Aspire Mining (ASX:AKM) said an updated estimate for its Ovoot coking coal project in Mongolia reconfirmed a total coal reserve of 130.1 million tonnes on an assumed run-of-mine moisture basis of 2.9% as received, according to a Friday filing with the Australian bourse.
The reserve comprises 76.8 million tonnes of proved and 53.3 million tonnes of probable coal reserves, with the corresponding marketable coal reserve remaining at 97.9 million tonnes, per the filing.
Ovoot, which aims to produce a fat coking coal product for supply to Chinese customers, has advanced from study into implementation, including the execution of a $69.9 million engineering, procurement, and construction contract for coal-handling infrastructure.
The updated economic assessment also incorporates a revised project-financing model, assuming that Aspire's Mongolian subsidiary will progressively raise about $126 million through the local issue of bonds.
The company said its updated cost model forecasts phase-one pre-production capital expenditure of about $61.2 million from 2026 to first scheduled coal production.
Aspire Mining shares gained 7% in recent Friday trade.