Aspire Mining : Investor Presentation Ovoot A World Class Coking Coal Development

About this update from Aspire Mining Limited

Ovoot: A World Class Coking Coal Development March 2025 Investor Presentation INVESTMENT SUMMARY Ovoot is a Quality Investment Opportunity Aspire's Ovoot Coking Coal Project is a standalone, permitted coking coal development now progressing into the development phase. Ovoot Validated as Low Capex, High Payback: Independent Technical Report (ITR) supports the robust returns and technical viability demonstrated in the Life-of-Mine plan underpinning the current JORC Coal Reserve estimate. 1 Financing in Progress: Structuring in place to minimise shareholder dilution and maximise value, including off-balance sheet financing of road to preserve capital for mining and operations. Fast-Track Development Underway - Camps & Early Works: Site establishment has commenced, to expedite construction of worker camp and early-stage infrastructure. De-Risked Project with Social Licence Secured: Years of engagement ensure strong community and government backing. Compelling Value Proposition - Positioned for Rapid Execution: With approvals secured and a clear funding path, Ovoot is ready to develop. Notes: (1) ASX announcement "Ovoot Coal Resources and Reserves Updated - Revised" on 22 November 2024 PROJECT VALIDATION High-Return Coking Coal Project Confirmed Aspire's Ovoot Coking Coal Project has robust economic parameters, a capital-efficient development plan, and a short payback period. The Project has a structured pathway to production with demonstrated community support. Key Takeaways Project Economic Highlights 1 Robust Economics: $US2.2 billion pre-tax NPV 30+ Year Mine Life: 116 Mt Life of Mine washed coking coal sales Low-Cost, High-Yield : Low capital costs to first coal production, 3.8 year pre-tax payment period Phased Expansion from 1.5 Mtpa to 5.0 Mtpa production rate Fast-Track Development Underway: Early infrastructure works in progress 2,174 1,558 NPV 10 (US$m) (Pre-tax) NPV 10 (US$m) (Post-tax) Pre-production capital (US$m) Payback period (Yr) (Pre-tax) Payback period (Yr) (Post-tax) 215 3.8 4.2 Average Annual Free Cash Flow (US$m) 2 All In Sustaining Cost (US$/t) 3 Assumed price for Ovoot fat coking coal (US$/t) 4 220 142 230 Notes: (1) Outcome from JORC Coal Reserve estimate. (2) Over 31-year mine life. (3) Imported to Erlian, China (4) Delivered Duty Paid basis in Erlian, China WORLD CLASS PROJECT OF SIGNIFICANT SCALE Ovoot Coking Coal Project A premium 'fat' coking coal project of significant resource scale and saleability, with all major permits in place to construct; significant work has been done by Aspire to optimise and de-risk the route to market of Ovoot coal Overview Ownership 100% JORC Coal Resource 219.4 Mt JORC Coal Reserve 130.1 Mt Coal Type Low ash 'fat' coking coal Construction Start Q2-2025 First Coal Delivery Q4-2026 Tenement Validity August 2042 1 Trucking Distance 600 km Railing Distance 1,115 km Mine (2022) Major Permits CHPP (2024) Road (2024) aspirelimited.com Location Notes: (1) Extendable twice by 20-year periods. PREMIUM QUALITY PRODUCT Premium Fat Coking Coal - Scarcity Drives Strong Prices Ovoot's 'fat' coal is highly sought after for its wide plastic range, affording it excellent blending properties with other coals Sustained supply shortfalls result in strong demand and prices 1 • Ovoot's fat coking coal is sought after in the prospective Target Market Regions of Hebei, Inner Mongolia, Liaoning, Heilongjiang, and Jilin provinces in China • Supply shortfalls of washed, fat coking coals in these regions are expected to reach 18.1 Mtpa by 2029, increasing from a 15.1 Mt shortfall in 2023 • Average prices for Ovoot specification coal delivered to Erlian port in Inner Mongolia are forecast to be US$230/t in 2026. Comparative Coal Prices (USD/t inc. VAT) 2 Long Term Ovoot Fat Coking Coal Price Assumption = US$230/t Notes: (1) ASX announcement "Fenwei Market Study Findings", 30 April 2024. (2) Coal prices from www.sxcoal.cn , USD/CNY rates from www.wsj.com STRONG COKING COAL MARKET FUNDAMENTALS Ovoot's Market Advantage: High Demand, Limited Supply Ovoot is ideally positioned to meet the growing global demand for premium coking coals, including a 4.1% CAGR for Indian metallurgical coal demand, as one of few new projects forecast to come online Global Export Coking Coal Demand (Mt) 1 500 482 400 India 300 200 China 100 Rest of World 0 2024 2030 2050 Fat Coal Supply and Demand in Target Markets 2 Demand Supply 3.3% CAGR supply gap from 2021 to 2029 30 25 20 15 10 5 0 Ovoot Fills the Regional "Fat" Coking Coal Supply Gap 2021 2022 2023 2024e 2025e 2026e 2027e 2028e 2029e Notes: (1) Coronado Coal, ASX announcement, 12 February 2025. (2) ASX announcement, 30 April 2024. Ovoot Project Economics Ovoot Project Economics 1 Financial Summary Financial Sensitivities (US$m NPV 10 ) Unit Value NPV 10 (post-tax) US$m 1,558 Payback period (post-tax) Years 4.2 Pre-Production Capital US$m 215 Fat Coking Coal price US$/t 230 Life of Mine Duration Years 31 Initial production rate (from 2026) Mtpa 1.5 Steady-state production rate (from 2032) Mtpa 5.0 Free Cash Flow (LOM 2 ) (post-tax) US$m 6,806 Study Outcome Average annual Free Cash Flow US$m 220 EBIT (LOM) 9,863 Mining US$/t 16 US$m Average annual EBIT US$m/yr 318 Processing US$/t 3 Total Material Moved (LOM) Mbcm 1,122 Truck Transportation US$/t 27 Coal Sold (LOM) Mt 116 Rail Logistics US$/t 26 Mongolian taxes and royalties paid (LOM) US$m 3,954 Selling Costs 3 US$/t 55 Strip Ratio (LOM) bcm:ROMt 6.5 Corporate & Site Administration US$/t 5 Average Processing Yield (LOM) % 79 Sustaining Capex US$/t 11 AISC (LOM) US$/t 142 Unit Coal Price +/-10% AISC +/-10% 1,367 (-191) 1,748 (+190) Yield +/-5% 1,432 (-126) 1,683 (+125) Capex +/-10% 1,513 (-45) 1,603 (+45) Life-of-Mine Average Operating Costs Notes: (1) The production target and forecast financial information derived from it were reported in the ASX announcement dated 22 November 2024. The Company confirms that aspirelimited.com all the material assumptions underpinning the production target, and the forecast financial information derived from it, in the 22 November 2024 announcement continue to apply and have not been materially changed by the ITR (2) Life-of-Mine (3) Includes Mongolian royalties, customs fees, marketing agent fees, and Chinese VAT and Customs Duty. Ovoot Project Economics Co Coking Coal Export Royalty Structure 1 Pre-Production Capital Costs • Mongolia has a progressive corporate tax system, whereby the tax rate is 10% on the first taxable income up to Mongolian Tugrik ₮6.0 billion (c.US$1.8 million) • For annual taxable income exceeding ₮6.0 billion, the tax rate is ₮600 million plus 25% on the taxable income over ₮6.0 billion Realised Coal Sale Price (US$/t) Unit Royalty Rate Unit Study Outcome 0 to 99.99 % 5.0 Mining US$m 59 100.00 to 129.99 % 6.0 Processing US$m 65 130.00 to 159.99 % 6.5 Transportation US$m 62 160.00 to 189.99 % 7.0 Logistics US$m 26 190.00 to 209.99 % 7.5 Other US$m 2 Over 210.00 % 8.0 Total Pre-Production Capital US$m 215 Tax Regime Life-of-Mine Capital Costs Unit Study Outcome Mining US$m 1,799 Processing US$m 383 Transport US$m 3,087 Logistics US$m 2,950 Sustaining Capital (LOM) US$m 1,477 Notes: (1) FOB at the point of export. 10 Attention : This is an excerpt of the original content. 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