ASPIRE MINING LIMITED — Investor Presentation 2015

May 18, 2015

==> picture [92 x 98] intentionally omitted <==

Aspire Mining Limited The Met Coal Company World Class Coking Coal Mine & Rail Opportunity

May 2015

1

Contents

==> picture [67 x 71] intentionally omitted <==

1. Corporate & Situation Overview

2. Nuurstei Coking Coal Project

3. Ovoot Coking Coal Project 4. Northern Railways LLC

5. Conclusions

2

==> picture [960 x 83] intentionally omitted <==

==> picture [551 x 368] intentionally omitted <==

1. Corporate & Situation Overview

Corporate Overview

Capital Structure

		Diluted
Current Share Price	$	0.021
No. of Shares Outstanding	M	708.5
Market Capitalisation	$m	15.5
Cash 1	$m	1.1
Debt 1	$m	6.1
Net Debt	$m	5.0
Enterprise Value	$m	20.7

Shareholding (Diluted[1] )

==> picture [181 x 183] intentionally omitted <==

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

15.2%
8.4%
42.9%
13.9%
19.6%
----- End of picture text -----

AKM Directors

Quam Securities

Noble Group

Mongolian Shareholders Others

==> picture [67 x 71] intentionally omitted <==

Asset Locations

==> picture [455 x 316] intentionally omitted <==

JORC Reserves & Resources

Deposit	Probable (Mt)	Marketable (Mt)		Deposit	Measured	Indicated	Inferred	Total
Ovoot Open Pit	247.0	182.0		Ovoot Open Pit	197.0	46.9	9.2	253.1
Ovoot Underground	8.0	6.0		Ovoot Underground	0.0	25.4	2.6	27.9
Total	255.0	188.0		Total	197.0	72.3	11.8	281.0

Source: Bloomberg, Company Disclosure

1. Cash and debt as at 31 March 2015. Debt is a US$5m facility from Noble due in March 2016. Note that the Company does not have any Options on issue.

4

Capital Raising

==> picture [67 x 71] intentionally omitted <==

Raising of Minimum $2.75 million and Maximum of $6.0 million

Use of Funds

The funds raised will be used to further explore the Nuurstei and Ovoot Coking Coal projects, progress Northern Railways LLC, debt servicing costs and general working capital.

Offer Summary

• New shares at an issue price of $0.02 per new share

• Participation of the offer closes at 5pm (WST), Friday 29 May 2015

• One (1) attaching two year option for every two (2) new shares subscribed at an average price of 3 cents

• Application will be made to ASX for the options to be quoted should spread condition be satisfied

• Existing shareholders will have a $2.0 million Priority Allocation pool with each shareholder having a priority entitlement of $15,000 or such other amount as specified (subject to scale back)

• Aspire Directors have committed to participate with Neil Lithgow (Non-Executive Director) committing up to $2 million

• Minimum target of $2.75 million

• Aspire is entitled to accept oversubscriptions of up to $1.0 million above the $6 million maximum

• The offer and the Directors’ participation is subject to Shareholder Approval with a Shareholders Meeting scheduled for Tuesday, 2 June 2015

• Argonaut is acting as Lead Manager

5

Experienced Leadership Team

==> picture [67 x 71] intentionally omitted <==

David McSweeney LLB - Non-Executive Chairman

• Over 20 years resources sector experience across exploration to project management, project finance and corporate development

• Founder and Managing Director (from 1998 until December 2006) of Gindalbie Metals Ltd

• While at Gindalbie, David oversaw the commissioning of two gold production centres before repositioning Gindalbie as an emerging iron ore producer with a +$300m market capitalisation

David Paull Bcom, MBA (Dist.), FFin - Managing Director

• Over 20 years’ experience in resource business development and industrial minerals marketing

• Key member the management team that identified and acquired the Ovoot Project to the Company

• Managing Director of Aspire Mining Limited since February 2010

• Non-Executive Director of Hunter Resources Corp, an AIM listed gold copper explorer, and in non-listed Red Island Resources

Neil Lithgow Msc, AusIMM, FINSIA, AusIMM, Financial Services Institute of Australia - Non-Executive Director

• Over 20 years experience in mineral exploration, mineral economics and mining feasibility studies

• Key member the management team that identified and acquired the Ovoot Project to the Company

• Key management team for Eagle Mining Corporation and Aquila Resources Limited in its early years, which has recently been acquired by Baosteel and Aurizon for US$1.3 billion

• Non-Executive Director of ASX listed Bauxite Resources

Hannah Badenach LLB (Hons), BA - Non-Executive Director

• Experienced lawyer practising for several years in Asia, including two years in Mongolia with Lynch & Mahoney

• Vice President of Asset Development & Operations at Noble Resources Limited, a subsidiary of the Noble Group (SGX: N21).

• Previously Managing Director of QGX Mongol LLC from 2006, a coal explorer and developer prior to its takeover in 2008 by Mongolia Holdings Corporation

Sado D Turbat - Non-Executive Director

• Over 12 years of experience in the resource sector in Mongolia.

• Managing Director of Behre Dolbear Mongolia LLC

• A key author of the 1997 Minerals Law of Mongolia and an Honorary Member of Mongolian National Mining Association

6

Strategic Partners

Aspire Relationship

==> picture [164 x 82] intentionally omitted <==

• 13.9% shareholding and a Board representative

• Marketing and logistics alliance partner with ~40% marketing rights of Ovoot coal

• Option to fund 10% of the Northern Railway capital for an additional 10% Ovoot coal marketing right

• JV partner in ECJV (inclusive of the lead Nuurstei coking coal project)

==> picture [67 x 71] intentionally omitted <==

About Noble

• Listed on Singapore Stock Exchange (SGX: N21) manages the global supply chain of agricultural and energy products, metals and minerals. Noble operates from over 140 locations, employing more than 70 nationalities.

• Manages a diversified portfolio of essential raw materials, integrating the sourcing, marketing, processing, financing and transportation of those materials

==> picture [128 x 88] intentionally omitted <==

China Railway 20 Bureau Group

Corp

(Subsidiary of China Railways Corporation)

Aspire Relationship

• Design subsidiary FSDI engaged to complete a detailed rail feasibility capable of supporting immediate construction

• Recently agreed an EPC Framework Agreement to construct the Erdenet – Ovoot Railway in Mongolia

• Committed to assist Aspire and Northern Railways (NR) to raise funds through Chinese financial institutions

• Consortium Agreement signed May 15, provides exclusive access to CR20G and FSDI Technology and their exclusive support to NR to negotiate rail concession

About China Railway 20 Bureau Group Corp (CR20G)

• Wholly owned subsidiary of the China Railways Construction Group (a Fortune 500 Company)

==> picture [224 x 150] intentionally omitted <==

• CRCC is one of the World’s largest international rail engineering construction firms

• CR20G have significant experience in engineering, design, and construction of domestic and international projects including railway, bridges, tunnels, roads/highways, and building complexes and other infrastructure.

• CR20G employ over 20,000 staff, and earns approximately US$5 billion pa from its construction revenue

7

The Journey to Date

==> picture [67 x 71] intentionally omitted <==

~$60m invested to date advancing the Ovoot Project and Erdenet – Ovoot Railway

	2010		2011		2012		2013		2014		2015
	Acquired Ovoot		Raised overA$33m to		Completed Mine PFS		Received Mongolian		Northern Rail Line		Exploration target
 	Project Maiden JORC Resource Raised $27m		advance the Ovoot Project Completed Mine Scoping Study	 	Maiden Reserves established Completed Rail PFS		Resource Authority Approval of Mongolian Feasibility Study		included in Official Mongolian Rail Policy Erdenet – Ovoot Railway added to		established for Nuurstei Nuurstei quality indicates premium
	Entered into Strategic Alliance with Mongolian miner SouthGobi Resources Ltd	 	Welcomed Noble Group investment Marketing and Logistics Alliance Agreement signed with Noble Group	 	Russian Rail non binding MOU signed for potential rail development Received Mining Licence	 	Completed Rail Revised PFS Completed Coke Oven test-work confirming Ovoot coal value	 	Concession List EOIs received for US$1.3b rail financing Drilling programme at Nuurstei confirms continuity of coal	 	HCC Option secured to go to 90% of Nuurstei Northern Railways invited to commence concession
					Updated JORC Reserves and Resources	 	Signed Non-Binding MOU for coal offtake TT non-coking coals		EPC Framework Agreement signed with China Railway 20		negotiations Consortium formed with CR20G to work
					Completed Revised		upgraded to coking		Bureau Group		exclusively with
					Mine PFS		using Ovoot coal		Corporation		Northern Railways
							Updated JORC				Currently raising up
							Resources and				to $6m in a
							Reserves				prospectus based
											placement

8

Sino-Russo-Mongolian Trade Co-operation

==> picture [67 x 71] intentionally omitted <==

Historic trilateral leaders summit results in shared vision for a new “Silk Road” economic corridor

Chinese and Mongolian Co-operation

• Mongolia hosted Chinese President Xi’s state visit in August 2014

• 26 MOU’s and Agreements signed

Key Outcomes

• Access to 6 sea ports in North-Eastern China (including Tianjin and Dalian) facilitating seaborne export trade from Mongolia

• Agreed border crossing cooperation and Mongolian access to rail capacity within China

• 40% discount on current Chinese transportation tariffs

• Access to Chinese financing for infrastructure projects in Mongolia

• Joint Declaration on Relations setting a bilateral trade target of US$10b by 2020[1]

• US$260m in aid within three years for major economic projects and to grant a soft loan worth US$162.7m

• Agreement to increase currency swap exchange to US$2.4b[2] to provide foreign currency to Mongolia

• China to support Mongolia’s desire to join APEC

US$40b Silk Road Fund

US$50b Asian Infrastructure Bank

• Invest in domestic railways, roads & pipelines linking China with Central Asia, Middle East, South Asia, Southeast Asia and Europe

• MOU backed by 21 countries led by China

• To assist in financing the region's estimated US$800b in annual infrastructure needs

• Likely to be overseen by policy banks such as China Development Bank

Russian and Mongolian Co-operation

• Mongolia hosted Russian President Putin in September 2014

• 14 Accords / Agreements

Key Outcomes

• Planned expansion of railway from existing Erdenet railhead to Ovoot, the Russian border crossing of Arts Suuri and the Russian coal city of Kyzyl in Russia’s Tuva Republic

• Planned expansion of the Trans Mongolian Railway to 100mtpa capacity, dual track, potentially electrified (currently being studied)

• Planned increase of Russian transit freight via Mongolia to 20mtpa by 2020

• Agreement to advance major cooperation projects including the China-Russia West Route natural gas pipeline

• Possible development of a western Mongolian railway line joining Russia and China for Russian exports to China, India and Pakistan

• Researching utilising the 230km (143 miles) Choibalsan–Erentsav eastern railway for transit goods into northeast China

• “….developing the railway network will help Mongolia to open up rich, but for now, hard to access deposits and make broader and more effective use of its potential as a transit country” President Putin

==> picture [155 x 126] intentionally omitted <==

==> picture [154 x 134] intentionally omitted <==

==> picture [154 x 132] intentionally omitted <==

9

1 Increased from US$6.2 billion in 2013

2 Bank of Mongolia and Bank of China to increase currency swap exchange from 10 billion RMB (US$1.6 billion)

Map of UBT2 Development Plan

==> picture [67 x 71] intentionally omitted <==

==> picture [697 x 458] intentionally omitted <==

10

Coking Coal Market Outlook

==> picture [67 x 71] intentionally omitted <==

Aspire’s development timing corresponds with the improving coking coal market outlook

Seaborne Coking Coal Price (Historical & Forecast)

==> picture [808 x 346] intentionally omitted <==

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

2012-2013 2014 2015
Ovoot Project
Supply cuts Supply cuts Western
~40mt ~25mt Canadian expected to
met coal commence
industry production
closed. US
Withdraws
from selling
May 2014
met coal to
China to
China
2011 cut 10% of
M&A high cost,
Boom / domestic
US$15b+ production
of
completed
deals
----- End of picture text -----

Pricing Sources: Bloomberg, Wood Mackenzie, Broker Consensus, Noble Group

Supply Cut Sources : Alpha Natural Resources presentation “2013 UBS Coal Conference” dated 4 December 2013, Teck News Release dated 13 Feb 2014, UBS Commodities Mining and Metals “Metallurgical coal: upside price risk emerges ” dated 1 May 2014, The Northern Mines article “Metcoal producers prepare for long price weakness” dated 5 Nov 2014

11

==> picture [960 x 83] intentionally omitted <==

==> picture [551 x 368] intentionally omitted <==

2. Nuurstei Coking Coal Project

Nuurstei Coking Coal Project

==> picture [67 x 71] intentionally omitted <==

Nuurstei Project represents a near term potentially low capex, trucking opportunity

Ekhgoviin Chuluu Joint Venture (“ECJV”)

• JV comprises Aspire (50% and operator) and Noble Group (50%)

• Option for Aspire to acquire Noble’s 50% interest in ECJV

• ECJV currently owns 90% of Nuurstei Coal Project

• Several exploration prospects applied for. Awaiting License grants

Nuurstei Coal Project

• 2014 Exploration programme confirmed resource target

• 2015 Exploration programme targeting

• Coal resource drilling to JORC 2012 standard

• Additional core quality samples to be taken to confirm coal quality across the tenement

• Permitting and a preliminary economic assessment

==> picture [433 x 304] intentionally omitted <==

==> picture [429 x 75] intentionally omitted <==

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

0.5m thickness
Exploration 0.1m thickness cutoff 0.3m thickness cutoff
cutoff
Target Cut off (Mt) (Mt)
(Mt)
To 160m
25 Mt 20 Mt 15 Mt
(Rounded)
----- End of picture text -----

Nuurstei Exploration Target

Note: The potential quantity and quality of the deposit is conceptual in nature and there has been insufficient exploration to estimate a Coal Resource and it is uncertain if additional exploration will result in the estimation of a Coal Resource

13

Nuurstei Project Development Scenario

==> picture [67 x 71] intentionally omitted <==

Nuurstei Project represents a low capex, trucking opportunity

Potential Development Scenario

• Located close to infrastructure ~10km from Khuvsgul province capital of Moron

• ~317km from the Erdenet railhead

• Sealed road between Erdenet and Moron recently completed

• Relatively shallow seams indicate potential low strip ratio from an open pit mine

• Land leased at Erdenet by Aspire can act as coal stockpile and train load out area

• Pre-feasibility study to be considered based on results from Nuurstei Exploration programme in 2015

• Access to Erdenet – Ovoot railway from as early as 2017*

• Noble Group to provide marketing and logistic services for all saleable coal

==> picture [492 x 308] intentionally omitted <==

14

*Depends on the grant of rail concession, permits, and funding for the Erdenet – Ovoot railway

Nuurstei Indicative Washed Coal Quality

==> picture [67 x 71] intentionally omitted <==

Bituminous Mid Volatile Coal – a premium quality hard coking coal present at Nuurstei

Moisture	Ash	Volatile Matter	Fixed Carbon	Total Sulphur	Phosphorus	Free Swelling Index (FSI)	Caking Index (G)	Max Fluidity DDPM	Max Dilation	RoMax	Y Index
0.4 %	9.9 %	23.8 %	65.9 %	0.84 %	0.055 %	8.5	94	1,874	188 %	1.27 %	23

Air dried basis

• Coal quality results are from a single core hole and additional core will be tested as part of the 2015 exploration programme to confirm coal quality are indicative of entire project

15

==> picture [960 x 83] intentionally omitted <==

==> picture [551 x 368] intentionally omitted <==

3. Ovoot Coking Coal Project

Ovoot Project Overview

==> picture [67 x 71] intentionally omitted <==

Large scale tenement position covering the highly prospective basin

Project Map

==> picture [601 x 349] intentionally omitted <==

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

Mogoin Gol Mine
(~ 15mt Reserve)
----- End of picture text -----

Key Points

• 100% owned by Aspire Mining

• 430km[2 ] of mining and exploration licences

• Drilled over 39 kilometres at Ovoot (exploration, geotechnical, water)

• 30 year Mining Licence covering existing project area (with an option to extend for a further 2 x 20 year extensions)

• Significant untested exploration potential

• Aspire is the largest licence holder in Selenge Basin – the largest of Mongolia’s coking coal basins

• Now sits along major planned international rail corridor

17

Source: Company reports

High Value Open Pit Deposit

==> picture [67 x 71] intentionally omitted <==

Mongolia’s second largest coking coal Reserve with the highest in situ value

Largest Mongolian Coal Reserves[1 ]

==> picture [455 x 269] intentionally omitted <==

Largest Mongolian Coking Coal Deposits (Ranked by JORC Reserve)

==> picture [374 x 266] intentionally omitted <==

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

+1.6 Bt
400
350
300
255 Mt
250 236 Mt
200
140 Mt
150
122 Mt
100
50
0
Tavan Tolgoi Aspire - Ovoot MMC - UHG MMC - Baruun SouthGobi -
Naran Ovoot Tolgoi
Mt
----- End of picture text -----*

==> picture [40 x 41] intentionally omitted <==

==> picture [42 x 40] intentionally omitted <==

==> picture [39 x 39] intentionally omitted <==

==> picture [34 x 36] intentionally omitted <==

==> picture [45 x 32] intentionally omitted <==

Source: Company website, Company annual reports, Project technical reports

1. Size of bubble indicates size of total Reserves. Total product yield from ROM tonnes during FY12 and 1H2013 averaged 71 – 74%, and does not include production from 3[rd] CHPP commissioned in June 2013. Wash yield to coking coal is estimated by MMC at between 50 – 52%

• *Ovoot Project ROM Coal Reserves based on Arb 2% moisture

18

100% Premium Coking Coal

==> picture [67 x 71] intentionally omitted <==

Ovoot and Nuurstei coking coal is mid vol and low ash

Indicative Ovoot and Nuurstei Coal Specifications[1 ]

Moisture	Ash	Volatiles	Sulphur	CSN	Max Fluidity Log	Max dilation	Gray King	G caking index	Y index mm	RoMax
9%	9%	25-28%	1.2	9	3.60	+300%	G11	+95	+26	1.2

Total Dilation vs Rank

==> picture [505 x 294] intentionally omitted <==

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

Nuurstei
----- End of picture text -----

Volatile Matter vs. Dilation

==> picture [260 x 313] intentionally omitted <==

19

Source: Company internal filings, Mongolian Mining Corp Hong Kong Listing Prospectus (dated 28 September 2010) 1 Air dried basis where applicable

Large Scale & Low Cost Project

==> picture [67 x 71] intentionally omitted <==

Production of up to 10mtpa premium coking coal over a 21 year Reserve based mine life

Ovoot Mine Summary		Global Coking Coal Cost Curve2
Description
Product Type	100% Premium Coking Coal
Total Saleable Product1	188Mt
Life of Mine	21 years
Average Strip Ratio (Excluding Pre-Strip)	7.7:1 BCM waste/t
First Production	1Q 2019
		~US$135/t 90th percentile
Steady State Production	Up to 10Mtpa
		~US$100/t 50th percentile
		**Ovoot Operating Cost3 **

Source: Company model, Wood Mackenzie

1. A total saleable product of 191Mt will be produced which includes Inferred Resources mined within the open pit

2. Credit Suisse Research dated June 2014. Al coking coal inclusive of semi-hard and semi-soft

3. Based on owner operator scenario and excluding royalties. Aspire Mining Ovoot Coking coal nominal cost US$82 – 92/t (not including royalties) for first 5 years of production. Refer Quarterly report for period ended 31 December 2013

20

High Value In Use

==> picture [67 x 71] intentionally omitted <==

Ovoot coal is capable of upgrading thermal, oxidised and low quality coking coals to saleable coking coal

Key Comments

Ovoot Coal Blending to Upgrade Lower Ranking Coals

• Ovoot coal is classified as a Chinese (FM) “ Premium Fat Coal ” or Russian “Fat Coking Coal” and is characterised by high fluidity and plastic properties

• Used alone, low coking, thermal and oxidised coals are not enough to create a coke end product

• However, when blended with Ovoot coking coal, these coals are upgraded significantly to produce a good coke product

• Aspire conducted coke oven blend tests on a 50/50 (oxidised coal/Ovoot) and 75/25 blend basis

• Under Chinese classification, these blended products are classified as a Primary Coking Coal (JM)

		D	= 150%	D = 220%	D = 220%	D = 220%
y>25 y<25 ~~85~~		FM (Fat)	FM	FM	QF (Gas Fat)	Use VM daf and Y Index above this line
		JM (Primary Coking)	JM	1/3 (1/3 Coking)	QM (Gas)
65 50 35 30 20 5 G Index		JM	JM	1/3	QM	Use VM daf and G Index below this line CV daf = 24 MJ/kg
		SM (Lean)	JM	QM	QM
		SM	1.2 ZN	1/2 ZN	QM
					CY (Long Flame)
			RN RN (WeaklyStickyCoal)
		PS (Meagre Lean)
		PM(Meagre)	BN(Non-stickyCoal)
		10	20 28		37
			VM daf %
		Oxidised (non-coking)(average)			Ovoot Fat Coal

50/50 Blend of oxidised coal and Ovoot Nuurstei Primary Coal

75/25 Blend of oxidised coal and Ovoot

21

Proximity to Key End Markets

==> picture [67 x 71] intentionally omitted <==

Regional integration to provide long term cost advantage into China

Proximity to China’s Coke and Steel Industry

==> picture [388 x 271] intentionally omitted <==

Non Binding LOIs for Future Coal Offtake[1 ]

Pathway to First Production

Ovoot Mine	Completed
JORC 2012 Resources and Reserves	
Pre-Feasibility Studies	
Mining Licence	
MRAM Approval of Mongolian Feasibility Study	
Coke Oven Testwork	
Offtake Interest of Initial Production (Non-Binding)	
Port Capacity up to 6Mtpa (Non-Binding)	
Detailed Environment Impact Assessment*	2016
Bankable Feasibility Study*	2016
Fund Raising*	2016
Construction*	2017

Product Interest	Production
Chinese up to 6.1Mtpa
Russian up to 1.3Mtpa
Total up to 7.4Mtpa

• Dependent on receipt of necessary rail concession licences and permits prior to commencing

22

1. Aspire remains in contact with a wide range of additional Chinese, Russian, Eastern Europe Steel Mills and Coke Plants

Strong Long Term Demand From China for High Quality Coking Coals

==> picture [67 x 71] intentionally omitted <==

Strong long term demand from China market inevitable

• Primary “JM” Coking Coal (hard coking coal equivalent in China) and FM “Fat” Coking Coal are in short supply which is needed to blend with lower quality coals

• Lack of “hard coking coal” – especially low-volatile and highfluidity

• Trends towards the use of larger blast furnaces to achieve higher productivity, use of advanced technology and balancing environmental concerns

• Better quality coals required for use in larger blast furnace

Chinese Coking Coal Reserves

Typical Chinese Coke Blend

==> picture [451 x 211] intentionally omitted <==

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

Unamed coal, 2%
Other,
Meagre
5%
lean, Gas coal,
7% 14%
Lean, 7% Lean, 12%
Gas coal, 29%
1/3 Coking, 19%
Primary coking
coal, 25%
Primary coking
Gas fat coal,
7% coal, 31%
1/3 Coking, Fat, 19%
13% Fat, 10%
----- End of picture text -----

23

Sources: AME Group, “Coking Coal Market Outlook” presentation to Coaltrans Conference Brisbane dated August 2011 Sources: Chinese Coking coal Reserves and Typical Blend: AME Group, “Coking Coal Market Outlook” presentation to Coaltrans Conference Brisbane dated August 2011, Leading Coal Consultant in China Report dated December 2014

==> picture [960 x 83] intentionally omitted <==

==> picture [551 x 368] intentionally omitted <==

4. Northern Railways LLC

Erdenet to Ovoot Railway

==> picture [67 x 71] intentionally omitted <==

Recent approvals pave the way for a rail solution connecting the Ovoot Project with international markets

Erdenet – Ovoot Railway Overview

Recent Government Agreements & Approvals

• 547 km railway capable of transporting up to 30mtpa

• Connects into the Erdenet railhead and the Trans-Mongolian Railway

• Rail development underpinned by Ovoot Project production profile

• Open access multiple bulk commodity users, freight and passenger

• Part of the international rail corridor linking Russian Trans-Siberian Railway with China through Northern Mongolia

==> picture [422 x 248] intentionally omitted <==

• Date Event 11 May 2015  Northern Rail invited to commence rail concession negotiations. Working group formed

• 27 October 2014  Mongolian Parliament approves the Erdenet – Ovoot – Arts Suuri Railway as official Mongolian rail policy

• 13 October 2014  Erdenet to Ovoot Railway added to the Mongolian Government’s Concession List of “Approved Projects”

• 5 September 2014 Mongolian Ministry of Roads and Transportation and JSC Russian Railways agree to modernise and extend Mongolia’s rail network and will study:

• Expansion of main Trans-Mongolian to facilitate freight capacity of 100 mtpa, electrified, dual track to Jining (China)

==> picture [99 x 38] intentionally omitted <==

• Extending rail from Erdenet to the Russian border at Arts Suuri

• Rail link from Arts Suuri to the Kyzyl - Kuragino Railway and thereby Russia’s Trans-Siberian Railway

• 26 August 2014  China and Mongolia Sign Infrastructure, Trade and Financing Agreements

25

Source: Company disclosure

Northern Railways Overview

==> picture [67 x 71] intentionally omitted <==

Northern Railway is Aspire’s dedicated rail subsidiary in negotiations for the Erdenet – Ovoot railway concession

Key Points

Corporate Structure

• 2012: Original pre feasibility study completed by Optimal Projects LLC, and rail path review conducted by Calibre Rail to identify a more direct alignment

• October 2012: Completed Detailed Environmental and Social Impact Assessment (includes engagement with local communities) over eastern half of alignment

• April 2013: SMEC International completes a revised PFS confirming a more direct, cheaper and efficient alignment

• September 2013: Conducted on-ground Field Assessment to physically confirm PFS and engineering and geotechnical viability of railway

• September 2014: Erdenet – Ovoot rail alignment added to Government Concession List of Approved Projects

• October 2014: Mongolian Parliament approved Erdenet – Ovoot – Arts Suuri within new National Rail Policy

• November 2014: EPC Framework Agreement signed with China Railway 20 Bureau Group Corporation

• February 2015: Rail GEIA Approved by Ministry of Environment, and Advisory Council of the Ministry of Roads and Transportation agreed to provide in principle support for these studies and the selected alignment

• Current:

• Stage 1 BFS commenced by CR20G based on 1:5,000 scale maps provided by Northern Railways

==> picture [106 x 54] intentionally omitted <==

==> picture [283 x 246] intentionally omitted <==

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

100% Option to earn 10% [1 ]
Northern Railways
LLC
Erdenet – Ovoot
Railway Concession [2 ]
Erdenet – Ovoot
Railway
----- End of picture text -----

• Non-binding expressions of interest have been received to finance construction totaling US$1.3bn

• Consortium formed between Northern Railways, CR20G and FSDI to work exclusively together to negotiate the rail concession

26

1. Noble Group has an option to fund 10% of rail capital for 10% additional marketing right

2. Concession is expected to be for the right to build, own and operate the Erdenet – Ovoot railway for a minimum of 20 years before a 51% interest reverts back to the Mongolian Government

Medium Term Rail Network

==> picture [67 x 71] intentionally omitted <==

Major transport corridor connecting Northern Mongolia with Russia and China

Key Rationale

Rail Infrastructure Location

• Connecting Russia’s 20Bt (including 13.7Bt of coking coal) Ulug Khem Coal Basin – only 300km from Ovoot – into the Trans-Mongolian Railway (TMR)

• Planned upgrade of TMR will allow capacity for Ovoot coking coal south to China at first quartile landed cash costs

• Rail growth to unlock Selenge and Ulug Khem Basin potential

• Northern location provides opportunity for Ovoot to access seaborne and European coking coal markets

• Erdenet to Arts Suuri rail connection will be materially more valuable as part of a rail network

Staged Rail Development[1 ]

	Stage 1	Stage 2	Stage 3	Total
	Erdenet– Ovoot	Ovoot– Arts Suuri	Arts Suuri– Kyzyl
Length 547 km 214 km 267 km ~1,028 km
Capacity (up to) 30 mtpa 15 mtpa 15 mtpa 15 – 30 mtpa
Capital Cost US$1,200 m US$474 m US$560 m ~US$2,234 m
Avg slope 0.5 degrees 1.5 degrees 0.7 degrees ~0.76 degrees

==> picture [419 x 289] intentionally omitted <==

27

Source: Shanxi Fenwei Energy Consulting, China Coal Resource

1. Preliminary assessments (Stage 2 and 3) conducted by Aspire, further studies are necessary to be undertaken

Long Term Competitive Advantage

==> picture [67 x 71] intentionally omitted <==

The Northern Rail Line creates a long term competitive advantage for Russian and Mongolian coking coals

Proposed Rail Path Connecting Russia to China

Indicative Rail Economics[1 ]

Indicative Rail Costs	Elegest (USD/t) Ovoot (USD/t)
Rail to Erdenet3 (Rail opex only)	10.8 5.5
Rail to Erenhot1 (based on 2c/t/km)	22.3 22.3
Sub-Total	33.1 27.8
Border Costs2	5.0 5.0
Mine Gate Costs2	40.0 45.0
Sub-Total	78.1 77.8
Rail Depreciation4	2.0 2.0
Total(subject to rounding)	80.0 80.0

Northern Railway Milestones

Chinese coal market is 1,250km closer for Elegest if Northern Rail Line is used rather than existing TMR connection

Northern Railway	Completed
Pre-Feasibility Studies	
Confirmation of Alignment to Mongolian Standards	
Initial Stakeholder Agreement	
General Environment Impact Assessment (GEIA) Granted Approval of GEIA by Mongolian Government	 
on-Ground Field Study	
Detailed Satellite Imagery Data for 1:5000 Mapping Rail Concession	 2015
Detailed Engineering Work & Environmental Impact Assessment*	2015
Fund Raising*	2015
Construction Commencing*	2016

Note1: Current rail tariff along the Tran-Mongolian Railway for coal is 2.7c/t/km. Actual future tariff once capacity upgrades are completed is unknown. Example of 2c/t/km used to indicate a hypothetical future tariff. Note 2: Estimated mine gate cost based on Aspire’s Ovoot Project for first 5 years of production with the use of mine Contractors. Border costs are estimates only. Note 3: Rail opex costs include loco and wagon maintenance, diesel and salary's

Note 4: Rail capital cost estimates between Kyzyl – Arts Suuri – Ovoot are internal estimates only and require further studies to be completed.

28

Conclusions & Contacts 5.

==> picture [960 x 83] intentionally omitted <==

==> picture [551 x 368] intentionally omitted <==

Investment Highlights

==> picture [67 x 71] intentionally omitted <==

Highly strategic coal and rail projects positioned to unlock the Northern Mongolia mining province

• Largest coal tenement holder in highly prospective Orkhon-Selenge Basin in northern Mongolia, and planning to increase project portfolio

1

 Operator & 50% interest in the Ekhgoviin Chuluu Joint Venture (ECJV), with Option to buy out JV partner Noble Group

 Potential cashflow generating road based operation with Nuurstei Coking Coal Project in 2016

• Dedicated rail subsidiary Northern Railways LLC – directly negotiating for the concession over the proposed 547km Erdenet – Ovoot railway

Mongolia’s 2nd largest coking coal JORC Reserve with significant explo Noble Group: Marketing and logistics ration upside identified at Nuurstei and Ovoot

2

 Ovoot is Mongolia’s 2nd largest coking coal Reserve in Mongolia (after state owned Tavan Tolgoi) (255mt JORC Reserves)

• Existing Mining Licence in place within a larger 430km2 contiguous tenement package across the basin

 Nuurstei (ECJV earning up to 90%), Exploration Target of 16-25mt to 160m depth

Short, Medium and Long Term Production Strategy

3

• Nuurstei resource definition and development decision 2015/16 – Road based operation

• World Class Ovoot Coking Coal Project to commence 5Mtpa production in 2019 – subject to rail availability

• Ovoot production increasing to up to 10mtpa over long term

Planned multi user railway in Northern Mongolia set to transform into a highly strategic rail network link in the medium term

4

• Ties into Chinese plans to develop Eurasia trade and “New Silk Road”

• Potential capacity of up to 30mtpa to connect Northern Mongolia and Russia to the existing Trans-Mongolian Railway (currently being upgraded to 100mtpa)

• Newly agreed Mongolian rail policy will connect the railway through to the Ulug Khem basin (c. 2.5bt of met. coal Reserves) in Russia’s south through to China

Highly experienced Board of Directors backed by key partners China Railway Construction and Noble Group

5

• Proven team with five years + operating Mongolian experience and a track record of identifying and delivering bulk commodity projects through to production

• Noble is an alliance partner with a 13.9% shareholding and a Board representative

• China Rail Construction Corporation: Engaged to complete a detailed rail feasibility study with a follow on EPC Framework agreement in place

~$60m invested to date advancing the Ovoot Project and Erdenet – Ovoot Railway

• Substantial discount to current enterprise value of $20m.

• Recoverable insitu value of coking coal US$15 – US$20 bn at Ovoot alone. Enormous option value on Coking Coal Market.

6

~~30~~

Contact details

==> picture [67 x 71] intentionally omitted <==

Aspire Mining Limited ABN: 46 122 417 243 ASX Code: AKM Web: www.aspiremininglimited.com

AUSTRALIA

Suite B3, 431 – 435 Roberts 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

==> picture [69 x 70] intentionally omitted <==

31

Important information

==> picture [67 x 71] intentionally omitted <==

• 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 the date of release of this document. 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 Aspire’s most recent Annual Report released by Aspire to the ASX on 6 October 2014.

• 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.

32

Important information cont.

==> picture [67 x 71] intentionally omitted <==

Production Target Assumptions: The following are key assumptions used to achieve the ODP first year target of 5Mtpa of marketable coking coal. 1) In the eight months prior to commencement of first year ODP production, a 23 million BCM waste removal programme to pre-strip overburden to top of coal; 2) A strip ratio of 7.7:1 (BCM waste: tonne of coal); 3) Preferentially targeting the Upper Seam with a relatively high proportion of low ash coal; 4) Mining of 5.2Mt of ROM coal (at a 2% moisture on an as received basis) producing 5Mt of saleable coal. This is made up of 40% of washed coal and 60% of by-pass coal meeting a 13% ash cut-off; 5) Higher ash coal totalling 2.1Mt will be washed in a 300 tonne per hour wash plant to be constructed at the Ovoot Project; and 6) Overall product yield of 90% to be achieved averaging 9% moisture for a less than 10% ash product. 7) The mine design is that used to support the announced Coal Resource and Reserve update for the Ovoot Project (refer ASX announcement dated 31 July 2013). 8)All capital and operating costs are in 2013 dollars.

Development Timeline: Aspire’s development timeline for its Ovoot Project relies primarily on i) the provision of a rail concession and other approvals from the Government of Mongolia for Northern Railways to build, and operate the Northern Rail Line, connecting the Ovoot Project to the Trans-Mongolian Railway at Erdenet; and ii) financing of the Northern Rail Line. The timing with respect to the grant of a rail concession is outside of the control of Aspire. Certain activities to further progress the Ovoot Project and Northern Rail Line development, and which will follow the grant of the rail concession licences, include the completion of detailed engineering work to support definitive financing negotiations. The Company’s development timeline to achieve first production by 2019 is indicative and assumes the grant of necessary Government licences, agreements and approvals in 2015.

Competent Persons Statement:

Ovoot

In accordance with the Australian Securities Exchange requirements, the technical information contained in this announcement in relation to the JORC code (2012) 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, 2012. 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, 2012. 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, 2012. 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, 2012. 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 Australasian Institute of Mining and Metallurgy 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 2012 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.

33

Important information cont.

==> picture [67 x 71] intentionally omitted <==

Competent Persons Statement (continued):

Nuurstei

The information in this report that relates to Reporting of Exploration Results and the Exploration Target, is based on information compiled under the supervision of, and reviewed by, the Competent Person, Mr. Parbury, who is a full time employee of McElroy Bryan Geological Services, is a Member of the Australasian Institute of Mining and Metallurgy and who has no conflict of interest with Aspire Mining Limited.

The reporting of exploration results for 13580X presented in this report has been carried out in accordance with the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’, The JORC Code 2012 Edition prepared by the Joint Ore Reserves Committee of the Australasian Institute of Mining and Metallurgy, Australian Institute of Geoscientists and Minerals Council of Australia (JORC).

Mr. Parbury has sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration and to the activity being undertaken to qualify as a Competent Person as defined in the 2012 Edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’. Mr Parbury consents to the inclusion in the report of the matters based on his information in the form and context in which it appears.

The information in this report that relates to Reporting of Exploration Results for core hole NUDH012, is based on information compiled under the supervision of, and reviewed by, the Competent Person, Mr. Neil Lithgow a Non Executive Director for Aspire Mining Limited.

The reporting of exploration results for 13580X presented in this report has been carried out in accordance with the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’, The JORC Code 2012 Edition prepared by the Joint Ore Reserves Committee of the Australasian Institute of Mining and Metallurgy, Australian Institute of Geoscientists and Minerals Council of Australia (JORC).

Mr Lithgow is a Member of the Australasian Institute of Mining and Metallurgy 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 2012 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.

34