Aspire Mining Limited announced that exploration and development of metallurgical coal assets in Mongolia, presents its Quarterly Activities Report for the quarter ending 31 December 2020 (the Quarter). The Company currently wholly owns 100% of the large scale, world class OCCP and a 90% interest in the Nuurstei Coking Coal Project (Nuurstei Project), both located in northern Mongolia. During the Quarter and by circumstance, the Company spent $0.17 million on progressing the OCCP. Expenditure continues to be limited as the Company awaits access to the project license area. Access to the site to commence development on the ground, pending completion and approval of the DEIA, has been impacted by the deferral of local community engagement meetings due to COVID-19 control measures. During the Quarter, COVID-19 restrictions in relation to holding public meetings were briefly relaxed but then reinstated before the holding of the community meetings could be confirmed. The Company continues to engage with the local community and is prepared to support the holding of the necessary community meetings when the Government allows. All other components of the DEIA have been completed and are ready for lodgement. During the Quarter, a detailed time and task schedule was completed mapping out the regulatory, financial and commercial path to delivering washed coking coal to end customers. This schedule confirmed that subject to the provision of additional funding and permitting as required, there is a path to deliver washed coking coal within an 18 month timeframe from access to the OCCP area being granted. The OEDP PFS assumed mine operation using contracted fleet including conventional Off Highway Trucks ("OHTs"). The Company has now completed a first principles assessment of mine trucks using performance data provided by suppliers of both OHTs and Extra Heavy Commercial Vehicles ("EHCVs"). EHCVs have performed comparatively well in simulations and appear to be well matched to mine volume requirements, particularly in the early stages of the mine development. Aside from potentially lower machine operating unit costs, the use of EHCVs can enable other indirect cost benefits, including via reduced stripping ratios (on account of narrower roads required), reduced fuel consumption (on account of higher payload efficiencies), smaller ancillary and support equipment, and smaller supporting infrastructure requirements. Produced by leading manufacturers, these types of vehicles have millions of hours of use incorporated into their development, and extensive support networks. RFP has been issued to a range of engineering firms seeking proposals to design and estimate cost for CHPP construction, designed to meet the coal quality and washability requirements of the coal at the OCCP. Additional float/sink analysis of bulk coal sample representative of coal qualities expected over the initial 25 Mt scheduled to be mined is being undertaken in January 2021 in order to provide further dataset upon which to fine tune CHPP designs. Two separate RFPs were issued in relation to the ERT facility. One for the necessary siding trackwork, and another for the site facilities including truck unloading, coal storage, train loadout and other supporting infrastructure. The focus of the Company's approach to handling coal delivered to Erdenet by truck into rail wagons for export is to ensure lowest possible operating costs through use of materials handling infrastructure and avoidance of using mobile equipment, which at the same time will avoid negative community and environmental impacts. Capital costs for road construction required between the OCCP and Erdenet to facilitate truck transportation of coal are currently being reassessed on the basis of revised road route and design assumptions. This work will underpin finalisation of Feasibility Study and Detailed Design for approval by the Ministry of Road and Transport Development ("MRTD"), which will be presented in conjunction with the safe and socially responsible transportation concept that the Company is fine tuning. During the Quarter, the Australian Seaborne Coking Coal Market diverged significantly from Chinese domestic prices over the quarter to an unprecedented level. Under normal circumstances there would be a positive difference reflecting the cost of shipping and receival port charges. However, with the obstacles currently being faced by Australian coal exports into China, FOB spot pricing reflects coal looking for alternative markets with the differential hitting a record US$100t in early January 2021. FOB spot pricing has since responded later in the month but the differential in pricing remains historically significant. The Chinese domestic steel industry is running at relatively high production levels, which is reflected in high iron ore and now coking coal prices. This Chinese coking coal import demand is being fed by imports from Canada, Russia and Mongolia. Nevertheless, Mongolian exports to China have slowed in the December 2020 Quarter due to tighter border restrictions to manage the control of the COVID-19 pandemic. SX Coal has reported that Mongolia's 2020 coal exports of 28.6 million tonnes had fallen 21% from 2019 export volumes.