Hopefully they are true to their words as below from 25th...

Hopefully they are true to their words as below from 25th November 2023 ...... (some key points highlighted especially the last one).

Chairman’s Address:
In what is my inaugural year as Chairman of the Company, I am pleased to update you on the
progress in the last 12 months and the remaining tasks ahead to bring the Ovoot Coking Coal
Project into operation.

The year has been transitional for the Company, with structural changes made to Board and
Management, which have brought focused experience and expertise to strengthen our ability
to build and operate a world class coking coal mine in Mongolia.

On a world stage, our view is that there is currently minimal capital being invested in the
development or expansion of coking coal projects, where green policies are not differentiating
between coking and thermal coals.

At the same time, the demand for coking coal continues to increase and remains an
irreplaceable input into commercially viable processes of making steel, which is an essential
material required to achieve many of the United Nations Sustainable Development Goals.
Mongolia is a young and vibrant democratic country, with a relatively young but proud mining
heritage. The Mongolian Government has been proactive in recent years to encourage and
support both foreign and domestic investment in mining.

In such context, as a veteran of the coal industry, the prospect of developing the Ovoot Project
excites me tremendously. In my view there are few, if any greenfield coking coal deposits equal
or better in terms of size, quality, or proximity to market.

The Board has been focussed this year on ensuring this Company has the requisite structure,
people, policies, systems and procedures in place to successfully build and operate the Ovoot
Project.

The Management have been working diligently to obtain the necessary approvals required to
develop the Ovoot Coking Coal Project. In the past year, the more significant milestones
achieved in this regardincluded receiving final approvals for the:
• Detailed Environmental Impact Assessment prepared in relation to the planned Ovoot
mining operations;
• Feasibility Study for construction and operation of a Coal Handling and Preparation
Plant at Ovoot;
• Feasibility Study for construction of paved road to facilitate product coal haulage to the
rail terminal at Erdenet; and
• Feasibility Study for development of a new rail junction along the Salkhit – Erdenet rail
line to facilitate rail terminal access.

I am pleased to advise that currently, the Company is in possession of all major permits
required to commence mining, being a valid Mining License, approved Feasibility Study, and
an approved Detailed Environmental Impact Assessment.

Work continues to finalise the remaining key approvals necessary to develop the Ovoot
Project. These are primarily the:
• Approval of Detailed Design of the paved transport road planned to be constructed;
and
Aspire Mining Limited Annual General Meeting - Chairman’s Address Page 4 of 4
• Approval of the Detailed Environmental Impact Assessments for the paved transport
road and Coal Handling and Preparation Plant planned to be developed.

With these last major permissions in hand, an Independent Technical Report (or Bankable
Feasibility Study) will be finalised to satisfy due diligence requirements of the financing needed
to fund the Ovoot Project into operation.

This Independent Technical Report will be based upon the updated JORC (2012) Resource
and Reserve estimates currently under development, and finalised operating and capital cost
inputs derived from recently completed studies in relation to mining, processing, transportation,
and logistics.

A funding strategy has been developed to facilitate the raising of necessary finance for the
Ovoot Project which is being progressed in parallel to the finalisation of approvals and
development of the Independent Technical Report. The primary aim of the strategy is to fund
various elements of the Ovoot Project (ie Mine, CHPP, Road) independently through various
debt/finance structures that best suit each element.

The development plan for the Ovoot Project has key deliverable milestones that Management
are working towards which include:
• Finalisation of major approvals within Q1 2024;
• Delivery of an Independent Technical Report within Q1 2024;
• Finalisation of major project financing arrangements within Q2 2024;
• Commencement of construction activities within Q3 2024; and
• Commencement of pre-stripping operations within Q2 2025 targeting first coal
production by end 2025.

Also, the Board and Management have listened to and understand the shareholder and
investor desire for a greater level of communication from the Company, and I can advise that
an Investor Relations Strategy has been developed and will be implemented in 2024.

Finally, I would like to thank shareholders for your patience and can assure you that the Board,
Management and every employee in this Company has a primary focus of successfully
bringing the Ovoot Project into operation.