ASPIRE MINING LIMITED

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OVOOT COKING COAL PROJECT (“OCCP”) WORLD CLASS PROJECT PROVIDING BEST IN CLASS ESG OUTCOMES

AGM PRESENTATION

NOVEMBER 2021

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 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. Forwardlooking 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 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 (OCCP)

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.

ASPIRE MINING LIMITED | AGM PRESENTATION

OUR COMPANY AIM: RESPECT

Aspire aims to be a positive force for improving the lives and the environment in which it operates through:

Respecting the environment and investing in sustainable energy sources for a secure future.
Respect the local culture and support initiatives to enable herders to maintain their lifestyle.
Respect the land and water and seek to mitigate impacts at all levels of the Company’s activities.
Respect the people of the region through providing meaningful employment, education and training and improving their health and well being.
Respect the local laws and regulations and seek to exceed these as a minimum standard.

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ASPIRE MINING LIMITED | AGM PRESENTATION

ASSET OVERVIEW AND LOCATIONS

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Key Information

Ownership: ▪ Aspire (100%) Commodity: ▪ Premium “Fat” Coking Coal Mine Type: ▪ Open Pit JORC Reserves ▪ Reserves: 255Mt & Resources[1] : ▪ Resources: 281Mt ▪ 51.4km[2] tenement position Tenement Area: ▪ 30 Year Mining Licence granted August 2012 ▪ PFS completed for a trucking based solution to Erdenet via Status: the Ovoot Early Development Plan (OEDP). ▪ Front End Engineering for DFS underway Cash : ▪ A$34m in cash. No Debt JORC Reserves[[1 (Mt)]] 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 Reserves[[1 (Mt)]]

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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

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. 2. See slide 2 and ASX Announcement dated 13 April 2016 in relation the Nuurstei Project Resource.

ASPIRE MINING LIMITED | AGM PRESENTATION

OCCP: PATH TO PRODUCTION

The OCCP is based on trucking coal to the nearest railhead at Erdenet
Aspire intends to mine and wash “fat coal” and transport it 560km from the mine-site by road to Erdenet
Aspire to build a special purpose road to transport washed coking coal to Erdenet
The coal will then be transported a further ~1,000km by rail wagons to Erlian in Northern China
Aspire is targeting markets with majority of its fat coking coal being marketed and sold to steel customers located in China and Russia
PFS revised in November 2019 to reflect updated mining and logistics costs and a revised mine schedule
Updated PFS economics of NPV10 (pre tax) US$878m and IRR (pre tax) of 49.4%

Source: Refer to ASX Announcement dated 11 November 2019 in relation to the OEDP PFS

PFS Extended Case Summary
5
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
Operating Expenditure
Unit
Amount
Mining
US$/t
26
Trucking
US$/t
32
Rail + Border Charges
US$/t
18
C1 Cash Costs
US$/t
76
Total Cash Costs
US$/t
97
Sustaining Capital Expenditure
US$M p.a.
3.0
Capital Expenditure
Amount (US$M)
CHPP Plant
37
Onsite Infrastructure
10
Offsite Terminals and Blending Facility
16
Mine Processing & Infrastructure
63
Waste pre-stripping
31
Total Mine Capital
94
Road
165
Total Capital Expenditure
259

ASPIRE MINING LIMITED | AGM PRESENTATION

PLANNING FOR AN INVESTMENT DECISION IN 2022

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▲ Development Delayed During Permitting Process

COVID delayed the holding of local community engagement meetings
These have now been held with strong local community support
Definitive Environmental Impact Assessment now with the Ministry of Environment for approval
Road Detailed Engineering progressing to be completed 2[nd] Quarter 2022
Route Geotech survey completed
Road design matched to optimal truck/trailer configurations
Road Concession negotiations commenced

▲ Argonaut PCF Appointed debt and corporate advisers

To identify debt and quasi debt funding options

ASPIRE MINING LIMITED | AGM PRESENTATION

PRICING CYCLE SUPPORTIVE OF NEW MINE FUNDING

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4500
Coking Coal Prices RMB/t (inc 13% VAT) 25th November 21
4000
3500
3000
2500
2000
1500
1000
500
01-Jul-19 01-Sep-19 01-Nov-19 01-Jan-20 01-Mar-20 01-May-20 01-Jul-20 01-Sep-20 01-Nov-20 01-Jan-21 01-Mar-21 01-May-21 01-Jul-21 01-Sep-21 01-Nov-21
Tianjin Mongolia Price Kailuan Fat Price (ex Mine) Tianjin Australian Price Tangshan Washed Fat Price
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ASPIRE MINING LIMITED | AGM PRESENTATION

EXCEPTIONAL DEPOSIT: HIGH WASHING YIELD & % COKING

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= HIGHEST IN-SITU VALUE PER TONNE & LOWEST STRIP RATIO = LOWEST MINE DIESEL CONSUMPTION/TONNE PRODUCT (Scope 1)

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90%
85%
80% Aspire
(243Mt)
75%
70%
65%
60%
Tavan Tolgoi
55% West Tsankhi
(888Mt) Premium Coking
UHG Mine
50% (305Mt) Hard & Semi-Hard
Coking & Semi-Soft
45%
40%
30% 40% 50% 60% 70% 80% 90% 100%
Source: Company filings % Coking Coal
Note: Size of bubble indicates size of total Reserves
Washing Yield
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ASPIRE MINING LIMITED | AGM PRESENTATION

VOLATIVE MATTER: RANK vs DILATION

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Ovoot coal is a rare mid-volatile coal with:
Ovoot is the highest dilatation
► a rank (% Ro Max) in the hard coking coal range
in the mid-vol range
► >95% vitrinite content
► exceptional dilatation (+260%), a significant contributor to coke strength
Source: Independent Technical Review of the UHG Coal Project dated 28 September 2010, and Aspire data.
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ASPIRE MINING LIMITED | AGM PRESENTATION

OVOOT HAS WORLD LEADING CAKING & PLASTIC PROPERTIES

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Ovoot coal is best in class caking and plastic properties creating superior blending and coking efficiencies.

ASPIRE MINING LIMITED | AGM PRESENTATION

FAT COKING COAL IMPROVES COKE AND BLAST FURNACE EFFICIENCIES

For Coke Ovens

The exceptional plastic properties of Ovoot coal will see it used sparingly as a key component in coke oven blends (5-10%).
In pilot coke oven testing, Ovoot coal showed that it can “carry” significant amounts of inert material (recycled coke breeze) without detrimental impact on coke strength.

For Blast Furnaces

Effective use of Fat Coking Coal in a batch improves yield and efficiency of the coke oven process, reducing emissions and improving coke strength. (Scope 3 emissions).
Larger and more efficient blast furnaces require stronger cokes with good mechanical properties to provide an efficient reduction process within the softening area.

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Coke Oven Slots
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ASPIRE MINING LIMITED | AGM PRESENTATION

RENEWABLE POWERED ELECTRIFICATION INITIATIVES TO REDUCE EMISSIONS

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Mine Power Systems

The Ovoot DFS will incorporate minesite power solutions focusing on wind and solar along with battery storage.
On site wind monitoring to commence.
Since the PFS power options study was completed in late 2018 there has been significant advances in capital costs for renewable power and storage which makes reliance on off grid solutions more feasible.

Reducing Transport Emissions

Approximately 75% of the transport distance for Ovoot Coking Coal to end markets in Hebei is on rail with diesel consumption of approximately 0.4 litres per 100kms per tonne. Truck based transport has 3 times the emissions per tonne transported.
Trucking fuel consumption is around 1 – 1.2 litres per 100 kms per tonne of coal.
The trucking distance from the mine to the Erdenet Rail Terminal is + 560 kms.
Aspire has entered into a discussion with Hyzon Motors regarding the use of a 400hp equivalent fuel cell electric vehicle that can use hydrogen produced from renewable power on site. Initial comparisons to existing ICE options look attractive.

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ASPIRE MINING LIMITED | AGM PRESENTATION

SUSTAINABLE DEVELOPMENT AND THE COMMUNITY

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Our sustainable development strategy and programs are in harmony with the following strategic documents that are enforced in Mongolia:

UN Sustainable Development Goals (SDGs) 2030
Mongolia Sustainable Development Principles 2030 and Vision 2050
Company Sustainable Development Strategy (2020) available on web site.

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Fodder cropping over 200 ha to assist with local livestock and growth of dairy and meat industries.
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Supporting local sporting clubs
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Health care initiatives such as sponsoring a mobile pediatric cardiac clinic in the local community

ASPIRE MINING LIMITED | AGM PRESENTATION

SOCIAL LOCAL COMMUNITY BENEFITS

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Significant benefits can be extracted from the Ovoot project over the first ten years of operations[1]

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Breakdown of taxes and fees to be paid (USD )
USD 33.1 million
USD 73.7 million
4%
8%
88%
USD 767.3 million
State Budget AIMAG Budget SOUM Budget
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Local Economy Growth

The Ovoot Project is estimated to provide up to 1,200 direct and indirect jobs
A total of USD c.259 million to be invested into the project, injecting capital to grow the local economy
Majority of the investment is in new road construction connecting the local community with a safe sealed road.
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 budgets over the first ten years of operations

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

Note 1 : Based on OEDP PFS : Refer to ASX Announcement dated 11 November 2019

ASPIRE MINING LIMITED | AGM PRESENTATION

LEADERSHIP IN GOVERNANCE

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In June 2019 and alongside other large Mongolian Mining Company’s, Aspire signed on to a voluntary charter of behavior, Miners for Responsible Mining.

Main commitments include:

Following high standards of governance and transparency
Promote internal policies for gender equality and anti-discrimination
Occupational Health and Safety
Environmental protection
Supporting local community development

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Photo of signing ceremony.
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ASPIRE MINING LIMITED | AGM PRESENTATION

POLICIES AND A CULTURE OF TRANSPARENCY

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Policy commitments consistent with UN charters and ASX rules and guidelines

Board Approved Policies:

Anti Corruption and bribery
Whistleblower Protection
Diversity
Community Engagement
Environment and Sustainability

ASPIRE MINING LIMITED | AGM PRESENTATION

ENVIRONMENT SOCIAL GOVERNANCE

ENVIRONMENT

SOCIAL

Funding infrastructure in remote communities
Using world class coal processing technologies to minimize water and power usage.
Providing health and education initiatives for local communities
Fat coal reduces Scope 3 emissions.
Independently managed community development fund
European low emissions truck transport.
High paying jobs and training
Renewable on-site power to support operations
Evaluating production of Green Hydrogen for mobility and eventually sale to steel producers.

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GOVERNANCE

Member - Mongolian Alliance for Responsible Mining.
Commitment to highest Policy Standards
Anti-bribery and Corruption
Conflicts of Interest

▪ Diversity

▪ Transparency

ASPIRE MINING LIMITED | AGM PRESENTATION

LOOKING FORWARD

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 OCCP is the right Project among Coking Coal Developers to Proceed

❖ Robust financials and ESG outcomes
Well-funded with A$34m in cash and no debt.
Support of major shareholder Mr Tserenpuntsag to develop mine.
Supportive Government
Coking Coal Market is expected to remain supply constricted with new developments in OECD jurisdictions becoming problematic.
Ovoot Coking Coal will:
Be developed using renewable power and world’s best processing technology to mitigate Scope 1 and 2 emissions.
Assist steel makers in improving productivity and reduce Scope 3 emissions
Provide direct and long lasting social and economic benefits for the local community

Looking to a Decision to Mine in 2022 once permitting and funding secured.

ASPIRE MINING LIMITED | AGM PRESENTATION

CONTACT DETAILS

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

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Contact Persons

David Paull Chairman Tel: +61 8 9287 4555 Archit Darambazar Managing Director Tel: +976 7011 6828

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ASPIRE MINING LIMITED | AGM PRESENTATION
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ASPIRE MINING LIMITED — AGM Information 2021

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