Aspire Mining (AKM) Investor Presentation summary

Investment highlights and project overview

• Ovoot Coking Coal Project is a fully permitted, standalone development entering the construction phase, with a low capex and high payback profile validated by independent technical review.

• Project features robust economics: US$2.2B pre-tax NPV, 31-year mine life, and a 3.8-year pre-tax payback period, with phased expansion from 1.5 Mtpa to 5.0 Mtpa.

• All major permits are secured, with construction starting in Q2-2025 and first coal delivery targeted for Q4-2026.

• The project is positioned to fill a significant supply gap for premium fat coking coal in northern China, with a long-term price assumption of US$230/t.

• Years of community engagement have secured a strong social license and government support.

Market fundamentals and product positioning

• Ovoot's fat coking coal is highly sought after for its blending properties, with regional supply shortfalls in China expected to reach 18.1 Mtpa by 2029.

• Global demand for premium coking coal is rising, with a 4.1% CAGR forecast for Indian metallurgical coal demand and a 3.3% CAGR supply gap in target Chinese markets.

• The project benefits from direct access to major steel-producing regions via existing and planned rail infrastructure.

Financials and capital structure

• Post-tax NPV10 is US$1.56B, with a 4.2-year payback and pre-production capital of US$215M.

• Life-of-mine free cash flow is projected at US$6.8B, with average annual free cash flow of US$220M and all-in sustaining costs of US$142/t.

• Capital requirements are staged and can be self-funded through free cash flow, minimizing external financing needs.

• The royalty rate on coal sales is progressive, ranging from 5% to 8% depending on sale price, and Mongolia applies a tiered corporate tax system.

• As of March 2025, market capitalization is A$109.1M, with A$21.4M in cash and no debt.