ASPIRE MINING LIMITED — Capital/Financing Update 2022

Oct 20, 2022

Aspire Mining Limited ABN: 46 122 417 243 9th Floor, 190 St Georges Terrace Perth WA 6000 PO Box 1918 Subiaco WA 6904 Tel: (08) 9287 4555 ASX RELEASE Fax: (08) 9321 4914 Web: www.aspiremininglimited.com Email: info@aspiremininglimited.com

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For Immediate Release – 21 October 2022

Commencement of Infill Drilling at Ovoot

Aspire Mining Limited (ASX: AKM , the Company or Aspire ) is focused on developing metallurgical coal assets in Mongolia, principally its wholly owned Ovoot Coking Coal Project ( OCCP ).

The Company is pleased to advise that with the support of the local community, approval has been received for a short exploration and water drilling program within the Ovoot mining license (MV-017098).

This work is being conducted in accordance with an Exploration Plan approved by the Mineral Resources and Petroleum Authority of Mongolia (MRPAM) and an Environmental Protection Plan approved by soum (council) and aimag (province) authorities administered under the Ministry of Nature, Environment and Tourism (MNET).

Importantly, this program is progressing because of support from the community to see the Ovoot Project developed at the local level.

Community support for development of the OCCP has been strengthened in recent years, on basis of the Company demonstrating commitment to supporting nearby residents maintain their traditional livelihoods whilst also providing additional vocational and educational opportunities.

The approved Exploration Plan comprises 9 holes for a total of 1,200 metres and is budgeted to cost US$500k including laboratory and technical analysis. This Exploration Plan is an important component for completing the OCCP Definitive Feasibility Study and includes:

• Obtaining fresh coal samples for:

• washability testing coal scheduled to be produced during initial years of production; and

• representative samples for independent expert review, and for marketing samples to potential customers.

• Conducting hydrogeological testing for the Starter Pit; and

• Obtaining geotechnical samples to optimize the pit wall slope angle within the Starter Pit.

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Meanwhile the Company continues to work with:

• The MNET in order to gain approval for the Detailed Environmental Impact Assessment (DEIA) to progress OCCP operations; and

• The Minerals Resource Council (MRC) in relation to approvals for the Feasibility Study for the Coal Handling and Preparation Plant; and

• The Science and Technology Council (S&TC) in relation to Feasibility Study for paved road development to facilitate washed product coal haulage to Erdenet.

This announcement is authorised for release by the Chairman.

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Forward Looking Statements

This report contains forward-looking information which is based on the assumptions, estimates, analysis and opinions of management and engaged consultants made in light of experience and perception of trends, current conditions and expected developments, as well as other factors believed 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 studies 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 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 forwardlooking information. Such factors include, among others, the actual market price of coking coal, the actual results of current and 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.

About Aspire Mining Limited

Aspire Mining Limited is 100% owner of the world-class Ovoot Coking Coal Project, and 90% owner of the Nuurstei Coking Coal Project, both located in Khuvsgul aimag (province) of north western Mongolia.

The Company is focused upon permitting, engineering, and financing the Ovoot Coking Coal Project with intention to mine by open pit coking coal, truck this to a Company owned terminal facility in Erdenet, and then deliver to customers in China and Russia via the existing Mongolian rail network.

For more information contact:

David Paull, Chairman

Achit-Erdene Darambazar, Managing Director

+61 8 9287 4555

+976 7011 6828

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