Announcement • Apr 30
Aspire Mining Limited, Annual General Meeting, May 28, 2026 Aspire Mining Limited, Annual General Meeting, May 28, 2026. New Risk • Apr 01
New major risk - Revenue and earnings growth Earnings have declined by 17% per year over the past 5 years. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-US$8.6m free cash flow). Earnings have declined by 17% per year over the past 5 years. Revenue is less than US$1m (US$241k revenue). Minor Risk Market cap is less than US$100m (AU$101.5m market cap, or US$70.1m). New Risk • Mar 30
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended June 2025. This is considered a minor risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. Currently, the following risks have been identified for the company: Major Risk Revenue is less than US$1m (US$27k revenue). Minor Risks Latest financial reports are more than 6 months old (reported June 2025 fiscal period end). Market cap is less than US$100m (AU$116.8m market cap, or US$80.2m). Board Change • Sep 18
Less than half of directors are independent Following the recent departure of a director, there are only 2 independent directors on the board. The company's board is composed of: 2 independent directors. 3 non-independent directors. Independent Non-Executive Director Greg Millen was the last independent director to join the board, commencing their role in 2025. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Announcement • Aug 04
Aspire Mining Limited Announces the Appointment of Greg Millen as A Non-Executive Director of the Company, Effective 04 August 2025 Aspire Mining Limited announced the appointment of Mr. Greg Millen as a Non-Executive Director of the Company, effective 04 August 2025. Mr. Millen is a seasoned engineering and project delivery executive with over 30 years' experience across mining, energy, infrastructure and water. He is the Founding Managing Director of Karli Holdings Pty Ltd, a diversified group with operations across Australia, Europe, Asia and North America. His portfolio includes Wave International, which he co-founded in 1999 and though which he has some prior experience of Mongolian projects, and The Right Water Company, a joint venture with Traditional Owners delivering large-scale, First Nations-led water infrastructure. These ventures reflect his focus on innovative, community-driven development. Mr. Millen brings deep experience delivering multidisciplinary infrastructure programs, particularly across battery minerals, bulk commodities, and water. His integrated approach combines strategic advisory, feasibility studies, project execution and operational readiness, and is complemented by extensive stakeholder engagement across diverse regulatory and cultural contexts, including collaboration with First Nations communities. Mr. Millen's appointment comes at a critical juncture for Aspire as it transitions from development to execution. His expertise in engineering governance, contractor engagement, supply chain management and infrastructure delivery will directly support Aspire's progression of major work packages including road development, Coal Handling and Preparation Plant construction and development of the Erdenet Rail Terminal infrastructure. As an Independent Non-Executive Director, Mr. Millen also strengthens Aspire's corporate governance framework, supporting balanced decision-making and independent oversight as the Company advances towards development and financing milestones in the interests of all shareholders. Mr. Millen holds an Honours degree in Mechanical Engineering from the University of Western Australia. He is a Chartered Professional Engineer, Fellow of Engineers Australia (FIEAust), Engineering Executive (EngExec), and a member of Consult Australia, AusIMM and the Australian Institute of Company Directors (AICD). Announcement • Apr 28
Aspire Mining Limited, Annual General Meeting, May 29, 2025 Aspire Mining Limited, Annual General Meeting, May 29, 2025. New Risk • Apr 23
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of Australian stocks, typically moving 18% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (18% average weekly change). High level of non-cash earnings (35% accrual ratio). Revenue is less than US$1m (US$47k revenue). Minor Risk Market cap is less than US$100m (AU$142.1m market cap, or US$91.1m). New Risk • Mar 31
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended June 2024. This is considered a minor risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. Currently, the following risks have been identified for the company: Major Risk Revenue is less than US$1m (US$76k revenue). Minor Risks Latest financial reports are more than 6 months old (reported June 2024 fiscal period end). Share price has been volatile over the past 3 months (15% average weekly change). Market cap is less than US$100m (AU$139.6m market cap, or US$87.8m). New Risk • Mar 17
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Australian stocks, typically moving 12% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risk Revenue is less than US$1m (US$76k revenue). Minor Risks Share price has been volatile over the past 3 months (12% average weekly change). Market cap is less than US$100m (AU$111.7m market cap, or US$70.9m). Announcement • Nov 27
Aspire Mining Limited Appoints Tristan Garthe as Chief Financial Officer, Effective 25 November 2024 Aspire Mining Limited announced the appointment of Tristan Garthe as Chief Financial Officer, effective 25 November 2024. Tristan brings over 20 years of financial and strategic expertise in the mining sector, with a strong record of success in capital management, governance, and operational optimisation. He has held key roles with ASX-listed companies, where he has been pivotal in shaping financial strategy, securing capital, and overseeing complex transactions within the resources industry. Known for his hands-on approach, Tristan's extensive background in financial management and governance has enabled both listed and international resource companies to achieve significant growth and operational efficiency. Tristan is a Fellow of CPA Australia, holds an MBA, a Diploma of Applied Finance, and is a Graduate of the Australian Institute of Company Directors. His qualifications and experience will be instrumental in supporting Aspire Mining as advance towards goal of transforming from an explorer to a producer, developing a world-class coking coal mine. Announcement • Apr 30
Aspire Mining Limited, Annual General Meeting, May 30, 2024 Aspire Mining Limited, Annual General Meeting, May 30, 2024, at 14:00 E. Australia Standard Time. Agenda: To adopt Remuneration Report; to re-elect Boldbaatar Bat-Amgalan as a Director; and to appoint Auditor. New Risk • Apr 16
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended June 2023. This is considered a minor risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. Currently, the following risks have been identified for the company: Major Risk Revenue is less than US$1m (AU$765k revenue, or US$491k). Minor Risks Latest financial reports are more than 6 months old (reported June 2023 fiscal period end). Market cap is less than US$100m (AU$99.0m market cap, or US$63.6m). New Risk • Nov 09
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Australian stocks, typically moving 13% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risk Revenue is less than US$1m (AU$765k revenue, or US$489k). Minor Risks Share price has been volatile over the past 3 months (13% average weekly change). Market cap is less than US$100m (AU$31.0m market cap, or US$19.8m). Announcement • Oct 20
Aspire Mining Limited, Annual General Meeting, Nov 24, 2023 Aspire Mining Limited, Annual General Meeting, Nov 24, 2023, at 16:00 AUS Eastern Standard Time. Location: Automic Offices, Level 5, 126 130 Phillip Street Sydney New South Wales Australia Agenda: To consider the Annual Financial Report of the Company for the financial year ended 30 June 2023 together with the declaration of the Directors, the Directors' Report, the Remuneration Report and the Auditor's Report for that financial year; to consider the Adoption of Remuneration Report; to consider and Re-election of Russell Taylor and Michael Avery as a Director; to consider the Approval of Issue of Performance Rights to Russell Taylor, a Director of the Company; and to consider other matter also. Announcement • Jan 31
Aspire Mining Limited Announces Change to Board of Directors Aspire Mining Limited announced the resignation of one of its Non-Executive Directors, Ms. Hannah Badenach, from its Board effective 31 January 2023. Ms. Badenach was appointed to the Board as the nominated representative of the Company's current second shareholder, Noble Resources International Pte Ltd. (Noble), on 18 April 2013. Announcement • Dec 31
Aspire Mining Limited Announces That It Is Developing Metallurgical Coal Assets in Mongolia, Principally Its Wholly Owned Ovoot Coking Coal Project Aspire Mining Limited announced that it is developing metallurgical coal assets in Mongolia, principally its wholly owned Ovoot Coking Coal Project (OCCP). The Company is pleased to advise that it has now completed onsite activities related to the small-scale infill drilling program within the Ovoot mining license (MV-017098) as announced previously to be conducted in the December quarter. The drilling was completed in accordance with the Exploration Plan approved by the Mineral Resources and Petroleum Authority of Mongolia (MRPAM), and the Environmental Protection Plan approved by soum (council) and aimag (province) authorities administered under the Ministry of Nature, Environment and Tourism (MNET). Exploration boreholes were drilled at 11 locations within the mining license, for a total of 1,569 metres drilled. Of these total metres, 1,284 metres were of HQ size (including 487.5 metres of PCD2 drilling and 836.2 metres of DD3 drilling) and 285 metres were of PQ size (including 152.6 metres PCD and 131.6m DD). Water, coal and rock samples gathered from the field having now been delivered to accredited laboratories in Ulaanbaatar. Initial laboratory results are expected to be available in early 2023 to facilitate the intended hydrological, geotechnical and washability analyses for input into revised geological modelling and mine design and scheduling. The implementation of the exploration program provided multiple commercial opportunities for people and businesses in Tsetserleg soum. Over an approximate two-month period, more than 30 local people were employed, and a total of more than MNT 165 million (approximately USD 50 thousand) was spent directly and indirectly on locally procured goods and services, which represents a significant contribution to the local economy. Announcement • Dec 07
Aspire Mining Limited Announces Change of Company Secretary Aspire Mining Limited advised that, in accordance with ASX Listing Rule 3.16.1, Ms Emily Austin from Automic Group has been appointed as Company Secretary, effective immediately. Emily is an experienced Company Secretary and Corporate Governance Advisor to a portfolio of companies including ASX & NSX listed, incorporated overseas and within Australia, Unlisted Public and Private companies, Not for Profits and Charities in range of industries including Technology, Education, Health, Funds and Insurance, Finance and Treasury and oil, gas and mining. Emily is a member of the Governance Institute of Australia. Further to this appointment, Mr. Mr Philip Rundell will step down as Company Secretary effective immediately. Announcement • Nov 29
Aspire Mining Limited Approves Election of Russell Taylor as Director Aspire Mining Limited at the AGM held on November 29, 2022 approved election of Russell Taylor as Director. Board Change • Nov 16
No independent directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 2 experienced directors. 3 highly experienced directors. No independent directors (5 non-independent directors). Non-Executive Director Boldbaatar Bat-Amgalan was the last director to join the board, commencing their role in 2018. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of independent directors. Insufficient board refreshment. Announcement • Oct 21
Aspire Mining Limited Announces Commencement of Drilling at Ovoot Aspire Mining Limited is focused on developing metallurgical coal assets in Mongolia, principally its wholly owned Ovoot Coking Coal Project (OCCP). The Company is pleased to advise that with the support of the local community, approval has been received for a short exploration and water drilling program within the Ovoot mining license (MV-017098). This work is being conducted in accordance with an Exploration Plan approved by the Mineral Resources and Petroleum Authority of Mongolia (MRPAM) and an Environmental Protection Plan approved by soum (council) and aimag (province) authorities administered under the Ministry of Nature, Environment and Tourism (MNET). Importantly, this program is progressing because of support from the community to see the Ovoot Project developed at the local level. Community support for development of the OCCP has been strengthened in recent years, on basis of the Company demonstrating commitment to supporting nearby residents maintain their traditional livelihoods whilst also providing additional vocational and educational opportunities. The approved Exploration Plan comprises 9 holes for a total of 1,200 metres and is budgeted to cost USD 500,000 including laboratory and technical analysis. This Exploration Plan is an important component for completing the OCCP Definitive Feasibility Study and includes: Obtaining fresh coal samples for: o washability testing coal scheduled to be produced during initial years of production; and o representative samples for independent expert review, and for marketing samples to potential customers. Conducting hydrogeological testing for the Starter Pit; and · Obtaining geotechnical samples to optimize the pit wall slope angle within the Starter Pit. Announcement • Oct 11
Aspire Mining Limited Announces Board Changes Aspire Mining Limited advised that the Company's Chairman Mr. David Paull has advised the Board that he will not be seeking re-election at the upcoming Annual General Meeting (AGM) and so will retire as a director of the Company with effect from the close of the 2022 AGM. Further, existing Non-Executive Director and significant shareholder Mr. Neil Lithgow has advised the Company that he also intends to resign as a director of the Company with effect from the close of the 2022 AGM. Both David and Neil joined the Board of Aspire as part of the Company's acquisition of the Ovoot coking coal project in Mongolia in 2010 and the associated recapitalization of the Company. Since that time, Aspire has confirmed a world class coking coal resource base at Ovoot, completed a number of pre-feasibility studies (both into the mine development and the associated infrastructure required to transport Ovoot coal to market) and is now nearing conclusion of a Definitive Feasibility Study pending final permitting approvals. Announcement • Oct 06
Aspire Mining Limited, Annual General Meeting, Nov 29, 2022 Aspire Mining Limited, Annual General Meeting, Nov 29, 2022. Announcement • Jun 17
Aspire Mining Limited Announces Erdenet Rail Terminal FEED Study Complete Aspire Mining Limited announced hat O2 Mining Limited (O2) has completed Stage 2 of the Front End Engineering Design (FEED) Study for the Erdenet Rail Terminal (ERT) infrastructure and issued its report outlining the design and cost estimate (FEED Study). Key outcomes from Stage 2 of the FEED Study include: Conceptual designs for process infrastructure including train loadout facility of 1,700 tonnes per hour (tph), enclosed storage of 58,500 tonnes, and truck unload facility of 750 tph nominal capacities. Conceptual designs for all non-process related supporting commercial and residential facilities, including the internal road network, site lighting and security, raw and wastewater reticulation, and electricity supply. Preparation of all conceptual designs compliant with the Construction Code of Mongolia and the National Fire Protection Authority (NFPA) requirements in relation to the process infrastructure. Optimisation of infrastructure layout allowing for future expansion, potentially enabling the doubling of the throughput with minimal additional capital expenditure and indicatively a one third reduction in unit operating cost. Engineering supportive of -10 to +25 per cent accuracy of capital and operating cost estimates. The wide range reflects the current difficulties in securing firm quotations. Announcement • May 19
Aspire Mining Limited Completes CHPP Infrastructure FEED Study Aspire Mining Limited is focused on developing metallurgical coal assets in Mongolia, principally its wholly owned Ovoot Coking Coal Project (OCCP). The Company is pleased to advise that Sedgman Pty Ltd. (Sedgman) has completed Stage 2 of the Front-End Engineering and Design (FEED) Study for the Coal Handling and Preparation Plant (CHPP) infrastructure to be constructed at the OCCP and issued its final report outlining the design and cost estimate (FEED Study). In response to feedback gathered during community consultation, the elimination of potential dust emissions was an express objective of the design and engineering. Result of this is evident in the planned coal handling, stockpiling and truck loading infrastructure. The concept presented in this FEED Study represents a significantly more sophisticated processing and materials handling solution than that contemplated in the March 2019 Pre-Feasibility Study1. Leading technologies are also incorporated to minimise power and water consumption. This is an important step in the development of the OCCP, as establishment of a CHPP at the Ovoot site is an important factor to enable consistent delivery of high-quality coking coal to market. Currently, only one other Mongolian coking coal producer beneficiates its coal on site to a globally recognised product specification. Key outcomes from Stage 2 of the FEED Study include: Preparation of concept design with nameplate capacity of 350 tonnes per hour (tph) feed, based on a simple, robust process flowsheet comprising proven technologies. Incorporation of reliable equipment capable of operating more than 7,200 hours per annum and 20 years life with appropriate training and maintenance regimes in place. Meeting design objectives to maximise water and power efficiency, containment of potential dust emissions, and avoidance of requirement for tailings storage facility. Optimisation of layout conducive to future phased expansion, including product handling system capable of supporting doubling of initial throughput. Board Change • Apr 27
No independent directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 2 experienced directors. 3 highly experienced directors. No independent directors (5 non-independent directors). Non-Executive Director Boldbaatar Bat-Amgalan was the last director to join the board, commencing their role in 2018. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of independent directors. Insufficient board refreshment. Announcement • Jun 05
Aspire Mining Limited Announces Ovoot's Premium Fat Coking Coal Category Confirms Customer Validation Process Commences Aspire Mining Limited is focused on the development of metallurgical coal assets in Mongolia, principally the wholly owned Ovoot Coking Coal Project (OCCP). The company has recently received fresh laboratory results based on an indicative Ovoot sample confirming previous results indicating that Ovoot is a high quality Fat Coking Coal. A 60 kg sample1 of fresh coking coal indicative of Ovoot's Upper Seam which will be the focus of the Ovoot Early Development Project was tested by SGS in Tianjin China with the key results. Ovoot Coking Coal also fits within the Fat (Zh) and Coking Fat (KZh) coking coal categories within the Russian coal classification system. The characteristics that make a fat coal important to add to blends include the wide plastic range, in that it is able to blend with numerous other types of coals with narrower melting ranges. As well it has very high fluidity which allows for the coal to mix well with the other coals in the batch. Finally the plastic layer (Y Index) effectively bonds particles from other coals, the thicker the plastic layer the better. The characteristics that make a fat coal an integral component of a coke blend include a wide plastic range (>95oC) whereby it remains plastic longer and bonds with other blend components that have already resolidified. Whilst in this plastic range it exhibits a high level of fluidity allowing the plastic fluid to mix through the blend and encapsulate the inert components. The greater the volume of plastic material produced (as indicated by upper end of Y Index: 25 - 35mm), the greater the capacity to "carry" a higher load of inert components. High quality fat coking coals have an important value in use in the Chinese steel industry, particularly at present with import limitations being put on Australian hard coking coals. China is not self sufficient in sourcing hard coking coals and since 2009 has relied on imports to make up the shortfall. Adding quality fat coking coals allows steel mills to add lower quality coking coals into the batch, more than what hard coking coals could carry to make quality coke. Fat coking coals like Ovoot's would be used between 5% to 10% of a coke batch in order to support the carrying ability of the limited supply of prime hard coking coals. Fat coking coals are priced at around the same as hard coking coals in Tianjin China as the following 5 year price chart shows. 