Date: 11 January 2013 To: Australian Securities Exchange Companies Announcement Office Electronic Lodgment System

Dear Sir

ACTIVITIES REPORT FOR QUARTER ENDED 31 DECEMBER 2012 ACTIVITIES RELATED TO ENERGY PROJECTS: Blackall - Tambo Project

Further laboratory analysis results from coal samples from the recent drilling program at the
Company's Blackall Coal Project have been received and remaining outstanding results are awaited from the laboratory.
Planning for potential further exploration during 2013 is under way. Commencement of drilling will be subject to final program design, funding and weather conditions in the target areas.

Coal Projects - General

Statutory relinquishments of sub-blocks have been made in accordance with the conditions of the various exploration permits as required. Additional sub-blocks have also been released where assessment of the prospectivity for open-cut coal has indicated that depths to coal are excessive or where ground lies outside the geologically prospective units.

CORPORATE ACTIVITIES: Annual General Meeting

The Annual General Meeting was held on Monday 26 November and an update presentation was made to shareholders.

Sale of Surat Gas Pty Limited

On 21 December 2012 COALBANK announced the acceptance of an offer for the sale of its
100%-owned subsidiary, Surat Gas Pty Limited.
The consideration received by COALBANK for the sale of Surat Gas involved a cash and scrip combination in the form of an up-front payment of A$250,000 and 10,000,000 shares in the purchaser, Gobi Lithium Limited (to be renamed Sierra Oil Limited), an Australian
unlisted public company. The scrip-based consideration received by COALBANK represents approximately 27% of the issued capital of Sierra Oil Limited.
The cash payment and shares in Sierra Oil Limited were both received on execution of the
Share Sale Agreement and related documents during December.

COALB AN K L IM ITE D

ABN 20 075 877 075

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