ASPIRE MINING LIMITED — Investor Presentation 2012

Aug 29, 2012

==> picture [781 x 136] intentionally omitted <==

==> picture [781 x 136] intentionally omitted <==

----- Start of picture text -----

Putting the North on the Map
Presentation to Discover Mongolia Conference, Ulaanbaatar
----- End of picture text -----

==> picture [781 x 136] intentionally omitted <==

30 August 2012 1

June 2010

•Nature of this document: This document has been prepared by Aspire Mining Limited (“Aspire”, “AKM”, or the “Company”) and contains summary information about the Company and its subsidiaries as at 30 August 2012. The information in this document does not summarise all information that an investor should consider when making an investment decision. It should be read in conjunction with the Company’s other periodic and continuous disclosure announcements lodged with the Australian Securities Exchange (“ASX”), which are available at www.asx.com.au or www.aspiremininglimited.com. In attending this presentation or viewing this document you agree to be bound by the following terms and conditions.

•Not an offer: This document is for information purposes only and does not constitute or form part of any offer for sale or issue for any securities or an offer or invitation to purchase or subscribe for any such securities. This document and its contents must not be distributed, transmitted or viewed by any person in 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 financial product advice: The information contained in this document is not intended to be relied upon as financial product advice or investment advice nor is it a recommendation to acquire Aspire securities and has been prepared without taking into account the objectives, financial situation or needs of individuals. Before making an investment decision prospective investors should consider the appropriateness of the information having regard to their own objectives, financial situation and needs and seek legal, taxation and financial advice appropriate to their jurisdiction and circumstances. Neither Aspire nor any of its related bodies corporate is licensed to provide financial product advice in respect of Aspire securities or any other financial products.

•Forward-looking statements: This document contains certain “forward-looking statements”. The words “anticipate”, “believe”, “expect”, “project”, “forecast”, “estimate”, “likely”, “intend”, “should”, “could”, “may”, “target”, “plan”, “consider”, “foresee”, “aim”, “will” and other similar expressions are intended to identify forward-looking statements. Indications of, and guidance on, future production, production targets, resources, reserves, capital expenditure and financial position and performance are also forward-looking statements. Such forward-looking statements are not guarantees of future performance and involve known and unknown risks, uncertainties and other factors, many of which are outside the control of Aspire.

•Risks of investment: An investment in Aspire securities is subject to investment and other known and unknown risks, some of which are beyond the control of Aspire, including possible loss of income and principal invested. Aspire does not guarantee any particular rate of return or the performance of the Company, nor does it guarantee the repayment of capital from Aspire or any particular tax treatment. In considering an investment in Aspire securities, investors should have regard to (amongst other things) the risk and disclaimers outlined in the 2011 Annual Report released by Aspire to the ASX on 28 October 2011.

• •Unverified information: This document may contain information (including information derived from publicly available sources) that has not been independently verified by the Company.

•Disclaimer: Neither the Company nor its directors, officers, employees or advisors make any representation or warranty and accordingly no reliance should be placed on the fairness, accuracy, completeness or reliability of the information contained in this document. To the maximum extent permitted by law, the Company, its directors, officers, employees or advisors do not accept any liability for any errors, omissions or loss (including because of negligence or otherwise) arising, directly or indirectly, from any use of this document or its content.

• •Financial data: All dollar values are in Australian dollars (A$) and financial data is presented within the financial year ended 30 June unless otherwise stated.

• •Effect of rounding: A number of figures, amounts, percentages, estimates, calculations of value and fractions in this document are subject to the effect of rounding. Accordingly, the actual calculation of these figures may differ from the figures set out in this document.

2

3

==> picture [781 x 136] intentionally omitted <==

----- Start of picture text -----

Mongolia
----- End of picture text -----

==> picture [572 x 192] intentionally omitted <==

==> picture [572 x 191] intentionally omitted <==

==> picture [781 x 136] intentionally omitted <==

----- Start of picture text -----

Northern Aimag
----- End of picture text -----

==> picture [576 x 195] intentionally omitted <==

==> picture [576 x 195] intentionally omitted <==

4

==> picture [781 x 136] intentionally omitted <==

----- Start of picture text -----

Current Investment on Infrastructure
----- End of picture text -----

$100m $75m 2012-2014 Zavkhan sealing of Power road from Station Unt to Moron

==> picture [572 x 193] intentionally omitted <==

5

==> picture [570 x 195] intentionally omitted <==

==> picture [570 x 196] intentionally omitted <==

6

The North has not seen the benefits of Mongolia’s Resource driven economic growth:

		Mongolia	Khuvsgul	Bulgan	Arkhangai	Zavkhan
	Human Development Index	0.763	0.685	0.739	0.722	0.700
	Life expectancy Index	0.718	0.644	0.739	0.711	0.689
	Education Index	0.925	0.903	0.901	0.917	0.948
	GDP/Capita US$ (2010)	2,1831	946	1,423	1,134	739
	Unemployment (2010)	9.9 %	17.1 %	15.2 %	7.0 %	14.8 %

Red: below National Green: higher than National

7

==> picture [781 x 501] intentionally omitted <==

----- Start of picture text -----

The North is Missing Out on the Mining Boom (cont.)
18 Unemployment 2500 Gross Domestic Product
(per capita) [1]
16
2000
14
12
1500
10
8
1000 Zavkhan
6 Khuvsgul
National Avg.
Arkhangai
Zavkhan
4 Bulgan
500
Khuvsgul National
Arkhangai
2
Bulgan
0 0
2007/2008 2009 2010 2007 2008 2009 2010
Year Year
Unemployment Rate (%) Aimag GDP US$ per capita
----- End of picture text -----

==> picture [7 x 9] intentionally omitted <==

----- Start of picture text -----

8
----- End of picture text -----

==> picture [781 x 136] intentionally omitted <==

----- Start of picture text -----

Economic Gap Is Growing
----- End of picture text -----

Mongolian economy is forecast to grow more than 10 times by 2025

==> picture [383 x 55] intentionally omitted <==

----- Start of picture text -----

In 2025
•
In 2016 GDP per capita
USD 20,000
----- End of picture text -----

==> picture [268 x 103] intentionally omitted <==

----- Start of picture text -----

•
GDP per capita
USD 11,290
2011
•
GDP per capita
USD 3,600
----- End of picture text -----

Northern Aimag’s Economic Growth ? ?

Khuvsgul GDP per capita US$

9

==> picture [781 x 136] intentionally omitted <==

----- Start of picture text -----

Structure of Economy
----- End of picture text -----

==> picture [781 x 288] intentionally omitted <==

----- Start of picture text -----

Khuvsgul Bulgan
Mongolia
17.3%
22.8%
Agriculture 4.0% Agriculture
4.2% Government Spending Government Spending
73.0% Other 78.7% Other
15.9%
22.7%
Agriculture
Government Spending
Other
24.1% 37.3%
Resources
Arkhangai Zavkhan
18.5%
27.9%
3.9% Agriculture Agriculture
65.4%
Government Spending Government Spending
77.6% Other 6.7% Other
----- End of picture text -----

10

==> picture [565 x 200] intentionally omitted <==

==> picture [565 x 199] intentionally omitted <==

• Rail to increase size and scale of Tourism and Agricultural industries

• Rail to benefit

Mogoin Gol Coal Mine, 51% owned by the Khuvsgul Province

• Rail rather than Road will be environmentally more sustainable

Increase Mongolian Competitiveness

11

==> picture [781 x 136] intentionally omitted <==

----- Start of picture text -----

Resources to Directly Benefit Regions
----- End of picture text -----

2006 Minerals Law - Royalty Breakdown

(Article 58 of the 2006 Minerals Law of Mongolia)

• 10% Tsetserleg soum

• 20% Khuvsgul Aimag

• 70% National Budget

The Ovoot Coking Coal Project alone could drive Khusvgul GDP average consistent with the Government’s 2020 estimate of US$20,000 per person

==> picture [331 x 248] intentionally omitted <==

12

• Aspire to support bloodline regeneration

• Fund Feasibility Study into a cooperatively owned abattoir at Moron including transport options

• Rail access to export markets reduces transport costs by two thirds, improves feed security and opens up more export markets

• • Processing at Moron substantially increases value over live stock movements

• Processed Mongolian meat exports to Asia

• Benefit of Rail access to last well after Ovoot is depleted

==> picture [361 x 271] intentionally omitted <==

Higher Prices Higher Higher = for Herders Productivity Income

13

• Completed PFS in Feb 2012

• Alignment already approved by MRA in March 2012, as technically feasible and consistent with Mongolian design standards:

• Multi User Rail 406km Erdenet to Moron: US$1.1Bn + contingencies

• • Ovoot/Mogoin Gol Spur 222km (US$375m + contingencies

• Calibre Rail Review of PFS recommended alternative alignment:

50km Capex US$188m + contingencies Fuel and other Opex

==> picture [476 x 149] intentionally omitted <==

==> picture [476 x 150] intentionally omitted <==

14

==> picture [781 x 136] intentionally omitted <==

----- Start of picture text -----

Northern Railways LLC - Next Steps
----- End of picture text -----

• Update PFS for Calibre Rail Review

• Complete rail ESIA

• Initial Stakeholder Engagement meetings have indicated widespread support

• Submit request to Government for inclusion in Concession List and National Rail Policy

• Start Bankable Feasibility Study

• Start Financing Discussions

• Multilateral Bank interest

• MOU signed with RZD Russian Railways subsidiary to discuss joint development

• Energy Resources (UHG) railway Provides BOOT Concession Precedent

15

• Aspire is an Australia / Mongolian Partnership

• 18% Mongolian ownership

• Solely focussed on Mongolian coking coal

• Raised A$60m since February 2010 to invest in Mongolia

• Was the first ASX listed Company to list a Mongolian exploration assets – Many have followed since

• 2010 - Discovered the Ovoot Coking Coal Project

• 2012 - PFS Completed

  • MRAM registered Reserves and

  • Resources

  • Mining Licence issued

  • Detailed mine ESIA completed

==> picture [400 x 170] intentionally omitted <==

==> picture [400 x 171] intentionally omitted <==

• Road to Moron approved for construction

16

==> picture [781 x 136] intentionally omitted <==

----- Start of picture text -----

Ovoot Coking Coal Project
----- End of picture text -----

� Pre-Feasibility Study completed

• JORC Code compliant Coal Resource of 252Mt (156Mt Measured, 70Mt Indicated, 26Mt Inferred) and open pit Probable Coal Reserves of 178Mt (ROM 185Mt)

==> picture [393 x 232] intentionally omitted <==

----- Start of picture text -----

ROM and Product Tonnes
16.0
14.0
12.0
10.0
8.0
6.0
4.0
2.0
0.0
2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030
ROM tonnes (Mt) Product tonnes (Mt)
Million Tonnes
----- End of picture text -----

• 15 year Mine Life producing >150Mt of marketable coking coal

• Opportunities for Reserve increases

• LOM Ex Mine Average cost US$39/t

� Mining Licence Issued

(MV017098; 5,758Ha)

� PFS optimisation work continuing

17

1. Trucking East to Erdenet

• Licence to construct Ovoot

  • Moron Road has been granted

• Sealed road between

  • Erdenet – Moron to be completed by 2014

• Land for Erdenet rail siding acquired in the March 2012 Quarter

2. Trucking West to Tsagaan Tolgoi

• Government plans to make Tsagaan Tolgoi one of five key import/export points

• Road construction occurring on Russian border to Kyzyl

==> picture [491 x 166] intentionally omitted <==

==> picture [491 x 167] intentionally omitted <==

18

Exceptional Deposit: Highest Washing Yields and % Coking = Highest In-Situ Value

==> picture [781 x 136] intentionally omitted <==

==> picture [781 x 136] intentionally omitted <==

19

==> picture [781 x 136] intentionally omitted <==

----- Start of picture text -----

Ovoot Indicative Product Quality Compliments
other Mongolian Coking Coals
----- End of picture text -----

==> picture [304 x 188] intentionally omitted <==

Yield Ash Volatiles CSN Sulphur % % % % Indicative Washed 82 9.5 25 - 28 8 - 9 1 Coal Quality

• Air dried basis

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

• • Vitrinite levels 96% - 97%

• Ro Max: 1.2

• Blending feedstock ~ 10% of Batch - High Gray-King Coke Type G11

• Upgrades performance of semi-soft and lean coking coals (Ovoot Tolgoi / MAK / BN)

• Compliments HCC from Tavan Tolgoi and UHG Mines

==> picture [303 x 176] intentionally omitted <==

==> picture [569 x 190] intentionally omitted <==

==> picture [569 x 190] intentionally omitted <==

Ovoot – Erdenet Rail could potentially link with Stage 3 Western Rail Link

Northern Mongolia could access:

• Russian and

Eastern European markets

• Eastern as well as Western Chinese markets

Substantial long term benefits after the Reserves boom is long gone

21

==> picture [781 x 136] intentionally omitted <==

----- Start of picture text -----

Foreign Investment Review Laws
----- End of picture text -----

New Foreign Investment Law – May 2012

• Requires Parliamentary approval for SOE Investment

• Requires Government of Mongolia approval above 33% and;

• Requires Mongolian Parliamentary approval if more than 49%

• The Foreign Investment Law:

• Does not cap foreign investment, it puts in place a review process to protect Mongolian national interest and to limit anti-competitive behaviour.

22

==> picture [781 x 136] intentionally omitted <==

----- Start of picture text -----

….But the World Doesn’t Believe It
----- End of picture text -----

==> picture [781 x 136] intentionally omitted <==

==> picture [781 x 136] intentionally omitted <==

23

Competent Persons Statement

In accordance with the Australian Securities Exchange requirements, the technical information contained in this announcement in relation to the JORC Compliant Coal Reserves and JORC Compliant Coal Resource for the Ovoot Coking Coal Project in Mongolia has been reviewed by Mr Ian De Klerk and Mr Kevin John Irving of Xstract Mining Consultants Pty Ltd.

The Coal Resources documented in this release are stated in accordance with the guidelines set out in the JORC Code, 2004. They are based on information compiled and reviewed by Mr. Ian de Klerk who is a Member of the Australasian Institute of Mining and Metallurgy (Member #301019) and is a full time employee of Xstract Mining Consultants Pty Ltd. He has more than 20 years’ experience in the evaluation of coal deposits and the estimation of coal resources. Mr. de Klerk has sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration to qualify him as a Competent Person as defined in the JORC Code, 2004. Neither Mr. de Klerk nor Xstract have any material interest or entitlement, direct or indirect, in the securities of Aspire Mining Limited or any companies associated with Aspire Mining Limited. Fees for work undertaken are on a time and materials basis. Mr. de Klerk consents to the inclusion of the Coal Resources based on his information in the form and context in which it appears.

The Coal Reserves documented in this release are stated in accordance with the guidelines set out in the JORC Code, 2004. They are based on information compiled and reviewed by Mr. Kevin Irving who is a Fellow of the Australasian Institute of Mining and Metallurgy (Member #223116) and is a full time employee of Xstract Mining Consultants Pty Ltd. He has more than 35 years’ experience in the mining of coal deposits and the estimation of Coal Reserves and the assessment of Modifying Factors. Mr. Irving has sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration to qualify him as a Competent Person as defined in the JORC Code, 2004. Neither Mr. Irving nor Xstract have any material interest or entitlement, direct or indirect, in the securities of Aspire Mining Limited or any companies associated with Aspire Mining Limited. Fees for work undertaken are on a time and materials basis. Mr. Irving consents to the inclusion of the Coal Reserves based on his information in the form and context in which it appears.

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.

24

==> picture [781 x 136] intentionally omitted <==

----- Start of picture text -----

Contact details
----- End of picture text -----

Aspire Mining Limited ABN: 46 122 417 243 ASX Code: AKM

Web: www.aspiremininglimited.com

AUSTRALIA

Level 2, Suite 20, 22 Railway Road Subiaco, Western Australia, 6008

MONGOLIA

Sukhbaatar District, 1[st] Khoroo, Chinggis Ave-8 Altai Tower, 3[rd] Floor, Room 302 Ulaanbaatar Tel: +976 7011 6828 David Paull: Tel: +61 8 9287 4555 (Managing Director) Email: info@aspiremininglimited.com

Social Insurance Department Building West wing, 1[st] floor, 2[nd] door Moron, Khuvsgul Tel: +976 9990 1385

25