ASPIRE MINING LIMITED

Aspire Mining Limited ABN: 46 122 417 243

Level 9, 182 St Georges Terrace Perth WA 6000 PO Box 1918 Subiaco WA 6904 Tel: (08) 9287 4555 Fax: (08) 9321 4914 Web: www.aspiremininglimited.com Email: [email protected]

ASX RELEASE

==> picture [91 x 94] intentionally omitted <==

For immediate release - 29[th] November 2019

Annual General Meeting - Chairman’s Address

Dear Shareholders,

This is the most important meeting of Aspire shareholders since I became involved with the Company some 10 years ago. I would therefore like to spend some time discussing the key resolution before shareholders today – the proposed share placement transaction with existing major shareholder Mr Tserenpuntsag which, if approved, will result in a change in control of our Company.

Like you, I am a long-term, significant and committed shareholder in the Company and have been frustrated at the significant delays experienced in being able to take our world-class Ovoot Coking Coal Project into production. Successfully taking the Company into project development and then production is seen as a key milestone for achieving a significant re-rating in the value of our Company.

Importantly, the proposed transaction is expected to deliver a number of significant benefits to our Company. One of the key benefits is that it will result in Aspire being strategically re-positioned as a more “Mongolian” company, which is expected to address many – if not all – of the local and provincial Mongolian government concerns regarding the extent of foreign ownership and control over a significant coking coal resource like Ovoot.

We have known for a long time that resource nationalism is a strong theme in Mongolia, as it also is elsewhere in many developing countries. These concerns can become much more pronounced during periods of election campaigns, particularly at the local and provincial government level.

Amendments to the Mongolian Minerals Law have given significant power to local communities in regards to regulating the resource development process. While there are various legal requirements that need to be followed in considering the grant of the requisite licences and approvals, practically there is a need to work within the existing system as entering into disputes with the local mayor or governor are only likely to result in further delays when going through the approval process.

Aspire has for some time recognised the importance of addressing foreign ownership concerns and adding a more “Mongolian” flavour to the Company’s ownership and management structure.

The three Mongolian vendors of the Ovoot exploration licences all became shareholders of the Company back when Aspire first acquired the project in 2010. Further, Mr Tserenpuntsag, a successful and well-

Aspire Mining Limited AGM Chairman’s Address

Page 1

regarded Mongolian entrepreneur, has through on-market acquisitions and completion of a share placement in December last year acquired a 27.5% interest in our Company. The Company has also had Mongolian residents on its Board and in its executive management team.

However, despite the work that has been done to date to seek to involve Mongolian nationals in the Company’s ownership and management structure, we have continued to come up against foreign ownership concerns when seeking to obtain the necessary licences and approvals to complete the work required to finish the definitive feasibility study for Ovoot.

This proposed transaction with Mr Tserenpuntsag will make the Company even more “Mongolian” from both an ownership and management perspective.

In addition to the Company becoming majority Mongolian owned, significant Board and executive changes are proposed in connection with completion of the transaction. If the transaction is approved, Mr Achit-Erdene Darambazar will assume the role of Managing Director of the Company and I will start transitioning into a more non-executive role. Mr Darambazar will work with newly appointed Chief Operating Officer Mr Sam Bowles, a Mongolian resident, which will provide the Company with a strong in-country operating team. Further, I note that existing Aspire director and Mr Tserenpuntsag board nominee Mr Boldbaatar is from the area around Khuvsgul, and his strong ties to the local community leadership are expected to continue to be of significant benefit to the Company.

Such changes should hopefully end any further debate regarding whether Aspire is an appropriate proponent to develop the Ovoot coking coal project.

Making the Company more “Mongolian” is also expected to assist the Company to source the debt funding required to finance the development of Ovoot, particularly from domestic debt providers. To assist with this process, Mr Tserenpuntsag has also confirmed his intention to arrange a corporate guarantee for up to A$100 million on arm’s length commercial terms in order to support the Company’s future debt and/or project financing in order to finance the development of Ovoot.

In addition to expected benefits from further “Mongolianising” the Company, the proposed transaction with Mr Tserenpuntsag will also result in the Company raising $36.25m before costs with Mr Tserenpuntsag’s commitment to fund 50% of the balance of the anticipated equity contribution required to complete funding of the development of Ovoot. It also provides the Company with significantly greater financial flexibility to pursue early construction activities so as to continue to target a mid-2021 production start date.

However, I acknowledge that the proposed transaction with Mr Tserenpuntsag also comes with some disadvantages.

One of the impacts of the proposed transaction with Mr Tserenpuntsag is the resultant change of control of our Company. This proposal – even though it triggers a change of control – does not provide Shareholders with a liquidity event but rather results in shareholders continuing on in a minority shareholding position.

Let me be clear that the Board has sought to identify potential alternative transactions that may provide Shareholders with a liquidity event or alternative funding proposal but, as yet no such transaction has

Aspire Mining Limited AGM Chairman’s Address

Page 2

emerged. Accordingly, the proposed share placement to Mr Tserenpuntsag is the only transaction that has been presented to the Company to consider.

Your Board thought long and hard over the transaction before recommending it to you.

On balance, the Board felt that the potential advantages outweighed the potential disadvantages associated with the transaction.

I also note that BDO Corporate Finance, being the Independent Expert commissioned to assess the merits of the transaction, have also concluded that the proposed share placement to Mr Tserenpuntsag is not fair but reasonable to Aspire Shareholders as it assessed that the advantages of the transaction were greater than the disadvantages.

Aspire’s directors, other than those aligned with Mr Tserenpuntsag, believe this proposal is in the best interests of all Shareholders.

Should this Placement be approved both Mr Alex Passmore and Mr Gan Ochir Zunduisuren have offered to resign from the Board so that the Board size is reduced to 5. Mr Zunduisuren will continue to serve in a senior management role.

I would like to thank both of these directors today for their substantial support and guidance.

I would also like to express my appreciation to our shareholders, large and small, many who have been with the Company for many years supporting the Board. In the event that the transaction resolution passes, we look forward to working closely with Mr Tserenpuntsag to achieve a positive outcome for all shareholders.

David Paull

Executive Chairman

Aspire Mining Limited AGM Chairman’s Address

Page 3

==> picture [225 x 184] intentionally omitted <==

Developing the World Class Ovoot Coking Coal Project

==> picture [700 x 191] intentionally omitted <==

AGM Presentation 29 November 2019

Disclaimer: Important Information

==> picture [58 x 62] intentionally omitted <==

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 does 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.

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 Early Development Project (OEDP)

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 Early Development Project is reported in the Company’s ASX announcement dated 11 November 2019.

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 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 Company’s December 2013 Quarterly Activities Report released to ASX on 31 January 2014.

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.

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 Ovoot Coking Coal 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

Aspire Mining Ltd Investor Presentation

Investment Case Summary

==> picture [58 x 62] intentionally omitted <==

Flagship 100% owned premium “ fat ” Ovoot Coking Coal Project (Ovoot) in Northern Mongolia with 255Mt total Reserves

Production to be unlocked via the Ovoot Early Development Project (OEDP) – Updated PFS confirms a pre-tax NPV10 of US$878m and pre-tax IRR of 49.4% based on an extended case 12.5 year mine life

Low cost producer on the global CFR China seaborne metallurgical coal cost curve (Wood Mackenzie Feb 2019) with estimated Life of Mine C1 cash costs to Chinese border of US$76/t and total cash costs of US$97/t

Favourably low capital intensity relative to comparable global metallurgical coal projects, with significant production expansion potential

OEDP DFS and associated road engineering study ongoing – Targeting first production in Q2 2021 (subject to receipt of requisite permitting, approvals and project financing)

Source: See ASX announcement dated 11 November 2019 in relation to the OEDP PFS and announcements dated 6, 16 and 25 October 2019 in relation to the proposed placement to Mr. Tserenpuntsag

Aspire Mining Ltd Investor Presentation

Asset Overview and Locations

==> picture [58 x 62] intentionally omitted <==

Key Information

Ovoot	Ovoot			FLAGSHIP PROJECT
	Ovoot	Ownership:		Aspire (100%)
		Commodity:		Premium_“Fat”_Coking Coal
		Mine Type:		Open Pit & Underground
		JORC Reserves & Resources1:	 	Reserves: 255Mt Resources: 281Mt OEDP Reserves 53.8Mt
		Tenement Area:	 	51.4km2 tenement position 1 Mining Licence (2012) & 1 Exploration License
		Status:		PFS completed for a trucking based solution to Erdenet via the Ovoot Early Development Plan (OEDP)

Northern Railways Nuurstei
	Northern Railways	Ownership:	 	Aspire (80%), Noble (20%) China Gezhouba right to earn 51% interest via US$5m investment
		Proposed Rail:	 	547km rail connection from Ovoot to Erdenet railhead 16mtpa capacity with future potential to 30Mtpa
		Rail Concession:	 	30 year, PPP Railway Agreement Build, Operate & Transfer to the Government of Mongolia
		EPC Contractors:		China Railway (CRCC) and China Gezhouba (CGGC)
		Status:	  	Completed Stage 1 Feasibility Study / Pending Financing Further development awaiting UBTZ volume guarantee Priority One Belt One Road project
	Nuurstei	Ownership		Aspire (90%)
		Commodity:		Mid vol, hard coking coal
		Mine Type:		Open Pit
		JORC Resource2:		12.9Mt
		Tenement Area:		1 Mining Licence / 860Ha tenement position
		Status:	 	Completed conceptual Mining Study Near-term production asset via trucking to Erdenet rail

Asset Locations

==> picture [320 x 186] intentionally omitted <==

JORC Reserves[1 (Mt)]

Reserves	Reserves	Reserves	Reserves
Deposit	Proven	Probable	Reserves
Ovoot Open Pit - 247.0 247.0
Ovoot Underground - 8.0 8.0
Total - 255.0 255.0
Ovoot Early Development Project 53.8 53.8

JORC Resources[1 (Mt)]

Resources	Resources	Resources	Resources	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

Aspire Mining Ltd Investor Presentation 1. See slide 2 and ASX Announcements dated 31 July 2013 and 31 January 2014 (December 2013 Quarterly Activities Report) in relation to the Ovoot Project Reserves and Resources. Further information regarding Ore Reserves specific to the OEDP see slide 13. 4 2. See slide 2 and ASX Announcement dated 13 April 2016 in relation the Nuurstei Project Resource.

Ovoot Project Overview

==> picture [58 x 62] intentionally omitted <==

Globally significant premium coking coal project located in Northern Mongolia

Ovoot 2012 PFS previously confirmed the project’s potential to deliver up to 10Mtpa of washed high quality “fat” coking coal over a 20+ year mine life (pending a rail solution)[1]
While large scale development requires a rail solution, a smaller scale early development option with road access has been identified (OEDP)
OEDP PFS confirms a compelling strategy to unlock value at Ovoot by delivering up to 4Mtpa of washed, saleable “fat” coking coal via a trucking solution to the existing rail head at Erdenet[2]
OEDP DFS in progress – awaiting further local government permitting before required infill drilling can be completed
Delivered washed coal will offer significant “value in use” benefits to customers including an ability to upgrade non-coking coals in a blend

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	 51.4km2
Coal Type*	 High Quality Coking Coal  (“Fat” Coking Coal)

Ovoot PFS Stage Development Alternative

Scenario	OEDP Extended1	Rail2
JORC Resources	281Mt	281Mt1
JORC Reserves	53.8Mt	255Mt1
Steady State Production	4Mtpa	10Mtpa
Estimated Yield (Saleable coal - 10% moisture)	85%	73%
Estimated Mine Life	12.5	21.0

See ASX announcements dated 1 June 2012 and 6 December 2012 in relation to the Ovoot PFS and Ovoot PFS revisions. See also the Company’s Quarterly Activities Report for the period ended 31 December 2013 released to the ASX on 31 January 2014. The company is not aware of any new information or data that materially affects the information contained in that announcement and that all material assumptions and technical parameters underpinning the estimates continue to apply and have not changed.

Aspire Mining Ltd Investor Presentation

See ASX announcement dated 11 November 2019 in relation to the OEDP PFS

Ovoot Project Outline

==> picture [58 x 62] intentionally omitted <==

100% ownership of a major coking coal basin now fast tracking into production via the OEDP

==> picture [590 x 376] intentionally omitted <==

Aspire Mining Ltd Investor Presentation Note: All infrastructure subject to funding and construction

Updated OEDP PFS Extended Case Outcomes

==> picture [58 x 62] intentionally omitted <==

Outstanding Updated Extended Case economics with unleveraged NPV10 (pretax) of US$878m with an IRR (pre tax) of 49.4%

Physicals		*Unit*	Amount
Waste Mined		M Bcm	253
Strip Ratio (incl. pre-strip)		Bcm/t	4.7
Coal Mined		Mt	53.8
Average Yield (10% Moisture)		%	85
Coal Sold (net of 2% loss)		Mt	44.7
Life of Mine		Years	12.5 years

Operating Expenditure		*Unit*	Amount
Mining		US$/t	26
Trucking		US$/t	32
Rail + Border Charges C1 Cash Costs Total Cash Costs		US$/t *US$/t* US$/t	18 76 97
Sustaining Capital Expenditure		US$M p.a.	3.0
Valuation & Price Assumption	*Unit*		Amount
Coking Coal Price	US$/t		150
Pre-tax NPV10	US$M		878
Pre-tax IRR	%		49.4
Pre-tax Payback Period	Months		20
Post-tax Payback Period	Months		26

Note: MNT:USD Exchange Rate of 2,600 RMB:USD Exchange Rate of 6.8

Aspire Mining Ltd Investor Presentation

Capital Expenditure CHPP Plant Onsite Infrastructure Offsite Terminals and Blending Facility Mine Processing & Infrastructure Waste pre-stripping	Amount (US$M)
	37
	10
	16
	63
	31
Total Mine Capital	94
Road Total Capital Expenditure	165
	259

OEDP Updated Pre-Tax NPV Sensitivities (USD M)

1,300
500 700 900 1,100 Pre-tax NPV				*US$878 M*							Price Capex Opex Yield
	-10.0%		-5.0%			-	+5.0%	+10.0%
Sensitivity		*-10.0%*		*-5.0%*			-		*+5.0%*	+10.0%
Price		564			721		878		1,035		1,174
Capex		905			892		878		865		852
Opex		947			913		878		844		810
Yield		737			822		878		929		977

Pre-Tax Cash Flows

==> picture [58 x 62] intentionally omitted <==

OEDP to average US$193m p.a. in pre-tax cash flows[1] with LOM totals for the Extended Cases at US$2.1b

==> picture [714 x 380] intentionally omitted <==

----- Start of picture text -----

Projected Annual and Cumulative Pre-tax Cash Flows [1] (Extended Case)
2,500
Pre-tax FCF Cumulative Pre-tax FCF
2,000
1,500
1,000
500
255 262 268 272
214 174 171 172 174 186 190
-
-
(19)
(101) (116)
(500)
2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033
Cash Flows (USD M)
----- End of picture text -----

Aspire Mining Ltd Investor Presentation

Source: See ASX announcement dated 11 November 2019 in relation to the OEDP PFS Note 1 : Based on the extended case LOM pre-tax cash flows averaged post commencement of commercial production

Future Low Cost Coking Coal Producer

==> picture [58 x 62] intentionally omitted <==

OEDP Extended Case will position Aspire as a significant 4.0Mtpa coking coal producer in the 1[st] quartile of the global cost curve

2025 Metallurgical Coal Cost Curve (Mt, USD/t)

==> picture [700 x 345] intentionally omitted <==

----- Start of picture text -----

Q1 Q2 Q3 Q4
$200
RoW
Australia
$180
Ovoot
$160 Current Price Assumed Price: US$150/t
$140
OEDP LOM Avg.
$120 4.0 Mtpa
US$97/t
$100
$80
$60
$40
$20
‐
‐ 25 50 75 100 125 150 175 200 225 250 275 300
Cumulative Coal Production (Mt)
CFR Cost (USD/t)
----- End of picture text -----

Source: Aspire, Wood MacKenzie (February 2019)

Aspire Mining Ltd Investor Presentation

Low Capital Intensity

==> picture [58 x 62] intentionally omitted <==

OEDP has favourably low capital intensity relative to comparable coking coal projects globally, with significant production expansion potential

OEDP has favourably low capital intensity relative to comparable coking coal projects globally, with significant production expansion potential	OEDP has favourably low capital intensity relative to comparable coking coal projects globally, with significant production expansion potential	OEDP has favourably low capital intensity relative to comparable coking coal projects globally, with significant production expansion potential	OEDP has favourably low capital intensity relative to comparable coking coal projects globally, with significant production expansion potential	OEDP has favourably low capital intensity relative to comparable coking coal projects globally, with significant production expansion potential	OEDP has favourably low capital intensity relative to comparable coking coal projects globally, with significant production expansion potential	OEDP has favourably low capital intensity relative to comparable coking coal projects globally, with significant production expansion potential	OEDP has favourably low capital intensity relative to comparable coking coal projects globally, with significant production expansion potential	OEDP has favourably low capital intensity relative to comparable coking coal projects globally, with significant production expansion potential
65 106 129 140 161 180 182 194 13 24 33 19 28 26 16 28 ‐ 5 10 15 20 25 30 35 ‐ 50 100 150 200 250 Mine Life (Years) Capital Intensity (USD/t/a) Capital Intensity Mine Life Capital Intensities of Recent Coking Coal Development Studies1 (USD/t p.a.) Owners Logos Project Ovoot (OEDP) Grassy Mountain Ram River Project Telkwa Groundhog Lochinvar Crown Mountain Debiensko Major Owner / Interest (%) Aspire Mining ASX:AKM (100%) Hancock Prospecting (100%) Ram River Coal (100%) Allegiance Coal ASX:AHQ (50%) Atrum Coal ASX:ATU (100%) New Age Expl. ASX:NAE (100%) Jameson Res. ASX:JAL (50%) Prairie Mining ASX:PDZ (100%) Coal Use(s) Metallurgical Metallurgical Metallurgical Metallurgical Metallurgical Metallurgical Metallurgical, PCI Metallurgical Location Mongolia Canada Canada Canada Canada UK Canada Poland Study Level / Release Date PFS 11-Nov-2019 DFS 13-Dec-17 PFS 31-Mar-2017 PFS 11-Sep-2017 Updated PFS 9-Jun-16 Scoping Update 15-Mar-2017 PFS Update 26-Apr-2017 Restart Scoping 15-Mar-17 Capex Estimate2 (USD M) 259 476 771 35 142 252 310 504 Target Production(Mtpa) 4.0 4.5 6.0 0.25 0.88 1.4 1.7 2.6 Capital Intensity(USD/t p.a.) 65 106 129 140 161 180 182 194 Mine Life Estimate(Yrs) 12.5 24 33 19 28 26 16 26 Acquired by Hancock in May 2019 for $900m
‐ 50 100 150 200 Capital Intensity (USD/t/a)	65 106 129 140 161 180 182 194 13 24 19 28 26 16 28 Capital Intensity Mine Life Acquired by Hancock in May 2019 for $900m

Owners Logos
Project	Ovoot (OEDP)	Grassy Mountain	Ram River Project	Telkwa	Groundhog	Lochinvar	Crown Mountain	Debiensko
Major Owner / Interest (%)	Aspire Mining ASX:AKM (100%)	Hancock Prospecting (100%)	Ram River Coal (100%)	Allegiance Coal ASX:AHQ (50%)	Atrum Coal ASX:ATU (100%)	New Age Expl. ASX:NAE (100%)	Jameson Res. ASX:JAL (50%)	Prairie Mining ASX:PDZ (100%)
Coal Use(s)	Metallurgical	Metallurgical	Metallurgical	Metallurgical	Metallurgical	Metallurgical	Metallurgical, PCI	Metallurgical
Location	Mongolia	Canada	Canada	Canada	Canada	UK	Canada	Poland
Study Level / Release Date	PFS 11-Nov-2019	DFS 13-Dec-17	PFS 31-Mar-2017	PFS 11-Sep-2017	Updated PFS 9-Jun-16	Scoping Update 15-Mar-2017	PFS Update 26-Apr-2017	Restart Scoping 15-Mar-17
Capex Estimate2 (USD M)	259	476	771	35	142	252	310	504
Target Production(Mtpa)	4.0	4.5	6.0	0.25	0.88	1.4	1.7	2.6
Capital Intensity(USD/t p.a.)	65	106	129	140	161	180	182	194
Mine Life Estimate(Yrs)	12.5	24	33	19	28	26	16	26

Source: S&P Market Intelligence, Public information

Aspire Mining Ltd Investor Presentation

Feasibility study estimates used to calculate capital intensity (capital expenditure estimate / target production)
List of peers includes all coking coal projects on S&P Market Intelligence with a feasibility study released since 2017
Exchange rates applied – USD:CAD = 0.75, USD:AUD = 0.71

Indicative Timeline

==> picture [58 x 62] intentionally omitted <==

Aspire expects to be in OEDP production by Q2 2021

Indicative Timeline Through to Production

Milestone	2019	2019	2019	2019	2020	2020	2020	2020	2021	2021	2021	2021	2022	2022	2022	2022	2023	2023	2023	2023	2024	2024	2024	2024	2025	2025	2025	2025	2026	2026	2026	2026	2027	2027	2027	2027	2028	2028	2028	2028	2029	2029	2029	2029	2030	2030	2030	2030	2031	2031	2031	2031	2032	2032	2032	2032	2033	2033	2033	2033	2033
Development Studies
Pre-feasibility Study
Permitting for Mine & Road
Definitive Feasibility Study
Front End Engineering & Design
Funding
Financing Discussions
Construction
Haul Road Construction
Mine Construction
Waste Pre-strip
Production
Extended Case

Note:

As previously announced, delivery of the OEDP remains subject to receipt of the necessary approvals to complete the Definitive Feasibility Study (DFS) and proceed to construction and mining. The DFS is continuing and awaiting the necessary approvals from the local community level to complete infill and other technical drilling required to complete the study

Aspire Mining Ltd Investor Presentation

Local Community Benefits

==> picture [58 x 62] intentionally omitted <==

Significant benefits can be extracted from the Ovoot project over the first ten years of operations

Breakdown of taxes and fees to be paid (USD)

Local Economy Growth

==> picture [278 x 237] intentionally omitted <==

----- Start of picture text -----

USD 33.1 million
USD 73.7 million
4%
8%
88%
USD 767.3 million
----- End of picture text -----

The Ovoot Project is estimated to provide up to 1,200 direct and indirect employments
A total of USD c.259 million to be invested into the project, injecting capital to grow the local economy
Up to USD c.767 million will be paid in the forms of taxes and fees to state budget; while USD c.106 million will be accumulated in local budget over the first ten years of operations

State Budget AIMAG Budget SOUM Budget

Exchange rates applied – USD:MNT= 2,627.

Aspire Mining Ltd Investor Presentation

Community Relations

==> picture [58 x 62] intentionally omitted <==

Education | Health | Environment | Cultural Heritage

Signatory to the Responsible Mining Initiative

Greenhouse farming trial project

==> picture [439 x 186] intentionally omitted <==

==> picture [197 x 164] intentionally omitted <==

Operator training for heavy machineries

Sewing training

Healthcare event

==> picture [257 x 195] intentionally omitted <==

==> picture [176 x 175] intentionally omitted <==

==> picture [227 x 175] intentionally omitted <==

Aspire Mining Ltd Investor Presentation

Investment Highlights

==> picture [58 x 62] intentionally omitted <==

Strategic Ovoot Coking Coal Project positioned to unlock the Northern Mongolia mining province

One of Mongolia’s largest coking coal JORC Reserves comprising 100% “Premium Fat Coal”

Highly experienced Board of Directors and management supported by key Mongolian shareholders and international partners

Near term high value & low cost producer of steady state 4Mtpa saleable premium “ fat ” coking coal via the Ovoot Early Development Plan (OEDP)

Significantly undervalued relative to attractive updated PFS economics

Proposed placement to strategically reposition Aspire as a Mongolian led company with its strongest ever financial position - estimated cash backing of approximately $44m and nil debt

Improved positioning post placement to receive remaining approvals and secure project financing to support targeted production by Q2 2021

Aspire Mining Ltd Investor Presentation

Contact Details

==> picture [58 x 62] intentionally omitted <==