ASPIRE MINING LIMITED — Capital/Financing Update 2017

May 9, 2017

Aspire Mining Limited ABN: 46 122 417 243 69 Kewdale Rd Welshpool WA 6106 PO Box 1918 Subiaco WA 6904 Tel: (08) 9287 4555 Fax: (08) 9388 1980 Web: www.aspiremininglimited.com Email: info@aspiremininglimited.com

ASX RELEASE

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For Immediate Release – 10 May, 2017

Nuurstei Project Mine Development Funding Update

• Expression of Interest to fund proposed Nuurstei CHP Plant received from German bank ODDO BHF

• Noble confirms interest in arranging coal pre-sale and other trade based financings to support Nuurstei Coking Coal Project mine development

Mongolian metallurgical coal explorer and infrastructure company, Aspire Mining Limited (ASX: AKM, the Company or Aspire ), is pleased to announce that it has received an Expression of Interest (“EOI”) to fund a modular Coal Handling and Processing Plant (“CHP”) proposed to be established at the Nuurstei Coking Coal Project (Nuurstei Project) mine.

The EOI is from ODDO BHF, a German private bank and financial services group.

Whilst the terms and conditions are to be negotiated and approved following final confirmation of the economic feasibility of the Nuurstei Project, the funding would likely be done under Hermes Fund cover. The Hermes Fund is a German Government backed export credit agency which has been involved in a number of substantial financings in Mongolia over recent years.

To also assist in the funding of the Nuurstei Project development and fresh from signing an offtake agreement for Nuurstei Project product, the Noble Group has confirmed that it will assist mine development funding using trade based funding opportunities including arranging coal pre-sales.

The ECJV owns 90% of the Nuurstei Project. The ECJV is 50% owned by Aspire and 50% by Noble Group with Aspire having the right to 30 June 2017 to acquire the Noble Group interest for US$1 million and a future royalty.

On 19 April 2017 the Company announced that it had received a conceptual mine plan for the Nuurstei Project which confirmed its near term potential based on trucking coal to the nearest rail head. Subject to funding, a US$1.5m drilling and sampling programme is planned to confirm assumptions used in the Conceptual Mine Plan and provide the basis for a Feasibility Study and a development decision.

Aspire’s Managing Director, Mr David Paull, said that “there are a number of sources of funding for the Nuurstei Mine Development such as those highlighted in this announcement which will limit future dilution for shareholders in the event that the development of the Nuurstei Coking Coal Project proceeds”.

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About Ekhgoviin Chuluu Joint Venture

The Ekhgoviin Chuluu Joint Venture (ECJV) is currently a 50/50 joint venture arrangement between Aspire and Singapore listed, Noble Group (SGX: N21, Noble). Aspire is the operator of the ECJV and has an option to purchase Noble’s 50% interest, exercisable by 30 June 2017. The ECJV owns a 90% interest in the Nuurstei Coking Coal Project (Nuurstei Project) located in northern Mongolia and a 100% interest in the Erdenebulag Coal Project located in the South Gobi region of Mongolia.

Depending on the further analysis of the results of a future drilling program, positive economic studies, funding and the grant of necessary approvals and licenses, the Nuurstei Project could commence a road based production operation and access the new Erdenet to Ovoot Railway two years from commencement of its construction.

The close proximity of the Nuurstei Project to existing infrastructure (town, road, rail and services) provides an excellent opportunity to assess the economics of a road-based operation prior to the construction completion of the Erdenet to Ovoot Railway.

About Aspire Mining Limited

Aspire Mining Limited is listed on the ASX (ASX: AKM) and is the largest coal tenement holder in Mongolia’s Northern provinces and is focused on identifying, exploring and developing quality coking coal assets.

Aspire is the 100% owner of the world class Ovoot Coking Coal Project (Ovoot Project) which is the second largest coking coal project by reserves in Mongolia. The Ovoot Project development is dependent on the construction of the Erdenet to Ovoot Railway being progressed by Aspire’s subsidiary, Northern Railways LLC (Northern Railways). Production from the Ovoot Project can coincide with the commissioning of the Erdenet to Ovoot Railway.

Aspire also currently owns a 50% interest in and is the operator of the Ekhgoviin Chuluu Joint Venture (ECJV), and has an option to increase its ownership to 100% of the ECJV. The ECJV owns a 90% interest in the Nuurstei Coking Coal Project (Nuurstei) which has announced initial JORC Compliant resources

About Northern Railways LLC

Northern Railways LLC (Northern Railways) is a Mongolian registered rail infrastructure Company, and mandated to pursue the development of the Erdenet to Ovoot Railway, is supported by a consortium consisting of Aspire Mining, and subsidiaries of Fortune 500 listed China Railway Construction Corporation – China Railway 20 Bureau Group Corporation (CR20G) and China Railway First Survey & Design Institute (FSDI).

The Erdenet to Ovoot Railway extends 549km between the town of Erdenet to Aspire’s Ovoot Project, which connects northern Mongolia to China and international markets. In accordance with Mongolian National Rail Policy, the Erdenet to Ovoot Railway is a multi-user rail line and will be available for the transport of bulk materials, agricultural and general freight from the region to export markets including China, Russia and seaborne markets.

The Erdenet to Ovoot Railway will play an important part in the establishment of the Northern Rail Corridor through Mongolia, the subject of a trilateral program agreed by the Presidents of China, Russia and Mongolia. The Northern Rail Corridor through Mongolia is primarily aimed at improving trade by reducing regulation, improving capacity at borders and to improve road and rail infrastructure to meet this increased demand for transport services. The Northern Rail Corridor through Mongolia links closely

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with Chinese policies to establish a New Silk Road to improve Euro-Asian trade, and Russia’s policy of establishing a Euro-Asian economic zone.

In August 2015, Northern Railways was granted an exclusive 30 years concession by the Mongolian Government to build and operate the Erdenet to Ovoot Railway. Northern Railways is now progressing funding negotiations for the completion of a bankable feasibility study and other studies to support applications for licences, permits and approvals, as well as progressing negotiations for the EPC contract and financing of the railway construction.

For more information contact:

Corporate David Paull Managing Director

Aspire Mining Ltd

+61 8 9287 4555

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