AKM: Ovoot Coal Reserve Update Additional JORC Disclosure
Original announcement by asx on
- Company
- Aspire Mining Limited
- Ticker
- AKM
- Exchange
- ASX
- Region
- Mongolia
- Primary commodity
- Coal
- Secondary commodities
- None reported
- Document categories
- Resource update, Other
- Extracted
- 2026-10-07 00:10:42 UTC
Analysis by Minestarters Atlas
Atlas analysis published:
Minestarters Atlas analysis
Summary
Aspire Mining Limited has reconfirmed its Coal Reserve estimate for the Ovoot Coking Coal Project in Mongolia, reporting a Total Coal Reserve of 130.1 million tonnes and a Marketable Coal Reserve of 97.9 million tonnes, effective 31 March 2026. An updated economic evaluation, incorporating a revised development strategy and lower initial capital expenditure, indicates a post-tax NPV10 of US$1.48 billion and a post-tax real IRR of 60%. The update also details a financing strategy assuming US$126.0 million in Mongolian OTC bond issues and US$42.0 million in deferred payments for infrastructure.
Reasoning: The document reconfirms existing coal reserves and updates the project's economic evaluation based on a revised development and financing strategy. While the NPV decreased, the project still shows robust economics with a high IRR and reduced initial capital expenditure, which is a positive for project advancement. The reserve quantities themselves are unchanged, limiting geological novelty.
Positive factors
- Reconfirmation of substantial coal reserves
- Strong post-tax IRR of 60%
- Lower initial CAPEX due to revised development strategy
- JORC compliant and QP signed
Negative factors
- NPV decreased compared to previous estimate
- Reserve quantities are unchanged, indicating no geological growth
- 12% of production target underpinned by Inferred Resources
Facts used in scoring: 18
Classification and evidence
JORC Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: The updated Coal Reserve estimate is reported in accordance with the JORC Code (2012).
Evidence · text
“updated Coal Reserve estimate reported in accordance with the JORC Code (2012)”
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: The Coal Reserve estimation was carried out and reported by Mr Buyan-Ulzii Narankhuu, a Competent Person who is a Member of the Australasian Institute of Mining and Metallurgy.
Evidence · text
“information in this announcement that relates to Coal Reserves is based on information compiled by Mr Buyan-Ulzii Narankhuu, a Competent Person who is a Member of the Australasian Institute of Mining and Metallurgy (Member № 327826).”
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: The document provides an updated Coal Reserve estimate for the Ovoot Coking Coal Project.
Evidence · text
“Ovoot Coal Reserve Update Supports Strong Project Economics”
PFS-Supportingneutral
Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component.
Why it applies: The Coal Reserve estimate is supported by work at least equivalent to Pre-Feasibility Study level.
Evidence · text
“The Coal Reserve remains supported by work at least equivalent to Pre-Feasibility Study level.”
Inferred Resourcenegative
Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
Why it applies: Approximately 12% of the total ROM coal scheduled to be mined is from areas classified as Inferred Coal Resource and is not included within the Coal Reserve.
Evidence · text
“12% is from areas classified as Inferred Coal Resource and is not included within the Coal Reserve.”
Tonnage Declinenegative
Resource tonnage decreased vs prior estimate — pit optimization removed marginal material or geological model revised down.
Why it applies: The updated post-tax NPV10 of US$1.48 billion is lower than the previous estimate of US$1.58 billion.
Evidence · table
“US$1.48 billion”
Context: US$1.58 billion
Extracted facts
Stored fact records: 18. Some facts used in scoring do not have a stored record.
Resource Estimates (18)
provenOvoot Coking Coal Project · coalTonnes: 76800000View all detailsHide details
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
- QP Signed
- Yes
- Qualified person names
- Buyan-Ulzii Narankhuu
- Resource group id
- resource:484bbf2b7d281791b495
- Mining method
- combined
Resource Data
- Category
- proven
- Tonnes
- 76800000
- Cutoff Grade
- 0.3
- Cutoff Unit
- m
Prior Estimate
- Resource Date
- 2026-03-31
- Prior Tonnes
- 76800000
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-10-06T00:00:00.000Z
Reasoning: The Proved Coal Reserve of 76.8 Mt is a substantial quantity in a high-confidence category, reconfirming the project's foundation, though it shows no growth from the prior estimate.
Positive factors
- Large tonnage in high-confidence category
- Reconfirmed from previous estimate
Negative factors
- No increase in tonnage from previous estimate
Evidence · table
“76.8”
Context: 75.0
Tags used in scoring
Proven Reservepositive
Measured Resource with demonstrated economic viability after applying modifying factors.
Why it applies: category is "proven"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
JORC Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: reporting_standards includes jorc
No Contained Metalnegative
Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.
Why it applies: contained_metal was not reported
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
PFS-Supportingneutral
Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component.
Why it applies: the release names the study this estimate supports
DFS-Supportingneutral
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
probableOvoot Coking Coal Project · coalTonnes: 53300000View all detailsHide details
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
- QP Signed
- Yes
- Qualified person names
- Buyan-Ulzii Narankhuu
- Resource group id
- resource:bdbbe6bbe8dbbdadc1d5
- Mining method
- combined
Resource Data
- Category
- probable
- Tonnes
- 53300000
- Cutoff Grade
- 0.3
- Cutoff Unit
- m
Prior Estimate
- Resource Date
- 2026-03-31
- Prior Tonnes
- 53300000
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-10-06T00:00:00.000Z
Reasoning: The Probable Coal Reserve of 53.3 Mt is a significant quantity, reconfirming the project's scale, though it shows no growth from the prior estimate.
Positive factors
- Significant tonnage in Probable category
- Reconfirmed from previous estimate
Negative factors
- No increase in tonnage from previous estimate
Evidence · table
“53.3”
Context: 52.0
Tags used in scoring
Probable Reservepositive
Indicated Resource with demonstrated economic viability after applying modifying factors.
Why it applies: category is "probable"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
JORC Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: reporting_standards includes jorc
No Contained Metalnegative
Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.
Why it applies: contained_metal was not reported
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
PFS-Supportingneutral
Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component.
Why it applies: the release names the study this estimate supports
DFS-Supportingneutral
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
provenOvoot Coking Coal Project · coalTonnes: 60000000View all detailsHide details
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
- QP Signed
- Yes
- Qualified person names
- Buyan-Ulzii Narankhuu
- Resource group id
- resource:0497953eb0d837a345ac
- Mining method
- combined
Resource Data
- Category
- proven
- Tonnes
- 60000000
- Cutoff Grade
- 0.3
- Cutoff Unit
- m
Prior Estimate
- Resource Date
- 2026-03-31
- Prior Tonnes
- 60000000
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-10-06T00:00:00.000Z
Reasoning: The Marketable Proved Coal Reserve of 60.0 Mt is a substantial quantity, reconfirming the project's foundation, though it shows no growth from the prior estimate.
Positive factors
- Large marketable tonnage in high-confidence category
- Reconfirmed from previous estimate
Negative factors
- No increase in tonnage from previous estimate
Evidence · table
“60.0”
Context: 75.0
Tags used in scoring
Proven Reservepositive
Measured Resource with demonstrated economic viability after applying modifying factors.
Why it applies: category is "proven"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
JORC Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: reporting_standards includes jorc
No Contained Metalnegative
Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.
Why it applies: contained_metal was not reported
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
PFS-Supportingneutral
Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component.
Why it applies: the release names the study this estimate supports
DFS-Supportingneutral
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
probableOvoot Coking Coal Project · coalTonnes: 37900000Historical resultNeeds review: historical_restatementView all detailsHide details
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
- QP Signed
- Yes
- Qualified person names
- Buyan-Ulzii Narankhuu
- Resource group id
- resource:f2a62fc30776b1761b44
- Mining method
- combined
Resource Data
- Category
- probable
- Tonnes
- 37900000
- Cutoff Grade
- 0.3
- Cutoff Unit
- m
Prior Estimate
- Resource Date
- 2026-03-31
- Prior Tonnes
- 37900000
Review
- Needs Review
- Yes
- Review Reason
- historical_restatement
- Historical
- Yes
Dates
- Event date
- 2026-10-06T00:00:00.000Z
Reasoning: The Marketable Probable Coal Reserve of 37.9 Mt is a significant quantity, reconfirming the project's scale, though it shows no growth from the prior estimate.
Positive factors
- Significant marketable tonnage in Probable category
- Reconfirmed from previous estimate
Negative factors
- No increase in tonnage from previous estimate
Evidence · table
“37.9”
Context: 52.0
Tags used in scoring
Probable Reservepositive
Indicated Resource with demonstrated economic viability after applying modifying factors.
Why it applies: category is "probable"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
JORC Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: reporting_standards includes jorc
No Contained Metalnegative
Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.
Why it applies: contained_metal was not reported
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
PFS-Supportingneutral
Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component.
Why it applies: the release names the study this estimate supports
DFS-Supportingneutral
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
measuredOvoot Coking Coal Project · coalTonnes: 99500000Historical resultNeeds review: historical_restatementView all detailsHide details
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
- QP Signed
- Yes
- Qualified person names
- Buyan-Ulzii Narankhuu
- Resource group id
- resource:b1dd0caf9b0cd5e4f070
Resource Data
- Category
- measured
- Tonnes
- 99500000
- Cutoff Grade
- 0.3
- Cutoff Unit
- m
Prior Estimate
- Resource Date
- 2024-10-31
Review
- Needs Review
- Yes
- Review Reason
- historical_restatement
- Historical
- Yes
- Historical Source Date
- 2024-11-22T00:00:00.000Z
Dates
- Event date
- 2026-10-06T00:00:00.000Z
Reasoning: The Measured Coal Resource of 99.5 Mt is a substantial quantity, but this is a re-statement of a prior estimate and not new information.
Positive factors
- Large tonnage in high-confidence category
Negative factors
- This is a re-statement of a prior resource estimate, not new information
Evidence · text
“99.5 Mt Measured”
Tags used in scoring
Measured Resourcepositive
Highest confidence category — tonnage, grade, shape well-established from closely-spaced drilling. Basis for Proven Reserves.
Why it applies: category is "measured"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
JORC Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: reporting_standards includes jorc
No Contained Metalnegative
Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.
Why it applies: contained_metal was not reported
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
PFS-Supportingneutral
Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component.
Why it applies: the release names the study this estimate supports
DFS-Supportingneutral
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
indicatedOvoot Coking Coal Project · coalTonnes: 100900000Historical resultNeeds review: historical_restatementView all detailsHide details
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
- QP Signed
- Yes
- Qualified person names
- Buyan-Ulzii Narankhuu
- Resource group id
- resource:efb4487c24d0842f0265
Resource Data
- Category
- indicated
- Tonnes
- 100900000
- Cutoff Grade
- 0.3
- Cutoff Unit
- m
Prior Estimate
- Resource Date
- 2024-10-31
Review
- Needs Review
- Yes
- Review Reason
- historical_restatement
- Historical
- Yes
- Historical Source Date
- 2024-11-22T00:00:00.000Z
Dates
- Event date
- 2026-10-06T00:00:00.000Z
Reasoning: The Indicated Coal Resource of 100.9 Mt is a substantial quantity, but this is a re-statement of a prior estimate and not new information.
Positive factors
- Large tonnage in Indicated category
Negative factors
- This is a re-statement of a prior resource estimate, not new information
Evidence · text
“100.9 Mt Indicated”
Tags used in scoring
Indicated Resourcepositive
Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.
Why it applies: category is "indicated"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
JORC Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: reporting_standards includes jorc
No Contained Metalnegative
Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.
Why it applies: contained_metal was not reported
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
PFS-Supportingneutral
Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component.
Why it applies: the release names the study this estimate supports
DFS-Supportingneutral
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
inferredOvoot Coking Coal Project · coalTonnes: 19000000Historical resultNeeds review: historical_restatementView all detailsHide details
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
- QP Signed
- Yes
- Qualified person names
- Buyan-Ulzii Narankhuu
- Resource group id
- resource:f0d4b02fe5f8cfc23917
Resource Data
- Category
- inferred
- Tonnes
- 19000000
- Cutoff Grade
- 0.3
- Cutoff Unit
- m
Prior Estimate
- Resource Date
- 2024-10-31
Review
- Needs Review
- Yes
- Review Reason
- historical_restatement
- Historical
- Yes
- Historical Source Date
- 2024-11-22T00:00:00.000Z
Dates
- Event date
- 2026-10-06T00:00:00.000Z
Reasoning: The Inferred Coal Resource of 19.0 Mt is a re-statement of a prior estimate and represents a lower confidence category.
Negative factors
- This is a re-statement of a prior resource estimate, not new information
- Inferred category has low geological confidence
Evidence · text
“19.0 Mt Inferred”
Tags used in scoring
Inferred Resourcenegative
Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
Why it applies: category is "inferred"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
JORC Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: reporting_standards includes jorc
No Contained Metalnegative
Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.
Why it applies: contained_metal was not reported
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
PFS-Supportingneutral
Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component.
Why it applies: the release names the study this estimate supports
DFS-Supportingneutral
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 8Ovoot Coking Coal Project · coalTonnes: 219400000Historical resultNeeds review: historical_restatementView all detailsHide details
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
- QP Signed
- Yes
- Qualified person names
- Buyan-Ulzii Narankhuu
- Resource group id
- resource:c187abf2e98d2094ce76
Resource Data
- Tonnes
- 219400000
- Cutoff Grade
- 0.3
- Cutoff Unit
- m
Prior Estimate
- Resource Date
- 2024-10-31
Review
- Needs Review
- Yes
- Review Reason
- historical_restatement
- Historical
- Yes
- Historical Source Date
- 2024-11-22T00:00:00.000Z
Dates
- Event date
- 2026-10-06T00:00:00.000Z
Reasoning: The Total Coal Resource of 219.4 Mt is a very large quantity, but this is a re-statement of a prior estimate and not new information.
Positive factors
- Very large total resource tonnage
Negative factors
- This is a re-statement of a prior resource estimate, not new information
Evidence · text
“Total Coal Resource of 219.4 Mt”
Tags used in scoring
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
JORC Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: reporting_standards includes jorc
No Contained Metalnegative
Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.
Why it applies: contained_metal was not reported
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
PFS-Supportingneutral
Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component.
Why it applies: the release names the study this estimate supports
DFS-Supportingneutral
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 9Ovoot Coking Coal ProjectGrade: 1.48Grade Unit: billion USDView all detailsHide details
Identity
- Project
- Ovoot Coking Coal Project
- Region
- mongolia
- Reported Region
- Mongolia
- Ticker
- AKM
Resource scope
- Effective date
- 2024-11-13T00:00:00.000Z
- Resource group id
- resource:368c5066dea25ebf709a
- Mining method
- combined
Resource Data
- Grade
- 1.48
- Grade Unit
- billion USD
Prior Estimate
- Prior Grade
- 1.58
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-10-06T00:00:00.000Z
Reasoning: The post-tax NPV10 of US$1.48 billion is a significant valuation, but it represents a decrease from the previous estimate, indicating a slight negative change in project value.
Positive factors
- High absolute NPV value
Negative factors
- NPV decreased compared to previous estimate
Evidence · text
“post-tax NPV₁₀ of US$1.48 billion”
Tags used in scoring
Cut-off Undisclosednegative
High-grade interval reported without stating the cut-off grade used for compositing.
Why it applies: no cutoff_grade was stated
No Contained Metalnegative
Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.
Why it applies: contained_metal was not reported
Grade Declinenegative
Average grade dropped >5% vs prior estimate — deposit economics worsening. May indicate high-grading in early drilling.
Why it applies: 1.48 against 1.58 previously
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
PFS-Supportingneutral
Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component.
Why it applies: the release names the study this estimate supports
DFS-Supportingneutral
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 10Ovoot Coking Coal ProjectGrade: 60Grade Unit: %View all detailsHide details
Identity
- Project
- Ovoot Coking Coal Project
- Region
- mongolia
- Reported Region
- Mongolia
- Ticker
- AKM
Resource scope
- Effective date
- 2024-11-13T00:00:00.000Z
- Resource group id
- resource:368c5066dea25ebf709a
- Mining method
- combined
Resource Data
- Grade
- 60
- Grade Unit
- %
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-10-06T00:00:00.000Z
Reasoning: A post-tax real IRR of 60% is exceptionally high, indicating very strong project economics and profitability, even with the updated cost model.
Positive factors
- Extremely high IRR indicates strong project profitability and resilience
Evidence · text
“60% IRR”
Tags used in scoring
Cut-off Undisclosednegative
High-grade interval reported without stating the cut-off grade used for compositing.
Why it applies: no cutoff_grade was stated
No Contained Metalnegative
Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.
Why it applies: contained_metal was not reported
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
PFS-Supportingneutral
Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component.
Why it applies: the release names the study this estimate supports
DFS-Supportingneutral
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 11Ovoot Coking Coal ProjectGrade: 61.2Grade Unit: million USDView all detailsHide details
Identity
- Project
- Ovoot Coking Coal Project
- Region
- mongolia
- Reported Region
- Mongolia
- Ticker
- AKM
Resource scope
- Effective date
- 2024-11-13T00:00:00.000Z
- Resource group id
- resource:368c5066dea25ebf709a
- Mining method
- combined
Resource Data
- Grade
- 61.2
- Grade Unit
- million USD
Prior Estimate
- Prior Grade
- 214.8
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-10-06T00:00:00.000Z
Reasoning: The Phase 1 pre-production capital expenditure of US$61.2 million is a substantial reduction from the previous US$214.8 million, which is a strong positive for project financing and de-risking.
Positive factors
- Significantly reduced initial capital expenditure compared to previous estimate
- Lower CAPEX improves project funding viability
Evidence · text
“Phase 1 pre-production capital expenditure of approximately US$61.2 million”
Tags used in scoring
Cut-off Undisclosednegative
High-grade interval reported without stating the cut-off grade used for compositing.
Why it applies: no cutoff_grade was stated
No Contained Metalnegative
Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.
Why it applies: contained_metal was not reported
Grade Declinenegative
Average grade dropped >5% vs prior estimate — deposit economics worsening. May indicate high-grading in early drilling.
Why it applies: 61.2 against 214.8 previously
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
PFS-Supportingneutral
Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component.
Why it applies: the release names the study this estimate supports
DFS-Supportingneutral
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 12Ovoot Coking Coal Project · coalGrade: 230Grade Unit: USD/tView all detailsHide details
Identity
- Project
- Ovoot Coking Coal Project
- Commodity
- coal
- Region
- mongolia
- Reported Region
- Mongolia
- Ticker
- AKM
Resource scope
- Effective date
- 2024-11-13T00:00:00.000Z
- Resource group id
- resource:368c5066dea25ebf709a
- Mining method
- combined
Resource Data
- Grade
- 230
- Grade Unit
- USD/t
Prior Estimate
- Prior Grade
- 230
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-10-06T00:00:00.000Z
Reasoning: The long-term coking coal price assumption of US$230/t DDP Erlian is unchanged from the previous assessment, providing stability to the economic model.
Evidence · text
“long-term coking coal sales price assumption of US$230/t DDP Erlian, China, unchanged from the previous economic assessment”
Tags used in scoring
Cut-off Undisclosednegative
High-grade interval reported without stating the cut-off grade used for compositing.
Why it applies: no cutoff_grade was stated
No Contained Metalnegative
Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.
Why it applies: contained_metal was not reported
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
PFS-Supportingneutral
Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component.
Why it applies: the release names the study this estimate supports
DFS-Supportingneutral
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 13Ovoot Coking Coal ProjectGrade: 10Grade Unit: %View all detailsHide details
Identity
- Project
- Ovoot Coking Coal Project
- Region
- mongolia
- Reported Region
- Mongolia
- Ticker
- AKM
Resource scope
- Effective date
- 2024-11-13T00:00:00.000Z
- Resource group id
- resource:368c5066dea25ebf709a
- Mining method
- combined
Resource Data
- Grade
- 10
- Grade Unit
- %
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-10-06T00:00:00.000Z
Reasoning: A 10% real post-tax discount rate is a standard assumption for economic evaluations.
Evidence · text
“a 10% real post-tax discount rate”
Tags used in scoring
Cut-off Undisclosednegative
High-grade interval reported without stating the cut-off grade used for compositing.
Why it applies: no cutoff_grade was stated
No Contained Metalnegative
Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.
Why it applies: contained_metal was not reported
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
PFS-Supportingneutral
Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component.
Why it applies: the release names the study this estimate supports
DFS-Supportingneutral
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 14Ovoot Coking Coal ProjectGrade: 126Grade Unit: million USDView all detailsHide details
Identity
- Project
- Ovoot Coking Coal Project
- Region
- mongolia
- Reported Region
- Mongolia
- Ticker
- AKM
Resource scope
- Effective date
- 2024-11-13T00:00:00.000Z
- Resource group id
- resource:368c5066dea25ebf709a
- Mining method
- combined
Resource Data
- Grade
- 126
- Grade Unit
- million USD
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-10-06T00:00:00.000Z
Reasoning: The assumption of progressively raising US$126.0 million through Mongolian OTC bond issues provides a clear financing pathway for the project, though it is an assumption for the economic model.
Positive factors
- Identified financing strategy supports project development
Negative factors
- Financing is an assumption and not guaranteed
Evidence · text
“progressively raise approximately US$126.0 million through Mongolian OTC bond issues”
Tags used in scoring
Cut-off Undisclosednegative
High-grade interval reported without stating the cut-off grade used for compositing.
Why it applies: no cutoff_grade was stated
No Contained Metalnegative
Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.
Why it applies: contained_metal was not reported
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
PFS-Supportingneutral
Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component.
Why it applies: the release names the study this estimate supports
DFS-Supportingneutral
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 15Ovoot Coking Coal ProjectGrade: 12Grade Unit: % p.a.View all detailsHide details
Identity
- Project
- Ovoot Coking Coal Project
- Region
- mongolia
- Reported Region
- Mongolia
- Ticker
- AKM
Resource scope
- Effective date
- 2024-11-13T00:00:00.000Z
- Resource group id
- resource:368c5066dea25ebf709a
- Mining method
- combined
Resource Data
- Grade
- 12
- Grade Unit
- % p.a.
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-10-06T00:00:00.000Z
Reasoning: The assumed 12% p.a. coupon payments for the OTC bonds represent a significant cost of capital, which is factored into the economic model.
Negative factors
- 12% coupon rate is a significant cost of capital
Evidence · text
“12% p.a. coupon payments”
Tags used in scoring
Cut-off Undisclosednegative
High-grade interval reported without stating the cut-off grade used for compositing.
Why it applies: no cutoff_grade was stated
No Contained Metalnegative
Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.
Why it applies: contained_metal was not reported
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
PFS-Supportingneutral
Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component.
Why it applies: the release names the study this estimate supports
DFS-Supportingneutral
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 16Ovoot Coking Coal ProjectGrade: 3Grade Unit: %View all detailsHide details
Identity
- Project
- Ovoot Coking Coal Project
- Region
- mongolia
- Reported Region
- Mongolia
- Ticker
- AKM
Resource scope
- Effective date
- 2024-11-13T00:00:00.000Z
- Resource group id
- resource:368c5066dea25ebf709a
- Mining method
- combined
Resource Data
- Grade
- 3
- Grade Unit
- %
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-10-06T00:00:00.000Z
Reasoning: Broker success fees of approximately 3% on amounts raised are a standard cost of capital raising, factored into the economic model.
Negative factors
- Broker success fees add to the cost of financing
Evidence · text
“broker success fees of approximately 3%”
Tags used in scoring
Cut-off Undisclosednegative
High-grade interval reported without stating the cut-off grade used for compositing.
Why it applies: no cutoff_grade was stated
No Contained Metalnegative
Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.
Why it applies: contained_metal was not reported
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
PFS-Supportingneutral
Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component.
Why it applies: the release names the study this estimate supports
DFS-Supportingneutral
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 17Ovoot Coking Coal ProjectGrade: 24Grade Unit: monthsView all detailsHide details
Identity
- Project
- Ovoot Coking Coal Project
- Region
- mongolia
- Reported Region
- Mongolia
- Ticker
- AKM
Resource scope
- Effective date
- 2024-11-13T00:00:00.000Z
- Resource group id
- resource:368c5066dea25ebf709a
- Mining method
- combined
Resource Data
- Grade
- 24
- Grade Unit
- months
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-10-06T00:00:00.000Z
Reasoning: An assumed term of 24 months for each tranche of bonds provides a clear repayment schedule for the financing.
Evidence · text
“assumed term of 24 months for each tranche”
Tags used in scoring
Cut-off Undisclosednegative
High-grade interval reported without stating the cut-off grade used for compositing.
Why it applies: no cutoff_grade was stated
No Contained Metalnegative
Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.
Why it applies: contained_metal was not reported
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
PFS-Supportingneutral
Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component.
Why it applies: the release names the study this estimate supports
DFS-Supportingneutral
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 18Ovoot Coking Coal ProjectGrade: 42Grade Unit: million USDView all detailsHide details
Identity
- Project
- Ovoot Coking Coal Project
- Region
- mongolia
- Reported Region
- Mongolia
- Ticker
- AKM
Resource scope
- Effective date
- 2024-11-13T00:00:00.000Z
- Resource group id
- resource:368c5066dea25ebf709a
- Mining method
- combined
Resource Data
- Grade
- 42
- Grade Unit
- million USD
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-10-06T00:00:00.000Z
Reasoning: Approximately US$42.0 million of deferred payments to CCTEG-IEC, supported by vendor financing, significantly reduces the immediate capital outlay for the project.
Positive factors
- Deferred payments reduce upfront capital requirements
- Vendor financing supported by Sinosure reduces risk
Evidence · text
“approximately US$42.0 million of deferred payments to CCTEG-IEC”
Tags used in scoring
Cut-off Undisclosednegative
High-grade interval reported without stating the cut-off grade used for compositing.
Why it applies: no cutoff_grade was stated
No Contained Metalnegative
Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.
Why it applies: contained_metal was not reported
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
PFS-Supportingneutral
Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component.
Why it applies: the release names the study this estimate supports
DFS-Supportingneutral
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.