Jupiter Mines : 2021 Annual General Meeting Presentation

JUPITER MINES LIMITED

2021 ANNUAL GENERAL

MEETING

Agenda

1. Presentation
2. • Key FY2021 Jupiter Highlights
   • Unrest in South Africa
   • Tshipi Operating and Financial Performance
   • FY2022 Objectives
3. Consideration of Reports
4. Questions and Comments
5. Resolutions: explanations, questions and voting

2

Key FY2021 Highlights

• Tshipi remained profitable				Distributions to Shareholders		Share of Tshipi Profit			NPAT
despite the COVID-19 pandemic						$58.8
and mining challenges	2021					$62.9
						$67.5
• FY2021 dividends of $59 million							$93.1
paid by Jupiter; average 10% yield 2020						$98.2
• Total payout by Jupiter of $299m							$95.1
since IPO, against market capital											$146.9
of $548 million	2019									$138.0				$188.5
• Demerger of iron ore assets -
Jupiter moves forward as an ASX	$0.0	$20.0	$40.0	$60.0	$80.0	$100.0	$120.0	$140.0	$160.0	$180.0	$200.0
pure play manganese company						AUD million

3

Unrest in South Africa

Mine

• Tshipi is in the Northern Cape, away from the regions (KwaZulu-Natal and Gauteng) experiencing rioting and looting
• Employee/contractor safety remains a priority, however there is no disruption to operations at present

Logistics

• Route to and loading at Durban Port impacted, however accounts for only 12,000 tonnes per month
• All other logistics routes and ports utilised by Tshipi remain unaffected at present

Market

• Manganese price has not reacted to this

4

Tshipi Operating & Financial Performance

100% Tshipi	UoM	2019	2020	2021	Q1 2022
Total sales	Million tonnes	3.51	3.41	3.42	0.85
Revenue	AUD million	872	628	497	107
EBITDA	AUD million	582	314	206	26
Net profit after tax	AUD million	379	197	126	16
Cash costs (FOB)1	US$/dmtu	2.27	2.14	2.02	2.26
Manganese price - high	US$/dmtu	7.57	5.57	6.31	3.70
Manganese - low	US$/dmtu	4.99	2.52	3.00	3.06
Manganese price - average 2	US$/dmtu	6.00	4.18	3.83	3.34

• Mining challenges in FY2021 due to difficulty in cuts, delayed fleet mobilisation, excessive rainfall, equipment availability and COVID-19 lockdown
• Tshipi's 2nd highest year for exports despite these challenges
• Remained profitable and cash positive

1. Costs include mining, processing, logistics, environmental, indirect costs and royalties.

2. 37% FOB Port Elizabeth.	5