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2026-11-06
◂ Monitor AKM ASX

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
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Upside
Locked: sign in to view
Mkt cap
A$119.3M
EV
A$130.8M
Cash
US$2.1M
Debt
US$10.1M

Funding, performance and ownership

Financials & Capital

As of 2026-09-30
Cash US$2.1M2024-12-31: 4,578,095 US$2025-12-31: 5,041,262 US$2026-03-31: 3,732,000 US$2026-06-30: 2,503,000 US$2026-09-30: 2,067,000 US$ Finite
Debt US$10.1M Net cash US$-8M
Basic shares 507.6M 2026-06-30
Runway 1.8 quarters Appendix 5B item 8.7: cash at quarter end divided by September-quarter outgoings (operating cash flow plus exploration payments, US$1.14m). Excludes the unfunded CHPP and ERT construction.

Liquidity

Financial position

Cash US$2.07m at 30 September 2026 against quarterly outgoings of about US$1.1m. KK has drawn US$10.1m of bonds in the quarter and US$11.2m across ten tranches by 28 October 2026 (coupons 11-13%, tenors 12-36 months, guaranteed by the largest shareholder). The EPC contract has US$69.9m of which 56% is vendor financed; the Company says 44% (about US$30.8m) must be funded by the Group. Half-year accounts carry a material uncertainty over going concern.

Capital structure

Ownership and dilution

Ordinary shares
507.6M
Fully diluted
514.1M

507,636,985 ordinary shares at 30 June 2026, unchanged from 31 December 2025 (note 10). 6,500,000 performance rights outstanding at 30 June 2026 (note 16); the fully diluted count adds them at nil exercise price. No shares were issued in the half-year and no buy-back is on foot.

Security classes2
ClassTypeQuantityStrikeExpiry
Ordinary fully paid shares (AKM)Ordinary Share507.6M——
Performance rights under the employee incentive plan (nil exercise price)Performance Right6.5M——

Actuals and forecasts

Financial statements

Reported years only; our forecasts are available to subscribers
AUDUnitTrendFY2025A
Profit and loss
RevenueAUDm0.0
Operating costs incl. royalties (FY2025: reported segment EBITDA less revenue, includes FX)AUDm(18.4)
EBITDA (reported segment basis for FY2025)AUDm(18.4)
Cash flow
Operating cash flow (FY2025 reported; forecast = EBITDA + tax + working capital)AUDm(3.6)
Capex (initial plus sustaining; spend shown negative)AUDm(8.9)
Free cash flow (operating cash flow less capex)AUDm(12.5)
Balance sheet
Cash (year end)AUDm7.3
Debt (bond principal)AUDm0.0
Net debt / (net cash)AUDm(7.3)
Per share
Ordinary shares on issuem shares507.6
Multiples and ratios
EV / EBITDA (x, current EV)x(7.5)
FCF yield (current market cap)%-9.8%
EBITDA margin%—
Net debt / EBITDA (x)x0.4

KPI history

Operating metrics

Source values by period
Operating metric source table6
MetricProjectPeriodPeriod typeValueStatus
Cash and cash equivalents, 31 December 2024Company31 Dec 2024Point In Time4,578,095 USDReported
Cash and cash equivalents, 31 December 2025Company31 Dec 2025Point In Time5,041,262 USDReported
Cash at March quarter endCompanyMar-Qtr 2026Point In Time3,732,000 USDReported
Cash at June quarter endCompanyJun-Qtr 2026Point In Time2,503,000 USDReported
Cash at September quarter endCompanySep-Qtr 2026Point In Time2,067,000 USDReported
Net cash used in operating activities, FY2025CompanyFY2025Year-2,480,709 USDReported
Company guidance1
MetricProjectPeriodLowHighStatus
Steady State Rom Coal Production Targetovoot-coking-coalsteady state, after 203055 MtpaCurrent

Capital history

Capital events

1 events · newest first
DateEventAmountSharesPriceStatusTerms
2026-07-27Ann. 2026-09-11DebtUS$60M——Ongoing—

Contracts and ownership

Material economic arrangements These are deals that can affect sales, costs, funding or ownership. An arrangement marked “Included in valuation” may already be built into a project estimate or the bridge to shareholder value. A separate amount is shown only when one can be estimated; do not add it again.

Partial · as of 2026-10-30

Half-year and September 2026 quarterly notes, the reserve announcements, the October 2026 presentation, the FY2025 and FY2023 annual reports and the Talaxis substantial holder notice. The Sinosure supplier-credit cover, the road PPP terms and the Mongolian royalty rate on coal were not read in full.

Lump-sum EPC contract with CCTEG-IEC for the CHPP and Erdenet Rail Terminal. About US$42m of the price is deferred under Sinosure-backed vendor financing and modelled as a financing cash flow.

Other · Active
Counterparties
CCTEG-IEC
Applies to
Ovoot Coking Coal Project · Others
Economic direction
Burden
Period
From 2025-12-18; no end date stated
Key terms
Contract price: 69.9 USD m
Vendor-financed share: 60 pct
How it affects our valuation

No valuation treatment is available for this arrangement.

Khurgatai Khairkhan LLC bond program on the Mongolian OTC market. US$11.2m raised across ten tranches by 28 October 2026. Modelled at 12% coupon and 3% fees for US$126m in the study.

Other · Active
Counterparties
Mongolian OTC bond investors (placed by Tenger Capital)
Applies to
Ovoot Coking Coal Project · Others
Economic direction
Burden
Period
From 2026-07-27; no end date stated
Key terms
Program size: 60 USD m
Coupon range: 11-13 pct p.a.
How it affects our valuation

No valuation treatment is available for this arrangement.

Largest shareholder and a related company guarantee the bond principal, interest and certain costs. No fee is charged, so the benefit is treated as a funding-support judgment, not a cash item.

Strategic Partnership · Active
Counterparties
Mr Tserenpuntsag Tsedendamba · Gemnet LLC
Applies to
Ovoot Coking Coal Project · Others
Economic direction
Benefit
Period
From 2026-07-27; no end date stated
Key terms
Fee: 0 USD
How it affects our valuation

No valuation treatment is available for this arrangement.

Road access depends on the PPP agreement, which awaits cabinet approval. The study assumes a road toll.

Other · Conditional
Counterparties
Government of Mongolia (Murun-Uliastai highway PPP)
Applies to
Ovoot Coking Coal Project · Others
Economic direction
Burden
Period
Dates not stated
Key terms
Road toll: —
How it affects our valuation

No valuation treatment is available for this arrangement.

Talaxis legacy Alliance Agreement rights were extinguished for a 0.75% royalty on coal sales revenue from Ovoot, payable to NordSteppe PIF (annual report p13, p14). Modelled as a royalty on Ovoot revenue.

Royalty · Active
Counterparties
NordSteppe Private Investment Fund LLC
Applies to
Ovoot Coking Coal Project · Others
Economic direction
Burden
Period
From 2025-09-11; no end date stated
Key terms
Royalty rate: 0.75 pct
How it affects our valuation

No valuation treatment is available for this arrangement.

Acquisition of Coalridge Limited (owner of 90% of Nuurstei) from Xanadu; 500,000 shares contingent on a 30 Mt JORC resource (FY2023 annual report note 23).

Other · Conditional
Counterparties
Xanadu Limited
Applies to
Company-wide · Others
Economic direction
Burden
Period
Dates not stated
Key terms
Contingent consideration: 500,000 shares
How it affects our valuation

No valuation treatment is available for this arrangement.