ASPIRE MINING LIMITED — AGM Information 2025

May 28, 2025

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2025 AGM

Business Update 29 May 2025

aspirelimited.com

ASX: AKM

Disclaimer

NATURE OF THIS DOCUMENT

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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 purchas ~~e 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 presentation 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 Aspire’s management made in light of its experience and its reasonable 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 timeline for project construction, development and production activities, forecast financial information, $ 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, but are not limited to, the actual market price of coking coal, the actual results of current exploration, the actual results of future exploration, the ability to obtain financing on expected terms, obtaining regulatory approvals and the conditions attached to the same, delays in project construction and development, changes in project parameters as plans continue to be evaluated, foreign exchange capital raise to fund to fluctuations and general economic conditions, increased costs and demand for production inputs, the outcomes of studies, the speculative nature of exploration and project development, including the risks of obtaining necessary licenses and permits and diminishing quantities or grades of reserves, political and social risks, changes to the regulatory framework within which the Company operates or may in the future operate, environmental conditions including weather conditions, cash flow positivity geological and geotechnical events, and environmental issues, recruitment and retention of personnel, industrial relations issues and litigation, as well as all 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.

Ovoot Coking Coal Project

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Aspire’s Ovoot Project is one of the few premium ‘fat’ coking coal developments globally, with a large, long-life resource base, and strong marketability. We are on a pathway to expected first production in late 2026.

Overview
Ownership	100%
JORC Coal Resource1	219.4 Mt
JORC Coal Reserve1	130.1 Mt
Coal Type	Low ash ‘fat’ coking coal
Construction Start	Q2-2025
First Coal Delivery	Q4-2026
Tenement Validity2	August 2042
Trucking Distance	600 km
Railing Distance	1,115 km
	Mine (2022)
Major Permits	CHPP (2024)
	Road (2024)

Location

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Notes: (1) Refer to ASX announcement on 22 November 2024 for additional details (2) Extendable twice by 20-year periods.

Robust Project Economics

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Strong Economics and Efficient Development Model

Key Takeaways[1]

Project Economic Highlights[1]

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2,174 NPV10 (US$m) (Pre-tax)
1,558 NPV10 (US$m) (Post-tax)
215 Pre-production capital (US$m)
3.8 Payback period (Yr) (Pre-tax)
4.2 Payback period (Yr) (Post-tax)
220 Average Annual Free Cash Flow (US$m) [ 2]
142 All In Sustaining Cost (US$/t) [ 3]
230 Assumed price for Ovoot fat coking coal (US$/t) [4]
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Robust Economics: $US2.2 billion pretax NPV

30+ Year Mine Life: 116 Mt Life-of-Mine (LOM) washed fat coking coal sales

High Margin : Low capital costs to first coal production, 3.8-year pre-tax payment period

capital raise to fund to Phased Expansion from 1.5 Mtpa to 5.0 cash flow positivity Mtpa production rate

Fast-Track Development Underway: Early infrastructure works in progress

Notes: (1) Refer to ASX announcements “Ovoot Coal Resources and Reserves Updated – Revised” on 22 November 2024 and the Investor Presentation “Ovoot – A World Class Coking Coal Project” dated 20 March 2025. (2) Over 31-year mine life. (3) Imported to Erlian, China (4) Delivered Duty Paid basis in Erlian, China

2024: From Exploration to Pre-Development

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In 2024, Aspire secured all major approvals for Ovoot, project economics were validated, and end-user interest was confirmed — laying the foundation for development execution in 2025

Q1 2024

Value in Use study confirmed fat coking coal benefits

Q2 2024

Fenwei Market Study confirmed demand and pricing for Ovoot coal

Q1 2024 DEIA[1] for CHPP[2 ] development onsite approved by the MNET[3] $

Q2 2024 capital raise to fund to DEIA for public road cash flow positivity construction approved by the MNET

Q2 2024

Detailed Design for planned road approved by the MRTD[4]

Q4 2024

Ovoot JORC Resource and Reserve estimate update completed

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All major permits obtained to enable development to commence

Life-of-Mine (LOM) plan refined to update JORC Coal Reserve estimate.

Connected with end-users in target market regions interested in Ovoot coal

Keen interest shown from infrastructure and equipment suppliers to support Ovoot

Strong stakeholder support and buy-in to responsible and sustainable development plans

Notes : (1) Detailed Environmental Impact Assessment (2) Coal Handling and Preparation Plant (3) Ministry of Nature, Environment and Tourism (4) Ministry of Road and Transportation Development (5)

2025: Capitalising on Momentum

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Aspire is now progressing from planning to execution, with early-stage works underway and construction and mining set to commence in H2 2025

Q1 2025

Q1 2025

Geotechnical surveys completed for CHPP, Ovoot Camp and ERT[1]

Independent Technical Report confirmed strong economics

$

Q3 2025 Q2 2025 capital raise to fund to Award contract to Award contract(s) cash flow positivity design and construct and commence road CHPP & ERT construction

Q2 2025

MOU signed with ELM[2] for design, supply and maintenance of trailers

Q4 2025 Commence mining with initial Starter Pit development

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Short construction timeline to achieve first coal production and sales

30+ year mine life forecast with production expansion from 1.5Mtpa to 5.0Mtpa[3]

Low CAPEX start-up, with additional cost-optimisation opportunities being assessed

Well placed to support rising global steel demand led by Asian development

Focused on expanding local employment and supply chain engagement as development ramps up

Notes: (1) Erdenet Railway Terminal (2) Memorandum of Understanding with ELM Equipment Pty Ltd (refer to ASX announcement 03 Apr 2025) .

Development Pathway to First Production

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Milestones Achieved

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Infill Drilling Program Mine DEIA [2] approved
JORC Resource & ITR Completed
selection and road design.Validated haulage model Haulage Simulation and optimised fleet Designed for efficient truck unloading, coal and contained coal ERT FEED [1] Study confidence around the planned Starter Pit Firmed geological location. planned environmental community support of Approved following by MNET controls [3] of the Ovoot coal qualityuniqueness and scarcity Value In Use Study Confirmed the Fenwei Market Study coal supply shortfall in Forecast fat coking target markets Improved confidence results in improved Reserve updated categorisation. studies and confirmed Validated JORC robust project economics
storage and train
loading.
2021 2022 2023 2024 2025
Technical
Permitting CHPP FEED Study CHPP FS [4] approved Road FS approved CHPP DEIA Road DD [6] Road DEIA
Designed to contain dust, by MRPAM [5] by MRTD approved by MNET approved by MRTD [7] approved by MNET
minimise water use and Prepared based upon For implementation as Following majority Compliant with Considering
facilitate efficient truck the design developed in part of the national support shown during Mongolian public road construction and
loading. the FEED Study. highway network community consultation design standards operation of the road
Milestones Ahead
Activity Pre-2025 Q1-25 Q2-25 Q3-25 Q4-25 Q1-26 Q2-26 Q3-26 Q4-26 2027
Construction of Ovoot Permanent Camp
Construction of Mine Site Infrastructure
Construction of Road
Construction of CHPP
Construction of ERT
Construction of Transportation Hub
Mining Operations
Near-Term Catalysts Coal Sales
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Notes : (1) Front End Engineering Design (2) Detailed Environmental Impact Assessment (3) Ministry of Nature, Environment and Tourism (4) Feasibility Study (5) Mineral Resources and Petroleum Authority of Mongolia (6) Detailed Design (7) Ministry of Road and Transportation Development

Corporate Overview[1]

Capital Structure

Capital Structure
	Unit	ASX:AKM
Share Price	A$/sh.	0.28
Shares on Issue	#m	507.6
Performance Rights	#m	6.0
Market Capitalisation	A$m	142.1
Cash & Investments2	A$m	19.5
Debt	A$m	Nil
Enterprise Value	$ A$m	122.6

Mr Tserenpuntsag Tserendamba is a successful Mongolian businessman and UHNW individual who has been a substantial shareholder of Aspire since 2018. capital raise to fund to cash flow positivity He is the founder and controlling shareholder of the Gem Group in Mongolia, holder of multiple successful subsidiary companies.

He has invested approximately A$60 million in Aspire to date and is strongly focused on supporting Aspire to enter production at Ovoot in 2026.

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Share Price Performance since 1 January 2024

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Share Price (A$) (LHS) Volume (m) (RHS)
0.40 2.0
0.30 1.5
0.20 1.0
0.10 0.5
0.00 0.0
Jan 2024 Apr 2024 Jul 2024 Oct 2024 Jan 2025 Apr 2025
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Shareholder Register

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21.7%
52.5%
12.8%
13.1%
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Tserenpuntsag Tserendamba Talaxis Ltd Other Top 20 Shareholders Other Shareholders

Notes: (1) As at 27 May 2025. (2) As at 31 March 2025

Board and Management

MICHAEL AVERY Non-Executive Chairman

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• 30+ year mining industry veteran

• Significant Mongolian coal project experience

• Strong management track record within large public companies, including Rio Tinto, BHP and Brambles

• BE Mining, MBA and MAusIMM

RUSSELL TAYLOR Executive Director

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• Experienced across multiple countries and commodities

• • Led onsite delivery of the Ukhaa Khudag coal mine, the first world-class coal mine in Mongolia and several others globally

• • Managed several open cut mines, including with Reliance $ Power, Peabody and Idemitsu

• MEngSc and Member of AICD

SAM BOWLES Chief Executive Officer

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• 10 years Australian underground and open pit coal mining cash flow positivity experience with Rio Tinto and Anglo Coal

• 15 years of coal project technical, operational and executive leadership on the ground in Mongolia

• Previously COO of Mongolia’s largest washed coking coal producer, Mongolian Mining Corporation, responsible for mining, processing and transportation

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ACHIT-ERDENE DARAMBAZAR Executive Director

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• Chairman of Mongolia International Capital Corporation (MICC) the first Mongolian investment bank and brokerage firm

• 20+ years of investment banking experience with an extensive network across banks, funds and private equity investors

• Masters in International Relations from Columbia University and a Bachelor’s in Economics from Middlebury College

BOLDBAATAR BAT-AMGALAN Non-Executive Director

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• Experienced senior public relations and publishing expert

• Previously a Director of Erdenet Mining Company

• Formerly held senior roles within the Government of Mongolia, including State Secretary of Foreign Affairs.

TRISTAN GARTHE Chief Financial Officer

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• 20+ years of financial and strategic expertise in the steel & mining sectors

• History of success in capital raising, capital management, project development, and operational optimisation

• Fellow of CPA Australia, holds an MBA, a Diploma of Applied Finance, and is a Graduate of the AICD

• BE Mining and MAusIMM.

Positioned for a Breakout Year

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Ovoot is de-risked and pre-development is underway

1) Major approvals to develop the project have been obtained

2) Local stakeholders are supportive of development plans

3) Social license now earned – enabling project development

4) Viable, sustainable road haulage plan in place with public infrastructure benefit

$

5) PPPA[1] is aligned with GoM[2] long-term development plans

6) Simple, low strip capital raise to fund to ratio mining and high cash flow positivity processing yields

7) Strong interest from end-users in unique Ovoot fat coking coal qualities

8) Major shareholder strongly supports developing the Ovoot Coking Coal Project

Appendix – JORC (2012) Coal Resource and Reserve[1]

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RESOURCE

RESERVE

Category	Tonnage (Mt)	Ash (%)	CSN (#)
Measured	99.5	18.4	8
Indicated	100.9	21.3	7
Inferred	19.0	19.2	6
Total	219.4	$ 19.8	7

Category	Tonnage (Mt)
Proved	76.8
Probable	53.3
Total	130.1

capital raise to fund to

ESTIMATES OF MINERAL RESOURCES AND ORE RESERVES

The estimates of mineral resources and ore reserves in this announcement were reported in the ASX announcement titled “Ovoot Coal Resources and Reserves Updated – Revised” dated 22 November 2024. The Company confirms that it is not aware of any new information or data that materially affects the information included in that announcement, and that all material assumptions and technical parameters underpinning the estimates in the announcement continue to apply and have cash flow positivity not materially changed.

PRODUCTION TARGET AND FORECAST FINANCIAL INFORMATION

The production target and forecast financial information derived from it in this announcement were reported in the ASX announcement titled “Ovoot Coal Resources and Reserves Updated – Revised” dated 22 November 2024. The Company confirms that all the material assumptions underpinning the production target, and the forecast financial information derived from the production target, in that announcement continue to apply and have not materially changed.

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For more information please contact us

Dannika Warburton

Investor Relations

ir@asipiremininglimited.com

ASX: AKM

aspirelimited.com

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