Jupiter Mines (JMS) investor relations material

Executive summary

• Q1 operational outcomes and sales of 837,577 tonnes were in line with full-year targets, though sales were down 23% from the previous quarter and 19% year-over-year.

• Production reached 829,798 tonnes, up 5% sequentially but 31% lower year-over-year, slightly above plan and last quarter.

• EBITDA for the quarter was $26.6 million (A$26.6 million), down 35% sequentially due to lower sales volumes but up 27% year-over-year.

• Cash at Tshipi increased 9% to $140.3 million AUD at quarter-end, 45% higher than the same quarter last year, after dividend payments.

• Tshipi distributed a 300 million Rand dividend, with Jupiter passing on its share to shareholders, while still increasing cash reserves.

Financial highlights

• Net profit after tax (NPAT) was A$17.8 million, down from A$25.9 million in the previous quarter but up from A$13.7 million year-over-year.

• Average CIF price for high-grade lumpy ore was US$3.86/dmtu, flat sequentially but down from US$4.28/dmtu year-over-year.

• Costs were $2.27 per DMTU, in line with guidance and down 4% sequentially despite adverse exchange rate movements.

• Marketing entity EBITDA was A$3.7 million, up from A$2.5 million in the previous quarter.

• Cash at Jupiter and its share of Tshipi increased to A$81.7 million, up A$4.8 million from the previous quarter.

Outlook and guidance

• Targeting 3.4 million tons of ore sales for the full year, consistent with historical averages.

• Manganese ore prices remained stable, with the spot price at US$4.04/dmtu at quarter-end and US$4.07/dmtu at the end of October 2025.

• Wet weather in Q2 may cause some sales variability, but mitigations are in place and full-year targets remain on track.

• No plans to expand to 4 million tons per year until market conditions are more robust.

• Global steel demand is projected to be flat in 2025 and rise by 1.3% in 2026, with growth in India and developing regions offsetting declines in China.