % , % TG , ,125 35,063 44, % , % MG ,093 18,035 22, % , % MG , ,217 36,581 46, % , % MG-11 1, , ,366 55,539 70, % , % MG-12 2, , ,490 74,085 94, % , % MG-13 2, , ,616 92, , % , % MG-14 2, , ,616 92, , % , % MG-15 2, , ,371 88, , % 537 1, , % MG-16 2, , ,032 83, , % 1,006 2, , % MG-17 2, , ,670 77,055 98, % , % TG-17 1, , ,333 71,495 91, % , % Install Rd n/a n/a n/a 4,250-4,250 63,750 81, % 3,188 7,331 88, % Average / Total 1, ,993 2,342,524 10,542 24,246 2,366, % Braymont Seam Longwall LW Panel Length Road / Block Seam Ht Ave Seam Max LW Balance of Recovery of Dilution Dilution Dilution Vol Coal Vol Coal Vol Top Total Vol Tot LW Dilution Vol Total LW Total Dilution % Name (m) Width (m) Range (m) Height (m) 1st Pass (m) Top Coal (m) Top Coal (%) Floor (mm) Parting (mm) Roof (mm) 1st Pass Top Coal Coal Recov Coal Coal Tonnes (%) Dilution Stone Tonnes Tonnes by Mass LW1 1, , ,600 66,360 84,609 1,034,110 1,318, % 46, ,295 1,424, % LW , , , % 33,375 76, , % LW3 (too shallow) % % LW4 1, ,151, , , ,707 1,585,780 2,021, % 80, ,851 2,206, % LW5 1, ,231, , , ,995 1,695,435 2,161, % 85, ,633 2,359, % LW6 1, ,257, , , ,135 1,710,030 2,180, % 86, ,306 2,378, % LW7 1, ,042, , , ,669 1,470,885 1,875, % 75, ,163 2,048, % LW , , , ,828 1,181,250 1,506, % 60, ,725 1,645, % LW , , , , , , % 24,770 56, , % LW , , , ,009 1,113,750 1,420, % 57, ,741 1,551, % LW11 1, ,227, , , ,312 1,690,615 2,155, % 85, ,071 2,352, % LW12A 1, ,339, , , ,888 1,821,890 2,322, % 91, ,278 2,534, % LW12B , , , , , , % 74, , , % LW13A 1, ,266, , , ,825 1,743,635 2,223, % 88, ,252 2,426, % LW13B , , , ,078 1,195,600 1,524, % 263, ,970 2,131, % LW14A 1, ,148, , , ,196 1,403,840 1,789, % 67, ,191 1,945, % LW14B 1, , , , ,035 1,197,140 1,526, % 261, ,588 2,127, % LW15A 1, , , , ,324 1,255,100 1,600, % 61, ,588 1,740, % LW15B 1, , , , ,135 1,167,900 1,489, % 250, ,284 2,066, % LW16A 1, , , , ,830 1,105,310 1,409, % 53, ,189 1,531, % LW16B , , , ,022 1,098,360 1,400, % 234, ,738 1,940, % LW17A 1, , , , ,372 1,059,760 1,351, % 50, ,511 1,466, % LW17B , , , , ,900 1,195, % 200, ,887 1,656, % Average / Total 34,603,149 2,333,620 5,367,325 39,970, % TOTAL LW & Development 36,945,674 2,333,620 5,391,571 42,337, %

22 Jeralong Seam Development Assumed Coal Density (kg/m3) = 1.27 Assumed Stone Density (kg/m3) = 2.3 Panel Length No. Road / Block Pillar Pillar Ave Seam Mining Dilution Dilution Dilution No. Total Hdg Total C/T Total Total Total Dev Dilution Vol Dev Total Dev Total Dilution % Name (m) Headings Width Length (m) Width (m) Height (m) Height Floor (mm) Parting (mm) Roof (mm) C/T 's Drive (m) Drive (m) Dev (m) Dev Vol Coal Tonnes (%) Dilution Stone Tonnes Tonnes by Mass Mains ,860 12, % 1,643 3,780 16, % Mains-2 2, ,046 7,950 24, , , % 12,498 28, , % Mains-3 1, ,822 4,650 14, , , % 7,236 16, , % % MG-1 1, , ,352 35,280 44, % 1,176 2,705 47, % MG-2 1, , ,763 42,827 54, % 1,382 3,177 57, % MG-3 1, , ,044 68,748 87, % 2,022 4,651 91, % MG-4 1, , ,044 62,682 79, % 2,022 4,651 84, % MG-5 1, , ,097 48,004 60, % 1,549 3,562 64, % MG-6 1, , ,289 46,046 58, % 1,645 3,782 62, % MG-7 1, , ,289 46,046 58, % 1,645 3,782 62, % TG , ,089 30,291 38, % 1,045 2,402 40, % MG-8 2, , ,502 56,275 71, % 2,251 5,177 76, % MG-9 2, , ,460 53,520 67, % 3,345 7,694 75, % MG-10 1, , ,918 47,016 59, % 2,939 6,759 66, % MG-11 1, , ,374 37,114 47, % 2,531 5,820 52, % MG-12 1, , ,832 31,152 39, % 2,124 4,885 44, % TG , ,244 13,684 17, % 933 2,146 19, % MG ,093 16,395 20, % 547 1,257 22, % MG , ,217 32,147 40, % 1,109 2,550 43, % MG-15 1, , ,366 50,490 64, % 1,683 3,871 67, % MG-16 2, , ,490 71,840 91, % 2,245 5,164 96, % MG-17 2, , ,226 78,390 99, % 2,613 6, , % MG-18 2, , ,226 83, , % 2,613 6, , % MG-19 2, , ,112 81, , % 2,556 5, , % MG-20 2, , ,032 83, , % 2,516 5, , % MG-21 2, , ,670 77,055 97, % 2,335 5, , % TG-21 1, , ,333 71,495 90, % 2,167 4,983 95, % Install Rd n/a n/a n/a 5,250-5,250 78, , % 2,625 6, , % Average / Total 131,278 2,500,100 70, ,278 2,663, % Jeralong Seam Longwall Panel Length Road / Block Seam Ht Ave Seam Max LW Balance of Recovery of Dilution Dilution Dilution Vol Coal Vol Coal Vol Top Total Vol Tot LW Dilution Vol Lw Total LW Total Dilution % Name (m) Width (m) Range (m) Height (m) 1st Pass (m) Coal (m) Balance (%) Floor (mm) Parting (mm) Roof (mm) 1st Pass Top Coal Coal Recov Coal Coal Tonnes (%) Dilution Stone Tonnes Tonnes by Mass LW , , , % % LW2 1, , ,675 1,193, % % LW3 1, ,373, ,373,600 1,744, % % LW4 1, ,024, ,024,800 1,301, % % LW5 1, , ,000 1,181, % % LW6 1, , ,900 1,224, % % LW , , , % % LW8 1, ,208, ,208,750 1,535, % % LW9 1, ,052, ,052,400 1,336, % % LW10 1, , ,200 1,148, % % LW11 1, , , , % % LW , , , % % LW , , , % % LW , , , % % LW15 1, ,087, ,087,325 1,380, % % LW16 1, ,532, ,532,000 1,945, % % LW17 2, ,806, ,806,400 2,294, % % LW18 2, ,815, ,815,825 2,306, % % LW19 2, ,782, ,782,825 2,264, % % LW20 2, ,654, ,654,125 2,100, % % LW21 1, ,525, ,525,425 1,937, % % Average / Total 29,169, % Total Dev + LW 31,669, %

23 Merriown Seam Development Assumed Coal Density (kg/m3) = 1.26 Assumed Stone Density (kg/m3) = 2.3 Panel Length No. Road / Block Pillar Pillar Ave Seam Mining Dilution Dilution Dilution No. Total Hdg Total C/T Total Total Total Dev Dilution Vol Dev Total Dev Total Dilution % Name (m) Headings Width Length (m) Width (m) Height (m) Height Floor (mm) Parting (mm) Roof (mm) C/T 's Drive (m) Drive (m) Dev (m) Dev Vol Coal Tonnes (%) Dilution Stone Tonnes Tonnes by Mass Mains ,243 20, % 3,807 8,756 29, % Mains ,230 20,295 25, % 615 1,415 26, % Mains-3 2, ,046 7,950 24, , , % 12,498 28, , % Mains-4 1, ,496 4,050 12, , , % 6,273 14, , % % MG-1 1, , ,113 42,026 52, % 1,557 3,580 56, % MG-2 1, , ,113 40,469 50, % 1,557 3,580 54, % MG-3 1, , ,113 42,026 52, % 1,557 3,580 56, % MG-4 1, , ,631 45,388 57, % 1,816 4,176 61, % MG-5 1, , ,631 38,126 48, % 2,723 6,263 54, % MG-6 1, , ,659 29,249 36, % 1,994 4,587 41, % MG-7 1, , ,659 31,908 40, % 1,330 3,058 43, % TG , ,089 24,024 30, % 1,045 2,402 32, % MG-8 2, , ,911 63,843 80, % 2,456 5,648 86, % MG-9 2, , ,869 68,166 85, % 2,435 5,599 91, % MG-10 1, , ,205 60,973 76, % 2,103 4,836 81, % MG-11 1, , ,543 36,874 46, % 1,272 2,924 49, % MG-12 / TG , ,999 27,986 35, % 1,000 2,299 37, % TG-12 (Removed) % MG ,093 16,395 20, % 547 1,257 21, % MG , ,217 33,255 41, % 1,109 2,550 44, % MG-15 1, , ,366 50,490 63, % 1,683 3,871 67, % MG-16 2, , ,490 65,105 82, % 2,245 5,164 87, % MG-17 2, , ,490 62,860 79, % 2,245 5,164 84, % MG-18 1, , ,361 61,054 76, % 2,181 5,015 81, % MG-19 1, , ,755 52,570 66, % 1,878 4,318 70, % MG-20 1, , ,028 54,378 68, % 2,014 4,632 73, % MG-21 1, , ,235 67,760 85, % 2,118 4,870 90, % TG-21 1, , ,235 69,878 88, % 2,118 4,870 92, % Install Rd n/a n/a n/a 5,250-5,250 78,750 99, % 2,625 6, , % Average / Total 123,673 2,205,846 66, ,624 2,359, % Merriown Seam Longwall Panel Length Road / Block Seam Ht Ave Seam Max LW Balance of Recovery of Dilution Dilution Dilution Vol Coal Vol Coal Vol Top Total Vol Tot LW Dilution Vol Lw Total LW Total Dilution % Name (m) Width (m) Range (m) Height (m) 1st Pass (m) Coal (m) Balance (%) Floor (mm) Parting (mm) Roof (mm) 1st Pass Top Coal Coal Recov Coal Coal Tonnes (%) Dilution Stone Tonnes Tonnes by Mass LW1 1, , ,850 1,055, % 80, ,294 1,240, % LW2 1, , ,075 1,096, % 80, ,294 1,281, % LW3 1, , ,075 1,096, % 80, ,294 1,281, % LW4 1, , ,725 1,103, % 133, ,504 1,409, % LW , , , % 68, , , % LW6 1, , , , % 95, ,765 1,010, % LW , , , % 51, , , % LW8 2, ,435, ,435,050 1,808, % 132, ,613 2,113, % LW9 1, ,366, ,366,625 1,721, % 117, ,969 1,992, % LW10 1, , ,525 1,031, % 70, ,294 1,193, % LW , , , % 55, , , % LW12 (Removed) % % LW , , , % 18,950 43, , % LW , , , % 44, , , % LW15 1, ,052, ,052,250 1,325, % 70, ,345 1,487, % LW16 1, ,388, ,388,375 1,749, % 119, ,281 2,024, % LW17 1, ,350, ,350,675 1,701, % 116, ,806 1,969, % LW18 1, ,109, ,109,500 1,397, % 99, ,844 1,625, % LW19 1, ,030, ,030,250 1,298, % 99, ,844 1,525, % LW20 1, ,239, ,239,025 1,561, % 106, ,669 1,806, % LW21 1, ,440, ,440,000 1,814, % 90, ,000 2,021, % Average / Total ,804,172 1,731,875 3,983,313 27,787, % Total Dev + LW 26,010,018 1,798,668 4,136,936 30,146, % * This reserve estimate is not JORC Compliant

24 Development plan for Boggabri - UG Concept study BOGGABRI DEVELOPMENT PLAN 20-Oct-09 23:40 Activity ID Activity Name Calendar Start Finish Development plan for Boggabri - UG Concept study 04-Jan Apr-32 EIA Approval 04-Jan Jul-10 ENV100 Finalise Environmental Approval P... BOGABRAI CALEN Jan-10* 01-Feb-10 ENV120 EIA Approval Standard 5 Day Wor Jan Jul-10 ENV110 Submission and Approval of Enviro... Boggabri-24/7 01-Feb Jul-10 Geology, Exploration & geo technical review 04-Jan Apr-10 GEO 100 Exploration Planning BOGABRAI CALEN Jan Jan-10 GEO 140 Geology and Exploration Standard 5 Day Wor Jan Apr-10 GEO 110 Drilling program Boggabri-24/7 21-Jan Mar-10 GEO 120 Analysis and Testing BOGABRAI CALEN Feb Mar-10 GEO 130 Geology review BOGABRAI CALEN Mar Apr-10 Geo- technical review 22-Apr Jul-10 A1535 Geo technical review Standard 5 Day Wor Apr Jul-10 A1420 Review seam, roof & floor conditio... Standard 5 Day Wor Apr Apr-10 A1430 Review Stress Regimes- Horizontal... Standard 5 Day Wor Apr May-10 A1440 Evaluate Structural Geology Standard 5 Day Wor Apr May-10 A1460 Interpretation of Geophysical data Standard 5 Day Wor May May-10 A1450 Define RMR Standard 5 Day Wor May May-10 A1470 Caving & Subsidence Studies - Mul... Standard 5 Day Wor May May-10 A1480 Pillar & Roadway Dimensions Standard 5 Day Wor May Jun-10 A1490 Assess Panel Orientations Standard 5 Day Wor Jun Jun-10 A1500 Mine Design Consideration Standard 5 Day Wor Jun Jul-10 A1510 Ground Support Design Standard 5 Day Wor Jul Jul-10 A1520 Multiple Seam Mining Consideration Standard 5 Day Wor Jul Jul-10 A1525 Develop geotechnical model Standard 5 Day Wor Jul Jul-10 Mine Planning 02-Jul Dec-10 Access Strategy 21-Jul Aug-10 A1340 Access Strategy Standard 5 Day Wor Jul Aug-10 A1170 Strategic consideration for access... Standard 5 Day Wor Jul Jul-10 A1180 Evaluation of alternative access str... Standard 5 Day Wor Jul Aug-10 A1190 Design selected access strategies... Standard 5 Day Wor Aug Aug-10 A1191 Identify location of service connecti... Standard 5 Day Wor Aug Aug-10 A1200 Interaction & impact on proposed o... Standard 5 Day Wor Aug Aug-10 Mining Plan-Option Analysis 19-Aug Sep-10 A1350 Mining Plan-Option Analysis Standard 5 Day Wor Aug Sep-10 A1210 Details of Proposed Mining Method Standard 5 Day Wor Aug Aug-10 A1220 Design criteria Standard 5 Day Wor Aug Sep-10 A1230 Evaluation/ Benchmarking Standard 5 Day Wor Aug Aug-10 A1240 General mine layout Standard 5 Day Wor Sep Sep-10 A1250 Evaluate alternative mining layouts Standard 5 Day Wor Sep Sep-10 A1260 Development of extraction strategy... Standard 5 Day Wor Sep Sep-10 A1270 Assessment of geotechnical design... Standard 5 Day Wor Sep Sep-10 Reserve estimates and productivity model 22-Sep Oct-10 A1360 Reserves and Productivity model Standard 5 Day Wor Sep Oct-10 A1280 Establish industry benchmarks Standard 5 Day Wor Sep Sep-10 A1290 Define assumptions for the model Standard 5 Day Wor Sep Sep-10 A1291 Impact of fault & intrusions on mini... Standard 5 Day Wor Sep Sep-10 A1300 Develop productivity model for dev... Standard 5 Day Wor Sep Oct-10 A1310 Schedule sequence of extraction Standard 5 Day Wor Oct Oct-10 A1320 Use software to assess reserves Standard 5 Day Wor Oct Oct-10 A1330 Develop overall mine schedule Standard 5 Day Wor Oct Oct-10 Seam Gas 22-Sep Dec-10 A1770 Seam Gas Standard 5 Day Wor Sep Dec-10 A1530 Review of available & historical dat... Standard 5 Day Wor Sep Sep-10 A1540 Assess different parameters for CS... Standard 5 Day Wor Sep Oct-10 A1550 Develop gas resource model Standard 5 Day Wor Oct Nov-10 A1560 Gas management plan - developm... Standard 5 Day Wor Nov Nov-10 A1570 Gas drainage cost - capital & opera... Standard 5 Day Wor Nov Dec-10 Spontaneous Combustion 22-Sep Oct-10 Water Inrush 02-Jul Jul-10 Ventilation Modelling 29-Oct Dec-10 A1645 Vent modelling Standard 5 Day Wor Oct Dec-10 A1580 Design parameters Standard 5 Day Wor Oct Nov-10 A1590 Gateroad vent design Standard 5 Day Wor Nov Nov-10 A1600 Longwall vent design Standard 5 Day Wor Nov Nov-10 A1610 Sealing & special requirements Standard 5 Day Wor Nov Nov-10 A1620 Monitoring / Alarms Standard 5 Day Wor Nov Dec J F M A M J Jul A S O N D J F M A M J Jul A S O N D J F M A M J Jul A S O N D J F M A M J Jul A S O N D J F M A M J Jul A S O N D J F M A M Finalise Environmental Approval Plan EIA Approval EIA Approval Exploration Planning Geology and Exploration Geology and Exploration Drilling program Analysis and Testing Geology review Submission and Approval of Environmental plan Geo technical review Geo technical review Review seam, roof & floor conditions, strength Review Stress Regimes- Horizontal & Vertical Evaluate Structural Geology Interpretation of Geophysical data Define RMR Caving & Subsidence Studies - Multiple seam mining effects Pillar & Roadway Dimensions Assess Panel Orientations Mine Design Consideration Ground Support Design Multiple Seam Mining Consideration Develop geotechnical model Access Strategy Access Strategy Strategic consideration for access development water Inrush Evaluation of alternative access strategies Design selected access strategies - address geological & geotech issues Identify location of service connection - compressed air, water etc. Interaction & impact on proposed operation Mining Plan-Option Analysis Mining Plan-Option Analysis Details of Proposed Mining Method Design criteria Evaluation/ Benchmarking General mine layout Evaluate alternative mining layouts Development of extraction strategy for target blocks Assessment of geotechnical design features Reserves and Productivity model Reserves and Productivity model Establish industry benchmarks Define assumptions for the model Impact of fault & intrusions on mining & productivity Develop productivity model for development and longwall Schedule sequence of extraction Use software to assess reserves Develop overall mine schedule Seam Gas Seam Gas Review of available & historical data on coal seam gas Assess different parameters for CSG (permeability, gas pressure etc.) Spon Comb Develop gas resource model Gas management plan - development & longwall Gas drainage cost - capital & operational Vent modelling Vent modelling Design parameters Gateroad vent design Longwall vent design Sealing & special requirements Monitoring / Alarms Remaining Level of Effort BOggabrai LOE Boggabri activities Actual Work Page 1 of 6 TASK filter: All Activities Actual Level of Effort Primavera Systems, Inc.

25 Development plan for Boggabri - UG Concept study BOGGABRI DEVELOPMENT PLAN 20-Oct-09 23: J Jul A S O N D J F M A M J Jul A S O N D J F M A M J Jul A S O N D J F M A M J Jul A S O N D J F M A M J Jul A S O N D J F M A M J Jul A S O N D J F M A M J Jul A S O N D J F M A M J Jul A S O N D J F M A M J Jul A S O N D Remaining Level of Effort BOggabrai LOE Boggabri activities Actual Work Page 2 of 6 TASK filter: All Activities Actual Level of Effort Primavera Systems, Inc.

26 Development plan for Boggabri - UG Concept study BOGGABRI DEVELOPMENT PLAN 20-Oct-09 23: J F M A M J Jul A S O N D J F M A M J Jul A S O N D J F M A M J Jul A S O N D J F M A M J Jul A S O N D J F M A M J Jul A S O N D J F M A M J Jul A S O N D J F M A M J Jul A S O N D J F M A M J Jul A S O N D J F M A M J Jul Remaining Level of Effort BOggabrai LOE Boggabri activities Actual Work Page 3 of 6 TASK filter: All Activities Actual Level of Effort Primavera Systems, Inc.

27 Development plan for Boggabri - UG Concept study BOGGABRI DEVELOPMENT PLAN 20-Oct-09 23:40 Activity ID Activity Name Calendar Start Finish A1625 Vent Modelling Standard 5 Day Wor Dec Dec-10 Mine Equipment and Services 13-Sep Dec-10 A1649 Mine Services Standard 5 Day Wor Sep Dec-10 A1628 Plans Indicating U/G mine service l... Standard 5 Day Wor Sep Sep-10 A1629 Coal conveying strategy - location Standard 5 Day Wor Sep Sep-10 A1630 Coal conveying strategy - calculatio... Standard 5 Day Wor Sep Sep-10 A1631 Man/material transport strategy Standard 5 Day Wor Sep Sep-10 A1632 U/G services - supply & distribution... Standard 5 Day Wor Sep Oct-10 A1633 Identify list of equipments- develop... Standard 5 Day Wor Oct Oct-10 A1634 Specification, capacity, life, mainte... Standard 5 Day Wor Oct Oct-10 A1635 Mine vent requirements Standard 5 Day Wor Oct Nov-10 A1636 Dewatering system Standard 5 Day Wor Nov Nov-10 A1637 Communications Standard 5 Day Wor Nov Nov-10 A1638 Monitoring- Env, Mine ventilations,... Standard 5 Day Wor Nov Nov-10 A1639 Escape/emergency systems Standard 5 Day Wor Nov Dec-10 infrastrucutre 19-Aug Jan-11 Site Infrastructure 19-Aug Jan-11 A1685 Site Infrastructure Standard 5 Day Wor Aug Jan-11 A1640 Access roads Standard 5 Day Wor Aug Sep-10 A1650 Surface services - accomodation, p... Standard 5 Day Wor Sep Oct-10 A1660 Interaction & impact on existing/pro... Standard 5 Day Wor Oct Nov-10 A1670 Rail - options, capacities,charges Standard 5 Day Wor Nov Dec-10 A1675 Design coal flow analysis Standard 5 Day Wor Dec Jan-11 Coal handling and processing 06-Oct Jan-11 A1890 Coal Handling and Processing Standard 5 Day Wor Oct Jan-11 A1680 CHP design criteria Standard 5 Day Wor Oct Nov-10 A1700 Coal quality & process design criteria Standard 5 Day Wor Nov Nov-10 A1710 Waste management Standard 5 Day Wor Nov Nov-10 A1720 Integration of site layout & function... Standard 5 Day Wor Nov Dec-10 A1730 Stockpiling for different products Standard 5 Day Wor Dec Dec-10 A1740 Blending options Standard 5 Day Wor Dec Dec-10 A1750 Modelling Standard 5 Day Wor Dec Jan-11 A1760 Operations integration Standard 5 Day Wor Jan Jan-11 HR/IR analysis 29-Oct Dec-10 A1900 HR/IR Analysis Standard 5 Day Wor Oct Dec-10 A1780 Existing company/ industry strategy... Standard 5 Day Wor Oct Nov-10 A1790 Identify risk & issues of U/G workfo... Standard 5 Day Wor Nov Nov-10 A1800 Identifying manning requirements-... Standard 5 Day Wor Nov Nov-10 A1810 Recruitment & Training Standard 5 Day Wor Nov Nov-10 A1820 Assess requirement for accomodati... Standard 5 Day Wor Nov Dec-10 A1830 Risk & opportunities Standard 5 Day Wor Dec Dec-10 Financial and Cost Analysis 31-Jan Mar-11 A1910 Financial and Cost analysis Standard 5 Day Wor Jan Mar-11 A1840 Identify capital & operating cost as... Standard 5 Day Wor Jan Feb-11 A1850 Identify revenue assumptions Standard 5 Day Wor Feb Feb-11 A1860 Develop financial model Standard 5 Day Wor Feb Feb-11 A1870 Carry out sensitivity analysis Standard 5 Day Wor Feb Mar-11 A1880 Identify threats & opportunities 7 x 24hr. Days 04-Mar Mar-11 Award of Contracts & Construction 10-Mar Apr-32 CONT 150 Award of Contracts and Construction Boggabri-24/7 10-Mar Apr-32 CONT 100 Define scope of work for different a... Boggabri-24/7 10-Mar Apr-11 CONT 110 Award Contracts Boggabri-24/7 09-Apr Apr-11 CONT 120 Mobilisation of equipment and Pers... Boggabri-24/7 24-Apr Apr-11 CONT 130 Construction phase-portals and ac... Boggabri-24/7 26-Apr Apr-12 CONT 145 Dev CM2 Braymont Boggabri-24/7 01-Aug-11* 29-Jul-16 CONT 135 Dev CM1 Braymont Boggabri-24/7 25-May Dec-17 CONT 195 LW Braymont Boggabri-24/7 01-Jun-12* 02-May-20 CONT 165 Jeralong CM2 Boggabri-24/7 05-Aug-16* 16-Mar-23 CONT 155 Jeralong CM1 Boggabri-24/7 20-Dec-17* 16-Jul-26 CONT 205 LW Jeralong Boggabri-24/7 25-May-20* 12-Jan-27 CONT 185 Meriown CM2 Boggabri-24/7 23-Mar-23* 31-Jan-32 CONT 175 Meriown CM1 Boggabri-24/7 20-Jul-26* 31-Jan-32 CONT 215 LW Meriown Boggabri-24/7 10-Mar-27* 27-Apr J F M A M J Jul A S O N D J F M A M J Jul A S O N D J F M A M J Jul A S O N D J F M A M J Jul A S O N D J F M A M J Jul A S O N D J F M A M Vent Modelling Mine Services Mine Services Plans Indicating U/G mine service layouts Coal conveying strategy - location Coal conveying strategy - calculation of lift/fall of each conveyor Man/material transport strategy U/G services - supply & distribution - power, raw & potable water, C.A. Site Infrastructure Identify list of equipments- development, longwall, mobile equipment Specification, capacity, life, maintenance strategy for equipments Mine vent requirements Access roads Dewatering system Communications Monitoring- Env, Mine ventilations, gas monitoring Escape/emergency systems Site Infrastructure Surface services - accomodation, power supply, water etc. Interaction & impact on existing/proposed operations Rail - options, capacities,charges Design coal flow analysis Coal Handling and Processing Coal Handling and Processing CHP design criteria Coal quality & process design criteria Waste management Integration of site layout & functionality Stockpiling for different products Blending options Modelling HR/IR Analysis HR/IR Analysis Operations integration Existing company/ industry strategy & history Identify risk & issues of U/G workforce Identifying manning requirements- construction & operational phase Recruitment & Training Assess requirement for accomodation & messing Risk & opportunities Financial and Cost analysis Financial and Cost analysis Identify capital & operating cost assumption Identify revenue assumptions Develop financial model Carry out sensitivity analysis Identify threats & opportunities Award of Contracts and Construction Define scope of work for different activities ( drifts, shafts, vent fan, CPP, SUrface Infrastrucutre) Award Contracts Mobilisation of equipment and Personnel Construction phase-portals and access Remaining Level of Effort BOggabrai LOE Boggabri activities Actual Work Page 4 of 6 TASK filter: All Activities Actual Level of Effort Primavera Systems, Inc.

28 Development plan for Boggabri - UG Concept study BOGGABRI DEVELOPMENT PLAN 20-Oct-09 23: J Jul A S O N D J F M A M J Jul A S O N D J F M A M J Jul A S O N D J F M A M J Jul A S O N D J F M A M J Jul A S O N D J F M A M J Jul A S O N D J F M A M J Jul A S O N D J F M A M J Jul A S O N D J F M A M J Jul A S O N D Dev CM2 Braymont Dev CM1 Braymont LW Braymont Jeralong CM2 Remaining Level of Effort BOggabrai LOE Boggabri activities Actual Work Page 5 of 6 TASK filter: All Activities Actual Level of Effort Primavera Systems, Inc.

29 Development plan for Boggabri - UG Concept study BOGGABRI DEVELOPMENT PLAN 20-Oct-09 23: J F M A M J Jul A S O N D J F M A M J Jul A S O N D J F M A M J Jul A S O N D J F M A M J Jul A S O N D J F M A M J Jul A S O N D J F M A M J Jul A S O N D J F M A M J Jul A S O N D J F M A M J Jul A S O N D J F M A M J Jul Award of C Jeralong CM1 LW Jeralong Meriown CM2 Meriown CM1 LW Meriow Remaining Level of Effort BOggabrai LOE Boggabri activities Actual Work Page 6 of 6 TASK filter: All Activities Actual Level of Effort Primavera Systems, Inc.