ASPIRE MINING LIMITED

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Investor Presentation

March 2012

Important notices

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 1 March 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.

Company Snapshot – Corporate Structure

Capital	Structure	(ASX:AKM)
		Undiluted	Diluted
Share Price_(2 March 12)_	$	0.390	0.390
Shares Outstanding	m	620.5	929.12
Market Capitalisation	$m	242.0	362.3
Options on Issue	m	247.1
Net Cash	$m	34.21	71.12
Enterprise Value	$m	207.8	291.2

1 As of 31 December 2011

2 Assuming full take up of top up rights by SouthGobi

Ownership (Fully Diluted)*

Share Price (LTM)

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1.20 16.0
6 Apr 2011
Final quality data
confirms high
quality coking 14.0
1.00 coal 24 Jun 2011
Production target for
22 Mar 2011 Ovoot Stage 2 lifted
Noble from 10.5 mtpa 30 Nov 2011 12.0
discloses to 12 mtpa Announced
8.6% interest
0.80 marketing and
logistics alliance
12 Oct 2011 with Noble 10.0
$32.8m placement
completed
0.60 8.0
18 Mar 2011
Additional quality data
confirms high yield
expectations 6.0
0.40
20 Jun 2011
Strengthens board with
Andrew Edwards and 4.0
Mark Read as Non-
Executive Directors
0.20
2.0
0.00 0.0
Jan-11 Apr-11 Jul-11 Oct-11 Jan-12
Price
Volume
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*At 31 Dec 2011

Aspire’s Strategic Investor Interest

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19.9% 10.1%
Interest Interest
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At 31 Dec 2011

Projects

Project Locations

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Project Interests

Ovoot Coking Coal Project (100%)
Jilchigbulag Coal Project (100%)
Nuramt Coal Project (100%)
Zavkhan Iron Ore Project (Earning 70%)

Ovoot – Room to Grow to Tier 1 Resource

Project Tenement and Geology

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+500sqkm project area.
25,000m drilling programme for 2011/2012.
Comprehensive airborne magnetics programme clearly defines extensive basin.
5 exploration target areas.

New Coal Seams Identified

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New area identified starting 4km from the edge of the existing resource.
Extends for 3km x 1km.
Drilled only 20% of the Ovoot Basin but have identified two coal resource areas.

Both areas:

May link up
• Opportunity for repeats in Basin
Drilling to continue south, east, and west

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 (October 2010)

	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

 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

 Updated Resource – March 2012 Quarter

Mongolian Peer Comparison

0 100 200 300 400 500 600 700 800 900 Thermal Coking 1 2 3 4 5 6 7 +6,500 843.5 833.8 538.9 330.7 322 220 149	0 100 200 300 400 500 600 700 800 900 Thermal Coking 1 2 3 4 5 6 7 +6,500 843.5 833.8 538.9 330.7 322 220 149	0 100 200 300 400 500 600 700 800 900 Thermal Coking 1 2 3 4 5 6 7 +6,500 843.5 833.8 538.9 330.7 322 220 149	0 100 200 300 400 500 600 700 800 900 Thermal Coking 1 2 3 4 5 6 7 +6,500 843.5 833.8 538.9 330.7 322 220 149	0 100 200 300 400 500 600 700 800 900 Thermal Coking 1 2 3 4 5 6 7 +6,500 843.5 833.8 538.9 330.7 322 220 149	0 100 200 300 400 500 600 700 800 900 Thermal Coking 1 2 3 4 5 6 7 +6,500 843.5 833.8 538.9 330.7 322 220 149	0 100 200 300 400 500 600 700 800 900 Thermal Coking 1 2 3 4 5 6 7 +6,500 843.5 833.8 538.9 330.7 322 220 149	0 100 200 300 400 500 600 700 800 900 Thermal Coking 1 2 3 4 5 6 7 +6,500 843.5 833.8 538.9 330.7 322 220 149	0 100 200 300 400 500 600 700 800 900 Thermal Coking 1 2 3 4 5 6 7 +6,500 843.5 833.8 538.9 330.7 322 220 149
Typical Coking Quality	Hard and Semi Soft	Semi Soft	Hard and Semi Soft	Semi Soft	Premium Coking Coal	Semi Soft	Semi Soft	Coking coal
No. Projects8	1	2	2	3	1	2	n/a	1
Market Cap (US$) 9	Private	$437.4M	$2.97B	$1.25B	$292.1M	Private	Private	$679.2M

Source:

Tavan Tolgoi deposit; Publicly available data
Hunnu Coal; Company website, Annual Report 2011, ASX Announcements
Mongolian Mining Corp; Company website, Technical report dated 28 Sept 2010
SouthGobi Resources; Company website, Technical Report dated 21 Oct 2009
Gobi Coal & Energy; Argonaut Securities data
MAK; Argonaut Securities data
Mongolian Energy Corp; Company website Technical report dated Oct 2009
Argonaut Securities data
At 12 Dec 2011

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

Ovoot Indicative Product Quality & Fluidity Properties

Yield % IM % Ash % Volatiles CSN Sulphur % % Indicative Washed Coal 80% 0.6% 8% 25 - 28% 8 - 9 1% Quality

Air dried basis
Above table based on R.D. 1.4 cut for all 7 sample batches from the 2010 Exploration Programme
ISO Coal Classification: Medium Rank B, high vitrinite, low ash, coking coal
Vitrinite levels 96% - 97%
Ro Max: 1.2

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

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An Attractive, High Quality, Globally Competitive Product

Coal marketing experts Wood Mackenzie describe Ovoot coal as:

A strongly caking coking coal with superior blend carrying capacity
Within the ideal range for mid volatile hard coking coal and fat coal classifications
• Presents as a value add blend coal with cheaper inert coals due its very high vitrinite content and good fluidity

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Ideal Rank for Blending

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Ovoot Coal Rank (Ro Max %) 1.2

Target average for many blends
Highest available vitrinite coal on market.

Vitrinite: A maceral group that is rich in oxygen and composed of humic material associated with peat formation and has a shiny appearance resembling glass.

Noble Alliance Agreement

Noble Alliance Agreement (announced 30 November 2011)

Strategic Alliance

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Logistics
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Marketing Services

Supply Chain Logistics through to seaborne trade
- Establish suitable logistic paths to end customers in China and seaborne market
Marketing advice
Identifying strategic partners
Manage logistics
- Logistics support where needed
Market at least 50% of the first 5 million tonnes of coal sales
Offtake limited to 33% of marketing allocation
Conditional on establishing logistics path to customer
Northern Railways LLC funding

Large New Coking Coal Deposits Need to be Developed

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Source: BHP Billiton, Metallurgical Coal briefing Presentation 30 September 2011

Chinese Coke Consumption in Crude Steel Production

Lower Quality Coking Coal = Lower Quality Coke = More Coke/T of Steel Produced

Ovoot’s superior blending properties should enhance coke quality while using lower quality coals

Source: China Coal Resource, Shanxi Fenwei Energy Consulting, and Wood MacKenzie

Mongolian Coking Coal now the Dominant Source

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9,000
Chinese Coking Coal Imports
8,000
7,000
6,000
5,000
4,000
3,000
2,000
1,000
0
Mar Qtr June Qtr Sept Qtr Dec Qtr Mar Qtr June Qtr Sept Qtr Dec Qtr Mar Qtr Jun Qtr Sept Qtr Dec Qtr
2009 2009 2009 2009 2010 2010 2010 2010 2011 2011 2011 2011
Period
Quantity 000' Tonnes
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Source: China Coal Resource, Shanxi Fenwei Energy Consulting

Rail Critical to Development of Ovoot Coking Coal Project

Commentary

Potential Rail Route

Ovoot Coking Coal Project is 550kms from Trans-Mongolian rail terminus
Users include coking coal, phosphate, freight and passenger
“Erdenet to Moron line”
400km, +20 Mtpa capacity multiuser rail line designed
Brings rail within truck-able distance of Ovoot Coking Coal Project
Rail spur to connect Ovoot to Moron – part of Project CAPEX
Northern Railways LLC to seek BOOT Rail License, and attract funding

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Northern Railways LLC

Focused on Erdenet to Moron rail line
Stand alone Special Purpose Vehicle to:
Apply for BOOT (Build Own Operate Transfer) rail licence
Manage EPC contractors
Raise required funds through issuing debt and equity securities
Open access to rail – inclusive of passenger and general freight. Broad community benefits
Rail infrastructure focus will attract specialist financial sponsors and multi-lateral financiers with a social agenda

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Commercial financial returns available through applying for tariffs to high value bulk commodities

Northern Railways LLC – Developer of Multiuser Rail

Currently a subsidiary of Aspire Mining
Applying for Rail Construction and Operating licenses
Sole focus – funding, building and operating the Erdenet to Moron Multiuser Rail

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Northern Railways LLC

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USERS MTPA
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•	Aspire	up to 12
•	Xanadu/Noble Group	up to 4
•	Crown Phosphate	up to 6
•	Other Resource projects	?
•	General freight/Passenger rail	?
	Total	+20 Mtpa

FINANCING SOURCES
• Multi lateral groups
• Commercial/Development Banks
Infrastructure Investors
• Sovereign Wealth Funds
• End users/Offtake partners
• Rail line users

Burenkhaan Phosphate Project

Source: Crown Phosphate Presentation “Near term phosphate production with a world class asset” dated November 2011

Erdenet – Moron Rail line: Catalyst for Development of Northern Mongolia

Rail Connection to Moron will Provide Enormous Benefits for Northern Mongolia:

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Stimulus to Non-Resource related Industries
Provide additional tourist transport options to Northern Mongolia
Increase wealth of the Khuvsgul province, currently one of the poorest and most populated
Opportunities for processing and efficient distribution of agricultural products
Over 83% GDP is dependant on low margin agricultural sector
Rail transport of bulk commodities, such as coal, is far more environmentally sustainable than trucking

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Erdenet – Moron Rail line: Catalyst for Development of Northern Mongolia (continued)

Social

Provide job opportunities
125,000 people in the Khuvsgul province (>65% under 35years of age).
Well educated but high unemployment.
Retain Communities and Family Groups
Majority of new jobs now generated in southern Mongolia and Ulaanbaatar. In 2011, 200 people left the two soums covering Ovoot.
Local unemployment of over 650 people, many with University degrees.
Community Infrastructure
Improvements to roads, rail, power, water, and sewerage

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Health and education
Improve standard of living
Rail to Moron is part of the 2008 – 2015 Development Plan for Khuvsgul Province

Erdenet – Moron Rail line: Catalyst for Development of Northern Mongolia (continued)

Northern Mongolian coal miners looking at exports through Russia
Rebalance exports to Russia and other seaborne markets (refer to below charts)*

China Dominates Mongolian Exports

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*Source: USGS 2006 Minerals Yearbook, Mongolia, dated October 2007; Congressional Research Service “Mongolia and US Policy: Political and Economic Relations dated 18 June 2009; World Bank Mongolia Quarterly Economic Update dated July 2010; ANZ Research Mongolia Country Brief dated 5 August 2011; Eurasia Capital Mongolia Outlook 2011 dated 11 January 2011

Mongolian Investment is Geographically Unbalanced

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Northern Mongolia
Ovoot = $500m
US$ Nil
Burenhaan = $500m
Nuurstei = +$100m
Rail: Erdenet – Moron = $1,200m
Rail: Ovoot – Moron = $500m
= $2,800m
Investment
dependant on
Northern
Khushuut Ukhaa Ukudag Railways LLC
US$652M [5 ] US$576M [1 ]
Oyu Tolgoi
US$5.7B [2 ]
Eurasia Capital Research Note “Tavan Tolgoi: At the Crossroad”
Ovoot Tolgoi Tavan Tolgoi
US$492M [4 ] US$2.4B [3 ]
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Sources:

1. Independent Technical Report dated 28 September 2010

2. Oyu Tolgoi Project Technical Report dated June 2010

3. Eurasia Capital Research Note “Tavan Tolgoi: At the Crossroad” dated 8 February 2010

4. Technical Report for Ovoot Tolgoi – West Field dated 30 April 2009; Technical Report for Ovoot Tolgoi dated 21 October 2009; Technical Report by Minarco MineConsult dated 28 March 2011.

5. Independent Technical Review Khushuut dated October 2009

Potential Routes to Coal Markets – Rail Access

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Asian Importers of Coking Coal: Japan 53.6Mt[1 ] Korea 19.2Mt[1 ] Taiwan 5.3Mt[1 ] 78.1Mt Russian total Coking Coal Exports to Asian markets:

3.15Mt[1 ]

Source: Wood Mackenzie 2010 data

Ovoot Development Timeframe

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Note: In order for any development to proceed, a mining license needs to be received from the Mongolian Government, economic studies need to be completed and demonstrate positive returns, capital expenditure financed as well as receive approvals and agreements to access transport infrastructure to deliver coal to customers.

Ovoot: Major New Quality Coking Coal Supply Source

Pre-Feasibility Study

Targeting the development of a 15 million tonne per annum ROM open pit mine at Ovoot
ROM 15mtpa, indicative wash yields of 80%= 12 Mtpa saleable coking coal*
2 x Wash Plant facilities
Initial Wash Plant to commission in January 2016
Ovoot to Moron rail spur to coincide with second washing train in January 2018
Pre-Feasibility Study expected completion March 2012 Quarter

 Anticipate to update current Resource and establish maiden Reserve

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*Note: These production targets are conceptual in nature and are based entirely on the existing mineral resource base of the Ovoot Coking Coal Project. The development of the larger Ovoot Coking Coal Project remains subject to completion of positive feasibility studies, the grant of a mining licence, developing the necessary rail infrastructure between Ovoot and Erdenet and securing sufficient port and rail capacity from Erdenet to take product to market. Whilst Aspire believes that a sufficient amount of the existing mineral resource base has reasonable prospects for eventual economic extraction, there has been insufficient work done at this stage to define an ore reserve and it is uncertain if further work will ultimately result in the determination of an ore reserve.

Summary

Ovoot …

Is independent, strategic and 100% owned coking coal deposit located in Northern Mongolia
Has a maiden 330 MT resource with strong exploration potential and future resource growth
Is a premium, high vitrinite, high fluidity coking coal
Fully funded exploration and development programme through to completion of feasibility study completion
Raised A$60m for exploration and development in last 2 years
Pre-Feasibility study underway to assess globally significant production scale:
Alternative paths to the seaborne markets and China

Ovoot Coking Coal Project is a Catalyst for Development of Northern Mongolia

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Creating Employment Opportunities in Northern Mongolia

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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.

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