ASX RELEASE. Coking Coal Market and Nuurstei Exploration Update

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1 Aspire Mining Limited ABN: Suite B3, Roberts Road Subiaco WA 6008 PO Box 1918 Subiaco WA 6904 Tel: (08) Fax: (08) ASX RELEASE Web: For Immediate Release 7 October, 2015 Coking Coal Market and Nuurstei Exploration Update Non-core drilling has been completed at Nuurstei identifying coal seams to a depth of 180m; basement has not been intersected. Key results include coal intersections in holes NURH1032 and NURH1039 intersecting 5.6m of coal from 34.7m, and 6.94m of coal from 61.2m respectively. Strike length of correlated seams increased by 0.4km from 1.2km to 1.6km. ECJV and Aspire working to secure Nuurstei and Ovoot projects as new low cost supply sources, which industry analysts expect will be required in the medium term. Interim results for major Chinese coal producers hint toward domestic production cuts which will assist to improve demand/supply balance in the coking coal market. Further coking coal mine closures lead to expectations of coal price improvements from 2016 onwards. Mongolian metallurgical coal explorer, Aspire Mining Limited (ASX: AKM, the Company or Aspire), is pleased to provide an update of the exploration program that is currently being undertaken at the Nuurstei Coal Project (Nuurstei) by the Aspire and Noble Group (Noble) Ekhgoviin Chuluu Joint Venture (ECJV). The ECJV owns a 90% interest in the Nuurstei project. Non-core drilling has now been completed with PQ diamond holes continuing to provide coal for sampling identified seams of potential economic interest. Drilling at Nuurstei commenced in July 2015 and to date 24 non-core drill holes and 19 PQ diamond core hole have been completed, including those reported to the market on 21 August The drilling results continue to indicate steeply dipping and banded (coal and non-coal) seams. There are a large number of seams identified in the m deep holes. Basement rock has not been intersected in any of the holes and historical drilling at Nuurstei noted that coal in multiple thin seams continue to be intersected well below the current depth of drilling. A best reported intersection of 6.94 metres of coal is in hole NURH1039 from 61.2m and hole NURH1032 also intersected 5.6m of coal from 34.7m. Twelve other seams identified in this hole provided a total of metres of coal from surface down to 108 metres illustrating the existence of multiple, albeit relatively thin stacked seams. The strike length of correlated seams has now been identified over 1.6 kilometres, up from 1.2 kilometres that was previously reported following the completion of the 2014 exploration program. 1 P age

2 Figure 1: Nuurstei 2015 and previously completed drill hole locations The 2015 Nuurstei drilling program was prepared with the aim of increasing confidence levels in coal seam correlation and establishing a coal resource that can be reported in accordance to the 2012 JORC Code. The data from the infill-drilling is now being compiled by McElroy Bryan Geological Services (MBGS) with the view to establish a maiden coal resource at Nuurstei by the end of Following the 2014 exploration program, MBGS defined an Exploration Target at Nuurstei which could contain between approximately 15mt (at 0.5m coal thickness cutoff, rounded) to approximately 25mt (at 0.1m coal thickness cutoff, rounded), down to 160m depth (refer ASX Announcement dated 20 March 2015). Nuurstei is located only 10 kilometres from the existing Moron town, the capital of the Khusvgul province and sits along the path of the planned Erdenet to Ovoot railway. Nuurstei could be initially developed as a road based operation, trucking coal to Erdenet and become one of the first users of the Erdenet to Ovoot railway once the first section is completed (refer Figure 2). 2 P age

3 Figure 2: Nuurstei project location alongside the Erdenet Ovoot railway Aspire s Strategy in a Weak Coking Coal Market The Company has positioned itself as a Mongolian focussed metallurgical coal explorer building up its coal property portfolio during the last 12 months which has included the purchase of a 50% stake in the Ekhgoviin Chuluu Joint Venture (ECJV) with Singapore listed Noble Group, followed by the ECJV acquiring a further 30% interest in the Nuurstei project. Further, applications for new exploration licences in Mongolia have been successful with the Company and the ECJV awarded new licences in south and northwest Mongolia. Although the current metallurgical coal market is depressed, the Company continues to take a medium and long term view of the metallurgical coal market and continues to believe that there is significant upside to be achieved. The Company s focus is to continue to achieve the infrastructure and commercial related milestones necessary to realise the future development and production from its coking coal assets including the world class 100% owned Ovoot Coking Coal Project (Ovoot). Due to current very poor market conditions, sustaining capital in operating mines is being deferred and there are no new large coal mines expected to come on line in the next few years. Meanwhile, existing coal mines are coming to the end of their lives. BHP Billiton announced recently that their Crinum/Gregory mining complex will close early 2016, removing up to 6 Mtpa of high quality coking coal out of the supply 3 P age

4 chain. Given the long lead times required to bring any new production online, market commentary has moved to an expectation of improving prices over the medium term. The market dynamics in coking coal are very different to iron ore even though the demand for both are driven by the steel industry. The iron ore industry is concentrated in three very large companies who make good margins at current prices with new supply still to enter the market. However, for coking coal, most of the participants are losing money at current pricing and rather than new supply, mine closures continue. Aspire is working to secure both the Nuurstei and Ovoot projects as new low cost production sources that can enter the market in the medium term to meet supply side gaps that are expected to materialise over time 1. Current market overview Metallurgical coal prices have reduced dramatically over the last 24 months where benchmark seaborne metallurgical coal prices have consecutively fallen from US$152/t during the December 2013 Quarter to US$89/t during the December 2015 Quarter 2. These reductions can be attributed to a number of influencing factors. However, it is predominately the result of a shift in Chinese demand for imported metallurgical coal. Not unlike metallurgical coal producers in Australia, Canada and the USA, the Chinese coal market has itself been under significant pressure to reduce operating costs and rationalise production. China is by far the world s largest source of coking coal and has a significant influence over the broader market. Research conducted by one of China s leading coal market consultants, Shaanxi Fenwei Energy Consulting (Fenwei), reported that approximately 80% of coking coal mines located in China s largest coal producing provinces were loss making 3 at April This is up from CRU estimates that 44% of Chinese metallurgical coal producers were unprofitable during There continues to be a significant amount of unauthorised coal production in China. The Chinese Government which owns approximately 62% 4 of coal mines (thermal and coking) in China recognises the industry s significant contribution to employment, and has implemented stimulus measures aimed at improving the efficiency and profitability of the Chinese coal industry. These measures have included imposing taxes on coal imports, establishing quality restrictions and shutting down small coal mines. This had the effect of making domestic coals more attractive to imports which resulted in a 17% drop in metallurgical coal imports between 2013 and 2014 and a 19% decrease year-to-date to August Market Forecasts Until recently, the above Chinese Government measures had not seemed to do enough to curb domestic production in order to balance out supply and therefore see a floor to the fall of coking coal prices both domestically and seaborne. The Company has however noticed recent shifts that could suggest the beginning of improvements in the metallurgical coal market, in line with consensus analyst expectations that the market will start improving from 2016/17 onward 5. 1 Macquarie Wealth Management, May TEX Report 3 Chinese coal miners cost curve and profitability analysis dated 11 June China Coal Resource. 4 No recovery here, World Coal Magazine, by Adam Parums CRU, 1 April CRU The outlook for metallurgical coal, July 2015 and Energy & Metals Consensus Forecasts, 17 August P age

5 Recent reporting by some of China s largest coking coal miners suggests an impact to domestic production will become evident shortly: 1. China Shenhua Energy China s largest coal producer, Shenhua s interim report indicated a reduction of 10.1% in coal production, net profit has fallen consecutively over the last three years, falling 42.6% in FY2015. The company has reportedly reduced wages and salaries by 10%. 2. China Coal Energy Co China s second largest coal producer, China Coal s coal production fell 22.1% from June 2014 to June 2015 having increased in the prior year. The company has reported its first loss in its 2015 interim report with net profit falling by 180%. The company has also incurred a net profit fall in the previous year of 72.9%. The company has reduced its coal inventories and is focussing on coal quality and cost improvement. 3. Heilongjiang Longmay Mining Holding Group A state owned enterprise and one of northeast China s largest miners has recently reported that it will be cutting 40% (or 100,000) of its 240,000 workforce in addition to reportedly already closing 8 mines to date. The company has been producing approximately 40mtpa, although incurring losses since During 2014 the company reported a loss of approximately US$815m. 4. Yanzhou Coal Mining Co Yanzhou is one of China s largest coal producers with operations in both China and Australia. Saleable coal production has fallen slightly by 5.02% for six months ended June 2015 compared to June 2014 having increased by 33% in the prior year (June 2013). Net profit fell 108% at June 2015 with the company incurring its second loss since Yanzhou are seeking to improve operating costs through a number of strategies which includes reducing staff levels. 5. Shougang Fushan Resources Group Shougang is one of China s largest metallurgical coal producers in central-west China producing ~6 Mtpa of premium coking coal from three coking coal mines. It is one of the few producers that has reported a net profit at June 2015 having sustained a substantial loss for the same period last year. The company continues to assess its staff requirements and cost management. --End-- 5 P age

6 JORC Code, 2012 Edition Table 1 report template Section 1 Sampling Techniques and Data (Criteria in this section apply to all succeeding sections.) Criteria JORC Code explanation Commentary Sampling techniques Drilling techniques Drill sample recovery Nature and quality of sampling (eg cut channels, random chips, or specific specialised industry standard measurement tools appropriate to the minerals under investigation, such as down hole gamma sondes, or handheld XRF instruments, etc). These examples should not be taken as limiting the broad meaning of sampling. Include reference to measures taken to ensure sample representivity and the appropriate calibration of any measurement tools or systems used. Aspects of the determination of mineralisation that are Material to the Public Report. In cases where industry standard work has been done this would be relatively simple (eg reverse circulation drilling was used to obtain 1 m samples from which 3 kg was pulverised to produce a 30 g charge for fire assay ). In other cases more explanation may be required, such as where there is coarse gold that has inherent sampling problems. Unusual commodities or mineralisation types (eg submarine nodules) may warrant disclosure of detailed information. Drill type (eg core, reverse circulation, open-hole hammer, rotary air blast, auger, Bangka, sonic, etc) and details (eg core diameter, triple or standard tube, depth of diamond tails, face-sampling bit or other type, whether core is oriented and if so, by what method, etc). Method of recording and assessing core and chip sample recoveries and results assessed. Measures taken to maximise sample recovery and ensure representative nature of the samples. Whether a relationship exists between sample recovery and grade and whether sample bias may have occurred due to preferential Geological data captured from drilling completed in the time of this announcement period: NURH1027 to NURH1041 = 15 non-core holes NUDH014 to NUDH026 = 14 PQ core holes (this announcement) NUDH014A, 14B, 14C, 15A and 16A = 5 PQ redrill core holes (this announcement) Appendix A lists only drill holes referenced in this announcement geophysical logging was conducted by Monkarotaj LLC. All drill holes have been geophysically logged. Sondes run on each hole are density, gamma, resistivity, multi-channel sonic, dipmeter, verticality, caliper. Because of possible hole collapse in steep dip structured strata, logs where appropriate were run inside rods. Then when rods pulled from hole sondes were rerun in hole without rods if possible. Drilling 2015 series of holes non-core open PCD bit commenced with hole NURH1018 completed through to NURH1041. Eleven PQ diameter core holes have been completed: hole NUDH013 through to NUDH023. Re-drill holes NUDH014A, NUDH014B, NUDH014C, NUDH01A and NUDH016A were drilled to acquire coal samples where core loss occurred in the corresponding previous holes at each of these drill sites. Holes drilled to between 100m and 220m deep Chips from non-core holes sampled every one metre interval and laid out by drill crew at drill site for lithological logging by geologist. PQ diameter core holes drilled for coal quality sampling purposes. Sampling of coal core will be on a ply-by-ply basis. Coal intersections verified by density down-hole geophysical logs. 6 P age

7 Criteria JORC Code explanation Commentary Logging Subsampling techniques and sample preparation Quality of assay data and laboratory tests Verification of sampling and assaying loss/gain of fine/coarse material. Whether core and chip samples have been geologically and geotechnically logged to a level of detail to support appropriate Mineral Resource estimation, mining studies and metallurgical studies. Whether logging is qualitative or quantitative in nature. Core (or costean, channel, etc) photography. The total length and percentage of the relevant intersections logged. If core, whether cut or sawn and whether quarter, half or all core taken. If non-core, whether riffled, tube sampled, rotary split, etc and whether sampled wet or dry. For all sample types, the nature, quality and appropriateness of the sample preparation technique. Quality control procedures adopted for all sub-sampling stages to maximise representivity of samples. Measures taken to ensure that the sampling is representative of the in situ material collected, including for instance results for field duplicate/second-half sampling. Whether sample sizes are appropriate to the grain size of the material being sampled. The nature, quality and appropriateness of the assaying and laboratory procedures used and whether the technique is considered partial or total. For geophysical tools, spectrometers, handheld XRF instruments, etc, the parameters used in determining the analysis including instrument make and model, reading times, calibrations factors applied and their derivation, etc. Nature of quality control procedures adopted (eg standards, blanks, duplicates, external laboratory checks) and whether acceptable levels of accuracy (ie lack of bias) and precision have been established. The verification of significant intersections by either independent or alternative company personnel. The use of twinned holes. Documentation of primary data, data entry procedures, data verification, data storage (physical and electronic) protocols. Discuss any adjustment to assay data. Geologist logs each one metre of chips down the hole on site. Chips are photographed when hole is completed. Lithological logging described non-core (chip) colour, rock type, grain size, weathering, and coal was brightness logged in the core hole. Down-hole depths and apparent thicknesses of seams are confirmed and corrected to down-hole density geophysical logs Holes NURH1027 to NURH1041 all non-core holes. Holes NUDH014 to NUDH023 are PQ diameter core holes Holes NUDH013 to NUDH016 have been sampled and submitted for Coal Quality laboratory testing. All holes drilled vertically. Down hole geophysical verticality log will determine and detail the amount of drill hole wander off-vertical Not applicable at this stage in the 2015 exploration program. Not applicable at this stage in the 2015 exploration program. 7 P age

8 Criteria JORC Code explanation Commentary Location of data points Data spacing and distribution Orientation of data in relation to geological structure Sample security Audits or reviews Accuracy and quality of surveys used to locate drill holes (collar and down-hole surveys), trenches, mine workings and other locations used in Mineral Resource estimation. Specification of the grid system used. Quality and adequacy of topographic control. Data spacing for reporting of Exploration Results. Whether the data spacing and distribution is sufficient to establish the degree of geological and grade continuity appropriate for the Mineral Resource and Ore Reserve estimation procedure(s) and classifications applied. Whether sample compositing has been applied. Whether the orientation of sampling achieves unbiased sampling of possible structures and the extent to which this is known, considering the deposit type. If the relationship between the drilling orientation and the orientation of key mineralised structures is considered to have introduced a sampling bias, this should be assessed and reported if material. The measures taken to ensure sample security. The results of any audits or reviews of sampling techniques and data. Collar locations of drill holes located by hand held GPS equipment. Checked against Digital Terrain Model derived from satellite imagery. All holes to be resurveyed on completion of drilling program and data to be uploaded into database when received. Holes located along dip section lines infilling the 2011 and 2014 drilling pattern. Holes now located in places 10 to 50 metres apart along dip section lines. Further to north-west along strike drill holes located 100 to 200m apart, located on grid basis drilling pattern. See drill hole location plan in body of ASX announcement. Drill spacing variable depending if 2015 holes were located as in-fill holes near holes or more widely spaced apart. One metre down hole chip samples are based on down hole drillers depths. Cored depths based on driller s depths corrected to downhole geophysics. Dip of strata known to be steeply dipping so that one metre drilled intervals will be apparent only. Any interpreted down hole thicknesses of coal or non-coal units will have to be adjusted to true thickness based on the results of the down-hole geophysical log and dipmeter log that defines the strata dip. Prior to sampling and dispatch to laboratory, coal core stored in plastic lined core trays in steady low-temperature locked core storage room. All data collected in field is checked and validated by site supervising geologist, then rechecked in Sydney office by team of geologists. 8 P age

9 Section 2 Reporting of Exploration Results (Criteria listed in the preceding section also apply to this section.) Criteria JORC Code explanation Commentary Mineral tenement and land tenure status Exploration done by other parties Type, reference name/number, location and ownership including agreements or material issues with third parties such as joint ventures, partnerships, overriding royalties, native title interests, historical sites, wilderness or national park and environmental settings. The security of the tenure held at the time of reporting along with any known impediments to obtaining a licence to operate in the area. Acknowledgment and appraisal of exploration by other parties. Two contiguous exploration licenses; 13580X (Tomortiin Am) and 13958X (Moron), with a total area of 30.8 square kilometres. Aspire Mining Limited (AKM) owns 50% Ekhgoviin Chuluu Joint Venture ( ECJV ) with the Noble Group Current drilling is only located in lease 13580X extensive geological mapping completed by company geologists in a diligent and competent way. Detailed ground magnetic and 2D seismic survey completed and previously reported 11 drill holes were drilled in 2011 comprising a reconnaissance diamond drill program designed to test known coal seams within the project area at that time was completed with eleven diamond core holes completed (totaling 3,701 metres). This initial reconnaissance program delineated significant coal over a 5 kilometer strike length and intersected examples of all known coal seams in the Nuurstei basin were completed by Xanadu/Noble ECG JV and reported to ASX in This program drilled in 13580X lease and adjacent lease 13958X Eight of the diamond drill holes located 13580X, three in the adjacent lease 17 non-core (2,801m total) and 1 PQ cored hole (98.7m deep) drilled in 2014 program. Logged with best-practice downhole geophysics. Logging supervised by Australian company expert representative. Eight drill holes from 2011 program were relogged in 2014 with bestpractice downhole geophysics. Geology Deposit type, geological setting and style of mineralisation. Jurassic sedimentary multi-coal seam deposit. The sequence is more than 600m thick and mostly comprises thick mudstones with thin layers of coarse sandstone. The coal-bearing sediments unconformably overlie Permian volcanic rocks and the Nuurstei Formation is interpreted to contain at least 20 banded coal seams, which range in apparent thickness from 12 metres to less than 1 9 P age

10 Criteria JORC Code explanation Commentary Drill hole Information Data aggregation methods Relationship between mineralisatio n widths and intercept lengths Diagrams A summary of all information material to the understanding of the exploration results including a tabulation of the following information for all Material drill holes: o easting and northing of the drill hole collar o elevation or RL (Reduced Level elevation above sea level in metres) of the drill hole collar o dip and azimuth of the hole o down hole length and interception depth o hole length. If the exclusion of this information is justified on the basis that the information is not Material and this exclusion does not detract from the understanding of the report, the Competent Person should clearly explain why this is the case. In reporting Exploration Results, weighting averaging techniques, maximum and/or minimum grade truncations (eg cutting of high grades) and cut-off grades are usually Material and should be stated. Where aggregate intercepts incorporate short lengths of high grade results and longer lengths of low grade results, the procedure used for such aggregation should be stated and some typical examples of such aggregations should be shown in detail. The assumptions used for any reporting of metal equivalent values should be clearly stated. These relationships are particularly important in the reporting of Exploration Results. If the geometry of the mineralisation with respect to the drill hole angle is known, its nature should be reported. If it is not known and only the down hole lengths are reported, there should be a clear statement to this effect (eg down hole length, true width not known ). Appropriate maps and sections (with scales) and tabulations of intercepts should be included for any significant discovery being reported These should include, but not be limited to a plan view of drill hole collar locations and appropriate sectional views. metre. The coal-bearing sedimentary strata is moderate to steeply dipping (25 to 60 ) to southwest and is affected by complex faulting not defined by drilling to date. See following Appendix A Not applicable at this stage in the 2015 exploration program. All holes drilled at or near vertical. Coal seam dips vary between 10 degrees to 60 degrees. All down hole thicknesses are therefore apparent and have to be corrected to true thickness. See Appendix A and plan in body of announcement 10 P age

11 Criteria JORC Code explanation Commentary Balanced reporting Other substantive exploration data Further work Metallurgical factors or assumptions Where comprehensive reporting of all Exploration Results is not practicable, representative reporting of both low and high grades and/or widths should be practiced to avoid misleading reporting of Exploration Results. Other exploration data, if meaningful and material, should be reported including (but not limited to): geological observations; geophysical survey results; geochemical survey results; bulk samples size and method of treatment; metallurgical test results; bulk density, groundwater, geotechnical and rock characteristics; potential deleterious or contaminating substances. The nature and scale of planned further work (eg tests for lateral extensions or depth extensions or large-scale step-out drilling). Diagrams clearly highlighting the areas of possible extensions, including the main geological interpretations and future drilling areas, provided this information is not commercially sensitive. The metallurgical process proposed and the appropriateness of that process to the style of mineralisation. Whether the metallurgical process is well-tested technology or novel in nature. The nature, amount and representativeness of metallurgical test work undertaken, the nature of the metallurgical domaining applied and the corresponding metallurgical recovery factors applied. Any assumptions or allowances made for deleterious elements. The existence of any bulk sample or pilot scale test work and the degree to which such samples are considered representative of the orebody as a whole. For minerals that are defined by a specification, has the ore reserve estimation been based on the appropriate mineralogy to meet the specifications? Tabulation of completed drill holes and the coal seam pick file are presented in Appendix A Not applicable at this stage in the 2015 exploration program. Further non-core and PQ core holes planned to test the strike length extent of the resource inside lease 13580X in remainder of 2015 program. Core holes to be drilled to acquire samples for coal quality testing. Drill holes NURH1018 to NURH1041 are non-core open holes and no samples have been taken for any testing. Drill holes NUDH013 to NUDH023 are completed PQ diameter core holes drilled to enable sampling of coal seams for coal quality testing purposes. 11 P age

12 Appendix A: Drill Hole Details and Coal Seam Intervals Hole Number Easting Northing Elevation NUDH NUDH014A NUDH014B NUDH014C NUDH NUDH015A NUDH NUDH016A NUDH NUDH NUDH NUDH NUDH NUDH NUDH NUDH NUDH NUDH NURH NURH NURH NURH NURH NURH NURH NURH Geodetic Datum Total Depth Dip P age

13 NURH NURH NURH NURH NURH NURH NURH Table 1 (below): Drill results for 33 holes completed subsequent to 20 March 2015 report Hole Number Coal Seam Depth From Depth To Apparent Thickness NUDH014 PP NUDH014 PP NUDH014 PP NUDH014 NN NUDH014 NN NUDH014 LL NUDH014 LL NUDH014 KK NUDH014 JJ NUDH014 JJ NUDH014 II NUDH014 HH NUDH014 GG NUDH014 FF NUDH014 FF NUDH014 FF NUDH014 EE NUDH014A NN NUDH014A NN NUDH014A LL NUDH014A KK NUDH014A JJ2/ NUDH014A II NUDH014A HH NUDH014B NN NUDH014B NN NUDH014B NN P age

14 Hole Number Coal Seam Depth From Depth To Apparent Thickness NUDH014B NN NUDH014B LL NUDH014B KK NUDH014B JJ NUDH014C PP NUDH014C PP NUDH014C PP NUDH014C OO NUDH014C NN NUDH014C NN NUDH014C NN NUDH014C MM NUDH014C LL NUDH014C KK NUDH014C KK NUDH015 QQ NUDH015 QQ NUDH015 QQ NUDH015 PP NUDH015 OO NUDH015 NN NUDH015 LL NUDH015 KK NUDH015 JJ NUDH015 II NUDH015 HH NUDH015 GG NUDH015 FF NUDH015 FF NUDH015 FF NUDH015A QQ NUDH015A BAND NUDH015A OO NUDH015A NN NUDH015A NN NUDH015A LL NUDH015A KK NUDH015A JJ NUDH015A II NUDH015A HH P age

15 Hole Number Coal Seam Depth From Depth To Apparent Thickness NUDH016 PP NUDH016 OO NUDH016 OO NUDH016 NN NUDH016 NN NUDH016 MM NUDH016 LL NUDH016 KK NUDH016 JJ NUDH016 II NUDH016 HH NUDH016 GG NUDH016 FF NUDH016 EE NUDH016 EE NUDH016 DD NUDH016 CC NUDH16A OO NUDH16A OO NUDH16A NN NUDH16A NN NUDH16A BAND NUDH16A MM NUDH16A MM NUDH16A LL NUDH16A BAND NUDH16A KK NUDH16A JJ NUDH16A II NUDH16A HH NUDH017 PP NUDH017 OO NUDH017 NN NUDH017 NN NUDH017 MM NUDH017 LL NUDH017 LL NUDH017 KK NUDH017 JJ P age

16 Hole Number Coal Seam Depth From Depth To Apparent Thickness NUDH017 II NUDH017 HH NUDH017 GG NUDH017 FF NUDH017 FF NUDH017 FF NUDH017 FF NUDH017 EE NUDH017 EE NUDH017 DD NUDH018 Y NUDH018 Y NUDH018 X NUDH018 X NUDH018 X NUDH018 W NUDH018 W NUDH018 W NUDH018 V NUDH018 V NUDH018 U NUDH018 U NUDH018 T NUDH018 T NUDH019 TT NUDH019 SS NUDH019 QQ NUDH019 OO NUDH019 NN NUDH019 MM NUDH020 QQ NUDH020 PP NUDH020 OO NUDH020 NN NUDH020 MM NUDH020 LL NUDH020 LL NUDH020 KK NUDH020 JJ P age

17 Hole Number Coal Seam Depth From Depth To Apparent Thickness NUDH020 II NUDH020 II NUDH020 HH NUDH020 GG NUDH020 FF NUDH020 FF NUDH021 TT NUDH021 TT NUDH021 SS NUDH021 RR NUDH021 RR NUDH021 RR NUDH021 PP NUDH021 OO NUDH021 NN NUDH021 NN NUDH021 NN NUDH021 MM NUDH021 MM NUDH021 LL NUDH022 KK NUDH022 JJ NUDH022 II NUDH022 HH NUDH022 HH NUDH022 GG NUDH022 EE NUDH022 EE NUDH022 DD NUDH022 DD NUDH022 DD NUDH022 CC NUDH022 CC NUDH022 CC NUDH023 OO NUDH023 NN NUDH023 NN NUDH023 MM NUDH023 LL NUDH023 KK P age

18 Hole Number Coal Seam Depth From Depth To Apparent Thickness NUDH023 JJ NUDH023 II NUDH023 HH NUDH023 GG NUDH023 FF NUDH023 EE NUDH023 EE NURH1027 SS NURH1027 RR NURH1027 RR NURH1027 QQ NURH1027 PP NURH1027 OO NURH1027 NN NURH1027 MM NURH1027 MM NURH1027 LL NURH1027 LL NURH1027 LL NURH1027 KK NURH1027 JJ NURH1027 II NURH1027 HH NURH1028 TT NURH1028 SS NURH1028 SS NURH1028 SS NURH1028 RR NURH1028 RR NURH1028 RR NURH1028 QQ NURH1028 PP NURH1028 OO NURH1028 NN NURH1029 NN NURH1029 MM NURH1029 LL NURH1029 KK P age

19 Hole Number Coal Seam Depth From Depth To Apparent Thickness NURH1030 TT NURH1030 TT NURH1030 TT NURH1030 SS NURH1030 SS NURH1030 RR NURH1030 RR NURH1030 RR NURH1030 QQ NURH1030 PP NURH1030 PP NURH1030 OO NURH1030 NN NURH1030 MM NURH1031 P NURH1031 P NURH1031 O NURH1031 L NURH1031 K NURH1031 J NURH1032 QQ REPEAT NURH1032 PP2 REPEAT NURH1032 PP1 REPEAT NURH1032 QQ NURH1032 PP NURH1032 PP NURH1032 PP NURH1032 OO NURH1032 NN NURH1032 MM NURH1032 MM NURH1032 LL NURH1032 KK NURH1032 II NURH1032 HH NURH1032 GG NURH1033 UU NURH1033 TT NURH1033 TT P age

20 Hole Number Coal Seam Depth From Depth To Apparent Thickness NURH1033 TT NURH1033 SS NURH1033 SS NURH1033 SS NURH1033 RR NURH1033 RR NURH1033 RR NURH1033 QQ NURH1033 PP NURH1033 OO NURH1033 NN NURH1033 NN NURH1033 NN NURH1034 RR NURH1034 RR NURH1034 RR NURH1034 QQ NURH1034 QQ NURH1034 PP NURH1034 OO NURH1034 OO NURH1034 NN NURH1034 NN NURH1034 MM NURH1034 LL NURH1034 LL NURH1035 UU NURH1035 UU NURH1035 TT NURH1035 TT NURH1035 SS NURH1035 QQ NURH1035 QQ NURH1035 PP NURH1035 OO NURH1035 NN NURH1035 NN NURH1035 MM NURH1035 MM NURH1035 LL P age

21 Hole Number Coal Seam Depth From Depth To Apparent Thickness NURH1035 LL NURH1035 KK NURH1035 KK NURH1035 KK NURH1035 HH NURH1035 HH NURH1036 UU NURH1036 UU NURH1036 TT NURH1036 SS NURH1036 SS NURH1036 RR NURH1036 RR NURH1036 QQ NURH1036 PP NURH1036 OO NURH1036 NN NURH1036 MM NURH1037 QQ NURH1037 QQ NURH1037 QQ NURH1037 PP NURH1037 PP NURH1037 OO NURH1037 OO NURH1037 NN NURH1037 LL NURH1037 LL NURH1037 KK NURH1037 II NURH1037 II NURH1037 HH NURH1037 HH NURH1038 SS NURH1038 RR NURH1038 RR NURH1038 RR NURH1038 RR NURH1038 OO P age

22 Hole Number Coal Seam Depth From Depth To Apparent Thickness NURH1038 NN NURH1038 NN NURH1038 LL NURH1038 KK NURH1038 KK NURH1038 KK NURH1038 KK NURH1039 RR NURH1039 RR NURH1039 QQ NURH1039 QQ2 REPEAT NURH1039 QQ NURH1039 QQ1_REPEAT NURH1039 QQ NURH1039 PP NURH1039 OO NURH1039 OO NURH1039 NN NURH1039 MM NURH1039 LL NURH1039 LL NURH1039 LL NURH1039 KK NURH1039 II NURH1039 HH NURH1039 HH NURH1039 GG NURH1039 FF NURH1040 TT NURH1040 SS NURH1040 SS NURH1040 RR NURH1040 RR NURH1040 RR NURH1040 RR NURH1040 OO NURH1040 NN NURH1041 TT NURH1041 TT P age

23 Hole Number Coal Seam Depth From Depth To Apparent Thickness NURH1041 SS NURH1041 SS NURH1041 PP NURH1041 OO NURH1041 NN NURH1041 MM NURH1041 LL Competent Persons Statement Nuurstei Exploration Results 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 this information in the form and context in which it appears. 23 P age

24 ABOUT ASPIRE MINING LIMITED Aspire Mining Limited is listed on the ASX (ASX: AKM) and is the largest coal tenement holder in Mongolia s Northern provinces and is focused on identifying, exploring and developing quality coking coal assets. Aspire currently owns a 50% interest in and is the operator of the Ekhgoviin Chuluu Joint Venture (ECJV), and has an option to increase its ownership to 100% of the ECJV. The ECJV owns a 90% interest in the Nuurstei Coking Coal Project (Nuurstei), and following a successful 2014 exploration program is conducting additional exploration work through 2015 with the aim of identifying a JORC 2012 coal resource and defining coal quality across the deposit. Depending on the results of the 2015 program, future positive economic studies, funding and the grant of necessary approvals and licenses, Nuurstei could commence a road based production operation as early as 2016, and access the new Erdenet to Ovoot railway as early as two years from commencement of its construction. Aspire is also the owner of the world class Ovoot Coking Coal Project (Ovoot) which is the second largest coking coal project by reserves in Mongolia. The Ovoot project development requires the construction of the Erdenet to Ovoot railway which is being progressed by Northern Railways LLC (Northern Railways). Northern Railways has been granted a rail concession in August 2015 and is progressing the negotiations and completion of a bankable feasibility study, funding, EPC contract, applications for licences, permits and approvals to commence railway construction. Production from the Ovoot project can coincide with the commissioning of the Erdenet to Ovoot railway. ABOUT EKHGOVIIN CHULUU JOINT VENTURE The Ekhgoviin Chuluu Joint Venture (ECJV) is currently a 50/50 joint venture arrangement between Aspire and Singapore listed Noble Group (SGX: N21, Noble). Aspire is the operator of the ECJV and has an option to purchase Noble s 50% interest, exercisable by March The ECJV owns a 90% interest in its flagship Nuurstei Coking Coal Project (Nuurstei) located in northern Mongolia and a 100% interest in the Erdenebulag Coal Project located in the South Gobi region of Mongolia. The ECJV is assessing Nuurstei s development potential with the view to making a development decision in Nuurstei s close proximity to existing infrastructure (town, road, rail and services) provides an excellent opportunity to assess the economics of a road-based operation, prior to the completion of the Erdenet to Ovoot railway construction. Access to a paved road from Moron to Erdenet will be available in 2015 and land available to Aspire at Erdenet could be used as a coal stockpile and train load-out area. For more information contact: Corporate David Paull Aspire Mining Ltd Managing Director Investor Relations Naomi Dolmatoff Aspire Mining Ltd info@aspiremininglimited.com Follow us on and LinkedIN. 24 P age

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