Following Placement completion, Mr. Tserenpuntsag’s ownership of Aspire will increase from 27.5percent to 51.0 percent of Aspire on an undiluted basis.

The Placement price per share represents a significant premium to relevant share price tradingmeasures including a 27.7 percent to the 30-day volumeweighted average price (VWAP) of 1.645 cents per share for the period ending September 4, 2019.

The Placement reinforces the commitment of the Aspire Board and Mr. Tserenpuntsag to transform Aspire into a significant pure-play coking coal producer positioned in the second quartile of the global cost curve. The Placement is expected to provide a significant proportion of the estimated equity capital component required for the OEDP and the Company understands that Mr. Tserenpuntsag intends to support any future fundraising activities required to complete OEDP funding.

Importantly, Aspire will emerge post Placement in its strongest ever financial position with an estimated cash backing in excess of USD 40.0 million1 and nil borrowings. Mr. Tserenpuntsag has confirmed to Aspire his intention to support Aspire in completing future debt financing on favorable terms to fund the OEDP. To reflect the company’s strategic repositioning as a Mongolian majority-owned and led development company, the Aspire Board and key executive team will be restructured in conjunction with the Placement. This will involve a reduction in the Board size to five members and Executive Chairman Mr. David Paull transitioning to Non-Executive Chairman over a four-month period following completion of the Placement. The new Executive team will be led by Managing Director elect Mr. Achit-Erdene Darambazar.

Aspire is a 100 percent metallurgical coal and rail company focused on developing world-class premium coking coal deposits in Mongolia to deliver long term shareholder returns, and contributing to the social and economic enrichment of local communities.
The company is now advancing a definitive feasibility study for September 2019 for a decisionto-mine on the ‘Ovoot Early Development Plan’ (OEDP) 4Mtpa medium-term truck/rail mining solution – having completed two pre-feasibility studies, received a mining license, and approval by the Mineral Resource Authority of Mongolia (MRAM).