# AKM: Ovoot Coal Reserve Update Additional JORC Disclosure

Canonical Atlas analysis: https://atlas-staging.minestarters.com/news/akm-ovoot-coal-reserve-update-additional-jorc-disclosure--af0be782-c2f4-4730-b3db-986bcfdc2dbd

Original source: https://www.asx.com.au/asx/v2/statistics/displayAnnouncement.do?display=pdf&idsId=03149461

Publisher: asx

Original announcement: 2026-10-06T23:09:00.000Z

Analysis by Minestarters Atlas

Atlas analysis published: 2026-10-07T00:10:41.603Z

Atlas analysis updated: 2026-10-07T00:10:41.603Z

- 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

Narrative sentiment: 0.10 · Bullish

## Minestarters Atlas 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 factor: Reconfirmation of substantial coal reserves

- Positive factor: Strong post-tax IRR of 60%

- Positive factor: Lower initial CAPEX due to revised development strategy

- Positive factor: JORC compliant and QP signed

- Negative factor: NPV decreased compared to previous estimate

- Negative factor: Reserve quantities are unchanged, indicating no geological growth

- Negative factor: 12% of production target underpinned by Inferred Resources

Facts used in scoring: 18

## Classification and evidence

**JORC Compliant**

Polarity: positive

Definition: 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 Signed**

Polarity: positive

Definition: 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 Update**

Polarity: neutral

Definition: 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-Supporting**

Polarity: neutral

Definition: 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 Resource**

Polarity: negative

Definition: 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 Decline**

Polarity: negative

Definition: 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)

### proven

[Link to this fact](https://atlas-staging.minestarters.com/news/akm-ovoot-coal-reserve-update-additional-jorc-disclosure--af0be782-c2f4-4730-b3db-986bcfdc2dbd#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: 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 factor: Large tonnage in high-confidence category

- Positive factor: Reconfirmed from previous estimate

- Negative factor: No increase in tonnage from previous estimate

Evidence · table

> 76.8

Context: 75.0

#### 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 Disclosed**

Polarity: positive

Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.

Why it applies: cutoff\_grade is stated

**QP/CP Signed**

Polarity: positive

Definition: 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 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

**Resource Update**

Polarity: neutral

Definition: Revised estimate for an existing resource — compare to prior to assess progress.

Why it applies: the release compares against a previous estimate

**PFS-Supporting**

Polarity: neutral

Definition: 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-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-ovoot-coal-reserve-update-additional-jorc-disclosure--af0be782-c2f4-4730-b3db-986bcfdc2dbd#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: 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 factor: Significant tonnage in Probable category

- Positive factor: Reconfirmed from previous estimate

- Negative factor: No increase in tonnage from previous estimate

Evidence · table

> 53.3

Context: 52.0

#### 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 Disclosed**

Polarity: positive

Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.

Why it applies: cutoff\_grade is stated

**QP/CP Signed**

Polarity: positive

Definition: 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 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

**Resource Update**

Polarity: neutral

Definition: Revised estimate for an existing resource — compare to prior to assess progress.

Why it applies: the release compares against a previous estimate

**PFS-Supporting**

Polarity: neutral

Definition: 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-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-ovoot-coal-reserve-update-additional-jorc-disclosure--af0be782-c2f4-4730-b3db-986bcfdc2dbd#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: 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 factor: Large marketable tonnage in high-confidence category

- Positive factor: Reconfirmed from previous estimate

- Negative factor: No increase in tonnage from previous estimate

Evidence · table

> 60.0

Context: 75.0

#### 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 Disclosed**

Polarity: positive

Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.

Why it applies: cutoff\_grade is stated

**QP/CP Signed**

Polarity: positive

Definition: 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 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

**Resource Update**

Polarity: neutral

Definition: Revised estimate for an existing resource — compare to prior to assess progress.

Why it applies: the release compares against a previous estimate

**PFS-Supporting**

Polarity: neutral

Definition: 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-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-ovoot-coal-reserve-update-additional-jorc-disclosure--af0be782-c2f4-4730-b3db-986bcfdc2dbd#fact-resource-facts-3)

Ovoot Coking Coal Project · coal

Historical result

Needs review: historical\_restatement

#### 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 factor: Significant marketable tonnage in Probable category

- Positive factor: Reconfirmed from previous estimate

- Negative factor: No increase in tonnage from previous estimate

Evidence · table

> 37.9

Context: 52.0

#### 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 Disclosed**

Polarity: positive

Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.

Why it applies: cutoff\_grade is stated

**QP/CP Signed**

Polarity: positive

Definition: 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 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

**Resource Update**

Polarity: neutral

Definition: Revised estimate for an existing resource — compare to prior to assess progress.

Why it applies: the release compares against a previous estimate

**PFS-Supporting**

Polarity: neutral

Definition: 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-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

### measured

[Link to this fact](https://atlas-staging.minestarters.com/news/akm-ovoot-coal-reserve-update-additional-jorc-disclosure--af0be782-c2f4-4730-b3db-986bcfdc2dbd#fact-resource-facts-4)

Ovoot Coking Coal Project · coal

Historical result

Needs review: historical\_restatement

#### 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 factor: Large tonnage in high-confidence category

- Negative factor: This is a re-statement of a prior resource estimate, not new information

Evidence · text

> 99.5 Mt 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 Disclosed**

Polarity: positive

Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.

Why it applies: cutoff\_grade is stated

**QP/CP Signed**

Polarity: positive

Definition: 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 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

**Resource Update**

Polarity: neutral

Definition: Revised estimate for an existing resource — compare to prior to assess progress.

Why it applies: the release compares against a previous estimate

**PFS-Supporting**

Polarity: neutral

Definition: 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-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-ovoot-coal-reserve-update-additional-jorc-disclosure--af0be782-c2f4-4730-b3db-986bcfdc2dbd#fact-resource-facts-5)

Ovoot Coking Coal Project · coal

Historical result

Needs review: historical\_restatement

#### 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 factor: Large tonnage in Indicated category

- Negative factor: This is a re-statement of a prior resource estimate, not new information

Evidence · text

> 100.9 Mt 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 Disclosed**

Polarity: positive

Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.

Why it applies: cutoff\_grade is stated

**QP/CP Signed**

Polarity: positive

Definition: 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 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

**Resource Update**

Polarity: neutral

Definition: Revised estimate for an existing resource — compare to prior to assess progress.

Why it applies: the release compares against a previous estimate

**PFS-Supporting**

Polarity: neutral

Definition: 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-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-ovoot-coal-reserve-update-additional-jorc-disclosure--af0be782-c2f4-4730-b3db-986bcfdc2dbd#fact-resource-facts-6)

Ovoot Coking Coal Project · coal

Historical result

Needs review: historical\_restatement

#### 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 factor: This is a re-statement of a prior resource estimate, not new information

- Negative factor: Inferred category has low geological confidence

Evidence · text

> 19.0 Mt 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 Disclosed**

Polarity: positive

Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.

Why it applies: cutoff\_grade is stated

**QP/CP Signed**

Polarity: positive

Definition: 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 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

**Resource Update**

Polarity: neutral

Definition: Revised estimate for an existing resource — compare to prior to assess progress.

Why it applies: the release compares against a previous estimate

**PFS-Supporting**

Polarity: neutral

Definition: 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-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-ovoot-coal-reserve-update-additional-jorc-disclosure--af0be782-c2f4-4730-b3db-986bcfdc2dbd#fact-resource-facts-7)

Ovoot Coking Coal Project · coal

Historical result

Needs review: historical\_restatement

#### 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 factor: Very large total resource tonnage

- Negative factor: 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 Disclosed**

Polarity: positive

Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.

Why it applies: cutoff\_grade is stated

**QP/CP Signed**

Polarity: positive

Definition: 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 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

**Resource Update**

Polarity: neutral

Definition: Revised estimate for an existing resource — compare to prior to assess progress.

Why it applies: the release compares against a previous estimate

**PFS-Supporting**

Polarity: neutral

Definition: 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-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-ovoot-coal-reserve-update-additional-jorc-disclosure--af0be782-c2f4-4730-b3db-986bcfdc2dbd#fact-resource-facts-8)

Ovoot Coking Coal Project

#### 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 factor: High absolute NPV value

- Negative factor: NPV decreased compared to previous estimate

Evidence · text

> post-tax NPV₁₀ of US$1.48 billion

#### 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

**Grade Decline**

Polarity: negative

Definition: 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 Update**

Polarity: neutral

Definition: Revised estimate for an existing resource — compare to prior to assess progress.

Why it applies: the release compares against a previous estimate

**PFS-Supporting**

Polarity: neutral

Definition: 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-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-ovoot-coal-reserve-update-additional-jorc-disclosure--af0be782-c2f4-4730-b3db-986bcfdc2dbd#fact-resource-facts-9)

Ovoot Coking Coal Project

#### 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 factor: Extremely high IRR indicates strong project profitability and resilience

Evidence · text

> 60% 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

**Resource Update**

Polarity: neutral

Definition: Revised estimate for an existing resource — compare to prior to assess progress.

Why it applies: the release compares against a previous estimate

**PFS-Supporting**

Polarity: neutral

Definition: 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-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-ovoot-coal-reserve-update-additional-jorc-disclosure--af0be782-c2f4-4730-b3db-986bcfdc2dbd#fact-resource-facts-10)

Ovoot Coking Coal Project

#### 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 factor: Significantly reduced initial capital expenditure compared to previous estimate

- Positive factor: 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 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

**Grade Decline**

Polarity: negative

Definition: 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 Update**

Polarity: neutral

Definition: Revised estimate for an existing resource — compare to prior to assess progress.

Why it applies: the release compares against a previous estimate

**PFS-Supporting**

Polarity: neutral

Definition: 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-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-ovoot-coal-reserve-update-additional-jorc-disclosure--af0be782-c2f4-4730-b3db-986bcfdc2dbd#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

- 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 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

**Resource Update**

Polarity: neutral

Definition: Revised estimate for an existing resource — compare to prior to assess progress.

Why it applies: the release compares against a previous estimate

**PFS-Supporting**

Polarity: neutral

Definition: 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-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-ovoot-coal-reserve-update-additional-jorc-disclosure--af0be782-c2f4-4730-b3db-986bcfdc2dbd#fact-resource-facts-12)

Ovoot Coking Coal Project

#### 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 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

**Resource Update**

Polarity: neutral

Definition: Revised estimate for an existing resource — compare to prior to assess progress.

Why it applies: the release compares against a previous estimate

**PFS-Supporting**

Polarity: neutral

Definition: 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-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-ovoot-coal-reserve-update-additional-jorc-disclosure--af0be782-c2f4-4730-b3db-986bcfdc2dbd#fact-resource-facts-13)

Ovoot Coking Coal Project

#### 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 factor: Identified financing strategy supports project development

- Negative factor: 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 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

**Resource Update**

Polarity: neutral

Definition: Revised estimate for an existing resource — compare to prior to assess progress.

Why it applies: the release compares against a previous estimate

**PFS-Supporting**

Polarity: neutral

Definition: 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-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-ovoot-coal-reserve-update-additional-jorc-disclosure--af0be782-c2f4-4730-b3db-986bcfdc2dbd#fact-resource-facts-14)

Ovoot Coking Coal Project

#### 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 factor: 12% coupon rate is a significant cost of capital

Evidence · text

> 12% p.a. coupon payments

#### 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

**Resource Update**

Polarity: neutral

Definition: Revised estimate for an existing resource — compare to prior to assess progress.

Why it applies: the release compares against a previous estimate

**PFS-Supporting**

Polarity: neutral

Definition: 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-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-ovoot-coal-reserve-update-additional-jorc-disclosure--af0be782-c2f4-4730-b3db-986bcfdc2dbd#fact-resource-facts-15)

Ovoot Coking Coal Project

#### 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 factor: Broker success fees add to the cost of financing

Evidence · text

> broker success fees of approximately 3%

#### 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

**Resource Update**

Polarity: neutral

Definition: Revised estimate for an existing resource — compare to prior to assess progress.

Why it applies: the release compares against a previous estimate

**PFS-Supporting**

Polarity: neutral

Definition: 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-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-ovoot-coal-reserve-update-additional-jorc-disclosure--af0be782-c2f4-4730-b3db-986bcfdc2dbd#fact-resource-facts-16)

Ovoot Coking Coal Project

#### 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 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

**Resource Update**

Polarity: neutral

Definition: Revised estimate for an existing resource — compare to prior to assess progress.

Why it applies: the release compares against a previous estimate

**PFS-Supporting**

Polarity: neutral

Definition: 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-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-ovoot-coal-reserve-update-additional-jorc-disclosure--af0be782-c2f4-4730-b3db-986bcfdc2dbd#fact-resource-facts-17)

Ovoot Coking Coal Project

#### 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 factor: Deferred payments reduce upfront capital requirements

- Positive factor: 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 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

**Resource Update**

Polarity: neutral

Definition: Revised estimate for an existing resource — compare to prior to assess progress.

Why it applies: the release compares against a previous estimate

**PFS-Supporting**

Polarity: neutral

Definition: 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-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.