Aspire Mining (AKM) Investor presentation summary

Project scale and economics

• JORC Coal Resource 219.4 Mt; Coal Reserve 130.1 Mt ROM, including 97.9 Mt marketable reserve; FM36 fat coking coal.

• Production target stages from 1.5 to 2.5 to 5.0 Mtpa ROM, with a forecast ~31-year operating life.

• Updated model forecasts US$1,483.3m post-tax NPV10, US$230/t long-term coal price and US$80.4/t cash cost delivered to Zamiin-Uud.

• Phase 1 pre-production infrastructure capital is US$61.2m versus US$214.8m in the previous study; figures are not like-for-like.

• Production target and forecasts include Inferred Coal Resources, approximately 12% of scheduled ROM coal.

Construction and timeline

• Site establishment and early works are underway; the CHPP and rail terminal EPC contract is executed, with hiring ahead of planned Q1 2027 pre-stripping.

• CHPP detailed design reached 85% review after quarter-end; subcontractor mobilised and batching plant commissioned.

• Erdenet Rail Terminal design reached 30% review; its statutory trackwork and infrastructure feasibility study was approved by the transport ministry.

• First coal production and export are targeted for Q4 2027, subject to construction progress, funding and approvals.

Funding and infrastructure

• A US$60m Mongolian OTC bond program was registered; US$9.56m was placed in five tranches by 9 September 2026, at 11.0–13.0% coupons and 12–36-month tenors.

• Sinosure-backed vendor financing is structured to defer 60% of the US$69.9m EPC contract, approximately US$42m, subject to insurance confirmation.

• The Murun–Uliastai Highway is planned as a Build-Operate-Transfer PPP; the draft agreement awaits cabinet approval, with project-level entities established.

• The model assumes US$126m of Mongolian OTC bonds and US$42m of deferred EPC payments; funding amounts and timing are assumptions, not assurances.