Acosta Deep Mine – Day of Grand Opening, Somerset County, Pennsylvania

Corsa Coal Corp. Investor Presentation

May 2018

Certain statements and information set forth in this presentation constitute "forward-looking statements" and "forward-looking information" under applicable securities laws (collectively, "forward-looking statements"). Except for statements of historical fact, certain information contained herein constitutes forward-looking statements which include management's assessment of future plans and operations and are based on current internal expectations, estimates, projections, assumptions and beliefs, which may prove to be incorrect. Some of the forward-looking statements include, but is not limited to, statements regarding the pro forma projections and information for Corsa and future oriented financial information. When used in this presentation, forward-looking statements may be identified by words such as "estimates", "expects" "anticipates", "believes", "projects", "plans", "pro forma" and similar expressions. These statements are not guarantees of future performance and undue reliance should not be placed on them. Such forward-looking statements necessarily involve known and unknown risks and uncertainties, many of which are beyond Corsa's control and may causeCorsa's actual performance and financial results in future periods to differ materially from any projections of future performance or results expressed or implied by such forward-looking statements. These risks and uncertainties include, but are not limited to: liabilities inherent in coal mine development and production; geological, mining and processing technical problems; inability to obtain required mine licenses, mine permits and regulatory approvals or renewals required in connection with the mining and processing of coal; unexpected changes in coal quality and specification; risks that the coal preparation plants will not operate at production capacity during the relevant period; variations in the coal preparation plants' recovery rates; dependence on third party coal transportation systems; competition for, among other things, capital, acquisitions of reserves, undeveloped lands and skilled personnel; incorrect assessments of the value of acquisitions; changes in commodity prices and exchange rates; changes in the regulations in respect to the use, mining and processing of coal; changes in regulations on refuse disposal; the effects of competition and pricing pressures in the coal market; the oversupply of, or lack of demand for, coal; currency and interest rate fluctuations; various events which could disrupt operations and/or the transportation of coal products, including labor stoppages and severe weather conditions; the demand for and availability of rail, port and other transportation services; and management's ability to anticipate and manage the foregoing factors and risks. The forward-looking statements and information contained in this presentation are based on certain assumptions regarding, among other things, coal sales being consistent with expectations; future prices for coal; future currency and exchange rates; Corsa's ability to generate sufficient cash flow from operations and access capital markets to meet its future obligations; the regulatory framework representing royalties, taxes and environmental matters in the countries in which Corsa conducts business; coal production levels; and Corsa's ability to retain qualified staff and equipment in a cost-efficient manner to meet its demand. While these assumptions, risks and uncertainties do not represent a complete list of factors which may cause events to be materially different than those expressed or implied by forward-looking statements in this presentation, they should be considered carefully. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. The forward looking statements will not be updated unless required by law. The reader is cautioned not to placeundue reliance on forward-looking statements. Unless otherwise specifically indicated, all references in this presentation to dollars or to "$" or "$USD" are to the currency of the United States, and all references to "$CAD" are to the currency of Canada.

Forward-looking Statements

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Global Crude Steel Demand Drivers

Global steel production grew 5.3% 2017(1)

Global population growth and urbanization

China and India infrastructure

Rebuilding America

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Source: worldsteel.org

(1) Source: World Steel Association

Steel Use1,500 Mt /

year

Seaborne Metallurgical Coal Pricing

Historical Quarterly LV Metallurgical Coal Benchmark Pricing (2006 – 2018)Prices expressed on a $/metric ton,

FOB Port basis

Current Drivers: Strong Steel Market, Fragile Supply Chain

10-Year Average: $185/mt

China Estimated Breakeven:

$146/mt

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Premium quality metallurgicalcoal producer

2018 Metallurgical Coal Sales Estimate: 2.1 – 2.8 million tons

NAPP Division Adjusted EBITDA for 2017: $51.9 million; Q1 2018: $12.2 million

Long-term Sales Mix Target: 70% Export; 30% Domestic

Rapid Growth: Metallurgical sales volume growth of 120% in 2017

Corsa Coal: Premium Met Coal Producer

Note: See Appendix for non-GAAP financial measures

Poised to 2x production from 2017 levels by 2020

Corsa NAPPPennsylvania

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NAPP Division Overview

• Active Deep Mines: Casselman, Quecreek, Acosta, Horning (1H 2018)

• Active Surface Mines: Hamer, Schrock Run

• 2018 Guidance

• Metallurgical Production: 1.0 – 1.2 million tons

• Value Added Services Purchased Coal: 0.4 ‐ 0.5 million tons

• Sales & Trading Tons: 0.7 ‐ 1.1 million tons

NAPP Division Operating Locations Operations

Pittsburgh 70 miles NW of Somerset

• Up to 4 million clean tons per year of processing plant capability –room to double existing production

• Three modern preparation plants with refuse disposal sites and railloadouts

• Cambria Preparation Plant (CSX)

• Shade Creek Preparation Plant (NS)

• Rockwood Preparation Plant (CSX) (Plant currently idle)

• Significant refuse disposal capacity with expansion opportunities

Infrastructure

NAPP 3 Margin Streams

Company Produced Tons

Value Added Services

Sales and Trading Volumes

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1.

2.

3.

Diversified growth strategy to increase coal sales6

0

100,000

200,000

300,000

400,000

500,000

600,000

Q1 2017 Q2 2017 Q3 2017 Q4 2017 Q1 2018

Metallurgical Coal Sales by Category (Tons)

Company Produced Purchased - Value Added Services Purchased - Sales and Trading

Organic Growth: Add 2 advanced stage mines by 2019; Grow into our 4 million tons per year of prep plant capacity

Sales & Trading Growth: New customer acquisition and purchased coal expansion

Acquisitions: Pursue acquisitions consistent with our strategy

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2.

3.

Strategy to Double Sales by 2020

Goal: 4 million tons per year of met coal sales by 20207

Infrastructure – Organic/Value Added Services

Processing Plant Capacity

 

Cambria – Preparation Plant

Value Added Services

• Storage

• Blending

• Washing

• Loading

Dual Rail Access

Enables significant savings in logistics costs versus competitors

Preparation Plant Rail % Utilized

Cambria CSX 100%

Shade Creek Norfolk Southern

<75%

Rockwood CSX Idle

4 million clean tons/year

Room to double Company Produced tons + Value Added Services tons

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Growth Projects: Utilizing our Infrastructure

($US in mm) Anticipated Capital Expenditures

Expected Project commencement

Expected AnnualProduction Capacity

Normalized Cash Mining Cost / Ton

Horning Mine $5-7 million Operating (1H 2018) 125,000 – 180,000 $85 - $95

Schrock Run Extension $2 million 2 months(Permitting Underway) 150,000 - 200,000 $45 - $55

Keyser $15-20 million 8 months(Permitting Underway) 500,000 - 625,000 $60 - $70

4 million tons of throughput capacity connected to rail9

Cambria Preparation PlantShade Creek Preparation Plant

Organic growth forecast for Corsa’s NAPP metallurgical coal sales. Corsa continually evaluates acquisitions and third party opportunities which

would add to these volumes.

NAPP Division Met Sales Plan: Company Produced + Value Added Services tons only (no Sales & Trading tons or acquisitions)

NAPP Division Organic Growth Forecast

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Estimated Gross Margins/ton at $150/mt FOBT Pricing1:

$30.00 / ton

$30.00 / ton

$30.00 / ton

$30.00 / ton

Growth CapEx per Year$12 mm

$20 mm

$10 mm

$7 mm

(1) Forward curve assumptions: 2019: $170/mt; 2020: $157/mt; 2021: $152/mt

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2018 Sales and Operational Guidance

Total Metallurgical Coal Sales Tons(1):

2.1-2.8 million short tons

Cash Productions Costs per Ton Sold (FOB Mine):

Metallurgical Coal - $78-$82 per short ton(2)(3)

General and Administrative Expenses(4):

NAPP $8-10 millionCorporate $5 - 7 millionTotal Corsa $13-17 million

Maintenance Cap/Ex per short ton sold(5):

2018 Full Year - $9 2018-2020 Forecasted Average -$4

1) Corsa's metallurgical coal sales figures are comprised of three types of sales: (i) selling coal that Corsa produces ("Company Produced"); (ii) selling coal that Corsa purchases and provides value added services (storing, washing, blending, loading) tomake the coal saleable ("Value Added Services"); and (iii) selling coal that Corsa purchases on a clean or finished basis from suppliers outside the Northern Appalachia region ("Sales and Trading").

2) This is a non-GAAP financial measure. See "Non-GASP Financial Measures" below.3) Cash Production Cost per ton sold excludes purchased coal.4) Exclusive of stock-based compensation and selling related commissions, bank fees and finance charges.5) Tons sold excludes purchased coal used in the Sales and Trading platform.

Metallurgical coal only (no thermal)

Complementary coal qualities – low-mid-high vol specifications

Projects in or near production (permitted)

Access to logistical infrastructure (US East Coast ports)

Currently evaluating only US projects

Acquisition Criteria

Active pipeline with actionable opportunities12

Positive Supply and Demand Fundamentals for Steel Raw MaterialsClear Path for Corsa to Double Sales OrganicallyAccess to North American and International Markets

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Acosta Deep Mine – Day of Grand Opening, Somerset County, Pennsylvania

Corsa Coal Corp. Investor Presentation

May 2018Appendix

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Financial Highlights

Corsa CoalFinancial Highlights

Q1 2017 Q2 2017 Q3 2017 Q4 2017 2017 Totals Q1 2018

Revenues ($ million) $52.4 $54.3 $62.9 $47.9 $217.5 $80.4

Adjusted EBITDA(1) ($ million) $16.2 $11.3 $12.2 $8.1 $47.8 $10.9

Metallurgical Coal Sales

Average Realized Price / Metallurgical Ton Sold(1) $156.12 $121.77 $112.15 $122.25 $125.56 $118.46Sales Volumes (short tons)

Company Produced Tons 196,777 194,075 248,798 172,255 811,905 242,511Corsa Value Added Services Tons 63,940 79,523 81,115 92,257 316,835 145,856Sales & Trading Tons 34,545 96,329 157,905 57,378 346,158 169,354

Total Metallurgical Coal Tons Sold 295,262 369,927 487,818 321,890 1,474,898 557,721

Cash Cost / Metallurgical Ton Sold(1)

Cash Production Cost Per Ton Sold(2) $74.67 $65.34 $70.30 $89.23 $74.18 $91.72Cash Costs per Tons Sold $88.45 $82.40 $80.29 $89.43 $84.45 $90.83

Cash Margin per Metallurgical Ton Sold(1) $67.67 $39.37 $31.86 $32.82 $41.11 $27.63

(1) Non‐GAAP Financial Measure

(2) Excludes Purchased Coal

Flexible Debt Light Covenants No Amortization, 100% Bullet Payment

at Maturity August 2019 Maturity Common Ownership Between

Debt and Equity

Balance Sheet: Conservative Leverage

Note: Ownership percentages on a fully diluted basis. Source: Company Disclosure, Capital IQ

(46%)

(16%)

(15%)

Equity Sponsorship

As of March 31, 2018

Capitalization ($mm)

Cash and Equivalents $19.9

Sprott Non-Revolving Facility $32.0

Capital Lease Obligations $3.2

Notes Payable - Equipment $0.1

Notes Payable - Alumbaugh $0.6

Total Debt $35.9

Net Debt $16.0

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Corsa Coal – Poised for Success

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Favorable position on the cost curve despite operating at far less than full capacity utilization. Premium metallurgical coal quality due to low pressure and high coke strength (CSR) Dual rail service and infrastructure enables blending and purchased coal opportunities for exports.

Domestic customers can be reached by truck, barge or rail. Advantaged logistics to 50% of domestic market and to Baltimore terminals.

Free cash flow positive; Significant operating leverage to increases in prices Strong balance sheet with minimal debt; Private equity partners No self bonding and no union liabilities

Organic growth plan to increase production with infrastructure in place to support over 4.0 million tons of preparation plant throughput at the NAPP division

Successful track record of asset integration and realized cost savings (e.g. acquisition of PBS Coals)

Emerging Sales & Trading platform with outstanding results to date

Sustainable Competitive Advantages

EBITDA &Balance Sheet Strong

Growth Opportunities

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1. Company Produced Tons

All mines are in close proximity of rail and processing plants

Key MetallurgicalMines

2017 Volume (Tons)

2017 Cash Costs/Ton

2018E Volume (Tons)

Active Mine Sites Casselman, Acosta (2017), Horning (1H 2018), Quecreek, Hamer

812,000 $74 1,000,000 –1,200,000

Expansion Mine Sites Schrock Run Extension, Keyser 0 N/A TBD

Key Asset: Acosta Underground MineKey Asset: Casselman Underground Mine

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Infrastructure drives our sales, value added services and trading

Advantaged logistics to both domestic and export markets

Ability to deliver coal domestically by truck, rail, barge

Proximity to the largest metallurgical coal buying region in the U.S.

Logistics: Our Transportation Advantage

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Source: Industry Research, Management

ArcelorMittal U. S. SteelAK Steel

ArcelorMittal & SunCoke Energy

ArcelorMittal, SunCoke Energy & AK Steel

AK Steel & SunCoke Energy

DTE

Within this shaded region there is ~15mm tons of met coal demand from coke batteries of which ~4mm tons is low volatile met coal.

Lower delivery cost to consumers = higher realized price

Transportation Advantaged Domestic Market

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Customers served: USA, Asia, Europe, South America

Capability for low, mid, and high volatile metallurgical coal blends

Ability to load vessels at all US East Coast ports

Ability to purchase coal from both CSX and Norfolk Southern served rail loadouts as well as local truck-served suppliers

3. Sales & Trading Platform

Our fastest growing segment20