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2026-11-06
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Aspire Mining Limited

DFS Unfunded Developer · Others · MN Rating locked: sign in to view v8.1 · akm-20261031t153934-full
Last 2026-11-06
A$0.235
1D
—
1M
—
YTD
—
1Y
—
Upside
Locked: sign in to view
Mkt cap
A$119.3M
EV
A$130.8M
Cash
US$2.1M
Debt
US$10.1M

Portfolio detail

Assets

2 assets

Core asset

Ovoot Coking Coal Project

MN

DFS Unfunded Developer100% ownedOthers

Mining licence MV-017098 granted to Khurgatai Khairkhan LLC (valid to August 2042). EPC contract for CHPP and ERT signed (US$69.9m). Construction mobilised at the CHPP site; PPP road agreement awaiting cabinet approval; project finance partly raised (US$11.2m of bonds).

Developer · DFS unfunded developer
Study
Updated Project Cost Model with JORC reserve supported at least at pre-feasibility level (Glogex)s
Post-tax NPV (study prices, attributable)
US$1.5bd
NPV restated at our deck (attributable)
Locked
IRR
6,000.0%s
Initial capex (100%)
US$61.2ms
Capital intensity
US$12.24/(t/yr)d
LoM AISC
—
Mine life
31.0 yrss

Project location

Approximate location

Loading location…

© OpenStreetMap contributors. Basemap imagery © Esri (Maxar, Earthstar Geographics). Dated overlays contain modified Copernicus Sentinel data. Visible surface changes do not establish production or completion.

Published study economicsIssuer or study metrics
NPVUS$1.5B10% discount
IRR60%Published return
Initial capexUS$61.2MPublished capital estimate

Post-tax real NPV10 and real IRR (approximately 60%) from the Glogex cost model at US$230/t DDP Erlian, including the bond financing and EPC deferral cash flows. Phase 1 pre-production capex US$61.2m excludes US$24.6m working capital and pre-2026 spend.

Resources & reserves6
TypeCategoryQuantityGradeContained mineralsDate
Mineral ResourceMeasured99.5 Mtash 18.4% ad; GCV 6,734 kcal/kg adOthers2024-10-31
Mineral ResourceIndicated100.9 Mtash 21.3% ad; GCV 6,518 kcal/kg adOthers2024-10-31
Mineral ResourceInferred19 Mtash 19.2% ad (15.0 Mt at 20.2% and 4.0 Mt weathered at 15.6%)Others2024-10-31
Mineral ResourceTotal219.4 Mtash 19.8% adOthers2024-10-31
Ore ReserveProved and Probable (ROM, 2.9% ar moisture)130.1 MtROM; 76.8 Proved and 53.3 ProbableOthers2026-03-31
Ore ReserveMarketable washed coking coal (9.0% ash ad, 10% moisture ar)97.9 Mtash 9.0% ad; 60.0 Proved and 37.9 ProbableOthers2026-03-31
Tenements1
mv-017098Granted— None · 2042-08-31
Milestones2
  1. CHPP construction by GIP under CCTEG-IEC EPC contract (mobilised, detailed design 85%)

    Pending · High materiality

  2. Commencement of coal production

    Pending · High materiality

Permits & approvals2
PermitJurisdictionStatusExpiryCritical path
Murun-Uliastai highway PPP agreement (road access)MongoliaPending—Yes
Statutory DEIA for Erdenet Rail Terminal infrastructureMongoliaPending—Yes
Economic studies1
StudyStageStatusDateSummary
Ovoot Coal Reserve and updated Project Cost Model (Glogex)PFSCurrent2026-09-11Reserve reconfirmed and cost model updated for the EPC contract, rented mining fleet for three years, contracted haulage for five years and deferred infrastructure; US$230/t DDP Erlian; 10% real post-tax; US$126m bonds and US$42m EPC deferral modelled.

Other

Nuurstei Coking Coal Project (Black Rock LLC, 90%)

MN

Early Explorer90% ownedOthers

Mining licence MV-020941 held by Black Rock LLC (90%). No economic study; no product resource; exploration on hold per the FY2023 report. Valued at zero.

Exploration · Early explorer
Ownership
9,000.0%
Commodity
Coking coalr
Country
MNr
Best recent intercept (grade x width)
—
Metres drilled (12M)
—
Exploration spend (12M)
—

Project location

Approximate location

Loading location…

© OpenStreetMap contributors. Basemap imagery © Esri (Maxar, Earthstar Geographics). Dated overlays contain modified Copernicus Sentinel data. Visible surface changes do not establish production or completion.

Resources & reserves1
TypeCategoryQuantityGradeContained mineralsDate
Mineral ResourceTotal12.9 Mtnot disclosedOthers2023-06-30
Tenements1
mv-020941Granted— None · No expiry supplied

d derivedr our researchg guidances study forecastm daily marketNo marker: as reported— / NM missing or not meaningful (hover for why)