Aspire Mining (AKM) H2 2024 earnings summary

Executive summary

• Advanced the Ovoot Coking Coal Project (OCCP) in Mongolia, entering the development phase with key regulatory and environmental approvals secured.

• Initiated tender processes for major infrastructure, including the Coal Handling and Preparation Plant (CHPP) and Erdenet Rail Terminal (ERT).

• Maintained disciplined capital management and low cash burn, focusing on long-term value creation and operational flexibility.

• Updated JORC-compliant Coal Resource to 219.4 Mt and Coal Reserve to 130.1 Mt, supporting a phased production ramp-up.

• Engaged in public-private partnership (PPP) for road infrastructure, progressing through government approval phases.

Financial highlights

• Net profit after tax: $6,664,698 for the year ended 31 December 2024 (vs. $3,362,812 loss for 6 months ended 31 Dec 2023), mainly due to unrealised foreign exchange gains.

• Total comprehensive loss: $3,050,443 (vs. $469,450 for 6 months ended 31 Dec 2023), driven by foreign currency translation losses.

• Cash and cash equivalents: $4,578,095 at year-end (vs. $6,981,595 prior year).

• Investments in bonds: $9,206,127 (vs. $9,011,944 prior year).

• Working capital: $14,361,243; net assets: $42,062,132 as at 31 December 2024.

• Basic earnings per share: 1.31 cents (vs. -0.66 cents prior period).

• No dividends declared or paid.

Outlook and guidance

• Focused on securing full project funding and finalising commercial agreements to support OCCP construction.

• Tender process for CHPP and ERT expected to conclude in Q2 2025, with construction to commence in Q3 2025.

• Strong market fundamentals for premium coking coal expected to support robust pricing.

• Continued engagement with financiers, offtake partners, and stakeholders to drive project execution.