Aspire Mining Limited The Met Coal Company

World Class Coking Coal Mine & Rail Opportunity

1 May 2015

2

Contents

1. Corporate & Situation Overview

2. Nuurstei Coking Coal Project

3. Ovoot Coking Coal Project

4. Northern Railways LLC

5. Conclusions

Corporate & Situation Overview 1.

4

Corporate Overview

Asset Locations Capital Structure

Diluted

Current Share Price $ 0.021

No. of Shares Outstanding

M 708.5

Market Capitalisation $m 15.5

Cash1

$m 1.1

Debt1

$m 6.1

Net Debt $m 5.0

Enterprise Value $m 20.7

Shareholding (Diluted1)

Deposit Probable (Mt) Marketable (Mt)

Ovoot Open Pit 247.0 182.0

Ovoot Underground 8.0 6.0

Total 255.0 188.0

Deposit Measured Indicated Inferred Total

Ovoot Open Pit 197.0 46.9 9.2 253.1

Ovoot Underground 0.0 25.4 2.6 27.9

Total 197.0 72.3 11.8 281.0

JORC Reserves & Resources

Source: Bloomberg, Company Disclosure 1. Cash and debt as at 31 March 2015. Debt is a US$5m facility from Noble due in March 2016. Note that the

Company does not have any Options on issue.

15.2%

8.4%

13.9%

19.6%

42.9%

AKM Directors

Quam Securities

Noble Group

MongolianShareholders

Others

5

Capital Raising

New shares at an issue price of $0.02 per new share

Participation of the offer closes at 5pm (WST), Friday 29 May 2015

One (1) attaching two year option for every two (2) new shares subscribed at an average price of 3 cents

Application will be made to ASX for the options to be quoted should spread condition be satisfied

Existing shareholders will have a $2.0 million Priority Allocation pool with each shareholder having a priority entitlement of $15,000 or such other amount as specified (subject to scale back)

Aspire Directors have committed to participate with Neil Lithgow (Non-Executive Director) committing up to $2 million

Minimum target of $2.75 million

Aspire is entitled to accept oversubscriptions of up to $1.0 million above the $6 million maximum

The offer and the Directors’ participation is subject to Shareholder Approval with a Shareholders Meeting scheduled for Tuesday, 2 June 2015

Argonaut is acting as Lead Manager

Offer Summary

Raising of Minimum $2.75 million and Maximum of $6.0 million

Use of Funds

The funds raised will be used to further explore the Nuurstei and Ovoot Coking Coal projects, progress Northern Railways LLC, debt servicing costs and general working capital.

6

Experienced Leadership Team

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 Metals Ltd

While at Gindalbie, David oversaw the commissioning of two gold production centres before repositioning Gindalbie as an emerging iron ore producer with a +$300m market capitalisation

David Paull Bcom, MBA (Dist.), FFin - Managing Director Over 20 years’ experience in resource business development and industrial minerals marketing

Key member the management team that identified and acquired the Ovoot Project to the Company

Managing Director of Aspire Mining Limited since February 2010

Non-Executive Director of Hunter Resources Corp, an AIM listed gold copper explorer, and in non-listed Red Island Resources

Neil Lithgow Msc, AusIMM, FINSIA, AusIMM, Financial Services Institute of Australia - Non-Executive Director Over 20 years experience in mineral exploration, mineral economics and mining feasibility studies

Key member the management team that identified and acquired the Ovoot Project to the Company

Key management team for Eagle Mining Corporation and Aquila Resources Limited in its early years, which has recently been acquired by Baosteel and Aurizon for US$1.3 billion

Non-Executive Director of ASX listed Bauxite Resources

Hannah Badenach LLB (Hons), BA - Non-Executive Director Experienced lawyer practising for several years in Asia, including two years in Mongolia with Lynch & Mahoney

Vice President of Asset Development & Operations at Noble Resources Limited, a subsidiary of the Noble Group (SGX: N21).

Previously Managing Director of QGX Mongol LLC from 2006, a coal explorer and developer prior to its takeover in 2008 by Mongolia Holdings Corporation

Sado D Turbat - Non-Executive Director Over 12 years of experience in the resource sector in Mongolia.

Managing Director of Behre Dolbear Mongolia LLC

A key author of the 1997 Minerals Law of Mongolia and an Honorary Member of Mongolian National Mining Association

7

Strategic Partners

Aspire Relationship

13.9% shareholding and a Board representative

Marketing and logistics alliance partner with ~40% marketing rights of Ovoot coal

Option to fund 10% of the Northern Railway capital for an additional 10% Ovoot coal marketing right

JV partner in ECJV (inclusive of the lead Nuurstei coking coal project)

About Noble

Listed on Singapore Stock Exchange (SGX: N21) manages the global supply chain of agricultural and energy products, metals and minerals. Noble operates from over 140 locations, employing more than 70 nationalities.

Manages a diversified portfolio of essential raw materials, integrating the sourcing, marketing, processing, financing and transportation of those materials

Aspire Relationship

Design subsidiary FSDI engaged to complete a detailed rail feasibility capable of supporting immediate construction

Recently agreed an EPC Framework Agreement to construct the Erdenet – Ovoot Railway in Mongolia

Committed to assist Aspire and Northern Railways (NR) to raise funds through Chinese financial institutions

Consortium Agreement signed May 15, provides exclusive access to CR20G and FSDI Technology and their exclusive support to NR to negotiate rail concession

About China Railway 20 Bureau Group Corp (CR20G)

Wholly owned subsidiary of the China Railways Construction Group (a Fortune 500 Company)

CRCC is one of the World’s largest international rail engineering construction firms

CR20G have significant experience in engineering, design, and construction of domestic and international projects including railway, bridges, tunnels, roads/highways, and building complexes and other infrastructure.

CR20G employ over 20,000 staff, and earns approximately US$5 billion pa from its construction revenue

China Railway 20 Bureau Group Corp (Subsidiary of China Railways Corporation)

8

The Journey to Date

Exploration target established for Nuurstei

Nuurstei quality indicates premium HCC

Option secured to go to 90% of Nuurstei

Northern Railways invited to commence concession negotiations

Consortium formed with CR20G to work exclusively with Northern Railways

Currently raising up to $6m in a prospectus based placement

~$60m invested to date advancing the Ovoot Project and Erdenet – Ovoot Railway

2014 2013 2012

Northern Rail Line included in Official Mongolian Rail Policy

Erdenet – Ovoot Railway added to Concession List

EOIs received for US$1.3b rail financing

Drilling programme at Nuurstei confirms continuity of coal

EPC Framework Agreement signed with China Railway 20 Bureau Group Corporation

2011

Received Mongolian Resource Authority Approval of Mongolian Feasibility Study

Completed Rail Revised PFS

Completed Coke Oven test-work confirming Ovoot coal value

Signed Non-Binding MOU for coal offtake

TT non-coking coals upgraded to coking using Ovoot coal

Updated JORC Resources and Reserves

2010

Completed Mine PFS

Maiden Reserves established

Completed Rail PFS

Russian Rail non binding MOU signed for potential rail development

Received Mining Licence

Updated JORC Reserves and Resources

Completed Revised Mine PFS

Raised overA$33m to advance the Ovoot Project

Completed Mine Scoping Study

Welcomed Noble Group investment

Marketing and Logistics Alliance Agreement signed with Noble Group

Acquired Ovoot Project

Maiden JORC Resource

Raised $27m

Entered into Strategic Alliance with Mongolian miner SouthGobi Resources Ltd

2015

9

Sino-Russo-Mongolian Trade Co-operation

Historic trilateral leaders summit results in shared vision for a new “Silk Road” economic corridor

Chinese and Mongolian Co-operation

Mongolia hosted Chinese President Xi’s state visit in August 2014

26 MOU’s and Agreements signed

Key Outcomes

Access to 6 sea ports in North-Eastern China (including Tianjin and Dalian) facilitating seaborne export trade from Mongolia

Agreed border crossing cooperation and Mongolian access to rail capacity within China

40% discount on current Chinese transportation tariffs

Access to Chinese financing for infrastructure projects in Mongolia

Joint Declaration on Relations setting a bilateral trade target of US$10b by 20201

US$260m in aid within three years for major economic projects and to grant a soft loan worth US$162.7m

Agreement to increase currency swap exchange to US$2.4b2 to provide foreign currency to Mongolia

China to support Mongolia’s desire to join APEC

“….developing the railway network will help Mongolia to open up rich, but for now, hard to access deposits and make broader and

more effective use of its potential as a transit country” President Putin

Russian and Mongolian Co-operation

Mongolia hosted Russian President Putin in September 2014

14 Accords / Agreements

Key Outcomes

Planned expansion of railway from existing Erdenet railhead to Ovoot, the Russian border crossing of Arts Suuri and the Russian coal city of Kyzyl in Russia’s Tuva Republic

Planned expansion of the Trans Mongolian Railway to 100mtpa capacity, dual track, potentially electrified (currently being studied)

Planned increase of Russian transit freight via Mongolia to 20mtpa by 2020

Agreement to advance major cooperation projects including the China-Russia West Route natural gas pipeline

Possible development of a western Mongolian railway line joining Russia and China for Russian exports to China, India and Pakistan

Researching utilising the 230km (143 miles) Choibalsan–Erentsav eastern railway for transit goods into northeast China

1 Increased from US$6.2 billion in 2013 2 Bank of Mongolia and Bank of China to increase currency swap exchange from 10 billion RMB (US$1.6 billion)

US$40b Silk Road Fund

Invest in domestic railways, roads & pipelines linking China with Central Asia, Middle East, South Asia, Southeast Asia and Europe

Likely to be overseen by policy banks such as China Development Bank

US$50b Asian Infrastructure Bank

MOU backed by 21 countries led by China

To assist in financing the region's estimated US$800b in annual infrastructure needs

10

Map of UBT2 Development Plan

11

Coking Coal Market Outlook

Ovoot Project expected to commence production

Pricing Sources: Bloomberg, Wood Mackenzie, Broker Consensus, Noble Group

Aspire’s development timing corresponds with the improving coking coal market outlook

2012-2013 Supply cuts

~40mt*

2014 Supply cuts

~25mt*

May 2014 China to

cut 10% of high cost, domestic

production

2011 M&A

Boom / US$15b+

of completed

deals

Supply Cut Sources : Alpha Natural Resources presentation “2013 UBS Coal Conference” dated 4 December 2013, Teck News Release dated 13 Feb 2014, UBS Commodities Mining and Metals “Metallurgical coal: upside price risk emerges” dated 1 May 2014, The Northern Mines article “Metcoal producers prepare for long price weakness” dated 5 Nov 2014

Seaborne Coking Coal Price (Historical & Forecast)

2015 Western Canadian met coal industry closed. US Withdraws from selling met coal to China

Nuurstei Coking Coal Project 2.

13

Nuurstei Coking Coal Project

Nuurstei Project represents a near term potentially low capex, trucking opportunity

JV comprises Aspire (50% and operator) and Noble Group (50%)

Option for Aspire to acquire Noble’s 50% interest in ECJV

ECJV currently owns 90% of Nuurstei Coal Project

Several exploration prospects applied for. Awaiting License grants

Ekhgoviin Chuluu Joint Venture (“ECJV”)

Nuurstei Coal Project

2014 Exploration programme confirmed resource target

2015 Exploration programme targeting

Coal resource drilling to JORC 2012 standard

Additional core quality samples to be taken to confirm coal quality across the tenement

Permitting and a preliminary economic assessment

Exploration

Target Cut off

0.1m thickness cutoff

(Mt)

0.3m thickness cutoff

(Mt)

0.5m thickness

cutoff

(Mt)

To 160m

(Rounded) 25 Mt 20 Mt 15 Mt

Nuurstei Exploration Target

Note: The potential quantity and quality of the deposit is conceptual in nature and

there has been insufficient exploration to estimate a Coal Resource and it is uncertain if additional exploration will result in the estimation of a Coal Resource

14

Nuurstei Project Development Scenario

Nuurstei Project represents a low capex, trucking opportunity

Located close to infrastructure ~10km from Khuvsgul province capital of Moron

~317km from the Erdenet railhead

Sealed road between Erdenet and Moron recently completed

Relatively shallow seams indicate potential low strip ratio from an open pit mine

Land leased at Erdenet by Aspire can act as coal stockpile and train load out area

Pre-feasibility study to be considered based on results from Nuurstei Exploration programme in 2015

Access to Erdenet – Ovoot railway from as early as 2017*

Noble Group to provide marketing and logistic services for all saleable coal

Potential Development Scenario

*Depends on the grant of rail concession, permits, and funding for the Erdenet – Ovoot railway

15

Nuurstei Indicative Washed Coal Quality

Bituminous Mid Volatile Coal – a premium quality hard coking coal present at Nuurstei

Moisture Ash Volatile Matter

Fixed Carbon

Total Sulphur

Phosphorus Free Swelling

Index (FSI)

Caking Index (G)

Max Fluidity DDPM

Max Dilation

RoMax Y Index

0.4 % 9.9 % 23.8 % 65.9 % 0.84 % 0.055 % 8.5 94 1,874 188 % 1.27 % 23

Air dried basis

Coal quality results are from a single core hole and additional core will be tested as part of the 2015 exploration programme to confirm coal quality are indicative of entire project

Ovoot Coking Coal Project 3.

Key Points

100% owned by Aspire Mining

430km2 of mining and exploration licences

Drilled over 39 kilometres at Ovoot (exploration, geotechnical, water)

30 year Mining Licence covering existing project area (with an option to extend for a further 2 x 20 year extensions)

Significant untested exploration potential

Aspire is the largest licence holder in Selenge Basin – the largest of Mongolia’s coking coal basins

Now sits along major planned international rail corridor

17

Ovoot Project Overview

Large scale tenement position covering the highly prospective basin

Project Map

Mogoin Gol Mine (~ 15mt Reserve)

Source: Company reports

18

High Value Open Pit Deposit

Mongolia’s second largest coking coal Reserve with the highest in situ value

Source: Company website, Company annual reports, Project technical reports 1. Size of bubble indicates size of total Reserves. Total product yield from ROM tonnes during FY12 and 1H2013 averaged 71 – 74%, and does not include production from 3rd CHPP commissioned in June 2013. Wash yield

to coking coal is estimated by MMC at between 50 – 52% *Ovoot Project ROM Coal Reserves based on Arb 2% moisture

0

50

100

150

200

250

300

350

400

Tavan Tolgoi Aspire - Ovoot MMC - UHG MMC - BaruunNaran

SouthGobi -Ovoot Tolgoi

Mt

Mongolian Coking Coal Reserves

255 Mt*

+1.6 Bt

236 Mt

122 Mt140 Mt

Largest Mongolian Coking Coal Deposits (Ranked by JORC Reserve) Largest Mongolian Coal Reserves1

19

100% Premium Coking Coal

Ovoot and Nuurstei coking coal is mid vol and low ash

Moisture Ash Volatiles Sulphur CSN Max Fluidity Log Max dilation Gray King G caking index Y index mm RoMax

9% 9% 25-28% 1.2 9 3.60 +300% G11 +95 +26 1.2

Indicative Ovoot and Nuurstei Coal Specifications1

Total Dilation vs Rank Volatile Matter vs. Dilation

Source: Company internal filings, Mongolian Mining Corp Hong Kong Listing Prospectus (dated 28 September 2010) 1 Air dried basis where applicable

Nuurstei

20

Large Scale & Low Cost Project

Production of up to 10mtpa premium coking coal over a 21 year Reserve based mine life

Ovoot Mine Summary

Source: Company model, Wood Mackenzie 1. A total saleable product of 191Mt will be produced which includes Inferred Resources mined within the open pit 2. Credit Suisse Research dated June 2014. Al coking coal inclusive of semi-hard and semi-soft 3. Based on owner operator scenario and excluding royalties. Aspire Mining Ovoot Coking coal nominal cost US$82 – 92/t (not including royalties) for first 5 years of production. Refer Quarterly report for period ended 31 December 2013

Global Coking Coal Cost Curve2

~US$100/t 50th percentile

~US$135/t 90th percentile

Ovoot Operating Cost3

Description

Product Type 100% Premium Coking Coal

Total Saleable Product1 188Mt

Life of Mine 21 years

Average Strip Ratio (Excluding Pre-Strip) 7.7:1 BCM waste/t

First Production 1Q 2019

Steady State Production Up to 10Mtpa

21

High Value In Use

Ovoot coal is capable of upgrading thermal, oxidised and low quality coking coals to saleable coking coal

Ovoot Coal Blending to Upgrade Lower Ranking Coals

D = 150% D = 220%

FM FM FM QF

y>25 (Fat) (Gas Fat)

JM JM 1/3 QM Use VM daf

y<25 (Primary Coking) (1/3 Coking) (Gas) and Y Index

above this line

JM JM 1/3 QM Use VM daf and

G Index below

this line

SM JM QM QM

(Lean)

SM 1.2 ZN 1/2 ZN QM

CY

(Long Flame)

PS RN RN

(Meagre Lean) (Weakly Sticky Coal) CV daf = 24 MJ/kg

PM (Meagre) BN (Non-sticky Coal)

10 20 28 37

VM daf %

Oxidised (non-coking)(average) Ovoot Fat Coal

50/50 Blend of oxidised coal and Ovoot Nuurstei Primary Coal

75/25 Blend of oxidised coal and Ovoot

85

65

50

35

30

20

5

G In

de

x

Ovoot coal is classified as a Chinese (FM) “Premium Fat Coal” or Russian “Fat Coking Coal” and is characterised by high fluidity and plastic properties

Used alone, low coking, thermal and oxidised coals are not enough to create a coke end product

However, when blended with Ovoot coking coal, these coals are upgraded significantly to produce a good coke product

Aspire conducted coke oven blend tests on a 50/50 (oxidised coal/Ovoot) and 75/25 blend basis

Under Chinese classification, these blended products are classified as a Primary Coking Coal (JM)

Key Comments

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Proximity to Key End Markets

Regional integration to provide long term cost advantage into China

Proximity to China’s Coke and Steel Industry

Non Binding LOIs for Future Coal Offtake1

1. Aspire remains in contact with a wide range of additional Chinese, Russian, Eastern Europe Steel Mills and Coke Plants

* Dependent on receipt of necessary rail concession licences and permits prior to commencing

Product Interest Production

Chinese up to 6.1Mtpa

Russian up to 1.3Mtpa

Total up to 7.4Mtpa

Pathway to First Production

Ovoot Mine Completed

JORC 2012 Resources and Reserves

Pre-Feasibility Studies

Mining Licence

MRAM Approval of Mongolian Feasibility Study

Coke Oven Testwork

Offtake Interest of Initial Production (Non-Binding)

Port Capacity up to 6Mtpa (Non-Binding)

Detailed Environment Impact Assessment* 2016

Bankable Feasibility Study* 2016

Fund Raising* 2016

Construction* 2017

Primary “JM” Coking Coal (hard coking coal equivalent in China) and FM “Fat” Coking Coal are in short supply which is needed to blend with lower quality coals

Lack of “hard coking coal” – especially low-volatile and high-fluidity

Trends towards the use of larger blast furnaces to achieve higher productivity, use of advanced technology and balancing environmental concerns

Better quality coals required for use in larger blast furnace

23

Strong Long Term Demand From China for High Quality Coking Coals

Sources: AME Group, “Coking Coal Market Outlook” presentation to Coaltrans Conference Brisbane dated August 2011

Unamed coal, 2%

Meagre lean, 7%

Lean, 7%

Primary coking coal, 25%

Fat, 10%

1/3 Coking, 13%

Gas fat coal, 7%

Gas coal, 29%

Chinese Coking Coal Reserves

Other, 5%

Lean, 12%

Primary coking coal, 31%

Fat, 19%

1/3 Coking, 19%

Gas coal, 14%

Typical Chinese Coke Blend

Strong long term demand from China market inevitable

Sources: Chinese Coking coal Reserves and Typical Blend: AME Group, “Coking Coal Market Outlook” presentation to Coaltrans Conference Brisbane dated August 2011, Leading Coal Consultant in China Report dated December 2014

Northern Railways LLC 4.

547 km railway capable of transporting up to 30mtpa

Connects into the Erdenet railhead and the Trans-Mongolian Railway

Rail development underpinned by Ovoot Project production profile

Open access multiple bulk commodity users, freight and passenger

Part of the international rail corridor linking Russian Trans-Siberian Railway with China through Northern Mongolia

25

Erdenet to Ovoot Railway

Recent approvals pave the way for a rail solution connecting the Ovoot Project with international markets

Erdenet – Ovoot Railway Overview Recent Government Agreements & Approvals

Source: Company disclosure

Date Event

11 May 2015 Northern Rail invited to commence rail concession negotiations. Working group formed

27 October 2014 Mongolian Parliament approves the Erdenet – Ovoot – Arts Suuri Railway as official Mongolian rail policy

13 October 2014 Erdenet to Ovoot Railway added to the Mongolian Government’s Concession List of “Approved Projects”

5 September 2014 Mongolian Ministry of Roads and Transportation and JSC Russian Railways agree to modernise and extend Mongolia’s rail network and will study:

Expansion of main Trans-Mongolian to facilitate freight capacity of 100 mtpa, electrified, dual track to Jining (China)

Extending rail from Erdenet to the Russian border at Arts

Suuri

Rail link from Arts Suuri to the Kyzyl - Kuragino Railway and thereby Russia’s Trans-Siberian Railway

26 August 2014 China and Mongolia Sign Infrastructure, Trade and Financing Agreements

26

Northern Railways Overview

Northern Railway is Aspire’s dedicated rail subsidiary in negotiations for the Erdenet – Ovoot railway concession

Option to earn 10%1 100%

Northern Railways LLC

Erdenet – Ovoot Railway

Corporate Structure

Erdenet – Ovoot Railway Concession2

1. Noble Group has an option to fund 10% of rail capital for 10% additional marketing right 2. Concession is expected to be for the right to build, own and operate the Erdenet – Ovoot railway for a minimum of 20 years before a 51% interest reverts back to the Mongolian Government

Key Points

2012: Original pre feasibility study completed by Optimal Projects LLC, and rail path review conducted by Calibre Rail to identify a more direct alignment

October 2012: Completed Detailed Environmental and Social Impact Assessment (includes engagement with local communities) over eastern half of alignment

April 2013: SMEC International completes a revised PFS confirming a more direct, cheaper and efficient alignment

September 2013: Conducted on-ground Field Assessment to physically confirm PFS and engineering and geotechnical viability of railway

September 2014: Erdenet – Ovoot rail alignment added to Government Concession List of Approved Projects

October 2014: Mongolian Parliament approved Erdenet – Ovoot – Arts Suuri within new National Rail Policy

November 2014: EPC Framework Agreement signed with China Railway 20 Bureau Group Corporation

February 2015: Rail GEIA Approved by Ministry of Environment, and Advisory Council of the Ministry of Roads and Transportation agreed to provide in principle support for these studies and the selected alignment

Current:

• Stage 1 BFS commenced by CR20G based on 1:5,000 scale maps provided by Northern Railways

• Non-binding expressions of interest have been received to finance construction totaling US$1.3bn

• Consortium formed between Northern Railways, CR20G and FSDI to work exclusively together to negotiate the rail concession

Stage 1 Stage 2 Stage 3 Total

Erdenet – Ovoot Ovoot – Arts Suuri Arts Suuri – Kyzyl

Length 547 km 214 km 267 km ~1,028 km

Capacity (up to)

30 mtpa 15 mtpa 15 mtpa 15 – 30 mtpa

Capital Cost US$1,200 m US$474 m US$560 m ~US$2,234 m

Avg slope 0.5 degrees 1.5 degrees 0.7 degrees ~0.76 degrees

27

Medium Term Rail Network

Staged Rail Development1

Rail Infrastructure Location

Connecting Russia’s 20Bt (including 13.7Bt of coking coal) Ulug Khem Coal Basin – only 300km from Ovoot – into the Trans-Mongolian Railway (TMR)

Planned upgrade of TMR will allow capacity for Ovoot coking coal south to China at first quartile landed cash costs

Rail growth to unlock Selenge and Ulug Khem Basin potential

Northern location provides opportunity for Ovoot to access seaborne and European coking coal markets

Erdenet to Arts Suuri rail connection will be materially more valuable as part of a rail network

Major transport corridor connecting Northern Mongolia with Russia and China

Key Rationale

Source: Shanxi Fenwei Energy Consulting, China Coal Resource 1. Preliminary assessments (Stage 2 and 3) conducted by Aspire, further studies are necessary to be undertaken

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Long Term Competitive Advantage

The Northern Rail Line creates a long term competitive advantage for Russian and Mongolian coking coals

Chinese coal market is 1,250km closer for Elegest if Northern Rail Line is used rather than existing TMR connection

Proposed Rail Path Connecting Russia to China

Indicative Rail Economics1

Northern Railway Completed

Pre-Feasibility Studies

Confirmation of Alignment to Mongolian Standards

Initial Stakeholder Agreement

General Environment Impact Assessment (GEIA) Granted

Approval of GEIA by Mongolian Government

on-Ground Field Study

Detailed Satellite Imagery Data for 1:5000 Mapping

Rail Concession 2015

Detailed Engineering Work & Environmental Impact Assessment* 2015

Fund Raising* 2015

Construction Commencing* 2016

Northern Railway Milestones

Indicative Rail Costs Elegest (USD/t) Ovoot (USD/t)

Rail to Erdenet3

(Rail opex only) 10.8 5.5

Rail to Erenhot1

(based on 2c/t/km)

22.3 22.3

Sub-Total 33.1 27.8

Border Costs2 5.0 5.0

Mine Gate Costs2 40.0 45.0

Sub-Total 78.1 77.8

Rail Depreciation4 2.0 2.0

Total (subject to rounding) 80.0 80.0

Note1: Current rail tariff along the Tran-Mongolian Railway for coal is 2.7c/t/km. Actual future tariff once capacity upgrades are completed is unknown. Example of 2c/t/km used to indicate a hypothetical future tariff. Note 2: Estimated mine gate cost based on Aspire’s Ovoot Project for first 5 years of production with the use of mine Contractors. Border costs are estimates only. Note 3: Rail opex costs include loco and wagon maintenance, diesel and salary's Note 4: Rail capital cost estimates between Kyzyl – Arts Suuri – Ovoot are internal estimates only and require further studies to be completed.

Conclusions & Contacts 5.

30

Investment Highlights

Highly strategic coal and rail projects positioned to unlock the Northern Mongolia mining province

Largest coal tenement holder in highly prospective Orkhon-Selenge Basin in northern Mongolia, and planning to increase project portfolio

Operator & 50% interest in the Ekhgoviin Chuluu Joint Venture (ECJV), with Option to buy out JV partner Noble Group

Potential cashflow generating road based operation with Nuurstei Coking Coal Project in 2016

Dedicated rail subsidiary Northern Railways LLC – directly negotiating for the concession over the proposed 547km Erdenet – Ovoot railway

Mongolia’s 2nd largest coking coal JORC Reserve with significant exploNoble Group: Marketing and logistics ration upside identified at Nuurstei and Ovoot

Ovoot is Mongolia’s 2nd largest coking coal Reserve in Mongolia (after state owned Tavan Tolgoi) (255mt JORC Reserves)

Existing Mining Licence in place within a larger 430km2 contiguous tenement package across the basin

Nuurstei (ECJV earning up to 90%), Exploration Target of 16-25mt to 160m depth

Short, Medium and Long Term Production Strategy

Nuurstei resource definition and development decision 2015/16 – Road based operation

World Class Ovoot Coking Coal Project to commence 5Mtpa production in 2019 – subject to rail availability

Ovoot production increasing to up to 10mtpa over long term

Planned multi user railway in Northern Mongolia set to transform into a highly strategic rail network link in the medium term

Ties into Chinese plans to develop Eurasia trade and “New Silk Road”

Potential capacity of up to 30mtpa to connect Northern Mongolia and Russia to the existing Trans-Mongolian Railway (currently being upgraded to 100mtpa)

Newly agreed Mongolian rail policy will connect the railway through to the Ulug Khem basin (c. 2.5bt of met. coal Reserves) in Russia’s south through to China

Highly experienced Board of Directors backed by key partners China Railway Construction and Noble Group

Proven team with five years + operating Mongolian experience and a track record of identifying and delivering bulk commodity projects through to production

Noble is an alliance partner with a 13.9% shareholding and a Board representative

China Rail Construction Corporation: Engaged to complete a detailed rail feasibility study with a follow on EPC Framework agreement in place

~$60m invested to date advancing the Ovoot Project and Erdenet – Ovoot Railway

• Substantial discount to current enterprise value of $20m.

• Recoverable insitu value of coking coal US$15 – US$20 bn at Ovoot alone. Enormous option value on Coking Coal Market.

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4

5

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Contact details

Aspire Mining Limited ABN: 46 122 417 243 ASX Code: AKM Web: www.aspiremininglimited.com AUSTRALIA Suite B3, 431 – 435 Roberts Road Subiaco, Western Australia, 6008 MONGOLIA Sukhbaatar District, 1st Khoroo, Chinggis Ave-8 Altai Tower, 3rd Floor, Room 302 Ulaanbaatar Tel: +976 7011 6828 David Paull: Tel: +61 8 9287 4555 (Managing Director) Email: info@aspiremininglimited.com

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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 of this document. The information in this document does not summarise all information that an investor should consider when making an investment decision. It should be read in conjunction with the Company’s other periodic and continuous disclosure announcements lodged with the Australian Securities Exchange (“ASX”), which are available at www.asx.com.au or www.aspiremininglimited.com. In attending this presentation or viewing this document you agree to be bound by the following terms and conditions.

•Not an offer: This document is for information purposes only and does not constitute or form part of any offer for sale or issue for any securities or an offer or invitation to purchase or subscribe for any such securities. This document and its contents must not be distributed, transmitted or viewed by any person in any jurisdiction where the distribution, transmission or viewing of this document would be unlawful under the securities or other laws of that or any other jurisdiction.

•Not financial product advice: The information contained in this document is not intended to be relied upon as financial product advice or investment advice nor is it a recommendation to acquire Aspire securities and has been prepared without taking into account the objectives, financial situation or needs of individuals. Before making an investment decision prospective investors should consider the appropriateness of the information having regard to their own objectives, financial situation and needs and seek legal, taxation and financial advice appropriate to their jurisdiction and circumstances. Neither Aspire nor any of its related bodies corporate is licensed to provide financial product advice in respect of Aspire securities or any other financial products.

•Forward-looking statements: This document contains certain “forward-looking statements”. The words “anticipate”, “believe”, “expect”, “project”, “forecast”, “estimate”, “likely”, “intend”, “should”, “could”, “may”, “target”, “plan”, “consider”, “foresee”, “aim”, “will” and other similar expressions are intended to identify forward-looking statements. Indications of, and guidance on, future production, production targets, resources, reserves, capital expenditure and financial position and performance are also forward-looking statements. Such forward-looking statements are not guarantees of future performance and involve known and unknown risks, uncertainties and other factors, many of which are outside the control of Aspire.

•Risks of investment: An investment in Aspire securities is subject to investment and other known and unknown risks, some of which are beyond the control of Aspire, including possible loss of income and principal invested. Aspire does not guarantee any particular rate of return or the performance of the Company, nor does it guarantee the repayment of capital from Aspire or any particular tax treatment. In considering an investment in Aspire securities, investors should have regard to (amongst other things) the risk and disclaimers outlined in Aspire’s most recent Annual Report released by Aspire to the ASX on 6 October 2014.

•Unverified information: This document may contain information (including information derived from publicly available sources) that has not been independently verified by the Company.

•Disclaimer: Neither the Company nor its directors, officers, employees or advisors make any representation or warranty and accordingly no reliance should be placed on the fairness, accuracy, completeness or reliability of the information contained in this document. To the maximum extent permitted by law, the Company, its directors, officers, employees or advisors do not accept any liability for any errors, omissions or loss (including because of negligence or otherwise) arising, directly or indirectly, from any use of this document or its content.

•Financial data: All dollar values are in Australian dollars (A$) and financial data is presented within the financial year ended 30 June unless otherwise stated.

•Effect of rounding: A number of figures, amounts, percentages, estimates, calculations of value and fractions in this document are subject to the effect of rounding. Accordingly, the actual calculation of these figures may differ from the figures set out in this document.

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Important information cont.

Production Target Assumptions: The following are key assumptions used to achieve the 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 million BCM waste removal programme to pre-strip overburden to top of coal; 2) A strip ratio of 7.7:1 (BCM waste: tonne of coal); 3) Preferentially targeting the Upper Seam with a relatively high proportion of low ash coal; 4) Mining of 5.2Mt of ROM coal (at a 2% moisture on an as received basis) producing 5Mt of saleable coal. This is made up of 40% of washed coal and 60% of by-pass coal meeting a 13% ash cut-off; 5) Higher ash coal totalling 2.1Mt will be washed in a 300 tonne per hour wash plant to be constructed at the Ovoot Project; and 6) Overall product yield of 90% to be achieved averaging 9% moisture for a less than 10% ash product. 7) The mine design is that used to support the announced Coal Resource and Reserve update for the Ovoot Project (refer ASX announcement dated 31 July 2013). 8)All capital and operating costs are in 2013 dollars.

Development Timeline: Aspire’s development timeline for its Ovoot Project relies primarily on i) the provision of a rail concession and other approvals from the Government of Mongolia for Northern Railways to build, and operate the Northern Rail Line, connecting the Ovoot Project to the Trans-Mongolian Railway at Erdenet; and ii) financing of the Northern Rail Line. The timing with respect to the grant of a rail concession is outside of the control of Aspire. Certain activities to further progress the Ovoot Project and Northern Rail Line development, and which will follow the grant of the rail concession licences, include the completion of detailed engineering work to support definitive financing negotiations. The Company’s development timeline to achieve first production by 2019 is indicative and assumes the grant of necessary Government licences, agreements and approvals in 2015.

Competent Persons Statement:

Ovoot

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 Compliant Coal Resource for the Ovoot Coking Coal Project in Mongolia has been reviewed by Mr Ian De Klerk and Mr Kevin John Irving of Xstract Mining Consultants Pty Ltd.

The Coal Resources documented in this release are stated in accordance with the guidelines set out in the JORC Code, 2012. They are based on information compiled and reviewed by Mr. Ian de Klerk who is a Member of the Australasian Institute of Mining and Metallurgy (Member #301019) and is a full time employee of Xstract Mining Consultants Pty Ltd. He has more than 20 years’ experience in the evaluation of coal deposits and the estimation of coal resources. Mr. de Klerk has sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration to qualify him as a Competent Person as defined in the JORC Code, 2012. Neither Mr. de Klerk nor Xstract have any material interest or entitlement, direct or indirect, in the securities of Aspire Mining Limited or any companies associated with Aspire Mining Limited. Fees for work undertaken are on a time and materials basis. Mr. de Klerk consents to the inclusion of the Coal Resources based on his information in the form and context in which it appears.

The Coal Reserves documented in this release are stated in accordance with the guidelines set out in the JORC Code, 2012. They are based on information compiled and reviewed by Mr. Kevin Irving who is a Fellow of the Australasian Institute of Mining and Metallurgy (Member #223116) and is a full time employee of Xstract Mining Consultants Pty Ltd. He has more than 35 years’ experience in the mining of coal deposits and the estimation of Coal Reserves and the assessment of Modifying Factors. Mr. Irving has sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration to qualify him as a Competent Person as defined in the JORC Code, 2012. Neither Mr. Irving nor Xstract have any material interest or entitlement, direct or indirect, in the securities of Aspire Mining Limited or any companies associated with Aspire Mining Limited. Fees for work undertaken are on a time and materials basis. Mr. Irving consents to the inclusion of the Coal Reserves based on his information in the form and context in which it appears.

The technical information contained in this announcement in relation to the Ovoot Coking Coal Project in Mongolia has been reviewed by Mr Neil Lithgow – Non Executive Director for Aspire Mining Limited. Mr Lithgow is a Member of the Australasian Institute of Mining and Metallurgy and has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the 2012 Edition of the "Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves.” Mr Lithgow consents to the inclusion in the report of the matters based on this information in the form and context in which it appears.

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Important information cont.

Competent Persons Statement (continued):

Nuurstei

The information in this report that relates to Reporting of Exploration Results and the Exploration Target, is based on information compiled under the supervision of, and reviewed by, the Competent Person, Mr. Parbury, who is a full time employee of McElroy Bryan Geological Services, is a Member of the Australasian Institute of Mining and Metallurgy and who has no conflict of interest with Aspire Mining Limited.

The reporting of exploration results for 13580X presented in this report has been carried out in accordance with the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’, The JORC Code 2012 Edition prepared by the Joint Ore Reserves Committee of the Australasian Institute of Mining and Metallurgy, Australian Institute of Geoscientists and Minerals Council of Australia (JORC).

Mr. Parbury has sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration and to the activity being undertaken to qualify as a Competent Person as defined in the 2012 Edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’. Mr Parbury consents to the inclusion in the report of the matters based on his information in the form and context in which it appears.

The information in this report that relates to Reporting of Exploration Results for core hole NUDH012, is based on information compiled under the supervision of, and reviewed by, the Competent Person, Mr. Neil Lithgow a Non Executive Director for Aspire Mining Limited.

The reporting of exploration results for 13580X presented in this report has been carried out in accordance with the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’, The JORC Code 2012 Edition prepared by the Joint Ore Reserves Committee of the Australasian Institute of Mining and Metallurgy, Australian Institute of Geoscientists and Minerals Council of Australia (JORC).

Mr Lithgow is a Member of the Australasian Institute of Mining and Metallurgy and has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the 2012 Edition of the "Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves.” Mr Lithgow consents to the inclusion in the report of the matters based on this information in the form and context in which it appears.