Aspire Mining Limited · ASX:AKM

Aspire Mining — Mines & Money Conference Hong Kong 2015

15 slides from Aspire Mining's conference presentation, Mar 23, 2015

1. Slide 1: Importance of Mongolia's new Northern Railway for China, Russia and Mongolia

   For personal use only Importance of Mongolia’s new Northern Railway for China, Russia and Mongolia Aspire Mining Limited Mines & Money Conference Hong Kong, 2015 1

2. Slide 2: Northern Rail Line

   For personal use only Northern Rail Line 2

3. Slide 3: The Silk Rail Road

   The Silk Rail Road For personal use only  Recreating a trade land‐bridge which used to exist for centuries between Asia and Europe  In 1998 at a Eurasian Trade Conference idea to cooperate was develops. Already a North American land‐bridge had been established  2006 Trans‐Asian Rail Network Agree

4. Slide 4: The Silk Rail Road (continued)

   The Silk Rail Road (continued) For personal use only 1. Khabarovsk (Russia Far East) – Potsdam (Germany) 2. Hangzhou (China) – Kaluga (Russia)** 6. Ussuriysk (Russia Far East) – Kiev (Ukraine)**  UN Joint Study Analysed a 7. Shanghai (China) – Warsaw (Poland) number of cases 1  In all 9 cases rail

5. Slide 5: Existing Rail Routes Between China and Europe

   Existing Rail Routes Between China and Europe For personal use only To Europe  Transiting Mongolia is the “shortest distance for Chinese goods to reach the European market” – weakness is ~100 Mtpa that the TMR is single track. ~15 Mtpa ~30 Mtpa  Long term policy transport planning ~30 Mtpa to conn

6. Slide 6: Population density Russia, China

   Population density Russia, China For personal use only 6

7. Slide 7: Northern Rail Line – Trigger to Move to Dual Track

   Northern Rail Line – Trigger to Move to Dual Track For personal use only Project Potential Usage Volume (up to) Erdenet – Ovoot section Ovoot Coking Coal 10 mtpa Project 276km Mogoin Gol 1 mtpa Nuurstei Coking Coal 1‐2 mtpa Project 547km Agricultural/Meat 0.1‐0.2 mtpa 212km Kyzyl – Ovoot – Erdenet 2

8. Slide 8: Coal Reserves Supporting Rail Development

   Coal Reserves Supporting Rail Development For personal use only Project Owner Estimated Reserves Ovoot Coking Coal Project Aspire Mining 255 Mt ‐ Production Up to 10 Mtpa1 Elegest Tuva Energy Industrial Corporation (TEPK) 895 Mt2 Kaa Khem En+ Group 200 Mt2 Mezhegey Evraz 765 Mt2 Vostochny Evraz Unkn

9. Slide 9: New International Rail Corridor

   New International Rail Corridor For personal use only  1,250km distance 3,393 km savings for Elegest coal to reach China 1,130 km if Northern Rail Line is used rather than existing TMR connection 2,143 km  Reduces need for TSR capacity increase over 1,130km 9 Source: Distances calculated internall

10. Slide 10: Mongolian and Russian coals have long term cost advantage

    Mongolian and Russian coals have long term cost advantage For personal use only Indicative Rail Economics Indicative Rail Costs Elegest (USD/t) Ovoot (USD/t) Rail to Erdenet3 10.8 5.5 (Rail opex only) Rail to Erenhot1 22.3 22.3 (based on 2c/t/km) Sub‐Total 33.1 27.8 Border Costs2 5.0 5.0 Mine Gate C

11. Slide 11: Unlocking Ovoot Provides Enormous Benefits to Mongolia

    Unlocking Ovoot Provides Enormous Benefits to Mongolia For personal use only Ovoot Cumulative and Royalty Scenario based on US130/t Met coal price Ovoot Cumulative EBITDA and Royalty Potential 10,000.0 US$ 9,729.8 m 9,000.0 Cumulative EBITDA (US$ millions) 8,000.0 7,000.0 6,000.0 5,000.0 4,000.0 3,0

12. Slide 12: Summary

    Summary For personal use only Northern Rail Line:  Provides the base load volume of 20 – 30 mtpa to drive the dual track of the TMR – making this the fastest and best connection between NE China and Europe Benefits:  Mongolia ‐ Becomes a key provider of transit freight services ‐ Cheaper freight c

13. Slide 13: Contact details

    Contact details For personal use only Aspire Mining Limited ABN: 46 122 417 243 ASX Code: AKM Web: www.aspiremininglimited.com AUSTRALIA Level 2, Suite 20, 22 Railway Road Subiaco, Western Australia, 6008 MONGOLIA Sukhbaatar District, 1st Khoroo, Chinggis Ave‐8 Social Insurance Department Building A

14. Slide 14: Important information

    Important information For personal use only •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 th

15. Slide 15: Important information cont.

    Important information cont. For personal use only Production Target Assumptions: The following are key assumptions used to achieve the Ovoot Development Plan (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 mi

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