CHURCHILL MINING PLC2011 Annual General Meeting

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CHURCHILL DIRECTOR’S

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David QuinlivanExecutive Chairman

Faroek BasrewanNon Executive Director

Jan CastroNon Executive Director

Gregory RadkeNon Executive Director

Rachmat GobelNon Executive Director

Fara LuwiaNon Executive Director

CHURCHILL MINING HAS BEEN RAPIDLY DEVELOPING

THE EKCP SINCE 2007

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Feb 2007

EKCP Exclusivity Agreement (RTM/RTP)

April 2007

Multiple Coal Seams Discovered

at EKCP

May 2007

EKCP Sales Agreement (RTM/RTP)

March 2008

EKCP Scoping Study

Commences

April 2008

Secures Interest in Additional IR/INP

Blocks (75%)

April 2008

Initial JORC Resource of 250Mt

September 2008

JORC Resource of 1.4Bt

October 2009

JORC Resource of 2.4Bt inc 956Mt

Reserve

February 2010

JORC Resource of 2.73Bt inc 961Mt

Reserve

April 2010

MOU with PLN for 5Mtpa Off-take

June 2010

Churchill takes direct majority ownership of holding entity for key

ECKP tenements RTM/RTP (75%)

September 2010

30Mtpa Feasibility Study Completed

December 2010

Port Land Acquisition Completed

Key Milestones

EKCP - PROJECT HIGHLIGHTS

World-Class

Mining Asset

Headline Facts

Robust

Economics

World-Class

Infrastructure Asset

Near-term Producer and

Scaleable Operation

• Large-scale, long-life, lowest-quartile operating costs

• High-quality sub-bituminous thermal coal

• 2.73 billion tonnes resource

• NPV10% $1.8 billion, 21% IRR, payback 7 years

• Average pre-tax net cash flow in excess of $500 million per annum

over an initial 25 year period

• Capesize port

• 160 km transport corridor, Conveyor and/or rail options

• 100 MW power station

• 3 Year design and construct period supports production start in

2014, with a 2 year fast track option

• Mine planning scenario analysis supports production levels up to

50Mtpa, base case 30Mtpa

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Regional Benefits• Major Economic development for the East Kutai Region

• Substantial Investment in Employment, Community and

Infrastructure

EKCP IS POSITIONED IN THE TOP QUARTILE OF THE

COST CURVE MAKING IT AN ATTRACTIVE ASSET…

Source: AME Thermal Coal FOB cost curve

Industry Thermal Coal Cost Curve (2010)

World-Class Mining Project with Low Operating Costs

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THE LAST 12 MONTHS…

Positive start

• EKCP rapidly developed since 2007

• Credit Suisse appointed to complete a strategic review

• EKCP ready for development

• Port Land acquisition completed in Dec 2010

• Preliminary rail studies underway

• Additional studies for 30 to 40mtpa production rates

• Application to Administrative Tribunal to have the Bupati’s purported revocation decrees expunged from the record

Surprising decision by the Administrative Court

• Appeal to the Administrative High Court of Jakarta (appeal rejected)

• Appeal to the Supreme Court of Indonesia (decision pending)

• Progress on EKCP delayed

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CHURCHILL’S INVESTMENT DISPUTE IN INDONESIA

NUSANTARA GROUP ENTITIES

• PT Erabara Persada Nusantara (EPN)

• PT Batubara Nusantara Kaltim (BNK)

• PT Kaltim Nusantara Coal (KNC)

• PT Nusantara Kaltim Coal (NKC)

•PT Nusantara Santan Coal (NSC)

• PT Nusantara Wahau Coal (NWC)

RIDLATAMA GROUP ENTITIES

(CHURCHILL 75% CONTRACTUAL OR EQUITY

INTEREST)

•PT Ridlatama Tambang Minerals (RTM)

•PT Ridlatama Trade Powerindo (RTP)

•PT Investmine Nusa Persada (INP)

(Contractual interest)

•PT Investama Resources (IR)

(Contractual interest)

WHO IS NUSANTARA?

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Mr. PRABOWO SUBIANTO

Mr. PRABOWO SUBIANTO

PT NUSANTARA ENERGINDO COAL

PT ITHACA RESOURCES

PT RUMADANA VENTURES

PT CAHAYA BUMI MAKMUR

Mr. AGUS PROJOSASMITO

Mr. BOB YANUAR

Mr. YOSEPH FRANCISCUS

BONANG

PT BINA INDOVITA

99.9%.1%

60% 40%

15% 85%

60%

40%

99.992% .008%

Mr. HUSEIN SUSILO TJIOE

(ALSO DIRECTOR)

Mr. KAREL BUDIMAN

(ALSO COMMISSIONER)

50% 50%

PT

NUSANTARA

KALTIM COAL

PT KALTIM

NUSANTARA

COAL

PT NUSANTARA

SANTAN COALPT BATUBARA

NUSANTARA

KALTIM

PT

NUSANTARA

WAHAU COAL

PT ERA BARA

PERSADA

NUSANTARA

Source : Indonesian Ministry of Justice

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EKCP HISTORY 2005 - 2007

2005

YEAR EVENTS

2006

2007

Nusantara Granted KP - Exploration Licenses

Bupati - Awang Farouk Ishak

1. PT. EPN License valid - (2 years) 10/03/05 - 10/03/07

2. PT. BNK License valid - (1 year) 10/03/05 - 10/03/06*

3. PT. KNC License valid - (1 year) 10/03/05 - 10/03/06*

4. PT. NKC License valid - (1 year) 10/03/05 - 10/03/06

5. PT. NSC License valid - (2 years) 10/03/05 - 10/03/07

6. PT. NWC License valid - (1 year) 10/03/05 - 10/03/06*

• LICENSES LATER TO OVERLAP WITH RIDLATAMA/CHURCHILL LICENSES

10 March 2006 – Nusantara licenses (BNK, KNC, NKC & NWC) expire

10 March 2007 – Remaining Nusantara licenses (EPN & NSC) expire

Ridlatama/Churchill Granted KP - General Survey Licenses

Bupati - Awang Farouk Ishak

1. PT. RTM License valid - (1 year) 24/05/07- 24/05/08

2. PT. RTP License valid - (1 year) 24/05/07- 24/05/08

3. PT. INP License valid - (1 year) 29/11/07- 29/11/08

4. PT. IR License valid - (1 year) 29/11/07- 29/11/08

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EKCP 2008

2008

YEAR EVENTS

April 2008 – Churchill announces first JORC calculation of 250Mt of

coal resources. Exceeds Q1 target by 150% at EKCP.

May 2008 – CHL announces an increase in coal reserve target by

50% to 150Mt at EKCP

Ridlatama/Churchill Granted KP - Exploration Licenses

Bupati – Awang Faoruk Ishak

1. PT. RTM License valid - (3 years) 09/04/08- 09/04/11

2. PT. RTP License valid - (3 years) 09/04/08- 09/04/11

3. PT. INP License valid - (3 years) 09/04/08- 09/04/11

4. PT. IR License valid - (3 years) 09/04/08- 09/04/11

Nusantara Granted Extension of Expired KP - Exploration Licenses

Bupati – Awang Farouk Ishak

1. PT. EPN License valid - (1 year) 17/07/08- 17/07/09

2. PT. BNK License valid - (1 year) 17/07/08- 17/07/09*

3. PT. KNC License valid - (1 year) 17/07/08- 17/07/09*4. PT. NKC License valid - (1 year) 17/07/08- 17/07/09

5. PT. NSC License valid - (1 year) 17/07/08- 17/07/09

6. PT. NWC License valid - (1 year) 17/07/08- 17/07/09*

• Licenses later to overlap with Ridlatama/Churchill licenses

CHURCHILL NOT NOTIFIED BUPATI HAS GRANTED LICENSE EXTENSIONS

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EKCP 2008 - 2009

2008

YEAR EVENTS

September 2008 – CHL announces JORC compliant resources of

1.4 billion tonnes of coal. Exceeds company

target by 140%.

December 2008 – Isran Noor appointed Bupati of East Kutai.

Awang Farouk Ishak appointed Governor of

East Kutai.

January 2009 – Police investigate Nusantara’s allegation of

criminal acts by Ridlatama when obtaining EKCP

licenses and find “no criminal acts”. Allegation

rejected with “No Case to Answer”.

January 2009 – New Mining Law introduced in Indonesia

2009

February 2009 – East Kutai Auditor General Investigates State

Financial Audit Agency (BPK) allegation of

forgery by Ridlatama. Subsequent Bawasda

investigation instigated by the Regency finds in

March 2010 that Ridlatama’s EKCP Licenses

were “Legitimate and Accountable”.

Investigation also confirms that Nusantara’s

licenses had expired.

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EKCP 2009

2009

YEAR EVENTS

Ridlatama/Churchill granted IUP – Exploitation Licenses

Bupati - Isran Noor:

1. PT. RTM License valid - (20 Years) 27/03/09 - 27/03/29

2. PT. RTP License valid - (20 years) 27/03/09 - 27/03/29

3. PT. INP License valid - (20 years) 27/03/09 - 27/03/29

4. PT. IR License valid - (20 years) 27/03/09 - 27/03/29

Note: Ridlatama/Churchill’s KP – Exploration Licenses were converted to IUP -

Exploitation licenses with new licenses having a term of 20 years with an

option to extend by 2 x 10 year periods in accord with new mining law.

May 2009 - CHL announces Resource Upgrade to 3 billion tonnes

July 2009 - Nusantara licenses expire again on 17 July 2009

Nusantara granted IUP - Exploration Licenses

Bupati - Isran Noor

1. PT. EPN License valid - (2 year) 29/07/09 - 29/07/11

2. PT. NKC License valid - (2 year) 29/07/09 - 29/07/11

3. PT. NSC License valid - (2 year) 29/07/09 - 29/07/11

Note : These licenses do not overlap with the Ridlatama/Churchill licenses.

October 2009 - Churchill Announces initial JORC Mining Reserve of

956 million tonnes

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EKCP 2009 - 2010

2009

YEAR EVENTS

Nusantara granted IUP - Exploration Licenses Bupati - Isran Noor:

1. PT. BNK License valid - (2 year) 18/02/10- 18/02/12*

2. PT. KNC License valid - (2 year) 18/02/10- 18/02/12*

3. PT. NWC License valid - (2 year) 18/02/10- 18/02/12*

Note: These licenses overlap with Ridlatama / Churchill’s licenses, The

Nusantara licenses had expired a second time and were again granted

without reference to Churchill.

9 Sept 2009 Ridlatama applies to Forestry Ministry for forestry

licenses. Application includes supporting letters

from Governor Awang Farouk Ishak & Bupati Isran

Noor.

19 April 2010*- Purported complaint letter by Dayak Tribe to Forestry

Ministry claiming illegal activities by Ridlatama.

21 April 2010*- Minister of Forestry issues letter to Bupati of Kutai

Timur to cancel mining licences of Ridlatama for

alleged forestry crimes.

22 April 2010* - Letter from the Forestry Minister discussed in meeting

of technical service officers of East Kutai region.

2010

* CHURCHILL/RIDLATAMA NOT ADVISED OF THESE LETTERS

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EKCP 2010

2010

YEAR EVENTS

Nusantara granted Forestry licenses for exploration work:

1. PT. EPN License dated 07/07/10

2. PT. NKC License dated 31/08/10

3. PT. NSC License dated 29/06/10

24 June 2010 – Nusantara requests Ministry of Energy & Mineral

Resources (MEMR) to revise the local mining map to

show they held mining licenses that overlapped with

CHL EKCP licenses**

30 April 2010 – Regency staff provide Bupati with Analysis Report

on the Forestry letter

04 May 2010 – Date of Revocation Decrees cancelling Ridlatama /

Churchill licenses purportedly signed by Bupati -

Isran Noor (denied signing when asked at a later

date). Bupati does not notify Ridlatama / Churchill

Note: Support for Nusantara application

for Forestry licenses for three

remaining entities not given by

MEMR due to overlapping with

Ridlatama/Churchill licenses.

27April 2010 – A Staff Evaluation Report was issued by the Head of

Mining Service of East Kutai alleging that Ridlatama's

licences dated 9 April 2008 were forged

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EKCP 2010 - 2011

2010

YEAR EVENTS

27 August 2010 – Ridlatama / Churchill make application to the

Samarinda Administrative Tribunal to have the

purported revocation decrees expunged from

the record.

2011

Nusantara applies for & is granted Forestry licenses for exploration:

1. PT. BNK Application 22/02/11 License date 15/06/11

2. PT. KNC Application 22/02/11 License date 15/06/11

3. PT. NWC Application 22/02/11 License date 15/06/11

28 October 2010 – Nusantara files an application to join the

Administrative Court proceedings relating to the

EKCP Licences

14 February 2011 – Chief of the Dayak Tribe sends legalised letter

to the Ministry of Forestry denying that they had

sent a complaint against Ridlatama

Note: Support for Nusantara application for

Forestry licenses for three remaining

entities given by MEMR even though the

overlapping issue with

Ridlatama/Churchill licenses remain

before Court. 03 Mar 2011 – Samarinda Administrative Court finds Bupati has

followed correct procedure and protocol in

revoking the EKCP licenses for circumstances

described in ruling.

Written judgments received 29 March 2011

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2011

EKCP 2011

YEAREVENTS

6 June 2011 – GBP 7.7m Placement to New Strategic Indonesian

Shareholders. Pak Rachmat Gobel and Ms Fara

Luwia join the Churchill Board

17 May 2011 – Churchill/ Ridlatama files an Appeal to the

Administrative High Court in Jakarta in response to

judgments

4 July 2011 – Churchill (ICD) delivers a notice of dispute to its

Indonesian partners (Ridlatama shareholders)

under the Investors Agreements and to Mr Rinaldi

for an unlawful act claim.

15 August 2011 – Churchill lodges an unlawful act claim against Mr

Andreas Rinaldi in the Tangerang District Court in

Jakarta

15 August 2011 – Churchill commences arbitration proceedings in

Singapore against other member of the

Ridlatama group for alleged breaches of the

investors agreements

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2011

EKCP 2011

YEAR EVENTS

22 Nov 2011 – Churchill UK solicitors send a letter to the President

of the Republic of Indonesia and other Senior

Indonesian Officials requesting the Indonesian

Government enter into discussions to amicably

resolve the dispute.

19 Aug 2011 – Appeal to Administrative High Court in Jakarta

dismissed.

15 Sep 2011 – Churchill / Ridlatama files an Appeal to the

Supreme Court of Indonesia (Decision pending).

11 Nov 2011 – Churchill receives two letters from Ridlatama

group companies PT Investmine Nusa Persada

(“INP”) and PT Investama Resources (“IR”),

claiming that ICD failed to make the initial

purchase payments provided for in the Investors

Agreement and, INP and IR were seeking to

terminate the Investors Agreement with ICD.

Churchill denies the allegations made and

confirms that all payments due have been made

in full. Churchill’s solicitors also believe that the

INP and IR letters have no legal merit and are

ineffective.

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EKCP TENEMENTS AS AT DECEMBER 2007 – NO OVERLAP SHOWN

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EKCP TENEMENTS AS AT OCTOBER 2008 – NO OVERLAP SHOWN

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EKCP TENEMENTS AS AT MAY 2010- NO OVERLAP SHOWN

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EKCP TENEMENTS AS AT OCTOBER 2010- SHOWING OVERLAP

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EKCP TENEMENTS AS AT APRIL 2011- SHOWING OVERLAP

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NEXT STEPS…

• Churchill is well funded to continue to protect

shareholders interests

• Active Lobbying and Media Campaign underway to all

levels of Government/ Media in relation to the injustice to

Churchill and further the implications for foreign

investment into Indonesia

• Awaiting formal decision from the Supreme Court

• Consider Judicial Review

• Further consideration of International Arbitration if

necessary. Formal letter sent to the Republic of Indonesia-

November 2011

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CHURCHILL MINING PLC - 201124

CONTACT DETAILS

Churchill Mining

United Kingdom

Registered Office

55 Gower Street, London WC1E 6HQ

Australia

Suite 1, 346 Barker Road, Subiaco, Western Australia 6008

Postal Address

PO Box 8050, Subiaco East, Western Australia 6008

Tel +61 (0)8 6382 3737

Fax +61 (0)8 6382 3777

Web www.churchillmining.com

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