ASPIRE MINING LIMITED — Investor Presentation 2011

Jul 6, 2011

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Coking Coal Industry Chain Summit, July 2011 QINGDAO, China

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ABN 46 122 417 243

Forward Looking Statements & Disclaimer

Forward Looking Statements

Certain statements in the presentation are or may be “forward‐looking statements” and represent the Company’s intentions, projections, expectations or beliefs concerning among other things, future exploration activities. The projections, estimates and beliefs contained in such forward looking statements necessarily involve known and unknown risks and uncertainties which may cause the Company’s actual performance in future periods to differ materially from any express or implied estimates or projections.

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 officers, employees and advisers 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 document, 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. Any opinions expressed in the presentation are subject to change without notice.

All persons should seek appropriate professional advice in reviewing or considering the presentation and all other information with respect to the Company and evaluating the Ovoot Coking Coal Project and the other Mongolian coal assets. The presentation does not purport to contain all of the information that may be required to evaluate all of the factors that would be relevant in determining whether to deal in the Company’s securities, including but not limited to any person’s objectives, financial situation or needs. Each person should make, and will be taken to have made, its own investigation, assessment and analysis of the information in this presentation and other matters that may be relevant to it considering whether to deal in the Company’s securities.

This presentation is not for distribution in, nor does it constitute an offer of securities for sale in, Canada, Japan, or in any jurisdiction where such distribution or offer is unlawful. Neither this presentation nor a copy of the presentation can be taken or transmitted into the United States of America, its territories or possessions, or distributed, directly or indirectly, in the United States of America, its territories or possessions or to any US person as defined in Regulation S under the US Securities Act 1933, as amended (the “Securities Act”). Any failure to comply with this restriction may constitute a violation of United States securities laws. The presentation and any oral statements made in connection with it are not an offer of securities for sale in the United States.

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Mongolia Coking Coal – An Awakening Giant

Mongolian Coking Coal Projects

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Mongolian Coal Production & Exports
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Source: Mongolian National Mining Association, Renaissance Capital estimates

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Mongolian Coking Coal Production

Company	Mine	% Coking	2016 Production	2016 Production	Coking Grades
			Coking (mt)	Thermal (mt)
Mongolian Mining Corp (MMC)	UHG	60%	6	4	Hard & Semi Hard
Mongolian Alt Group (MAK)	Barun Noran Naryn Sukhait	70%	5	2	Semi Soft
SouthGobi Resources (SGO)	Ovoot Tolgoi/Soumber	70%	7.5	3	Semi Soft
Tavan Tolgoi JSC	Little TT	60%	3	2	Hard & Semi Hard
Erdenes Tavan Tolgoi	TT	60%	6	4	Hard & Semi Hard
Hunnu Coal	Tsant Uul	60%	2.8	2	Semi Soft
Gobi Coal & Energy	Shinejinst/Zeegt	93%	6.5	0.5	Semi Soft
Aspire Mining Limited	Ovoot	100%	12	‐	Premium Coking Coal
Mongolian Energy Corp (MEC)	Khushuut	70%	4	1.8	Coking Coal
			52.8	19.3

Source: Renaissance Capital Estimates, Aspire Mining Limited Estimates

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Well Positioned to Supply to North Asian Markets

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Via Russian Eastern Ports

• 3 days to Japan

• 3 days to South Korea

• 5 days to Eastern Chinese Ports

vs

• 15 days + Demurrage from Australia/Canada

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The Great Mongolian Coking Coal Advantage

Mongolian Coking Coal Exports:

 Currently 16Mt (2010), rising to 52Mt (2016)

• All coking coal exports mined are within 300 kilometres of China

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Proximity to Coal Markets – China

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Ovoot
Inner Mongolia
Hebei Liaoning
Shandong
Jiangsu Chinese Coking Coal Imports by Province
Map: Largest Provincial Importers
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Map: Largest Provincial Importers of coking coal

Source: China Coal Resource, Shanxi Fenwei Energy Consulting

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Exporting Mongolian Coking Coal through Russia?

1. Until Ovoot there was no coking coal in the North of Mongolia

2. 2 out of 6 groups bidding for TT believe so

3. Longer distances to Port, but rates are lower

4. Ovoot – Naushki, 980km, US 2-3cents/t/km

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• Naushki – Vostochny, 3,800km, US 1c/t/km possible

• Naushki – Manzhouli (Inner Mongolia), 800km, US +1c/t/km

• New and profitable business for Russian Railways assuming Port capacity can be secured

• Fewer costs and disruptions at Russian border

• Costs are comparable to Australian FOB costs but with shipping savings in cost and time!

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Is it Possible to Export Mongolian Coking Coal through Russia?

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The Inefficiencies of Mongolian Coal Exports to China

• Change of gauge requiring transhipment

• Borders with China closed from time to time

• Long waiting times

• Border costs add US$6-9/T

• Bottlenecks with 16Mtpa. What happens for 50Mt?

• The Mongolian coking coal discount

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• Once in China – Chinese Coal

• Difference between Chinese domestic and seaborne market ~ US$100/T

• Logistic bottlenecks create potential arbitrage

• Will close over time

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Tavan Tolgoi – The Elephant in the Room

• Massive 6.4Bt of Resources – 1.6Bt coking coal

• 2 x 15Mtpa Open pit mines

• 2 x 10Mtpa of washed coal

1) West Tsankhi

• 100% being sold to foreign consortium

• Decision date ~ July 2011

• 1,100km TT railway part of development scenario

2) East Tsankhi

• 30% Hong Kong IPO (2012)

• 20% Mongolian Nationals/Business

• 50% Mongolian Government

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Aspire Mining Limited

Company Snapshot – Corporate Structure

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Capital Structure (ASX:AKM) Share Price (LTM)
Undiluted Diluted
$1.20 60.0m
Share Price (24 June 11) $ 0.570 0.570
6 Apr 2011
Shares Outstanding m 540.0 849.2 [2] Final quality data
Market Capitalisation $m 307.8 484.0 confirms high quality
coking coal
Options on Issue m 247.7 $1.00 50.0m
Net Cash $m 15.6 [1] 50.6 [2]
22 Mar 2011
Noble discloses 8.6%
Enterprise Value $m 292.2 433.4 interest
1 As of 31 March 2011
2 Assuming full take up of top up rights by SouthGobi $0.80 40.0m
15 Dec 2010
SouthGobi Placement
approved by shareholders
Ownership (Fully Diluted) $0.60 18 Mar 2011 30.0m
14 Oct 2010 Additional quality data
Maiden 330Mt confirms high yield
Resource expectations
3 Jun 2010
$0.40 Positive Drill Results 17 Nov20 10 20.0m
and $4.5m Maiden Hong Kong
Placement Roadshow
8 Sep 2010
Positive Quality 25 Oct 2010
$0.20 Testwork Results 10.0m
$20.1m Strategic
Placement with
SouthGobi
$0.00 0.0m
May‐10 Aug‐10 Oct‐10 Jan‐11 Apr‐11
Price
Volume
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Aspire’s Strategic Investor Interest

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19.9% Interest (Oct 2010)

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8.6% Interest (Mar 2011)

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PROJECTS

Project Locations

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Project Interests

• Ovoot Coking Coal Project (100%)

• Jilchigbulag Coal Project (100%)

• Nuramt Coal Project (100%)

• Shanagan Joint Venture (51% Earn in)

• Zavkhan Iron Ore Project (Earning 70%)

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Ovoot – Seismic Plan

Project Seismic Plan

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 +500sqkm project
Hurimt
area
JORC Resource area
 10,000m drilling
programme for
2011
Zuun Del Prospect
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Ovoot – Thick Central Section of the Orebody

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Central thick part of Orebody 1km x 4km. Average total seam thickness – 45m

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Ovoot JORC Resource & Coal Seam Stratigraphy

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93% of Resource Tonnes are located in the Upper and three plies of the Lower Seam

JORC Resource

	Above 250m Depth	Below 250m Depth	Total
Measured	70.4	22.9	93.3
Indicated	135.0	47.4	182.4
Inferred	41.9	13.1	55.0
Total	247.3	83.4	330.7

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 More than 80% of the resource is in the
‘Measured’ and ‘Indicated’ categories
 75% of resource sits above 250 metres –
potential for a large scale open pit operation
 Completed 44 holes and 8,364 metres of drilling
 93% of resource located in just two seams
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Ovoot Indicative Product Quality & Fluidity Properties

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Yield IM % Ash % Volatiles CSN
% %
Indicative Washed Coal Quality 80% 0.6% 8% 25 ‐ 28% 8 ‐ 9
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• Air dried basis

• Above table based on receipt of 90% of coal washing analysis from the 2010 Exploration Programme

• ISO Coal Classification: Medium Rank B, high vitrinite, low ash, coking coal

World Class Fluidity Properties Gray‐King Coke Type G11 – G12 Maximum Fluidity (log ddpm) 3.67 Plastic Range 106[o] C Max. Contraction % 35% Max. Dilation % 250%

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Feasible Rail Path Identified

Commentary

Potential Rail Route

• Calibre Rail has reviewed a

• number of rail options to connect Ovoot to coal export markets

• Multiple potential users of rail between Moron and Erdenet

• Rail path analysis identified

• a preferred and feasible:

• 162 km rail path to Moron

• 390 km rail path from Moron to Erdenet

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Ovoot to Erdenet Rail Line

• Northern Mongolian Rail Alliance (“NMRA”) established to drive support for funding rail link between Moron and Erdenet

• Apart from Ovoot Coking Coal Project there are many other Projects near Moron which would benefit from a rail link to Erdenet:

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• The Burenhaan Phosphate Project (3 – 4 mtpa)

• Huren Chuluut Iron Ore Project (2 – 5 mtpa)

• Mogoin Gol Coal Mine

• Copper ‐ Moly Projects

• Broad acre agricultural commodity industries

• Socio Economic Study completed April 2011

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• Funding Options need to be assessed

Ovoot is the catalyst that can provide the Base Load

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Proximity to Coal Markets – rail access

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Asian Importers of Coking Coal: Japan 53Mt[1] Korea 18.6Mt[2] Taiwan 4Mt[3] 75.6Mt Russian total Coking Coal Exports to Asian markets:

4.3Mt[2]

1. Source: UBS Investment Research, 11 April 2011: UBS Global I/O: Commodity Price Review, CY2010 data

2. Source: Mitsui Bussan Metals Co. Ltd, World Metallurgical Coal Trade (CY2009)

3. Source: TEX Report, CY2009 data

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Ovoot Development Scenario
DSO Constraints Production
Stage
0.5 – 1 Mtpa Road capacity 2012
1 limited
Large Scale Project Constraints Production
Stage
•
12 Mtpa Requires Ovoot to 2016
•
2 Wash Plant Required Erdenet Rail line
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Ovoot Stage 2

Major new Quality Coking Coal Supply source

Indicative ROM ------------------------------- 15Mtpa

Target Mine Life ------------------------------- +20years

Assumed Yield --------------------------------- 80%

• Coking Coal Production --------------------- 12 Mtpa

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Aspire Production of Global Significance.

Largest Met Coal Producers Globally by 2016 (source: AME)

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Massey Energy Company
Marubeni Corporation
Mechel OAO
Macarthur Coal Limited
New World Resources
Mongolian Mining Corp
Aspire
Peabody Energy Corporation
Walter Energy Inc.
Vale S.A
Rio Tinto Group
Xstrata plc
Anglo American plc
Teck Resources Limited
Mitsubishi Corporation
BHP Billiton Limited
0 5 10 15 20 25 30 35 40 45
Mt
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Production Comparisons – Independent Coking Coal Peers

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Market Resource ROM Target Coking Coal
Cap. (mt) (tpa) Production
(mtpa)
Aspire Mining US$433 M 330.7 15 12
Mongolian Energy Corp US$1.03 B 149 8 5.8
New World Resources US$4.3 B 396 N/R 5.3
Mongolian Mining Corp US$4.6 B 581 15 6
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Significant Value Upside as Stage 2 Production Certainty Grows

*Calculations as at 24 June 2011

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Competent Person Statement

In accordance with the Australian Securities Exchange requirements, the technical information contained in this announcement in relation to the Ovoot Coking Coal Project in Mongolia has been reviewed by Mr Neil Lithgow –Non Executive Director for Aspire Mining Limited. Mr Lithgow is a Member of the Australian Institute of Geoscientists and has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the 2004 Edition of the "Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves.” Mr Lithgow consents to the inclusion in the report of the matters based on this information in the form and context in which it appears.

The technical information contained in this announcement in relation to the JORC Compliant Coal Resource for the Ovoot Coking Coal Project in Mongolia has been reviewed by Mr Chris Arndt and Dr Bielin Shi of CSA Global Pty Ltd. The information in this report that relates to Mineral Resources is based on information compiled by Dr Bielin Shi, who is a member of the Australasian Institute of Mining and Metallurgy. Dr Bielin Shi has sufficient experience relevant to the style of mineralisation and type of deposit under consideration and to the activity which she is undertaking to qualify as a Competent Person as defined in the 2004 Edition of the “Australasian Code for Reporting of Mineral Resources and Ore Reserves”.

The information in this report that relates to Mineral Resources is based on information compiled by Dr Bielin Shi, who is a member of the Australasian Institute of Mining and Metallurgy. Dr Bielin Shi has sufficient experience relevant to the style of mineralisation and type of deposit under consideration and to the activity which she is undertaking to qualify as a Competent Person as defined in the 2004 Edition of the “Australasian Code for Reporting of Mineral Resources and Ore Reserves”.

Mr Arndt and Dr Shi of CSA Global Pty Ltd consent to the inclusion in the report of the matters based on this information in the form and context in which it appears.

July 2010

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Contact details

Aspire Mining Limited ABN: 46 122 417 243 ASX Code: AKM Web: www.aspiremininglimited.com AUSTRALIA Unit 2, 454 Roberts Road, Subiaco, Western Australia, 6008 MONGOLIA Sukhbaatar District, 1[st] Khoroo, Chinggis Ave‐8 Altai Tower, 3[rd] Floor, Room 302 David Paull: Tel: +61 8 9381 1995 Managing Director Email: david@aspiremininglimited.com

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