Jupiter Mines Limited · ASX:JMS
Jupiter Mines — Macquarie WA Forum 2025
14 slides from Jupiter Mines's conference presentation, Nov 6, 2025
Slide 1: Company Update
Company Update 6 November 2025 Macquarie WA Forum, Perth
Slide 2: Disclaimer
Disclaimer This presentation is provided for information of factors and uncertainties that could cause actual purposes only. The information in this presentation is results to differ materially from those described in the in a summary form, does not propose to be complete forward looking statements.
Slide 3: Largest pure play listed manganese miner with 49.9% of Tshipi
Jupiter is the largest pure play listed manganese miner in the world, with 49.9% ownership of Tshipi, a Tier 1 manganese mine. Board of Directors Share Price Market Cap A$0.27 A$531m Scott Winter Sally Langer Ian Murray NED NED Chairman ex Perenti Northern Star, ex Gold Road MD NPAT Cash in Hand Sur
Slide 4: Tshipi is one of the largest producing and longest life manganese mines
Tshipi is established as one of the largest producing and longest life manganese mines in the world… Ore Sales #4 largest Mn ore 3.6mtpa mine in the world 100+ year mine Producing life remaining at since 2012 current rates Debt Cash in Hand A$0m A$140m1 Sources: CRU Notes: (1) Cash in hand at 30 Sep
Slide 5: Kalahari Manganese Field holds 73% of the world's manganese
…located in the Kalahari Manganese Field, which holds 73% of the world’s manganese (in an area equivalent to the distance between Perth and Rottnest). Khwara Mn 48 Wessels Nchwaning Gloria Kudumane Kalagadi Sebilo Mokala United Mn of Kalahari (UMK) Mamatwan Tshipi Company Update | November 2025 5
Slide 6: Tshipi track record of leading operating outcomes in FY2025
Tshipi has a longstanding track record of delivering leading operating outcomes, demonstrated once again in the 2025 financial year... Tshipi Sales and Production (Mt, financial years) 2 …leading ESG performance….. 1 4.0 Sales Production 3.5 LTIFR (Tshipi, columns), Australian metal mining industry
Slide 7: Jupiter's outstanding record of investor returns
...enabling Jupiter’s outstanding record of investor returns. $0.300 JMS Share Price (Current) and DPS (A$) Current Share Price, $0.270 $0.250 Cumulative Dividends per Share, $0.220 $0.200 $0.150 $0.100 $0.050 $0.000 FY19 FY20 FY21 FY22 FY23 FY24 FY25 81% of current share price in Jupiter (49.9%, A$
Slide 8: Five Year Strategy
Jupiter has a strategy to sustainably grow, focused on consolidation, operating productivity and (potentially) supplying the EV battery market. FIVE YEAR STRATEGY FY2023 – FY2028 FITTEST IN THE FIELD INDUSTRY LEADER SUSTAINABLY UPCYCLE (Efficiency) (Growth) EMPOWERED (EV Batteries) (ESG) Improve log
Slide 9: Supply has driven manganese prices; Chinese port stocks below average
Supply has driven manganese prices in recent years. Chinese port stocks have been 30% below average (or more) all year. Lower supply in October should be supportive of near term prices. Mn Ore Exports, South Africa & Rest of World (Mt, calendar years (annual) and CY25 months (annualised) 1 55 South
Slide 10: Tshipi has had a good start to the financial year
Tshipi has had a good start to the financial year. Sales on track, costs in check and stable prices leading to an above average level of cash on hand. Sales (Mt) Operating Costs (US$, FOB per dmtu) 1 5.00 2 $2.40 4.50 4.36 $2.38 4.16 Q1 FY26 sales 4.00 3.36 $2.36 3.50 …and costs were $2.34 were on t
Slide 11: Jupiter's share price is correlated with the manganese price
Jupiter’s share price is correlated with the manganese price. Investment value is available from this correlation, noting also that the JMS price today is 16% below the Exxaro price agreement to acquire 19.99% of JMS. Jupiter Share Price since 2018 (Blue Line, LHS) vs Manganese Price (Gold Line, RHS
Slide 12: Exxaro announcement provides a pathway for consolidation
Recent Exxaro announcement provides a pathway for Jupiter to pursue mutually valuable consolidation, consistent with Jupiter’s strategy. Current Joint Control Structure Proposed Joint Control Structure Ntsimbintle Jupiter Mines OM Holdings* Jupiter Mines Exxaro Holdings* 49.9% 37.1% 13.0% 49.9% 50.1
Slide 13: Summary: An established value proposition
Summary: An established and compelling value proposition. Reliable Operations Continuing Dividends FY25 continued a history of strong and reliable operating outcomes from In 7 years, Jupiter has distributed dividends equal to 81% of its Tshipi and disciplined cost management from Jupiter: record sal
Slide 14: For more information, please contact
For more information, please contact: Investor Relations @ Jupiter investorrelations@jupitermines.com Company Update | November 2025 14