Jupiter Mines Limited · ASX:JMS
Jupiter Mines — Shareholder Meeting (November 2025)
33 slides from Jupiter Mines's shareholder meeting presentation, Nov 26, 2025
Slide 1: Annual General Meeting
For personal use only Annual General Meeting 26 November 2025 | Perth
Slide 2: Disclaimer
Disclaimer This presentation is provided for information "likely", "intend", "should", "could", "may", "predict", purposes only. The information in this presentation is "plan", "propose", "will", "believe", forecast", in a summary form, does not propose to be complete "estimate", "target" and other
Slide 3: Meeting Agenda
Meeting Agenda For personal use only Introduction and Chair’s Address 4 Consideration of Reports and Questions 5 Resolutions 6 CEO Presentation 14 Jupiter Mines | FY25 AGM 3
Slide 4: Introduction and Chair's Address
For personal use only Introduction and Chair’s Address FY25 AGM Jupiter Mines | FY25 AGM 4
Slide 5: Consideration of Reports and Questions
For personal use only Consideration of Reports and Questions FY25 AGM Jupiter Mines | FY25 AGM 5
Slide 6: Resolutions
For personal use only Resolutions FY25 AGM Jupiter Mines | FY25 AGM 6
Slide 7: Resolution 1: Remuneration Report (year ended June 2025)
Resolution 1: Remuneration Report (year ended 30 June 2025) 1 Remuneration Report for the financial year ended 30 June 2025 For personal use only That, for the purposes of section 250R(2) of the Corporations Act and for all other purposes, the Remuneration Report contained in the Directors’ Report f
Slide 8: Resolution 2: Re-election of Ian Murray
Resolution 2: Re-election of Ian Murray 2 Re-election of Ian Murray as a non-executive Director of the Company For personal use only That Ian Murray, being a non-executive director of the Company who retires in accordance with article 11.7(a) of the Constitution and ASX Listing Rule 14.4 and, being
Slide 9: Resolution 3: Election of Kiho Han
Resolution 3: Election of Kiho Han 3 Election of Kiho Han as a non-executive Director of the Company For personal use only That Kiho Han, being a director of the Company who retires in accordance with article 11.3 of the Constitution and ASX Listing Rule 14.4 and, being eligible, offers himself for
Slide 10: Resolution 4: Approval of Short-Term Incentive Performance Rights
Resolution 4: Approval of Short-Term Incentive Performance Rights Approval of Short-Term Incentive Performance Rights to Brad Rogers 4 for the year ended 30 June 2025 For personal use only That, for the purposes of ASX Listing Rules 10.14 and 10.19, sections 200B and 200E of the Corporations Act, an
Slide 11: Resolution 5: Approval of Long-Term Incentive Performance Rights
Resolution 5: Approval of Long-Term Incentive Performance Rights Approval of Long-Term Incentive Performance Rights to Brad Rogers 5 For personal use only for the year ended 30 June 2025 That, for the purposes of ASX Listing Rules 10.14 and 10.19, sections 200B and 200E of the Corporations Act, and
Slide 12: Resolution 6: Renewal of proportional takeover provisions
Resolution 6: Renewal of proportional takeover provisions 6 Renewal of proportional takeover provisions For personal use only That, for the purposes of section 136(2) of the Corporations Act, article 5 of the Company’s Constitution, and for all other purposes, the Constitution be modified to include
Slide 13: End of Formal Annual General Meeting Matters
End of Formal Annual General Meeting Matters For personal use only Slide Intentionally Left Blank Jupiter Mines | FY25 AGM 13
Slide 14: CEO Presentation
For personal use only CEO Presentation FY25 AGM Jupiter Mines | FY25 AGM
Slide 15: CEO Presentation: FY25 Results Overview
For personal use only CEO Presentation FY25 Results Overview Jupiter Mines | FY25 AGM
Slide 16: Tshipi track record of leading operating outcomes in FY25
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) 1 2 …leading ESG performance….. 4.0 For personal use only Sales Production 3.5 LTIFR (Tshipi, columns), Australian
Slide 17: Dividends of 1.5cps in FY25, continuing record of investor returns
...enabling the payment of dividends of 1.5cps in FY25, continuing Jupiter’s outstanding record of investor returns. Jupiter Dividends Since IPO vs Current Share Price JMS Share Price (Current) and DPS (A$) $0.300 Current Share Price, $0.265 For personal use only $0.250 Cumulative Dividends per Shar
Slide 18: Good start to FY2026 at Tshipi
Tshipi has had a good start to the 2026 financial year. Sales are on track, costs are in check and stable prices have led to an above average level of cash on hand. Sales (Mt) Operating Costs (US$, FOB per dmtu) 1 5.00 2 $2.40 For personal use only 4.50 4.36 $2.38 4.16 Q1 FY26 sales 4.00 3.36 $2.36
Slide 19: Jupiter share price correlated with manganese price
Jupiter’s share price is correlated with the manganese price. Investment value is available from this correlation. JMS share price today is 17% below the Exxaro price to acquire 19.99% of JMS. Jupiter Share Price since 2018 (Blue Line, LHS) vs Manganese Price (Gold Line, RHS) $0.45 $8.00 Mn Price -
Slide 20: FY25 delivery against priorities from last year's AGM
FY25 saw delivery against all priorities identified in last year’s AGM presentation. FY24 AGM Guidance: FY25 Focus FY25 Delivery For personal use only 1 Continuing outstanding operational track Reliable record of reliable safety and production Tshipi operational outcomes in line with trend and plan
Slide 21: CEO Presentation: Market Update
For personal use only CEO Presentation Market Update Jupiter Mines | FY25 AGM
Slide 22: Growth expected in global long steel production
Next year is expected to see growth in global long steel production. Long Steel Production (China, Global) (LHS, Mt) and Year on Year Growth (Global Production (RHS) For personal use only Financial Years Ended 30 June 1,200 12% 10% • Long Steel production (a key 1,000 8% driver of manganese demand)
Slide 23: Supply has driven manganese prices in recent years
Supply has driven manganese prices in recent years. Chinese port stocks have been 30% below average (or more) all year. Lower supply in October should be supportive of near- term prices. Mn Ore Exports, South Africa & Rest of World (Mt, calendar years (annual) and CY25 months (annualised) 1 55 South
Slide 24: Manganese price in line with 4-year average
The manganese price today is in line with the 4-year average. Analyst consensus is for the manganese price to average close to current levels for the first six months of (calendar) 2026. Manganese Ore Prices (US$/dmtu, FOB, 37% Mn PE) FY22 - FY25 (Actuals, Ave), Spot Nov 'FY25 (Actual), 1H CY26 (For
Slide 25: CEO Presentation: Strategy Recap and Update
For personal use only CEO Presentation Strategy Recap and Update Jupiter Mines | FY25 AGM
Slide 26: Strategy to sustainably grow: five year strategy FY2023-FY2028
Jupiter has a strategy to sustainably grow, focused on a planned increase in manganese production, ongoing operating efficiency and (potentially) entering the battery manganese market. FIVE YEAR STRATEGY For personal use only FY2023 – FY2028 FITTEST IN THE FIELD INDUSTRY LEADER SUSTAINABLY UPCYCLE (
Slide 27: Context settings for our strategy still hold true
The context settings for our strategy still hold true. A Tshipi Operations B Jupiter Mines C Manganese Market For personal use only Tshipi is one of the world’s best manganese operations. Jupiter’s dividend payment performance is More manganese ore will be needed over the valued by investors. coming
Slide 28: Exxaro announcement provides pathway for consolidation
Exxaro announcement (May 2025) provides a pathway for Jupiter to pursue mutually valuable consolidation, consistent with Jupiter’s strategy. Current Joint Control Structure Proposed Joint Control Structure For personal use only Ntsimbintle Jupiter Mines OM Holdings* Jupiter Mines Exxaro Holdings* 49
Slide 29: All elements of the strategy continue to advance
All elements of the strategy continues to advance, with the flexibility to adjust as market conditions evolve. 1 2 3 4 For personal use only FITTEST IN THE FIELD INDUSTRY LEADER SUSTAINABLY UPCYCLE (Efficiency) (Growth) EMPOWERED (EV Batteries) (ESG) • Post year-end, Transnet and • Jupiter continues
Slide 30: CEO Presentation: Investor Value Proposition & FY26 Focus
For personal use only CEO Presentation Investor Value Proposition & FY26 Focus Jupiter Mines | FY25 AGM
Slide 31: An established and compelling value proposition
Summary: An established and compelling value proposition. Reliable Operations Continuing Dividends For personal use only FY25 continued a history of strong and reliable operating outcomes from In 7 years, Jupiter has distributed dividends equal to 83% of its current Tshipi and disciplined cost manag
Slide 32: FY26 Focus: continuing track record of operational and financial returns
FY26 Focus: continuing demonstrated track record of operational and financial returns. Material progress on growth. For personal use only 1 Safety, production and sales outcomes in line with outstanding performance demonstrated over Production the last 7 years. 2 Continuing focus on cost leadership,
Slide 33: For more information contact
For personal use only For more information contact: Investor Relations @ Jupiter investorrelations@jupitermines.com 34