Slides
Page 1
Africa Down Under | Perth 2 SEPTEMBER 2026 Company Update
Page 2
Disclaimer This presentation is provided for information purposes only. The information in this presentation is in a summary form, does not propose to be complete and is not intended to be relied upon as advice to investors or other persons. The information contained in this presentation was prepared as of its date and remains subject to change without notice. This presentation has been prepared without taking into account the investment objectives, financial situation or particular need of any particular person. To the extent permitted by law, no representation or warranty, express or implied, is made as to the accuracy, reliability, completeness or fairness of the information, opinions and conclusions contained in this presentation. To the extent permitted by law, none of Jupiter, its related bodies corporate, shareholders or affiliates, nor any of their respective directors, officers, employees, related bodies corporate, associates, affiliates, agents or advisers makes any representations or warranties that this presentation is complete or that it contains all material information about Jupiter or its projects. To the extent permitted by law, none of those persons accepts any liability for any loss, claim, damages, costs or expenses of whatever nature (whether or not foreseeable), including, without limitation, any liability arising from fault or negligence on the part of any of them or any other person, for any loss arising from the use of information contained in this presentation or in relation to the accuracy or completeness of the information, statements, opinions or matters, expressed or implied, contained in, arising out of or derived from, or for omissions from, this presentation. No person is under any obligation to update this presentation. This presentation may contain forward looking statements that are based on management's current expectations and beliefs and are subject to numerous factors and uncertainties that could cause actual results to differ materially from those described in the forward- looking statements. Forward looking statements can generally be identified by the use of forward- looking words such as, "expect", "anticipate", "likely", "intend", "should", "could", "may", "predict", "plan", "propose", "will", "believe", forecast", "estimate", "target" and other similar expressions within the meaning of securities laws of applicable jurisdictions. The forward- looking statements contained in this presentation include statements about future financial and operating results, possible or assumed future growth opportunities and risks and uncertainties that could affect Jupiter’s business. These statements are not guarantees of future performance, involve certain risks, uncertainties and assumptions that are difficult to predict, and are based upon assumptions as to future events that may not prove accurate. Actual outcomes and results may differ materially from what is expressed in this presentation. In any forward- looking statement in which Jupiter expresses an expectation or belief as to future results, such expectation or belief is expressed in good faith and believed to have a reasonable basis, but there can be no assurances that the statement or expectation or belief will result or be achieved or accomplished. Jupiter is not under any duty to update forward looking statements unless required by law. This presentation is not and does not constitute or form part of an offer, invitation or recommendation in respect of securities, or an invitation to buy or apply for securities, nor may it, or any part of it, form the basis of, or be relied on in connection with any contract or commitment whatsoever. In particular, this presentation does not constitute an offer to sell, or a solicitation of an offer to buy, any securities in the United States. 2Jupiter Mines | Africa Down Under 2026
Page 3
Company Overview 3Jupiter Mines | Africa Down Under 2026
Page 4
Company Overview Dividends in Last Eight Years Total of 23cps / A$450m in dividends declared (JMS has paid 87% of its current market cap in dividends in the last 8 years) Next Dividend due to be paid on 18 September 2026 Notes: Share Price 27 August 2026. NPAT shown for 12-month period ended and as at 30 June 2026. Net Assets as at 30 June 2026 1Cash in hand as at 30 June 2026 includes Jupiter’s 49.9% share of Tshipi’s cash, as well as Jupiter’s own cash in hand. Jupiter is the largest pure play listed manganese miner in the world, with 49.9% ownership of Tshipi, a Tier 1 manganese mine. Debt A$0m Share Price A$0.26 NPAT A$37.6m Cash in Hand A$74m 1 Market Cap A$520m Net Assets A$578m 4Jupiter Mines | Africa Down Under 2026
Page 5
Company Overview 49.9% 50.1% Ian Murray Chairman ex Gold Road MD Scott Winter NED ex Perenti Surface CEO Kiho Han NED MD, POSCO Australia Sally Langer NED Northern Star, Sandfire & Others Brad Rogers MD ex Bis Industries MD Board of Directors Mine Level Ownership Top Jupiter Shareholders 5Jupiter Mines | Africa Down Under 2026
Page 6
Sources: CRU Notes: (1) Cash in hand at 30 June 2026 (100% Tshipi) Company Overview Tshipi is established as one of the largest producing and longest life manganese mines in the world… 6Jupiter Mines | Africa Down Under 2026 Ore Sales 3.5mtpa #4 largest Mn ore mine in the world Producing since 2012 100+ year mine life remaining at current rates Debt A$0m Cash in Hand A$129m1
Page 7
Africa Down Under | September 2026 Mamatwan United Mn of Kalahari (UMK) Sebilo Kudumane Mn 48 Wessels Nchwaning Gloria Mokala Kalagadi Tshipi Khwara …located in the Kalahari Manganese Field, which holds 73% of the world’s manganese (in an area less than the distance between Perth and Rottnest.) Company Overview 7Jupiter Mines | Africa Down Under 2026
Page 8
2.9 1.1 0.6 0.3 0.9 1.3 0.7 Tshipi, 0.6 Australian Metal Ore Mining Average, 5.6 0.0 2.0 4.0 6.0 2019 2020 2021 2022 2023 2024 2025 2026 3.5 3.5 0.0 1.0 2.0 3.0 4.0 2019 2020 2021 2022 2023 2024 2025 2026 Sales Production 8Jupiter Mines | Africa Down Under 2026 Tshipi has a longstanding track record of delivering leading operating outcomes, demonstrated once again in FY26. Strong & reliable production and sales… FY26 performance beat Tshipi’s six-year average of 3.4Mtpa for sales and production. 1 Tshipi Sales and Production (Mt, financial years) LTIFR (Tshipi, columns), Australian metal mining industry average (line) …leading ESG performance…..2 Sources: Safe Work Australia, Fastmarkets
Page 9
$580 $314 $206 $139 $266 $120 $133 $115 Mn Price (Spot, 17 Mar 2026), $3.82 $5.72 $4.18 $4.01 $3.30 $3.54 $3.25 $3.26 Mn Price, $3.55 $0.00 $1.00 $2.00 $3.00 $4.00 $5.00 $6.00 $7.00 $0 $100 $200 $300 $400 $500 $600 $700 2019 2020 2021 2022 2023 2024 2025 2026 $2.27 $2.14 $2.05 $1.93 $2.03 $2.21 $2.30 $2.40 $5.72 $4.18 $4.01 $3.30 $3.54 $3.25 $3.26 $3.55 $0.00 $2.00 $4.00 $6.00 2019 2020 2021 2022 2023 2024 2025 2026 FOB Costs FOB Price 9Jupiter Mines | Africa Down Under 2026 Tshipi has a longstanding track record of delivering leading operating outcomes, demonstrated once again in FY26. Sources: Safe Work Australia, Fastmarkets Tshipi EBITDA (A$m, LHS) vs Mn Price (FOB, 37%,US$/dmtu, RHS) … resulting in outstanding financial outcomes through the cycle. With stable production, relatively low costs and no debt, Tshipi is profitable throughout the cycle. Mn Price and Costs (37%, FOB, US$/dmtu) (financial years) …and competitive costs…..3 4
Page 10
Jupiter has a strategy to sustainably grow, focused on consolidation, ongoing operating productivity and (potentially) supplying the EV battery market. FIVE-YEAR STRATEGY FY2023 – FY2028 10Jupiter Mines | Africa Down Under 2026 Improve logistics Streamline marketing processes Eliminate Tshipi product rehandle FITTEST IN THE FIELD (Efficiency) Targeted M & A Optimise production from all owned mines Launch ESG Reporting Framework Tshipi solar Complete EV Battery Market Entry Strategy INDUSTRY LEADER (Growth) SUSTAINABLY EMPOWERED (ESG) UPCYCLE (EV Batteries)
Page 11
Fittest in the Field Business Efficiency 11Jupiter Mines | Africa Down Under 2026
Page 12
Fittest in the Field: Improve Logistics Progress Update - Land Logistics • Continued working with road haulage providers to optimise services when rail volumes are exceeded. • Tshipi received higher -than-anticipated rail volumes during FY26, reflecting improvements in rail capacity and reliability. • Secured a milestone 10-year rail Manganese Export Capacity Allocation Agreement (MECA 3) with Transnet, providing long- term rail and port capacity. • Continued use of East London and Lüderitz as additional channels to market, with both presenting opportunities for improvement. 12Jupiter Mines | Africa Down Under 2026
Page 13
Fittest in the Field: Improve Logistics Progress Update - Port Logistics 13Jupiter Mines | Africa Down Under 2026 KuGompo City1: The addition of KuGompo made Tshipi the first manganese producer to export through eight southern African commercial seaports. In FY26, Jupiter joined Tshipi and Transnet on a port visit to explore its future role in Tshipi’s flexible export network. Lüderitz: Tradeport and Tshipi partnership to initiate a transshipment project which will allow larger vessels to be loaded at anchorage, reducing overall freight costs. Cape Town: Converting Cape Town multi-purpose terminal into a container terminal by demolishing three dilapidated warehouses, re-employ a skiptainer export solution until 2033. 1. Formerly known as East London July 2026: Jupiter, Tshipi and Transnet representatives at KuGompo City Port
Page 14
Industry Leader 14Jupiter Mines | Africa Down Under 2026 Growth
Page 15
Capacity 3.6mtpa Utilisation 3.4mtpa Tshipi Flow Sheet Mining Primary Crushing & Screening Secondary Crushing & Screening Loadout StockpilesROM Ore Processing Road Trucks Rail Load Out Station Capacity 3.9mtpa Utilisation 3.4mtpa Capacity 4.5mtpa Utilisation 3.4mtpa Capacity 5mtpa Utilisation 1.9mtpa Industry Leader: Optimise production 15Jupiter Mines | Africa Down Under 2026
Page 16
Projected Flow-Sheet Improvements Old Joint Control Structure Tshipi Mine Jupiter Mines Ntsimbintle Holdings OM Holdings 49.9% 37.1% 13.0% Tshipi Mine Jupiter Mines Exxaro 49.9% 50.1% Exxaro acquired all Ntsimbintle Holdings and OM Holdings’ shares in Tshipi Current Joint Control Structure Targeted M&A: Exxaro investment provides a pathway to pursue mutually valuable consolidation, consistent with Jupiter’s strategy Transaction Exxaro acquired 50.1% of Tshipi (from NH and OMH) and 19.99% of Jupiter (from NH) in February 2026 Why was Jupiter Supportive? Transaction provides a pathway to value adding further consolidation for Jupiter and Jupiter’s investment rights and model are not affected in any way. 16Jupiter Mines | Africa Down Under 2026
Page 17
Sustainably Empowered 17Jupiter Mines | Africa Down Under 2026 ESG
Page 18
Sustainably Empowered: ESG Reporting Framework Our approach to sustainability comprises six interconnected priorities that focus on areas material to our business and stakeholders. Strategic actions to support each of our six priorities are underway at both Jupiter and Tshipi. ESG Reporting Framework complete Jupiter’s ESG framework was released to the ASX in November 2023 and further refined in 2024. Our Reporting Framework ensures we maintain a responsible approach to mining that aligns with global best practices and stakeholder expectations. Jupiter’s inaugural Sustainability Report was released to the ASX in April 2024. Sustainability reporting is now established as part of Jupiter’s annual reporting cycle, with FY24 and FY25 reports published and the FY26 report scheduled for release in September 2026. Sustainability Reporting established ESG priorities defined, and initiatives are being progressed 18Jupiter Mines | Africa Down Under 2026
Page 19
FY26 Sustainability Highlights 80% of employees at Tshipi are local South African people from the Northern Cape (increase from 73% in FY25) Achieved zero dust exceedances across both residential and non-residential monitoring locations 66 bursaries, internships and learnerships provided (up from 39 in FY25) In FY26 Tshipi achieved Level 1 B-BBEE status, joining only other one miner in the KMF to have obtained this level 19Jupiter Mines | Africa Down Under 2026
Page 20
Sustainably Empowered: Improving Water Access for Healthier Communities • In South Africa, water access remains uneven, particularly in rural areas. • Water improvement needs of M anyeding Village in the John Taolo Gaetsewe (JTG) District Municipality were identified as part of Tshipi’s Social Labour Plan. • In a consultation process with the community, it was identified that i nadequate access to clean water as a critical concern. Community members had long walking distances to collect water and previous efforts to address inadequate access had been poorly executed, eroding community trust. In addition, previous heavy rain and flooding severely damaged infrastructure. • The project included the repair of flood-dam aged infrastructure and installing additional water assets to provide 1,583 residents across 415 households with safer, more reliable water access closer to their homes. The project created 20 local jobs, 60% of the workforce being youth Total investment for the project amounted to ZAR 11.04million (A$940,000). 20Jupiter Mines | Africa Down Under 2026
Page 21
Sustainably Empowered: Building the Mining Talent Pipeline Tshipi’s learnership program has been designed with a structured, targeted program focusing on youth within the JTG District Municipality. In 2025 Tshipi offered 8 learnerships various disciplines, including Occupational Hygiene, Boiler Making and Instrumentation Mechanician. The learnership spans one year and is designed to build industry-specific skills and prepare participants for long-term careers in mining. A learnership includes: • on-the-job training and modular learning aligned with national qualifications • a stipend to support financial independence • mentorship and workplace support to enhance learner success • Ontlametse Gaelesiwe (right) is a graduate of Tshipi’s learners program, now working as full-time as a plant operators and is involved in supporting new learners. 21Jupiter Mines | Africa Down Under 2026
Page 22
Sustainably Empowered: Investing in Supplier Capability and Growth Tshipi has implemented a structured Enterprise and Supplier Development strategy that prioritises the development of Black-owned enterprises within its District Municipality focusing on two categories: • Exempted Micro Enterprises: Turnover of R1 million to R10 million. • Qualifying Small Enterprises: Turnover of R10 million to R50 million. Several local businesses have been supported by Tshipi since 2020 through this model including Phepha Industries, a 100% Black female-owned Industrial cleaning business. Founded by Refilwe Serapelwane and Lesego Serapelwane (left) Phepha Industries has evolved into a reliable partner, delivering tailored cleaning solutions across Tshipi’s operations creating, 21 full-time and four part-time new as a direct result of Tshipi’s engagement. 22Jupiter Mines | Africa Down Under 2026
Page 23
Upcycle 23Jupiter Mines | Africa Down Under 2026 EV Batteries
Page 24
High growth in demand for battery grade manganese (HPMSM) is expected to outpace growth in supply in the second half of this decade, leading to a market deficit. Jupiter believes that there will be an opportunity to enter the market… Battery Metals Market Balance (2023, 2030) Jupiter has access to available, plentiful and suitable by-product ore feedstock. This should provide Jupiter with an operating cost advantage of around 19%. Jupiter is a large, existing Mn producer, with existing strategic relationships. This presents Jupiter as a low- risk potential supplier. …and that Jupiter will have a market entry competitive advantage… Jupiter’s Ore Feedstock Advantage Typical HPMSM Project Jupiter’s HPMSM Project Mining ROM Stockpile Crushing/Screening Ore Stockpile Beneficiation HPMSM Feed Stockpile Incremental Cost? Typical Mn Grade % Incremental Cost? Typical Mn Grade % Yes 10 – 12% No – By Product 30% - 32% Yes 10 – 12% No – By Product 30% - 32% Yes 10 – 12% No – By Product 30% - 32% Yes 10 – 12% No – By Product 30% - 32% Yes 30% - 32% No – Unnecessary 30% - 32% Yes 30% - 32% No – By Product 30% - 32% 1 2 3 4 5 6 HPMSM Feedstock Production Process This HPMSM utilizes low grade ore, which is produced as by product to Tshipi’s high grade ore. By value upgrading this by-product to HPMSM, there is the potential to derive significant incremental value, without diminishing returns from continuing to sell high-grade ore into steel markets. …as well as the ability to materially value add to its existing business. Sources: Bloomberg NEF EV Battery Strategy: Why is Jupiter Interested? 2424Jupiter Mines | Africa Down Under 2026 + Attractive Value Upside3+ Competitive Advantage2Market Entry Opportunity1
Page 25
…yet growth in sales of new EVs has slowed recently.2Incredible growth in the world’s EV stock is expected, and needed…1 EV Battery Strategy: What’s going on with EV Demand Growth? Passenger vehicles contribute approximately 12% of global carbon emissions. To achieve Net Zero Emissions by 2050, the International Energy Agency anticipates global EV stock will need to reach 790 million by 2035 – equating to a 27% growth rate per annum between then and now. Meeting this target will require sustained growth, with EV sales needing to increase by an average of 27% year-on-year through to 2035. In 2024 and 2025, global EV sales growth has slowed to around 25% to 30%. The major reason for the slowdown has been consumer concerns: EV cost, battery performance (”range anxiety”) as well as limited charging infrastructure in several countries. While year-on-year growth has moderated, EV sales remain robust and on track to achieve 2035 targets. Projected increase in global EV stock to meet carbon emission targets Year-on-year change in passenger EV sales Production Reserves Sources: International Energy Agency, BBC, Bloomberg NEF 10 45 790 0 100 200 300 400 500 600 700 800 900 2020 2023 2035 Millions of EVs Globally 25Jupiter Mines | Africa Down Under 2026
Page 26
…which is why, looking forward, battery chemistries will lean towards increased use of manganese.2Manganese helps lower the cost and improve the performance of EV batteries… 1 EV Battery Strategy: Manganese is set to play a key role in solving key EV challenges, which will see a trend towards greater Mn use in EV batteries Production Sources: Benchmark Mineral Intelligence Compared to other battery minerals, manganese is cheaper and more stable. Increasing the use of manganese can therefore help to lower the cost and increase the range and life of electric vehicles. Greater manganese use can combat the key consumer uptake challenges with EVs currently. Until recently, electric vehicle batteries contained no or not much manganese. Given the benefits of Mn in battery cathodes, this is forecast to change going forward, with the leading battery chemistries expected to include material amounts of manganese. Manganese is expected to become a commonly used battery mineral going forward. Reserves LIB Cathode Demand Forecast, by Cathode Type (2022 – 2040) - 5,000 10,000 15,000 20,000 25,000 30,000 35,000 40,000 LCO NCA NCM LMO LMNO LF(M)P Other GWh 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 Mn Cathode Types Production 2626Jupiter Mines | Africa Down Under 2026
Page 27
EV Battery Strategy: Progress to Date EV Battery Scoping Study – Complete Released in 2024, the outcome demonstrated a strong business case for the continued study to produce High-Purity Manganese Sulphate Monohydrate (HPMSM). Jupiter's Advantages: • Access to readily-available, high-quality manganese ore • Strong cashflow to fund project development • Established investor relationships and industry reputation Strategic Benefits of HPMSM Project: • Vertical diversification of Jupiter’s current business • Continued commitment to ESG principles • Optimised use of ore resources • Leveraging investor relationships • Supporting investment in a sustainable industry 27Jupiter Mines | Africa Down Under 2026 Progress Update - EV Battery Market Entry Strategy
Page 28
EV Battery Strategy: Technical Assessment and Optimisation 28Jupiter Mines | Africa Down Under 2026
Page 29
Summary 29Jupiter Mines | Africa Down Under 2026
Page 30
Summary: An established and compelling value proposition Reliable Operations FY26 continues a history of strong and reliable operating outcomes from Tshipi and disciplined cost management from Jupiter. FY26 saw a continuation of outstanding operating outcomes from Tshipi… Continuing Dividends In 8 years, Jupiter has distributed dividends nearly equal to its current market cap, even though the mine has more than 100 years of mine life remaining. A final dividend for FY26 was declared on 28 August 2026. …enabling Jupiter to continue its track record of paying strong dividends through the manganese price cycle… Manganese Price Upside The Jupiter share price is strongly correlated with the Mn price. This provides investment opportunities when the Mn price is low – the manganese price today is around average levels. …while low points in the manganese price cycle provide investors with value opportunities, given Jupiter's price correlation. Strategic Upside Jupiter is focused on delivering incremental shareholder value through execution of its strategy, with a particular focus on the value available through consolidation. The introduction of Exxaro as Jupiter’s major shareholder and co- investor provides an opportunity to collaborate for mutual consolidation value. 30Jupiter Mines | Africa Down Under 2026
Page 31
For more information, please contact: Investor Relations at Jupiter Mines investorrelations@jupitermines.com