Aspire Mining Limited has updated the project cost model and capital deployment strategy for its Ovoot Coking Coal Project in Mongolia, maintaining its total coal reserve estimate at 130.1 million tonnes while lowering initial capital requirements.

The updated reserve estimate, prepared by Glogex Consulting LLC and effective as at 31 March 2026, reconfirms figures previously reported in November 2024. Total coal reserves remain unchanged at 130.1 million tonnes on a run-of-mine moisture basis of 2.9%, comprising 76.8 million tonnes of proved reserves and 53.3 million tonnes of probable reserves. Marketable coal reserves hold steady at 97.9 million tonnes, based on a washed coking coal product targeting 9.0% ash and 10.0% total moisture.

While the underlying geological model and pit limits remain identical to the November 2024 assessment, Aspire has revised its project cost structure to reflect changes in its development strategy. The updated economic evaluation returns a post-tax NPV10 of approximately US$1.48 billion and a post-tax real IRR of approximately 60%, based on a long-term coking coal price of US$230 per tonne in real terms.

The revised cost model incorporates actual contracted costs under the US$69.9 million engineering, procurement, and construction contract executed with CCTEG-IEC in December 2025 for the coal handling and preparation plant and the Erdenet Rail Terminal. Aspire has also shifted to a staged strategy, which includes renting the initial mining equipment fleet for the first three years, contracting road haulage for five years, deferring non-critical infrastructure, and utilizing vendor lease-back arrangements.

Under this plan, Phase 1 pre-production capital expenditure is forecast at approximately US$61.2 million from 2026 until first production, excluding roughly US$24.6 million of working capital and capital expenditure incurred up to 31 December 2025.

To fund development, Aspire subsidiary Khurgatai Khairkhan LLC plans to raise approximately US$126.0 million through over-the-counter bonds across multiple tranches in Mongolia, incorporating 12% per annum coupon payments, 3% broker success fees, and principal repayments aligned with 24-month tranches.

The life-of-mine production schedule has been rolled forward by approximately one year to match the current timetable, targeting an initial production rate of 1.5 million tonnes per annum of run-of-mine coal before ramping up to 2.5 million tonnes and eventually 5.0 million tonnes per annum.

Aspire holds a 100% interest in Ovoot within mining licence MV-017098 in the Khuvsgul aimag. Outstanding requirements include securing the public-private partnership agreement for the Murun-Uliastai Highway, alongside various statutory approvals for transportation hub infrastructure.

Read the full announcement: Ovoot Reserve Update Supports Strong Project Economics