# AKM: Corporate Presentation

Canonical Atlas analysis: https://atlas-staging.minestarters.com/news/akm-corporate-presentation--b7b8dfe5-326c-44aa-b488-6363871437bc

Original source: https://www.asx.com.au/asx/v2/statistics/displayAnnouncement.do?display=pdf&idsId=03153289

Publisher: asx

Original announcement: 2026-10-15T22:47:00.000Z

Analysis by Minestarters Atlas

Atlas analysis published: 2026-10-15T23:07:09.529Z

Atlas analysis updated: 2026-10-15T23:07:09.529Z

- Company: Aspire Mining Limited

- Ticker: AKM

- Exchange: ASX

- Region: Mongolia

- Primary commodity: Coal

- Secondary commodities: None reported

- Document categories: Resource update, Other, Capital raise

- Extracted: 2026-10-15 23:07:10 UTC

Narrative sentiment: 0.80 · Bullish

## Minestarters Atlas summary

Aspire Mining Limited presented an update on its Ovoot Coking Coal Project, highlighting its world-class status with a JORC Coal Resource of 219.4 Mt and a Marketable Reserve of 97.9 Mt. The project demonstrates strong economics, including a post-tax NPV10 of US$1.48 billion and an IRR of ~60%, supported by a low-capex development plan and ongoing construction. The company is progressing with funding through vendor financing and a Mongolian OTC bond program, aiming for first coal sales in Q4 2027 to meet a forecast supply deficit in northern China.

Reasoning: The corporate presentation outlines a well-advanced coking coal project with robust economics, significant JORC-compliant resources and reserves, and a clear development and funding strategy, targeting a strong market with construction underway.

- Positive factor: Large JORC Coal Resource \(219.4 Mt\) and Marketable Reserve \(97.9 Mt\) for a long mine life.

- Positive factor: Strong project economics with a post-tax NPV10 of US$1.48 billion and an IRR of ~60%.

- Positive factor: Construction is underway with key permits secured and a clear pathway to first coal production in Q4 2027.

- Positive factor: Low-capex development plan \(US$61.2m to first coal sales\) supported by vendor financing and a Mongolian OTC bond program.

- Positive factor: Strong market demand for fat coking coal in northern China with a forecast supply deficit.

- Negative factor: The production target and forecast financial information are based in part on Inferred Coal Resources \(approximately 12% of ROM coal scheduled to be mined\), introducing geological confidence risk.

- Negative factor: Comparison of current capital expenditure to previous studies is not on a like-for-like basis, making direct assessment of reduction difficult.

Low confidence — this extraction should be reviewed alongside the original source.

Facts used in scoring: 21

## Classification and evidence

**Measured Resource**

Polarity: positive

Definition: Highest confidence category — tonnage, grade, shape well-established from closely-spaced drilling. Basis for Proven Reserves.

Why it applies: The document reports a 'Measured' resource category of 99.5 Mt, which is the highest confidence category.

Evidence · table

> Measured 99.5

Context: Measured

**Indicated Resource**

Polarity: positive

Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.

Why it applies: The document reports an 'Indicated' resource category of 100.9 Mt, indicating reasonable geological confidence.

Evidence · table

> Indicated 100.9

Context: Indicated

**Proven Reserve**

Polarity: positive

Definition: Measured Resource with demonstrated economic viability after applying modifying factors.

Why it applies: The document reports a 'Proved' reserve category of 76.8 Mt, representing demonstrated economic viability.

Evidence · table

> Proved 76.8

Context: Proved

**Probable Reserve**

Polarity: positive

Definition: Indicated Resource with demonstrated economic viability after applying modifying factors.

Why it applies: The document reports a 'Probable' reserve category of 53.3 Mt, representing demonstrated economic viability based on Indicated Resources.

Evidence · table

> Probable 53.3

Context: Probable

**JORC Compliant**

Polarity: positive

Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard.

Why it applies: The document explicitly states 'JORC Coal Resource' and 'JORC \(2012\) Coal Resource and Reserve' for its estimates.

Evidence · text

> JORC Coal Resource¹ 219.4 Mt

**Inferred Resource**

Polarity: negative

Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.

Why it applies: The document reports an 'Inferred' resource category of 19.0 Mt, which is a speculative category with limited drilling.

Evidence · table

> Inferred 19.0

Context: Inferred

**Low Capex**

Polarity: positive

Story-specific tag

Definition: No canonical definition is currently available.

Why it applies: The document highlights a 'Low-capex development plan; US$61.2m to first coal sales', indicating reduced initial capital requirements.

Evidence · text

> Low-capex development plan; US$61.2m to first coal sales

**High NPV**

Polarity: positive

Story-specific tag

Definition: No canonical definition is currently available.

Why it applies: The document reports a 'US$1.48bn post-tax NPV10', which is a high net present value indicating strong project profitability.

Evidence · text

> US$1.48bn post-tax NPV10

**High IRR**

Polarity: positive

Story-specific tag

Definition: No canonical definition is currently available.

Why it applies: The document reports a '~60% post-tax real IRR', which is a high internal rate of return indicating excellent project returns.

Evidence · text

> ~60% post-tax real IRR

**Vendor Financing**

Polarity: positive

Story-specific tag

Definition: No canonical definition is currently available.

Why it applies: The document details 'Sinosure-backed vendor financing defers 60% of contract value \(~US$42m\)', which is a positive funding mechanism.

Evidence · text

> Sinosure-backed vendor financing defers 60% of contract value \(~US$42m\)

**Bond Program**

Polarity: neutral

Story-specific tag

Definition: No canonical definition is currently available.

Why it applies: The document mentions a 'US$60m bond program launched in Mongolian OTC market', indicating a debt financing initiative.

Evidence · text

> US$60m bond program launched in Mongolian OTC market

## Extracted facts

Stored fact records: 21. Some facts used in scoring do not have a stored record.

## Resource Estimates (21)

### measured

[Link to this fact](https://atlas-staging.minestarters.com/news/akm-corporate-presentation--b7b8dfe5-326c-44aa-b488-6363871437bc#fact-resource-facts-0)

Ovoot Coking Coal Project · coal

#### Identity

- Project: Ovoot Coking Coal Project
- Commodity: coal
- Region: mongolia
- Reported Region: Mongolia
- Ticker: AKM

#### Resource scope

- Estimate type: resource
- Effective date: 2024-10-31T00:00:00.000Z
- Reporting standards: jorc
- Resource group id: resource:548e1e3f6702ec4237c4
- Mining method: open\_pit

#### Resource Data

- Category: measured
- Tonnes: 99500000
- Grade: 18.4
- Grade Unit: %

#### Prior Estimate

- Resource Date: 2024-10-31

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-10-15T00:00:00.000Z

Reasoning: The Measured Resource of 99.5 Mt provides a high-confidence base for the project, contributing significantly to overall project viability.

- Positive factor: High confidence Measured Resource category, indicating well-established tonnage, grade, and shape.

Evidence · table

> 99.5

Context: Measured

#### Tags used in scoring

**Measured Resource**

Polarity: positive

Definition: Highest confidence category — tonnage, grade, shape well-established from closely-spaced drilling. Basis for Proven Reserves.

Why it applies: category is "measured"

**Cut-off Undisclosed**

Polarity: negative

Definition: High-grade interval reported without stating the cut-off grade used for compositing.

Why it applies: no cutoff\_grade was stated

**JORC Compliant**

Polarity: positive

Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard.

Why it applies: reporting\_standards includes jorc

**No Contained Metal**

Polarity: negative

Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.

Why it applies: contained\_metal was not reported

**DFS-Supporting**

Polarity: neutral

Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.

Why it applies: the release names the study this estimate supports

### indicated

[Link to this fact](https://atlas-staging.minestarters.com/news/akm-corporate-presentation--b7b8dfe5-326c-44aa-b488-6363871437bc#fact-resource-facts-1)

Ovoot Coking Coal Project · coal

#### Identity

- Project: Ovoot Coking Coal Project
- Commodity: coal
- Region: mongolia
- Reported Region: Mongolia
- Ticker: AKM

#### Resource scope

- Estimate type: resource
- Effective date: 2024-10-31T00:00:00.000Z
- Reporting standards: jorc
- Resource group id: resource:c909faf94a8b4b31644b
- Mining method: open\_pit

#### Resource Data

- Category: indicated
- Tonnes: 100900000
- Grade: 21.3
- Grade Unit: %

#### Prior Estimate

- Resource Date: 2024-10-31

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-10-15T00:00:00.000Z

Reasoning: The Indicated Resource of 100.9 Mt adds substantial confidence to the overall resource base, supporting future economic studies.

- Positive factor: Indicated Resource category provides reasonable geological confidence for continuity assumptions.

Evidence · table

> 100.9

Context: Indicated

#### Tags used in scoring

**Indicated Resource**

Polarity: positive

Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.

Why it applies: category is "indicated"

**Cut-off Undisclosed**

Polarity: negative

Definition: High-grade interval reported without stating the cut-off grade used for compositing.

Why it applies: no cutoff\_grade was stated

**JORC Compliant**

Polarity: positive

Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard.

Why it applies: reporting\_standards includes jorc

**No Contained Metal**

Polarity: negative

Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.

Why it applies: contained\_metal was not reported

**DFS-Supporting**

Polarity: neutral

Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.

Why it applies: the release names the study this estimate supports

### inferred

[Link to this fact](https://atlas-staging.minestarters.com/news/akm-corporate-presentation--b7b8dfe5-326c-44aa-b488-6363871437bc#fact-resource-facts-2)

Ovoot Coking Coal Project · coal

#### Identity

- Project: Ovoot Coking Coal Project
- Commodity: coal
- Region: mongolia
- Reported Region: Mongolia
- Ticker: AKM

#### Resource scope

- Estimate type: resource
- Effective date: 2024-10-31T00:00:00.000Z
- Reporting standards: jorc
- Resource group id: resource:1f737ba114bad12ac127
- Mining method: open\_pit

#### Resource Data

- Category: inferred
- Tonnes: 19000000
- Grade: 19.2
- Grade Unit: %

#### Prior Estimate

- Resource Date: 2024-10-31

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-10-15T00:00:00.000Z

Reasoning: The Inferred Resource of 19.0 Mt contributes to the total resource but carries lower geological confidence, requiring further drilling for upgrade.

- Positive factor: Adds to the overall resource base, indicating further potential for conversion to higher confidence categories.

- Negative factor: Inferred category is speculative with limited drilling, and cannot support economic studies alone.

Evidence · table

> 19.0

Context: Inferred

#### Tags used in scoring

**Inferred Resource**

Polarity: negative

Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.

Why it applies: category is "inferred"

**Cut-off Undisclosed**

Polarity: negative

Definition: High-grade interval reported without stating the cut-off grade used for compositing.

Why it applies: no cutoff\_grade was stated

**JORC Compliant**

Polarity: positive

Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard.

Why it applies: reporting\_standards includes jorc

**No Contained Metal**

Polarity: negative

Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.

Why it applies: contained\_metal was not reported

**DFS-Supporting**

Polarity: neutral

Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.

Why it applies: the release names the study this estimate supports

### Fact 4

[Link to this fact](https://atlas-staging.minestarters.com/news/akm-corporate-presentation--b7b8dfe5-326c-44aa-b488-6363871437bc#fact-resource-facts-3)

Ovoot Coking Coal Project · coal

#### Identity

- Project: Ovoot Coking Coal Project
- Commodity: coal
- Region: mongolia
- Reported Region: Mongolia
- Ticker: AKM

#### Resource scope

- Estimate type: resource
- Effective date: 2024-10-31T00:00:00.000Z
- Reporting standards: jorc
- Resource group id: resource:52126bf6ec71fbd5d77b
- Mining method: open\_pit

#### Resource Data

- Tonnes: 219400000
- Grade: 19.8
- Grade Unit: %

#### Prior Estimate

- Resource Date: 2024-10-31

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-10-15T00:00:00.000Z

Reasoning: The significant total JORC Coal Resource underpins the project's scale and potential for long-term production.

- Positive factor: Large total JORC Coal Resource of 219.4 Mt provides a substantial foundation for the project's long mine life.

Evidence · table

> 219.4

Context: Total

#### Tags used in scoring

**Cut-off Undisclosed**

Polarity: negative

Definition: High-grade interval reported without stating the cut-off grade used for compositing.

Why it applies: no cutoff\_grade was stated

**JORC Compliant**

Polarity: positive

Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard.

Why it applies: reporting\_standards includes jorc

**No Contained Metal**

Polarity: negative

Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.

Why it applies: contained\_metal was not reported

**DFS-Supporting**

Polarity: neutral

Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.

Why it applies: the release names the study this estimate supports

### proven

[Link to this fact](https://atlas-staging.minestarters.com/news/akm-corporate-presentation--b7b8dfe5-326c-44aa-b488-6363871437bc#fact-resource-facts-4)

Ovoot Coking Coal Project · coal

#### Identity

- Project: Ovoot Coking Coal Project
- Commodity: coal
- Region: mongolia
- Reported Region: Mongolia
- Ticker: AKM

#### Resource scope

- Estimate type: reserve
- Effective date: 2026-03-31T00:00:00.000Z
- Reporting standards: jorc
- Resource group id: resource:fbd72339f415068366f7
- Mining method: open\_pit

#### Resource Data

- Category: proven
- Tonnes: 76800000

#### Prior Estimate

- Resource Date: 2026-03-31

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-10-15T00:00:00.000Z

Reasoning: The Proven Reserve of 76.8 Mt provides a strong foundation for the project's economic viability and operational planning.

- Positive factor: Proven Reserve category represents the highest confidence in economic viability and forms the basis for mine planning.

Evidence · table

> 76.8

Context: Proved

#### Tags used in scoring

**Proven Reserve**

Polarity: positive

Definition: Measured Resource with demonstrated economic viability after applying modifying factors.

Why it applies: category is "proven"

**Cut-off Undisclosed**

Polarity: negative

Definition: High-grade interval reported without stating the cut-off grade used for compositing.

Why it applies: no cutoff\_grade was stated

**JORC Compliant**

Polarity: positive

Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard.

Why it applies: reporting\_standards includes jorc

**No Contained Metal**

Polarity: negative

Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.

Why it applies: contained\_metal was not reported

**DFS-Supporting**

Polarity: neutral

Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.

Why it applies: the release names the study this estimate supports

### probable

[Link to this fact](https://atlas-staging.minestarters.com/news/akm-corporate-presentation--b7b8dfe5-326c-44aa-b488-6363871437bc#fact-resource-facts-5)

Ovoot Coking Coal Project · coal

#### Identity

- Project: Ovoot Coking Coal Project
- Commodity: coal
- Region: mongolia
- Reported Region: Mongolia
- Ticker: AKM

#### Resource scope

- Estimate type: reserve
- Effective date: 2026-03-31T00:00:00.000Z
- Reporting standards: jorc
- Resource group id: resource:57223732f77334b29482
- Mining method: open\_pit

#### Resource Data

- Category: probable
- Tonnes: 53300000

#### Prior Estimate

- Resource Date: 2026-03-31

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-10-15T00:00:00.000Z

Reasoning: The Probable Reserve of 53.3 Mt further strengthens the project's economic viability and supports long-term production plans.

- Positive factor: Probable Reserve category indicates demonstrated economic viability based on Indicated Resources.

Evidence · table

> 53.3

Context: Probable

#### Tags used in scoring

**Probable Reserve**

Polarity: positive

Definition: Indicated Resource with demonstrated economic viability after applying modifying factors.

Why it applies: category is "probable"

**Cut-off Undisclosed**

Polarity: negative

Definition: High-grade interval reported without stating the cut-off grade used for compositing.

Why it applies: no cutoff\_grade was stated

**JORC Compliant**

Polarity: positive

Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard.

Why it applies: reporting\_standards includes jorc

**No Contained Metal**

Polarity: negative

Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.

Why it applies: contained\_metal was not reported

**DFS-Supporting**

Polarity: neutral

Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.

Why it applies: the release names the study this estimate supports

### Fact 7

[Link to this fact](https://atlas-staging.minestarters.com/news/akm-corporate-presentation--b7b8dfe5-326c-44aa-b488-6363871437bc#fact-resource-facts-6)

Ovoot Coking Coal Project · coal

#### Identity

- Project: Ovoot Coking Coal Project
- Commodity: coal
- Region: mongolia
- Reported Region: Mongolia
- Ticker: AKM

#### Resource scope

- Estimate type: reserve
- Effective date: 2026-03-31T00:00:00.000Z
- Reporting standards: jorc
- Resource group id: resource:85321c192907babc7827
- Mining method: open\_pit

#### Resource Data

- Tonnes: 130100000

#### Prior Estimate

- Resource Date: 2026-03-31

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-10-15T00:00:00.000Z

Reasoning: The substantial total ROM Coal Reserve underpins the project's production capacity and economic viability.

- Positive factor: Total ROM Coal Reserve of 130.1 Mt provides a robust basis for the project's long mine life and production targets.

Evidence · table

> 130.1

Context: Total ROM Coal Reserve

#### Tags used in scoring

**Cut-off Undisclosed**

Polarity: negative

Definition: High-grade interval reported without stating the cut-off grade used for compositing.

Why it applies: no cutoff\_grade was stated

**JORC Compliant**

Polarity: positive

Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard.

Why it applies: reporting\_standards includes jorc

**No Contained Metal**

Polarity: negative

Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.

Why it applies: contained\_metal was not reported

**DFS-Supporting**

Polarity: neutral

Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.

Why it applies: the release names the study this estimate supports

### Fact 8

[Link to this fact](https://atlas-staging.minestarters.com/news/akm-corporate-presentation--b7b8dfe5-326c-44aa-b488-6363871437bc#fact-resource-facts-7)

Ovoot Coking Coal Project · coal

#### Identity

- Project: Ovoot Coking Coal Project
- Commodity: coal
- Region: mongolia
- Reported Region: Mongolia
- Ticker: AKM

#### Resource scope

- Estimate type: reserve
- Effective date: 2026-03-31T00:00:00.000Z
- Reporting standards: jorc
- Resource group id: resource:a538b4c1b0a916811fb2
- Mining method: open\_pit

#### Resource Data

- Tonnes: 97900000

#### Prior Estimate

- Resource Date: 2026-03-31

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-10-15T00:00:00.000Z

Reasoning: The significant Marketable Coal Reserve confirms the project's ability to deliver a substantial volume of saleable product to market.

- Positive factor: Marketable Coal Reserve of 97.9 Mt represents the saleable product, directly contributing to project revenue.

Evidence · table

> 97.9

Context: Marketable Coal Reserve

#### Tags used in scoring

**Cut-off Undisclosed**

Polarity: negative

Definition: High-grade interval reported without stating the cut-off grade used for compositing.

Why it applies: no cutoff\_grade was stated

**JORC Compliant**

Polarity: positive

Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard.

Why it applies: reporting\_standards includes jorc

**No Contained Metal**

Polarity: negative

Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.

Why it applies: contained\_metal was not reported

**DFS-Supporting**

Polarity: neutral

Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.

Why it applies: the release names the study this estimate supports

### Fact 9

[Link to this fact](https://atlas-staging.minestarters.com/news/akm-corporate-presentation--b7b8dfe5-326c-44aa-b488-6363871437bc#fact-resource-facts-8)

Ovoot Coking Coal Project · coal

#### Identity

- Project: Ovoot Coking Coal Project
- Commodity: coal
- Region: mongolia
- Reported Region: Mongolia
- Ticker: AKM

#### Resource scope

- Resource group id: resource:e47f5ee013ee18f76bbf
- Mining method: open\_pit

#### Resource Data

- Grade Unit: USD

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-10-15T00:00:00.000Z

Reasoning: The US$1.48 billion post-tax NPV10 demonstrates excellent project economics and significant shareholder value.

- Positive factor: High post-tax NPV10 indicates strong project profitability and value creation potential.

Evidence · text

> US$1.48bn post-tax NPV10

#### Tags used in scoring

**Cut-off Undisclosed**

Polarity: negative

Definition: High-grade interval reported without stating the cut-off grade used for compositing.

Why it applies: no cutoff\_grade was stated

**No Contained Metal**

Polarity: negative

Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.

Why it applies: contained\_metal was not reported

**DFS-Supporting**

Polarity: neutral

Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.

Why it applies: the release names the study this estimate supports

### Fact 10

[Link to this fact](https://atlas-staging.minestarters.com/news/akm-corporate-presentation--b7b8dfe5-326c-44aa-b488-6363871437bc#fact-resource-facts-9)

Ovoot Coking Coal Project · coal

#### Identity

- Project: Ovoot Coking Coal Project
- Commodity: coal
- Region: mongolia
- Reported Region: Mongolia
- Ticker: AKM

#### Resource scope

- Resource group id: resource:e47f5ee013ee18f76bbf
- Mining method: open\_pit

#### Resource Data

- Grade Unit: %

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-10-15T00:00:00.000Z

Reasoning: The ~60% post-tax real IRR signifies a highly attractive investment with strong returns on capital.

- Positive factor: High post-tax real IRR of ~60% indicates excellent project returns and capital efficiency.

Evidence · text

> ~60% post-tax real IRR

#### Tags used in scoring

**Cut-off Undisclosed**

Polarity: negative

Definition: High-grade interval reported without stating the cut-off grade used for compositing.

Why it applies: no cutoff\_grade was stated

**No Contained Metal**

Polarity: negative

Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.

Why it applies: contained\_metal was not reported

**DFS-Supporting**

Polarity: neutral

Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.

Why it applies: the release names the study this estimate supports

### Fact 11

[Link to this fact](https://atlas-staging.minestarters.com/news/akm-corporate-presentation--b7b8dfe5-326c-44aa-b488-6363871437bc#fact-resource-facts-10)

Ovoot Coking Coal Project · coal

#### Identity

- Project: Ovoot Coking Coal Project
- Commodity: coal
- Region: mongolia
- Reported Region: Mongolia
- Ticker: AKM

#### Resource scope

- Resource group id: resource:e47f5ee013ee18f76bbf
- Mining method: open\_pit

#### Resource Data

- Grade Unit: USD

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-10-15T00:00:00.000Z

Reasoning: The low initial capital expenditure makes the project more financially accessible and de-risks the development phase.

- Positive factor: Low pre-production infrastructure capital of US$61.2m reduces initial funding requirements and project risk.

Evidence · text

> US$61.2m to first coal sales

#### Tags used in scoring

**Cut-off Undisclosed**

Polarity: negative

Definition: High-grade interval reported without stating the cut-off grade used for compositing.

Why it applies: no cutoff\_grade was stated

**No Contained Metal**

Polarity: negative

Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.

Why it applies: contained\_metal was not reported

**DFS-Supporting**

Polarity: neutral

Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.

Why it applies: the release names the study this estimate supports

### Fact 12

[Link to this fact](https://atlas-staging.minestarters.com/news/akm-corporate-presentation--b7b8dfe5-326c-44aa-b488-6363871437bc#fact-resource-facts-11)

Ovoot Coking Coal Project · coal

#### Identity

- Project: Ovoot Coking Coal Project
- Commodity: coal
- Region: mongolia
- Reported Region: Mongolia
- Ticker: AKM

#### Resource scope

- Resource group id: resource:e47f5ee013ee18f76bbf
- Mining method: open\_pit

#### Resource Data

- Grade Unit: USD/t

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-10-15T00:00:00.000Z

Reasoning: The low cash cost enhances the project's profitability and resilience to market fluctuations.

- Positive factor: Competitive cash cost of US$80.4/t indicates efficient operations and strong margins.

Evidence · text

> US$80.4/t Cash Cost

#### Tags used in scoring

**Cut-off Undisclosed**

Polarity: negative

Definition: High-grade interval reported without stating the cut-off grade used for compositing.

Why it applies: no cutoff\_grade was stated

**No Contained Metal**

Polarity: negative

Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.

Why it applies: contained\_metal was not reported

**DFS-Supporting**

Polarity: neutral

Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.

Why it applies: the release names the study this estimate supports

### Fact 13

[Link to this fact](https://atlas-staging.minestarters.com/news/akm-corporate-presentation--b7b8dfe5-326c-44aa-b488-6363871437bc#fact-resource-facts-12)

Ovoot Coking Coal Project · coal

#### Identity

- Project: Ovoot Coking Coal Project
- Commodity: coal
- Region: mongolia
- Reported Region: Mongolia
- Ticker: AKM

#### Resource scope

- Resource group id: resource:e47f5ee013ee18f76bbf
- Mining method: open\_pit

#### Resource Data

- Grade Unit: years

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-10-15T00:00:00.000Z

Reasoning: The extensive mine life ensures long-term operational stability and cash flow for the project.

- Positive factor: Long mine life of ~31 years provides sustained production and revenue generation.

Evidence · text

> ~31-year mine life

#### Tags used in scoring

**Cut-off Undisclosed**

Polarity: negative

Definition: High-grade interval reported without stating the cut-off grade used for compositing.

Why it applies: no cutoff\_grade was stated

**No Contained Metal**

Polarity: negative

Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.

Why it applies: contained\_metal was not reported

**DFS-Supporting**

Polarity: neutral

Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.

Why it applies: the release names the study this estimate supports

### Fact 14

[Link to this fact](https://atlas-staging.minestarters.com/news/akm-corporate-presentation--b7b8dfe5-326c-44aa-b488-6363871437bc#fact-resource-facts-13)

Ovoot Coking Coal Project · coal

#### Identity

- Project: Ovoot Coking Coal Project
- Commodity: coal
- Region: mongolia
- Reported Region: Mongolia
- Ticker: AKM

#### Resource scope

- Resource group id: resource:e47f5ee013ee18f76bbf
- Mining method: open\_pit

#### Resource Data

- Grade Unit: bcm:ROMt

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-10-15T00:00:00.000Z

Reasoning: The favorable strip ratio contributes to lower operating costs and improved project economics.

- Positive factor: Low strip ratio of 6.5 bcm:ROMt indicates efficient mining operations and lower waste removal costs.

Evidence · text

> 6.5x low strip ratio operation

#### Tags used in scoring

**Cut-off Undisclosed**

Polarity: negative

Definition: High-grade interval reported without stating the cut-off grade used for compositing.

Why it applies: no cutoff\_grade was stated

**No Contained Metal**

Polarity: negative

Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.

Why it applies: contained\_metal was not reported

**DFS-Supporting**

Polarity: neutral

Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.

Why it applies: the release names the study this estimate supports

### Fact 15

[Link to this fact](https://atlas-staging.minestarters.com/news/akm-corporate-presentation--b7b8dfe5-326c-44aa-b488-6363871437bc#fact-resource-facts-14)

Ovoot Coking Coal Project · coal

#### Identity

- Project: Ovoot Coking Coal Project
- Commodity: coal
- Region: mongolia
- Reported Region: Mongolia
- Ticker: AKM

#### Resource scope

- Resource group id: resource:e47f5ee013ee18f76bbf
- Mining method: open\_pit

#### Resource Data

- Grade Unit: USD/t

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-10-15T00:00:00.000Z

Reasoning: The favorable long-term price assumption underpins the project's revenue and profitability forecasts.

- Positive factor: Long-term price assumption of US$230/t DDP Erlian supports strong revenue projections.

Evidence · text

> US$230/t Long-term Ovoot price assumption

#### Tags used in scoring

**Cut-off Undisclosed**

Polarity: negative

Definition: High-grade interval reported without stating the cut-off grade used for compositing.

Why it applies: no cutoff\_grade was stated

**No Contained Metal**

Polarity: negative

Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.

Why it applies: contained\_metal was not reported

**DFS-Supporting**

Polarity: neutral

Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.

Why it applies: the release names the study this estimate supports

### Fact 16

[Link to this fact](https://atlas-staging.minestarters.com/news/akm-corporate-presentation--b7b8dfe5-326c-44aa-b488-6363871437bc#fact-resource-facts-15)

Ovoot Coking Coal Project · coal

#### Identity

- Project: Ovoot Coking Coal Project
- Commodity: coal
- Region: mongolia
- Reported Region: Mongolia
- Ticker: AKM

#### Resource scope

- Resource group id: resource:e47f5ee013ee18f76bbf
- Mining method: open\_pit

#### Resource Data

- Grade Unit: USD

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-10-15T00:00:00.000Z

Reasoning: The disclosed total capital over LOM offers transparency on the project's overall financial scale.

- Positive factor: Total capital over LOM of US$1,257.7m provides a comprehensive view of project funding requirements.

Evidence · table

> 1,257.7

Context: Total capital over LOM

#### Tags used in scoring

**Cut-off Undisclosed**

Polarity: negative

Definition: High-grade interval reported without stating the cut-off grade used for compositing.

Why it applies: no cutoff\_grade was stated

**No Contained Metal**

Polarity: negative

Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.

Why it applies: contained\_metal was not reported

**DFS-Supporting**

Polarity: neutral

Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.

Why it applies: the release names the study this estimate supports

### Fact 17

[Link to this fact](https://atlas-staging.minestarters.com/news/akm-corporate-presentation--b7b8dfe5-326c-44aa-b488-6363871437bc#fact-resource-facts-16)

Ovoot Coking Coal Project · coal

#### Identity

- Project: Ovoot Coking Coal Project
- Commodity: coal
- Region: mongolia
- Reported Region: Mongolia
- Ticker: AKM

#### Resource scope

- Resource group id: resource:e47f5ee013ee18f76bbf
- Mining method: open\_pit

#### Resource Data

- Grade Unit: USD

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-10-15T00:00:00.000Z

Reasoning: The specified pre-production working capital provides clarity on initial operational funding needs.

- Positive factor: Pre-production working capital of US$24.6m is a manageable initial requirement.

Evidence · table

> 24.6

Context: Pre-Production Working Capital

#### Tags used in scoring

**Cut-off Undisclosed**

Polarity: negative

Definition: High-grade interval reported without stating the cut-off grade used for compositing.

Why it applies: no cutoff\_grade was stated

**No Contained Metal**

Polarity: negative

Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.

Why it applies: contained\_metal was not reported

**DFS-Supporting**

Polarity: neutral

Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.

Why it applies: the release names the study this estimate supports

### Fact 18

[Link to this fact](https://atlas-staging.minestarters.com/news/akm-corporate-presentation--b7b8dfe5-326c-44aa-b488-6363871437bc#fact-resource-facts-17)

Ovoot Coking Coal Project · coal

#### Identity

- Project: Ovoot Coking Coal Project
- Commodity: coal
- Region: mongolia
- Reported Region: Mongolia
- Ticker: AKM

#### Resource scope

- Resource group id: resource:e47f5ee013ee18f76bbf
- Mining method: open\_pit

#### Resource Data

- Grade Unit: %

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-10-15T00:00:00.000Z

Reasoning: The high processing yield contributes positively to the project's overall economics and revenue generation.

- Positive factor: Average processing yield of 79% indicates efficient recovery of marketable coal.

Evidence · table

> 79

Context: Average Processing Yield \(LOM\)

#### Tags used in scoring

**Cut-off Undisclosed**

Polarity: negative

Definition: High-grade interval reported without stating the cut-off grade used for compositing.

Why it applies: no cutoff\_grade was stated

**No Contained Metal**

Polarity: negative

Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.

Why it applies: contained\_metal was not reported

**DFS-Supporting**

Polarity: neutral

Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.

Why it applies: the release names the study this estimate supports

### Fact 19

[Link to this fact](https://atlas-staging.minestarters.com/news/akm-corporate-presentation--b7b8dfe5-326c-44aa-b488-6363871437bc#fact-resource-facts-18)

Ovoot Coking Coal Project · coal

#### Identity

- Project: Ovoot Coking Coal Project
- Commodity: coal
- Region: mongolia
- Reported Region: Mongolia
- Ticker: AKM

#### Resource scope

- Resource group id: resource:e47f5ee013ee18f76bbf
- Mining method: open\_pit

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-10-15T00:00:00.000Z

Reasoning: The registered bond program secures a significant portion of the project's funding requirements.

- Positive factor: Mongolian OTC bond program of US$60.0m registered provides a clear funding pathway.

Evidence · text

> US$60.0m program registered

#### Tags used in scoring

**Cut-off Undisclosed**

Polarity: negative

Definition: High-grade interval reported without stating the cut-off grade used for compositing.

Why it applies: no cutoff\_grade was stated

**No Contained Metal**

Polarity: negative

Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.

Why it applies: contained\_metal was not reported

**DFS-Supporting**

Polarity: neutral

Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.

Why it applies: the release names the study this estimate supports

### Fact 20

[Link to this fact](https://atlas-staging.minestarters.com/news/akm-corporate-presentation--b7b8dfe5-326c-44aa-b488-6363871437bc#fact-resource-facts-19)

Ovoot Coking Coal Project · coal

#### Identity

- Project: Ovoot Coking Coal Project
- Commodity: coal
- Region: mongolia
- Reported Region: Mongolia
- Ticker: AKM

#### Resource scope

- Resource group id: resource:e47f5ee013ee18f76bbf
- Mining method: open\_pit

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-10-15T00:00:00.000Z

Reasoning: The initial placement of bonds demonstrates investor confidence and progress in securing project financing.

- Positive factor: US$9.56m placed under the bond program indicates successful initial funding.

Evidence · text

> US$9.56m placed in five tranches at 9 September 2026

#### Tags used in scoring

**Cut-off Undisclosed**

Polarity: negative

Definition: High-grade interval reported without stating the cut-off grade used for compositing.

Why it applies: no cutoff\_grade was stated

**No Contained Metal**

Polarity: negative

Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.

Why it applies: contained\_metal was not reported

**DFS-Supporting**

Polarity: neutral

Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.

Why it applies: the release names the study this estimate supports

### Fact 21

[Link to this fact](https://atlas-staging.minestarters.com/news/akm-corporate-presentation--b7b8dfe5-326c-44aa-b488-6363871437bc#fact-resource-facts-20)

Ovoot Coking Coal Project · coal

#### Identity

- Project: Ovoot Coking Coal Project
- Commodity: coal
- Region: mongolia
- Reported Region: Mongolia
- Ticker: AKM

#### Resource scope

- Resource group id: resource:e47f5ee013ee18f76bbf
- Mining method: open\_pit

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-10-15T00:00:00.000Z

Reasoning: The vendor financing arrangement improves the project's cash flow management during the construction phase.

- Positive factor: Vendor financing defers ~US$42m of EPC payments, reducing immediate cash outflow.

Evidence · text

> Sinosure-backed vendor financing defers 60% of contract value \(~US$42m\)

#### Tags used in scoring

**Cut-off Undisclosed**

Polarity: negative

Definition: High-grade interval reported without stating the cut-off grade used for compositing.

Why it applies: no cutoff\_grade was stated

**No Contained Metal**

Polarity: negative

Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.

Why it applies: contained\_metal was not reported

**DFS-Supporting**

Polarity: neutral

Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.

Why it applies: the release names the study this estimate supports

## How Atlas produces this analysis

Minestarters Atlas uses automated extraction to summarize mining announcements, identify reported measurements, and classify supporting evidence. Sentiment reflects the extracted narrative and classification rules; it is an interpretation, not a reported measurement. Evidence quotes and context are provided where available. Missing data, low-confidence results, and review flags indicate limitations. Check the original publisher announcement before relying on an interpretation.