Jupiter Mines (JMS) investor relations material

Executive summary

• Q1 operational outcomes were solid and aligned with full-year targets, with costs well controlled despite a strengthening Rand against the USD.

• Achieved sales of 837,577 tonnes, aligning with expectations and full-year plan, though 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.

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

• Tshipi distributed a ZAR 300 million dividend, which was passed on to shareholders, while still increasing cash reserves.

Financial highlights

• Tshipi's EBITDA for the quarter was AUD 26.6 million, down sequentially due to lower sales volumes but up 27% year-over-year.

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

• Cash at Tshipi increased 9% sequentially to AUD 140.3 million and was 45% higher year-over-year, despite a significant dividend payment.

• Average FOB cost of production decreased 4% sequentially to USD 2.27/dmtu, in line with guidance, despite adverse currency movements.

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

Outlook and guidance

• The company remains on track to achieve its 3.4 million tons full-year ore sales target, with operational variability expected but mitigated by planning.

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

• Wet weather may impact Q2 volumes, but strong Q4 performance is anticipated to offset any shortfalls.

• No plans to expand sales to 4 million tons until market conditions improve.

• 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.