ASPERMONT LIMITED. — Interim / Quarterly Report 2021

Feb 7, 2021

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Investor Update January 2021 (ASX:ASP) (FRA:00W)

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www.aspermont.com

The leading media services provider to the global resource industries

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Aspermont is the leading media services provider to the global resource industries.

Aspermont has built a commercial XaaS model for B2B media which distributes high value content to a growing global audience. This versatile model can be scaled to serve new business sectors in new countries and languages to create exceptional revenue. Aspermont is listed on the ASX and on the Frankfurt Stock Exchange with offices in UK, Australia, Brazil, USA, Canada Singapore and the Philippines.

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Capital structure and corporate information ASX:ASP Shares on issue 2.3b Current share price 1.6c 52 week range 0.6c – 2.1c Options on issue 313m @3 cent Unlisted Performance Rights 137m Market Capitalisation 36.9m Substantial Shareholdings 14.3% Drysdale Investments 12.9% Allandale Holdings 11.7% White Rabbit Ventures 7.4% Annis Trading Limited 5.7% Ginga Pty Ltd 44% 13% 19% 24% Share Registry Composition Board Management Longterm Holders Retail Holders Management are incentivised and tied with LTIPs Board and long term shareholders provide a stable corporate structure Note: Figures presented as per 3rd February 2021	Capital structure and corporate information ASX:ASP Shares on issue 2.3b Current share price 1.6c 52 week range 0.6c – 2.1c Options on issue 313m @3 cent Unlisted Performance Rights 137m Market Capitalisation 36.9m Substantial Shareholdings 14.3% Drysdale Investments 12.9% Allandale Holdings 11.7% White Rabbit Ventures 7.4% Annis Trading Limited 5.7% Ginga Pty Ltd 44% 13% 19% 24% Share Registry Composition Board Management Longterm Holders Retail Holders Management are incentivised and tied with LTIPs Board and long term shareholders provide a stable corporate structure Note: Figures presented as per 3rd February 2021		3

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Aspermont is developing a new blueprint for B2B media

Aspermont has a consolidated position as the leading media services provider to the global resource sectors. Aspermont brands have served the mining industry for 185 value content for rate audiences. in the internet became a and one of years providing high premium Early age, Aspermont digital pioneer successfully developed the first media paywalls in 2002 and a semantic search architecture in 2008. Technological innovation continues to drive all business divisions today. Over the past 20 years, Aspermont as a global media services provider has increasingly built a competitive advantage, deterring new market entrants and prompting the exit of regional competitors.

Aspermont is in a growth phase, expanding its product range while serving an audience which is building at a 30% compound growth rate.

Brand Leverage

Our 560 years of combined brand heritage has built unequalled audience trust. This trust enables market collaboration to ensure a high success rate in launching new products.

Operational Agility

Our centralized structure and scalable human resources model facilitate rapid go -to-market speed with investment risk control.

Leadership Team

Tier 1 executive team with extensive C-suite experience at blue-chip firms. Common strength in marketing, technology and problem solving. Tied in with equity based LTIPs.

Intellectual Property

Decades of technological experimentation have produced unique IP in processes, marketing systems and commercial models.

Industry Leadership

Aspermont engages with 7.5million board and management executives across key industries. Sentiment and insight analysis enables agenda setting and leadership on macro themes.

Scalable Model

XaaS based and Data models with high unit economics and increasing operating leverage. Can be rolled efficiently across other sectors and geographical markets.

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Ajit Patel Chief Operating Officer

Alex Kent

Group Managing Director

Leah Thorne

Group People Director

Matt Smith

Chief Commercial Officer

Nishil Khimasia

Chief Financial Officer

Ajit has over 30 years technological experience in various roles, across media and events. Ajit was previously Global CTO at Incisive Media, responsible for software development, online strategy, infrastructure and system implementation. Ajit joined Aspermont to build the technological base (codename: Horizon) that would enable the company’s long-term vision. Ajit as COO has a key role in developing and launching new products across the business. He also directly manages the subscriptions

Alex joined Aspermont in 2007 having spent the early part of his career at Microsoft. Alex was responsible for establishing Aspermont’s semantic search model, its digital marketing business and defining the architecture for the company’s XaaS model.

Alex has BSc degrees in Economics, Accountancy and Business Law and was the driving force which elevated Aspermont from print to digital media and assembled the management team to deliver on this vision. business.

Leah joined Aspermont after an 18year career in Human Resources. Leah has previously managed the HR function of numerous ‘tech start ups and their transition to become established businesses. Leah was previously head of European Talent Development at Activision Blizzard with a focus on leadership development for the digital transition. At Aspermont, Leah is responsible for People strategy across the global offices to ensure the right people are in the right places to deliver a higher growth phase.

Matt has over 20 years of prior experience in global media sales. Matt was previously President at International Data Group, the largest global technology media house where he was responsible for building the demand generation business and designing the company’s data strategy. Matt is now responsible for all Aspermont’s commercial initiatives and is tasked with establishing a solution-sales based culture at the business. Matt is also the lead architect of Aspermont’s new Data business.

Nishil has significant experience in Data and XaaS business development and is skilled in financial management, restructuring, M&A and negotiations.

Previously Nishil was the CFO and General Manager at Equifax, UK and Ireland, which is one of the world's largest Data companies. Nishil has managed Aspermont’s comprehensive financial turnaround to eliminate debt and establish a high margin business that is able to finance organic growth from free cash flow.

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Fast Facts
KEY FINANCIALS AUDIENCE STATISTICS SUBSCRIPTION METRICS
Profitable &
7.9k $8.9m
Annual Contract Value
Cash Generative Paid Subscriptions
$4.6m 250k 14%
Net Cash, No debt Monthly Active Users ARPU 4-year CAGR
$15.2m 34x
Revenue Unit Economics
60% 3.8m $58m
Gross Margins Digital Users Lifetime Value
75% 7.5m+ 100%
Recurring Revenues Board & Management Contacts Net Retention Rate
Note:
Figures presented as per Dec-20 unaudited management accounts
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Q1 Key Highlights

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• Financial

• Growth in all revenue streams except live events which were suspended due to COVID • Subscriptions cash collections grew by 13% (yoy) with annual contract value (ACV) up 6.4% (vs Q4-20) • Newly established Data division set to contribute $1m+ to group revenues in initial year • Improved gross margins saw earnings growth and generation of free cashflow • Corporate

• Independent research note produced on company by Singapore-based corporate advisory firm (SPARK+) • Aspermont is now listed on Frankfurt and Tradegate Stock Exchanges • New corporate and IR advisers appointed in Germany and Singapore are building awareness of Aspermont’s value proposition with significant impact on share trading volumes • Recent interview with Managing Director outlines corporate strategy and growth prospects Operational • Virtual exhibitions launched: Future Of Mining 365 Mining Journal Select 365 Investor Outreach • Research division launched: Mining Magazine Intelligence * Subscription cash collection and ACV foreshadow momentum in subscriptions revenues, which lag behind on a recognised basis. Q1 subscriptions revenues grew by +4%

• Operational

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Aspermont is becoming increasingly cash generative

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||||||||
|---|---|---|---|---|---|---|
|50%|100%|
|OPERATING|REVENUE|down 15%|to|$3.8|m|
|-0.6m|From|
|$4.4|m|
|OPERATING|REVENUE|up|8%|to|$3.8|m|
|+0.3m|From|
|$3.5|m|
|(excluding live events)|
|11%|to|60%|
|Gross Margin|up|
|+600bps|From|54%|
|Normalised EBITDA|up|287%|to|$0.2|m|
|+0.3|m|From|
|($0.1|m)|
|Reported EBITDA|up 220%|to|$0.4|m|
|+0.8|m|From|
|($0.3|m)|
|Normalised|up|488%|to|$0.44|m|
|+0.4m|From|
|$0.07|m|
|Operational|
|Cashflow|
|Reported|up|434%|to|$0.6|m|
|Operational|+0.8 m|From|($0.2m)|
|Cashflow|

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▪ COVID-19 impacts to Live Events caused overall revenues to be down

▪ All other revenue streams remained in growth

▪ Subscriptions and Data revenue growth improved margins

▪ Lower opex/capex investment due to prevailing uncertainty in economic conditions

Normalised EBITDA and cashflow figures show improvement

▪

Reported EBITDA and cashflow figures were boosted by one-off government grants

▪

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Note: Figures presented as per Dec-20 unaudited management accounts

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Growth over 18 consecutive quarters as measured by XaaS metrics

Key XaaS Metrics	As at June’16	As at Dec’20	CAGR
Monthly Active Users (MAU)	115k	249k	20%
Total Digital Users	1.1m	3.8m	32%
Number of Subscriptions*	7.2k	7.9k	2%
Average Revenue Per Unit (ARPU)	$623	$1,134	14%
Annual Contract Value (ACV)	$4.5m	$8.9m	16%
Renewal Rate (Volume)	73%	85%	3%
Net Retention Rate (NRR)	94%	100%	5%
Unit Economics (UE)	18:1	34:1	37%
Lifetime Value (LTV)	$16.5m	57.8m	32%

Key metrics confirm improved quality of earnings which set foundation for long term growth

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Consistent audience growth with increasing Average Contract Value. Market capitalization is considerably below Lifetime Value of existing subscriptions contracts. * All subscriptions have multiple paid members attached. Aspermont doesn’t report paid member figures for competitive reasons.

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• Revenue growth with improved gross margins, other than for live events

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Gross Margin (%)
Revenues (A$’m)
75%
5.0
4.0 0.9
0.9
3.0 0.1
0.1 Live Events 50%
2.0
3.8 Other
3.5 60%
3.2
2.9 53% 54%
2.6
49%
47%
1.0 45%
0.0 25%
Q1 17 Q1 18 Q1 19 Q1 20 Q1 21 Q1 16 Q1 17 Q1 18 Q1 19 Q1 20 Q1 21
$0.9m live events revenue written off, all other streams in growth Business model scalability established
Normalized Operating Cashflow (A$’m)
Normalized EBITDA (A$’m)
0.6
0.5
0.3
0.2 0.4
0.1 0.2 0.1
0.1 0.2
-0.2 -0.4
-0.1 -0.2 -0.1 -0.1
-0.6
-0.3 -0.3
-0.3
-0.6
-0.5
-1 Q1 16 Q1 17 Q1 18 Q1 19 Q1 20 Q1 21
Q1 16 Q1 17 Q1 18 Q1 19 Q1 20 Q1 21
Cashflow generation strengthening Positive earnings emerging
Note:
Figures presented as per Dec-20 unaudited management accounts
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Aspermont’s execution priorities for FY21

Focus on staff Manage and adapt to Covid-19 productivity Focus on high gross margin Develop new skills digital platform profits and through training and prepare relaunch of Live recruitment to enhance Events productivity Measures: Measures: ▪ ▪ % Gross margins Revenue per employee ▪ ▪ Live Events relaunch Staff turnover ▪ speed Cross-sales ratio

Focus on subscriptions value and depth Launch new research divisions to enhance content quality and deepen existing account penetration Measures: ▪ Average Revenue Per Unit ▪ Net Retention Rate ▪ Annual Contract Value

Monetize data opportunity

Cross and up sell existing client base with new lead generation opportunities

Measures: ▪ Data revenue ▪ Average Revenue Per Client ▪ Recurring client revenue %

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Aspermont anticipates a strong post COVID phase • Subscriptions to regain pre COVID growth rates • All XaaS metrics confirm Audience growth for a fifth consecutive year • New data divisions revenues generate organic growth to offset constrained advertising spend • Improved profit margins impact EBITDA and deliver free cash flow • Plans to enhance Asian market penetration

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The Aspermont value proposition

	Key XaaS Metrics	Sept’20
a 5-year-old mediatech company with a 180-year brand around has completed. S business model with proven scalability has delivered onsecutive quarters. dience growth provides new Data monetization siness model demonstrates strength and resilience in mic. debt free and new business launches with higher gross unded from free cash flow. business model can be scaled by geography, by language y management are both experienced and innovative and sure compensation aligned with shareholder interests.
	Digital Users	3.4m
	ACV (& ARR)	$8.4m
	ARPU	$1k+
	NRR	101%
	Unit Economics	32:1
	LTV	$56.2m
	Key Financials	Dec’20
	Revenue	$15.2m
	Recurring Revenue	75%
	Gross Profit Margin	60%
	Profitable	Yes
	Debt	None
	Net Cash	$4.6m
	Market Capitalization	$37m
	Valuation Metrics	Dec’20
	Price to Sales	2.4x
	LTV multiple	0.6x
	Subs Revenue multiple	4.2x
	EV/ARR multiple	3.6x
	Note to accounts
	All results are as per FY20 audited results

• Aspermont is a 5-year-old mediatech company with a 180-year brand heritage.

• Business turnaround has completed.

• This new XaaS business model with proven scalability has delivered growth in 18 consecutive quarters.

• Consistent audience growth provides new Data monetization opportunities.

• Aspermont business model demonstrates strength and resilience in COVID pandemic.

• Aspermont is debt free and new business launches with higher gross margins are funded from free cash flow.

• Aspermont’s business model can be scaled by geography, by language or by sector.

Aspermont key management are both experienced and innovative and their LTIPs ensure compensation aligned with shareholder interests.

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For further information

AUS Address

Aspermont 613-619 Wellington Street Perth Western Australia, 6000

Contact Info Email: corporate@aspermont.com

Telephone Office Phone: +61 8 6263 9100

UK Address Aspermont Media No.1 Poultry London United Kingdom, EC2R 8EJ Contact Info Email: corporate@aspermont.com

Telephone

Office Phone: +44 207 216 6060

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Glossary (XaaS Metrics)

Number of Subscriptions
Number of live subscriptions at end of period	7,885
Average Revenue Per Unit (ARPU)
Annual Contract Value / Number of Subscriptions	$1,134
Annual Contract Value (ACV)
Aggregate contract cash value of all live subscriptions at the end of a period	$8.9m
Sessions
Total number of web sessions over a trailing twelve month basis	6.5m
User8
Total number of users who initiated at least one web session over a trailing twelve month basis	3.8m
Loyalty Index
Internal metric analysis of subscriber loyalty through their engagement	61%
Renewal Rate
Volume of subscriptions renewed over trailing twelve month basis (ie the inverse of Churn Rate)	85%
Lifetime Years (LY)
Average lifetime of a subscription = 1/Churn Rate	6.5 years
Lifetime Value (LTV)
Aggregate of present and future value of all subscriptions = (Lifetime Year x Annual Contract Value)	$57.8m
Net Revenue Retention (NRR)
Aggregate Revenue retention of subscriptions= (Renewals value / Total Subscriptions value in prior equivalent period)	100%
Unit Economics (UE)
Multiple of LTV to customer acquisition cost of a new subscription= (LTV of new subs / Customer Acquisition Cost)	34 x

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Disclaimer

Important notice disclaimer

Forward-looking standard elements

This presentation may include forward-looking statements. Such statements can generally be identified by the use of words such as 'may', 'will', 'expect', 'intend', 'plan', 'estimate', 'anticipate', 'believe', 'continue', 'objectives', 'outlook', 'guidance‘, ‘forecast’ and similar expressions. Indications of plans, strategies, management objectives, sales and financial performance are also forward-looking statements.

Such statements are not guarantees of future performance, and involve known and unknown risks, uncertainties, assumptions, contingencies and other factors, many of which are outside the control of Aspermont Limited or . ( Aspermont Company ) No representation is made or will be made that any forward-looking statements will be achieved or will prove to be correct. Actual results, performance, operations or achievements may vary materially from any forward-looking statements. Circumstances may change and the contents of this presentation may become outdated as a result. Readers are cautioned not to place undue reliance on forward-looking statements and Aspermont assumes no obligation to update such statements.

No representation or warranty, expressed or implied, is made as to the accuracy, reliability, adequacy or completeness of the information contained in this presentation.

presentation.

Preparation of information

All financial information has been prepared and reviewed in accordance with Australian Accounting Standards. Certain financial data included in this presentation is ‘non-IFRS financial information’. The Company believes that this non-IFRS financial information provides useful insight in measuring the financial performance and condition of Aspermont. Readers are cautioned not to place undue reliance on any non-IFRS financial information including ratios included in this presentation.

Presentation of information

Currency All amounts in this presentation are in Australian dollars unless otherwise stated.

FY refers to the full year to 30 September.

Rounding Amounts in this document have been rounded to the nearest $0.1m. Any differences between this document and the accompanying financial statements are due to rounding.

Third party information and market data

Past performance

Past performance information given in this presentation is given for illustrative purposes only and should not be relied upon as (and is not) an indication of future performance.

The views expressed in this presentation contain information that has been derived from publicly available sources that have not been independently verified. No representation or warranty is made as to the accuracy, completeness or reliability of the information. This presentation should not be relied upon as a recommendation or forecast by Aspermont. Market share information is based on management estimates except where explicitly identified.

Information is not advice or offer of securities

No liability or responsibility

This presentation is not, and is not intended to constitute, financial advice, or an offer or an invitation, solicitation or recommendation to acquire or sell Aspermont shares or any other financial products in any jurisdiction and is not a prospectus, product disclosure statement, disclosure document or other offering document under Australian law or any other law. This presentation also does not form the basis of any contract or commitment to sell or apply for securities in Aspermont or any of its subsidiaries. It is for information purposes only.

Aspermont does not warrant or represent that the information in this presentation is free from errors, omissions or misrepresentations or is suitable for your intended use. The information contained in this presentation has been prepared without taking account of any person’s investment objectives, financial situation or particular needs and nothing contained in this presentation constitutes investment, legal, tax or other advice. The information provided in this presentation may not be suitable for your specific needs and should not be relied up on by you in substitution of you obtaining independent advice. Subject to any terms implied by law and which cannot be excluded, Aspermont accepts no responsibility for any loss, damage, cost or expense (whether direct, or indirect, consequential, exceptional or special damages including but not limited to loss of revenue, profits, time, goodwill, data, anticipated savings, opportunity, business reputation, future reputation, production or profit, any delay costs, economic loss or damage) incurred by you as a result of any error, omission or misrepresentation in this

The information in this presentation is general in nature and is provided in summary form and is therefore does not purport to be complete.

To the maximum extent permitted by law, Aspermont and each of its affiliates, directors, employees, officers, partners, agents and advisers and any other person involved in the preparation of this presentation disclaim all liability and responsibility (including without limitation, any liability arising from fault or negligence) for any direct or indirect loss or damage which may arise or be suffered through use or reliance on anything contained in, or omitted from, this presentation. Aspermont accepts no responsibility or obligation to inform you of any matter arising or coming to their notice, after the date of this presentation, which may affect any matter referred to in this presentation.

This presentation should be read in conjunction with Aspermont’s other periodic and continuous disclosure announcements lodged with ASX.

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