Aspire Mining Limited · ASX:AKM

Aspire Mining — Investor Presentation (July 2016)

27 slides from Aspire Mining's investor presentation, Jul 6, 2016

1. Slide 1: A Unique Mongolian Met Coal and Rail Infrastructure Company

   For personal use only A Unique Mongolian Met Coal and Rail Infrastructure Company July 2016 Investor Presentation

2. Slide 2: Contents

   Contents For personal use only 1) Aspire Mining Limited Corporate Overview 2) Northern Railways Investment 3) Ovoot Coking Coal Project 4) Nuurstei Coking Coal Project 5) Coking Coal Quality Analysis 6) Summary 2

3. Slide 3: Corporate Overview

   Corporate Overview Capital Structure Asset Locations For personal use only Undiluted Diluted Current Share Price (30\6\16) A$ 0.025 0.025 1 No. of Shares Outstanding M 928.3 1,117.2 Market Capitalisation A$m 23.2 28.0 2 Cash A$m 0.75 6.4 2 Debt A$m 6.7 6.7 Net Debt A$m 6.0 0.3 Enterprise Value A$m 2

4. Slide 4: Company Strategic Snapshot

   Company Strategic Snapshot Resource Locations Provide a Strategic Footprint in Mongolia’s Largest Underexplored Coal Basin For personal use only  Only ASX listed Company with significant Coal Reserves in Mongolia. Six years in Country  Largest coking coal tenement holder in northern Mongolia’s, hi

5. Slide 5: Experienced Leadership Team

   Experienced Leadership Team For personal use only 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

6. Slide 6: The Journey to Date

   The Journey to Date ~$60m invested to date advancing the Ovoot Project and Erdenet – Ovoot Railway For personal use only 2010 2011 2012 2013 2014 2015  Acquired Ovoot  Raised overA$33m to  Completed Mine PFS  Received Mongolian  Northern Rail Line  Exploration target Project advance the Ovoot

7. Slide 7: 1. Northern Railways Group Overview

   For personal use only 1. Northern Railways Group Overview A Strategic Rail Infrastructure Company with a 30 year Concession for Erdenet to Ovoot Railway Now Part of China’s One Belt One Road Initiative 7

8. Slide 8: Northern Railways Group Structure

   Northern Railways Group Structure For personal use only Aspire Mining Limited Key Management Bio (Australia) David Paull Mr Paull has over 20 years’ experience in resource business development and industrial minerals # 122 417 243 Managing Director marketing. Mr Paull is the Managing Director of Asp

9. Slide 9: Strategic Consortium Support

   Strategic Consortium Support About Aspire For personal use only  Listed on Australian Stock Exchange (ASX: AKM) and focused on the exploration and development of quality metallurgical coal assets in Mongolia  Highly experienced Board of Directors and proven executive management team with six years

10. Slide 10: History of Northern Railways

    History of Northern Railways For personal use only Northern Railways Quick Facts  Initially started as a alliance group “Northern Mongolian Railway Association” comprising local mining project support  Northern Railways officially incorporated in 2011 as special purpose vehicle, wholly Current own

11. Slide 11: Northern Railway Corridor Now in One Belt One Road Policy

    Northern Railway Corridor Now in One Belt One Road Policy For personal use only Northern Railway Corridor (approved 24 June 2016) Linking the Seaport of Tianjin to the Trans-Siberian Railway through Mongolia Kuragino – Kyzyl – Arts Suuri – Ovoot – Erdenet – Salkhit – Zamyn Uud – Jining – Beijing - T

12. Slide 12: China's Silk Road – Erdenet to Ovoot Now a Key Part

    China’s Silk Road – Erdenet to Ovoot Now a Key Part For personal use only Ovoot 12

13. Slide 13: Erdenet to Ovoot Section of Northern Rail Corridor

    Erdenet to Ovoot Section of Northern Rail Corridor For personal use only  547km alignment between Ovoot - Erdenet  Capex US$1.2 billion below rail (plus contingencies)  Capacity up to 30 Mtpa both directions  Multi use – bulk commodities, agriculture, general freight, passengers  Added to Mongo

14. Slide 14: Good Terrain to Build Railway

    Good Terrain to Build Railway There are no engineering impediments to building a high volume bulk commodity and general freight rail link For personal use only Erdenet – Ovoot Railway Ovoot Erdenet Coking Coal Downhill with loaded trans to Erdenet Project 14

15. Slide 15: Rail Capex Breakdown

    Rail Capex Breakdown Description Volumes Capex US$m Cost Saving Opportunities For personal use only  Cut and fill volume estimates based on physical estimates Ballast 1.35Mm3 33.35 from satellite imagery Culverts 50 12.74 Viaduct 500m 11.25  Cut & fill unit costs based on known mining contractor M

16. Slide 16: Mongolian and Russian Railway Users

    Mongolian and Russian Railway Users Indicative Freight Profile Mongolian Users Freight Estimate1 For personal use only 40.0 Ovoot Coking Coal Project 10 mtpa Nuurstei Coking Coal Project tba 35.0 Asgat Silver Deposit General freight Mandal Moly Project 28m lb pa 30.0 Bayan Airag Gold Mine General fr

17. Slide 17: Concession Agreement Overview

    Concession Agreement Overview Key Terms For personal use only  Grant of concession to Northern Railways is supported by consortium consisting of Aspire Mining, China Railways 20 Bureau Group (CR20G) and China Railway First Survey and Design Institute (FSDI). Consortium formed with the view to suppo

18. Slide 18: RailCo & RollCo Financing Structure

    RailCo & RollCo Financing Structure For personal use only Northern Rail Funding Requirements Equity 10.5% • US$15m required by Northern Rail for BFS + 10% Pre development • EPC Funding • Debt\Equity Ratios between 70\30 down to 85\15 Strategic Investor/s • Ovoot Coking Coal Project Provided as 90%*

19. Slide 19: RollCo

    RollCo RollCo. Train Operation For personal use only Rollingstock do not form part of the “Base Structure” railway and Wagon Requirements therefore not a subject of the Rail Concession  Aluminium wagons (75.5t payload) have been identified as better fit for use to steel wagons (57.1t payload)  Con

20. Slide 20: Ovoot Coking Coal Project

    Ovoot Coking Coal Project For personal use only Key Points  100% owned by Aspire Mining  Drilled over 39 kilometres at Ovoot (exploration, geotechnical, water)  US$45m invested to date (since 2010)  30 year Mining Licence covering existing project area (with an option to extend for a further 2 x

21. Slide 21: Ovoot pit scale and key figures

    Ovoot pit scale and key figures Final Pit and Infrastructure Layout – Ovoot Open Pit and Underground For personal use only JORC Probable (Mt) Total Marketable (Mt) Reserves1 (Mt) (Arb, 2% (Arb, 9.5% moisture) moisture) Open Pit 247 247 182 Undergrou 8 6 6 nd Total 255 255 188 JORC Resources1 Open Pi

22. Slide 22: Ekhgoviin Chuluu Joint Venture

    Ekhgoviin Chuluu Joint Venture Ekhgoviin Chuluu Joint Venture (“ECJV”) For personal use only  JV comprises Aspire (50% and operator) and Noble Group (50%).  Option for Aspire to acquire Noble’s 50% interest in ECJV, expires March 2017.  ECJV currently owns 90% of Nuurstei Coal Project.  Potentia

23. Slide 23: One of Mongolia's Highest Quality Coking Coal and Value in Use

    One of Mongolia’s Highest Quality Coking Coal and Value in Use Ovoot coal is capable of upgrading thermal, oxidised and low quality coking coals to saleable coking coal For personal use only Key Comments Ovoot Coal Blending to Upgrade Lower Ranking Coals  Ovoot coal is classified as a Chinese (FM)

24. Slide 24: Summary

    Summary Aspire’s Northern Rail Asset For personal use only  Erdenet to Ovoot Part of the Silk Road’s “Northern Rail Corridor”  Rail to Ovoot unlocks +$15bn worth of coal to supply Chinese and Russian steel industry  Rail to Ovoot – Arts Suuri – Kyzyl unlocks +$100bn worth of coal to supply China

25. Slide 25: Contact details

    Contact details For personal use only Aspire Mining Limited ABN: 46 122 417 243 ASX Code: AKM Web: www.aspiremininglimited.com AUSTRALIA 69 Kewdale Road Welshpool, Western Australia, 6106 MONGOLIA Sukhbaatar District, 1st Khoroo, Chinggis Ave-8 Social Insurance Department Building Altai Tower, 3rd F

26. Slide 26: Important information

    Important information •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 For personal use only of this document. The information in th

27. Slide 27: Important information (cont.)

    Important information (cont.) Competent Persons Statement: For personal use only Ovoot Coking Coal Project 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

Aspire Mining — Investor Presentation (July 2016) on 6ix