Aspire Mining (ASX:AKM) said its exclusive marketing control of all coal to be produced from Mongolian coking coal projects will be restored, after binding documentation was agreed between Talaxis, a former unit of Noble Resources International, and NordSteppe Private Investment Fund, according to a Thursday Australian bourse filing.

The agreed transaction will permanently extinguish all legacy contract rights under Alliance agreements in relation to the Ovoot and Nuurstei coking coal projects in Mongolia.

Talaxis, a 13.08% shareholder in Aspire, also holds a 20% interest in Northern Infrastructure, an entity established to advance logistics-related infrastructure supporting Ovoot. It entered into an agreement with NordSteppe for the sale and purchase of its 13.08% stake in Aspire. This includes the sale of 66,401,758 ordinary shares to be completed over four tranches for a total consideration of $13.5 million, and will be completed by March 2026.

Aspire executed a term sheet with NordSteppe and a share sale and termination deed with Talaxis and Tailai HK, another former subsidiary of Noble. Under the term sheet, Aspire will pay NordSteppe a royalty of 0.75% of the gross sales revenue generated from all coal produced and sold from Ovoot.

This is in exchange for NordSteppe supporting Talaxis and Tailai HK to enter the share sale and termination deed, under which Talaxis will return its 20% interest in Northern Infrastructure to Aspire for a consideration of $1. Tailai HK will terminate the contract rights that it holds under Alliance agreements and related materials novated to it from Noble. This is conditional on the completion of the share sale agreement between Talaxis and NordSteppe.

Aspire's shares jumped 13% in recent trading on Thursday.