Jupiter Mines (JMS) Diggers & Dealers Mining Forum 2025 summary

Strategic Overview and Asset Performance

• Major investor in Tshipi, a top-tier, low-cost manganese mine with over 100 years of mine life and no debt.

• Achieved record sales and production in FY25, with consistent production, stable costs, and reliable operations.

• Maintains a robust balance sheet: A$77m cash, A$0m debt, and A$553m net assets as of June 2025.

• Paid/distributed A$410 million in dividends over six and a half years, matching current market cap; next dividend to be declared August 2025.

• Tshipi mine is located in the Kalahari manganese field, holding 73% of global manganese resources.

Growth Strategy and Operational Focus

• Five-year growth strategy includes consolidation, productivity, logistics optimization, and ESG initiatives.

• Focus on improving bulk logistics due to limited rail allocation and reliance on road haulage.

• Plans to grow capital value by consolidating further equity in South African manganese production.

• ESG focus includes solar and battery solutions, reporting frameworks, and positioning for battery-grade manganese production.

• Ongoing commitment to a dividend policy distributing over 70% of dividends to shareholders.

Market Dynamics and Value Proposition

• Manganese price volatility driven by supply, with Tshipi remaining profitable even at cycle lows.

• Share price closely tracks manganese price, offering cyclical investment opportunities.

• Five mines, including Tshipi, account for 44% of global manganese supply; supply disruptions drive price spikes.

• Manganese prices are currently less than half of cyclical highs, driven by supply and low Chinese port stocks.

• Market positioning as the largest pure-play listed manganese miner globally.