Jupiter Mines (JMS) AGM 2024 summary

Opening remarks and agenda

• Chair welcomed attendees, acknowledged traditional landowners, introduced board members, executives, auditors, and share registry representatives, and outlined the meeting structure, voting procedures, and confirmed quorum.

• Chair's address opened the meeting, followed by consideration of reports, resolutions, and a CEO presentation outlining FY24 results and strategic direction.

Financial performance review

• Tshipi delivered record production and sales, exceeding five- and six-year averages, despite low manganese prices, with a brief price spike and recent recovery.

• EBITDA remained robust, supported by competitive costs and positive operating margins; operational costs stayed within historical ranges despite inflation and exchange rate pressures.

• Q1 FY25 saw a 41% increase in production and a 24% rise in sales over the six-year average, with manganese prices up 8% since October 2024.

• Dividends totaling AUD 0.012 per share were paid in FY24, exceeding the minimum payout policy and maintaining a high yield above the ASX average.

• No debt at either the mine or parent company; cash levels at Tshipi are normal compared to historical averages.

Board and executive committee updates

• Welcomed new independent director Sally Langer, enhancing board skills and independence; Bo Sung (Ben) Kim was re-elected.

• Farewelled directors Pat Murphy and Peter North, acknowledging their contributions.

• Discussed board recruitment process, use of an international search firm, and unanimous selection of Sally Langer.

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