Aspire Mining (AKM) AI Stock Analysis

• Market Cap: AU$139.60M
• Dividend Yield: N/A
• Average Volume (3M): 84.43K
• Price to Earnings (P/E): ―
• Beta (1Y): 1.24
• Revenue Growth: N/A
• EPS Growth: N/A
• Country: AU
• Employees: N/A
• Sector: Basic Materials
• Sector Strength: 58
• Industry: Coal
• EPS (TTM): N/A
• Shares Outstanding: 507,637,000
• 10 Day Avg. Volume: 97,591
• 30 Day Avg. Volume: 84,430
• PEG Ratio: -0.06
• Price to Book (P/B): 1.92
• Price to Sales (P/S): 1730.34
• P/FCF Ratio: -24.32
• Enterprise Value/Market Cap: N/A
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: N/A
• 1Y Price Target: N/A
• Price Target Upside: N/A
• Rating Consensus: N/A
• Number of Analyst Covering: 0
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 52 Neutral
• Price Target: AU$0.31 ▲(15.93% Upside)

The score is held back primarily by weak operating performance and persistent negative operating/free cash flow despite a strong, debt-free balance sheet. Technicals are supportive with an established uptrend, but momentum is stretched. Valuation remains hard to justify given negative earnings (negative P/E) and no dividend data.

Positive Factors

Debt-free balance sheet

A near-zero debt load and ~A$68m equity base materially reduce refinancing and interest-rate risk for a pre-production miner. This balance sheet strength gives management time and optionality to pursue JVs, farm-outs or staged development without immediate liquidity pressure.

Clear monetization pathways

Aspire's explicit set of monetization options (mine development, coal sales, farm-outs/JVs or asset sales) is a structural business advantage. Multiple exit routes reduce execution risk for a pre-production company and increase likelihood of value realization through partnerships or asset transactions.

Improving FCF trend

Though still negative, free cash flow improved in 2024 versus the prior year, signaling an early operational improvement. If sustained, this reduces near-term funding needs and, coupled with the debt-free position, extends runway for project de-risking or partner negotiations.

Negative Factors

Persistent cash burn

Consistent negative operating and free cash flow is a durable weakness for a developer: it forces reliance on external funding, dilutes shareholders through capital raises, and limits the company's ability to fund capex or sustain multi-year development without securing firm partners or offtakes.

Loss-making core operations

Deeply negative EBIT/EBITDA indicates the core project is not yet economically self-sustaining. Net profit driven by non-operating items weakens confidence in earnings quality; until operating margins turn positive, long-term value depends on external transactions rather than recurring cash generation.

Small, volatile revenue base

Revenue volatility and a very small base make forecasting and financing development difficult. An 82.6% rebound off a low base is fragile; durable project economics require stable, contracted revenue or offtake agreements to attract partners and lenders for mine construction and export infrastructure.

Aspire Mining Business Overview & Revenue Model

Company Description

Aspire Mining Limited engages in the exploration and development of metallurgical coal assets in Mongolia. The company holds 100% interest in the Ovoot coking coal project that consists of one mining license located in north-western Mongolia. It also holds a 90% interest in the Nuurstei coking coal project that consists of one mining license, as well as engages in the pre-development, construction, and operation of the Erdenet to Ovoot railway in northern Mongolia. Aspire Mining Limited was incorporated in 2006 and is based in Perth, Australia.

How the Company Makes Money

Aspire Mining Financial Statement Overview

Summary

Balance sheet strength (debt-free with sizable equity) is offset by weak core business performance: EBITDA/EBIT remain deeply negative and operating/free cash flow are consistently negative. The 2024 net profit looks driven by non-operating items given negative operating margins, reducing confidence in sustainability.

Income Statement

Revenue is very small and volatile, with a sharp rebound in 2024 (82.6% growth) off a low base. Operating profitability remains weak: both EBIT and EBITDA are deeply negative in 2023–2024, indicating the core business is still loss-making. Net income swung from a loss in 2023 to a large profit in 2024, but the extremely high net margin versus negative operating margins suggests the profit is likely driven by non-operating items rather than sustainable operations.

Balance Sheet

The balance sheet is a clear strength: the company carries effectively no debt (debt-to-equity ~0) and maintains a sizable equity base (~A$68m in 2024). Total assets are stable, and leverage risk appears low. However, returns on equity are inconsistent (negative in 2023, positive in 2024), reflecting uneven earnings quality and a business that has not yet produced steady operating profits.

Cash Flow

Cash generation is weak and persistent: operating cash flow is negative across all periods shown, and free cash flow is also consistently negative (including 2024). While free cash flow improved versus the prior year in 2024 (positive growth), the company is still consuming cash, which can increase funding needs over time despite a strong net-cash/debt-free position.

Breakdown	TTM	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	44.08K	75.56K	41.38K	764.99K	51.85K	0.00
Gross Profit	-1.17K	75.56K	-151.00K	647.25K	-205.97K	-235.00K
EBITDA	3.56M	-4.41M	-9.99M	-418.00K	637.28K	-4.92M
Net Income	-8.60M	10.77M	-2.91M	-557.00K	428.43K	-5.17M
Balance Sheet
Total Assets	62.15M	68.35M	66.33M	68.66M	70.50M	70.25M
Cash, Cash Equivalents and Short-Term Investments	17.27M	22.17M	23.47M	28.02M	31.99M	34.17M
Total Debt	0.00	0.00	0.00	0.00	859.00	53.49K
Total Liabilities	955.33K	711.68K	311.80K	206.04K	378.52K	272.19K
Stockholders Equity	61.79M	68.27M	66.58M	68.98M	70.65M	70.34M
Cash Flow
Free Cash Flow	-6.75M	-5.37M	-4.41M	-5.12M	-4.86M	-2.85M
Operating Cash Flow	-3.07M	-2.48M	-2.41M	-2.16M	-1.95M	-1.66M
Investing Cash Flow	7.80M	-1.26M	-1.04M	-17.77M	-2.90M	-1.19M
Financing Cash Flow	0.00	0.00	0.00	0.00	-53.49K	-17.00K

Aspire Mining Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
Sector *	61 Neutral	$10.43B	7.12	-0.05%	2.87%	2.86%	-36.73%
AKM	52 Neutral	AU$139.60M	-16.11	-13.50%	―	―	―
JAL	46 Neutral	AU$53.98M	-45.63	-2.71%	―	―	40.74%
BCB	38 Underperform	AU$8.08M	-0.07	―	―	-4.19%	84.70%
AQC	16 Underperform	AU$4.55M	-0.10	―	―	―	-487.06%

Aspire Mining Corporate Events

Aspire Mining Secures EPC Contract for Ovoot Coal Project Development

Aspire Mining Limited has announced the signing of a $69.9 million lump-sum EPC contract with China Coal Technology and Engineering Group Corp. to develop key components of its Ovoot Coking Coal Project, including a Coal Handling and Preparation Plant (CHPP) and the Erdenet Rail Terminal (ERT). This milestone secures critical project capital costs under a fixed-price structure, reducing risks related to cost and schedule uncertainties. Set for completion by Q4 2027, the project positions Aspire to target coal production and export, with infrastructure designed to enable future capacity expansion. The contract also enhances funding flexibility, ensuring smoother financial management and bolstering its market positioning in the competitive coal industry.

Aspire Mining Advances Ovoot Project with Strategic Developments

Aspire Mining Limited has made significant progress in advancing its Ovoot Coking Coal Project, with a forecasted 31-year mine life and an estimated net present value of over USD 1.5 billion. The company has secured major statutory approvals for mining and infrastructure development, and is aligned with the Mongolian government’s endorsement of the Murun–Uliastai Highway Project, which is crucial for the project’s logistics. Aspire has regained exclusive marketing rights over its projects and strengthened its leadership team to enhance infrastructure delivery and ESG capabilities. The company is focused on finalizing key EPC terms, progressing offtake discussions, and preparing for the 2026 construction season.