Jupiter Mines (JMS) investor relations material

Executive summary

• Achieved strong operational and sales performance at Tshipi mine in FY26, with production and sales of 3.5Mt, exceeding annual targets and historical averages.

• Group net profit after tax was $37.7M (FY25: $39.9M); underlying EBITDA $40.3M (FY25: $43.3M).

• Declared total dividends of 1.3c/share, yielding ~5% at current share price; $451M in dividends over eight years.

• Exxaro acquired 50.1% of Tshipi and 19.99% of Jupiter, marking a significant strategic development.

• Leadership transition announced: Brad Rogers to step down as MD/CEO, Matthew Jarvis appointed Interim CEO.

Financial highlights

• Revenue: $9.3M in marketing fees (FY25: $9.4M).

• Tshipi's underlying EBITDA: $114.6M (FY25: $133.1M).

• Average manganese price: US$4.38/dmtu, up 9% YoY; cost of production up 4.3% to US$2.40/dmtu.

• Operating cash flows: $50.3M (FY25: $72.5M); free cash flow: $40.7M (FY25: $68.3M).

• Cash at year-end: $9.3M (Jupiter), $129.4M (Tshipi).

• Dividends paid: $25.6M (FY25: $29.4M); 92% of current market cap returned as dividends since listing.

Outlook and guidance

• Manganese demand remains closely tied to global steel production; modest steel demand growth forecast for CY26 and stronger for CY27.

• Steel demand in China expected to decline, offset by growth in India and developed markets.

• Risks include global steel overcapacity, trade barriers, geopolitical uncertainty, energy prices, and Chinese demand recovery pace.

• Jupiter continues to advance its five-year strategy, focusing on efficiency, growth, ESG, and EV battery market entry.