Earnings release
Page 1
Level 8, 220 St Georges Terrace Perth WA 6000 Australia | GPO Box Z5117 Perth WA 6000 Australia T: +61 (0) 8 9346 5500 | investorrelations@jupitermines.com | jupitermines.com | ABN 51 105 991 740 Q4 FY2026 Quarterly Activities Report Jupiter Mines Limited (ASX. JMS) (Jupiter or the Company), and together with its subsidiaries, the Group, is pleased to provide the following activities report for the quarter ended 30 June 2026. Jupiter has a 49.9% beneficial interest in Tshipi é Ntle Manganese Mining Proprietary Limited (Tshipi), which operates the Tshipi Manganese Mine in the Kalahari manganese field. All Tshipi information is reported on a 100% basis (not based on Jupiter’s 49.9% economic interest). Investor Call: Friday 31 July 2026 at 10:00am (AWST) / 12:00pm (AEST) (registration details on page 6). Tshipi Highlights 943,740 tonnes sold (12% increase on previous quarter, 13% decrease on prior year corresponding period (PCP)), total FY2026 sales of 3,488,925 (exceeding expectation and historical average of 3,400,000 tonnes sold per annum) Production of 966,183 tonnes (14% increase on previous quarter, 23% increase on PCP) Cost of production US$2.48 per dmtu FOB (1% decrease on previous quarter, 5% increase on PCP) Zero LTIs in the quarter, TRIFR remained stable at 0.37 (last quarter 0.37) Tshipi EBITDA of A$34.2m (6% increase on previous quarter, 16% decrease on PCP) Cash (A$129.4m) increased by 0.2% from the previous quarter end Q4 FY2026 Quarterly Activities Report: Summary The June 2026 quarter saw FY2026 close with a strong finish. Sales and production both increased quarter-on-quarter (QoQ) and full year targets for sales and overall production were exceeded for FY2026. EBITDA was up QoQ (by 6%) due to higher manganese prices. Cash was up marginally (0.2%) after year end royalty and tax payments and working capital movements. Unit costs remained relatively stable at US$2.48 for the quarter (from US$2.50 in Q3 FY2026, a 1% decrease). The June 2026 quarter saw average (realised) manganese prices increase on the March 2026 quarter average (US$4.95/dmtu CIF, from US$4.35/dmtu CIF). The spot price at 30 June 2026 was US$4.64/dmtu (CIF). At the end of July 2026 the spot price is US$4.38/dmtu (CIF), 6% lower than the price seen at the end of the June 2026 quarter and 5% higher than the four year historical average. Freight rates decreased to US$33.80 per tonne at the end of the June 2026 quarter (Port Elizabeth to Tianjin) compared with US$36.90 per tonne at the start of the June 2026 quarter (8% decrease). By the end of July 2026, freight rates increased to US$38.70 per tonne. 31 July 2026
Page 2
Page 2 / 8 Tshipi Manganese Mine Key production, sales and financial information for Tshipi for the quarter ended 30 June 2026, and comparatives, are presented below: Key Statistic Unit Q4 FY2026 Q3 FY2026 Q2 FY2026 Q1 FY2026 FY2026 Q4 FY2025 Production Tonnes 966,183 849,772 840,688 829,798 3,486,441 787,905 Sales Tonnes 943,740 839,989 867,619 837,577 3,488,925 1,088,548 Average CIF price achieved (HGL)1 US$/dmtu 4.95 4.35 4.10 3.86 4.38 3.86 Average FOB price achieved (HGL)1 US$/dmtu 4.05 3.66 3.36 3.18 3.55 3.28 Average FOB cost of production US$/dmtu 2.48 2.50 2.24 2.27 2.40 2.36 Earnings before interest, tax and depreciation (EBITDA) A$ million 34.2 32.2 21.6 26.6 114.6 40.9 Net profit after tax (NPAT) A$ million 21.4 21.0 14.6 17.8 74.8 25.9 Cash at bank A$ million 129.4 129.2 137.4 140.3 129.4 128.8 SAFETY AND SUSTAINABILITY No lost time injuries were recorded during the quarter, with TRIFR for the quarter of 0.37 (previous quarter 0.37). MINING AND PRODUCTION Unit Q4 FY2026 Q3 FY2026 Q2 FY2026 Q1 FY2026 FY2026 Q4 FY2025 Mined volume • Waste and low-grade ore bcm 2,727,465 2,381,449 2,769,372 3,139,687 11,017,974 3,418,275 • Graded ore bcm 263,050 216,231 189,922 199,769 868,972 165,131 Total 2,990,515 2,597,680 2,959,294 3,339,456 11,886,946 3,583,406 Production • High-grade Tonnes 820,642 707,355 722,609 654,494 2,905,100 676,063 • Low-grade Tonnes 145,541 142,417 118,079 175,304 581,341 111,842 Total 966,183 849,772 840,688 829,798 3,486,441 787,905 Average FOB cost of production (HGL) US$/dmtu 2.48 2.50 2.24 2.27 2.40 2.36 Mining of graded ore increased by 22% due to increased barrier pillar mining, and waste mining volumes increased by 14% from the previous quarter. Tshipi high-grade ore production increased by 16%, and low-grade ore production increased by 2%. Cost of production remained relatively stable, with a modest decrease of 1% to US$2.48 per dmtu on an FOB basis for the quarter. 1 For sales concluded on a CIF or FOB basis, respectively. Tshipi sells most of its ore on a CIF basis. See “Logistics and Sales” below for a full breakdown.
Page 3
Page 3 / 8 LOGISTICS AND SALES Unit Q4 FY2026 Q3 FY2026 Q2 FY2026 Q1 FY2026 FY2026 Q4 FY2025 On-land logistics Tonnes 892,595 869,977 857,284 868,442 3,488,298 856,479 Sales • Shipped – CIF Tonnes 782,869 657,234 744,449 652,317 2,836,869 908,488 • Shipped – FOB Tonnes 159,800 182,755 123,170 185,260 650,985 180,060 • Mine gate sales (LGF) Tonnes 1,071 - - - 1,071 - Total 943,740 839,989 867,619 837,577 3,488,925 1,088,548 Average CIF price achieved (HGL) US$/dmtu 4.95 4.35 4.10 3.86 4.38 3.86 Average FOB price achieved (HGL) US$/dmtu 4.05 3.66 3.36 3.18 3.55 3.28 Logistics volumes increased by 3% for the quart er. South African road haulage was again not utilised during the quarter (excluding the road portion of the Lüderitz (Namibia) channel). Sales volumes increased in the quarter by 12%, with Tshipi achieving a total of 3.5 million tonnes sold for FY2026. This outcome exceeded expectation and the historical average of 3.4 million tonnes sold per annum. CORPORATE AND FINANCIAL Tshipi recorded an EBITDA of A$34.2 million and NPAT of A$21.4 million for the quarter, an increase on the previous quarter (A$32.2 million and A$21.0 million, respectively). The increase was mainly due to the increase in manganese prices. The South African Rand ( Rand) was relatively stable against the US Dollar and Australian Dollar over Q4 FY2026, with modest movements compared to prior quarters. Commodity prices remained supportive while domestic sentiment in South Africa was steady but not a significant catalyst for further appreciation. Against the Australian Dollar, the Rand showed limited movement, with the Australian Dollar continuing to be supported by res ilient commodity demand and relatively firm global growth expectations. Looking ahead, the Rand is expected to remain range- bound, with global risk sentiment, US Dollar direction and commodity price trends continuing to be the primary drivers.
Page 4
Page 4 / 8 Marketing and Market Outlook JUPITER MARKETING Sales and financial information for Jupiter’s marketing entity for the quarter ended 30 June 2026, as well as comparatives, are presented below. The prices shown below relate to the prices realised by Jupiter’s marketing team for the 49.9% share of Tshipi sales that are marketed by Jupiter. Unit Q4 FY2026 Q3 FY2026 Q2 FY2026 Q1 FY2026 FY2026 Q4 FY2025 Sales Tonnes 453,652 428,643 450,596 416,581 1,749,472 517,600 Average CIF price achieved (HGL)2 US$/dmtu 4.89 4.24 4.07 3.91 4.37 4.03 Average FOB price achieved (HGL)2 US$/dmtu 3.97 3.71 3.33 3.21 3.61 3.36 Marketing fee income A$ million 2.8 2.2 2.3 2.0 9.3 2.7 EBITDA A$ million 2.5 2.2 2.0 1.9 8.6 2.5 NPAT A$ million 1.9 1.7 1.4 1.3 6.3 1.7 Cash at bank A$ million 3.1 2.7 4.5 3.0 3.1 2.9 MARKET COMMENTARY AND OUTLOOK During the June 2026 quarter, the manganese ore market was influenced by geopolitical factors, adequate supply and moderate demand. These factors contributed to the Fastmarkets manganese ore semi carbonate index (36.5% Mn, CIF Tianjin) decreasing from US$5.16/dmtu on 27 March 2026 (corresponding FOB index: US$4.14/dmtu) to US$4.64/dmtu on 26 June 2026 (corresponding FOB index: US$3.71/dmtu). Although prices moderated during the quarter, they remained above recent average levels (historical four year average: US$3.34/dmtu FOB). Ocean freight costs improved through the quarter as concerns as to the conflict in the Middle East abated late in the quarter. The freight rate from Port Elizabeth to Tianjin, as referenced weekly by Fastmarkets, was quoted at US$33.80/tonne on 26 June 2026, compared to US$36.90/tonne on 27 March 2026. Ocean freight rates at quarter end were still approximately US$6.50/tonne higher than before the Middle East conflict began, with the material decline in crude oil prices witnessed through the quarter not yet fully filtering through to a reduction in ocean freight rates. Concerns in the previous quarter regarding potential supply chain disruptions for manganese ore because of geopolitical factors eased early in the quarter. These factors contributed to an in crease in manganese ore stocks at major ports in China, as reported by Ferroalloynet , from 5.0 million tonnes at the beginning of the quarter to 5.6 million tonnes at the end of the quarter (approximating recent year average levels). Spot silico manganese prices declined through the quarter, by around Chinese Yuan RMB 600/tonne. In response to this, an increasing number of furnaces undertook maintenance and voluntarily reduced production to support silico manganese prices, resulting in silico manganese production declining by 6% on a quarter-on-quarter basis. Global manganese ore exports increased marginally on a quarter -on-quarter basis, with the main increase in exports from Gabon. Outside of China, a quarter -on-quarter increase in manganese ore exports to India as well as European countries absorbed part of the additional supply. A reduction in supply to China for June 2026 shipments will filter through to lower arrivals post quarter end. This trend of moderated supply levels is expected to continue in the short term, as price cues have prompted a retreat in higher cost supply. This is expected 2 For sales concluded on a CIF or FOB basis, respectively.
Page 5
Page 5 / 8 to result in a near term balancing of the market. At the end of July 2026, FOB prices and Chinese port stockpiles approximate recent year average levels, while the current (end of July 2026) CIF price (US$4.38/dmtu) is around 5% above four year average levels. Further downstream, global crude steel production was flat during the quarter on a year -on-year comparative basis as well as on an adjusted quarterly basis when considering the shorter month of February. Key market prices Unit Today (end Jul 2026) % change since 30 Jun 2026 30 Jun 2026 31 Mar 2026 31 Dec 2025 30 Sep 2025 30 Jun 2025 31 Mar 2025 Mn ore 37% FOB Port Elizabeth US$/dmtu 3.34 (10%) 3.71 4.14 3.46 3.36 3.20 3.62 Freight rate Port Elizabeth to Tianjin (estimate) US$/dmtu 38.70 14.5% 33.80 36.90 25.00 24.70 22.96 23.70 Total stock at Chinese ports ‘000 tonnes 5,865 4.5% 5,612 5,013 4,411 4,397 4,300 3,600 Sources: Fastmarkets, FerroAlloyNet, Mysteel.
Page 6
Page 6 / 8 Corporate CASH POSITION A$ Q4 FY2026 Q3 FY2026 Variance Jupiter Mines 9,274,119 11,868,966 (2,594,847) Tshipi (49.9% share) 64,595,253 64,472,427 122,826 Total attributable cash 73,869,372 76,341,393 (2,472,021) Tshipi’s operating cash increased as a result of stronger sales volumes and realised manganese prices during the quarter . Net cash at Tshipi was effectively stable quarter -on-quarter, after the payment of year end taxes and royalties , and movements in working capital. ZAR million Q4 FY2026 Q3 FY2026 Q2 FY2026 Q1 FY2026 YTD FY2026 Q4 FY2025 Operating cash before working capital 565.9 355.6 279.8 331.1 1,532.5 519.4 • Dividend paid - (200.0) - (300.0) (500.0) - • Increase in manganese ore inventory and pre-stripping activity (working capital movement) (275.3) (215.6) (212.4) (186.4) (889.7) 130.2 • Capital expenditure and other non-recurring payments (one off payments) (40.0) (19.3) (21.6) (29.1) (110.0) (24.5) • Net accounts receivable/payable movement (working capital movement) 5.9 71.3 (36.5) 282.5 323.1 (192.7) • Tax and royalties (306.5) - (88.0) 4.9 (389.7) (433.3) Net cash movement (50.0) (8.0) (78.7) 103.0 (33.8) (0.9) Jupiter 49.9% share of net cash movement (including FX movements) (A$ million) A$0.1 (A$4.1) (A$1.5) A$5.8 A$0.2 (A$0.9) Quarterly Call Jupiter would like to invite all shareholders and market participants to join an investor call and question and answer session on Friday 31 July 2026 at 10:00am (AWST) / 12:00pm (AEST). Please register at the below link: Jupiter Investor Call – Registration Link The call will be recorded and available on the Company website after the call. This announcement has been authorised for release by the Board of Jupiter Mines Limited.
Page 7
Page 7 / 8 About Jupiter Mines Limited Jupiter Mines Limited (ASX: JMS) is a pure -play manganese company listed on the ASX. Well -led and headquartered in Perth, Western Australia, Jupiter’s core asset is a 49.9% stake in Tshipi é Ntle Manganese Mining, an independently operated and managed, black-empowered company that operates the Tshipi manganese mine in South Africa’s Kalahari region. Tshipi is one of the world’s largest and lowest-cost manganese export operations and has been in production since 2012. Jupiter has a track record of returning value to shareholders, including through regular dividends, and a strategy to grow its exposure to manganese, a key metal used in steel and – increasingly – in the renewable energy space. For further information, visit www.jupitermines.com. Figure 1: Tshipi Manganese Mine, regional rail and port locations and other Kalahari manganese mines. Notes 1. Dry Metric Tonne Unit (dmtu) is a "wet" metric tonne, adjusted for moisture content. For practical purposes, a "dry unit" can be taken as 10 kilograms per tonne of ore (or 1% of a tonne of ore). As an example, a price of US$4 per dmtu could also be expressed as US$400 per tonne of m anganese ore (therefore the second column, in the table below, multiplies the “dmtu” rates by 100 in each case, to determine the equivalent “per (wet) tonne” rate). To determine actual revenue received per tonne of manganese ore, the “per tonne” rate must be multiplied by the percentage of manganese contained in that tonne of ore. Tshipi’s main product ( high-grade lumpy) sells by reference to a 36.5% manganese index (therefore the last column, in the table below, multiplies each “per tonne” rate by 36.5).
Page 8
Page 8 / 8 Conversion of Tshipi’s Q4 FY2026 dmtu to tonnes and contained manganese tonnes (i.e. adjusted for moisture and manganese content) is shown below: Q4 FY2026 US$/dmtu US$/tonne US$/contained manganese tonne Average CIF price achieved (HGL) 4.95 495.00 180.75 Average FOB price achieved (HGL) 4.05 405.00 147.95 Average FOB cost of production (HGL) 2.48 248.00 90.52 2. All amounts are in Australian Dollars unless otherwise defined. Tshipi and Jupiter’s marketing entity report in South African Rand. Where necessary, figures have been converted using average exchange rates below for each relevant period except for cash which is converted at a quarter end exchange rate: US$ / ZAR A$ / ZAR FY2026 • Q4 16.48 11.69 • Q3 16.36 11.35 • Q2 17.11 11.23 • Q1 17.63 11.53 FY2025 • Q4 18.28 11.71 • Q3 18.49 11.59 • Q2 17.89 11.67 • Q1 17.95 12.02 3. All financial information presented in this report is provisional and unaudited. 4. The following abbreviations have been used throughout the report: bcm Bank cubic metre CIF Cost, insurance, freight Dmtu Dry metric tonne unit FOB Free on board FY2025 Financial year 1 July 2024 to 30 June 2025 FY2026 Financial year 1 July 2025 to 30 June 2026 GDP Gross domestic product HGL High-grade lumpy LGF Low-grade fines LTI Lost time injury TRIFR Total recordable injury frequency rate