ASPIRE MINING LIMITED — AGM Information 2018

Nov 27, 2018

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ASPIRE MINING LIMITED Fast-tracking the World Class Ovoot Coking Coal Project

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AGM 28 November 2018

DISCLAIMER: Important Information

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NATURE OF THIS DOCUMENT

This presentation has been prepared by Aspire Mining Limited (Aspire or the Company). The information is based on publicly available information, internally developed data and other sources. By receiving this presentation, you acknowledge and represent to the Company that you have read, understood and accepted the terms of this disclaimer.

It is the responsibility of all recipients of this presentation to obtain all necessary approvals to receive this presentation and receipt of this presentation will be taken by the Company to constitute a representation and warranty that all relevant approvals have been obtained.

NOT AN OFFER

This presentation is for information purposes only and do not purport to be all inclusive or to contain all information about the Company or any of the assets, current or future, of the Company.

This presentation does not comprise a prospectus, product disclosure statement or other offering document under Australian law (and will not be lodged with ASIC) or any other law.

This presentation also does not constitute or form part of any invitation, offer for sale or subscription or any solicitation for any offer to buy or subscribe for any securities in any jurisdiction nor shall they or any part of them form the basis of or be relied upon in connection therewith or act as any inducement to enter into any contract or commitment with respect to securities.

Any decision to purchase new shares must be made on the basis of each investor’s own investigations and inquiries into the Company on the basis of the information to be contained in the prospectus to be prepared and issued to eligible investors and a review of the Company’s other periodic and continuous disclosure announcements lodged with the ASX, which are available at www.asx.com.au.

This presentation does not constitute an offer to sell, or a solicitation of an offer to buy, any securities in the United States. This presentation and its contents must not be distributed, transmitted or viewed by any person in the United States or any jurisdiction where the distribution, transmission or viewing of this document would be unlawful under the securities or other laws of that or any other jurisdiction.

NOT INVESTMENT ADVICE

This presentation is not investment or financial product advice (nor tax, accounting or legal advice) and its contents are not intended to be used for the basis of making an investment decision.

Recipients of this presentation should carefully consider whether the company is an appropriate investment for them in light of their personal circumstances, including their financial and taxation position.

This presentation does not take into account the individual investment objectives, financial situation and particular needs of each investor or shareholder. You may wish to seek independent financial and taxation advice before making any decision in respect of this presentation. Neither Aspire nor any of its related bodies corporate is licensed to provide financial product advice in respect of Aspire’s securities or any other financial products.

FORWARD LOOKING STATEMENTS

This presentation contains forward-looking information which is based on the assumptions, estimates, analysis and opinions of management made in light of its experience and its perception of trends, current conditions and expected developments, as well as other factors that management of the Company believes to be relevant and reasonable in the circumstances at the date that such statements are made, but which may prove to be incorrect.

Assumptions have been made by the Company regarding, among other things: the price of coking coal, the timely receipt of required governmental approvals, the accuracy of capital and operating cost estimates, the completion of a feasibility study for the Nuurstei Project on its exploration and development activities, the ability of the Company to operate in a safe, efficient and effective manner and the ability of the Company to obtain financing as and when required and on reasonable terms. Readers are cautioned that the foregoing list is not exhaustive of all factors and assumptions which may have been used by the Company.

Although management believes that the assumptions made by the Company and the expectations represented by such information are reasonable, there can be no assurance that the forward-looking information will prove to be accurate. Forward-looking information involves known and unknown risks, uncertainties, and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any anticipated future results, performance or achievements expressed or implied by such forward-looking information. Such factors include, among others, the actual market price of coking coal, the actual results of current exploration, the actual results of future exploration, changes in project parameters as plans continue to be evaluated, as well as those factors disclosed in the Company's publicly filed documents. Readers should not place undue reliance on forward-looking information. The Company does not undertake to update any forward-looking information, except in accordance with applicable securities laws.

DISCLAIMER

No representation or warranty, express or implied, is made by the Company that the material contained in this presentation will be achieved or prove to be correct. Except for statutory liability which cannot be excluded, each of the Company, its directors, officers, employees, advisers and agents expressly disclaims any responsibility for the accuracy, fairness, sufficiency or completeness of the material contained in this presentation, or any opinions or beliefs contained in this presentation, and excludes all liability whatsoever (including in negligence) for any loss or damage which may be suffered by any person as a consequence of any information in this presentation or any error or omission there from. To the maximum extent permitted by the law, the Company disclaims any obligation to update or keep current the information contained in this presentation or to correct any inaccuracy or omission which may become apparent, or to furnish any person with any further information. Any opinions expressed in the presentation are subject to change without notice.

Competent Person Statements - Ovoot Coking Coal Project

The technical information contained in this presentation in relation to the JORC Code (2012) compliant Ore Reserves and JORC compliant Mineral Resources for the Ovoot Coking Coal Project is reported in the Quarterly Report for the period ended 31 December 2013.

The Company is not aware of any new information or data that materially affects the information included in this presentation. All material assumptions and technical parameters underpinning the estimates in the ASX Announcement continue to apply and have not materially changed.

Competent Persons Statement – Nuurstei Coking Coal Project

The technical information contained in this presentation in relation to the JORC Code (2012) compliant Ore Reserves and JORC compliant Mineral Resources for the Nuurstei Coking Coal Project is reported in the Company’s ASX Announcement dated 13 April 2016.

The Company is not aware of any new information or data that materially affects the information included in this presentation. All material assumptions and technical parameters underpinning the estimates in the ASX Announcement continue to apply and have not materially changed.

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Aspire Mining Limited AGM PresentationAspire Mining Limited Investor Presentation

ASSET OVERVIEW AND LOCATIONS

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Key Information

	Ownership:	▪	Aspire (100%)
	Commodity:	▪	Premium_“Fat”_Coking Coal
	Mine Type:	▪	Open Pit & Underground
Ovoot	JORC Reserves & Resources: Tenement Area:	▪ ▪ ▪ ▪	JORC Reserves: 255Mt JORC Resources: 281Mt 134km2 tenement position 1 Mining Licence (2012) & 1 Exploration License
		▪	Completed PFS (>US$50m invested to date)
	Status:	▪	Fast tracking studies for a trucking based solution via the
			Ovoot Early Development Plan (OEDP)
		▪	Aspire (80%), Noble (20%)
	Ownership:	▪	China Gezhouba right to earn into equity via US$5m
			investment
Northern Railways	Proposed Rail: Rail Concession: EPC Contractors:	▪ ▪ ▪ ▪ ▪	547km rail connection from Ovoot to Erdenet railhead 16mtpa capacity with future potential to 30Mtpa 30 year, PPP Railway Agreement Build, Operate & Transfer to the Government of Mongolia China Railway (CRCC) and China Gezhouba (CGGC)
	Status:	▪ ▪	Completed Stage 1 Feasibility Study / Pending Financing LOI from CDB to fund 75% of the total EPC contract
		▪	Priority One Belt One Road project
Nuurstei (AKM 90%)	Commodity: Mine Type: JORC Resource: Tenement Area: Status:	▪ ▪ ▪ ▪ ▪ ▪	Mid vol, low ash coking coal Open Pit 12.9Mt 1 Mining Licence / 860Ha tenement position Completed conceptual Mining Study Near-term production asset via trucking to Erdenet rail

Asset Locations

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Ovoot JORC Reserves & Resources[1]

Reserves
Deposit			Proven		Probable		Marketable
Ovoot Open Pit					247.0		182.0
Ovoot Underground					8.0		6.0
Total					255.0		188.0
Resources
Deposit	Measured		Indicated		Inferred		Total
Ovoot Open Pit		197.0		46.9		9.2	253.1
Ovoot Underground				25.4		2.6	27.9
Nuurstei				4.7		8.2	12.9
Total		197.0		77.0	20.0		294.0

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Aspire Mining Limited AGM PresentationAspire Mining Limited Investor Presentation Note 1 : Ovoot estimate as at 31 July 2013, Nuurstei estimate as at 31 December 2015

COMPANY SNAPSHOT

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Capital Structure	Current	Post Strategic Financing
Ordinary Shares on Issue 2,608m 3,346m
Share Price (Placement Price) $0.021 $0.021
Market Cap (undiluted)1 $54.8m $70.3m
Cash (30 Sept ‘18) $6.2m $17.5m*
Debt ~$3.4m -
Enterprise Value (undiluted) $52.0m ~$52.7m

Board of Directors	Board of Directors
David Paull	Executive Chairman
Gan-Ochir Zunduisuren	Executive Director
Neil Lithgow	Non-Executive Director
Hannah Badenach	Non-Executive Director
Alex Passmore	Non-Executive Director
Achit-Erdene Darambazar*	Non-Executive Director
Bat-Amgalan Boldbaatar*	Executive Director

12 Months Share Price Performance

*** Pro Forma Shareholding (Post Strategic Financing)**

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0.035 200
Volume Last Price
180 10.0% Others
0.030
160 # Noble Group
0.025 140 26.9% Shareholders 43.2%
2,935
Mr Tserenpuntsag
120
0.020
Aspire Directors
100 19.9%
0.015
80
0.010 60
“
40 Mongolian Shareholders now make up
0.005 20 33% of Aspire shareholders”
- -
Oct-17 Jan-18 Apr-18 Jul-18 Oct-18 A true Australian / Mongolian joint venture
Volume (m)
Share Price ($/shr)
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Source: Bloomberg

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Aspire Mining Limited AGM PresentationAspire Mining Limited Investor Presentation

Note 1: 689m listed options with strike price of $0.018 per share expiring in December 2019 and 211m Performance Rights

LEADING STRATEGIC PARTNERS

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Partnerships highlight Ovoot’s strategic value and its status as a Priority One Belt One Road project

Mr. Tserenpuntsag	▪ Successful Mongolian businessman with a track record of building large scale Mongolian businesses ▪ Owner of / built the largest internet service provider in Mongolia, exclusive Mongolian distributorship of Pepsi and significant shareholding in Mongolia’s largest satellite TV business ▪ Poised to become Aspire’s largest shareholder with c. 27% (post strategic financing) to provide strategic and financial support which will materially de-risk delivery of the OEDP
	▪ Aspire’s second largest shareholder, 20% shareholder in Northern Railways ▪ Marketing and logistics alliance partner with 65% Ovoot coking coal marketing rights ▪ Manages a diversified portfolio of essential raw materials and integral in the flow of bulk commodities between Mongolia and China
	▪ Large Chinese SOE and one of the world’s largest construction companies ▪ MOU with Aspire and two subsidiaries of China Railways Corporation to advance the development of the Erdenet to Ovoot railway and for investment into Northern Railways
	▪ Wholly owned subsidiaries of China Railways Construction Corporation, one of the world’s largest rail engineering construction firms ▪ China Railway 20 Bureau Corporation Group (CR20) and China Railway First Survey and Design Institute Group Co Ltd (FSDI) are Joint EPC contractor in relation to Northern Railways rail project ▪ CR20 and FSDI are supporting Northern Railways to progress completion of necessary financing, specialist design and construction for the Erdenet to Ovoot railway
	▪ Financing partner in relation to Northern Railways ▪ Provided Northern Railways with a Letter of Intent to fund up to 75% of the total EPC contract to build the Erdenet to Ovoot railway in October 2016 estimated at US$1.25 billion (excluding contingencies)

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Aspire Mining Limited AGM PresentationAspire Mining Limited Investor Presentation

OEDP - FAST TRACK PATH TO PRODUCTION

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Targeting a production of washed premium “fat” coking coal to access 3 to 4 Mtpa of available rail capacity

Overview

Key Benefits

• Low ash, high yielding “starter” open pit identified within the existing Ovoot orebody

• Transforms Aspire into a globally significant producer of high quality coking coal

• Involves the early works construction of a new private haul road to follow the existing planned rail path from Ovoot to the rail head at Erdenet for final transportation to international end customers

• Potential to achieve first production within 12 – 15 months following receipt of all approvals, funding committed and a decision to mine is made

• Brings forward significant Ovoot production and cashflow to capitalise on current price cycle

• Ovoot production no longer tied to sourcing of rail funding

• Strengthened ability to fund medium term rail development to unlock 10mtpa production profile

• OEDP Feasibility Study (Mine & Road) due in 1H 2019

Aspire Mining Limited AGM PresentationAspire Mining Limited Investor Presentation

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FAVOURABLE COAL MARKET FUNDAMENTALS

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Key Themes

Price Outlook for Benchmark HCC

• Supportive macro environment after a five year period of sector-wide downturn / distress underpinned by limited to no reinvestment

• Supply pressure across the coal complex is now underpinning strong metallurgical coal prices

• Significant coal price increases have supported a surge in M&A activity (predominately for producing assets) that reflects an industry-wide renewal

• Chinese policy-led supply shock has underpinned stronger met coal spot prices since 2016 – current HCC spot price c.US$214/t

• Demand for met coal going forward will be strengthened by emerging markets such as India with traditional markets such as Japan and Korea providing stable demand

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350 Historical Spot HCC price
289 c.US$214/t
300
250
250
210
199
190 187 181
200 172 172 166
149 143 204
150 117
90
100
10 year historical average
50
HCC price of US$180/t Forecast
0
200820092010201120122013201420152016201720182019202020212022
Historical Forward
Benchmark HCC Price (US$/t)
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Global Demand for Steelmaking Coal

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Source: Bloomberg, AME and CME

Aspire Mining Limited AGM PresentationAspire Mining Limited Investor Presentation

OVOOT PROJECT OVERVIEW

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• Advanced, globally significant premium coking coal project located in Northern Mongolia

• Ovoot PFS[2] confirms the potential to deliver up to 10Mtpa of washed high quality “fat” coking coal over a 20+ year mine life (pending a rail solution)

• Delivered washed coal will offer significant “value in use” benefits to customers including an ability to upgrade non-coking coals in a blend

• Now progressing with the Ovoot Early Development Plan (OEDP) which will deliver washed coking coal via a trucking solution to the existing rail head at Erdenet. Existing rail infrastructure can deliver 3 to 4 Mtpa.

• OEDP anticipated to deliver strong early cashflow and support medium term delivery of rail solution to unlock full 10Mtpa production profile

Ovoot Project Highlights	Ovoot Project Highlights
Ownership	100% Aspire Mining Limited
Location	Khuvsgul, north-western Mongolia
History	Acquired EL in 2010 Major new discovery 2010 - 2012 Mining License granted in August 2012
Sunk Capital	>US$50m on project development studies
Tenement Area	134km2
Resources	281Mt1
Reserves	255Mt1
Saleable Product	188Mt
Estimated Mine Life	21 years
Coal Type*	High Quality Coking Coal (“Fat” Coking Coal)
Production Potential	Up to 10Mtpa

Note 1 : Refer ASX announcement 31 July 2013 and 31 January 2014. Note 2 : Completed in May 2012 and revised in November 2012

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Aspire Mining Limited AGM PresentationAspire Mining Limited Investor Presentation

OVOOT PROJECT OUTLINE

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100% ownership of a major coking coal basin

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“Ovoot has a 247Mt open pit JORC Reserve with a mine design and Pre Feasibility Study confirming a future production profile of up to 10Mtpa of washed coking coal with rail”

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Aspire Mining Limited AGM PresentationAspire Mining Limited Investor Presentation

EXCEPTIONAL COKING COAL QUALITY

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100% Chinese (FM) “Premium Fat Coal” with high fluidity and plastic properties

Ovoot Coal Blending to Upgrade Lower Ranking Coals

• High fluidity levels make Ovoot coal an ideal product for blending and upgrading of thermal, oxidised and lower quality coking coals to saleable coking coal

 High fluidity levels make Ovoot coal an ideal product Ovoot Coal Blending to Upgrade Lower Ranking Coals	 High fluidity levels make Ovoot coal an ideal product Ovoot Coal Blending to Upgrade Lower Ranking Coals	 High fluidity levels make Ovoot coal an ideal product Ovoot Coal Blending to Upgrade Lower Ranking Coals	 High fluidity levels make Ovoot coal an ideal product Ovoot Coal Blending to Upgrade Lower Ranking Coals
for blending and upgrading of thermal, oxidised and lower quality coking coals to saleable coking coal  MOU agreed with Tavan Tolgoi to prepare blending feasibility study  Ovoot offtake interest under non-binding MOUs totaling up to 7.4Mtpa ✓ Acceptable ✓✓Strengths Indicative Ovoot Washed Coking Coal Specification Moisture 9% ✓ Ash (adb) 9.5% ✓ Volatiles (adb) 25 - 28% ✓ Sulphur 1.2% ✓ Crucible Swelling Number (CSN) 9 ✓✓ Max Fluidity Log (ddpm) 3.60 ✓✓ Max Dilation +300% ✓✓ Gray King G11 ✓✓ G Caking Index +95 ✓✓ Y Index (mm) +26 ✓✓ RoMax 1.2 ✓✓
Indicative Ovoot Washed Coking Coal Specification
Moisture	9%	✓
Ash (adb)	9.5%	✓
Volatiles (adb)	25 - 28%	✓
Sulphur	1.2%	✓
Crucible Swelling Number (CSN)	9	✓✓
Max Fluidity Log (ddpm)	3.60	✓✓
Max Dilation	+300%	✓✓
Gray King	G11	✓✓
G Caking Index	+95	✓✓
			✓ Acceptable ✓✓Strengths
Y Index (mm)	+26	✓✓
RoMax	1.2	✓✓

Source: AME

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Aspire Mining Limited AGM PresentationAspire Mining Limited Investor Presentation

NO MONGOLIAN DISCOUNT IF LOCATION AND QUALITY COMPARABLE

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Prices for coking coal and “fat” coking coal are particularly strong with no Mongolian discount observable

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Chinese Border Locations Chinese Border Coking Coal Pricing
Ceke Ganqimaodu Mongolian Australian
Border Border Washed Coal HCC CFR
Tangshan Tangshan
RMB 650-700/t RMB 1100/t RMB 1515/t RMB 1388/t
FCA Ceke FCA GB
(1/3 Coking (HCC - (HCC
Raw) Washed) Washed) (HCC Washed)
•
Gashuun Sukhait Same market equivalent spec =
Tangshan
1,203km Equivalent pricing
Erenhot –
Ceke – Tangshan 847km • Russian rail tariff discounts means new
Tangshan
1,705km markets open to Mongolian Coking Coals
2000 Coking Coal Prices (RMB/t) (Incl 17% VAT)
1800
1600
1400
1200
1000
Tianjin Mongolia Price Kailuan Fat Price (ex Mine) Tianjin Australian Price Tangshan Washed Fat Price
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Aspire Mining Limited AGM PresentationAspire Mining Limited Investor Presentation

INVESTMENT HIGHLIGHTS

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1
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Highly strategic Ovoot Coking Coal Project positioned to unlock the Northern Mongolia mining province

One of Mongolia’s largest coking coal JORC Reserves comprising 100% Chinese (FM) 2 “Premium Fat Coal”

Highly experienced Board of Directors supported by key Mongolian shareholders and 3 international partners (China Gezhouba, China Railway Construction, CDB and Noble Group) Near term high value & low cost producer of saleable premium coking coal via the Ovoot 4 Early Development Plan (OEDP)

Dedicated rail subsidiary, Northern Railways, holds a 30 year rail concession to unlock 5 future production profile of up to 10Mtpa for >20 years Reserve mine life

6 Positioned as a priority One Belt One Road project

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7
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With new Russian Rail tariffs new markets are open to Mongolian Coking Coals

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SUMMARY

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World Class Coking Coal Projects | Strategic Infrastructure Owner Priority One Belt One Road project

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Aspire Mining Limited AGM PresentationAspire Mining Limited Investor Presentation

CONTACT DETAILS

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ASPIRE MINING LIMITED

ABN: 46 122 417 243 ASX Code: AKM Web: www.aspiremininglimited.com

Offices:

AUSTRALIA

Level 9, 182 St Georges Tce

Perth, WA 6000

Western Australia Tel: +61 8 9287 4555

MONGOLIA

Sukhbaatar District, 1[st] Khoroo Chinggis Ave-8

Altai Tower, 3[rd] Floor, Room 302 Ulaanbaatar Tel: +976 7011 6828

Contact Person: David Paull – Executive Chairman

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