Bowen Coking Coal Limited has signed a Put and Call Option Agreement under which it has, through a wholly owned subsidiary, secured a call option (exercisable between 6 and 9 November 2021) and granted a put option (exercisable until 5.00pm on 12 November 2021) to enter into binding transaction documents with the Controllers of the assets of Carabella Resources Pty Ltd. (receivers and managers appointed) (controller appointed) (in liquidation) (`Carabella') to acquire the Bluff PCI Coal Mine (`Bluff'). The sale process for Bluff was facilitated by FTI Consulting on behalf of Australian mining contractor MACA Ltd. Bluff is an open-cut PCI coal mine in the Bowen Basin which has been on care and maintenance since December 2020 and the re-start capital is estimated between $5 million and $7 million, with $6 million to $9 million estimated in total for the first 12 months. Bluff has total Indicated and Inferred resources of 13.5Mt (11.2Mt Indicated and 2.3Mt Inferred) estimated in accordance with the JORC code 2012. Bluff's main assets include a granted mining lease (ML80194), secondary exploration permits (EPC1175 and EPC1999), an approved Environmental Authority and minor surface infrastructure which includes workshop facilities, explosives magazines and minor surface infrastructure. The mine acquisition also includes ownership of 1,931 ha of grazing land (426 ha within the Mining Lease) on two adjacent Grazing Homestead Perpetual leases.