Mercuria Dry Bulk Finance Limited

Argo Bowen 2 – Bowen Coking Coal and certain subsidiaries

Argo Bowen 2 Pty Ltd (Argo Bowen 2) proposes to acquire 100% of the shares in Bowen Coking Coal Limited (ASX:BCB) (BCC) and certain wholly owned subsidiaries (together, the Bowen Group) pursuant to a Deed of Company Arrangement Proposal dated 9 February 2026 (the Acquisition). BCC is a company that focuses on the development, production and sale of metallurgical and thermal coal. BCC appointed voluntary administrators on 30 July 2025. BCC is the indirect majority investor in the Burton-Lenton Joint Venture, which, relevant to the Acquisition, owns: the Burton Mining Complex (also known as the New Burton Mine), which owns the Ellensfield South Mine and Plumtree North Mine; the Broadmeadow East Mine (a satellite pit); a coal handling and processing plant and associated facilities including a train loadout facility, rail loop and haul road. The Bowen Group also owns the Bluff Mine, which is excluded from the Acquisition. The Bowen Group also holds mining licences, exploration tenements and interests in deposits and potential development projects that are undeveloped and in pre-feasibility or exploration stages in the Bowen Basin. Argo Bowen 2 Pty Ltd is a subsidiary of Argo Bowen Pty Ltd. Argo Bowen Pty Ltd is currently wholly owned by Argo Holdings QLD Pty Ltd. Another subsidiary of Argo Holdings QLD Pty Ltd has entered into a contract to acquire a 70% interest in Fitzroy (CQ) Pty Ltd (the Fitzroy Group), which owns and operates three mines in the Bowen Basin region: Carborough Downs, Ironbark No. 1 mine and Broadlea open cut mine. The Fitzroy Group principally produces metallurgical coal. Argo Holdings QLD Pty Ltd is owned by Mercuria Argo Investments Pty Limited (Mercuria) and Eclipse Mining 2 Pty Ltd (Eclipse). Mercuria is a subsidiary of Mercuria Energy Group Limited, an energy and commodity trading group, specialising in physical commodities, investing in strategic assets, providing financing and logistics services. Eclipse is a subsidiary of Talisman Partners Pty Ltd. Talisman Partners, through another subsidiary, Eclipse Mining Pty Ltd, provides mine contracting and operations support which focuses on building and operating mines on behalf of mine owners.