Aspire Mining Limited (ASX: AKM) has announced an updated Coal Reserve estimate for its Ovoot Coking Coal Project (OCCP) in Mongolia, reaffirming strong project economics. Aspire Mining Limited is focused on developing premium coking coal deposits to support global sustainable development and deliver long-term growth. The update, completed by Glogex Consulting LLC, reconfirms a Total Coal Reserve of 130.1 million tonnes (Mt) and a Marketable Coal Reserve of 97.9 Mt, maintaining previously reported quantities from November 2024.
The core objective of the update was to review changes in the Project’s development strategy and revise the underlying Project Cost Model. This revision incorporates a reduced initial capital expenditure approach, including the rental of initial mining equipment for the first three years and contracted road haulage for the first five years, alongside the deferral of non-critical infrastructure. Despite these strategic shifts, the underlying Coal Resource and Reserve models, pit limits, and mineable inventory remain unchanged. The updated economic evaluation demonstrates robust financial viability, forecasting a post-tax Net Present Value (NPV10) of approximately US$1.48 billion and a post-tax real Internal Rate of Return (IRR) of about 60%.
Phase 1 pre-production capital expenditure is now estimated at approximately US$61.2 million, excluding working capital and expenditure incurred up to December 2025. The company plans to progressively raise approximately US$126.0 million through Mongolian Over-the-Counter (OTC) bond issues across multiple tranches to fund project development. The Life-of-Mine (LOM) production schedule has been rolled forward by approximately one year to align with the current project development timetable. Aspire Mining notes that the production target is primarily underpinned by Measured and Indicated Coal Resources, with a smaller component from Inferred Coal Resources.
