Jupiter Mines (JMS) AGM 2024 summary

Opening remarks and agenda

• Chair welcomed attendees, acknowledged traditional landowners, introduced board members, and outlined the meeting structure, voting procedures, and confirmed quorum for formal business.

• CEO presented FY24 results and strategic direction.

Financial performance review

• Tshipi delivered record production and sales in FY24, exceeding five-year trends despite low manganese prices, with Q1 FY25 production up 41% and sales up 24% over the six-year average.

• EBITDA remained robust, supported by competitive costs and positive operating margins.

• Manganese ore prices were low most of the year, with a brief spike, recent recovery, and share price closely correlated to manganese prices.

• Dividends of AUD 0.012 per share were paid in FY24, maintaining a high yield above the ASX average.

Board and executive committee updates

• Sally Langer was welcomed and elected as a new independent non-executive director, and Bo Sung (Ben) Kim was re-elected.

• Farewelled Pat Murphy and Peter North for their contributions.

• Director recruitment involved a thorough, international search and unanimous board selection.

• Approval was granted for an increase in the non-executive director fee pool by $250,000 to $750,000 per annum.