Aspire Mining (ASX:AKM) Signs Ovoot Plant Contract and Regains Control of Coal Marketing Rights

Aditi Sarkar

23 October 2026 09:41 PM AEDT

Aspire Mining (ASX:AKM) Signs Ovoot Plant Contract and Regains Control of Coal Marketing Rights

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Highlights

• Aspire signed a US$69.9 million contract covering the Ovoot coal handling and preparation plant and Erdenet rail terminal infrastructure.

• Sixty percent of the contract is vendor-financed and deferred beyond commissioning, leaving Aspire to fund the other forty percent.

• The NordSteppe transaction completed on 20 March 2026, returning exclusive marketing and supply chain rights for a 0.75 percent royalty.

• Aspire ended 2025 debt-free with about US$5.0 million in cash, and says further funding is not yet secured.

Aspire Mining Limited (ASX:AKM) has swapped a long list of Ovoot Coking Coal Project studies for a signed construction contract, yet the money to build it is not fully in place. Shares were trading at A$0.245 on 23 October 2026, up 8.89%. The Mongolian developer's latest annual report, for the year ended 31 December 2025, shows a project moving from planning towards construction while the funding task remains open.

A Contract That Puts Steel on the Ground

The turning point came on 29 December 2025, when an engineering, procurement and construction contract with CCTEG-IEC took effect. Valued at US$69.9 million, it covers a 350 tonne-per-hour coal handling and preparation plant at Ovoot and coal handling infrastructure at the Erdenet Rail Terminal.

The payment structure is the notable feature. Sixty percent of the price is vendor-financed, deferred beyond commissioning and backed by Sinosure credit insurance. Aspire must fund the other forty percent. At the time of the report, Sinosure's due diligence was expected to finish in the first quarter of 2026. Detailed plant design has started.

Site works are modest. Camp capacity is about 150 people, three water wells are installed at Ovoot, and a workshop, warehouse and office building is complete.

Marketing Rights Come Home

Commercial control has also shifted. A transaction moving the Talaxis interest to NordSteppe completed on 20 March 2026, giving Aspire back exclusive marketing, fuel supply and supply chain rights for both Ovoot and the Nuurstei project. NordSteppe receives a 0.75 percent royalty on Ovoot coal sales revenue in return.

No binding offtake agreements have been signed. Aspire is working towards memoranda of understanding with Chinese end users, including JISCO, Risun and HBIS, with sales and purchase agreements as the eventual aim.

Road access is the third leg. Aspire lodged its tender in January 2026 for the Murun to Uliastai highway, a build-operate-transfer public-private partnership endorsed by Mongolia's cabinet in September 2025. It passed preliminary selection, and the concessionaire would operate the road for 23 years, recovering costs through tolls.

Balance Sheet Carries the Weight

Aspire reported a loss after tax of US$12.8 million for 2025, driven mainly by a non-cash foreign exchange loss of US$10.2 million that directors tied to a stronger Australian dollar against the US dollar on US dollar-denominated balances. Cash stood at about US$5.0 million, down from about US$12.6 million in March 2025, and the group carries no debt.

Directors say current cash covers studies, permits and evaluation only. Additional funding is needed for infrastructure, and the plan points to debt facilities during 2026, coal pre-sales and an equity raise if required. The company intends to secure funding before committing to construction.

Milestones on the 2026 to 2027 Calendar

Management's stated priorities for 2026 are mobilising CCTEG-IEC, starting plant and terminal construction, finalising the public-private partnership agreement, concluding Sinosure diligence, beginning pre-stripping at Ovoot and securing project financing. Contractor mobilisation was targeted for the second quarter of 2026, with initial mining targeted for the third quarter.

Commissioning of the plant is targeted for the fourth quarter of 2027, the same quarter aimed at for first coal production and export. Road commissioning is targeted for 2027. These dates remain targets.

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