Annual report
Page 1
Annual Report 2026
Page 2
Contents About this Report What the Report covers This annual report is a summary of Jupiter Mines’ activities and financial results, including operational and financial performance at the Tshipi manganese mine (Jupiter 49.9 per cent) for the financial year ended 30 June 2026. All references to ‘Jupiter Mines’, ‘Jupiter’, ‘the Company’, ‘we’, ‘us’, ‘our’ refer to Jupiter Mines Limited (ABN 51 105 991 740). References in this report to a ‘year’ and ‘FY26’ are to the financial year 1 July 2025 to 30 June 2026, unless otherwise stated. References to other full-year (FY) periods are to the relevant 12-month financial year. All dollar figures are expressed in Australian dollars (A$) unless otherwise stated. About Jupiter Mines 3 Our History 5 FY26 Highlights 7 From the Chair 8 From the Managing Director 10 Manganese Market 12 Market Outlook 14 Strategy Overview 16 Operating and Financial Performance Review 26 Financial Performance 30 Material Business Risks 34 Mineral Resources and Ore Reserves Statement 35 ESG Report 40 Directors’ Report 86 Remuneration Report 96 Financial Report 115 Auditor’s Report 149 Additional Information for Listed Companies 156 Corporate Directory 158 JUPITER MINES | ANNUAL REPORT 20262
Page 3
About Jupiter Mines Headquartered in Perth, Western Australia, Jupiter’s core asset is a 49.9 per cent stake in Tshipi é Ntle Manganese Mining Proprietary Limited (Tshipi), which operates the Tshipi manganese mine in South Africa’s Kalahari Manganese Field (KMF), one of the world’s largest and lowest-cost manganese operations. Tshipi, which translates to “beautiful steel” in the local Tswana language, has been in production since 2012 and has a mineral resource that supports more than 100 years of mine life. Jupiter has a strong track record of returning value to shareholders, including through regular dividends, and remains focused on creating long-term value from its exposure to manganese, a critical mineral used in steelmaking and increasingly in electric vehicle battery supply chains. Jupiter is the largest pure-play manganese miner on the ASX. JUPITER MINES | ANNUAL REPORT 2026 3
Page 4
We aim to be the leading manganese producer in the world, with a reputation for reliability, responsibility and robust returns. Our Strategic Priorities Our Strategy Our Values Fittest in the Field Efficiency Improve Logistics Streamline Marketing Processes Eliminate Tshipi Product Rehandle Safety First, Always Caring for each other is at the heart of how we work. It’s about making thoughtful choices that prioritise safety and wellbeing, so that everyone feels valued, protected, and supported. Industry Leader Growth Targeted M&A Optimise Production Lead by Example Integrity and reliability define our actions. We set the standard by doing what’s right, delivering on our commitments and fostering trust through dependable and transparent actions. Sustainably Empowered ESG ESG Reporting Framework Tshipi Solar Project Better Every Day We’re always looking for better ways. From managing daily tasks, to operating our business, we seek better ways to deliver enduring benefits for our people, partners, and the communities we serve. Upcycle EV Batteries Complete EV Battery Market Entry Strategy Manganese Leader To become the largest manganese producer in the world by June 2028. Reliable Production that is within 95% of volume targets, with zero rejected shipments due to quality. Robust Returns Dividend payments with a minimum 70% payout ratio. Earnings to grow in line with production. Responsible More than 90% of employees and more than 70% of mine employees to be local. Improved B-BBEE score each year. Our Vision JUPITER MINES | ANNUAL REPORT 2026 4
Page 5
Jupiter Mines holds a 49.9 per cent interest in the world-class, long-life Tshipi manganese mine in South Africa. Our History Jupiter released its inaugural Sustainability Report, showcasing environmental, social and governance (ESG) performance at Tshipi in FY23. Tshipi exported the first parcel of manganese ore through the Port of East London1, making Tshipi the first manganese producer to export through eight African commercial seaports. 2024 Tshipi produced a record 3.7 million tonnes of manganese ore. 2022 Jupiter released its five-year growth strategy – with a focus on improving operating efficiency, growing production volumes and potentially entering the electric vehicle battery market, while being accountable to a new ESG framework. 2023 Level 1 Broad-Based Black Economic Empowerment (B-BBEE) milestone achieved at Tshipi. Milestone ten-year MECA3 Agreement with Transnet to enhance cost competitiveness and export resilience. A record-breaking year for Tshipi, with highest-ever mining volumes of 15 million bank cubic metres (bcms), record tonnes of materials processed (3.72 million tonnes) and exporting a record 3.6 million tonnes of manganese ore. 2025 Exxaro Resources Limited (Exxaro) acquires Ntsimbintle and OM Holdings’ shareholdings in Tshipi, becoming Jupiter’s new co-investor at Tshipi, as well as a new major shareholder of Jupiter Mines. 2026 Tshipi set a new export record of 3.5 million tonnes of manganese ore, strengthening its position as the largest exporter of manganese ore from South Africa from a single mine. 2019 The total manganese mineral resources of the Tshipi mine amounted to 418 million tonnes as of 31 December 2016, of which 61 million tonnes represent ore reserves. 2016 Construction activities commence at Tshipi. 2011 Tshipi é Ntle Manganese Mining Proprietary Limited (Tshipi) was formed. 2008 Tshipi exported a record 3.34 million tonnes of manganese ore, becoming the largest exporter of manganese ore from South Africa from a single mine. 2018 Tshipi’s own rail siding was constructed, providing significant logistical advantages over other local manganese producers. Production commenced at Tshipi and first shipment of manganese ore was exported. 2012 Jupiter and OM Holdings acquired equity in Tshipi. The capital generated from the transaction was allocated to partly fund the development of the Tshipi mine. 2010 Ntsimbintle Holdings was incorporated when nine Black Economic Empowerment groups secured manganese prospecting rights in the Northern Cape. 2004 1 East London in South Africa was officially renamed KuGompo City in February 2026 JUPITER MINES | ANNUAL REPORT 2026 5
Page 6
Jupiter Kalahari Pty Ltd AUSTRALIA SOUTH AFRICA Tshipi Manganese Mine Port Railway Roads Kalahari Manganese Field Corporate Structure Jupiter’s 49.9 per cent beneficial interest in Tshipi is held through its wholly owned subsidiary Jupiter Kalahari Pty Ltd, which holds a 49.9 per cent shareholding in Tshipi, as shown in the diagram: 100% 49.9% 100% 50.1% Mamatwan Tshipi Manganese Mine Gqeberha (Formerly Port Elizabeth) KuGompo City (Formerly East London) Lüderitz Lesotho Mozambique Manganexx Proprietary Limited JUPITER MINES | ANNUAL REPORT 2026 6
Page 7
FY26 Highlights FY26 marked strong operational and sales performance at the Tshipi manganese mine, with both production and sales exceeding annual targets. Supporting greater logistics certainty and export capacity for the next ten years. Signed MECA3 Agreement with Transnet Up from Level 3 in FY25 Level 1 B-BBEE status achieved Sales exceeded both FY26 targets and historical averages 3.5 million tonnes sold Mining volumes 11.89 million bcms JUPITER MINES | ANNUAL REPORT 2026 7
Page 8
On behalf of the Board of Directors of Jupiter Mines Limited, I am pleased to share with you the Company’s Annual Report for the financial year ended 30 June 2026. The Tshipi manganese mine delivered another year of strong operational and sales results in FY26, continuing its long track record of consistent delivery. Over the past seven years, Tshipi has produced and sold an average of around 3.4 million tonnes per annum, demonstrating its position as one of the world’s most reliable manganese export operations. With a mineral resource that supports more than 100 years of remaining mine life, Tshipi is a world-class, long-life asset that continues to demonstrate its resilience through changing market conditions. FY26 performance Jupiter maintained its strong track record of shareholder returns in FY26, with 1.3 cents per share declared for the year, including a final dividend of 0.75 cents per share. The total FY26 dividend equates to a yield of approximately 5 per cent at Jupiter’s current share price, bringing total dividends declared in the past eight years to $451 million, or 23 cents per share. Over the past eight years, the Company has distributed dividends equivalent to around 92 per cent of its current market capitalisation, demonstrating Tshpi’s capacity to deliver sustainable long-term value for shareholders. Company Strategy update Jupiter continued to advance its five-year strategy during FY26, with progress made across each of its four strategic pillars. In September 2025 Tshipi entered into a 10-year Manganese Export Capacity Allocation Agreement (MECA3) with Transnet Freight Rail. The agreement forms part of a long-term public-private logistics framework between Transnet and manganese producers, providing participants with greater certainty over rail and port allocations. For Tshipi, MECA3 replaces the previous annual allocation process with a longer-term, demand-led model, which supports greater logistics certainty and improved coordination across rail, road and port channels. Tshipi’s participation in MECA3 is a clear example of Jupiter’s strategy in action, supporting our strategic pillar of improving efficiency and operational excellence at Tshipi. On a personal note, I was particularly pleased to visit the Port of KuGompo City (formally East London) during my time in South Africa this year. As the town of my birth, it was a pleasure to return and join representatives from Tshipi and Transnet to explore opportunities to expand Tshipi’s use of the port. The visit provided an opportunity to see firsthand the terminal’s infrastructure and discuss how KuGompo City could play an even greater role in Tshipi’s flexible export network. Another key development during the year was Exxaro Resources Limited’s (Exxaro) acquisition in March 2026 of a 50.1 per cent interest in Tshipi. This comprised Ntsimbintle Holdings’ 37.1 per cent stake and OM Holdings’ 13 per cent stake in Tshipi. The transaction also included Exxaro’s acquisition of a 19.99 per cent share in Jupiter. Exxaro’s investment is well aligned with Jupiter’s strategy to pursue consolidation opportunities and create further value across the Kalahari Manganese Field (KMF). From the Chair JUPITER MINES | ANNUAL REPORT 2026 8
Page 9
These developments form part of the broader progress made across Jupiter’s strategy during FY26. As we continue to advance our five-year plan, we remain focused on progressing each of our strategic priorities while retaining the flexibility to respond to market conditions and opportunities as they emerge. Sustainably empowered FY26 also saw meaningful sustainability progress, with Tshipi achieving a Level 1 Broad-Based Black Economic Empowerment rating in FY26, joining only one other miner in the KMF to have achieved this status. Tshipi also maintained its Level 2 Mining Charter rating, reflecting continued progress in local participation, skills development and community development. Environmental performance also continued to improve. Scope 1 and 2 emissions reduced by 7 per cent, Tshipi recorded zero dust exceedances across non-residential and residential monitoring locations for the second and third consecutive year, respectively, and the operation continued to reduce its reliance on potable water through increased use of pit and dam water. These outcomes demonstrate Tshipi’s continued focus on responsible operations and creating sustainable value for stakeholders. Leadership transition Post the end of the financial year, we announced that Managing Director Brad Rogers had resigned after four years of leading the Company, to accept the CEO role of another company. On behalf of the Board, I thank Brad for his valuable contribution to Jupiter Mines. Brad has agreed to remain as Managing Director until the end of November 2026, focused on the delivery of key strategic outcomes, and will remain available to Jupiter in a consulting capacity until the end of February 2027. The Board has subsequently appointed Matthew Jarvis as Interim Chief Executive Officer. Matt is an experienced mining engineer and has been with Jupiter since 2022, playing an important role in executing the Company’s growth and consolidation strategies. Based in Johannesburg, he is well known to the Tshipi management team through his work supporting operational efficiencies at the mine. I look forward to working closely with Matt as we continue to advance Jupiter’s strategy and deliver value for shareholders. Looking ahead I extend my sincere thanks to the Jupiter team for their leadership and contribution over the past 12 months, and to the Tshipi management team for their role in delivering another year of strong operational performance. I also thank my fellow directors for their guidance and our shareholders for their continued support. Tshipi is a world-class, long-life asset, supported by an experienced team and a track record of consistent delivery. As we look to FY27, we remain focused on building on this foundation and continuing to progress Jupiter’s strategy for the benefit of shareholders. We look forward to sharing our progress with you. Ian Murray Chair JUPITER MINES | ANNUAL REPORT 2026 9
Page 10
Tshipi exceeded both its production and sales targets in FY26, reflecting another year of strong operational delivery. Production and sales each reached 3.5 million tonnes, supported by disciplined logistics scheduling, flexible route selection and continued coordination across Tshipi’s rail, road and port network. Safety Tshipi maintained its industry-leading safety record in FY26, with the Total Recordable Injury Frequency Rate remaining stable at 0.37 (FY25: 0.38). Lost-time injuries (LTIs) reduced from four in FY25 to two in FY26, with the Lost Time Injury Frequency Rate improving to 0.12 (FY25: 0.25). Both LTIs during the year were slip-and-fall incidents recorded in the first half of the financial year, with corrective actions implemented to address identified hazards and strengthen existing safety controls. Hazard assessment requirements were subsequently reinforced across employees and contractors. Tshipi maintained its focus on safe operating practices through active workforce engagement, critical-risk management and behavioural safety initiatives, including the rollout of Life-Saving Behaviours. This was complemented by investment in employee wellbeing and workforce capability. From the Managing Director JUPITER MINES | ANNUAL REPORT 202610 JUPITER MINES | ANNUAL REPORT 202610
Page 11
Financial and operating results Jupiter recorded Group net profit after tax of $37.6 million in FY26, compared with $39.9 million in FY25. This included Jupiter’s 49.9 per cent share of profit from Tshipi of $37.3 million, compared with $42.5 million in FY25, and $9.3 million in manganese ore marketing fees, broadly in line with $9.4 million in FY25. Tshipi maintained reliable operational performance during FY26, including through periods of wet weather and rail disruption, with production and sales each reaching 3.5 million tonnes and exceeding the annual plan. Careful mine planning, stockpile management and coordinated processing supported production, while logistics flexibility helped maintain sales performance. Tshipi continued to use multiple export ports during the year, allowing volumes to be redirected as market conditions required. This flexibility, together with disciplined scheduling and close coordination across the logistics network, supported the solid full-year sales result. Tshipi was also able to access greater rail capacity than planned, which benefitted overall logistics costs. Tshipi’s average cost of production increased by 4.3 per cent to US$2.40 per dmtu FOB in FY26, up from US$2.30 per dmtu in FY25. This increase was mainly due to the strengthening South African Rand against the US Dollar. Manganese market Manganese ore prices strengthened through the first three quarters of FY26 before moderating in the June 2026 quarter, as supply increased in response to prices. Despite this easing, prices remained above recent historical averages at year end. Manganese ore demand is expected to remain closely linked to global steel production for FY27. Global steel demand is forecast to grow modestly in CY2026 before strengthening in CY2027, supported by improving conditions in developed markets and continued growth in developing economies. While Chinese steel demand is expected to remain subdued, demand in other markets such as India remains constructive, supported by infrastructure investment, urbanisation and manufacturing growth. The outlook remains subject to macroeconomic factors and geopolitical uncertainty including energy prices and the pace of recovery in Chinese steel demand. Against this backdrop, Tshipi’s low-cost position, consistent delivery and adaptable logistics network are a proven means to successfully navigate changing market conditions. In closing It has been an honour to lead the talented team at Jupiter over the past four years. I thank them, and the Jupiter Board, for their hard work and support. Over the coming months, I look forward to continuing to work with the team and interim CEO Matt Jarvis, as we deliver on our strategic objectives. FY26 was a successful year for Jupiter Mines and Tshipi. Jupiter is well positioned, with a world-class manganese asset, a strong balance sheet and a clear strategy. On behalf of Jupiter’s executive team, I thank our employees and Board, the Tshipi team, and our investors and shareholders for their support. Jupiter is well positioned, with a world-class manganese asset, a strong balance sheet and a clear strategy. JUPITER MINES | ANNUAL REPORT 2026 11 Brad Rogers Managing Director JUPITER MINES | ANNUAL REPORT 2026 11
Page 12
Steel Based on data reported by the World Steel Association (worldsteel), global crude steel production declined by one per cent year-on-year during FY26. Within this, reported crude steel production in China decreased by four per cent, while reported production across the rest of the world increased by three per cent year-on-year1. While crude steel production in China remained lower on a year-on-year basis due to declining domestic demand, trade barriers and softer overseas demand, steel production improved in the second half of FY26, supported by resilient manufacturing activity and relatively strong export volumes. However, this improvement was insufficient to offset weaker production earlier in the financial year, reflecting the continued downturn in the construction and real estate sector. China’s central government announced its 15th Five-Year Plan in March 2026, signalling a shift towards “new productive forces” (NPFs). This policy direction is expected to redirect support away from traditional infrastructure, with implications for demand for long steel products. These NPFs are expected to focus more on technological and digital innovation, the transition to green energy and high-tech manufacturing. Outside of China, crude steel production generally remained more resilient, with notable growth in India, Europe, and the United States partially offsetting weaker Chinese production. Although geopolitical tensions and trade barriers continued to create uncertainty, downstream demand from manufacturing and infrastructure supported steel production in several major markets. Demand in India, the second largest crude steel producing country, remained constructive, underpinned by growing domestic demand, investment in renewable energy projects, and a growing automotive sector. Manganese Market During the March 2026 quarter, manganese ore prices increased sharply, supported by seasonal restocking, higher freight and energy costs, and favourable currency movements. 1 World Steel Association JUPITER MINES | ANNUAL REPORT 2026 12
Page 13
Ores and Alloys Manganese ore prices showed a steady upward trend throughout the first three quarters of FY26 before moderating during the fourth quarter. Despite easing towards year end, prices remained above recent historical averages, supported by strong manganese ore consumption and relatively low Chinese port inventories for much of the year. Seasonal restocking ahead of the Chinese Spring Festival in February 2026 supported buyer appetite for US Dollar-denominated seaborne manganese ore. During the March 2026 quarter, manganese ore prices increased sharply, supported by seasonal restocking, higher freight and energy costs, and favourable currency movements. Geopolitical tensions in the Middle East initially heightened concerns regarding potential supply chain disruptions, contributing to stronger buying activity and higher prices during the quarter. During the June 2026 quarter, geopolitical concerns eased and freight costs moderated, while higher manganese ore supply and declining alloy demand contributed to a gradual rebalancing of the market. Consequently, manganese ore prices eased from the elevated levels recorded in the March 2026 quarter but remained above recent historical averages. The manganese market became more balanced in the second half of FY26 as manganese ore supply increased and alloy production moderated. This was reflected in higher Chinese port inventories and some easing in manganese ore prices during the June 2026 quarter. Manganese ore inventories at major Chinese ports remained well below long-term historical averages during the first half of FY26, at approximately 4.3 – 4.5 million tonnes, despite the return of South32 Limited’s majority-owned Groote Eylandt Mining Company (GEMCO) returning to steady-state exports in the September 2025 quarter. By the end of the financial year, port inventories had increased to five-year average levels as increased ore supply exceeded downstream demand. Chinese manganese alloy production remained robust during the first half of FY26, supporting strong ore consumption. Demand from steel mills lagged, resulting in an accumulation of alloy stocks across the supply chain. Production moderated during the March 2026 quarter and declined further in the June 2026 quarter as alloy producers undertook maintenance and voluntarily reduced output in response to weaker market conditions, contributing to lower manganese ore consumption. Alloy producers increasingly changed procurement practices, purchasing ore more frequently to meet immediate production requirements rather than building forward cover. This shift in replenishment patterns, combined with softer market sentiment, contributed to softening portside manganese ore prices. Manganese alloy spot prices recorded two notable periods of strength during FY26. The first occurred in the September 2025 quarter, supported by positive macroeconomic developments across the broader ferrous metals market. The second occurred in April 2026 as higher manganese ore costs and expectations of reduced alloy supply supported prices. Outside these periods, alloy prices generally traded within a relatively narrow range. During the first half of FY26, stronger downstream consumption and demand from alloy producers enabled manganese ore producers to achieve higher US dollar-denominated seaborne prices. This helped offset the impact of the South African Rand strengthening against the US dollar. Currency movements continued to influence pricing during the second half of the financial year, although the appreciation of the Chinese yuan was insufficient to sustain acceptance of progressively higher US dollar-denominated import prices. Outside China, demand remained resilient, particularly in India where railway infrastructure, urbanisation, and manufacturing growth remained buoyant. Exports to Europe also increased during the year, absorbing additional ore supply, though not completely offsetting persistent global supply. China remained the primary price-setting market, with higher supply during the second half of FY26, contributing to increased inventories and softer manganese markets towards the end of the financial year. Overall, manganese ore market conditions remained comparatively resilient throughout FY26. Prices strengthened through the first three quarters, supported by healthy downstream consumption, favourable inventory levels, and constructive demand outside China, before moderating in the final quarter as supply-demand conditions became more balanced. JUPITER MINES | ANNUAL REPORT 2026 13
Page 14
Market Outlook The outlook for manganese ore demand remains closely linked to the downstream steel sector, which continues to account for most manganese consumption. While demand from emerging applications, including electric vehicle (EV) batteries, is expected to increase over time, steel production is expected to remain the primary driver of manganese ore demand in the short- to medium-term. JUPITER MINES | ANNUAL REPORT 2026 14
Page 15
Worldsteel released its Short Range Outlook in April 2026. Consistent with forecasts published by the Organisation for Economic Co-operation and Development (OECD) in May 2026, the outlook anticipates modest growth in global steel demand, notwithstanding continued geopolitical and economic uncertainty. Worldsteel forecasts global steel demand growth of 0.3 per cent in calendar year (CY) 2026, followed by growth of 2.2 per cent in CY27. Common themes across both forecasts include a continuing decline in Chinese steel demand, albeit at a slower rate than experienced in CY25, alongside modest growth across developed economies and stronger demand growth in developing economies excluding China. Developed markets are expected to benefit from a gradual improvement in macroeconomic conditions, easing financial costs and policy measures designed to support domestic steel industries. Developing economies are forecast to continue expanding steel consumption, supported by infrastructure investment, urbanisation, and manufacturing growth. Global steel overcapacity is expected to remain a key challenge for the industry, as seen in CY25 and CY26. Trade barriers, tariff measures, and shifting trade flows are likely to continue influencing steel market dynamics as countries seek to protect domestic producers from low- cost imports. These measures may influence Chinese steel export volumes, which in recent years have provided an important outlet amid weaker domestic demand conditions. The International Monetary Fund’s World Economic Outlook, published in April 2026 and updated in July 2026, forecasts global economic growth of 3.0 per cent in CY26 and 3.4 per cent in CY27. Growth is expected to be supported by continued investment in advanced manufacturing, semiconductor production, artificial intelligence technologies, and digital infrastructure. While geopolitical tensions, including the ongoing conflict in the Middle East, continue to create uncertainty around energy markets and global supply chains, economic activity has generally demonstrated resilience to higher energy prices. Overall, forecast growth in global steel demand, supported by broader economic growth and infrastructure investment in developing countries, is expected to support manganese ore demand over the medium term. However, the outlook remains subject to risks including global steel overcapacity, trade policy settings, geopolitical uncertainty, energy prices, and the pace of recovery in Chinese steel demand. Developed markets are expected to benefit from a gradual improvement in macroeconomic conditions, easing financial costs and policy measures designed to support domestic steel industries. JUPITER MINES | ANNUAL REPORT 2026 15
Page 16
Strategy Overview Overview Jupiter released its five-year Company Strategy in March 2023, establishing four strategic pillars in response to the market conditions and opportunities at that time. During FY26, the Company continued to advance these priorities. While the external environment has continued to evolve, including geopolitical developments, changes in steel production and the pace of electric vehicle battery adoption, the underlying strategic drivers and long-term trends that informed Jupiter’s strategy remain valid and continue to support the Company’s strategic direction. FY26 marked three years of Jupiter’s five-year strategic plan. In June 2026, Jupiter undertook a review of the plan, assessing the strategy’s progress to date, the prevailing market environment and the Company’s current position against each strategic initiative. The review confirmed that Jupiter’s strategy continues to provide a sound framework for long-term value creation and that its underlying strategic assumptions remain valid. The Company will continue to sequence its initiatives in response to market conditions and allocate capital when opportunities are most favourable. Jupiter’s strategy remains focused on four core pillars: improving efficiency and operational excellence at the Tshipi manganese mine; pursuing disciplined growth; strengthening the visibility of Tshipi’s sustainability performance while prioritising ESG initiatives that deliver the greatest value for stakeholders; and exploring downstream opportunities in the electric vehicle battery market. Jupiter progressed initiatives across all four pillars during the reporting period, while retaining flexibility to respond to changing market conditions and emerging opportunities. The Company remains confident that its strategic framework provides a robust foundation for disciplined execution and sustainable shareholder value. JUPITER MINES | ANNUAL REPORT 202616 Fittest in the Field (Efficiency) Driving operational excellence with a focus on optimising logistics and improving marketing processes. Sustainably Empowered (ESG) Developing a robust ESG framework and a focus on increased reporting and communication of Tshipi’s ESG performance. Industry Leader (Growth) Enabling disciplined growth through strategic management of Tshipi’s production, evaluating future expansion capacity, and selectively assessing opportunities in the Kalahari Manganese Field. Upcycle (EV Batteries) Exploring a downstream entry into the electric vehicle market through the production of High-Purity Manganese Sulphate Monohydrate (HPMSM) for EV batteries. Strategic Framework Jupiter’s strategic framework is structured around four core pillars. These pillars are underpinned by Jupiter’s core values - Safety First, Always; Lead by Example; Better Every Day - which guide the Company’s approach to decision-making, performance, and stakeholder engagement. JUPITER MINES | ANNUAL REPORT 2026 16
Page 17
JUPITER MINES | ANNUAL REPORT 2026 17 Strategic Context Jupiter’s strategy was released in March 2023 and developed in response to the strategic context that remains relevant today. Table 1: An update on the strategic context that informs Jupiter’s strategy. Strategic Context 2023 FY26 Update Tshipi Operations Tshipi is one of the world’s best manganese operations, with opportunities to be even better. Sustained strong operational performance, exceeding FY26 full-year targets and historical average of 3.4Mtpa for both sales and production. Jupiter Mines Jupiter’s shareholders have enjoyed strong dividends, but most also want growth. Jupiter declared dividends of 1.3cps for FY26, a total of $451 million since listing in 2018. Manganese Market More manganese ore will be needed over the coming decades, with the largest, longest life KMF mines best placed to respond. Long-term manganese demand fundamentals remain supportive. Resilient steel demand and growing consumption in India underpin the outlook, with long-term demand supported by global steel production and infrastructure investment. KMF Logistics The key area of valuable growth enablement for all KMF mines is South African logistics, which are volume constrained. Rail availability remains an important factor in optimising export volumes. In FY26, rail capacity and availability from Transnet improved. ESG Tshipi has a successful ESG record, with opportunities to continue to improve, enhance financial returns and strengthen its B-BBEE scorecard, while increasing communication of ESG progress. Outstanding ESG performance continued in FY26, with Tshipi attaining industry-leading Level 1 B-BBEE status, joining only one other miner in the KMF to have achieved this status. ESG progress is being communicated to stakeholders. EV Batteries EV batteries provide a new and potentially value adding market, with careful planning required for timely market entry. Long-term demand for battery-grade manganese materials is expected, although a substantial market is still emerging. Jupiter continues to advance the opportunity in a targeted and phased manner, without committing significant capital. JUPITER MINES | ANNUAL REPORT 2026 17
Page 18
Efficiency Under Jupiter’s Fittest in the Field strategic pillar, initiatives focus on optimising logistics, streamlining marketing, and eliminating product rehandle at Tshipi. During FY26, Jupiter continued to strengthen operational performance through cost discipline, logistics flexibility, and operational excellence. Improving Logistics Tshipi delivered strong production performance in FY26 while continuing to focus on logistics optimisation and efficiency. As the largest manganese mine in South Africa, and the fourth largest manganese ore exporter globally, Tshipi sold 3.5 million tonnes during this reporting period, exceeding full-year targets and the historical average of 3.4 million tonnes sold per annum. As with other producers in the KMF, logistics represents the largest component of Tshipi’s cost base, reflecting the distance of approximately 1,000 kilometres between the mine and export ports. Tshipi transports ore by both rail and road and seeks to maximise the use of lower-cost rail capacity where available. Tshipi received higher-than-anticipated rail volumes during FY26, reflecting improvements in rail capacity and reliability. These included fewer derailments and cable theft incidents, the introduction of larger wagons and upgrades to rail infrastructure to accommodate them. Lower-than-expected rail utilisation by emerging miners also increased available network capacity. Continued engagement with Transnet contributed to these improvements, supporting greater logistics efficiency during the year. A key strategic development was Tshipi’s participation in MECA3, a long-term public-private logistics framework between Transnet and manganese producers.1 The Agreement provides participating producers with greater rail and port allocation certainty over a ten-year period, replacing the previous annual allocation process with a longer-term, demand-led model. For Tshipi, this supports long-term logistics security and improved coordination across rail, road, and port channels. The Agreement is part of a broader industry initiative to improve logistics certainty for South African manganese exporters. Within this framework, focus remains on optimising available capacity, maintaining logistics flexibility, and supporting cost-competitive export performance over the long-term. Tshipi’s flexible multi-port network and lower-cost export channels strengthen resilience and support future growth. Previous export-efficiency improvements have included scaling lower-cost channels through KuGompo City2 and Lüderitz. Tshipi, in partnership with Tradeport Namibia, is planning a transshipment project at the Port of Lüderitz that would enable larger vessels to load at anchorage, which would reduce overall freight costs. In FY26, the project progressed with ongoing development and expansion work, however final investment decisions, completion dates, and commissioning milestones remain publicly undisclosed. Streamlining Marketing Processes Jupiter’s marketing activities support Tshipi’s export sales through the commercial process of placing Tshipi manganese into the international market. In 2024, Tshipi became the first manganese producer to have utilised all eight Southern African commercial seaports for export, strengthening Jupiter’s ability to diversify its customer base, optimise shipment options, and align sales with logistics availability and market demand. Jupiter’s customer base includes regions where manganese demand is expected to grow. With ore sold at monthly spot prices, Jupiter’s marketing strategy provides flexibility to target the most suitable markets based on demand, pricing, and risk. This geographic diversification supports more direct engagement with end users and ferroalloy plants. Eliminating Tshipi Product Rehandle Product rehandle refers to the additional loading and movement of ore between mine and port, which can increase costs, extend handling time, and add operational complexity. Since its inception, Tshipi has fed the secondary crusher manually from primary crusher stockpiles using front-end loaders and articulated dump trucks. To improve efficiency at site, Tshipi has assessed the installation of conveyers to reduce mobile rehandle between the crusher and train load-out station. A FY24 conceptual study confirmed a positive business case for the project, including estimated operating cost savings of R2.83 per tonne of feed, a capital cost of approximately R34 million and a five-year payback period. The study also identified health, safety, and environmental benefits including improved safety, lower operating costs, reduced energy use, and decreased carbon emissions.3 In FY26, Tshipi continued to advance the planning for the conveyer initiative, including assessment of timing and implementation requirements. 1 ASX Announcement 27 February 2026 2 East London in South Africa was officially renamed KuGompo City in February 2026 3 ASX Announcement 30 January 2025 JUPITER MINES | ANNUAL REPORT 2026 18
Page 19
Growth Jupiter advanced its Growth strategic pillar during FY26 through continued assessment of consolidation opportunities in the Kalahari Manganese Field and a strategic review of the appropriate long-term production rate at Tshipi. Pursuing Targeted Consolidation Tshipi is the largest single manganese mine in South Africa and is located in the KMF, the world’s largest land-based manganese deposit, which hosts approximately 75 per cent of the world’s land-based manganese resources. Under its growth pillar, Jupiter continues to assess targeted consolidation opportunities that could increase its exposure to long-life, high-quality manganese assets in the region. During FY26, opportunities within the KMF remained under active consideration. Exxaro’s acquisition of a 50.1 per cent interest in Tshipi and a 19.99 per cent interest in Jupiter represents an important strategic development and is consistent with Jupiter’s view that further consolidation could strengthen the regional manganese industry. Optimising Production from All Owned Mines During FY26, work progressed to determine the appropriate long- term production rate for Tshipi, including an update to the mine plan and assessment of operating and logistics requirements to support higher output. Tshipi’s mine plan review is nearing completion and will help define Tshipi’s optimal production profile. Any future increase in volumes will be carefully timed to reflect manganese market conditions, available logistics capacity, and the ability to maximise sustainable shareholder value. Tshipi’s mine plan review is nearing completion and will help define Tshipi’s optimal production profile. JUPITER MINES | ANNUAL REPORT 2026 19
Page 20
Achieving milestone B-BBEE Level 1 status Jupiter remains focused on supporting Tshipi in advancing sustainability initiatives that deliver strong ESG outcomes and clear commercial benefits. During the reporting period, Tshipi announced its achievement of Level 1 B-BBEE.1 This milestone represents a rapid increase from a B-BBEE rating of Level 3 at the end of 2024, Level 4 in 2023 and Level 8 in 2019, reflecting Tshipi’s commitment to empowering local communities and reinforcing positive influence in the Northern Cape. B-BBEE is a national policy framework designed to promote the economic inclusion and participation of previously disadvantaged South Africans. Strong B-BBEE performance is both a compliance requirement and a driver of material, social, and economic impact in communities. Tshipi’s rapid improvement in its B-BBEE rating has been driven by significant uplift in the enterprise and supplier development (ESD) pillar, the highest weighting in the B-BBEE scorecard. Through its ESD program, Tshipi actively builds the capacity of Historically Disadvantaged Persons (HDP)-owned businesses to meet tender requirements, which generates sustained shared value through enhanced engagement in mining supply chains. Tshipi’s B-BBEE progress is a clear demonstration of its commitment to empowering local communities through workforce diversity that strengthens operational performance, innovation, and workplace culture. ESG remains a core pillar of Jupiter’s strategy in supporting Tshipi to advance sustainability initiatives, deliver measurable community impact and maintain mature governance practices. Tshipi continues to produce strong ESG operational outcomes, aligning with global best practice and reinforcing stakeholder confidence. ESG 1 ASX Announcement 18 November 2025 JUPITER MINES | ANNUAL REPORT 2026 20
Page 21
Mpho Sadiki Head of Corporate Affairs and People, Tshipi “ We are thrilled to achieve Level 1 B-BBEE status, a testament to our team’s dedication and commitment to transforming our business and empowering local communities. This milestone underscores our resolve to ensure meaningful participation of historically disadvantaged South Africans in our operations and the broader economy.” JUPITER MINES | ANNUAL REPORT 2026 21
Page 22
ESG Reporting Jupiter is committed to transparent, responsible and sustainable business practices, with a vision to be the global leader in sustainably empowered manganese mining. Jupiter published its inaugural Sustainability Report, providing an overview of environmental, social and governance performance at Tshipi for FY23. Since then, Jupiter has continued to strengthen its commitment to transparent and accountable ESG reporting, drawing on leading global and locally relevant standards to provide meaningful disclosures for stakeholders. Jupiter’s fourth Sustainability Report (now known as the Environmental, Social and Governance Report, or ESG Report) is contained within this Annual Report and provides details of Tshipi’s FY26 sustainability performance, including the health and wellbeing of Tshipi’s workforce, local employment initiatives, and community development programs. Jupiter’s Board maintains active oversight of sustainability matters at Tshipi, supported by governance frameworks that strengthen transparency, accountability, and the integration of ESG considerations into decision-making. Regular ESG reporting provides stakeholders with clearer visibility of Tshipi’s sustainability performance and its contribution to long-term value creation. JUPITER MINES | ANNUAL REPORT 2026 22
Page 23
Advancing Sustainability with Tshipi Solar Jupiter’s governance framework integrates ESG considerations into decision-making to ensure sustainability initiatives are assessed against relevant commercial, operational, and environmental factors. For the Tshipi solar project, this includes considering advances in solar technology, improvements in South Africa’s grid reliability, and the increasing competitiveness of independent power producers. During the previous reporting period, Tshipi completed a comprehensive feasibility study that confirmed a strong business case for implementing solar power and battery storage at the mine as a cost-effective, lower- carbon energy solution. At the Board Strategy Day in June 2026, Jupiter confirmed that determining ideal execution timing regarding the solar project remained its priority. Execution timing will consider advances in solar technology, sustained improvements in South Africa’s grid reliability, and increasing competition among independent power producers, which may further reduce the cost of procured power. This disciplined approach is intended to maximise the long-term commercial, operational, and environmental value of the project. Tshipi and Jupiter will continue to monitor the external environment to ensure that execution timing of the solar project is optimised to deliver the best commercial, operational and environmental outcomes. Further details on Tshipi’s ESG performance are available in the 2026 ESG Report within this Annual Report. JUPITER MINES | ANNUAL REPORT 2026 23
Page 24
Jupiter continued to monitor the EV battery market and evaluate the opportunity to produce HPMSM through flowsheet refinement, product validation, and ongoing customer engagement with the broader battery industry. Jupiter remains disciplined in advancing this opportunity, with a focus on appropriately de-risking volume and pricing assumptions in line with market demand, to guide future phases of study for the project. Electric Vehicle Battery Strategy Jupiter’s strategy includes evaluating the potential to enter the battery-grade manganese market by converting low-grade ore from the Tshipi manganese mine into HPMSM. HPMSM is a refined manganese product used in cathode materials predominantly in manganese-rich battery chemistries. Jupiter’s interest in Tshipi provides access to a long-life manganese resource and low-grade stockpiles that may be suitable as feedstock for HPMSM production. The opportunity could provide Jupiter with exposure to an emerging manganese market beyond its established role as a supplier to the global steel industry. However, the timing, scale and commercial development of the battery-grade manganese market remain uncertain. EV Batteries JUPITER MINES | ANNUAL REPORT 2026 24
Page 25
Market Dynamics HPMSM is produced through a multi-stage hydrometallurgical process that, in the case of Tshipi’s semi-carbonate ore, includes crushing, leaching, purification, and solvent extraction to produce manganese concentrate that undergoes dissolution and crystallisation to produce a very low-impurity HPMSM product. Demand for HPMSM is expected to grow as vehicle electrification and global decarbonisation efforts increase the need for battery materials. Global demand for manganese is projected to exceed supply from around 2030, with an undersupply of battery-grade manganese forecast in North America and Europe. Almost all battery-grade HPMSM is currently produced in China, with very limited supply available from producers outside of China. Building Technical Readiness Jupiter has progressively advanced the technical evaluation of a HPMSM project since it first launched its strategy in 2023. In March 2024, Jupiter released a scoping study that assessed the commercial potential of entering the EV battery market. The study yielded promising results and confirmed successful laboratory-scale production, with potential for optimisation and scaling. In FY25, Jupiter constructed a laboratory-scale HPMSM pilot plant that produced batch samples of battery-grade manganese from low-grade ore. The pilot plant replicated key characteristics of a commercial-scale HPMSM facility and confirmed the robustness of Jupiter’s HPMSM flowsheet. This work progressed to a pre-feasibility study focusing on technical validation, flowsheet refinement, product validation, and ongoing customer engagement.1 A Disciplined, Market-led Approach During FY26, Jupiter continued to validate and refine assumptions on key project parameters and continued to engage with key offtake customers, while recognising that the scale and timing of demand for battery-grade manganese are still emerging. The Company’s near-term focus is on improving project definition, understanding prospective customer requirements and testing assumptions relating to product volumes, pricing, and market development. While vehicle electrification is expected to support longer-term growth in demand for battery materials, a substantial market for battery- grade manganese has yet to develop. Jupiter will therefore continue to advance the opportunity in a targeted and phased manner, without committing significant capital, ahead of clearer demand, pricing and customer support. This approach preserves Jupiter’s ability to respond as the market develops, while maintaining financial discipline and prioritising investment against the Company’s broader strategic objectives. 1 ASX Announcement 27 February 2026 JUPITER MINES | ANNUAL REPORT 2026 25
Page 26
Operating and Financial Performance Review JUPITER MINES | ANNUAL REPORT 202626 Review of Operations Jupiter’s principal activities are its investment in Tshipi in South Africa and the sale of manganese ore. Tshipi is a long-life, large-scale, open-pit manganese mine with an integrated ore processing plant. During FY26, Tshipi exceeded its annual production and sales targets, reinforcing its position as a reliable and cost-competitive global producer of manganese ore. This performance was underpinned by disciplined mine planning, processing flexibility, logistics execution, and cost control. Health, Safety and Wellbeing Tshipi maintained its industry-leading safety record in FY26, recording a Total Recordable Injury Frequency Rate (TRIFR) of 0.371, compared with 0.38 in FY25, and a reduction of its Lost Time Injury Frequency Rate (LTIFR) to 0.121 (FY25: 0.25). LTIs decreased from four in FY25 to two in FY26, reflecting Tshipi management team’s continued focus on corrective actions and strong workforce engagement. Both LTIs during the year were slip-and-fall incidents recorded in the first half of the financial year, with corrective actions implemented to address identified hazards and strengthen existing safety controls. Following the slip-and-fall incidents, hazard assessment requirements were reinforced across employees and contractors. Tshipi’s TRIFR improved in the second half of FY26, with no further LTIs recorded. Tshipi’s safety performance continues to be supported by its health, safety, and training programs, workforce engagement, and behavioural safety initiatives. This includes a five-year Safety, Health, and Environment (SHE) strategic plan for FY27–FY31 designed to strengthen compliance and operational stability, improve hazard identification, promote workforce-led safety improvements, enhance critical control assurance, and embed safety as a core business enabler. Employee wellbeing remains an important focus, with ongoing initiatives supporting both physical and mental health through access to on-site primary health care, wellness counselling and preventative health awareness programs. Tshipi also continues to strengthen its organisational culture and invest in talent development, supporting a capable, engaged workforce and strong operational performance. A detailed overview of health, safety and wellbeing performance, including ongoing initiatives and year-on-year trends, is provided in Jupiter Mines’ FY26 ESG Report, later in this Report. Mining Mining volumes for FY26 totalled 11.89 million bcm, down from a record 15.0 million bcm in FY25. Tshipi delivered mining performance sufficient to support full-year processing and sales requirements, with annual targets exceeded by year end. Performance varied through the year, reflecting heavy seasonal rainfall, equipment availability and pit access constraints, as well as elevated mining activity in FY25 to establish strategic stockpiles. Tshipi responded by prioritising pit dewatering, improving equipment availability and maintaining consistent ore supply to the processing plant and logistics team. The mine also continued to work with its mining contractor while preparing to onboard additional mining contractors to strengthen medium-term mining performance. 1 LTIFR and TRIFR are calculated per 200,000 hours worked, consistent with South African mining industry practice. JUPITER MINES | ANNUAL REPORT 2026 26
Page 27
Lost Time Injuries decreased from four in FY25 to two in FY26, reflecting Tshipi management team’s continued focus on corrective actions and strong workforce engagement. JUPITER MINES | ANNUAL REPORT 2026 27 Production Tshipi produced approximately 3.5 million tonnes of manganese ore during FY26, comprising 2.9 million tonnes of high-grade ore and 0.6 million tonnes of low-grade ore. Tshipi delivered production above its full-year target in FY26, supported by disciplined production planning, improved plant efficiency and coordinated mine-to-mill management. Production remained broadly steady through the year, with Tshipi adjusting its grade mix and stockpile strategy in response to market conditions and operational requirements. Tshipi commenced FY26 by building low-grade stockpiles where production schedules allowed, before prioritising high-grade production as market conditions improved. This approach supported margin preservation while maintaining flexibility across production volumes, grade mix and market demand. Stockpile management also provided flexibility during periods of constrained pit access, while stable plant throughput supported consistent feed to logistics and sales. Inventory movements, pre- stripping activities and wet weather influenced production at different points during the year, with Tshipi’s integrated planning approach supporting continuity across mining and processing. JUPITER MINES | ANNUAL REPORT 2026 27
Page 28
Logistics and Sales Tshipi sold 3.5 million tonnes of manganese ore in FY26, matching production and exceeding the annual plan. The result reflected disciplined scheduling, flexible route selection, and continued coordination across Tshipi’s rail, road and port network. Tshipi’s flexible export network continued to support reliable market access, with multiple export ports and the ability to shift volumes between rail and road in response to logistics conditions and market demand. This flexibility strengthened logistics resilience and helped maintain consistent sales despite some variability across the broader South African rail network. Overall, rail availability during the year exceeded planning assumptions, supported by Tshipi’s continued engagement with Transnet. Total rail volumes were approximately 2.6Mt, supplemented by 828Kt through the Port of Lüderitz. Tshipi also continued to work with Transnet on KuGompo City1 rail capacity and tariff settings, while maintaining discussions with transport providers to secure commercially feasible arrangements and access additional rail capacity as it becomes available. Road haulage costs increased during the period as Tshipi used additional road capacity to support offshore exports and respond to rail disruptions, including derailments and planned Transnet shutdowns. Conflict in the Middle East drove energy market volatility during the March 2026 quarter, increasing diesel and freight costs; however, stronger manganese prices and supply-risk buying helped offset the impact on margins. Tshipi continued to monitor energy supply risks during the period and maintained on-site diesel inventory planning to support operational continuity. The mine continued to receive daily diesel deliveries under long-term agreements and maintained a one-million litre tank farm on site, equivalent to roughly thirteen days’ consumption. Based on current arrangements, Tshipi does not anticipate a material risk to operational continuity. The first half of FY26 delivered higher sales and production, despite headwinds from a stronger South African Rand. Lower margins were partly offset by stronger manganese prices in the December 2025 quarter. By the March 2026 quarter, intensified conflict in the Middle East contributed to higher global energy prices and supply-chain concerns, increasing buying appetite for manganese ore. As trade flows normalised, supply-risk buying moderated; however, the favourable market conditions supported Tshipi’s earnings before interest, tax, depreciation and amortisation (EBITDA) and enabled Jupiter to prioritise high-grade sales.2 Tshipi ceased low-grade ore production during the March 2026 quarter to maximise value in the prevailing price environment. Overall, Tshipi exceeded its annual production and sales targets for FY26, supported by logistics flexibility and disciplined cost management through periods of wet weather, rail disruption and energy price volatility. Overall, Tshipi exceeded its annual production and sales targets for FY26, supported by logistics flexibility and disciplined cost management through periods of wet weather, rail disruption and energy price volatility. 1 East London in South Africa was officially renamed KuGompo City in February 2026 2 ASX Announcement 30 April 2026 JUPITER MINES | ANNUAL REPORT 2026 28
Page 29
JUPITER MINES | ANNUAL REPORT 2026 29
Page 30
Financial Review Tshipi once again exceeded its annual production and sales targets, supported by increased average manganese price over the financial year. Jupiter recorded a Group net profit after tax (NPAT) of $37.7 million in FY26, compared with $39.9 million in FY25. The Group achieved underlying EBITDA of $40.3 million1, down from $43.3 million in the previous financial year. Jupiter’s 49.9 per cent share of profit from Tshipi was $37.3 million at year-end, down from $42.5 million in FY25. Stable Operating Finances For FY26, Tshipi generated underlying EBITDA of $114.6 million (FY25: $133.1 million). For FY26, Tshipi achieved an average manganese price of US$4.38 per dmtu2, a 9.0 per cent increase from the FY25 average of US$4.02 per dmtu. The cost of production increased by an average of 4.3 per cent across the year to US$2.40 per dmtu (FY25: US$2.30), mainly driven by a strengthening South African Rand against the US Dollar. Financial Performance 1 EBITDA is a financial measure that in the opinion of Jupiter’s Directors, provides useful information to assess the financial performance of the Group over the reporting period. Reconciliation from statement of profit or loss to Jupiter EBITDA: June 2026 $m June 2025 $m Profit before tax Net finance income Depreciation and amortisation 40.7 (0.5) 0.1 43.8 (0.6) 0.1 EBITDA 40.3 43.3 2 CIF price for high-grade lumpy ore. JUPITER MINES | ANNUAL REPORT 2026 30
Page 31
Continued Cash Generation through the Manganese Price Cycle Tshipi’s strong operational performance resulted in operating cash flows of $50.3 million (FY25: $72.5 million) and free cash flows of $40.7 million (FY25: $68.3 million), maintaining strong and consistent cash flow performance through fluctuations in manganese prices. Tshipi ended the financial year with $129.4 million in cash (FY25: $128.8 million). Jupiter’s marketing division generated $9.3 million in marketing fee revenue (FY25: $9.4 million), which generated $6 million in cash flow from the marketing branch (FY25: $6.4 million). Jupiter ended the financial year with $9.3 million in cash (FY25: $13.2 million). Consistency in Shareholder Returns for Tshipi and Jupiter Tshipi declared dividends totalling $48.0 million to its shareholders for FY26 (FY25: $51.5 million). Of this, Jupiter received $22.3 million ($8.0 million received during FY26, $14.3 million received subsequent to year end; FY25 $24.5 million). Table 2: Summary of Jupiter financial metrics Jupiter (A$m) FY20 FY21 FY22 FY23 FY24 FY25 FY26 NPAT $95 $66 $54 $77 $39 $40 $38 Dividends Declared $93 $59 $29 $43 $24 $29 $26 Dividends per Share $0.0475 $0.0300 $0.0150 $0.0220 $0.0125 $0.0150 $0.0130 Average Share Price $0.33 $0.27 $0.26 $0.21 $0.22 $0.18 $0.26 Dividend Yield 14% 11% 6% 10% 6% 9% 5% Jupiter has subsequently declared dividends to its shareholders totalling $25.6 million for FY26 (FY25 $29.4 million), taking its total dividends paid to shareholders to $450.8 million, around 92 per cent of its current market capitalisation, reinforcing the long-term value of the Tshipi mine. NPAT (A$m) Dividends Declared (A$m) Dividend Yield (%) $100 $80 $60 $40 $20 $– 25% 20% 15% 10% 5% 0% FY20 FY21 FY22 FY23 FY24 FY25 FY26 14% 11% 6% 6% 9% 5% 10% Jupiter’s track record of shareholder returns Figure 1: Jupiter’s dividends and dividend yield, relative to NPAT A$m JUPITER MINES | ANNUAL REPORT 2026 31
Page 32
Tshipi Financial Statement Summary Set out below is a summary of Tshipi’s audited Statement of Profit or Loss and Statement of Financial Position. These Statements represent 100 per cent of Tshipi. Table 3: Tshipi’s financial summary June 2026 ZAR’000 June 2025 ZAR’000 STATEMENT OF PROFIT OR LOSS Revenue 8,175,991 8,348,032 Cost of sales (6,676,647) (6,750,799) Gross profit 1,499,344 1,597,233 Other income 11,847 9,342 Administrative expenses (17,423) (16,672) Other expenses (207,698) (55,825) Bad debts - (16,153) Net loss on disposal and impairment of property, plant and equipment (22,246) - Profit from operating activities 1,263,824 1,517,925 Finance income 205,977 251,813 Finance expenses (177,492) (213,132) Profit before royalties and taxation 1,292,309 1,556,606 Royalties (135,546) (184,489) Profit before and taxation 1,156,763 1,372,117 Income tax expense (300,311) (371,888) Profit for the year 856,452 1,000,229 Reconciliation to Jupiter Share of Tshipi profit in Consolidated Statement of Profit of Loss: Jupiter 49.9% share of profit 427,370 499,114 Jupiter 49.9% share of profit (A$’000) at average exchange rate 37,327 42,485 JUPITER MINES | ANNUAL REPORT 2026 32
Page 33
Table 3: Tshipi’s financial summary (continued) June 2026 ZAR’000 June 2025 ZAR’000 STATEMENT OF FINANCIAL POSITION Current assets Trade and other receivables 1,055,632 1,046,677 Cash and cash equivalents 1,463,582 1,497,417 Inventory 651,061 680,768 Other current assets 252,185 172,761 Total current assets 3,422,460 3,397,623 Non-current assets Property, plant and equipment 5,348,177 4,600,393 Inventory 480,329 379,596 Mineral rights 140,969 146,528 Rehabilitation guarantee 66,938 62,968 Other non-current assets 63,054 29,329 Total non-current assets 6,099,467 5,218,814 Total assets 9,521,927 8,616,437 Current liabilities Trade and other payables 876,432 686,057 Other short-term provisions 260,582 102,388 Other current liabilities 134,250 95,783 Total current liabilities 1,271,264 884,228 Non-current liabilities Deferred tax liabilities 1,305,048 1,203,833 Decommissioning and rehabilitation provision 199,827 133,812 Lease liabilities 9,676 14,897 Total non-current liabilities 1,514,551 1,352,542 Total liabilities 2,785,815 2,236,777 Equity Share capital and share premium 321,359 321,359 Retained income 6,297,792 5,941,340 Contributed assets reserve 116,961 116,961 Total equity 6,736,112 6,379,660 Total equity and liabilities 9,521,927 8,616,437 JUPITER MINES | ANNUAL REPORT 2026 33
Page 34
Material Business Risks The following is a summary of the updated material business risks of the Company, which are not listed in order of importance or likelihood. These risks may adversely impact on the Company’s financial and operating performance and prospects. Company Risks Dividend sustainability and shareholder returns The Company's ability to pay dividends is substantially dependent on distributions received from its investment in Tshipi. Dividend levels may fluctuate due to changes in Tshipi's profitability, manganese market conditions, capital expenditure requirements, working capital demands and Board decisions regarding capital management. Single asset, single commodity exposure The Company’s sole asset is the Tshipi mine, which produces only one commodity, manganese. As a result, the Company's financial performance, cash flows and shareholder returns are highly dependent upon the operating performance, financial position and future prospects of Tshipi and the manganese market. Capital allocation and growth strategy Failure to effectively execute the Company's strategic objectives, including capital allocation decisions, investment opportunities and portfolio management initiatives, may adversely impact shareholder value. This risk is mitigated through regular strategic reviews, Board oversight and disciplined investment assessment processes. Loss of key personnel The Company has a small management team, and its success depends to an extent on this team. The loss of key personnel may result in the Company not being able to locate or employ qualified executives with relevant experience in a short time frame. Foreign exchange rates The Company receives distributions from Tshipi and its marketing branch in South African Rand and converts to Australian Dollars. Tshipi’s functional currency is South African Rand, however, sells its manganese ore in US Dollars. The Company monitors foreign exchange exposure at regular intervals. Asset Risks Safety incidents Tshipi's operations involve activities that inherently present health and safety risks to employees, contractors and visitors. Failure to maintain effective health and safety systems, controls and culture may result in serious injury, loss of life, operational disruptions, regulatory action, increased costs and reputational damage. Tshipi seeks to mitigate these risks through the implementation of comprehensive safety management systems, workforce training, ongoing monitoring and continuous improvement initiatives aimed at maintaining a safe and healthy workplace. Manganese prices Tshipi's revenue and profitability are directly influenced by prevailing manganese ore prices, which are subject to global supply and demand dynamics, steel production levels, market sentiment and broader economic conditions. Sustained reductions in manganese prices may adversely impact earnings, cash flows and future distributions. Costs of production Although Tshipi remains a low-cost producer within the Kalahari Manganese Field, its operations remain exposed to increases in labour, energy, fuel, contractor, consumable and logistics costs. Cost escalation may reduce operating margins and negatively affect profitability and cash generation. Logistical restraints Tshipi’s ability to transport, and therefore sell its ore may be constrained by logistical difficulties resulting from the location of the Tshipi mine and logistic provider operational issues. Tshipi depends on rail networks, road and ports in South Africa and Namibia. Tshipi is also in direct competition for access to logistics from other commodity exporters. Environmental regulations Tshipi operates within a comprehensive environmental regulatory framework and is required to maintain appropriate rehabilitation and mine closure provisions. Changes in environmental regulation, closure requirements, water management obligations or climate-related expectations may increase costs, impact operations and result in higher rehabilitation liabilities. Geopolitical risk Tshipi operates in South Africa and is exposed to changes in legislation, taxation, royalties, mining regulation, empowerment requirements, environmental obligations and foreign exchange controls. Political uncertainty, infrastructure challenges, civil unrest, labour disputes and broader socioeconomic factors may adversely affect business performance or project economics. JUPITER MINES | ANNUAL REPORT 2026 34
Page 35
Mineral Resources and Ore Reserves Statement Jupiter reports Mineral Resources and Ore Reserves in accordance with the 2012 edition of the Australasian Code for Reporting Exploration Results, Mineral Resources and Ore Reserves (the JORC Code) as required by Chapter 5 of the ASX Listing Rules. The Tshipi mine has a long mine life and a large manganese Mineral Resource reported in accordance with the JORC Code (2012). The following tables show the Mineral Resource and Ore Reserve estimates of the Tshipi mine reported in accordance with the JORC Code (2012) as at 30 June 2026, and a comparison to the previous year’s estimates. Mineral Resource Estimate Current Mineral Resource Statement as at 30 June 2026 Classification Zone Tonnes Mn (%) Fe (%) SG (t/m3) Thickness (m) Measured X 33,883,554 31.70 4.70 3.53 8.93 Y 16,852,321 20.65 5.56 3.26 5.33 Z 13,933,526 31.79 6.62 3.59 3.40 M 22,572,813 38.53 4.89 3.77 4.99 C 39,147,866 36.45 3.72 3.68 8.76 N 19,269,925 34.01 5.72 3.65 4.01 Supergene 1,077,628 37.41 4.21 3.47 11.20 Subtotal 146,737,633 33.10 4.88 3.59 46.63 Indicated X 16,740,339 30.42 4.91 3.49 9.69 Y 11,594,503 22.55 5.40 3.29 6.38 Z 6,367,683 31.52 5.91 3.58 3.48 M 10,342,955 37.44 4.83 3.73 4.83 C 15,949,785 36.59 3.78 3.68 7.60 N 7,389,539 34.10 5.81 3.66 3.60 Subtotal 68,384,804 32.09 4.91 3.56 35.59 Inferred X 44,773,459 31.08 5.25 3.53 8.28 Y 25,991,408 24.77 5.31 3.34 4.99 Z 16,301,976 31.48 5.75 3.59 2.82 M 43,791,992 35.14 4.99 3.68 6.23 C 42,091,881 36.36 3.83 3.68 6.90 N 21,004,738 34.75 5.51 3.66 3.17 Subtotal 193,955,454 32.73 4.96 3.59 32.39 Total Mineral Resource Grand Total 409,077,891 32.76 4.92 3.58 38.03 Reported in accordance with The JORC Code (2012). Competent Person: Coniace Madamombe. Mineral Resources are reported as inclusive of Ore Reserves. Mineral Resource grades and tonnages are reported in situ. Explicit (modelled) geological losses and an additional 5% geological loss have been accounted for in the tonnage estimates. The maximum depth of the Mineral Resource is 372m below surface. Rounding of figures may result in minor summation discrepancies. JUPITER MINES | ANNUAL REPORT 2026 35
Page 36
Mineral Resource Statement as at 30 June 2025 Classification Zone Tonnes Mn (%) Fe (%) SG (t/m3) Thickness (m) Measured X 25,985,712 31.34 4.77 3.53 8.62 Y 10,005,207 20.79 5.73 3.28 3.34 Z 11,909,110 31.77 6.65 3.59 3.54 M 18,839,494 38.41 4.90 3.76 5.20 C 32,304,120 36.31 3.87 3.68 9.03 N 16,012,619 34.28 5.55 3.65 4.17 Supergene 1,067,067 37.40 4.21 3.47 11.21 Subtotal 116,123,329 33.46 4.92 3.61 45.11 Indicated X 18,903,736 30.13 4.90 3.48 10.59 Y 11,367,695 21.38 4.97 3.25 6.85 Z 8,277,295 30.91 6.07 3.53 4.48 M 11,584,853 37.42 4.87 3.73 4.95 C 14,761,008 36.63 3.55 3.67 7.31 N 8,130,315 34.31 5.66 3.65 3.96 Subtotal 73,024,902 31.79 4.85 3.54 38.14 Inferred X 52,557,631 30.68 5.30 3.52 8.34 Y 33,391,036 24.48 5.23 3.33 5.48 Z 20,998,705 31.38 5.77 3.59 3.26 M 49,718,382 35.02 4.92 3.68 6.31 C 49,242,138 36.24 3.78 3.68 6.68 N 26,997,573 34.89 5.42 3.67 3.36 Subtotal 232,905,465 32.44 4.94 3.58 33.43 Total Mineral Resource Grand Total 422,053,696 32.61 4.92 3.58 37.46 Reported in accordance with The JORC Code (2012). Competent Person: Coniace Madamombe. Mineral Resources are reported as inclusive of Ore Reserves. Mineral Resource grades and tonnages are reported in situ. Explicit (modelled) geological losses and an additional 5% geological loss have been accounted for in the tonnage estimates. The maximum depth of the Mineral Resource is 372m below surface. Rounding of figures may result in minor summation discrepancies. JUPITER MINES | ANNUAL REPORT 2026 36
Page 37
Reconciliation between the 30 June 2026 and 30 June 2025 Mineral Resource Statements Classification Zone Tonnes Mn (%) Fe (%) SG (t/m3) Thickness (m) Measured X 7,897,842 0.36 -0.07 0.00 0.31 Y 6,847,114 -0.14 -0.18 -0.02 1.99 Z 2,024,415 0.02 -0.04 0.00 -0.14 M 3,733,319 0.12 -0.01 0.00 -0.21 C 6,843,746 0.15 -0.15 0.00 -0.27 N 3,257,306 -0.28 0.17 0.00 -0.16 Supergene 10,561 0.00 0.00 0.00 -0.01 Subtotal 30,614,303 -0.36 -0.04 -0.01 1.51 Indicated X -2,163,397 0.30 0.00 0.01 -0.90 Y 226,808 1.17 0.43 0.04 -0.47 Z -1,909,612 0.61 -0.16 0.05 -0.99 M -1,241,898 0.02 -0.04 0.01 -0.12 C 1,188,778 -0.04 0.23 0.01 0.29 N -740,776 -0.21 0.15 0.01 -0.36 Subtotal -4,640,097 0.30 0.06 0.02 -2.56 Inferred X -7,784,172 0.40 -0.04 0.01 -0.05 Y -7,399,628 0.29 0.09 0.01 -0.49 Z -4,696,729 0.10 -0.02 0.00 -0.44 M -5,926,390 0.12 0.06 0.00 -0.08 C -7,150,257 0.12 0.05 0.00 0.21 N -5,992,835 -0.14 0.08 -0.01 -0.19 Subtotal -38,950,011 0.28 0.02 0.01 -1.04 Total Mineral Resource Grand Total -12,975,805 0.14 0.00 0.00 0.56 A reconciliation of the Mineral Resource estimates as at 30 June 2026 and 30 June 2025 is provided above. Much of the infill drilling undertaken at Tshipi between 2024 and 2026 targeted areas previously classified as Indicated Mineral Resources. Consequently, the Measured Mineral Resource tonnage increased by approximately 30.6Mt, reflecting a 23% increase in area and a 3% increase in Mineral Resource thickness within this category. Limited infill drilling in adjacent areas previously classified as Inferred Mineral Resources enabled portions of these areas to be upgraded to Indicated Mineral Resources. Therefore, the Inferred Mineral Resource tonnage decreased by approximately 40.0Mt, reflecting a 17% reduction in area for this category and a 3% reduction in Mineral Resource thickness associated with the grade block model update. Despite the classification upgrades, the Indicated Mineral Resource tonnage decreased by approximately 4.6Mt on a net basis, primarily due to a 7% reduction in Mineral Resource thickness associated with the grade block model update. Overall, the total Mineral Resource tonnage decreased by approximately 13.0Mt, equivalent to 3% of the total Mineral Resource tonnage for the 30 June 2025 declaration. This reduction comprises approximately 5Mt of mining depletion across all zones of the Lower Manganese Orebody (LMO) and a further reduction of approximately 8Mt, equivalent to 2% of the total Mineral Resource tonnage, resulting from the grade block model update. There have been no material changes to the overall Mn and Fe grades or SG estimates since the 30 June 2025 declaration. The Competent Person notes that Tshipi is currently reviewing the geological and Mineral Resource modelling approach for the manganese layers at Tshipi. This is part of a broader review intended to support further optimisation of the extraction of the manganese mineralisation at Tshipi Borwa Mine, which may lead to a material change in the quantities reported as at 30 June 2026. JUPITER MINES | ANNUAL REPORT 2026 37
Page 38
Ore Reserve Estimate Ore Reserve Estimate as at 30 June 2026 Classification Zone Tonnes Mn (%) Fe (%) SG (t/m3) Proved Z 638,424 34.93 6.42 3.65 M 13,510,136 38.65 4.82 3.78 C 24,190,210 36.39 3.92 3.69 N 13,578,904 32.75 4.83 3.81 Supergene 363,156 37.26 4.20 3.48 Sub-total 52,280,830 36.02 4.42 3.74 Probable Z 245,453 34.90 6.14 3.57 M 5,962,056 38.20 4.75 3.75 C 8,415,737 36.54 3.61 3.68 N 4,193,527 33.83 5.91 3.66 Sub-total 18,816,773 36.44 4.52 3.70 Total Ore Reserve Grand Total 71,097,603 36.13 4.45 3.73 Reported in accordance with The JORC Code (2012). Competent Person: Edward Legg. Mining loss of 2%. Processing loss of 2%. Ore Reserve Estimate as at 30 June 2025 Classification Zone Tonnes Mn (%) Fe (%) SG (t/m3) Proved Z 637,985 34.26 6.58 3.64 M 14,444,258 38.63 4.82 3.78 C 26,103,895 36.24 3.94 3.69 N 13,063,814 32.95 5.27 3.51 Supergene 109,449 37.02 2.91 3.22 Subtotal 54,359,401 36.06 4.52 3.67 Probable Z 345,533 34.26 6.24 3.59 M 5,981,885 38.19 4.74 3.75 C 8,379,156 36.52 3.62 3.68 N 4,460,504 33.77 5.96 3.66 Subtotal 19,167,078 36.36 4.56 3.70 Total Ore Reserve Grand Total 73,526,479 36.14 4.53 3.68 Reported in accordance with The JORC Code (2012). Competent Person: Edward Legg. Mining loss of 2%. Processing loss of 2%. JUPITER MINES | ANNUAL REPORT 2026 38
Page 39
Reconciliation between the 30 June 2026 and 30 June 2025 Ore Reserve Estimates Classification Zone Tonnes Mn (%) Fe (%) SG (t/m3) Proved Z 440 0.67 -0.16 0.01 M -934,122 0.02 0.01 0.00 C -1,913,685 0.15 -0.02 0.01 N 515,090 -0.19 -0.44 0.30 Supergene 253,707 0.23 1.29 0.27 Sub-total -2,078,570 -0.05 -0.10 0.08 Probable Z -100,080 0.64 -0.10 -0.01 M -19,829 0.00 0.00 0.00 C 36,581 0.01 -0.01 -0.02 N -266,977 0.06 -0.05 0.02 Sub-total -350,305 0.08 -0.05 -0.54 Total Ore Reserve Grand Total -2,428,875 -0.03 -0.09 -0.01 A reconciliation of the estimates as at 30 June 2026 and 30 June 2025 is shown above. This indicates 3% (approximately 2.4Mt) year-on-year reduction in total Ore Reserve tonnage and insignificant changes in Mn and Fe grades for the M, C, N and Z Zone since the 30 June 2025 declaration. The reduction is due to mining depletion between 1 July 2025 and 30 June 2026 of 3.4Mt, partially offset by 1.0Mt of additional scheduled material incorporated through the 2026 Life of Mine Plan update. The Competent Person notes that Tshipi is also currently reviewing the mining approach for the LMO at Tshipi. The comprehensive review includes, inter alia, the mining contracting strategy, target product grade, LMO layer selection and ore blending, any of which may lead to a material change in the quantities reported as at 30 June 2026. Competent Persons The current Mineral Resource estimate has been prepared under the supervision of and signed off by Mr Coniace Madamombe (MSc, BSc. Hons, Geology, FGSSA.CS, Pr.Sci.Nat, MBA) who is a Director and Principal Geologist of The Mineral Corporation. The current Ore Reserve estimate has been prepared under the supervision of and signed off by Mr Edward Legg (BSc., Eng. (Mining), MBA, Pr. Eng.), who is a Principal Mining Engineer and an associate of The Mineral Corporation. Both Competent Persons have considerable experience in manganese Mineral Resource and Ore Reserve estimation and reporting and in the techno-economic assessment of manganese producing operations in the Kalahari Manganese Field. Neither the Competent Persons nor The Mineral Corporation have any material interest in either Jupiter or Tshipi which would compromise their independent status with regards to the Mineral Resource and Ore Reserve reporting for Tshipi. Mr Madamombe and Mr Legg consent to the inclusion in this report of the statements based on their information as provided in the signed-off Mineral Resource and Ore Reserve estimates dated 30 June 2026, in the form and context in which they appear. Summary of Governance Arrangements and Internal Controls Mineral Resource and Ore Reserves are estimated by suitably qualified Jupiter or Tshipi personnel or external consultants in accordance with the requirements of The JORC Code (2012), industry standard techniques and internal guidelines for the estimation and reporting of Ore Reserves and Mineral Resources. All Mineral Resource estimates and supporting documentation are prepared and reviewed by a suitably qualified external Competent Person. All Ore Reserves estimates supporting documentation are prepared and reviewed by a suitably qualified external Competent Person. All Ore Reserve estimates are prepared in conjunction with life of mine updates and Company budgets which consider all material factors. The Mineral Resources and Ore Reserves Statement included in the Annual Report is reviewed by suitably qualified external Competent Persons prior to its inclusion. JUPITER MINES | ANNUAL REPORT 2026 39
Page 40
ESG Report JUPITER MINES | ESG REPORT 2026 40
Page 41
Contents Overview 42 About this Report 42 FY26 ESG Highlights 43 From Tshipi’s Head of Corporate Affairs and People 44 Tshipi’s Role in Sustainable Value Creation 45 Positioning for the Future Manganese Value Chain 45 Our Approach to ESG 46 Reporting Approach 46 Priorities and Progress 50 ESG Governance 53 Our Focus Areas 54 Health, Safety, and Wellbeing 54 Community Empowerment 61 Emissions Management 65 Energy Efficiency 72 Workforce and Management Diversity 78 Value Generation 80 Appendices 82 Glossary 82 Tshipi ESG Data 83 Content Index 84 JUPITER MINES | ESG REPORT 2026 41
Page 42
Disclaimer For information purposes only. The information in this report 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 report was prepared as of its date and remains subject to change without notice. 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 report. 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 report 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 report 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 report. No person is under any obligation to update this report. This report may contain forward looking statements that are based on management’s current expectations and beliefs and are subject to a number of 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 report include statements about future performance, 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 report. 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. About this Report This is Jupiter’s fourth voluntary ESG Report. It has been renamed from the Sustainability Report to distinguish it from sustainability reports prepared under the Australian Accounting Standards Board Standard 2: Climate-related Disclosures (AASB S2) reporting framework. Jupiter is not currently required to report under AASB S2, as it has not yet met the applicable reporting thresholds. Disclosures provided within this report cover the operations and activities of both Jupiter and its core asset in Tshipi. Unless otherwise stated, the data provided relates to Tshipi and its contribution to sustainable development. References in this Sustainability Report to a “year” or “FY26” refer to the financial year ended 30 June 2026, unless otherwise stated. As a South African domiciled entity, Tshipi is required to report to various South African government departments on the Mining Charter, Social and Labour Plan (SLP), and Broad- Based Black Economic Empowerment (B-BBEE), on a calendar year basis (1 January – 31 December). For FY26, Tshipi has aligned its reporting data to the financial year to improve consistency across disclosures, while including CY23 and CY24 data where relevant to support completeness, comparability and transparency. All monetary values are presented in Australian dollars (A$) unless otherwise stated. Conversions from South African Rand (ZAR) are based on the average FY26 exchange rate of 1 AUD = ZAR 11.45, as published by Oanda, consistent with the approach used by Jupiter in its financial reporting. For further information on Jupiter’s operations and performance, this ESG Report can be read in conjunction with the Annual Report. References throughout this Report to ‘Jupiter’, ‘Jupiter Mines’, ‘the Company’, ‘we’, ‘us’ and ‘our’ refer to Jupiter Mines Limited. Overview JUPITER MINES | ESG REPORT 2026 42
Page 43
FY26 ESG Highlights In Scope 1 and 2 greenhouse gas emissions across Tshipi’s operations reduction 7 % residential (3rd consecutive year) and non-residential (2nd consective year) dust exceedances 0 Lost-time Injury Frequency Rate 0.12Down from 0.25 in FY25 bursaries, internships and learnerships provided 66 (up from 39 from the previous year) Total Recordable Injury Frequency Rate 0.37Down from 0.38 in FY25 JUPITER MINES | ESG REPORT 2026 43
Page 44
Supporting transformation and communities Tshipi’s attainment of a Level 1 B-BBEE rating during the year reflects the company’s continued commitment to transformation, inclusive growth and meaningful economic participation in South Africa. Community investment increased to approximately A$1.87 million, with a strong focus on infrastructure that improves everyday quality of life and supports economic participation. This included road infrastructure projects that enhance village connectivity and enable local economic activity, the provision of household ablution facilities to promote dignity and healthy living, and investments in clean, safe water infrastructure. Together with ongoing investment in learnerships, internships, bursaries and enterprise development programmes, these initiatives demonstrate the value Tshipi creates beyond the mine and its commitment to building resilient and thriving communities. Strengthening safety and wellbeing The health, safety and wellbeing of our people remain fundamental to how we operate. During FY26, Tshipi recorded two lost-time injuries, a 50 per cent reduction from FY25. The Lost-Time Injury Frequency Rate decreased from 0.25 to 0.12, while the Total Recordable Injury Frequency Rate improved from 0.38 to 0.37. While these measures improved, every incident reinforces the importance of maintaining our focus on preventing harm and improving safety performance. During the year, we introduced our Life-Saving Behaviours program, supported by targeted safety campaigns and risk management training across the workforce, with a focus on fatal and high-potential risks, critical controls and accountability at every level of the operation. We also continued to support employee wellbeing through onsite healthcare, mental health support and preventative wellness programs. Improving environmental performance Responsible environmental management remains an important part of how Tshipi operates and plans for the long term. During FY26, we continued to strengthen our management of emissions, water and biodiversity, with combined Scope 1 and Scope 2 greenhouse gas emissions decreasing by 7 per cent and no dust fallout exceedances recorded across non-residential and residential monitoring locations for the second and third consecutive year, respectively. The declaration of the 1,827-hectare Tshimo é Ntle Nature Reserve was another important milestone, establishing a long-term biodiversity offset to protect native vegetation, habitats and species beyond the mine’s operational footprint. Looking ahead Our priorities for FY27 remain focused on the areas that matter most to our people, communities and long-term operations. We will continue to strengthen critical risk controls and verification processes and build leadership capability across the business, while also commencing the next five-year Social and Labour Plan review, progressing the new Employment Equity Plan and introducing more structured support for small, medium and micro enterprises. The progress made during FY26 reflects the contribution of our employees, contractors, business partners, communities and other stakeholders, and I thank them for their continued contribution and engagement. I would also like to acknowledge Jupiter Mines and Exxaro Resources for their ongoing support as Tshipi’s shareholders and partners, and for their shared commitment to the long-term success of the operation. As we look ahead, our focus remains on operating responsibly, supporting our people and communities, improving performance and ensuring Tshipi continues to create lasting value. Mpho Sadiki Head of Corporate Affairs and People From Tshipi’s Head of Corporate Affairs and People FY26 was another year of progress for Tshipi, with strong operational performance supported by continued investment in our people, communities, safety and environmental management. JUPITER MINES | ESG REPORT 2026 44
Page 45
Tshipi’s Role in Sustainable Value Creation Tshipi traces its history back to 2004, when Ntsimbintle Mining secured prospecting rights over manganese deposits in South Africa. These rights were transferred to Tshipi é Ntle Manganese Mining Proprietary Limited in 2007, with Jupiter acquiring its 49.9 per cent interest in March 2010. Following approval of the mining rights transfer and a 20-month construction and commissioning period, Tshipi exported its first manganese ore in December 2012. Since commencing operations, Tshipi has delivered consistent operational and financial performance, supporting long-term value creation for shareholders and contributing to employment, local procurement, community investment and broader economic participation across the Northern Cape. In March 2026, South African mining company Exxaro completed an acquisition of various manganese mining investments, including a 50.1 per cent interest in Tshipi and a 19.99 per cent shareholding in Jupiter Mines. Jupiter retained its 49.9 per cent interest in Tshipi and continues to hold joint operational control of the mine, which is located in the Kalahari Manganese Field. Jupiter’s existing shareholder arrangements and pro-rata marketing rights agreements for Tshipi remain unchanged, as do Tshipi’s sustainability governance structures, ESG reporting lines and the commitments outlined in this report. Figure 2: Tshipi’s EBITDA earnings in A$ from FY20 FY21FY20 FY22 FY25 FY26FY23 FY24 $120 million $314 million $206 million $139 million $133 million $115 million $266 million EBITDA earnings in A$ Positioning for the Future Manganese Value Chain Jupiter is assessing the potential to produce HPMSM, a refined product used in certain EV battery chemistries, from lower-grade ore and stockpiles at the Tshipi manganese mine. The opportunity could extend Jupiter’s participation beyond its established role in supplying manganese to the global steel industry. Since launching its battery materials strategy in 2023, Jupiter has progressively developed the technical basis for a potential HPMSM project. A 2024 scoping study confirmed laboratory-scale production of battery-grade manganese could be achieved from Tshipi’s lower- grade semi-carbonate ores using a hydro-metallurgical extraction processes. Subsequent pilot plant work validated key elements of the proposed processing flowsheet on a semi-continuous basis to replicate a commercial plant extraction process. During FY26, Jupiter focused on refining the flowsheet, validating product quality and engaging with prospective customers. While longer- term demand for battery-grade manganese is expected to grow, the timing and scale of the market remain uncertain. Jupiter will therefore continue to progress the opportunity in stages, maintaining technical readiness without committing significant capital ahead of clearer demand, pricing and customer support. Further information on Jupiter’s HPMSM strategy and technical studies is available in the front section of this Annual Report on page 24. JUPITER MINES | ESG REPORT 2026 45
Page 46
Reporting Approach Jupiter’s approach to ESG is embedded in the way it conducts its activities, manages business relationships and oversees its operations. Sustainability has been integral to the Company since its establishment and continues to inform decision-making focused on long-term value creation, responsible investment and positive stakeholder outcomes. At Tshipi, ESG is embedded in the business through its B-BBEE origins and long-standing focus on environmental management, community development and responsible operations. Measurement, reporting and engagement with local communities are well established and form part of day-to-day business practices. Jupiter builds on this strong sustainability foundation through its ESG vision and strategic reporting framework, supporting clear oversight, accountability and transparency in relation to its investment in Tshipi. ESG Focus Areas Jupiter’s ESG focus areas are informed by the sustainability topics considered most relevant to the Company’s strategy, performance and sustainable value creation. These material topics reflect the areas where effective management is important to supporting Jupiter’s and Tshipi’s abilities to deliver on its targets, commitments and stakeholder expectations. The Company’s approach is guided by Global Reporting Initiative (GRI) 3 Material Topics 2021, which recognises the importance of stakeholder engagement in determining material topics. Jupiter applies a double materiality lens, considering both how the Company and its business relationships affect the environment, economy and society, and how external factors may influence Jupiter’s enterprise value. Jupiter remains committed to ensuring its material topics reflect its evolving business context and stakeholder expectations. In FY27, the Company intends to refresh its materiality assessment to validate that its ESG focus areas remain current, relevant and aligned with stakeholder priorities. As part of this process, Jupiter will consider GRI 14: Mining Sector 2024, which came into effect on 1 January 2026, and assess how its sector-specific disclosures and metrics can be incorporated into Jupiter’s ESG reporting. Our Approach to ESG Broad-Based Black Economic Empowerment (B-BBEE) B-BBEE aligns closely with ESG principles and is underpinned in South Africa by the Broad-Based Black Economic Empowerment Act (the Act). The Act is designed to support economic transformation and increase the participation of black people and other previously disadvantaged groups in the South African economy. It provides a formal framework for measuring performance across key areas including ownership, management control, skills development, enterprise and supplier development and socio-economic development. B-BBEE performance is an important indicator of how a company contributes to South Africa’s transformation agenda. It also supports access to government-related business opportunities and strengthens alignment with stakeholder expectations. Tshipi has continued to demonstrate strong ESG performance through its B-BBEE outcomes. In October 2025, Tshipi achieved a Level 1 B-BBEE rating (Figure 3) becoming the second miner in the Kalahari Manganese Field region to have obtained this level1. This reflects the effectiveness of its B-BBEE strategy and the focused efforts of the Tshipi team in implementing targeted actions across the business. This outcome demonstrates Tshipi’s continued progress in supporting transformation and delivering positive social and economic outcomes for its communities and stakeholders. 1 Tshipi attains industry-leading B-BBEE Level 1 status https://www.jupitermines.com/news/esg/tshipi-attains-industry-leading- b-bbee-level-1-status JUPITER MINES | ESG REPORT 2026 46
Page 47
B-BBEE Level 5 B-BBEE Level 4 B-BBEE Level 3 The five empowerment pillars of the B-BBEE scorecard and Tshipi’s CY25 performance against each pillar. Figure 3: Tshipi’s B-BBEE score from CY25 out of a possible 120 points against points required for Level 1. CY21CY20 CY22 CY25CY23 CY24 94.12 76.65 81.78 84.25 100.06 80.1 A minimum of 25% owned by Historically Disadvantaged Persons (HDP) OWNERSHIP 25 / 25 B-BBEE Level 1 Investment in the development of skills and competencies of employees and the community SKILLS DEVELOPMENT 17.42 / 20 (+5 BONUS POINTS) 12 / 19A diverse management team that is representative of the communities in which they operate MANAGEMENT CONTROL 5 / 5Contribution to communities in line with local government priorities SOCIO-ECONOMIC DEVELOPMENT Engagement of empowered suppliers and contractors including Small, Medium, Micro Enterprises (SMMEs) ENTERPRISE AND SUPPLIER DEVELOPMENT 40.64 / 40 (+6 BONUS POINTS) TOTAL POINTS 100.06 / 120 JUPITER MINES | ESG REPORT 2026 47
Page 48
Social and Labour Plan (SLP) A SLP is a statutory requirement for mining companies in South Africa and forms part of the conditions attached to holding mining rights. It sets out the commitments a mining company makes to its employees and host communities, with defined actions, timeframes and delivery requirements. Tshipi is currently implementing its fourth SLP (SLP4), covering the CY2024 to CY2028 period. As a five-year plan, its core focus areas remain consistent throughout the cycle and provide a structured basis for investment in host communities priorities, including health, education, infrastructure and youth training. The SLP also supports local economic development through alignment with municipal priorities, skills development and supplier development initiatives. These activities contribute to broader ESG outcomes by strengthening local capability, supporting responsible procurement, promoting fair employment practices and reinforcing labour standards across Tshipi’s operations and supply chains. The key focus areas of Tshipi’s SLP4 include: – Human Resources Development Program – Employment Equity Plan (EE Plan) – Local Economic Development Program – Housing and Living Conditions Plan – Procurement, Enterprise and Supplier Development – Program for Managing Downscaling and Retrenchment Further information on Tshipi’s SLP 4 is available on Tshipi’s website. JUPITER MINES | ESG REPORT 2026 48
Page 49
The UNGC provides a globally recognised framework for responsible business conduct, structured around 10 principles across human rights, labour, the environment and anti-corruption. Jupiter became a participant in 2024 and has now submitted its second Communication on Progress (CoP). Participation in the UNGC supports Jupiter’s ongoing focus on continuous improvement and provides a practical framework to guide the Company’s approach to responsible and sustainable business practices over time. More information on Jupiter’s CoP can be found here1. United Nations Global Compact (UNGC) 1 Website link: https://unglobalcompact.org/what-is-gc/participants/161384-Jupiter- Mines-Limited JUPITER MINES | ESG REPORT 2026 49
Page 50
Table 4: Jupiter’s and Tshipi’s FY26 progress update and FY27 strategic actions. Sustainability Priority Jupiter’s Commitment FY26 Progress Update FY27 Strategic Actions Health, Safety, and Wellbeing Health, safety, and wellbeing are paramount. We are committed to supporting Tshipi with its wellness strategies, enhancing employee capabilities, and shifting towards proactive health initiatives. – Tshipi: Maintained the #YouMatter and ChipAway campaigns following strong employee engagement and positive wellbeing outcomes. – Tshipi: Continued to reinforce employee safety awareness and proactive intervention through behaviour-based safety initiatives. – Tshipi: Launched Life-Saving Behaviours to strengthen critical risk controls, supervisory accountability and safe work practices. – Jupiter: Jupiter Board members appointed to Tshipi’s Social and Ethics Committee. – Jupiter: Established Jupiter’s Sustainability, Safety and Operations Committee as a committee of the Board. – Tshipi: Standardise baseline risks and critical controls, implement critical control verification, strengthen leadership capability and maintain zero Level 4 and 5 environmental incidents. – Tshipi: Achieve at least 90% completion of mandatory safety, statutory and technical training actions in the approved Workplace Skills Plan. Community Empowerment We are dedicated to community empowerment, focusing on Tshipi’s B-BBEE program, the SLP, and the Tshipi Mining Charter Program. We aim for excellence in these initiatives to better serve and uplift our communities. – Tshipi: Improved its B-BBEE rating to Level 1. – Tshipi: awarded 66 bursaries, learnerships and internships. – Tshipi: Maintained a Mining Charter Level 2 rating. – Tshipi: Initiate the 5-year cyclical SLP review and multi-stakeholder consultation. – Tshipi: Introduce structured demand-led SMMEs development and fast-tracked early payment terms. – Tshipi: Standardise formal SMME development incubators framework. Management and Workforce Diversity We believe in the importance of diversity on the board, in management, and in the workforce. This will be achieved through Tshipi’s Employment Equity Policy, board skill enhancement, and Women in Mining Program. We are working towards an even more diverse and inclusive environment. – Tshipi: Board composition changed following the Exxaro transaction, with no change to female representation at Board level. – Tshipi: Increased female workforce participation with a female-to-male ratio of 1:1.81. – Tshipi: Increased overall workforce, with 95% Black employees and 34% Black women representation. – Tshipi: Obtain approval for Year 1 EE Plan actions and maintain compliance reporting, forum governance and recruitment alignment. Priorities and Progress Jupiter and Tshipi are proud to outline the progress made against the FY26 Strategic Actions shown below, reflecting the work undertaken across their material ESG focus areas during the reporting period. To build on this progress, Jupiter and Tshipi have also set FY27 Strategic Actions to guide continued improvement and support the ongoing development of their sustainability approach across the areas most relevant to the business, operations and stakeholders (Table 4). JUPITER MINES | ESG REPORT 2026 50
Page 51
Sustainability Priority Jupiter’s Commitment FY26 Progress Update FY27 Strategic Actions Emissions Management We are committed to working with Tshipi on emissions control, progressing in dust monitoring, greenhouse gas management, and clean water initiatives. We also value our partnerships and accreditations in responsible mining. – Tshipi: Achieved no dust fallout exceedances across residential and non-residential monitoring locations. – Tshipi: Tshipi’s Scope 1 and 2 emissions have been calculated. – Tshipi: Measurement of Scope 3 emissions will be reconsidered. – Tshipi: Revisit timing of solar project execution. Energy Efficiency We aim to be leaders in energy efficiency. With innovations like solar project at Tshipi, improved conveyors, fleet management, and transport strategies, we strive for continuous improvement across the Company in energy efficiency. – Tshipi: Completed studies, assessments and design activities for the Northern Waste Rock Dump extension which will reduce average haul distance leading to reduction in diesel consumption. – Tshipi: Completed six truck fleet change-outs which allows for increased load-out stockpile capacity, reduced rehandling, fewer vehicle movements and lower diesel consumption. – Tshipi: Drive efficiency with implementation of Phase A of the connecting conveyor project. – Tshipi: Construction of a fence around the Tshimo nature reserve, to provide protection for the native flora and fauna. Value Generation Value generation remains central to our mission. We are refining supplier partnerships, managing risks, and strengthening our investment approaches. As we look forward, we are emphasising stakeholder relationships, refining our processes, planning sustainably, and investing in forward-thinking initiatives like EV batteries. – Tshipi: Achieved stable production volumes while maintaining consistent dividend payments. – Jupiter: Continued to monitor EV battery market developments and progress the HPMSM opportunity through flowsheet refinement, product validation and battery industry engagement. – Jupiter: Key efficiency initiatives under Jupiter’s five-year strategy progressed, with Jupiter Directors actively contributing to Tshipi’s efforts to reduce product rehandling. – Tshipi and Jupiter: Collaborated to optimise mine planning, ore extraction, rehandling and logistics, supported by stronger contractor relationships, to maximise value from each tonne of ore extracted. – Jupiter: Applied its broad industry experience to provide Tshipi with objective input and feedback on industry best practices. JUPITER MINES | ESG REPORT 2026 51
Page 52
JUPITER MINES | ESG REPORT 2026 52
Page 53
ESG Governance Jupiter continued to maintain oversight of ESG matters through its Board and executive governance structures in FY26, with a focus on ensuring sustainability risks, performance and disclosures remained subject to appropriate review and accountability. Jupiter’s governance approach operates alongside Tshipi’s established ESG oversight framework. At Tshipi, sustainability matters are managed through defined operational, executive and Board-level reporting lines, with clear accountability for ESG performance across the business. Sustainability governance is underpinned by a commitment to transparency, accountability and ethical conduct. This joint governance approach remains an important strength, supporting accountability and performance across both Jupiter and Tshipi. In FY26, Jupiter established the Sustainability, Safety and Operations Committee (SSOCo), a new Board committee responsible for providing oversight, guidance and accountability across three critical areas: – Sustainability: Overseeing ESG strategies, performance, and disclosures to ensure long-term value creation and alignment with stakeholder expectations; – Safety: Monitoring and promoting workplace health, safety, and risk management programs to safeguard employees, contractors, and communities; – Operations: Reviewing operational performance, resiliency, and continuous improvement initiatives that support Jupiter’s’ strategic objectives. ESG principles are embedded within Tshipi’s operational and corporate activities, supported by a well-defined reporting and accountability structure. Responsibilities are clearly assigned at management, executive and Board levels, with Tshipi’s Social and Ethics Committee providing delegated oversight on behalf of the Tshipi Board (Table 5: Board-level committees between Jupiter’s and Tshipi’s Boards.). Table 5: Board-level committees between Jupiter’s and Tshipi’s Boards. Board Jupiter’s Board Tshipi’s Board Board Committee – Audit and Risk Committee – Remuneration and Nomination Committee – SSOCo – Audit and Risk Committee • Jupiter Membership: ° Melissa North ° Sally Langer (Invitee) – Remuneration and Nomination Committee • Jupiter Membership: ° Scott Winter – Social and Ethics Committee • Jupiter Membership: ° Brad Rogers ° Melissa North (Invitee) Executive Committee Executive Leadership Team Executive Committee – Investment Committee – Contracts Committee Jupiter’s Board takes an active role on sustainability matters at Tshipi and oversees all Jupiter-led ESG reporting strategy and disclosures. The Tshipi Board composition established in prior years continues to support this oversight. JUPITER MINES | ESG REPORT 2026 53
Page 54
Our Focus Areas Zero Harm A strong commitment to Zero Harm remains central to Tshipi’s operations and underpins its licence to operate. With mineral resources supporting a potential 100-year mine life, maintaining strong health and safety performance is a key business priority. Employees and business partners receive the same level of safety training, helping promote consistent standards and behaviours across the site in support of Zero Harm. In FY26, Tshipi recorded two LTIs, representing a 50 per cent reduction from the four LTIs recorded in FY25. The LTIFR decreased from 0.25 to 0.12, while the TRIFR improved from 0.38 to 0.37 (Table 6). This improvement reflects Tshipi’s increased focus on strengthening critical risk controls, improving frontline hazard awareness and embedding safe behaviours across the workforce. A key initiative supporting this progress was the launch of Tshipi’s Life-Saving Behaviours. The initiative translates Tshipi’s Zero Harm commitment into clear and consistent expectations for managing fatal and high-potential risks. It defines the essential “do’s and don’ts” for high-risk activities and help employees and business partners understand the critical controls required to protect themselves and their colleagues. Further information on Tshipi’s Life-Saving Behaviours program is provided in Case Study: Strengthening Critical Management Through Life-Saving Behaviours. Health, Safety, and Wellbeing Health, safety, and wellbeing are paramount with a continued focus on wellness strategies, enhancing employee capabilities and shifting proactive health initiatives. Table 6: Tshipi’s Health and Safety performance in FY26. Reporting Year Number of Lost- Time Incidents1 LTIFR2 TRIFR FY22 0 0 0.58 FY23 0 0 0.20 FY24 4 0.25 0.35 FY25 4 0.25 0.38 FY26 2 0.12 0.37 In FY26, Tshipi also undertook a detailed review of High Potential Incidents (HPIs) to better understand key risk themes and identify opportunities to strengthen preventative controls. During the full reporting year, 22 HPIs were recorded. The review conducted in the first half of the year identified vehicle and mobile equipment interactions as the most common contributing category, accounting for seven incidents. Other incidents related to fire events, uncontrolled energy release, rail operations and falling objects. These findings were used to inform targeted risk management actions and reinforce controls across higher-risk activities. To further support its Zero Harm commitment, Tshipi implemented an Easter Safety Program in April 2026. The program was introduced during the Easter holiday period, when increased leave, changes in workforce availability and disruptions to supervision and work routines can result in additional safety risks. Tshipi’s incident trend data indicates that a higher number of incidents have historically occurred during holiday periods compared with other periods. In response, Tshipi increased safety awareness and leadership focus in the lead-up to these times. The Easter Safety Program focused on strengthening leadership oversight, effective supervision, succession planning and competent acting legal appointments. It also reinforced employee awareness of Priority Unwanted Events (PUEs) and critical risk controls. 1 Reported LTIs include incidents involving both employees and contractors. 2 LTIFR and TRIFR are calculated per 200,000 hours worked, consistent with South African mining industry practice. JUPITER MINES | ESG REPORT 2026 54
Page 55
A strong commitment to Zero Harm remains central to Tshipi’s operations and underpins its licence to operate. I will work safely and I will help others to work safely. Caring and Unity I will actively participate in the mine’s safety systems. Teamwork I will do proper risk assessments, follow procedures and instructions and never take shortcuts. Zero Shortcuts I will stop, correct and report unsafe conditions and behaviours, always! Reporting I will respect the hazards associated with my job and my workplace. Respect Tshipi also continued to build operational risk management capability during FY26 through the rollout of risk management training across the mine. The initial risk awareness training was delivered across all levels of the organisation, with approximately 800 employees participating and a 70 per cent completion rate achieved during the reporting period. The rollout will continue in FY27, supporting Tshipi’s focus on applying incident learnings to strengthen controls, improve risk awareness and build organisational resilience. Tshipi’s risk management training framework comprises four levels, designed to build capability progressively across the organisation: – Risk Management Level 1: basic awareness and understanding of risk management principles for employees, supervisors or team members. – Risk Management Level 2: builds on basic risk awareness and focuses on developing the skills needed to actively participate in risk assessment and risk control activities. – Risk Management Level 3: develop advanced competency in leading, coordinating, and overseeing risk management processes across projects, departments or an organisation – Risk Management Level 4: develop strategic risk leadership capabilities, enabling senior managers and executives to establish, govern and optimise an organisation’s risk management framework to support long-term business objectives and sustainability. Tshipi is currently implementing the Mine Operational Risk Management Framework Program to strengthen risk management capability across the workforce. The program is designed to train employees working at the mine on Tshipi’s risk management process, including how to conduct workplace risk assessments, job safety analyses and planned task observations. Tshipi’s Health and Safety Values JUPITER MINES | ESG REPORT 2026 55
Page 56
– UNSDG 3: Good Health and Well-being Promoting a safe and healthy workplace by preventing fatalities, reducing exposure to high-risk activities and protecting employee wellbeing. – UNSDG 8: Decent Work and Economic Growth Supporting safe, productive and sustainable employment through effective occupational health and safety practices. – UNSDG 12: Responsible Consumption and Production Promoting responsible operational practices through effective risk management and control of hazardous activities. Key United Nations Sustainability Development Goals (UNSDGs): Context Tshipi recognises that working towards achieving Zero Harm requires a proactive approach to identifying, managing and eliminating fatal risks. Through its risk management framework, Tshipi developed a set of Life-Saving Behaviours designed to provide employees and business partners with clear expectations for managing critical risks and PUEs. Strengthening Critical Risk Management Through Life-Saving Behaviours Case Study Tshipi’s eight Life-Saving Behaviours are: 7 Safe Work Execution and Competency 8 Fitness for Work 6 Explosive Control 4 Working at Height 5 Lifting Operations 3 Fall of Ground 2 Operating Mobile Equipment 1 Identify, Isolate and Lockout JUPITER MINES | ESG REPORT 2026 56
Page 57
Approach Tshipi’s Life-Saving Behaviours program was developed through a structured risk management process to strengthen the identification, understanding and control of fatal risks across the operation. The program involved a reassessment of baseline risks, identification of three fatal risks and PUEs, and the development of bow-tie risk assessments and critical control requirements to support consistent risk management. To embed these Life-Saving Behaviours across the workforce, Tshipi implemented a comprehensive awareness and training program focused on building employee and business partner understanding of critical risks and the controls required to prevent serious incidents. Approximately 800 employees participated in the initial risk awareness training, with a further rollout continuing during FY27. Level 3 and Level 4 employees have been prioritised in the next phase of implementation, with approximately 50 per cent of Tshipi’s 1,300 permanent employees trained to date. The program is supported through ongoing communication and reinforcement initiatives, including workplace awareness material, safety discussions and the Adopt-a-Supervisor program. This coaching initiative supports supervisors in applying safety expectations consistently, strengthening frontline leadership and ensuring critical controls remain embedded in daily work practices. To bring the Life-Saving Behaviours to life, Tshipi implemented practical safety campaigns focused on high-risk activities, including Isolation and Lockout and Explosives Control. These campaigns used realistic scenarios and employee engagement activities to demonstrate the consequences of failing to apply critical controls. JUPITER MINES | ESG REPORT 2026 57
Page 58
The Isolation and Lockout campaign highlighted the importance of correctly isolating equipment, applying lockout procedures and ensuring appropriate work authorisation before commencing maintenance activities. Through a safety theatre demonstration, employees were shown the potential life-changing consequences of bypassing isolation requirements, reinforcing that these controls are non-negotiable. The Explosives Control campaign focused on the risks associated with explosives handling and lifting operations. A simulated uncontrolled detonation scenario demonstrated the importance of following approved procedures, verifying equipment conditions and avoiding shortcuts during high-risk activities. The demonstration also incorporated emergency response elements, including the use of the site fire response capability, to reinforce preparedness and coordinated incident management. Both campaigns were delivered through a collaborative approach involving Safety, Health and Environment (SHE) representatives, safety officers, blasting contractors, operational leadership and business partners. This multidisciplinary involvement strengthened engagement, encouraged open communication and reinforced shared accountability for achieving Zero Harm. JUPITER MINES | ESG REPORT 2026 58
Page 59
Through practical learning interventions, leadership engagement and realistic safety demonstrations, Tshipi continues to embed Life-Saving Behaviours as a fundamental part of its Zero Harm journey. The program reinforces that every employee has a role in identifying risks, applying critical controls and ensuring everyone returns home safely every day. Key outcomes include: Improved understanding of fatal risks and PUEs across the workforce Increased visibility and application of critical safety controls in daily operations 800 employees trained Approximately through the initial risk awareness program Strengthened collaboration between employees, contractors, SHE representatives and leadership teams 50% of permanent employees trained Approximately through the FY26 training rollout Enhanced communication channels between supervisors, managers and frontline employees Outcomes The Life-Saving Behaviours program has strengthened Tshipi’s safety culture by improving awareness of fatal risks, reinforcing critical controls and encouraging employees to take personal responsibility for safe work practices. JUPITER MINES | ESG REPORT 2026 59
Page 60
Preventive Wellness Tshipi recognises that employee wellbeing is an important part of maintaining a safe, healthy and resilient workforce. Its approach extends beyond occupational health and safety, with a focus on supporting physical health, mental wellbeing and preventative care through accessible health services and targeted wellness initiatives. Employees and business partners have access to Tshipi’s on-site Primary Health Care Clinic, which provides a range of healthcare services and support from qualified professionals, including a wellness counsellor and dietician. The clinic supports preventative healthcare, early intervention and the ongoing management of chronic health conditions. Mental health remains a key component of Tshipi’s wellbeing strategy. During FY26, support was strengthened through access to a full-time counsellor on-site one day per week. While telehealth appointments were previously available, Tshipi found that in-person support was more effective and more frequently used by employees and business partners. This improved accessibility, encouraged greater engagement and provided more practical support for mental wellbeing across the workforce. Tshipi’s #YouMatter Campaign was retained in FY26 as an annual mental health awareness program, following the strong outcomes from the previous year. The program, together with mental health screening tools, continues to improve awareness, support early identification and connect employees with appropriate support where required. Tshipi continued to expand its wellness program during the year which supported a broader workplace focus on health, fitness and mental wellbeing. The enhanced program introduced comprehensive health investigations, including laboratory blood testing, to help identify emerging health risks such as chronic kidney disease, cardiovascular disease and glaucoma. Tshipi’s Chip Away wellness program ran for the second year in FY26. Chip Away continues to support employees in reducing their risk of metabolic disease through lifestyle interventions, health education and ongoing wellbeing engagement. Health surveillance and wellness initiatives continued to be strengthened in FY26, with a focus on early detection, ongoing monitoring and timely intervention for both acute and chronic health conditions. Key activities included hearing assessments, spirometry testing and drug screening, with substance abuse continuing to be monitored as a critical workplace risk. Tshipi also provided targeted support for employees managing chronic conditions, including 134 employees with hypertension and 51 employees with diabetes. Preventative screening remained an important part of Tshipi’s approach to workforce health. During the year, 496 employees were screened for tuberculosis, with 23 individuals identified for treatment and ongoing clinical management. Cancer awareness campaigns also supported early detection, resulting in 10 employees being referred for specialist assessment and treatment. Together, these initiatives support Tshipi’s focus on proactive healthcare, early intervention and improved long-term health outcomes for employees. JUPITER MINES | ESG REPORT 2026 60
Page 61
Community Empowerment Jupiter is dedicated to supporting community empowerment through Tshipi’s B-BBEE program, SLP, and the Mining Charter Program to better service and uplift communities. FY26 marked a significant milestone in Tshipi’s B-BBEE performance, with the business achieving a Level 1 rating by building on the initiatives and systems established in previous years. Tshipi’s approach is guided by its obligations under South Africa’s B-BBEE framework, SLP requirements and the Mining Charter. These requirements are considered as part of an integrated approach to investment, procurement, employment and community initiatives, supporting both compliance and practical social and economic outcomes. This approach is reflected in Tshipi’s continued focus on developing local capability. During the year, progress in socio-economic development and skills development pillars supported the uplift from a Level 3 to Level 1 B-BBEE rating, demonstrating stronger participation by local suppliers and continued investment in broader economic inclusion. Achieving a Level 1 rating also supports Tshipi’s broader operating context. It strengthens alignment with South Africa’s transformation objectives, supports relationships with communities and stakeholders, and can provide commercial benefits such as improved access to rail haulage capacity, a stronger local talent pipeline, reduced industrial relations risk and access to goods and services from local SMMEs. The FY26 outcome reflects the cumulative impact of work undertaken over several years and reinforces Tshipi’s commitment to using transformation as a platform for sustainable shared value. Skills Development and Talent Pipeline Investing in employee skills and capability is essential to maintaining a productive and sustainable mining operation. Tshipi supports workforce development through targeted training, competency programs and leadership development initiatives that strengthen technical capability, promote career progression and support operational resilience. This commitment extends to the development of future mining skills through learnerships, apprenticeships, internships, bursaries and community skills development programs. During the 2025 calendar year, Tshipi invested ZAR 3,144,849 (A$274,659) in learning programs for HDP. This contributed to key sub-elements of Tshipi’s B-BBEE submission such as Skills Development Expenditure (increasing from 5.81 in December 2024 to 5.82 the following year, out of six points) and the number of HDP participants in learnerships, apprenticeships and internships also increasing from 5.81 to 5.83, out of six points. Skills development remained a significant area of investment, with 6.67 per cent of payroll allocated to training during the period. Tshipi also maintained high levels of compliance across safety and technical training. While the rollout of the new learning system is still stabilising, overall training outcomes remain strong. JUPITER MINES | ESG REPORT 2026 61
Page 62
– UNSDG 1: No Poverty Supporting sustainable livelihoods and income-generating opportunities for youth from historically disadvantaged communities. – UNSDG 4: Quality Education Providing accredited training, workplace readiness, entrepreneurship development and skills-building opportunities. – UNSDG 8: Decent Work and Economic Growth Creating pathways to employment, entrepreneurship and sustainable economic participation. – UNSDG 10: Reduced Inequalities Promoting inclusive economic participation through enterprise development and support for historically disadvantaged individuals. – UNSDG 17: Partnerships for the Goals Collaborating with strategic partners to deliver youth development and enterprise support initiatives. Key UNSDGs: Context Tshipi recognises that youth unemployment remains one of South Africa’s most significant socio-economic challenges1. As a responsible corporate citizen, Tshipi continues to position ESD as a strategic enabler of transformation, inclusive economic growth and sustainable community development. Through its ESD initiatives, Tshipi aims to create opportunities that extend beyond the mining value chain by investing in youth skills development, entrepreneurship and enterprise creation. These initiatives are focused on developing future entrepreneurs, strengthening local economies and creating sustainable livelihoods for HDPs. Youth Enterprise Development – Creating Pathways to Sustainable Livelihoods Case Study 1 Source: South Africa’s Youth and the Labour Market in Q1 2026, Statistics South Africa https://www.statssa.gov.za/?p=19526 JUPITER MINES | ESG REPORT 2026 62
Page 63
Approach During FY26, Tshipi invested ZAR 2.31 million (A$201,747) in Lulaway Holdings Ltd, one of South Africa’s leading youth employment solutions providers. This investment aligns with the objectives of the B-BBEE Codes of Good Practice – Code Series 400, supporting the development, incubation and sustainability of qualifying black-owned enterprises while advancing Tshipi’s transformation objectives. Through the Tshipi Lularides Youth Scooter Program, Tshipi supported young entrepreneurs by providing market-relevant skills, entrepreneurial capabilities and practical work experience within South Africa’s rapidly growing digital delivery and logistics economy. The program adopts an integrated development approach that addresses key barriers faced by aspiring entrepreneurs. Each approved beneficiary receives a comprehensive Enterprise Development support package, including: The program combines accredited training, workplace readiness, entrepreneurship development and financial literacy to equip participants with the skills required to establish and manage sustainable income-generating enterprises. By supporting beneficiaries to operate as independent business owners, the program provides a pathway towards economic participation, enabling participants to manage their own delivery operations, develop business management competencies and build sustainable livelihoods. Outcomes Through access to equipment, training, mentorship and financial support, participants can operate their own delivery services, develop business management capabilities and build more sustainable livelihoods. The program provides a pathway to greater economic participation and supports the development of youth-owned enterprises. The program has helped beneficiaries build practical business capability, including financial literacy, operational planning and customer management, while improving access to employment and income- generating opportunities in the digital logistics sector. Through this initiative, Tshipi supports youth empowerment, inclusive economic growth and community development by helping young people build sustainable pathways to economic participation beyond the mining sector. A motorbike Mobile phone Personal protective equipment (PPE) Accredited rider training Business onboarding and mentorship Enterprise development support Stipend assistance during the incubation phase JUPITER MINES | ESG REPORT 2026 63
Page 64
Procurement Practices Tshipi’s procurement practices remained consistent in FY26 and continue to align with the B-BBEE framework, SLP commitments and the Mining Charter. The Company’s approach is designed to increase economic participation by HDP in mining-related industries, while maintaining consistent commercial and technical standards across the supplier base. Tshipi’s procurement approach is guided by the following principles: – Facilitating access to procurement opportunities to support greater HDP participation in mining-related industries; – Ensuring HDP suppliers are assessed against the same requirements as other suppliers, including quality, price, safety standards, environmental performance and other commercial or technical criteria; and – Supporting small HDP suppliers where appropriate, including by allocating certain tenders, in part or full, for HDP suppliers. In FY26, Tshipi consistently promoted the instruction of local labour though procuring community-based workforce and service providers. Across two key community investment projects delivered in FY26, over 56 per cent of the workforce were youths1, further supporting youth development and skills development objectives. Tshipi has consistently exceeded the B-BBEE procurement target of 80 per cent spend with compliant suppliers, achieving the maximum score of five points. This reflects the Company’s continued focus on responsible procurement, supplier transformation, local economic development and participation in the Northern Cape. Enterprise and Supplier Development (ESD) Tshipi’s ESD initiatives complement its procurement approach by helping build the capability and sustainability of local SMMEs. These initiatives are focused on supporting HDP-owned and black female-owned businesses to strengthen their operational capacity, improve commercial readiness and participate more effectively in the mining supply chain. Through targeted supplier development activities, Tshipi supports emerging businesses to access future procurement opportunities and establish sustainable commercial relationships. This contributes to inclusive economic growth and helps create longer-term value for local suppliers and surrounding communities. Tshipi has consistently exceeded the B-BBEE procurement target of 80 per cent spend with compliant suppliers, achieving the maximum score of five points. 1 Youth refer to individuals aged 18 and 35 as per the South African Age classification. JUPITER MINES | ESG REPORT 2026 64
Page 65
Emissions Management Jupiter is committed to emissions control, progress in dust monitoring, greenhouse gas management, clean water and waste management initiatives. Mine operations Tshipi’s environmental impacts are primarily associated with its open-pit manganese mining activities. Ore is extracted using conventional open- pit mining methods, supported by mobile equipment, haulage routes, crushing infrastructure and site services. Before mining begins in a new area, topsoil is removed and stored for future rehabilitation. This process helps preserve soil resources and supports Tshipi’s progressive rehabilitation approach as mining areas are developed and later reshaped. The mining process then involves removing overburden to expose manganese-bearing ore, which is drilled, blasted and transported for crushing and further handling. These activities require energy, water and materials, and can generate environmental impacts such as dust, waste and greenhouse gas emissions from diesel-powered equipment. Water is used across the operation for activities such as dust suppression, processing and general site services. Tshipi manages its environmental responsibilities through practical controls and monitoring programs focused on dust management, water stewardship, waste handling, land rehabilitation and compliance with environmental obligations. This approach supports Tshipi’s objective of reducing operational impacts where practicable while maintaining safe, efficient and responsible mining activities. JUPITER MINES | ESG REPORT 2026 65
Page 66
Air Quality and Dust Emissions Air quality is an important environmental focus for Tshipi due to the potential for open-pit mining activities to generate dust and airborne particulate matter. Managing these emissions helps minimise impacts on the surrounding environment and nearby communities. This includes the management and monitoring of particulate matter including PM10 and PM2.5 1. Tshipi is located approximately 20 km south of the town of Hotazel and 48 km east of the town of Kuruman. Several farming communities are also located within 2 km to 10 km of the mining right boundary, reinforcing the importance of effective dust control, air quality monitoring and ongoing environmental management. Dust fallout monitoring is undertaken in accordance with the approved Environmental Impact Assessment, Environmental Management Program, the South African National Ambient Air Quality Standards and the requirements of South African National Standards (SANS) 1929:2005. To effectively manage dust emissions and meet regulatory obligations, Tshipi maintains a comprehensive dust fallout monitoring program. The program is designed to: – Demonstrate compliance with the Environmental Management: Air Quality Act (Act No. 39 of 2004), the National Dust Control Regulations and the National Ambient Air Quality Standards; – Assess long-term dust fallout trends in support of the Mine Air Quality Management Plan; and – Provide operational data that informs dust control measures and drives continual improvement. Dust management remained a key focus in FY26, building on the strengthened Dust Management Plan implemented in the previous reporting period. Enhanced suppression measures continued across the site, including the use of pit water on haul roads and other high-traffic areas to control dust generation from operational activities. These measures, together with elevated rainfall during the year, supported effective dust control across exposed surfaces such as haul roads, stockpiles and disturbed mining areas. The higher rainfall likely contributed to reduced dust generation and lower observed dust fallout rates, particularly at monitoring locations further from active operational areas. Dust fallout levels at all residential and non-residential monitoring locations remained below applicable regulatory thresholds during the reporting period, with no reportable exceedances recorded. Targeted occupational exposure monitoring also continued for higher-risk employee groups, including drilling assistants, to verify the effectiveness of controls and support ongoing worker health and safety. 1 PM 10 and PM2.5 refers to particulate matter with a diameter that measures 10 micrometres or less and 2.5 micrometres or less respectively. JUPITER MINES | ESG REPORT 2026 66
Page 67
Residential Area Dust Emissions Dust fallout monitoring in residential areas in FY26 demonstrated continued compliance with the acceptable limit of 600 mg/m²/day throughout the reporting period (Figure 4). The maximum dust fallout rate of 372.7 mg/m²/day was recorded at the monitoring point on the western mine boundary. The higher result was attributed to the monitoring point’s proximity to mining-related activities, including haul road traffic and operational areas. No instances of consecutive monthly exceedances of the applicable limit were observed. Non-Residential Area Dust Emissions Similarly, dust fallout deposition at all non-residential monitoring locations remained within the permissible limit of 1,200 mg/m²/day during FY26 (Figure 5). The highest recorded dust fallout rate was 680.0 mg/m²/day at the monitoring bucket located adjacent to the Tshipi mining offices. This result is consistent with FY25 dust fallout records, where higher readings were also observed in areas closer to active operational activities. The FY26 result is likely attributable to the bucket’s proximity to mining and processing areas, including crushing activities and high vehicle movement zones. Dust fall-out monitoring buckets in non-residential areas - limit value of 1200 mg/m2/day Dust fall-out monitoring buckets in residential areas - limit value of 600 mg/m2/day Annual Minimum Annual Average Annual Maximum Dust Fall-out Rate - mg/m2/day 700 600 500 400 300 200 100 0 Dust Bucket No: 40-0B02 Location: South Side Figure 4: Residential area dust fall-out sampling results for FY26 at Tshipi. Dust Bucket No: SB-06 Location: A Pypeer Farm Dust Bucket No: SB-08 Location: HP Venter Farm Dust Bucket No: SB-09 Location: N Fourie Farm Dust Bucket No: SB-07 Location: DVD Berg Farm Dust Bucket No: 40-DB04 Location: West Side Residential Area Limit Annual Minimum Annual Average Annual Maximum 1400 1300 1200 1100 1000 900 800 700 600 500 400 300 200 100 0 Figure 5: Non-residential area dust fall-out sampling results for FY26 at Tshipi.Dust Fall-out Rate - mg/m2/day Dust Bucket No: 40-BD01 Location: North Side Dust Bucket No: DB04 Location: Central of the Mine Dust Bucket No: SB-01 Location: Security Entrance Gate Dust Bucket No: SB-02 Location: Mining Offices Dust Bucket No: SB-03 Location: Worshond Main Offices Dust Bucket No: SB04 Location: Processing Plant Dust Bucket No: SB05 Location: Load-out Station Dust Bucket No: 40-DB03 Location: East Side Non-residential Area Limit JUPITER MINES | ESG REPORT 2026 67
Page 68
Greenhouse Gas Emissions (GHG) 1 Scope 1 emissions are defined as direct GHG emissions released from sources owned or controlled by a company 2 Scope 2 emissions are defined as indirect GHG emissions caused by purchasing electricity, steam, heat, or cooling 3 Scope 3 emissions are defined as all indirect GHG emissions that occur in a company’s wider value chain, including both upstream suppliers and downstream customers 4 Tshipi has not sought external assurance over its Scope 1 & 2 GHG emissions Tshipi quantifies its operational GHG emissions annually, covering Scope 11 and Scope 22 emissions. This process is undertaken using the emissions factors prescribed in Schedule 1 of South Africa’s Carbon Tax Act. Scope 33 emissions are not currently included in its GHG inventory. Tshipi will reconsider their measurement in future reporting periods as its emissions reporting approach develops and the availability and quality of value-chain data improve. In FY26, Tshipi recorded total Scope 1 and Scope 2 emissions of 81,623.8 tCO2-e, representing a 7 per cent reduction from FY25 (Figure 6)4. The decrease was supported by lower diesel consumption, particularly from stationary generators, following improved stability of the Eskom electricity grid. While greater use of grid electricity increased Scope 2 emissions, the reduction initiatives implemented to reduce Scope 1 emissions continues to support a lower operational emissions profile. These initiatives include: 1. Strengthening source-level fuel accounting. 2. Calibrating nitrogen dioxide and black-carbon monitoring at activity and boundary locations. 3. Increased sensor data with meteorology, dispatch and fuel records to monitor impacts and verify controls. Scope 1 emissions continued to account for the majority of Tshipi’s GHG footprint, representing 92 per cent of combined Scope 1 and Scope 2 emissions in FY26. These emissions continue to be driven predominantly by diesel consumption across Tshipi’s operations. Tshipi continues to manage fuel use through preventative maintenance, equipment optimisation and disciplined asset management. Emissions from stationary diesel generation remained well below historical levels, reflecting the continued reduction in generator operating hours. Scope 2 emissions represented 8 per cent of total Scope 1 and Scope 2 emissions and related to purchased electricity. Although improved grid reliability has reduced reliance on backup diesel generation, standby generation capacity remains important to support operational continuity during planned outages and unexpected electricity supply interruptions. Tshipi’s operational GHG emissions intensity improved to 111 tCO2-e/ A$1 million revenue, representing a 4.9 per cent reduction year-on-year. Tshipi complied with all applicable GHG reporting requirements during FY26. As the mine’s annual diesel consumption exceeded the 100,000-litre reporting threshold, Tshipi continued to report its emissions through South Africa’s National Atmospheric Emission Inventory System, in accordance with legislative requirements. Scope 1 Scope 2 Figure 6: Tshipi’s total Scope 1 and 2 emissions and operational GHG emissions intensity from FY23 to FY26 100,000 90,000 80,000 70,000 60,000 50,000 40,000 30,000 20,000 10,000 0 160 140 120 100 80 60 40 20 0 Emissions (tCO2-e) Emissions Intensity (tCO2-e/A$1 million revenue) Reporting Period FY23 83,482 3,560 87,042 FY25 6,592 80,988 FY26 6,660 74,964 87,580 81,624 90,135 111 Emissions intensityTotal FY24 5,121 85,014 117 111 139 JUPITER MINES | ESG REPORT 2026 68
Page 69
Climate Risks and Opportunities Governance Jupiter and Tshipi recognise that climate change and the transition to a lower-carbon economy may influence strategy, operations, risk management and long-term value creation. Oversight is embedded within existing governance structures, with the Jupiter Board and Tshipi Board each responsible for climate-related matters relevant to their respective business activities. Operational monitoring and review are supported through delegated committee structures. At Jupiter, the Audit and Risk Committee oversees the Group’s overall risk profile, while specific climate-related matters are considered by the SSOCo. At Tshipi, climate-related oversight is supported by the Social and Ethics Committee. Together, these committees support the structured identification, assessment and monitoring of climate-related risks and opportunities, with material matters escalated as required. As an ASX-listed company, Jupiter is also focused on preparing for future climate-related reporting obligations under AASB S2. During the reporting period, Jupiter began strengthening its governance structures, processes and supporting documentation to support readiness for future reporting. This work is intended to improve the Company’s ability to identify, assess, manage and disclose climate-related risks and opportunities in line with evolving regulatory expectations. Risk Management Tshipi’s location and operating context mean that physical climate risks are expected to be more prominent than transition risks over time. Climate-related studies for the region indicate that average temperatures may increase under future climate scenarios, with a greater number of extremely hot days expected across parts of the Kalahari region where the Tshipi manganese mine is located. Changes in rainfall patterns may also create operational challenges, with the potential for drier dry seasons, wetter wet seasons and more variable precipitation. These changes could affect water availability, workforce health and safety, infrastructure resilience, logistics and broader community wellbeing. In FY26, higher rainfall increased availability of pit and dam water, which supported reduced reliance on potable water sources. Rainfall also contributed to natural dust suppression and lower dust fallout levels across parts of the site. Further information is provided in the Air Quality and Dust Emissions and Water Management sections. Physical climate impacts may also be amplified by existing social vulnerabilities in South Africa, including reliance on agriculture and varying levels of access to clean water and healthcare. These factors can increase pressure on surrounding communities and may have greater impacts on vulnerable groups, including women, children, the elderly and people with chronic health conditions. To better understand these risks, Tshipi is committed to undertaking a comprehensive physical and transition climate risk assessment specific to its operations. The assessment will help identify material climate- related risks and opportunities and inform practical actions to manage, mitigate and respond to climate-related impacts. Jupiter is also committed to completing a high-level climate risk assessment to understand how climate-related risks and opportunities may affect its business, value chain and investment in Tshipi. Tshipi’s climate risk assessment will be an important input into Jupiter’s broader assessment, supporting a more informed view of potential climate-related impacts. Strategy Loadshedding in South Africa occurs when electricity supply is constrained and demand on the grid is reduced to protect the power system. Tshipi manages electricity supply interruptions with diesel generators to support business continuity where required. During FY26, the reliability of the electricity grid stabilised, reducing the need for diesel-generated backup power. As a result, Tshipi deferred the proposed solar and battery storage project despite the positive FY25 feasibility study. The opportunity will be reassessed in FY27, considering grid performance, technology costs and renewable energy market developments. Tshipi recognises that emissions reduction is only one element of climate resilience and is committed to conducting a climate risk assessment to support a broader understanding of how climate-related risks and opportunities may affect the business and inform future climate-related strategy and planning. Jupiter continues to take a disciplined and an industry-aligned approach to monitoring developments in the EV battery market. Jupiter is also continuing to evaluate the opportunity to produce HPMSM through flowsheet refinement, product validation and ongoing engagement with the broader battery industry. Metrics and Targets Tshipi has tracked and reported its Scope 1 and Scope 2 greenhouse gas emissions annually since 2018 and remains committed to transparent disclosure. In addition to absolute emissions, Tshipi reports emissions intensity relative to revenue, providing further insight into operational efficiency and year-on-year performance. As part of its continued improvement in emissions management and reporting, Tshipi is focused on strengthening its data collection processes to support more credible, complete and available information for future Scope 3 emissions assessment and reporting. Further detail is provided in the Greenhouse Gas Emissions section. Jupiter is committed to measuring its Scope 1 and Scope 2 emissions in FY27 to improve visibility of its corporate emissions profile and support future climate-related reporting. JUPITER MINES | ESG REPORT 2026 69
Page 70
Water Management Responsible water stewardship remains an important part of Tshipi’s environmental management approach and long-term operational resilience. Effective water management supports regulatory compliance and helps safeguard water availability for neighbouring communities, agricultural users and local ecosystems, reinforcing Tshipi’s commitment to responsible resource management and maintaining its social licence to operate. Tshipi continued to focus on improving water efficiency and reducing reliance on external water sources during FY26. This included prioritising the capture and reuse of stormwater and rainfall to support operational water requirements and reduce freshwater consumption. Investments made in previous years to expand pit water storage capacity continued to provide benefits during the reporting period. FY26 was characterised by high rainfall, with Tshipi recording 746.6 mm for the year. This contributed to a 40 per cent increase in pit water volume and a 45 per cent increase in dam water volume compared with FY25. As a result, water abstracted from pit and dam sources increased by 71 per cent compared with the prior year, allowing Tshipi to meet the majority of its operational water needs from internal water sources. Total water withdrawn during FY26 was 1,218,990 m³. While overall water usage increased during the year, the expansion of pit water storage capacity and higher rainfall enabled Tshipi to reduce reliance on potable water sources, with potable water accounting for 15 per cent of total water withdrawn. This represented a 16 per cent reduction in water drawn from potable sources compared with FY25. The increase in overall water consumption was driven by operational requirements and dust suppression activities undertaken to keep dust fallout within regulated thresholds. Managing water consumption remains a key priority, particularly as high rainfall cannot be relied upon each year to meet operational water needs. Tshipi therefore seeks to maximise water reuse across its operations wherever practicable. Tshipi will continue to strengthen water management through ongoing monitoring, infrastructure optimisation and water conservation initiatives. This includes maintaining a focus on water efficiency, reducing reliance on potable water sources where practicable and balancing operational needs with the interests of surrounding stakeholders. Figure 7: Tshipi’s total water consumption FY22 - FY26 1,200,000 1,000,000 800,000 600,000 400,000 200,000 0 FY22 525,522 701,257 821,396 1,218,990 FY23 FY24 FY25 FY26 346,000 32,013 147,469 151,140 43,346 213,803 257,600 215,551 228,106 218,590 931,329 211,477 184,270 483,250 511,470 Water usage (m3) Potable Pit Dams Total 408,289 JUPITER MINES | ESG REPORT 2026 70
Page 71
Waste Management Effective waste management is fundamental to Tshipi’s environmental stewardship and supports the commitment to responsible resource management. Tshipi’s long-term objective is to achieve zero waste to landfill, in alignment with South Africa’s National Environmental Management: Waste Act, the National Waste Management Strategy, and international mining industry best practice. Tshipi’s Waste Management Plan provides the framework for monitoring, managing and reducing waste generated across our operations. Waste performance is tracked throughout the year to identify trends, improve resource efficiency and support continuous improvement initiatives in line with the waste hierarchy, which prioritises waste avoidance, reduction, reuse and recycling ahead of disposal. Total waste generated increased by 8 per cent between FY25 and FY26, primarily due to the recommencement of projects, including construction of the heavy mobile equipment workshop and the pit network connection, which resulted in an influx of contractors onsite. Despite the increase, Tshipi made progress in waste diversion and minimisation initiatives. During FY26, Tshipi maintained its relationship with an external recycling facility to recover non-hazardous materials, including scrap steel, paper, plastics, cans and used oil. The program returned ZAR 41,278 (A$3,605) in recycling rebates during the year. By recovering materials that would otherwise be sent to landfill, the initiative reduces waste disposal while creating financial value and supporting more circular use of resources. The year-on-year waste performance is presented in Figure 8, which illustrates trends in total waste generation and waste categories over the reporting period. These results demonstrate continued progress towards Tshipi’s long-term waste management objectives. Tshipi remains focused on expanding recycling initiatives, reducing waste generation and improving waste diversion from landfill, supporting both regulatory compliance and the broader ESG commitment to environmental sustainability. Figure 8: Tshipi’s total waste production FY22 - FY26 600 500 400 300 200 100 0 FY22 398 374 257 494 536 FY23 FY24 FY25 FY26 174 107 117 106 126 142 69 124 64 104 216 174 167 232 136 Waste (tonnes) TotalRecycled waste Hazardous waste Non-hazardous waste In FY26, Tshipi processed 158m3 of contaminated soil through the bioremediation facility. This represents a 73 per cent reduction in the volume of contaminated soil compared with FY25. The reduction reflects two factors: reduced operation of the fixed rock breaker during the year, and the relocation of the suppressant tanks, which lowered the risk of ground contamination. Of this, 152 m3 has been successfully treated and reintroduced into the environment, with the remaining six m3 undergoing treatment (Table 7). This demonstrates both the effectiveness and environmental benefit of Tshipi’s bioremediation process. Table 7:Tshipi’s management of polluted soil (m3) since FY24. Year Soil treated and returned to the environment (m3) Soil currently undergoing treatment (m3) FY24 100 200 FY25 478 100 FY26 152 6 Improved waste reduction, segregation and material recovery practices contributed to a 60 per cent increase in recycled waste and a 22 per cent decrease in non-hazardous waste generation. The waste profile comprised 43.5 per cent hazardous waste, 31.1 per cent recycled waste and 25.4 per cent non- hazardous waste, highlighting ongoing efforts to divert waste from landfill while ensuring hazardous waste is managed in accordance with legislative requirements. During FY26: JUPITER MINES | ESG REPORT 2026 71
Page 72
Energy Efficiency Renewable Energy Tshipi continues to evaluate the timing of its proposed on-site solar generation and battery storage project. A comprehensive feasibility study completed in FY25 demonstrated a strong business case, with the potential to reduce the mine’s energy costs and operational emissions. At the June 2026 Board Strategy Day, project execution timing was identified as the key matter requiring further assessment. Before proceeding, Tshipi will consider developments in technology costs, the performance of South Africa’s electricity network and pricing offered by third-party power suppliers. This disciplined approach enables Tshipi and Jupiter to respond to changing market conditions and select the pathway that delivers the greatest long-term value. Optimisation of Operations Tshipi continues to pursue operational efficiency initiatives that support reduced diesel consumption, lower greenhouse gas emissions and improved resource use across the mine. A key initiative is the proposed extension of the Northern Waste Rock Dump, which is expected to reduce average haul distances and, in turn, lower fuel use and associated emissions. During FY26, work focused on completing the studies, assessments and design activities required to support the extension, with approvals and recommendations expected during FY27. Subject to approval, construction is anticipated to commence in late FY27 – early FY28. Tshipi is progressing operational initiatives to improve haulage efficiency and reduce diesel use, including the transition to higher payload haul trucks and upgraded stockpile equipment to increase load- out capacity and minimise material rehandling. During FY26, six truck fleet change-outs were completed, with initial efficiency improvements observed from December 2025. The upgraded stockpile equipment also commenced implementation during the year. As these initiatives were introduced during FY26, their full benefits are expected to become more evident in FY27 as implementation continues and performance data is assessed. JUPITER MINES | ESG REPORT 2026 72
Page 73
Land Management In FY24, Tshipi acquired Tshimo é ntle (“beautiful land” in Setswana; Tshimo) to offset impacts and protect key biodiversity assets. In FY26, after a significant registration process, it was declared a nature reserve. Following this declaration, the Tshimo é Ntle Nature Reserve entered the implementation and monitoring phase of its Annual Management Plan. This plan focuses on conserving biodiversity and maintaining ecosystem health through the protection and monitoring of indigenous trees, native flora and fauna, and the management of alien invasive species to prevent the displacement of indigenous vegetation. Tree health and growth are monitored through regular visual assessments supported by photographic records, while annual flora and fauna surveys will track ecological trends over time, with FY26 establishing the baseline dataset. JUPITER MINES | ESG REPORT 2026 73
Page 74
– UNSDG 13 – Climate Action Take urgent action to combat climate change and its impacts. – UNSDG 15 – Life on Land: Protect, restore and promote sustainable use of terrestrial ecosystems, sustainably manage forests, combat desertification, and halt biodiversity loss. – UNSDG 17 – Partnerships for the Goals Strengthen the means of implementation and revitalise the global partnership for sustainable development. Context In December 2025 Tshipi established the Tshimo é Ntle Nature Reserve as a biodiversity offset associated with the proposed expansion of the Tshipi mine. The reserve covers 1,827 hectares (18.27 km2) of largely intact Olifantshoek Plains Thornveld. Its purpose is to protect key biodiversity values, including protected tree species, intact savanna habitats, ephemeral wetland systems and potential habitat for species of conservation concern. Approach Tshipi commissioned an independent baseline biodiversity survey to understand the reserve’s ecological condition and guide future management. The assessment combined desktop research, with a dry-season field survey undertaken from 7 to 13 June 2026. Specialists mapped four habitat types across the reserve. The survey also recorded plant, mammal, reptile, amphibian and bird species, assessed the likelihood of species of conservation concern, and identified key management priorities such as maintaining open savanna structure, protecting keystone tree species and monitoring bush encroachment. In FY27, Tshipi plans to complete fencing around the reserve to restrict unauthorised public access and reduce potential disturbance to flora and fauna. Tshipi is also exploring digital security measures, including camera surveillance at critical access points and other key locations across the property. Protecting Biodiversity Beyond the Mine Gate Key UNSDGs: Case Study JUPITER MINES | ESG REPORT 2026 74
Page 75
JUPITER MINES | ESG REPORT 2026 75
Page 76
Outcomes The baseline confirmed that the reserve is in good ecological condition and supports a diverse semi-arid savanna ecosystem. Approximately 1,800 hectares of intact habitat were identified, with 93 plant species, 92 bird species, 23 mammal species, five reptile and frog species sighted during the dry-season survey. A Kori Bustard (Ardeotis kori), a species of conservation concern, was recorded twice, and the reserve was found to have high potential to support other important species including Temminck’s Ground Pangolin, Brown Hyaena, Leopard, Secretary Bird, Martial Eagle and vultures. The study also highlighted low levels of alien invasive plant infestation and recommended future summer surveys, passive monitoring methods such as camera traps, and a quantitative bush-encroachment baseline to demonstrate the long-term effectiveness of the biodiversity offset. JUPITER MINES | ESG REPORT 2026 76
Page 77
Key outcomes include: ha of intact Olifantshoek Plains Thornveld habitat identified.~1,800 4 distinct habitat types mapped across the reserve. ha nature reserve established as a biodiversity offset.1,827 Low alien invasive plant infestation recorded across the property. mammal species confirmed on site.23 bird species confirmed, including two records of Kori Bustard.92 mammal species of conservation concern considered likely to occur.12 bird species of conservation concern.14 plant species confirmed during the dry-season survey.93 JUPITER MINES | ESG REPORT 2026 77
Page 78
Workforce and Management Diversity Diversity and inclusion continue to be important priorities for Jupiter and Tshipi, supported by Tshipi’s broader transformation commitments as a Level 1 B-BBEE organisation. In FY26, Tshipi’s workforce increased by 0.5 per cent, while female representation improved to 36 per cent, up from 34 per cent in FY25 (Table 8). Tshipi also maintained more than 50 per cent Black representation across all levels of the business, reflecting its continued focus on building an inclusive and representative workforce (Figure 9 and Figure 10). Figure 9: Tshipi’s black representation, broken down via occupational levels 100% 80% 60% 40% 20% 0% FY24 FY25 FY26 75% 50% 100% 96% 99% 60% 56% 92% 93% 99% 75% 50% 100% 97% 99% Executive Management Senior Management Middle Management Junior Management Other, semi-skilled, and unskilled Figure 10: Tshipi’s black women representation, broken down by occupational levels 60% 50% 40% 30% 20 10% 0 FY24 FY25 FY26 38% 50% 39% 30% 32% 40% 44% 31% 29% 33% 50% 25% 38% 32% 36% Executive Management Senior Management Middle Management Junior Management Other, semi-skilled, and unskilled Table 8: Diversity of Tshipi’s workforce from CY23 to FY26. Reporting Year Number of female employees Number of male employees Percentage of female employees Total number of employees CY23 66 129 33.85% 195 CY24 67 132 33.67% 199 FY25 72 138 34.29% 210 FY26 75 136 35.55% 211 JUPITER MINES | ESG REPORT 2026 78
Page 79
Tshipi is committed to maintaining a diverse, equitable and inclusive workplace that reflects the communities in which it operates. A representative workforce supports stronger decision-making, improved organisational performance and a workplace culture grounded in fairness, respect and equal opportunity. Tshipi’s approach is guided by its EE Plan and aligned with the Employment Equity Act, the Mining Charter and its SLP commitments. During FY26, Tshipi continued to monitor employment equity outcomes and maintain equitable employment practices across the organisation, supporting ongoing progress against its workforce transformation objectives. With the previous EE Plan now completed, Tshipi is preparing to approve its next three-year EE Plan. In FY27, the focus will be on approving and commencing the Year 1 actions under the new plan, supporting continued compliance, governance and accountability in relation to employment equity reporting and implementation. JUPITER MINES | ESG REPORT 2026 79
Page 80
Value Generation Jupiter is focused on delivering long-term value through leadership in manganese production, reliable operational performance, and strong financial returns. Our Strategic Priorities During FY26, Tshipi continued to advance its strategic priorities through the following key pillars: – Continue to be one of the largest and lowest cost manganese ore exporters globally. – Ensure that the manganese ore we export is in accordance with recognised and established quality standards. – Position ourselves to be able to facilitate regional co-development and the ultimate consolidation of the Kalahari Manganese Basin. – To exploit our abundant and shallow resource. – Capitalise on our highly motivated and experienced management team who has been instrumental in navigating the business from the historic project development phase to becoming the largest exporter of manganese ore from South Africa. – Rapidly respond to evolving market conditions by exploring upside opportunities such as flexible onsite and offsite infrastructure capacity. – Enhance cash flow through optimisation initiatives such as continuously reducing mining costs and finding the most cost-effective balance between rail and road transportation of ore to the ports. Tshipi’s strong operating performance, low-cost structure and debt-free position have supported resilient profitability across market cycles. This financial stability provides the foundation for continued investment in Tshipi’s people, local communities and broader ESG priorities, while supporting ongoing improvement across the business. In FY26, Tshipi maintained this strong performance record, underpinned by stable operations and disciplined cost management. This is reflected in Tshipi’s eight-year average of 3.4 million tonnes in Manganese production, demonstrating the consistency and resilience of its operating model over time (Figure 11). Figure 11: Tshipi’s Sales and Production from 2019 4 3.5 3 2.5 2 1.5 1 0.5 0 2019 2020 2021 20242022 20252023 2026 3.45 3.51 3.41 3.41 3.35 3.42 3.68 3.25 3.34 3.48 3.47 3.55 3.60 3.59 3.49 3.49 Manganese (million tonnes) Production Sales JUPITER MINES | ESG REPORT 2026 80
Page 81
Sustainable financial performance also allows Tshipi to generate and distribute value through employment, procurement, taxes, community investment and returns to shareholders. In recent years, Tshipi’s tax contribution has increased significantly, reflecting the broader economic value created through its operations. Table 9 outlines the value generated and distributed by Tshipi since reporting on this data commenced in CY23. Table 9: Value generated and distributed by Tshipi from CY23 to FY26. Reporting Year Percentage of procurement budget spend on local SMME Income tax paid to the Government (A$) Community Investment (A$) Ratio of entry level wage to minimum wage Wages into the local economy (A$) CY23 5.00 16,610,114 620,408 3.88 : 1 16,219,920 CY24 4.00 24,259,360 671,807 4.85 : 1 16,128,163 FY25 4.00 40,529,202 1,631,609 4.44 : 1 16,365,104 FY26 4.75 21,192,259 1,868,996 4.34 : 1 19,476,740 Tshipi’s strong operating performance, low-cost structure and debt-free position have supported resilient profitability across market cycles. JUPITER MINES | ESG REPORT 2026 81
Page 82
Acronym Definition A$ Australian dollars B-BBEE Broad-Based Black Economic Empowerment CoP Communication on Progress EE Plan Employment Equity Plan ESD Enterprise and Supplier Development ESG Environmental, Social and Governance EV Electric Vehicles Exxaro Exxaro Resources Limited GHG Greenhouse Gas GRI Global Reporting Initiative HDP Historically Disadvantaged Persons HPIs High Potential Incidents HPMSM High Purity Manganese Sulphate Monohydrate LTI Lost-Time Injury LTIFR Lost-Time Injury Frequency Rate ICMM International Council of Mining and Metals PUEs Priority Unwanted Events SDG United Nations Sustainable Development Goals SHE Safety, Health and Environment SLP Social Labour Plan SMMEs Small, Medium and Micro Enterprises SSOCo Sustainability, Safety and Operations Committee TRIFR Total Recordable Injury Frequency Rate Tshimo Tshimo é ntle Tshipi Tshipi é Ntle Manganese Mining Proprietary Limited UNGC United Nations Global Compact ZAR South African Rand Appendices Glossary JUPITER MINES | ESG REPORT 2026 82
Page 83
Tshipi ESG Data Sustainability Priority Metric FY26 FY25 FY24 FY23 Health, Safety and Wellbeing LTI 2 4 4 0 LTIFR 0.12 0.25 0.25 0 TRIFR 0.37 0.38 0.35 0.20 Community Empowerment Bursaries, Internships, and Learnerships provided 66 39 21 37 Management and Workforce Diversity Board diversity (% black female representation) 23 20 20 20 Board diversity (% black representation) 40 40 40 40 Executive management diversity (% black female representation) 50 50 50 40 Executive management diversity (% black representation) 75 60 75 80 Workforce diversity (% black female representation) 35 34 33 33 Workforce diversity (% black representation) 95 92 96 Not reported Emissions Management Scope 1 GHG emissions (tCO2-e) 74,963.50 80,988.40 85,014.10 83,482.60 Scope 2 GHG emissions (tCO2-e) 6,660.30 6,591.90 5,120.70 3,560.10 Number of dust fall-out exceedance in residential areas 0 0 0 1 Number of dust fall-out exceedance in non-residential areas 0 0 2 2 Percentage reduction in non-hazardous waste sent to landfill 22 21 28 12 Energy Efficiency Energy Consumption (MWh) 7,351 7,080 5,121 3,527 Value Generation Procurement spend on local SMMEs (%) 4.75 4.00 4.00 5.00 Tax paid to Government (A$) 21,192,259 40,529,202 24,259,360 16,610,114 Community Investment (A$) 1,868,996 1,631,609 671,807 620,408 Wages into the local economy (A$) 19,476,740 16,365,104 16,128,163 16,219,920 JUPITER MINES | ESG REPORT 2026 83
Page 84
Content Index GRI Standard Disclosure Location ICMM Principles UNGC Principles GRI 2: General Disclosures 2021 2-1 Organisational details About this Report NIL NIL 2-2 Entities included in the organisation’s sustainability reportAbout this Report 2 NIL 2-3 Reporting period, frequency and contact point About this Report 10 NIL 2-6 Activities, value chain, and other business relationships Global Impacts and Future Outlook on Manganese Value Chain 2 NIL 2-7 Employees Workforce and Management Diversity 3 6 2-9 Governance structure and composition ESG Governance 1 NIL 2-11 Chair of the highest governance body ESG Governance 1 NIL 2-14 Role of the highest governance body in sustainability reporting ESG Governance 1 NIL 2-22 Statement on sustainable development strategy From Tshipi’s Head of Corporate Affairs and People 1 NIL 2-29 Approach to stakeholder engagement ESG Focus Areas 10 7 GRI 3: Material Topics 2021 3-1 Process to determine material topics ESG Focus Areas 10 NIL 3-2 List of material topics Priorities and Progress 10 NIL 3-3 Management of material topics Our Focus Areas 10 NIL GRI 201: Economic Performance 2016 201-1 Direct economic value generated and distributed Value Generation NIL NIL GRI 202: Market Presence 2016 202-1 Ratios of standard entry level wage by gender compared to local minimum wage Value Generation 3 5 GRI 203: Indirect Economic Impacts 2016 203-1 Infrastructure investments and services supported Procurement Practices 9 1, 6 203-2 Significant indirect economic impacts Case Study: Youth Enterprise Development – Creating Pathways to Sustainable Livelihoods 9 1 GRI 204: Procurement Practices 2016 204-1 Proportion of spending on local suppliers Value Generation 9 NIL Statement of Use GRI 1 Jupiter Mines has reported the information cited in this GRI content index for the FY26 period with reference to the GRI Standards and the Company’s approach to the management of its most material ESG topics. GRI 1: Foundation 2021 JUPITER MINES | ESG REPORT 2026 84
Page 85
GRI Standard Disclosure Location ICMM Principles UNGC Principles GRI 303: Water and Effluents 2018 303-1 Interactions with water as a shared resource Water Management 6 7 303-5 Water consumption Water Management 6 7 GRI 304: Biodiversity 2016 304-1 Operational sites owned, leased, managed in, or adjacent to, protected areas and areas of high biodiversity value outside protected areas Land Management 7 8 GRI 305: Emissions 2016 305-1 Direct (Scope 1) GHG emissions Greenhouse Gas Emissions 6 8 305-2 Energy indirect (Scope 2) GHG emissions Greenhouse Gas Emissions 6 8 305-4 GHG emissions intensity Greenhouse Gas Emissions 6 8 GRI 306: Waste 2020 306-1 Waste generation and significant waste-related impactsWaste Management 6 8 306-2 Management of significant waste-related impacts Waste Management 6 8 306-3 Waste generated Waste Management 6 8 306-4 Waste diverted from disposal Waste Management 6, 8 8, 9 GRI 403: Occupational Health and Safety 2018 403-1 Occupational health and safety management system Zero Harm 4, 5 1 403-3 Occupational health services Preventive Wellness 5 1 403-6 Promotion of worker health Preventive Wellness 5 1 403-7 Prevention and mitigation of occupational health and safety impacts directly linked by business relationships Preventive Wellness 5 1 403-9 Work-related injuries Zero Harm 4, 5 1 GRI 405: Diversity and Equal Opportunity 2016 405-1 Diversity of governance bodies and employees Workforce and Management Diversity 3 1, 6 GRI 413: Local Communities 2016 413-1 Operations with local community engagement, impact assessments, and development programs Case Study: Youth Enterprise Development – Creating Pathways to Sustainable Livelihoods 9 1 JUPITER MINES | ESG REPORT 2026 85
Page 86
Directors’ Report JUPITER MINES | ANNUAL REPORT 2026 86
Page 87
In accordance with a resolution of Directors, the Directors present their Report together with the Financial Report of Jupiter Mines Limited (Jupiter or the Company) and its wholly owned subsidiaries (together referred to as the Consolidated Entity or Group) for the financial year ended 30 June 2026 and the Independent Auditor’s Report thereon. Directors and Executives The Directors of the Company at any time during or since the end of the financial year are as follows: Name Position Tenure Ian Murray Independent Non-Executive Chair Full year Scott Winter Independent Non-Executive Director Full year Sally Langer Independent Non-Executive Director Full year Kiho Han Non-Independent Non-Executive Director Full year Brad Rogers Managing Director and Chief Executive Officer (CEO) Full year (CEO until 11 September 2026) Matthew Jarvis Interim Chief Executive Officer Appointed 11 September 2026 Additional information regarding current Directors and Executives is provided on the following pages. JUPITER MINES | ANNUAL REPORT 2026 87
Page 88
B.Com and GDA (University of Cape Town), FCA, FAICD Independent Chair; Non-Executive Director; Audit and Risk Committee Member, Remuneration and Nomination Committee Member, Sustainability, Safety and Operations Committee Member Ian was appointed as a Director of Jupiter on 16 February 2022. Ian is also a Director of Tshipi é Ntle Manganese Mining Proprietary Limited. Ian is a Chartered Accountant, a Fellow of Australian Institute of Company Directors, and holds an Executive degree in Advanced Management and Leadership from the University of Oxford (Saïd Business School). With over 25 years’ mining industry experience in senior leadership positions, including the position of Executive Chair and Managing Director of Gold Road Resources Ltd (ASX: GOR) and DRDGold Ltd (NYSE and JSE: DRD), he has also held executive positions with international ‘Big Four’ accounting firms. Ian has a wealth of financial, corporate, project development, mergers and acquisitions, and operational experience across Australia, Africa, Asia Pacific, and North America. Most recently, Ian led Gold Road as it transitioned from small market capitalisation explorer to large scale plus billion dollar gold producer. Ian has been the recipient of many awards during his leadership of Gold Road, including the Gavin Thomas award for leadership, the Diggers and Dealers Deal of the Year award in 2017, after winning the best emerging company award in 2011 as well as the CEO of the year award from CEO Magazine. Ian is currently a Non-Executive Director of Black Rock Mining Limited (ASX: BKT), and Arafura Rare Earths Limited (ASX: ARU). Ian MurrayDirectors and Executives JUPITER MINES | ANNUAL REPORT 2026 88
Page 89
B.Eng (Honours, Mining) (University of Queensland); GradDip. Applied Finance and Investment (Securities Institute Australia); MBA (Melbourne Business School) Independent Non-Executive Director; Sustainability, Safety and Operations Committee Chair, Remuneration and Nomination Committee Member Scott was appointed as a Director of Jupiter on 30 July 2021. Scott is also a Director of Tshipi é Ntle Manganese Mining Proprietary Limited. Scott led the aggregation of Australian and African business units and the formation of the Global Surface contract mining business with over 40 projects for Perenti, the successful turnaround of the African business unit and growth of the Australian business unit. Previous to Perenti, Scott was Chief Operating Officer at Mineral Resources Limited supporting the selldown and subsequent integration of its Wodgina lithium mine with Albermarle. Scott was an Executive Director of Critical Minerals Group Limited (ASX: CMG) until 1 September 2026. B.Com (University of Western Australia), FCA, AICD Independent Non-Executive Director; Audit and Risk Committee Chair; Remuneration and Nomination Committee Chair, Sustainability, Safety and Operations Committee Member Sally was appointed as a Director of Jupiter on 13 September 2024. Sally has more than 25 years’ experience in Professional Services including as founder and Managing Partner of the management consulting and executive recruitment firm Derwent Executive, where she set up and led the growth of the Perth office servicing a wide range of clients both local and national, and led the Mining and Industrial Practice. Prior to that, she was a Director at international recruitment firm Michael Page and a Chartered Accountant at accounting and consulting firm Arthur Andersen. During her career, Sally has been responsible for strategy development and execution with a strong focus on profitable business growth, supervising and coordinating large teams and other management functions including strategy, business development, budgeting and human resources. Sally was previously a Non-Executive Director of Saracen Mineral Holdings Ltd and MMA Offshore Limited. Sally is currently a Non-Executive Director of Northern Star Resources Ltd (ASX: NST), and Sandfire Resources Limited (ASX: SFR). In addition to her listed company directorships, Sally also holds board roles for Endura Mining, The Gold Corporation, Ronald McDonald House Charity and Hale School (not-for-profit). Scott Winter Sally Langer Finance, PhD course completion (Sogang University) Non-Executive Director; Audit and Risk Committee Member Mr Han was appointed as a Director of Jupiter on 1 April 2025. Mr Han is the Managing Director of POSCO Australia, a substantial shareholder of Jupiter. Since joining POSCO in 2010, Mr Han has accumulated over 15 years of experience in the raw materials, coal, purchasing and investment sectors. Prior to this, Mr Han was Vice President of the Hot Briquetted Iron (HBI) project for the production of green iron ore in Port Hedland. Mr Han has not been a Director of any other ASX listed companies in the past three years. Kiho Han JUPITER MINES | ANNUAL REPORT 2026 89
Page 90
B.Com (Murdoch University); Chartered Accountant Chief Financial Officer and Company Secretary Melissa North joined Jupiter in May 2012 as Group Financial Controller and was subsequently appointed CFO and Company Secretary in November 2012. Melissa is a seasoned finance executive with over two decades of experience spanning financial management, corporate strategy and governance. Over her 14 years with Jupiter, Melissa has been instrumental in Jupiter’s growth story, driving key corporate initiatives, managing international subsidiaries and delivering sustained shareholder value. Her pivotal role in Jupiter’s successful $240 million ASX listing in 2018 highlights her ability to navigate complex financial landscapes. Prior to Jupiter, Melissa refined her skills in both Perth and London, gaining expertise across financial reporting and business advisory. She began her career at Grant Thornton in 2000 and became a Chartered Accountant in 2004, laying a strong foundation for a future leadership in finance. BSc Engineering (Mining); MBA Interim Chief Executive Officer Matt was appointed Interim Chief Executive Officer of Jupiter on 11 September 2026. Matt is an experienced mining engineer with 25 years’ experience across South Africa and Australia, including 16 years in the manganese sector. He joined Jupiter in 2022 as Head of Commercial Strategy and Business Strategy, helping advance Jupiter’s growth and consolidation strategies, as well as mine planning and operational improvement initiatives at the Tshipi manganese mine. Prior to joining Jupiter, Matt held senior roles across mining, investment evaluation, corporate finance and strategic planning, including with Snowden Optiro, South32 and BHP. Matthew holds a Bachelor of Science in Mining Engineering and a Master of Business Administration from the University of the Witwatersrand. Melissa NorthMatthew Jarvis B.Com (Curtin University); Post GradDip. Applied Finance (Securities Institute Australia); Chartered Accountant Managing Director Brad was appointed as Managing Director of Jupiter on 1 August 2022. Brad is also a Director of Tshipi é Ntle Manganese Mining Proprietary Limited. Brad joined Jupiter from leading mining logistics company Bis Industries, where he was Managing Director and CEO since 2015. He previously served as Bis’ Chief Financial Officer and Director of Corporate Development. Bis is a large production focussed mining services company and an industry leader in bulk mining logistics, including through the invention and use of proprietary technology. Prior to Bis, Brad was General Manager Corporate Development at mining, engineering and infrastructure company GRD Limited, where he was responsible for group strategy, corporate finance and investor relations. He also led GRD’s Global Renewables operating business in Australia and Asia for three years. Brad, a graduate of Curtin University and a Chartered Accountant, earlier worked as a corporate strategy advisor for Mainsheet Corporate and Arthur Andersen. Brad is currently Non-Executive Chair of Normandy Minerals Limited. Brad Rogers JUPITER MINES | ANNUAL REPORT 2026 90
Page 91
JUPITER MINES | ANNUAL REPORT 2026 91
Page 92
Significant changes in the state of affairs There were no significant changes during the year. Dividends In respect of the 2026 financial year, the Directors have declared the following dividends: Dividend Dividend per share Total dividend Date declared Payment date Interim unfranked, wholly conduit foreign income $0.0055 $10,812,178 16 March 2026 2 April 2026 Final unfranked, wholly conduit foreign income $0.0075 $14,743,879 28 August 2026 18 September 2026 $0.0130 $25,556,057 Financial position At 30 June 2026, Jupiter held $9,274,119 in cash and cash equivalents (30 June 2025: $13,157,448), had a carrying value of investments using the equity method of $581,608,085 (30 June 2025: $564,526,039). Significant events after reporting date On 11 September 2026, the Company announced the resignation of Managing Director Brad Rogers effective the end of November 2026, and stepping down as Chief Executive Officer immediately. Matthew Jarvis, Jupiter’s Head of Commercial Strategy and Business Development, was appointed Interim CEO from this date. These financial statements were authorised for issue on 30 September 2026 by Director Brad Rogers. On 28 August 2026, the Board declared a final dividend for the year ended 30 June 2026 of $0.0075 per ordinary share, paid on 18 September 2026. Likely developments, business strategies and prospects The operations at the Tshipi Manganese Mine are expected to continue in a similar manner to present. Jupiter is undertaking a pre-feasibility study to explore the possibility of producing electric vehicle grade manganese at a point in the future. Environmental regulations and performance Jupiter is committed to achieving a high ESG standard together with its operations at Tshipi. Jupiter and Tshipi understand there are risks and opportunities that are associated with a changing climate and the global energy transition. The Boards of both Jupiter and Tshipi are ultimately responsible for the oversight of climate-related risks and opportunities for each respective entity. Jupiter has incorporated the recommendations of the Task Force for Climate-related Financial Disclosures (TCFD) in this financial year, which are set out in the ESG Report included in this Annual Report, along with a comprehensive assessment of Jupiter and Tshipi’s overall environmental compliance. Climate-rated risks are actively managed as part of Tshipi’s enterprise risk management system with projects including the solar energy development and the preventative wellness program are examples of climate-related risk management activities. With climate-related risks and opportunities becoming more salient for organisations to manage, a climate-related risk assessment will be conducted in the next reporting period. Regulatory environments in Australia and South Africa continue to evolve in relation to climate reporting and emissions management. These are actively monitored to ensure regulatory compliance. The Board is not aware of any significant breaches in compliance during the financial year covered by this report. Principal activities The principal activities of Jupiter during the year have been investment in the Tshipi Manganese Mine in South Africa and the sale of manganese ore. A comprehensive report on the activities are presented within the Operating and Financial Review in this Annual Report. Review of financial results and operations The consolidated results of Jupiter for the year ended 30 June 2026 was a profit of $37,689,992 after a $2,985,754 tax expense (30 June 2025: profit of $39,949,703, after a $3,855,222 tax expense). Further details of the results of the Consolidated Entity are set out in the accompanying financial statements and the Operating and Financial Review in this Annual Report. JUPITER MINES | ANNUAL REPORT 2026 92
Page 93
Directors’ meetings The number of Board and Committee meetings attended by each Director of the Company during the financial year are: Director Board Audit and Risk Committee Remuneration and Nomination Committee Sustainability, Safety and Operations Committee Eligible to attend Attended Eligible to attend Eligible to attend Eligible to attend Attended Eligible to attend Attended Ian Murray 7 7 4 4 5 5 3 3 Scott Winter 7 7 - - 5 5 3 3 Sally Langer 7 7 4 4 5 5 3 3 Kiho Han 7 7 4 4 - - - - Brad Rogers 7 7 - - - - - - Board and Committee evaluations In line with corporate governance recommendations, the Board and Committees undertake an evaluation of its performance annually. The FY26 evaluation was completed in two parts: – A performance evaluation of the Board and Committee of the Board, as a whole, involving each Director completing a detailed questionnaire; and – A 360 review by each individual Director on the performance of each Director. The evaluation results were collated and anonymised and presented to the Board for review of its overall performance. The FY26 evaluation evidenced the following positive results: – Significant improvement in the areas strategy risk and compliance; and – Effective governance measures and sub-committees in place. Executive leadership Previous board experience and/or listed company experience Manganese and/or operational mining experience Mergers and acquisitions South Africa/international exposure Black Empowerment Safety and wellbeing Culture and workplace relations Company administration (finance, compliance etc.) Risk management, legal and ESG Strategy Legend High Board skills matrix Low or N/AMedium Figure 12: FY26 skills matrix for the Jupiter Board of Directors. Board skills matrix The Board values a variety of knowledge, skills and experience each Director brings to the Company. As such, the Company reviews its skills matrix annually, to identify any looming knowledge gaps or need for succession planning. The FY26 Board skills matrix involved each Director completing a self-assessment against skills categories previously defined and agreed by the Board. The FY26 skills matrix showed significant improvement in knowledge and understanding of South African and Black Empowerment frameworks, as well as an uptick in risk management and ESG. Figure 12 shows the outcome of the exercise for FY26. JUPITER MINES | ANNUAL REPORT 2026 93
Page 94
Directors’ interests The relevant interest of each Director in the shares, performance rights or options over such instruments issued by the Company, as notified by the Directors to the ASX in accordance with S205G(1) of the Corporations Act 2011, at the date of this report is as follows: Director Ordinary shares Options over ordinary shares Performance rights1 Ian Murray 1,527,909 - - Scott Winter 729,286 - - Sally Langer 270,000 - - Kiho Han2 134,992,472 - - Brad Rogers 5,345,232 - 11,281,434 Share options At the date of this report, there were no unissued shares of the Company under option. The below options expired during the financial year: Expiry date Exercise price Number of options 25 July 2025 Nil 500,000 25 July 2025 Nil 500,000 1 Vesting conditions attached to these performance rights are set out in Note 25 to the Financial Statements. 2 Kiho Han is the Managing Director of POSCO Australia Pty Ltd (POSCO). POSCO is the registered owner of 134,994,472 Ordinary Shares in the Company at the date of this report. Performance rights Unissued shares under performance rights At the date of this report, unissued shares of the Company under performance rights are: Date performance rights granted Vesting date Number of performance rights 28 November 2024 9 Dec 2026 513,919 26 November 2025 26 Nov 2026 402,146 26 November 2025 26 Nov 2027 402,146 26 November 2026 26 Nov 2027 597,379 26 November 2026 26 Nov 2028 597,379 28 November 2024 30 Jun 2027 3,307,715 26 November 2025 30 Jun 2028 5,460,750 11,281,434 Performance rights vested During the financial year, to the date of this report, the following performance rights vested: Date performance rights granted Vesting date Number of performance rights 30 November 2023 30 Nov 2025 536,442 28 November 2024 9 Dec 2025 513,920 28 November 2024 30 Jun 2026 3,069,155 4,119,517 JUPITER MINES | ANNUAL REPORT 2026 94
Page 95
Contracts with Directors There are no agreements with any of the Directors other than remuneration agreements. Indemnification and insurance of officers Since the end of the previous financial year, Jupiter has paid premiums to insure the Directors and Officers of the Consolidated Entity. Details of the nature of the liabilities covered and the amount of premium paid in respect of Directors’ and Officers’ insurance policies preclude disclosure to third parties. Non-audit services KPMG did not provide any non-audit services during the financial year ended 30 June 2026 . Lead Auditor’s Independence Declaration The Lead Auditor’s Independence Declaration for the year ended 30 June 2026 is set out on page 150. Corporate Governance The Directors aspire to maintain the standards of Corporate Governance appropriate to Jupiter. Jupiter’s Corporate Governance Statement is available on its website https://www.jupitermines.com/about-us/corporate-governance. Proceedings on behalf of Jupiter No person has applied for leave of Court to bring proceedings on behalf of Jupiter or intervene in any proceedings to which Jupiter is a party for the purpose of taking responsibility on behalf of Jupiter for all or any part of those proceedings. Jupiter was not a party to any such proceedings during the year. The Consolidated Entity was not a party to any such proceedings during the reporting year. JUPITER MINES | ANNUAL REPORT 2026 95
Page 96
Remuneration Report JUPITER MINES | ANNUAL REPORT 2026 96
Page 97
Jupiter’s remuneration framework is designed to reward performance that delivers sustainable value creation, linked to the Company’s strategic pillars. Remuneration Report (Audited) The Directors present the Remuneration Report (Report) for Non-Executive Directors (NED), Executive Directors and other Key Management Personnel (KMP), for the financial year ended 30 June 2026 (FY26). The information provided in this Remuneration Report has been prepared in accordance with the requirements of the Corporations Act 2001 and Australian Accounting Standards, and the Report has been audited in accordance with Section 308(3C) of the Corporations Act 2001. All financial years represent full 12-month reporting periods. The Report is presented under the following sections: Letter from the Chair of the Remuneration and Nomination Committee 1. Introduction and FY26 Remuneration Outcomes Summary 2. Remuneration Governance 3. Executive Remuneration Framework 4. Executive FY26 Remuneration 5. Executive FY27 Remuneration 6. Non-Executive FY26 Remuneration 7. Statutory Key Management Personnel Remuneration 8. Securities held by KMP during FY26 9. Other Transactions with Key Management Personnel JUPITER MINES | ANNUAL REPORT 2026 97
Page 98
On behalf of the Board, I am pleased to present the Remuneration Report for the financial year ended 30 June 2026. The Remuneration and Nomination Committee remains committed to maintaining a remuneration framework that supports the achievement of our strategic objectives, promotes sustainable long-term performance and aligns the interests of Executives with those of shareholders. Our approach is founded on the principles of fairness, transparency, accountability and market competitiveness. At the 2025 Annual General Meeting in November 2025, the Company’s FY25 Remuneration Report was adopted by shareholders with over 90 per cent of votes in favour. This continued strong level of support is consistent with prior years and reflects shareholder confidence in the Company’s remuneration framework and governance practices. During the year, the Committee continued to review the effectiveness of Jupiter’s remuneration arrangements to ensure they remain fit for purpose. Jupiter’s remuneration framework is designed to reward performance that delivers sustainable value creation, linked to the Company’s strategic pillars. The Committee remains satisfied that the framework appropriately balances short-term performance outcomes with the delivery of long-term value for shareholders. In assessing executive performance for the year, the Committee considered progress made by our Executives against key performance measures, including a mix of market and non- market based metrics, in assessing achievements in strategic priorities, operational outcomes, risk management and leadership objectives. Performance in FY26 delivered a positive outcome, with Executive short-term incentives (STI) vesting at 70 per cent and 90 per cent, for our Executives Brad Rogers (Managing Director and CEO) and Melissa North (CFO and Company Secretary), respectively. The FY24 long-term incentives (LTI) were due for assessment at the end of FY26, of which 55.5 per cent vested for Brad Rogers. The Committee believes these remuneration outcomes appropriately reflect both individual and Company performance during the reporting period and demonstrate the continued alignment between executive reward and the delivery of shareholder value. The Committee places significant importance on maintaining open and transparent communications with shareholders and other stakeholders regarding remuneration and governance matters. We will once again reach out to shareholders this year to recognise and understand their key concerns. On behalf of the Committee, I thank our employees, management team and fellow Directors for their commitment and contribution throughout the year. Their efforts continue to underpin Jupiter’s performance and position the Company for future success. I invite you to read the Remuneration Report, which provides further detail regarding our remuneration framework, governance practices and remuneration outcomes for the year. Yours sincerely Letter from the Chair of the Remuneration and Nomination Committee Sally Langer Chair – Remuneration and Nomination Committee JUPITER MINES | ANNUAL REPORT 2026 98
Page 99
1. Introduction and FY26 Remuneration Outcomes Summary The following were KMP of the Company during the financial year for the indicated term: Name Role Term Non-Executive Directors Ian Murray Non-Executive Chair Full year Scott Winter Non-Executive Director Full year Sally Langer Non-Executive Director Full year Kiho Han Non-Executive Director Full year Executive Director Brad Rogers Managing Director (MD) and Chief Executive Officer (CEO) Full year Other Key Management Personnel Melissa North Chief Financial Officer (CFO) and Company Secretary Full year The Board and Remuneration and Nomination Committee (RemCo) recognises that the success of the business depends on the quality and engagement of its people, and fairly rewarding them for their performance when it creates shareholder value. The RemCo is currently comprised solely of independent Non-Executive Directors: Sally Langer (Chair), Scott Winter and Ian Murray. Company Performance and FY26 Remuneration Outcomes Summary During FY26, Jupiter continued to advance its five-year Company Strategy, released in March 2023. While the external environment has continued to evolve, the underlying strategic drivers and long-term trends that informed Jupiter’s strategy remain valid and continue to support the Company’s strategic direction. FY26 financial performance was broadly consistent with FY25, with corporate and business development costs down, offset by a decrease in Tshipi share of profit. Tshipi’s overall profit was down year-on-year mainly due to an increase in its average cost of production, mostly attributable to the strengthening of the South African Rand against the US Dollar. Tshipi continued to maintain reliable operational performance, and supported by the Jupiter Board and Management, sought to improve logistics efficiencies and progress opportunities to create further value across the Kalahari Manganese Field. JUPITER MINES | ANNUAL REPORT 2026 99
Page 100
$0.216 $0.175 $0.261$0.261 Jupiter average share price v dividends declared 0.300 0.250 0.200 0.150 0.100 0.050 – 0.0300 0.0250 0.0200 0.0150 0.0100 0.0050 – FY22 FY23 FY24 FY25 FY26 A$ (share price) A$ (dividends per share) $0.0220 $0.0125 $0.0150$0.0150 $0.0130 Avg share price (A$) Dividends declared (A$ per share) $0.214 Jupiter share of Tshipi profit (A$m) v average manganese price (US$/dmtu FOB) 90.0 80.0 70.0 60.0 50.0 40.0 30.0 20.0 10.0 – 4.50 4.00 3.50 3.00 2.50 2.00 1.50 1.00 0.50 – FY22 FY23 $3.52 86.0 FY24 $3.31 40.0 FY25 $3.35 42.5 FY26 $3.62 37.3 42.8 $3.22 A$m US$/dmtu Share of Tshipi profit Average manganese price (US$/dmtu) JUPITER MINES | ANNUAL REPORT 2026 100
Page 101
The information in Figure 13 below summarises the remuneration mix and outcomes for Executive KMP in FY26. For detailed vesting outcome information, please refer to section 4 of this Report. 2. Remuneration Governance The RemCo is responsible for safeguarding the Board’s corporate governance responsibilities in regard to remuneration policies for NEDs and Executives, equity participation, and policies concerning People and Remuneration. The RemCo also reviews the appropriateness of remuneration practices and ensure that they are aligned with the Company’s strategic objectives, ethical standards, and corporate values. As per the Remuneration Policy, the Company is committed to ensuring its remuneration structures are: – Competitive and Fair: ensuring that remuneration is competitive with market rates for similar roles and reflects individual performance, – Performance-Based: linking a portion of the remuneration to the achievement of corporate and individual performance targets, including short-term and long-term objectives, – Retention-Focused: a structure designed not only to reward performance but also to support long-term retention, recognising that retaining top talent is critical to sustained success, – Shareholder-Aligned: aligning the interests of the Directors, Executives, and Employees with those of shareholders, through appropriate incentives and reward structures, and – Sustainable: promoting long-term business sustainability and growth through the reward structure. The RemCo meets several times a year and as required, and makes recommendations to the Board in accordance with the RemCo Charter. Meeting attendance by RemCo members can be found in the Directors Report. The RemCo Charter is available on the Company’s website https://www.jupitermines.com/about-us/corporate-governance. During FY26, RemCo engaged to services of Loftswood to provide guidance on selection of market-based performance metrics for its Executives. TFR STI LTI FY26 52% 27% 21% FY25 49% 38% 13% FY24 44% 21% 35% Brad Rogers FY26 remuneration mix (compared to FY24 and FY25) Figure 13: Executive KMP remuneration mix for FY24, FY25 and FY26. TFR STI LTI FY26 69% 24% 7% FY25 79% FY24 78% 22% Melissa North FY26 remuneration mix (compared to FY24 and FY25) 21% JUPITER MINES | ANNUAL REPORT 2026 101
Page 102
3. Executive Remuneration Framework The total remuneration package consists of the following elements of pay: Element Total Fixed Remuneration (TFR) Short-term Incentives (STI) Long-term Incentives (LTI) Purpose Base level of remuneration appropriate for role Incentive for the achievement of annual objectives and short-term “line-of-sight” performance goals Incentive for achievement of sustained business growth (non-market measures) and creating value for shareholders, and to retain talent over the longer-term Delivery Cash salary and superannuation MD/CEO: 50% cash and 50% performance rights Other Executives: 100% cash 100% performance rights Remuneration and other terms of employment for Executives are formalised in service agreements. The service agreements specify the components of remuneration, benefits and notice periods. Other major provisions of agreements relating to remuneration are set out below. Executive Commencement date TFR Notice period Brad Rogers MD and CEO 1 August 2022 $890,266 6 months Melissa North CFO and Company Secretary 7 May 2012 $300,899 3 months Executives are remunerated (outside of TFR) based on the core pillars, as shown below, around which Jupiter’s strategic framework is structured. These pillars are aligned to the key performance indicators (KPI) measures for short and long-term incentives, as seen in sections 4 and 5 of this Report. Upcycle (EV Batteries) Exploring a downstream entry into the electric vehicle market through the production of HPMSM for EV batteries. Sustainably Empowered (ESG) Developing a robust ESG framework and a focus in increased reporting and communication of Tshipi’s ESG performance. Industry Leader (Growth) Enabling disciplined growth through strategic management of Tshipi’s production, evaluating future expansion capacity, and selectively assessing opportunities in the Kalahari Manganese Field. Fittest in the Field (Efficiency) Driving operational excellence with a focus on optimising logistics and improving marketing processes. JUPITER MINES | ANNUAL REPORT 2026 102
Page 103
4. Executive FY26 Remuneration 1 Inclusive of superannuation. i. Fixed remuneration Fixed remuneration for executive KMPs in FY26 were as follows: Name Role Fixed Remuneration1 Brad Rogers Managing Director and Chief Executive Officer $890,266 Melissa North Chief Financial Officer and Company Secretary $300,899 ii. Short-Term Incentives (STI) KMP Brad Rogers Measurement Period 1 July 2025 to 30 June 2026 KPI Strategic Pillar Weighting Measure Assessment Outcome Safety and Governance Sustainably Empowered (ESG) 25% Total Recordable Injury Frequency Rate (TRIFR) Greater than 10% improvement achieved over FY26. Threshold 18.1% ESG Reporting Framework & ESG priorities Jupiter ESG report progressed in line with FY26 targets and improving each year. Target Tshipi solar project No significant progress during the year. Not achieved Financial Performance Fittest in the Field (Efficiency) 25% Business functional improvement Jupiter approved cash spend forecast achieved for FY26 (i.e. no unapproved overspend). Target 21.0% Improve logistics Positive improvement, through maximisation of Transnet’s MECA allocation and growth on other Transnet rail corridors. Threshold Streamline marketing processes Continuously improving an already performing marketing function, however no material progress. Threshold Eliminate Tshipi product rehandle Limited progress on the project. Not achieved Jupiter Return on Equity (ROE) Jupiter ROE within 50th to 75th percentile. Target Strategic Initiatives Industry Leader (Growth) 50% Tshipi consolidation Significant positioning and preparation work undertaken, but not yet achieved. Board judgement is a score of 85% of Threshold.. 85% of Threshold 30.9% Other M&A targets Performed strategic options analysis on alternative targets and strategies, but no material progress during the year. Not achieved Optimise production from all owned mines No approved optimisation plan in place yet, however Jupiter active in driving more forward looking mine planning and expansion planning. Threshold Upcycle (EV Batteries) EV battery market entry strategy Continued targeted work in line with strategy of market readiness. Threshold TOTAL 100% Payable as 50% cash, 50% STI performance rights 70.0% JUPITER MINES | ANNUAL REPORT 2026 103
Page 104
KMP Melissa North Measurement Period 1 July 2025 to 30 June 2026 KPI Strategic Pillar Measure Assessment Outcome Safety and Governance Sustainably Empowered (ESG) Sustainability, Safety and Operations Committee (SSOCo) SSOCo established, annual work plan agreed with a focus on bringing value to the ESG reporting process. 90% Financial Performance Fittest in the Field (Efficiency) Business functional improvement Increased budgeting accuracy and cost control, accurate modelling. Company secretarial Improvement in timely preparation and circulation of meeting papers, minutes and action items. Investor relations Increased market knowledge and insight into investor issues. Establish climate-related financial disclosures Scoped requirements under Australian Accounting Standards for mandatory climate-related disclosures. TOTAL Payable as 100% cash 90% As a result of the assessment of each Executive KMPs performance, the Board approved payment of the following STIs: Executive KMP Role Maximum STI $ STI outcome (% of maximum STI) STI outcome $ Share-based portion $ Cash portion $ Brad Rogers MD and CEO 667,700 70% 467,390 233,695 233,695 Melissa North CFO and Company Secretary 120,360 90% 108,324 - 108,324 The fair value of the share-based portion of STI is based on the value of $0.1956 per share being the volume-weighted average price (VWAP) of the Company’s shares for the five days leading up to 1 July 2025. JUPITER MINES | ANNUAL REPORT 2026 104
Page 105
iii. Long-Term Incentives (LTI) a. FY24 LTI vesting outcome KMP Brad Rogers Performance measurement period 1 July 2023 to 30 June 2026 Maximum LTI 120% of TFR Delivery 4,933,628 performance rights issued at a fair value of $0.058 per instrument (for Total Shareholder Return) and $0.132 per instrument (for Manganese Equity Production and Strategic Initiatives) Vesting period 1 July 2023 to 30 June 2026 KPI Strategic Pillar Weighting Measure Assessment Outcome Vesting Total Shareholder Return (TSR) Fittest in the Field (Efficiency) 33.3% Measure against an appropriate basket of like companies1 Threshold: >= 50th percentile = 0% vest Target: 50th – 75th percentile = 100% vest Stretch: >= 75th percentile = Pro rata straight line vest Jupiter TSR +52.3% 90th percentile Stretch 40.0% Manganese Equity Production Industry Leader (Growth) 33.3% Growth in manganese production and sales Threshold: <4 mtpa = 0% vest Target: 5 mtpa = 100% vest Stretch: 6 mtpa = 120% vest Not achieved 0.0% Strategic Initiatives Upcycle (EV Batteries) 33.3% Progress towards entry into battery grade manganese product markets Continued targeted work in line with strategy of market readiness. Target 6.7% Industry Leader (Growth) Jupiter intent to become an operator at one or more Initiatives have been scoped but not progressed. Not achieved 0.0% Fittest in the Field (Efficiency) Development of integrated Jupiter controlled logistics solution mines Logistics projects have been scoped but delayed due to market conditions. Not achieved 0.0% Completion of materials handling and quality control projects Projects have been scoped but delayed due to market conditions. 1/3 of Target awarded 2.2% Sustainably Empowered (ESG) Prepare an ESG strategy, have ESG rating and a published Sustainability Report Jupiter ESG report progressed in line with FY26 targets and improving each year. Target 6.7% Total 100% Overall vesting outcome 55.5% Number of awards granted 4,933,628 Number of awards vesting 3,069,155 1 Metals X Limited, Champion Iron Limited, Nickel Industries Limited, MGX Resources Limited, OM Holdings Limited, Syrah Resources Limited, 29Metals Limited, Grange Resources Limited, Core Lithium Limited, Deterra Royalties Limited. JUPITER MINES | ANNUAL REPORT 2026 105
Page 106
b. FY2025 LTI granted (unvested) KMP Brad Rogers Performance measurement period 1 July 2024 to 30 June 2027 Maximum LTI 120% of TFR Delivery 3,307,715 performance rights issued at a fair value of $0.067 per instrument (for TSR) and $0.125 per instrument (for Manganese Equity Production and Strategic Initiatives) Vesting period 1 July 2024 to 30 June 2027 KPI Strategic Pillar Weighting Measure Vesting TSR Fittest in the Field (Efficiency) 33.3% Measure against an appropriate basket of like companies1 <50th percentile 50 – 75th percentile >75th percentile 0% 100% Pro rata straight line Manganese Equity Production Industry Leader (Growth) 33.3% Growth in manganese production and sales <4 mtpa 5 mtpa 6 mtpa 50% 100% 120% Strategic Initiatives Upcycle (EV Batteries) 33.3% Develop a strategy to become a leading supplier of HPMSM 20% Board Discretion Sustainably Empowered (ESG) Develop a strategy to become a manganese industry ESG leader 20% Industry Leader (Growth) Play a leading role in work that delivers an optimisation of Tshipi's mining risk outlook (mining operations, mine plan) 20% Play a leading role in work that delivers an optimisation of Tshipi's operating efficiency on site (conveyor, solar) 20% Play a leading role in work that delivers an optimisation of the efficiency and effectiveness of Tshipi's logistics outcomes 20% 1 Metals X Limited, Champion Iron Limited, Nickel Industries Limited, MGX Resources Limited, OM Holdings Limited, Syrah Resources Limited, 29Metals Limited, Grange Resources Limited, Core Lithium Limited, Deterra Royalties Limited. JUPITER MINES | ANNUAL REPORT 2026 106
Page 107
c. FY2026 LTI granted (unvested) KMP Brad Rogers Performance measurement period 1 July 2025 to 30 June 2028 Maximum LTI 120% of TFR Delivery 5,460,751 performance rights issued at a fair value of $0.148 per instrument (for TSR) and $0.222 per instrument (for Manganese Equity Production and Strategic Initiatives) Vesting period 1 July 2025 to 30 June 2028 KPI Strategic Pillar Weighting Measure Vesting TSR Fittest in the Field (Efficiency) 33.3% Measure against an appropriate basket of like companies1 <50th percentile 50 – 75th percentile >75th percentile 0% 100% Pro rata straight line Manganese Equity Production Industry Leader (Growth) 33.3% Growth in manganese production and sales <4 mtpa 5 mtpa 6 mtpa 50% 100% 120% Strategic Initiatives Upcycle (EV Batteries) 33.3% Develop a strategy to become a leading supplier of HPMSM 20% Board Discretion Sustainably Empowered (ESG) Develop a strategy to become a manganese industry ESG leader 20% Industry Leader (Growth) Play a leading role in work that delivers an optimisation of Tshipi's mining risk outlook (mining operations, mine plan) 20% Play a leading role in work that delivers an optimisation of Tshipi's operating efficiency on site (conveyor, solar) 20% Play a leading role in work that delivers an optimisation of the efficiency and effectiveness of Tshipi's logistics outcomes 20% KMP Melissa North Performance measurement period 1 July 2025 to 30 June 2028 Maximum LTI 48% of TFR Delivery 738,267 performance rights issued at a fair value of $0.111 per instrument (for TSR) and $0.149 per instrument (for Strategic Initiatives) Vesting period 1 July 2025 to 30 June 2029 KPI Strategic Pillar Weighting Measure Vesting TSR Fittest in the Field (Efficiency) 40% Measure against an appropriate basket of like companies1 <50th percentile 50 – 75th percentile >75th percentile 0% 100% Pro rata straight line Strategic Initiatives Sustainably Empowered (ESG) 60% Develop a strategy to become a manganese industry ESG leader 30% Manager Discretion Industry Leader (Growth) Strategic milestones encouraging delivery of key long-term strategic initiatives (M&A, customer quality and composition etc.) 30% 1 Metals X Limited, Champion Iron Limited, Nickel Industries Limited, MGX Resources Limited, OM Holdings Limited, Syrah Resources Limited, 29Metals Limited, Grange Resources Limited, Core Lithium Limited, Deterra Royalties Limited. JUPITER MINES | ANNUAL REPORT 2026 107
Page 108
iv. Treatment of unvested FY24, FY25 and FY26 STIs and FY25 and FY26 LTIs held by MD and CEO Brad Rogers’ employment as Managing Director and CEO will end on 27 November 2026 (End Date). Following the valuable contributions Mr Rogers has made to Jupiter over the last four years, the Board has exercised discretion under Clause 11.1(a) of the Company’s Incentive Plan (Plan) and resolved that the portion of unvested performance rights held by Mr Rogers on the End Date that would ordinarily lapse on the End Date will not be affected by, and will not lapse in connection with the ending of Mr Rogers’ employment and will be assessed at the applicable future vesting date, taking into account the Boards view of Mr Rogers’ contribution to achieving the respective set KPIs. Any service condition applicable to the unvested performance rights on the End Date will be reviewed by the Board upon the applicable future vesting date, using their discretion, notwithstanding that Mr Rogers has ceased to be an employee prior to satisfaction of the applicable service condition. The Board has therefore resolved that Mr Rogers retain all existing STI and LTI previously approved by shareholders, the achievement of which will be determined by the Board at the applicable future vesting date, as follows: Performance rights No. rights retained Vesting date FY24 STI – tranche 2 513,919 9 December 2026 FY25 STI – tranche 2 402,146 26 November 2027 FY26 STI – tranche 11 597,379 26 November 2027 FY26 STI – tranche 21 597,379 26 November 2028 FY25 LTI 3,307,715 30 June 2027 FY26 LTI 5,460,751 30 June 2028 The FY25 and FY26 LTI performance rights retained by Mr Rogers will continue to be subject to the original performance measures in all other respects and Board discretion. 5. Executive FY27 Remuneration As announced on 11 September 2026, Brad Rogers will step down as MD and CEO at the end of November 2026, and remain with the Company in a consulting capacity until the end of February 2027. On the same day, the Board appointed Matthew Jarvis as Interim Chief Executive Officer. Mr Jarvis is categorised as KMP from this date also. All expected remuneration changes for FY27 are presented below. Vesting outcomes will be disclosed in the Company’s FY27 Remuneration Report. a. Fixed Remuneration Name Role Fixed Remuneration2 Brad Rogers Managing Director (to 27 November 2026) $921,425 Melissa North Chief Financial Officer and Company Secretary $312,881 Matthew Jarvis Interim Chief Executive Officer (from 11 September 2026) $420,000 For the period from 1 July 2026 to the End Date, Mr Rogers will earn $921,425 pro rata, inclusive of superannuation. Mr Rogers will not receive any severance payments. For the period from 11 September 2026 to 30 June 2027, Mr Jarvis will earn $420,000 pro rata, inclusive of applicable entitlements. 1 To be approved by shareholders at the Company’s November 2026 Annual General Meeting. 2 Inclusive of superannuation and reflects CPI increases from 1 July 2026. JUPITER MINES | ANNUAL REPORT 2026 108
Page 109
b. Short-Term Incentives (STI) KMP Matthew Jarvis Melissa North Performance measurement period 1 July to 31 December 2026 1 July 2026 to 30 June 2027 Target STI (% of TFR) 75% 40% Delivery 50% performance rights1 50% cash 100% cash Weighting Manager Discretion KPI Strategic Pillar Measure Safety and Governance Sustainably Empowered (ESG) ESG Reporting Framework and ESG priorities Financial Performance Fittest in the Field (Efficiency) Jupiter corporate development Work with Tshipi on mine plan optimisation Strategic Initiatives Industry Leader (Growth) Identification and progression of M&A targets Continue to identify updates to Jupiter’s growth strategy and monitor for any potential changes Upcycle (EV Batteries) EV battery market entry strategy 1 At face value of $0.2778 per instrument being the VWAP of the Company’s shares for the five days leading up to 1 July 2026. JUPITER MINES | ANNUAL REPORT 2026 109
Page 110
c. Long-Term Incentives (LTI) to be granted (unvested) KMP Matthew Jarvis Melissa North Performance measurement period 1 July 2026 to 30 June 2029 1 July 2026 to 30 June 2029 Maximum LTI (% of TFR) 120% 48% Delivery1 1,813,949 performance rights 540,524 performance rights Vesting period 1 July 2026 to 30 June 2030 1 July 2026 to 30 June 2030 KPI Strategic Pillar Measure Vesting Weighting Matthew Jarvis Melissa North Total Shareholder Return Fittest in the Field (Efficiency) Measure against an appropriate basket of like companies <50th percentile 50 – 75th percentile >75th percentile 40% 40% 0% 100% Pro rata straight line Strategic Initiatives Upcycle (EV Batteries) Develop a strategy to become a leading supplier of HPMSM Board Discretion 20% - Sustainably Empowered (ESG) Develop a strategy to become a manganese industry ESG leader - 30% Industry Leader (Growth) Play a leading role in work that delivers an optimisation of Tshipi’s mining risk outlook (mining operations, mine plan) 20% - Strategic milestones encouraging delivery of key long-term strategic initiatives (M&A etc) 20% 30% Total 100% 100% 1 To be issued on a face value of $0.2778 per instrument, being the VWAP of the Company’s shares for the five days leading up to 1 July 2026, value to be ascertained. JUPITER MINES | ANNUAL REPORT 2026 110
Page 111
6. Non-Executive FY26 Remuneration The Board seeks to set aggregate remuneration at a level that provides the Company with the ability to attract and retain NEDs of the highest calibre. The amount of aggregate remuneration sought to be approved by shareholders and the manner in which it is apportioned amongst NEDs is reviewed annually. Directors’ fees cover all main Board activities. NEDs are not entitled to retirement benefits other than statutory superannuation or other statutory required benefits. NEDs do not currently participate in performance related remuneration (i.e. the Company’s Incentive Plan) designed for Executives or employees. Director fees currently paid to NEDs are as follows: Non-Executive Director Base fee Superannuation Audit & Risk Committee Remuneration & Nomination Committee Sustainability, Safety & Operations Committee Mine Committees Total Ian Murray 160,714 19,286 - - - - 180,000 Scott Winter 80,000 - - 5,000 20,000 20,000 125,000 Sally Langer 76,384 3,616 30,000 20,000 5,000 - 135,000 Kiho Han 80,000 - 10,000 - - - 90,000 Total $397,098 $22,902 $40,000 $25,000 $25,000 $20,000 $530,000 There are no plans to increase NED fees over the course of FY27 unless Jupiter’s operations were to change significantly. JUPITER MINES | ANNUAL REPORT 2026 111
Page 112
7. Statutory Key Management Personnel Remuneration i. KMP remuneration table KMP Year Fixed Remuneration Variable Remuneration Total At Risk% Cash fees & salary Other short-term benefits Superannuation Long-service leave Cash STI STI performance rights LTI performance rights Executive Directors & Other KMP Brad Rogers Managing Director & CEO FY26 784,165 76,100 30,000 - 233,695 234,114 357,475 1,715,550 48% FY25 800,235 35,352 29,932 - 252,548 408,494 226,942 1,753,503 51% Melissa North CFO & Company Secretary FY26 256,833 14,066 30,000 6,779 108,324 - 32,927 448,929 31% FY25 283,882 19,332 29,932 6,725 82,455 - - 383,662 21% Non-Executive Directors Ian Murray Non-Executive Chair FY26 160,714 - 19,286 - - - - 180,000 - FY25 145,366 - 16,717 - - - - 162,083 - Scott Winter Non-Executive Director FY26 125,000 - - - - - - 125,000 - FY25 93,375 - - - - - - 93,375 - Peter North Former Non-Executive Director FY26 - - - - - - - - - FY25 25,125 - - - - - - 25,125 - Patrick Murphy Former Non-Executive Director FY26 - - - - - - - - - FY25 11,660 - - - - - - 11,660 - Bo Sung Kim Former Non-Executive Director FY26 - - - - - - - - - FY25 52,167 - - - - - - 52,167 - Sally Langer Non-Executive Director FY26 131,384 - 3,616 - - - - 135,000 - FY25 80,007 - 9,201 - - - - 89,208 - Kiho Han Non-Executive Director FY26 90,000 - - - - - - 90,000 - FY25 22,500 - - - - - - 22,500 - FY26 TOTAL 1,548,097 90,166 82,902 6,779 342,019 234,114 390,402 2,694,479 36% FY25 TOTAL 1,530,337 54,684 85,782 6,725 335,003 408,494 226,942 2,593,283 37% JUPITER MINES | ANNUAL REPORT 2026 112
Page 113
ii. Share based payments Details of the options and performance rights share based payment expense for KMP for FY26 is shown below: Identifier Grant date No. granted Expiry date Vesting date Exercise price ($) Fair value per unit ($) Total fair value ($) % vested in year % forfeited in year FY in which grants vest Vesting conditions Options JMS018 1 Aug 2022 500,000 25 Jul 2025 - - 0.0460 23,100 - 100.0 N/A Jupiter share price greater than $0.40 (30-day VWAP) JMS019 1 Aug 2022 500,000 25 Jul 2025 - - 0.0460 23,100 - 100.0 N/A Jupiter share price greater than $0.50 (30-day VWAP) Total rights 1,000,000 Performance rights DR4 30 Nov 2023 536,442 n/a 30 Nov 2025 - 0.1750 93,877 100.0 - FY26 No vesting conditions. Service condition only. FY24ST1 28 Nov 2024 513,920 27 Nov 2030 9 Dec 2025 - 0.2034 104,531 100.0 - FY26 FY24ST2 28 Nov 2024 513,919 27 Nov 30 9 Dec 2026 - 0.2034 104,531 - - FY27 FY25ST1 26 Nov 2025 402,146 27 Nov 31 26 Nov 2026 - 0.3140 126,274 - - FY27 FY25ST2 26 Nov 2025 402,146 27 Nov 2031 26 Nov 2027 - 0.3140 126,274 - - FY28 FY26ST1 26 Nov 2026 597,379 26 Nov 32 26 Nov 2027 - 0.1956 116,847 - - FY28 FY26ST2 26 Nov 2026 597,379 26 Nov 32 26 Nov 2028 - 0.1956 116,847 - - FY29 FY24LTA 28 Nov 2024 1,644,543 27 Nov 30 30 Jun 2026 - 0.1320 101,304 46.7 - FY26 Refer to section 4iiia.FY24LTB 28 Nov 2024 1,644,542 27 Nov 30 30 Jun 2026 - 0.1320 - - 100.0 FY26 FY24LTC 28 Nov 2024 1,644,543 27 Nov 30 30 Jun 2026 - 0.0580 133,499 120.0 - FY26 FY25LTA 28 Nov 2024 1,102,572 27 Nov 30 30 Jun 2027 - 0.1250 137,822 - - FY27 Refer to section 4iiib.FY25LTB 28 Nov 2024 1,102,572 27 Nov 30 30 Jun 2027 - 0.1250 137,822 - - FY27 FY25LTC 28 Nov 2024 1,102,571 27 Nov 30 30 Jun 2027 - 0.0670 73,872 - - FY27 FY26LTA 26 Nov 2025 1,820,250 27 Nov 31 30 Jun 2028 - 0.1480 269,397 - - FY28 Refer to section 4iiic. FY26LTB 26 Nov 2025 1,820,250 27 Nov 31 30 Jun 2028 - 0.2220 404,096 - - FY28 FY26LTC 26 Nov 2025 1,820,250 27 Nov 31 30 Jun 2028 - 0.2220 404,096 - - FY28 FY26LT1A 1 Jul 2025 295,307 27 Nov 31 30 Jun 2029 - 0.1110 32,779 - - FY29 FY26LT1B 1 Jul 2025 442,960 27 Nov 31 30 Jun 2029 - 0.1490 66,001 - - FY29 Total rights 18,003,961 JUPITER MINES | ANNUAL REPORT 2026 113
Page 114
8. Securities held by KMP during FY26 i. Shares KMP Held on 1 July 2025 Conversion from rights On market buy / (sell) Other changes Held on 30 June 2026 Ian Murray 1,527,909 - - - 1,527,909 Scott Winter 729,286 - - - 729,286 Sally Langer 270,000 - - - 270,000 Kiho Han 134,992,472 - - - 134,992,472 Brad Rogers 1,536,442 4,808,7901 (1,000,000) - 5,345,232 Melissa North - - - - - ii. Rights KMP Held on 1 July 2025 Grant of rights Forfeited Vested but not yet exercised Conversion to shares Held on 30 June 2026 Vested during the year Brad Rogers 10,609,916 7,312,667 (2,521,632) (3,069,155) (1,050,362) 11,281,434 4,119,517 Melissa North - 738,267 - - - 738,267 - iii. Options KMP Held on 1 July 2025 Options granted Vested Expired Held on 30 June 2026 Vested and exercisable at 30 June 2026 Brad Rogers 1,000,000 - - (1,000,000) - - 9. Other Transactions with Key Management Personnel During the financial year, there were no other material transactions with key management personnel or their related parties other than those detailed in Note 19 to the Financial Statements. There were no loans with any of the key management personnel during the year and no loan amounts outstanding. End of Remuneration Report This report is signed in accordance with a resolution of the Board of Directors. 1 Includes 3,075,078 rights which had vested but were not exercised at 30 June 2025, but were exercised during this financial year. Brad Rogers Managing Director 30 September 2026 JUPITER MINES | ANNUAL REPORT 2026 114
Page 115
Financial Report JUPITER MINES | ANNUAL REPORT 2026 115
Page 116
JUPITER MINES | ANNUAL REPORT 2026116 of Profit or Loss and Other Comprehensive Income For the Year Ended 30 June 2026 Consolidated Statement Consolidated Group Note June 2026 $ June 2025 $ Revenue 2 9,264,793 9,430,131 Gross profit 9,264,793 9,430,131 Other income 2 814,808 787,045 Employee benefits expense 12 (3,495,192) (4,622,392) Depreciation 9, 24 (117,832) (121,830) Amortisation of intangible assets 9 (9,701) (9,701) Administrative expenses (204,403) (187,521) Business development costs (242,398) (1,006,639) Other expenses 4 (2,860,493) (3,582,409) Profit from operations 3,149,582 686,684 Share of profit from joint venture entities using the equity method 10 37,327,239 42,484,660 Finance income 511,930 709,772 Finance costs 12,019 (65,712) Foreign exchange loss (325,024) (10,479) Profit before income tax 40,675,746 43,804,925 Income tax expense 3 (2,985,754) (3,855,222) Profit for the year 37,689,992 39,949,703 Other comprehensive income Items that may be subsequently transferred to profit or loss: Translation of foreign currency financial statements 248,503 266,880 Items not to be reclassified to profit or loss in subsequent periods: Change in the fair value of equity instruments carried at FVOCI 404 (2,294) Other comprehensive profit for the year, net of tax 248,907 264,586 Total comprehensive profit for the year 37,938,899 40,214,289 Profit for the year attributable to: Owners of the parent 37,689,992 39,949,703 Total comprehensive profit attributable to: Owners of the parent 37,938,899 40,214,289 Overall operations Basic earnings per share 5 0.0192 0.0204 Diluted earnings per share 5 0.0192 0.0203 The Consolidated Statement of Profit or Loss and Other Comprehensive Income should be read in conjunction with the accompanying notes. JUPITER MINES | ANNUAL REPORT 2026 116
Page 117
JUPITER MINES | ANNUAL REPORT 2026 117 of Financial Position As at 30 June 2026 Consolidated Statement Consolidated Group Note June 2026 $ June 2025 $ ASSETS CURRENT ASSETS Cash and cash equivalents 6 9,274,119 13,157,448 Trade and other receivables 7 42,907,631 24,044,717 Other current assets 214,697 214,697 TOTAL CURRENT ASSETS 52,396,447 37,416,862 NON-CURRENT ASSETS Equity instruments at fair value through other comprehensive income 2,724 2,320 Property, plant and equipment 9 24,269 39,299 Right of use asset 24 150,145 256,117 Investments accounted for using the equity method 10 581,608,085 564,526,039 Deferred tax asset 3 268,136 171,654 TOTAL NON-CURRENT ASSETS 582,053,359 564,995,429 TOTAL ASSETS 634,449,806 602,412,291 LIABILITIES CURRENT LIABILITIES Trade and other payables 11 39,450,871 21,194,628 Lease liability 24 128,423 113,008 Provisions 285,734 266,574 TOTAL CURRENT LIABILITIES 39,865,028 21,574,210 NON-CURRENT LIABILITIES Deferred tax liability 3 16,225,424 15,403,114 Lease liability 24 57,715 186,136 TOTAL NON-CURRENT LIABILITIES 16,283,139 15,589,250 TOTAL LIABILITIES 56,148,167 37,163,460 NET ASSETS 578,301,639 565,248,831 EQUITY Issued capital 13 384,710,944 384,061,553 Reserves 14 534,309 318,903 Accumulated profits 193,056,386 180,868,375 TOTAL EQUITY 578,301,639 565,248,831 The Consolidated Statement of Financial Position should be read in conjunction with the accompanying notes. JUPITER MINES | ANNUAL REPORT 2026 117
Page 118
of Changes in Equity For the Year Ended 30 June 2026 Consolidated Statement Note Ordinary Issued Capital $ Foreign Currency Translation Reserve $ Equity Instruments at FVOCI Reserve $ Share-Based Payment Reserve $ Accumulated Profits $ Total $ Balance as at 1 July 2024 383,867,676 (1,258,086) 3,973 205,099 160,527,748 543,346,410 Profit attributable to members of parent entity - - - - 39,949,703 39,949,703 Total other comprehensive income/(loss) for the year 14 - 266,880 (2,294) - - 264,586 Total comprehensive income/(loss) for the year - 266,880 (2,294) - 39,949,703 40,214,289 Share based payments 13, 25 193,877 - - 1,103,331 - 1,297,208 Dividends paid 22 - - - - (19,609,076) (19,609,076) Balance as at 30 June 2025 384,061,553 (991,206) 1,679 1,308,430 180,868,375 565,248,831 Profit attributable to members of parent entity - - - - 37,689,992 37,689,992 Total other comprehensive income for the year 14 - 248,503 404 - - 248,907 Total comprehensive income for the year - 248,503 404 - 37,689,992 37,938,899 Share based payments 13, 25 649,391 - - 12,697 - 662,088 Transfer of expired options to retained earnings (46,198) 46,198 - Dividends paid 22 - - - - (25,548,179) (25,548,179) Balance as at 30 June 2026 384,710,944 (742,703) 2,083 1,274,929 193,056,386 578,301,639 The Consolidated Statement of Changes in Equity should be read in conjunction with the accompanying notes. JUPITER MINES | ANNUAL REPORT 2026 118
Page 119
of Cash Flows Consolidated Statement For the Year Ended 30 June 2026 Consolidated Group Note June 2026 $ June 2025 $ CASH FLOWS FROM OPERATING ACTIVITIES Receipts from customers 10,983,330 10,555,584 Payments to suppliers and employees (7,601,873) (7,423,082) Income taxes paid (2,273,811) (2,344,977) Interest paid (19,661) (28,405) Net cash from operating activities 17 1,087,985 759,120 CASH FLOWS FROM INVESTING ACTIVITIES Purchase of property, plant and equipment 9 (6,532) (6,168) Dividend received from investments 10 20,245,193 12,302,974 Interest received 510,355 729,901 Net cash from investing activities 20,749,016 13,026,707 CASH FLOWS FROM FINANCING ACTIVITIES Dividend paid 22 (25,548,179) (19,609,076) Payment of lease liabilities (113,008) (98,992) Net cash used in financing activities (25,661,187) (19,708,068) Net decrease in cash and cash equivalents held (3,824,186) (5,922,241) Cash and cash equivalents at beginning of financial year 13,157,448 19,058,357 Effect of exchange rates on cash holdings in foreign currencies (59,143) 21,332 Cash and cash equivalents at the end of the financial year 6 9,274,119 13,157,448 The Consolidated Statement of Cash Flows should be read in conjunction with the accompanying notes. JUPITER MINES | ANNUAL REPORT 2026 119
Page 120
These consolidated financial statements and notes represent those of Jupiter Mines Limited (Jupiter) and its Controlled Entities (the Consolidated Group or Group). The principal activities of Jupiter during the year have been investment in the Tshipi manganese mine in South Africa and the sale of manganese ore. The separate financial statements of the parent entity, Jupiter Mines Limited, have not been presented within this financial report as permitted by the Corporations Act 2001. Basic parent entity financial information has been disclosed in Note 21. The financial statements were authorised and issued by the Board of Directors on 30 September 2026. Foreign currency translation a) Functional and presentation currency The Group’s consolidated financial statements are presented in Australian Dollars ($), which is also the parent company’s functional currency. The functional currency for the interest in Tshipi is the South African Rand (ZAR). The results are translated into Australian Dollars for disclosure in Jupiter’s consolidated accounts. Non-monetary items that are measured in terms of historical cost in a foreign currency are translated using the exchange rate as at the initial transaction. Non-monetary items measured at fair value in a foreign currency are translated using the exchange rates at the date when the fair value was determined. b) Translation of interest in joint venture The results of the South African Joint Venture interest are translated into Australian Dollars using an average rate over the period of the transactions. Assets and liabilities are translated at exchange rates prevailing at reporting dates. Basis of preparation These general purpose financial statements have been prepared in accordance with Australian Accounting Standards, Australian Accounting Interpretations, other authoritative pronouncements of the Australian Accounting Standards Board (AASB) and the Corporations Act 2001. Australian Accounting Standards set out accounting policies that the AASB has concluded would result in a financial report containing relevant and reliable information about transactions, events and conditions. Compliance with Australian Accounting Standards ensures that the financial statements and notes also comply with International Financial Reporting Standards. Material accounting policies adopted in the preparation of this financial report are presented below and have been consistently applied unless otherwise stated. The financial report has been prepared on an accruals basis and is based on historical costs, modified, where applicable, by the measurement at fair value of selected non-current assets, financial assets and financial liabilities. All amounts in the financial report have been rounded to the nearest dollar. Tables may not cast in all instances due to rounding. Jupiter is a for-profit entity for the purpose of preparing the financial statements. a) Principles of consolidation The Group financial statements consolidate those of the Parent Company and all its subsidiaries as of 30 June 2026. The parent controls a subsidiary if it is exposed, or has rights, to variable returns from its involvement with the subsidiary and has the ability to affect those returns through its power over the subsidiary. All subsidiaries have a reporting date of 30 June. A list of controlled entities is contained in Note 8 to the financial statements. In preparing the consolidated financial statements, all inter-Group balances and transactions between entities in the Consolidated Group have been eliminated on consolidation. Accounting policies of subsidiaries have been changed where necessary to ensure consistency with those adopted by the parent entity. Business combinations The Group applies the acquisition method in accounting for business combinations. The consideration transferred by the Group to obtain control of a subsidiary is calculated as the sum of the acquisition-date fair values of assets transferred, liabilities incurred, and the equity interests issued by the Group, which includes the fair value of any asset or liability arising from a contingent consideration arrangement. Acquisition costs are expensed as incurred. The Group recognises, identifiable assets acquired and liabilities assumed in a business combination regardless of whether they have been previously recognised in the acquiree’s financial statements prior to the acquisition. Assets acquired and liabilities assumed are generally measured at their acquisition-date fair values. Goodwill is stated after separate recognition of identifiable intangible assets. It is calculated as the excess of the sum of: (a) fair value of consideration transferred, (b) the recognised amount of any non- controlling interest in the acquiree, and (c) acquisition-date fair value of any existing equity interest in the acquiree, over the acquisition-date fair values of identifiable net assets. If the fair values of identifiable net assets exceed the sum calculated above, the excess amount (i.e. gain on a bargain purchase) is recognised in profit or loss immediately. Notes to the Consolidated Financial Statements For the Year Ended 30 June 2026 Note 1: Summary of material accounting policies JUPITER MINES | ANNUAL REPORT 2026 120
Page 121
b) Interests in joint ventures The Group acquired an interest in Tshipi, a joint venture entity, in October 2010. A joint venture is an arrangement that the Group controls jointly with one or more other investors, and over which the Group has rights to a share of the arrangement’s net assets rather than direct rights to underlying assets and obligations for underlying liabilities. Investments in joint ventures are accounted for using the equity method. Any goodwill or fair value adjustment attributable to the Group’s share in the associate or joint venture is not recognised separately and is included in the amount recognised as investment. The carrying amount of the investment in associates and joint ventures is increased or decreased to recognise the Group’s share of the profit or loss and other comprehensive income of the associate and joint venture, is reduced for any dividends received, and adjusted where necessary to ensure consistency with the accounting policies of the Group. Unrealised gains and losses on transactions between the Group and its associates and joint ventures are eliminated to the extent of the Group’s interest in those entities. Where unrealised losses are eliminated, the underlying asset is also tested for impairment. c) Income tax The income tax expense (revenue) for the period comprises current income tax expense (income) and deferred tax expense (income). Current income tax expense charged to profit or loss is the tax payable on taxable income. Current tax liabilities (assets) are measured at the amounts expected to be paid to (recovered from) the relevant taxation authority. Deferred income tax expense reflects movements in deferred tax asset and deferred tax liability balances during the period as well as unused tax losses. Current and deferred income tax expense (income) is charged or credited outside profit or loss when the tax relates to items that are recognised outside profit or loss. Except for business combinations, no deferred income tax is recognised from the initial recognition of an asset or liability, where there is no effect on accounting or taxable profit or loss. Deferred tax assets and liabilities are calculated at the tax rates that are expected to apply to the period when the asset is realised, or the liability is settled, and their measurement also reflects the manner in which management expects to recover or settle the carrying amount of the related asset or liability. Deferred tax assets relating to temporary differences and unused tax losses are recognised only to the extent that it is probable that future taxable profit will be available against which the benefits of the deferred tax asset can be utilised. Where temporary differences exist in relation to investments in subsidiaries, branches, associates, and joint ventures, deferred tax assets and liabilities are not recognised where the timing of the reversal of the temporary difference can be controlled and it is not probable that the reversal will occur in the foreseeable future. Current tax assets and liabilities are offset where a legally enforceable right of set-off exists and it is intended that net settlement or simultaneous realisation and settlement of the respective asset and liability will occur. Deferred tax assets and liabilities are offset where: (i) a legally enforceable right of set-off exists; and (ii) the deferred tax assets and liabilities relate to income taxes levied by the same taxation authority on either the same taxable entity or different taxable entities where it is intended that net settlement or simultaneous realisation and settlement of the respective asset and liability will occur in future years in which significant amounts of deferred tax assets or liabilities are expected to be recovered or settled. d) Property, plant and equipment Each class of property, plant and equipment is carried at cost less, where applicable, any accumulated depreciation and impairment losses. Plant and equipment Plant and equipment are measured on the cost basis. The carrying amount of plant and equipment is reviewed annually by Directors to ensure it is not in excess of the recoverable amount from these assets. The recoverable amount is assessed on the basis of the expected net cash flows that will be received from the asset’s employment and subsequent disposal. The expected net cash flows have been discounted to their present values in determining recoverable amounts. The cost of fixed assets constructed within the Consolidated Group includes the cost of materials, direct labour, borrowing costs and any directly attributable overhead expenditure. Subsequent costs are included in the asset’s carrying amount or recognised as a separate asset, as appropriate, only when it is probable that future economic benefits associated with the item will flow to the Group and the cost of the item can be measured reliably. All other repairs and maintenance are charged to the Statement of Profit or Loss and Other Comprehensive Income during the financial period in which they are incurred. Note 1: Summary of material accounting policies (continued) JUPITER MINES | ANNUAL REPORT 2026 121
Page 122
Depreciation The depreciable amount of all fixed assets is depreciated on a straight- line basis over their useful lives to the Consolidated Group commencing from the time the asset is held ready for use. The depreciation rates used for each class of depreciable assets are: Class of Fixed Asset Depreciation Rate Leasehold improvements 20.00% Furniture and fittings 33.33% Plant and equipment: Equipment 33.33% The assets residual values and useful lives are reviewed, and adjusted if appropriate, at each reporting date. An asset’s carrying amount is written down immediately to its recoverable amount if the asset’s carrying amount is greater than its estimated recoverable amount. Gains and losses on disposals are determined by comparing proceeds with the carrying amount. These gains and losses are included in the Statement of Profit or Loss and Other Comprehensive Income. e) Financial instruments Financial assets and financial liabilities are recognised when the Group becomes a party to the contractual provisions of the financial instrument. Financial assets are derecognised when the contractual rights to the cash flows from the financial asset expire, or when the financial asset and substantially all the risks and rewards are transferred. A financial liability is derecognised when it is extinguished, discharged, cancelled or expires. Classification and initial measurement of financial assets Financial assets are classified according to their business model and the characteristics of their contractual cash flows. Except for those trade receivables that do not contain a significant financing component and are measured at the transaction price in accordance with AASB 15, all financial assets are initially measured at fair value adjusted for transaction costs (where applicable). Subsequent measurement of financial assets For the purpose of subsequent measurement, financial assets, other than those designated and effective as hedging instruments, are classified into the following two categories: – Financial assets at amortised cost – Equity instruments at fair value through other comprehensive income (Equity FVOCI). All income and expenses relating to financial assets that are recognised in profit or loss are presented within finance costs, finance income or other financial items, except for impairment of trade receivables which is presented within other expenses. Financial assets at amortised cost Financial assets with contractual cash flows representing solely payments of principal and interest and held within a business model of ‘hold to collect’ contractual cash flows are accounted for at amortised cost using the effective interest method. The Group’s trade and most other receivables fall into this category of financial instruments as well as bonds that were previously classified as held-to-maturity under AASB 139. Equity instruments at fair value through other comprehensive income Investments in equity instruments that are not held for trading are eligible for an irrevocable election at inception to be measured at FVOCI. Under this category, subsequent movements in fair value are recognised in other comprehensive income and are never reclassified to profit or loss. Dividend income is taken to profit or loss unless the dividend clearly represents return of capital. Trade and other receivables The Group makes use of a simplified approach in accounting for trade and other receivables and records the loss allowance at the amount equal to the expected lifetime credit losses. In using this practical expedient, the Group uses its historical experience, external indicators and forward- looking information to calculate the expected credit losses. Trade receivables from customers are mostly covered under irrevocable letters of credit. These letters of credit are typically valid for between 90 – 120 days from recognition of the receivable resulting in debtors outstanding greater than 120 days. The final revenue and associated trade receivable is dependent on the metal and moisture content of the shipped ore on arrival at the discharge port, which results in trade receivables balances being outstanding for this time period. Letters of credit provide sufficient certainty that the receivable will be settled and as such no provision for doubtful debts is created at this point. Notes to the Consolidated Financial Statements Note 1: Summary of material accounting policies (continued) For the Year Ended 30 June 2026 JUPITER MINES | ANNUAL REPORT 2026 122
Page 123
Financial assets at fair value through other comprehensive income The Group recognises 12 months expected credit losses for financial assets at FVOCI. As most of these instruments have a high credit rating, the likelihood of default is deemed to be small. However, at each reporting date the Group assesses whether there has been a significant increase in the credit risk of the instrument. In assessing these risks, the Group relies on readily available information such as the credit ratings issued by the major credit rating agencies for the respective asset. The Group only holds simple financial instruments for which specific credit ratings are usually available. In the unlikely event that there is no or only little information on factors influencing the ratings of the asset available, the Group would aggregate similar instruments into a portfolio to assess on this basis whether there has been a significant increase in credit risk. In addition, the Group considers other indicators such as adverse changes in business, economic or financial conditions that could affect the borrower’s ability to meet its debt obligation or unexpected changes in the borrowers operating results. Should any of these indicators imply a significant increase in the instrument’s credit risk, the Group recognises for this instrument or class of instruments the lifetime expected credit losses. Classification and measurement of financial liabilities The Group’s financial liabilities include only trade and other payables. Financial liabilities are initially measured at fair value, and, where applicable, adjusted for transaction costs unless the Group designated a financial liability at fair value through profit or loss. Subsequently, financial liabilities are measured at amortised cost using the effective interest method. All interest-related charges and, if applicable, changes in an instrument’s fair value that are reported in profit or loss are included within finance costs or finance income. f) Impairment of non-financial assets At each reporting date, the Group reviews the carrying values of its tangible and intangible assets to determine whether there is any indication that those assets have been impaired. If such an indication exists, the recoverable amount of the asset, being the higher of the asset’s fair value less costs to sell and value in use, is compared to the asset’s carrying value. Any excess of the asset’s carrying value over its recoverable amount is expensed to the Statement of Profit or Loss and Other Comprehensive Income. Where it is not possible to estimate the recoverable amount of an individual asset, the Group estimates the recoverable amount of the cash- generating unit to which the asset belongs. g) Employee benefits Provisions are made for the Company’s liability for employee benefits arising from services rendered by employees to reporting date. Employee benefits that are expected to be settled wholly within one year have been measured at the amounts expected to be paid when the liability is settled. Employee benefits payable later than one year have been measured at the present value of the estimated future cash outflows to be made for those benefits. Those cash flows are discounted using market yields on high quality corporate bonds with terms to maturity that match the expected timing of cash flows. h) Provisions Provisions are recognised when the Group has a legal or constructive obligation, as a result of past events, for which it is probable that an outflow of economic benefits will result and that outflow can be reliably measured. i) Cash and cash equivalents Cash and cash equivalents include cash on hand, deposits held at call with banks, other short-term highly liquid investments with original maturities of three months or less, less credit card facilities used. Bank overdrafts are shown as short-term borrowings in liabilities. j) Trade and other receivables Trade receivables from customers are mostly covered under irrevocable letters of credit. These letters of credit are typically valid for between 90 – 120 days from recognition of the receivable resulting in debtors outstanding greater than 120 days. The final revenue and associated trade receivable is dependent on the metal and moisture content of the shipped ore on arrival at the discharge port, which results in trade receivables balances being outstanding for this time period. Letters of credit provide sufficient certainty that the receivable will be settled and as such no provision for doubtful debts is created at this point. k) Revenue and other income AASB 15 Revenue from Contracts with Customers outlines a single comprehensive model of accounting for revenue arising from contracts with customers. The core principle is that an entity recognises revenue based on a five-step model to reflect the transfer of goods or services, measured at the amount to which the Branch expects to be entitled to in exchange for those goods or services. Note 1: Summary of material accounting policies (continued) JUPITER MINES | ANNUAL REPORT 2026 123
Page 124
The application of the five-step model in AASB 15 requires the exercise of judgement, considering all facts and circumstances relevant to each contract - the relevant judgements have been disclosed in Note 1(o). The standard also provides guidance on the accounting treatment of costs attributable to fulfilling the contract, as well as the incremental costs of obtaining the contract. In terms of AASB 15, the Company identifies each separate performance obligation contained in the contract and allocates a portion of the contract revenue to each performance obligation. Revenue is then only recognised on the satisfaction of each of the relevant performance obligations. Revenue from contracts with customers is recognised when control is transferred to the customer. Interest revenue is recognised using the effective interest rate method, which, for floating rate financial assets, is the rate inherent in the instrument. Full details are provided in Note 2. All revenue is stated net of the amount of goods and services and value added taxes. l) Goods and Services Tax (GST) and Value Added Tax (VAT) Revenues, expenses and assets are recognised net of the amount of GST (Australia) or VAT (South Africa), except where the amount of GST/VAT incurred is not recoverable from the Australian Taxation Office (ATO) or South African Revenue Service (SARS). Receivables and payables are stated inclusive of the amount of GST/VAT receivable or payable. The net amount of GST/VAT recoverable from, or payable to, the ATO/SARS is included with other receivables or payables in the statement of financial position. Cash flows are presented on a gross basis. The GST/VAT components of cash flows arising from investing or financing activities that are recoverable from, or payable to, the ATO/SARS are presented as operating cash flows included in receipts from customers or payments to suppliers. m) Trade and other payables Trade and other payables are carried at amortised cost and, due to their short term nature, are not discounted. They represent liabilities for goods and services provided to the Group prior to the end of the financial period that are unpaid and arise when Jupiter becomes obliged to make future payments in respect of the purchase of these goods and services. The amounts mainly relate to the purchase of manganese ore from Tshipi. These are unsecured and are usually paid within two to three months of recognition. Please refer to Note 2. n) Comparative figures When required by Accounting Standards, comparative figures have been adjusted to conform to changes in presentation for the current financial year. o) Critical accounting estimates and judgements The Directors evaluate estimates and judgements incorporated into the financial report based on historical knowledge and best available current information. Estimates assume a reasonable expectation of future events and are based on current trends and economic data, obtained both externally and within the Group. Key estimates – Impairment of non-financial assets The Group assesses impairment at each reporting date by evaluating conditions specific to the Group that may lead to impairment of assets. Where an impairment trigger exists, the recoverable amount of the asset is determined. An impairment is recognised for the amount by which the assets’ carrying amount exceeds its recoverable amount. The recoverable amount is the higher of fair value, reflecting market conditions, such as cost of production, commodity prices, and Mineral Resources and Ore Reserves, and its value-in-use, based on an internal discounted cash flow evaluation. Key judgements – revenue from contracts with customers The Jupiter Mines Limited (External Profit Company) (SA Branch) acted as an agent for all sales contracts entered into during the period. The revenue and associated trade receivables and trade payables balances are calculated based on management’s best estimate of the metal and moisture content of the ore shipped to customers. Extensive sampling and surveying is performed prior to shipment in an effort to ensure the accuracy of these estimations. Due to the inherent limitations of sampling and the method of transport, variances in the metal and moisture content measured on arrival at the discharge port may be different from those estimated by management on the date of the sale. Variances in the metal and moisture content of the shipped ore on arrival at the discharge port will have an impact on the profitability of the SA Branch. Revenue is recognised when the performance obligation is satisfied. The performance obligation of the SA Branch is considered to be satisfied when control passes from Tshipi to the customer. Control passes to the customer when the ore passes over the rail of the vessel (bill of lading date), this is when the customer has the obligation to pay for the goods transferred and when risk and rewards of ownership are transferred to the customer. Notes to the Consolidated Financial Statements For the Year Ended 30 June 2026 Note 1: Summary of material accounting policies (continued) JUPITER MINES | ANNUAL REPORT 2026 124
Page 125
p) Equity (share capital) Ordinary shares are classified as equity. Issued and paid up capital is recognised at the fair value of the consideration received by the Group. Any transaction costs arising on the issue of ordinary shares are recognised directly in equity as a reduction of the share proceeds received. Basic earnings per share Basic earnings per share is determined by dividing the operating profit/ (loss) after income tax by the weighted average number of ordinary shares outstanding during the financial period. Diluted earnings per share Diluted earnings per share adjusts the amounts used in the determination of basic earnings per share by taking into account unpaid amounts on ordinary shares and any reduction in earnings per share that will probably arise from the exercise of options outstanding during the financial period. q) Leases The Group considers whether a contract is, or contains a lease. A lease is defined as ‘a contract, or part of a contract, that conveys the right to use an asset (the underlying asset) for a period of time in exchange for consideration’. To apply this definition the Group assesses whether the contract meets three key evaluations which are whether: – the contract contains an identified asset, which is either explicitly identified in the contract or implicitly specified by being identified at the time the asset is made available to the Group; – the Group has the right to obtain substantially all of the economic benefits from use of the identified asset throughout the period of use, considering its rights within the defined scope of the contract; and – the Group has the right to direct the use of the identified asset throughout the period of use. The Group assess whether it has the right to direct ‘how and for what purpose’ the asset is used throughout the period of use. Measurement and recognition of leases At lease commencement date, the Group recognises a right-of-use asset and a lease liability on the balance sheet. The right-of-use asset is measured at cost, which is made up of the initial measurement of the lease liability, and any direct costs incurred by the Group, an estimate of any costs to dismantle and remove the asset at the end of the lease, and any lease payments made in advance of the lease commencement date (net of any incentives received). The Group depreciates the right-of-use assets on a straight-line basis from the lease commencement date to the earlier of the end of the useful life of the right-of-use asset or the end of the lease term. The Group also assesses the right-of-use asset for impairment when such indicators exist. At the commencement date, the Group measures the lease liability at the present value of the lease payments unpaid at the date, discounted using the interest rate implicit in the lease if that rate is readily available or the Group’s incremental borrowing rate. Lease payments included in the measurement of the lease liability are made up of fixed payments (including in substance fixed), variable payments based on an index or rate, amounts expected to be payable under a residual value guarantee and payments arising from options reasonably certain to be exercised. Subsequent to initial measurement, the liability will be reduced for payments made and increased for interest. It is remeasured to reflect any reassessment or modification, or if there are changes in in- substance fixed payments. r) Share-based payments Equity-settled share-based compensation benefits are provided to employees. Equity-settled transactions are awards of shares, or options over shares that are provided to employees in exchange for the rendering of services. The cost of equity-settled transactions are measured at fair value on grant date. The fair value of options is independently determined using the Monte Carlo option pricing model that takes into account the exercise price, the term of the option, the impact of dilution, the share price at grant date and expected price volatility of the underlying share, the expected dividend yield and the risk free interest rate for the term of the option, together with non-vesting conditions that do not determine whether the entity receives the services that entitle the employees to receive payment. No account is taken of any other vesting conditions. The fair value of performance rights with market based vesting conditions is independently determined using a hybrid employee share option pricing model, which incorporates a Monte Carlo simulation to calculate the Company’s and individual peer group companies total shareholder return. The fair value of performance rights with non-market based vesting conditions is independently determined using a Black Scholes option pricing model. Note 1: Summary of material accounting policies (continued) JUPITER MINES | ANNUAL REPORT 2026 125
Page 126
The cost of equity-settled transactions are recognised as an expense with a corresponding increase in equity over the vesting period. The cumulative charge to profit or loss is calculated based on the grant date fair value of the award, the best estimate of the number of awards that are likely to vest and the expired portion of the vesting amount. The amount recognised in profit or loss for the period is the cumulative amount calculated at each reporting date less amounts already recognised in previous periods. If equity-settled awards are modified, as a minimum an expense is recognised as if the modification has not been made. An additional expense is recognised, over the remaining vesting period, for any modification that increases the total fair value of the share-based compensation benefit as at the date of modification. If the non-vesting condition is within the control of the entity or employee, the failure to satisfy the condition is treated as a cancellation. If the condition is not within the control of the entity or employee and is not satisfied during the vesting period, any remaining expense for the award is recognised over the remaining vesting period, unless the reward is forfeited. If equity-settled awards are cancelled, it is treated as if it has vested on the date of cancellation, and any remaining expense is recognised immediately. If a new replacement award is substituted for the cancelled award, the cancelled and new award is treated as if they were a modification. New and amended Accounting Standards and Interpretations for current year The following new accounting standards and interpretations have been published and are effective for the year ended 30 June 2026: – Amendments to AASB 121 – Lack of Exchangeability; and – Amendments to AASB 136 and AASB 137 – Disclosures about Uncertainties in the Financial Statements The Group has reviewed these amendments and concluded that none have a material impact on the Group. New Accounting Standards not yet effective The following new accounting standards and interpretations have been published but are not yet effective for the year ended 30 June 2026: – Amendments to AASB 7 and AASB 9 – Classification and Measurement of Financial Instruments; – Amendments to AASB 1, AASB 7, AASB 9, AASB 10 and AASB 107 – Annual Improvements Volume 11; – Amendments to AASB 7 and AASB 9 – Contracts Referencing Nature- dependent Electricity; – Amendments to AASB 10 and AASB 128 – Sale or Contribution of Assets between an Investor and its Associate or Joint Venture; and – AASB 18 – Presentation and Disclosure in Financial Statements. The Group has reviewed these amendments and improvements, and with the exception of the item listed below, does not expect them to have a material impact on the Group. AASB 18 - Presentation and Disclosure in Financial Statements AASB 18 was issued in June 2024 and will replace AASB 101 Presentation of Financial Statements, effective for annual periods beginning on/ or after 1 January 2027. The new standard introduces new classification and presentation requirements, primarily impacting the Consolidated income statement and related notes, as well as introducing additional disclosure requirements for management-defined performance measures. The Group is in the process of assessing the impact of the new standard, however it is not expected to have an impact on the recognition and measurement of assets, liabilities, income and expenses, and is expected to only result in changes in the classification and presentation of these in the financial statements, as well as some additional disclosures in the notes. The Group does not intend to early adopt any of the new standards or interpretations. It is expected that where applicable, these standards and interpretations will be adopted on each of the respective effective dates. Notes to the Consolidated Financial Statements Note 1: Summary of material accounting policies (continued) For the Year Ended 30 June 2026 JUPITER MINES | ANNUAL REPORT 2026 126
Page 127
Note 2: Revenue and other income Consolidated Group June 2026 $ June 2025 $ Marketing fee revenue 9,264,793 9,430,131 Gross profit 9,264,793 9,430,131 Other income 814,808 787,045 Other income 814,808 787,045 Sale of manganese ore The SA Branch is registered in South Africa for the purpose of the sale and export of Jupiter’s share of Tshipi manganese ore. Given the SA Branch only takes control of the goods momentarily before control passes to the customer as well as the limited risks which the SA Branch assumes, the SA Branch is considered to be acting in an agency capacity. The nature of the SA Branch’s contracts is to arrange for the goods (manganese ore) to be provided by another party (Tshipi) and therefore the SA Branch is acting in an agency capacity, facilitating the sale between Tshipi and the customer. Marketing fee income The SA Branch receives a fixed commission on each sale based on the FOB selling price. The amount and timing of revenue to be recognised from marketing fee income under AASB 15 was considered below against the five step model: 1. There is a contract with Tshipi, for each parcel sold, which entitles the SA Branch to receive the commission. The contract has commercial substance and both parties are committed to performing their obligations. 2. The performance obligation for the SA Branch in respect to each sale is that the SA Branch needs to facilitate the sale between the customer and Tshipi. 3. The transaction price can be determined as it is calculated as a fixed percentage of the FOB selling price. 4. There is only one performance obligation in the contract and therefore the whole transaction price has been allocated to this performance obligation. 5. Revenue is recognised at a point in time when the performance obligation is satisfied. The performance obligation of the SA Branch is considered to be satisfied when control passes from Tshipi to the customer. Control passes to the customer when the ore passes over the rail of the vessel (bill of lading date), this is when the customer has the obligation to pay for the goods transferred and when risk and rewards of ownership are transferred to the customer. Marketing fee income is determined based on the final metal and moisture content at the discharge port. On the bill of lading date, the provisional marketing fee income is recognised based on the load port metal and moisture content which is considered to be the best estimate. Once the final metal and moisture content is determined on finalisation of the sales transaction, typically between two and four months later, the marketing fee income initially recognised is adjusted subsequently. At the reporting period, the fair value of the original marketing fee income and associated receivable is adjusted by reference to the best estimate of the actual metal and moisture content. The changes in fair value are recorded as an adjustment to marketing fee income. On the bill of lading date, there is no uncertainty regarding Jupiter’s entitlement to the marketing fee as their responsibilities under the marketing fee arrangement have been performed and they have an unconditional right to the marketing fee on this date. The marketing fee amount receivable will only be adjusted for the final metal and moisture content, as stated above. Jupiter invoices Tshipi for the marketing fee once the final metal and moisture content can be determined and the customer has paid Tshipi for the final invoice. The payment is typically three months after the marketing fee income was first recognised and the contract is therefore considered to be short term in nature. Other Income Jupiter receives a management fee from Tshipi for its Directors services on the Tshipi board. JUPITER MINES | ANNUAL REPORT 2026 127
Page 128
Notes to the Consolidated Financial Statements For the Year Ended 30 June 2026 Note 3: Income tax expense and deferred taxes The major components of tax expense and the reconciliation of the expected tax expense based on the domestic effective tax rate of Jupiter at 30 per cent (30 June 2025: 30 per cent) and the reported tax expense in the profit or loss are as follows: Consolidated Group June 2026 $ June 2025 $ Tax expense comprises: (a) Current tax 2,259,923 2,365,739 Add (subtract): Current tax in respect of prior periods - - Deferred income tax relating to origination and reversal of temporary differences: – Origination and reversal of temporary differences 877,293 1,489,483 – Over provision in respect of prior periods (151,462) - Income tax expense 2,985,754 3,855,222 (b) Accounting profit before tax 40,675,746 43,804,925 Domestic tax rate for Jupiter at 30% (30 June 2025: 30%) 12,202,724 13,141,477 Non-assessable share of equity accounted profit (11,198,173) (12,745,398) South African 5% withholding tax on undistributed movement in equity accounted investments 854,102 1,509,085 Tax rate differential (255,579) (260,395) Other expenditure not allowed or allowable for income tax purposes 1,172,026 1,701,681 Deferred tax asset losses not brought to account 362,116 508,772 Over provision in respect of prior years (151,462) - Income tax expense 2,985,754 3,855,222 JUPITER MINES | ANNUAL REPORT 2026 128
Page 129
Deferred taxes arising from temporary differences and unused tax losses can be summarised as follows: Deferred tax assets/(liabilities) Opening balance 1 July 2025 $ Recognised in profit and loss during the year $ Closing balance 30 June 2026 $ Liabilities Right of use asset (76,835) 31,792 (45,043) Investments using the equity method (15,326,279) (854,102) (16,180,381) Balance as at 30 June 2026 (15,403,114) (822,310) (16,225,424) Assets Property, plant and equipment 2,336 - 2,336 Pension and other employee obligations 60,235 146,646 206,881 Provisions 51,477 (9,873) 41,604 Other 1,765 (1,765) - Lease liability 55,841 (38,526) 17,315 Balance as at 30 June 2026 171,654 96,482 268,136 Note 4: Other expenses Consolidated Group June 2026 $ June 2025 $ Insurance expense 729,249 1,072,965 Consultancy fees 489,084 520,563 Professional fees 297,289 530,633 Directors’ fees 507,098 430,200 Regulatory fees 229,382 268,410 Other costs 608,391 759,638 2,860,493 3,582,409 Note 3: Income tax expense and deferred taxes (continued) JUPITER MINES | ANNUAL REPORT 2026 129
Page 130
Notes to the Consolidated Financial Statements For the Year Ended 30 June 2026 Note 5: Earnings per share Both the basic and diluted earnings per share have been calculated using the profit attributable to shareholders of the Parent Company. Reconciliation of earnings to net profit for the year: Consolidated Group June 2026 $ June 2025 $ Net profit 37,689,992 39,949,703 No. No. Weighted average number of ordinary shares outstanding during the year used in calculating basic EPS 1,964,690,818 1,960,741,274 Effects of dilution from: Share options and performance rights 3,069,155 4,758,428 Weighted average number of ordinary shares adjusted for the effect of dilution 1,967,759,973 1,965,499,702 Basic earnings per share $0.0192 $0.0204 Diluted earnings per share $0.0192 $0.0203 Note 6: Cash and cash equivalents Consolidated Group June 2026 $ June 2025 $ Cash at bank and on hand 4,932,204 4,570,106 Short-term bank deposits 4,341,915 8,587,342 9,274,119 13,157,448 The effective interest rate on short-term bank deposits was 3.94% (30 June 2025: 4.59%) for a term of 30 days. Note 7: Trade and other receivables Consolidated Group June 2026 $ June 2025 $ Trade receivables 42,387,811 23,574,326 GST and VAT receivables 220,372 226,508 Sundry receivables 299,448 243,883 42,907,631 24,044,717 All of the Group’s trade and other receivables have been assessed for credit loss. It was found that the Group’s exposure to bad debts is not significant. Due to the short term nature of these receivables, their carrying value is assumed to approximate their fair value. Details regarding the foreign exchange and interest rate risk exposure are disclosed in Note 20. The majority of trade receivables represent amounts receivable by Jupiter South Africa branch relating to the sale of manganese ore to third party customers. Refer to Note 2 for further details. JUPITER MINES | ANNUAL REPORT 2026 130
Page 131
Note 8: Interests in subsidiaries Percentage Owned (%) Controlled entities consolidated Country of Incorporation June 2026 June 2025 Parent Entity: – Jupiter Mines Limited Australia Subsidiaries of Jupiter Mines Limited: – Jupiter Kalahari Pty Limited Australia 100 100 – Jupiter Mines Limited (Incorporated in Australia) External Profit Company South Africa 100 100 Note 9: Property, plant and equipment Details of the Group’s property, plant and equipment and their carrying amounts are as follows: Gross carrying amount Leasehold improvements $ Plant and equipment $ Furniture and fittings $ Total $ Balance as at 1 July 2025 48,508 32,516 22,031 103,055 Additions - 6,532 - 6,532 Balance as at 30 June 2026 48,508 39,048 22,031 109,587 Depreciation and impairment Balance as at 1 July 2025 (25,382) (22,733) (15,641) (63,756) Depreciation (9,701) (7,859) (4,002) (21,562) Balance as at 30 June 2026 (35,083) (30,592) (19,643) (85,318) Carrying amount as at 30 June 2026 13,425 8,456 2,388 24,269 Gross carrying amount Leasehold improvements $ Plant and equipment $ Furniture and fittings $ Total $ Balance as at 1 July 2024 48,508 30,337 18,042 96,887 Additions - 2,179 3,989 6,168 Balance as at 30 June 2025 48,508 32,516 22,031 103,055 Depreciation and impairment Balance as at 1 July 2024 (15,681) (13,118) (9,398) (38,197) Depreciation (9,701) (9,615) (6,243) (25,559) Balance as at 30 June 2025 (25,382) (22,733) (15,641) (63,756) Carrying amount as at 30 June 2025 23,126 9,783 6,390 39,299 JUPITER MINES | ANNUAL REPORT 2026 131
Page 132
Notes to the Consolidated Financial Statements For the Year Ended 30 June 2026 Note 10: Investments accounted for using the equity method Set out below is the Joint Venture held by the Group as at 30 June 2026, in which the opinion of the Directors, are material to the Group. The entity listed below has share capital consisting solely of ordinary shares, which are held directly by the Group. The country of incorporation or registration is also their principal place of business, and the proportion of the Group’s ownership interest is the same as the proportion of voting rights held. Interest in this entity is held through a fully controlled entity, Jupiter Kalahari Pty Ltd. Name of Entity Country of incorporation June 2026 June 2025 Nature of relationship Measurement method Tshipi é Ntle Manganese Mining Proprietary Limited South Africa 49.9% 49.9% Joint Venture Joint Venture Summarised financial information June 2026 $ June 2025 $ Tshipi é Ntle Manganese Mining Proprietary Limited Opening carrying value of joint venture 564,526,039 534,344,353 Share of profit using the equity method 37,327,239 42,484,660 Dividend paid (20,245,193) (12,302,974) Total investments using the equity method 581,608,085 564,526,039 Current assets (a) 306,524,916 294,178,923 Non-current assets 535,661,407 446,943,455 Total assets 842,186,323 741,122,378 Current liabilities (b) 112,439,546 76,054,773 Non-current liabilities 133,957,563 116,336,292 Total liabilities 246,397,109 192,391,065 Net assets 595,789,214 548,731,313 a) Includes cash and cash equivalents 129,449,506 128,796,769 b) Includes financial liabilities (excluding trade and other payables) 34,921,724 17,045,810 Summarised financial information June 2026 $ June 2025 $ Revenue 714,105,578 710,585,364 Profit for the year 74,804,039 85,139,598 Depreciation and amortisation (includes deferred stripping amortisation) 94,028,226 94,799,538 Tax expense 26,229,696 31,655,146 In accordance with the Group’s accounting policies and processes, the Group performs impairment testing annually at 30 June. The Board has considered in depth its Tshipi investment with regards to impairments indicators under AASB 136 and both internal and external sources of information. The Board does not believe any indicators exist. JUPITER MINES | ANNUAL REPORT 2026 132
Page 133
Note 11: Trade and other payables Consolidated Group June 2026 $ June 2025 $ Trade payables 38,660,325 20,384,447 Income tax payable 4,123 18,011 Sundry payables and accrued expenses 786,423 792,170 39,450,871 21,194,628 Due to the short term nature of these payables, their carrying value approximates their fair value. The majority of trade payables represent amounts payable to Tshipi relating to the purchase of manganese ore. Refer to Note 2 for further information. Note 12: Employee remuneration Expenses recognised for employee benefits are presented below: Consolidated Group June 2026 $ June 2025 $ Salary and wages 2,558,491 3,018,734 Superannuation costs 126,533 122,973 Payroll and other taxes 147,262 104,653 Share based payments (refer note 25) 662,088 1,297,208 Other 818 78,824 Employee benefits expense 3,495,192 4,622,392 Note 13: Issued capital The share capital of Jupiter consists only of fully paid ordinary shares; the shares do not have a par value. All shares are equally eligible to receive dividends and the repayment of capital and represent one vote at the shareholders’ meeting of Jupiter. June 2026 No. Shares June 2025 No. Shares June 2026 $ June 2025 $ Shares issued and fully paid: Beginning of the year 1,961,041,761 1,960,005,319 384,061,553 383,867,676 Issue of shares to director ($0.175 per share) - 536,442 - 93,877 Issue of shares to director ($0.20 per share) - 500,000 - 100,000 Issue of shares to director ($0.14 per share) 2,391,726 - 334,842 - Issue of shares to director ($0.085 per share) 1,366,702 - 116,141 - Issue of shares to director ($0.175 per share) 536,442 - 93,877 - Issue of shares to director ($0.2034 per share) 513,920 - 104,531 - Total contributed equity 1,965,850,551 1,961,041,761 384,710,944 384,061,553 JUPITER MINES | ANNUAL REPORT 2026 133
Page 134
Notes to the Consolidated Financial Statements For the Year Ended 30 June 2026 Note 14: Reserves Foreign Currency Translation Reserve $ Equity Instruments at FVOCI Reserve $ Share Based Payment Reserve $ Total $ Balance at 1 July 2024 (1,258,086) 3,973 205,099 (1,049,014) Exchange difference on translation of foreign operations 266,880 - - 266,880 Fair value gain on equity instruments designated at FVOCI - (2,294) - (2,294) Share based payments - - 1,103,331 1,103,331 Balance as at 30 June 2025 (991,206) 1,679 1,308,430 318,903 Exchange difference on translation of foreign operations 248,503 - - 248,503 Fair value gain on equity instruments designated at FVOCI - 404 - 404 Share based payments - - 12,697 12,697 Transfer of expired options to retained earnings (46,198) (46,198) Balance as at 30 June 2026 (742,703) 2,083 1,274,929 534,309 Note 15: Contingent liabilities and assets Contingent liabilities The Parent Entity has provided guarantees to third parties in relation to the performance and obligations of controlled entities in respect of banking facilities. At reporting date, the value of these guarantees and facilities are $214,697 (30 June 2025: $214,697). Total utilised at reporting date was $214,697 (30 June 2025: $214,697). Contingent assets No contingent assets exist as at 30 June 2026 or 30 June 2025. Note 16: Segment reporting The Group operates in the mining industry. The Group has identified its reportable segments based on the internal reports that are reviewed and used by the chief operating decision makers (the Board of Directors and key management) in assessing performance and determining the allocation of resources. The Group’s reportable segments are structured primarily based on its manganese ore marketing business and production interests investment in an equity accounted investment, which are managed separately. These are considered to be Tshipi (Manganese) which is located in South Africa, and Jupiter’s South African branch which carries the sale of Jupiter’s share of manganese ore. Information necessary for the allocation of remaining revenue, expenses, assets, and liabilities is not deemed integral to the core operations of any segment, and relate generally to corporate overheads. Additionally, any transactions between reportable segments have been eliminated for these purposes. Information related to each reportable segment is set out below. Segment profit/(loss) before tax is used to measure performance because the Board and management believes that this information is most relevant in evaluating the results of the respective segments. JUPITER MINES | ANNUAL REPORT 2026 134
Page 135
Note 16: Segment reporting (continued) 30 June 2026 Jupiter – manganese (South Africa) $ Tshipi – manganese (South Africa) $ Total $ Marketing fee revenue 9,264,793 - 9,264,793 Employee benefits expense (354,584) - (354,584) Other expenses (247,970) - (247,970) Segment operating profit 8,662,239 - 8,662,239 Share of profit from joint venture entities using the equity method - 37,327,239 37,327,239 Finance costs 34,399 - 34,399 Foreign exchange loss (199,688) - (199,688) Total 8,496,950 37,327,239 45,824,189 Corporate - - (5,148,443) Net profit before tax 40,675,746 Segment assets 45,470,877 581,608,085 627,078,962 Corporate assets - - 7,370,844 Total assets - - 634,449,806 Segment liabilities (38,899,718) - (38,899,718) Corporate liabilities - - (17,248,449) Total liabilities (56,148,167) 30 June 2025 Jupiter – manganese (South Africa) $ Tshipi – manganese (South Africa) $ Total $ Marketing fee revenue 9,430,131 - 9,430,131 Employee benefits expense (352,190) - (352,190) Other expenses (387,118) - (387,118) Segment operating profit 8,690,823 - 8,690,823 Share of profit from joint venture entities using the equity method - 42,484,660 42,484,660 Finance costs (34,483) - (34,483) Foreign exchange loss (39,430) - (39,430) Total 8,616,910 42,484,660 51,101,570 Corporate - - (7,296,645) Net profit before tax - - 43,804,925 Segment assets 26,518,450 564,526,039 591,044,489 Corporate assets - - 11,367,802 Total assets - - 602,412,291 Segment liabilities (20,460,631) - (20,460,631) Corporate liabilities - - (16,702,829) Total liabilities - - (37,163,460) JUPITER MINES | ANNUAL REPORT 2026 135
Page 136
Notes to the Consolidated Financial Statements For the Year Ended 30 June 2026 Note 16: Segment reporting (continued) Geographical information The geographical information below analyses Group revenue and non-current assets by location. Revenue is primarily presented by the geographical destination of the product and non-current assets are presented by the geographical location of the operations. Revenue from external customer Non-current assets June 2026 June 2025 June 2026 June 2025 South Africa - - 581,608,085 564,526,039 Australia - - 174,414 295,416 China 5,784,565 4,860,152 - - India 2,989,218 2,990,983 - - Indonesia 491,010 582,717 - - EI Jubail - 553,398 - - Malaysia - 53,991 - - Europe - - - - United States - 274,417 - - Mexico - 67,537 - - Other - 46,936 - - Unallocated Assets - - 270,860 173,974 Total 9,264,793 9,430,131 582,053,359 564,995,429 Major customer Revenue from two customers (30 June 2025: one customer) of the Group represented $4,834,308 (30 June 2025: $3,780,633) of the Group’s total revenue. Note 17: Reconciliation of cash flows from operating activities Consolidated Group June 2026 $ June 2025 $ Profit after income tax 37,689,992 39,949,703 Adjustments for: – Depreciation and amortisation 127,533 131,531 – Interest income (510,353) (729,901) – Foreign exchange differences 307,647 245,548 – Share of profit from joint venture entities using equity method (37,327,239) (42,484,660) – Share-based payments 662,088 1,297,208 Net changes in working capital: – (Increase)/decrease in trade and other receivables (18,862,914) 15,107,576 – Increase/(decrease) in trade payables and other creditors 18,256,243 (14,302,712) – Increase in provisions 19,160 55,344 – Increase in deferred tax liability 822,310 1,477,294 – (Increase)/decrease in deferred tax asset (96,482) 12,189 Net cash from operating activities 1,087,985 759,120 JUPITER MINES | ANNUAL REPORT 2026 136
Page 137
Note 18: Events after the reporting date On 28 August 2026, the Board declared a final dividend for the year ended 30 June 2026 of $0.0075 per ordinary share, paid on 18 September 2026. On 11 September 2026, the Company announced the resignation of Managing Director Brad Rogers effective the end of November 2026, and stepping down as Chief Executive Officer immediately. Matthew Jarvis, Jupiter’s Head of Commercial Strategy and Business Development, was appointed Interim CEO from this date. Note 19: Related party transactions The Group’s related parties include its associates and joint venture, key management and others as described below. Unless otherwise stated, none of the transactions incorporate special terms and conditions and no guarantees were given or received. Outstanding balances are settled in cash. Consolidated Group June 2026 $ June 2025 $ Transactions with key management personnel: – Director fees paid to Matakana Investments, a company in which Peter North has a beneficial interest - 25,125 – Director fees to AMCI Investments Pty Ltd, a company in which Patrick Murphy has a beneficial interest - 11,660 – Director fees paid to POSCO Australia, a company in which Bo Sung Kim has a beneficial interest - 52,167 – Director fees paid to POSCO Australia, a company in which Kiho Han has a beneficial interest 90,000 22,500 – Director fees paid to Ian Murray 160,714 145,366 – Director fees paid to Sally Langer 131,384 80,007 – Director fees paid to Scott Winter 125,000 93,375 – Salaries including bonuses 1,473,183 1,435,140 – Superannuation and equivalents 82,902 85,782 Total short term employee benefits 2,063,183 1,951,122 – Long service leave 6,779 6,728 – Share-based payments 662,088 1,297,208 Total transactions with key management personnel 2,732,050 3,255,058 Consolidated Group June 2026 $ June 2025 $ Expenditure reimbursement to key management personnel: – Expenses reimbursed to Scott Winter - 78 – Expenses reimbursed to Brad Rogers 820 343 – Expenses reimbursed to Melissa North 885 700 – Expenses reimbursed to Ikan Consulting Pty Ltd, a company in which Ian Murray has a beneficial interest 1,026 4,961 Total expenditure reimbursed 2,731 6,082 Outstanding balances with joint ventures: – Trade amounts receivable from Tshipi é Ntle Manganese Mining Proprietary Limited (Marketing, management fee and other fees) 3,750,259 3,286,559 – Trade amounts payable to Tshipi é Ntle Manganese Mining Proprietary Limited (Purchases and other charges) 32,020,822 19,572,776 Transactions with joint ventures: – Management fees received from Tshipi é Ntle Manganese Mining Proprietary Limited 761,626 712,357 JUPITER MINES | ANNUAL REPORT 2026 137
Page 138
Notes to the Consolidated Financial Statements For the Year Ended 30 June 2026 Note 20: Financial instruments The Group’s financial instruments consist mainly of deposits with banks, short-term investments, accounts receivable and payables. The totals for each category of financial instruments, measured in accordance with AASB 9 as detailed in the accounting policies to these financial statements, are as follows: Consolidated Group June 2026 $ June 2025 $ Financial assets Cash and cash equivalents 9,274,119 13,157,448 Trade and other receivables 42,613,162 23,812,871 Equity instruments at FVOCI 2,724 2,320 Other current assets 214,697 214,697 52,104,702 37,187,336 Financial liabilities Trade and other payables 39,450,871 21,194,628 Lease liability 186,138 299,144 39,637,009 21,493,772 Financial risk management policies The Directors monitor the Group’s financial risk management policies and exposures and approve financial transactions. The Directors’ overall risk management strategy seeks to assist the Group in meeting its financial targets while minimising potential adverse effects on financial performance. Its functions include the review of credit risk policies and future cash flow requirements. Specific financial risk exposures and management The main risks the Group is exposed to through its financial instruments are credit risk, liquidity risk and market risk consisting of interest rate risk, liquidity risk and equity price risk. a) Credit risk Exposure to credit risk relating to financial assets arises from the potential non-performance by counterparties of contract obligations that could lead to a financial loss to the Group. Credit risk is managed through the maintenance of procedures (such procedures include the utilisation of systems for the approval, granting and renewal of credit limits, regular monitoring of exposures against such limits and monitoring of the financial stability of significant customers and counterparties), ensuring to the extent possible, that customers and counterparties to transactions are of sound credit worthiness. Such monitoring is used in assessing receivables for impairment. Risk is also minimised through investing surplus funds in financial institutions that maintain a high credit rating, or in entities that the Directors have otherwise cleared as being financially sound. Credit risk exposures The maximum exposure to credit risk by class of recognised financial assets at reporting date, excluding the value of any collateral or other security held, is equivalent to the carrying value and classification of those financial assets (net of any provisions) as presented in the statement of financial position. Credit risk also arises through the provision of financial guarantees, as approved at Board level, given to parties securing the liabilities of certain subsidiaries. Trade and other receivables that are neither past due or impaired are considered to be of high credit quality. Aggregates of such amounts are as detailed in Note 7. There are no amounts of collateral held as security in respect of trade and other receivables. The Group does not have any material credit risk exposure to any single receivable or group of receivables under financial instruments entered into by the Consolidated Group. Credit risk related to balances with banks and other financial institutions is managed by investing cash with major financial institutions in both cash on deposit and term deposit accounts. Interest rates on major deposits that are re-invested are at a fixed rate on a monthly basis. JUPITER MINES | ANNUAL REPORT 2026 138
Page 139
Note 20: Financial instruments (continued) b) Liquidity risk Liquidity risk arises from the possibility that the Group might encounter difficulty in settling its debts or otherwise meeting its obligations related to financial liabilities. The Group manages this risk through the following mechanisms: – Preparing forward looking cash flow analysis in relation to its operational, investing and financing activities. – Monitoring undrawn credit facilities. – Obtaining funding from a variety of sources. – Maintaining a reputable credit profile. – Managing credit risk related to financial assets. – Only investing surplus cash with major financial institutions. – Comparing the maturity profile of financial liabilities with the realisation profile of financial assets. The Group has no significant exposure to liquidity risk due to the level of cash and cash equivalents detailed in Note 6. The Group manages liquidity risk by monitoring immediate and forecast cash requirements and ensuring adequate cash reserves are maintained. The tables below reflect an undiscounted contractual maturity analysis for financial liabilities. Cash flows realised from financial assets reflect management’s expectation as to the timing of realisation. Actual timing may therefore differ from that disclosed. The timing of cash flows presented in the table to settle financial liabilities reflects the earliest contractual settlement dates. Within 1 Year 1 to 5 Years Over 5 Years Total June 2026 $ June 2025 $ June 2026 June 2025 $ June 2026 June 2025 $ June 2026 $ June 2025 $ Financial liabilities Trade and other payables 39,450,871 21,194,628 - - - - 39,450,871 21,194,628 Lease liability 138,125 132,667 58,511 196,634 - - 196,636 329,301 Total expected outflows 39,588,996 21,327,295 58,511 196,634 - - 39,647,507 21,523,929 Financial assets Cash and cash equivalents 9,274,119 13,157,448 - - - - 9,274,119 13,157,448 Trade and other receivables 42,613,162 23,812,871 - - - - 42,613,162 23,812,871 Equity instruments at FVOCI - - 2,724 2,320 - - 2,724 2,320 Other current assets 214,697 214,697 - - - - 214,697 214,697 Total expected inflows 52,101,978 37,185,016 2,724 2,320 - - 52,104,702 37,187,336 Net inflow on financial instruments 12,512,982 15,857,721 (55,787) (194,314) - - 12,457,195 15,663,407 c) Market risk Market risk arises from the Groups use of interest-bearing and foreign currency financial instruments. It is the risk that the fair value of future cash flows of a financial instrument will fluctuate because of changes in interest rates (interest rate risk), foreign exchange (currency risk) or other market factors (other price risk). i) Interest rate risk Exposure to interest rate risk arises on financial assets and financial liabilities recognised at the end of the reporting period whereby a future change in interest rates will affect future cash flows or the fair value of fixed-rate financial instruments. The financial assets with exposure to interest rate risk are detailed below (no financial liabilities recognised at the end of the period): Consolidated Group June 2026 $ June 2025 $ Financial assets Cash and cash equivalents 9,274,119 13,157,448 Other current assets 214,697 214,697 9,488,816 13,372,145 JUPITER MINES | ANNUAL REPORT 2026 139
Page 140
Notes to the Consolidated Financial Statements For the Year Ended 30 June 2026 Note 20: Financial instruments (continued) ii) Foreign exchange risk Jupiter operates internationally and is exposed to foreign exchange risk arising from various currency exposures primarily with respect to the US Dollar and South African Rand. Jupiter’s exposure to currency risk is on cash, trade receivables and trade payables. Foreign currency risk is the risk of exposure to transactions that are denominated in a currency other than the Australian dollar. The carrying amounts of the Group’s financial assets and liabilities are denominated in three different currencies as set out below: 30 June 2026 AUD ZAR USD Euro Total $ Cash and cash equivalents 5,567,146 3,243,553 463,420 - 9,274,119 Trade and other receivables 222,522 129,459 42,261,181 - 42,613,162 Trade and other payables (1,049,134) (131,208) (38,184,097) (86,432) (39,450,871) iii) Other price risk Price risk relates to the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in market prices largely due to demand and supply factors for commodities. As the Group does not derive revenue from sale of products, the effect on profit and equity as a result of changes in the price risk is not considered material. The fair value of the mining projects will be impacted by commodity price changes and could impact future revenues once operational. However, management monitors current and projected commodity prices. iv) Summarised sensitivity analysis The following table summarises the sensitivity of the Group’s financial assets and financial liabilities to interest rate risk and foreign exchange risk. Management have reviewed interest rate and foreign exchange risk and determined the rates applied to be appropriate. Interest rate risk Foreign exchange risk -50 bps +50 bps -10% +10% 30 June 2026 Carrying Amount $ Profit $ Other Equity $ Profit $ Other Equity $ Profit $ Other Equity $ Profit $ Other Equity $ Financial assets Cash and cash equivalents 9,274,119 (46,371) - 46,371 - - - - - Trade and other receivables 42,613,162 - - - - (4,261,316) - 4,261,316 - Equity instruments at FVOCI 2,724 - - - - - - - - Other current assets 214,697 - - - - - - - - Financial liabilities Trade and other payables 39,450,871 - - - - 3,945,087 - (3,945,087) - Total (decrease)/increase (46,371) - 46,371 - (316,229) - 316,229 - Interest rate risk Foreign exchange risk -50 bps +50 bps -10% +10% 30 June 2025 Carrying Amount $ Profit $ Other Equity $ Profit $ Other Equity $ Profit $ Other Equity $ Profit $ Other Equity $ Financial assets Cash and cash equivalents 13,157,448 (65,787) - 65,787 - - - - - Trade and other receivables 23,812,871 - - - - (2,381,287) - 2,381,287 - Equity instruments at FVOCI 2,320 - - - - - - - - Other current assets 214,697 - - - - - - - - Financial liabilities Trade and other payables 21,194,628 - - - - 2,119,463 - (2,119,463) - Total (decrease)/increase (65,787) - 65,787 - (261,824) - 261,824 - JUPITER MINES | ANNUAL REPORT 2026 140
Page 141
Note 20: Financial instruments (continued)v) Fixed interest rate maturing WAEIR21 Floating interest rate Within year 1 to 5 years Over 5 years Non-interest bearing Total June 2026 % June 2025 % June 2026 $ June 2025 $ June 2026 $ June 2025 $ June 2026 $ June 2025 $ June 2026 $ June 2025 $ June 2026 $ June 2025 $ June 2026 $ June 2025 $ Financial assets: Cash and cash equivalents 4.56 4.41 4,932,204 4,570,106 4,341,915 8,587,342 - - - - - - 9,274,119 13,157,448 Trade and other receivables - - - - - - - - - - 42,613,162 23,812,871 42,613,162 23,812,871 Other financial assets - - - - - - - - - - 2,724 2,320 2,724 2,320 Other current assets - - - - - - - - - - 214,697 214,697 214,697 214,697 Total financial assets - - 4,932,204 4,570,106 4,341,915 8,587,342 - - - - 42,830,583 24,029,888 52,104,702 37,187,336 Financial liabilities: Trade and other payables - - - - - - - - - - 39,450,871 21,194,628 39,450,871 21,194,628 Total financial liabilities - - - - - - - - - - 39,450,871 21,194,628 39,450,871 21,194,628 21 Weighted average effective interest rate. JUPITER MINES | ANNUAL REPORT 2026 141
Page 142
Notes to the Consolidated Financial Statements For the Year Ended 30 June 2026 Note 20: Financial instruments (continued) d) Net fair value The net fair values of cash and cash equivalents and non-interest bearing monetary financial assets and liabilities approximate their carrying value. The net fair value of financial assets and financial liabilities is based upon market prices where a market exists or by discounting the expected future cash flows by the current interest rates for assets and liabilities with similar risk profiles. Listed equity investments have been valued by reference to market prices prevailing at reporting date. June 2026 June 2025 Carrying amount $ Net fair value $ Carrying amount $ Net fair value $ Financial assets Cash and cash equivalents 9,274,119 9,274,119 13,157,448 13,157,448 Trade and other receivables 42,613,162 42,613,162 23,812,871 23,812,871 Equity instruments at FVOCI 2,724 2,724 2,320 2,320 Other current assets 214,697 214,697 214,697 214,697 52,104,702 52,104,702 37,187,336 37,187,336 Financial liabilities Trade and other payables 39,450,871 39,450,871 21,194,628 21,194,628 e) Categories The carrying amounts of financial assets and financial liabilities in each category are as follows: June 2026 Amortised cost $ FVOCI $ Financial assets Cash and cash equivalents 9,274,119 - Trade and other receivables 42,613,162 - Equity instruments at FVOCI - 2,724 Other current assets 214,697 - 52,101,978 2,724 Financial liabilities Trade and other payables 39,450,871 - 39,450,871 - JUPITER MINES | ANNUAL REPORT 2026 142
Page 143
Note 20: Financial instruments (continued) The carrying amounts of financial assets and financial liabilities in each category are as follows: June 2025 Amortised cost $ FVOCI $ Financial assets Cash and cash equivalents 13,157,448 - Trade and other receivables 23,812,871 - Equity instruments at FVOCI - 2,320 Other current assets 214,697 - 37,185,016 2,320 Financial liabilities Trade and other payables 21,194,628 - 21,194,628 - Note 21: Parent company information Consolidated Group June 2026 $ June 2025 $ ASSETS Current assets 38,790,122 29,703,287 Non-current assets 490,435,970 490,460,086 TOTAL ASSETS 529,226,092 520,163,373 LIABILITIES Current liabilities 33,423,771 20,511,094 Non-current liabilities 30,085,265 30,318,689 TOTAL LIABILITIES 63,509,036 50,829,783 NET ASSETS 465,717,056 469,333,590 EQUITY Contributed equity 384,710,944 384,061,553 Financial assets reserve 2,748,815 2,781,913 Accumulated profits 78,257,297 82,490,124 TOTAL EQUITY 465,717,056 469,333,590 FINANCIAL PERFORMANCE Profit for the year 15,274,605 5,037,173 Other comprehensive profit/(loss) 404 (2,294) TOTAL COMPREHENSIVE INCOME 15,275,009 5,034,879 The parent company commitments are reflected in Note 15. JUPITER MINES | ANNUAL REPORT 2026 143
Page 144
Notes to the Consolidated Financial Statements For the Year Ended 30 June 2026 Note 22: Dividends Consolidated Group June 2026 $ June 2025 $ Dividends declared during the year: Unfranked final dividend ($0.0025 per share, wholly conduit foreign income; declared 30 August 2024, paid 20 September 2024) - 4,901,263 Unfranked interim dividend ($0.0075 per share, wholly conduit foreign income; declared 28 February 2025, paid 21 March 2025) - 14,707,813 Unfranked final dividend ($0.0075 per share, wholly conduit foreign income; declared 29 August 2025, paid 19 September 2025) 14,736,001 - Unfranked interim dividend ($0.0055 per share, wholly conduit foreign income; declared 16 March 2026, paid 2 April 2026) 10,812,178 - 25,548,179 19,609,076 Note 23: Auditors’ remuneration Amounts paid or payable to the auditors of the Company and charged as an expense were: Consolidated Group June 2026 $ June 2025 $ Audit and review of the financial statements – Auditors of Jupiter: KPMG 204,790 308,559 – Auditors of subsidiary or related entities 12,234 11,355 Remuneration for audit and review of financial statements 217,024 319,914 Other non-audit services – Taxation and other services - - Total other service remuneration - - Total auditors’ remuneration 217,024 319,914 Note 24: Leases The Company has a five year lease agreement for office premises at 220 St Georges Terrace, Perth, WA, which commenced on 1 December 2022. June 2026 $ June 2025 $ Lease liabilities Current 128,423 113,008 Non-current 57,715 186,136 Total lease liabilities 186,138 299,144 JUPITER MINES | ANNUAL REPORT 2026 144
Page 145
Note 24: Leases (continued) The future minimum lease payments arising under the Company’s lease contract at the end of the reporting year are as follows: Recognised in 30 June 2026 Within 1 Year $ 1-5 Years $ Total $ Lease payments 138,125 58,511 196,636 Finance charges (9,702) (796) (10,498) Net present value 128,423 57,715 186,138 June 2026 $ June 2025 $ Right of use asset Right of use assets - at cost 529,883 529,883 Less opening accumulated depreciation (273,766) (167,794) Less depreciation for the year (105,972) (105,972) Carrying amount of right of use assets 150,145 256,117 Note 25: Share-based payments Share options There were no unlisted share options outstanding at 30 June 2026. During the financial year ended 30 June 2026, a total of 1,000,000 unlisted options expired unexercised on 25 July 2025. Vested Unvested Expired Issue Date Expiry date Exercise price (Cents) Fair value per unit (Cents) Total fair value $ Unlisted options - - 1,000,000 01/08/2022 25/07/2025 - 0.046 46,198 The vesting conditions attached to the expired options consisted of market performance hurdles: – 500,000 options vesting upon Company share price achieving 30-day volume-weighted average price (VWAP) of greater than $0.40; and – 500,000 options vesting upon Company share price achieving 30-day VWAP of greater than $0.50. The share options have the below key inputs which are utilised in the pricing model. The Company has independently determined the fair value of its options awarded using the Monte Carlo pricing model. Options granted Grant date Expiry date Fair value of option at grant date $ Exercise price (Cents) Risk free rate Expected volatility Value of options granted $ Amount of expense recognised during the period $ 1,000,000 01/08/2022 25/07/2025 0.046 - 2.68% 51.88% 46,200 1,284 Total: 46,200 1,284 JUPITER MINES | ANNUAL REPORT 2026 145
Page 146
Notes to the Consolidated Financial Statements For the Year Ended 30 June 2026 Rights to ordinary shares Set out below is a summary of rights to fully paid ordinary shares and key inputs at 30 June 2026. The Company has independently determined the fair value of its rights awarded using a hybrid employee share option pricing model (for rights with market based vesting conditions) and a Black Scholes option pricing model (for rights with non-market based vesting conditions). ID Grant date No. granted Vesting date Expiry date Fair value per right at award date $ Total fair value of rights $ No. vested during the period No. forfeited during the period No. vested and exercisable at 30 June 2026 Amount of expense recognised during the period $ Performance conditions DR4 30/11/2023 536,442 30/11/2025 N/A 0.1750 93,877 536,442 - - 13,738 A FY24ST1 28/11/2024 513,920 09/12/2025 27/11/2030 0.2034 104,531 513,920 - - 18,023 A FY24ST2 28/11/2024 513,919 09/12/2026 27/11/2030 0.2034 104,531 - - - 30,594 A FY25ST1 26/11/2025 402,146 26/11/2026 27/11/2031 0.3140 126,274 - - - 52,251 A FY25ST2 26/11/2025 402,146 26/11/2027 27/11/2031 0.3140 126,274 - - - 36,958 A FY26ST1 26/11/2026 597,379 26/11/2027 27/11/2032 0.1956 116,847 - - - 48,350 A FY26ST2 26/11/2026 597,379 26/11/2028 27/11/2032 0.1956 116,847 - - - 34,199 A FY24LTA 28/11/2024 1,644,543 30/06/2026 27/11/2030 0.1320 101,304 767,454 877,089 767,454 (43,416) B FY24LTB 28/11/2024 1,644,542 30/06/2026 27/11/2030 0.1320 - - 1,644,542 - (144,720) C FY24LTC 28/11/2024 1,644,543 30/06/2026 27/11/2030 0.058 133,499 2,301,702 - 2,301,702 69,910 D FY25LTA 28/11/2024 1,102,572 30/06/2027 27/11/2030 0.1250 137,822 - - - 35,708 B FY25LTB 28/11/2024 1,102,572 30/06/2027 27/11/2030 0.1250 137,822 - - - 35,708 C FY25LTC 28/11/2024 1,102,571 30/06/2027 27/11/2030 0.0670 73,872 - - - 19,139 D FY26LTA 26/11/2025 1,820,250 30/06/2028 27/11/2031 0.1480 269,397 - - - 89,799 D FY26LTB 26/11/2025 1,820,250 30/06/2028 27/11/2031 0.2220 404,096 - - - 134,699 B FY26LTC 26/11/2025 1,820,250 30/06/2028 27/11/2031 0.2220 404,096 - - - 134,699 C FY26LTA.1 01/07/2025 853,499 30/06/2028 27/11/2031 0.1110 94,738 - - - 31,579 D FY26LTB.1 01/07/2025 1,280,247 30/06/2028 27/11/2031 0.1490 190,757 - - - 63,586 C Total 19,399,170 2,736,584 4,119,518 2,521,631 3,069,156 660,804 A. No performance conditions as these have already been met. Service condition only applies, being employed by Company at vesting date. B. The number of rights that vest is based on a non-market vesting schedule in relation to the Company’s growth in manganese production and sales C. The number of rights that vest is based on multiple non-market performance hurdles in relation to various Company growth and ESG targets. The rights will vest according to Board discretion. D. The number of rights that vest is based on the relative total shareholder return (TSR) ranking of Jupiter over the respective performance period, relative to the TSR performance of a nominated peer group of companies. JUPITER MINES | ANNUAL REPORT 2026 146
Page 147
The following table provides a list of all entities included in the Group’s consolidated financial statements, prepared in accordance with the requirements of section 295(3A) of the Corporations Act. The ownership interest is only disclosed for those entities which are a body corporate, representing the direct and indirect percentage share capital owned by the Company. Entity name Legal structure Country of incorporation Country of tax residency Ownership interest % Jupiter Mines Limited Body Corporate Australia Australia 100 Jupiter Kalahari Pty Ltd Body Corporate Australia Australia 100 Basis of preparation Key assumptions and judgments Determination of Tax Residency Section 295 (3A) of the Corporation Acts 2001 requires that the tax residency of each entity which is included in the Consolidated Entity Disclosure Statement (CEDS) be disclosed. In the context of an entity which was an Australian resident, “Australian resident” has the meaning provided in the Income Tax Assessment Act 1997. The determination of tax residency involves judgment as the determination of tax residency is highly fact dependent and there are currently several different interpretations that could be adopted, and which could give rise to a different conclusion on residency. In determining tax residency, the consolidated entity has applied the following interpretations: – Australian tax residency The consolidated entity has applied current legislation and judicial precedent, including having regard to the Commissioner of Taxation’s public guidance in Tax Ruling TR 2018/5. – Foreign tax residency The consolidated entity has applied current legislation and where available judicial precedent in the determination of foreign tax residency. Branch (permanent establishments) Foreign branch of Australian subsidiaries are not separate level entities and therefore do not have a separate residency for Australian tax purposes. Generally, the Australian subsidiary that the branch is a part of will be the relevant tax resident, rather than the branch operations. Additional disclosures on the tax status of Australian subsidiaries having a foreign branch with a taxable presence in that jurisdiction have been provided where relevant. Consolidated entity disclosure statement As at 30 June 2026 JUPITER MINES | ANNUAL REPORT 2026 147
Page 148
Directors’ Declaration The Directors of Jupiter Mines Limited declare that: 1. The financial statements, notes and the additional disclosures included in the Directors Report designated as audited, of the consolidated entity are in accordance with the Corporations Act 2001 including: a) complying with Accounting Standards (including the Australian Accounting Interpretations) and the Corporations Regulations 2001. b) giving a true and fair view of the financial position as at 30 June 2026 and of the performance for the year ended on that date of the consolidated entity. 2. The financial statements and notes also comply with International Financial Reporting Standards as disclosed in Note 1. 3. There are reasonable grounds to believe that Jupiter Mines Limited will be able to pay its debts as and when they become due and payable. 4. This declaration has been made after receiving the declarations required to be made to the Directors in accordance with section 295A of the Corporations Act 2001 for the financial year ended 30 June 2026. 5. The consolidated entity disclosure statement set out on page 147 of the Annual Report, as required by Section 295(3A) of the Corporations Act, is true and correct. Signed on behalf of the Board of Directors Brad Rogers Managing Director 30 September 2026 JUPITER MINES | ANNUAL REPORT 2026 148
Page 149
Auditor’s Report JUPITER MINES | ANNUAL REPORT 2026 149
Page 150
KPMG, an Australian partnership and a member firm of the KPMG global organisation of independent member firms affiliated with KPMG International Limited, a private English company limited by guarantee. All rights reserved. The KPMG name and logo are trademarks used under license by the independent member firms of the KPMG global organisation. Liability limited by a scheme approved under Professional Standards Legislation. Lead Auditor’s Independence Declaration under Section 307C of the Corporations Act 2001 To the Directors of Jupiter Mines Limited I declare that, to the best of my knowledge and belief, in relation to the audit of Jupiter Mines Limited for the year ended 30 June 2026 there have been: i. No contraventions of the auditor independence requirements as set out in the Corporations Act 2001 in relation to the audit; and ii. No contraventions of any applicable code of professional conduct in relation to the audit. KPMG Graham Hogg Partner Perth 30 September 2026 JUPITER MINES | ANNUAL REPORT 2026 150
Page 151
KPMG, an Australian partnership and a member firm of the KPMG global organisation of independent member firms affiliated with KPMG International Limited, a private English company limited by guarantee. All rights reserved. The KPMG name and logo are trademarks used under license by the independent member firms of the KPMG global organisation. Liability limited by a scheme approved under Professional Standards Legislation. Independent Auditor’s Report To the shareholders of Jupiter Mines Limited Report on the audit of the Financial Report Opinion We have audited the Financial Report of Jupiter Mines Limited (the Company). In our opinion, the accompanying Financial Report of the Company gives a true and fair view, including of the Group’s financial position as at 30 June 2026 and of its financial performance for the year then ended, in accordance with the Corporations Act 2001, in compliance with Australian Accounting Standards and the Corporations Regulations 2001. The Financial Report comprises: • Consolidated statement of financial position as at 30 June 2026 • Consolidated statement of profit or loss and other comprehensive income, Consolidated statement of changes in equity, and Consolidated statement of cash flows for the year then ended • Consolidated entity disclosure statement and accompanying basis of preparation as at 30 June 2026 • Notes, including material accounting policies • Directors’ Declaration. The Group consists of the Company and the entities it controlled at the year end or from time to time during the financial year. Basis for opinion We conducted our audit in accordance with Australian Auditing Standards. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the Financial Report section of our report. We are independent of the Group in accordance with the auditor independence requirements of the Corporations Act 2001 and the ethical requirements of the APES 110 Code of Ethics for Professional Accountants (including Independence Standards) issued by the Accounting Professional & Ethical Standards Board Limited (the Code) that are relevant to audits of the financial report of public interest entities in Australia. We have fulfilled our other ethical responsibilities in accordance with these requirements. JUPITER MINES | ANNUAL REPORT 2026 151
Page 152
Key Audit Matters Key Audit Matters are those matters that, in our professional judgement, were of most significance in our audit of the Financial Report of the current period. This matter was addressed in the context of our audit of the Financial Report as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on this matter. Accounting for equity accounted investment (Investments accounted for using the equity method AUD 581.6 million, share of profit from joint venture entities using the equity method AUD 37.3 million) Refer to Note 1(b) and Note 10 to the Financial Report The key audit matter How the matter was addressed in our audit Accounting for equity accounted investment is a key audit matter due to the size of the balances to the Group’s Financial Statements associated with its investment in Tshipi é Ntle Manganese Mining (Proprietary) Limited joint venture (JV) using the equity method, and the judgement and significant audit effort we applied in assessing the: • Group’s determination of accounting treatment for the investment in joint venture. Depending on the legal, governance and business arrangements, the method of accounting under accounting standard requirements may result in different outcomes for the Group, so is a fundamental basis for reporting. • Group’s assessment of impairment indicators for the investment in JV using accounting standard requirements. We focussed on market conditions such as current and future expected manganese pricing, asset performance and those specific to the JV. • Recording of revenues and expenses by the JV given their contribution to the Group’s share of profit in the joint venture recorded by the Group. Our procedures included: Accounting for equity method investment • Evaluating the appropriateness of the Group’s accounting treatment for the investment in Tshipi é Ntle Manganese Mining (Proprietary) Limited joint venture using the equity method against the criteria in the accounting standard and key terms in the underlying memorandum of incorporation and shareholder agreement. We evaluated the 50.1% change in shareholding at the JV level. Assessment of impairment indicators • Evaluating the approach of the Group’s assessment of impairment indicators against the requirements of the accounting standards. • Challenging the Group’s assessment of impairment indicators using our knowledge of the JV, industry experience, and current and expected future market conditions including manganese pricing. We used published reports of industry commentators to inform our challenge and assessment. • Using the amount of the Group's proportional ownership of the net assets of the JV, we compared this to the investment amount recorded by the Group. We evaluated the difference for indicators of impairment, in particular for evidence of the Group's recorded value no longer representing value of the underlying JV, using net assets as a proxy. JUPITER MINES | ANNUAL REPORT 2026 152
Page 153
• Using the results of a recent comparable sales transaction, we compared this to the investment amount recorded by the Group. Recording of revenues and expenses by the joint venture and share of profit • Evaluating the appropriateness of the JV’s and Group’s key accounting policies against the requirements of the accounting standards, and our understanding of the JV’s business. • For 100% of the revenue recorded by the JV during the year, we obtained external confirmations and agreed the confirmed revenue to the accounting records. • For a sample of expense transactions recorded by the JV during the year, we assessed the expenses recorded, including to underlying documentation such as supplier invoices. • Recalculating the share or profit from JV using the Group’s ownership percentage from underlying shareholder agreement and the profit recorded by the JV and comparing this to the share of profit recorded by the Group at the year end. • Evaluating the appropriateness of the disclosures in the Financial Report, using our understanding obtained from our testing and against the requirements of the accounting standards. Other Information Other Information is financial and non-financial information in Jupiter Mines Limited’s annual report which is provided in addition to the Financial Report and the Auditor's Report. The Directors are responsible for the Other Information. Our opinion on the Financial Report does not cover the Other Information and, accordingly, we do not express an audit opinion or any form of assurance conclusion thereon, with the exception of the Remuneration Report. In connection with our audit of the Financial Report, our responsibility is to read the Other Information. In doing so, we consider whether the Other Information is materially inconsistent with the Financial Report or our knowledge obtained in the audit, or otherwise appears to be materially misstated. We are required to report if we conclude that there is a material misstatement of this Other Information, and based on the work we have performed on the Other Information that we obtained prior to the date of this Auditor’s Report we have nothing to report. JUPITER MINES | ANNUAL REPORT 2026 153
Page 154
Responsibilities of the Directors for the Financial Report The Directors are responsible for: • Preparing the Financial Report in accordance with the Corporations Act 2001, including giving a true and fair view of the financial position and performance of the Group, and in compliance with Australian Accounting Standards and the Corporations Regulations 2001 • Implementing necessary internal control to enable the preparation of a Financial Report in accordance with the Corporations Act 2001, including giving a true and fair view of the financial position and performance of the Group, and that is free from material misstatement, whether due to fraud or error • Assessing the Group and Company’s ability to continue as a going concern and whether the use of the going concern basis of accounting is appropriate. This includes disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless they either intend to liquidate the Group and Company or to cease operations, or have no realistic alternative but to do so. Auditor’s responsibilities for the audit of the Financial Report Our objective is: • To obtain reasonable assurance about whether the Financial Report as a whole is free from material misstatement, whether due to fraud or error; and • To issue an Auditor’s Report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with Australian Auditing Standards will always detect a material misstatement when it exists. Misstatements can arise from fraud or error. They are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of the Financial Report. A further description of our responsibilities for the audit of the Financial Report is located at the Auditing and Assurance Standards Board website at: https://www.auasb.gov.au/media/bwvjcgre/ar1_2024.pdf This description forms part of our Auditor’s Report. Report on the Remuneration Report Opinion In our opinion, the Remuneration Report of Jupiter Mines Limited for the year ended 30 June 2026 complies with Section 300A of the Corporations Act 2001. Directors’ responsibilities The Directors of the Company are responsible for the preparation and presentation of the Remuneration Report in accordance with Section 300A of the Corporations Act 2001. JUPITER MINES | ANNUAL REPORT 2026 154
Page 155
Our responsibilities We have audited the Remuneration Report included in pages 96 to 114 of the Directors’ report for the year ended 30 June 2026. Our responsibility is to express an opinion as to whether the Remuneration Report complies in all material respects with Section 300A of the Corporations Act 2001, based on our audit conducted in accordance with Australian Auditing Standards. KPMG Graham Hogg Partner Perth 30 September 2026 JUPITER MINES | ANNUAL REPORT 2026 155
Page 156
Additional Information for Listed Companies Additional Information for Listed Companies In accordance with ASX Listing Rule 4.10 the following information is provided as at 14 September 2026. Corporate Governance Statement The Company’s Corporate Governance Statement is available on the Company’s website at https://www.jupitermines.com/about-us/corporate-governance. Substantial Shareholders The Company has the following Substantial Shareholders as of the above date. The holdings are as per the Substantial Holder notices lodged with ASX and reflect the percentage of voting rights of each Substantial Holding and not necessarily their actual holding in the Company. Name Number of fully paid ordinary shares % holding Date of Form 603 or 604 Manganexx Proprietary Limited 392,973,525 19.99 14 May 2025 POSCO Australia GP Pty Ltd (and its associate POSCO Australia Pty Ltd) 134,992,472 6.89 19 April 2018 Spheria Asset Management Pty Ltd 119,048,319 6.06 9 October 2025 Pinnacle Investment Management Group Limited 100,186,139 5.10 13 February 2026 Ordinary Shares There are 1,965,850,551 ordinary shares on issue. Each shareholder is entitled to one vote per share. In accordance with the Company’s Constitution, on a show of hands or a poll every member present in person or by proxy or attorney or duly authorised representative has one vote for every fully paid ordinary share held. Options There are no options in the Company as of the above date. Performance Rights A total of 25,374,813 unquoted performance rights are on issue. If exercised, the performance rights will convert into 25,374,813 ordinary shares. There are no voting rights attaching to the performance rights. No person holds 20% or more of these securities. The performance rights have the following exercise prices and vesting dates: Plan Grant Vesting Number Holders JMSFY24ST2 28 November 2024 9 December 2026 513,919 1 JMSFY25ST1 26 November 2025 4 December 2026 402,146 1 JMSFY25ST2 26 November 2025 4 December 2027 402,146 1 JMSFY26ST1 4 September 2026 26 November 2027 597,3791 1 JMSFY26ST2 4 September 2026 26 November 2028 597,3791 1 JMSFY24LT 28 November 2024 4 September 2026 3,069,155 1 JMSFY25LT 28 November 2024 30 June 2027 4,044,480 1 JMSFY26LT 28 November 2025 30 June 2027 5,460,751 1 JMSFY26LT 1 July 2025 30 June 2028 2,133,746 3 JMSFY27LT 1 July 2026 30 June 2030 2,777,300 3 1 Subject to shareholder approval at the Company’s Annual General Meeting in November 2026. JUPITER MINES | ANNUAL REPORT 2026 156
Page 157
Distribution of listed equity security holders Holding Number of shareholders Number of shares % of capital 1 – 1,000 209 43,689 0.00 1,001 – 5,000 904 2,811,137 0.14 5,001 – 10,000 635 5,239,903 0.27 10,001 – 100,000 1,682 62,909,853 3.20 100,001 and over 558 1,894,845,969 96.39 Marketable parcels As at 14 September 2026, there were 377 shareholders on the register holding less than a marketable parcel ($500) based on the closing market price of $0.25. Twenty largest shareholders Shareholder Number of shares held % of issued capital 1 Citicorp Nominees Pty Limited 404,705,617 20.59 2 Manganexx Proprietary Limited <Manganexx> 392,973,525 19.99 3 HSBC Custody Nominees (Australia) Limited 210,692,991 10.72 4 POSCO Australia Pty Ltd 134,992,472 6.87 5 J P Morgan Nominees Australia Pty Limited 103,681,688 5.27 6 Jwalpa Limited 67,032,038 3.41 7 HSBC Custody Nominees (Australia) Limited <GSCO Customers A/C> 62,131,659 3.16 8 BNP Paribas Nominees Pty Ltd <IB Au Noms Retailclient> 53,743,874 2.73 9 BNP Paribas Noms Pty Ltd 41,973,609 2.14 10 Mr Kenneth Joseph Hall <Hall Park A/C> 40,000,000 2.03 11 Treasury Services Group Pty Ltd <Nero Resource Fund A/C> 22,761,046 1.16 12 Cockcroft Holdings Limited 20,329,839 1.03 13 Ntsimbintle Holdings (Pty) Ltd 16,377,271 0.83 14 Aligned Capital Partnership Pty Ltd 14,877,912 0.76 15 Morgan Stanley Australia Securities (Nominee) Pty Limited <No 1 Account> 11,677,059 0.59 16 Palm Beach Nominees Pty Limited 8,000,000 0.41 17 Maverick Investment Holdings Pty Ltd <Maverick I H A/C> 7,889,627 0.40 18 E-Tech Capital Pty Ltd <ASF Super Fund A/C> 7,000,080 0.36 19 HSBC Custody Nominees (Australia) Limited - A/C 2 6,423,531 0.33 20 UBS Nominees Pty Ltd 6,392,229 0.33 Restricted securities There are no restricted securities. Securities exchange The Company is listed on the Australian Securities Exchange. JUPITER MINES | ANNUAL REPORT 2026 157
Page 158
Corporate Directory Australian Business Number 51 105 991 740 Directors Ian Murray Non-Executive Chair; Independent Scott Winter Non-Executive Director; Independent Sally Langer Non-Executive Director; Independent Kiho Han Non-Executive Director; Non-Independent Brad Rogers Managing Director Executives Matthew Jarvis Interim Chief Executive Officer Melissa North Chief Financial Officer and Company Secretary Principal and Registered Office Level 8 220 St Georges Terrace Perth WA 6000 Telephone: +61 8 9346 5500 Email: info@jupitermines.com Website: www.jupitermines.com Share Registry MUFG Corporate Markets (AU) Limited QV1 Building, Level 12 250 St Georges Terrace Perth WA 6000 Telephone: +61 1300 554 474 Fax: +61 2 9287 0303 Email: support@cm.mpms.mufg.com Website: www.mpms.mufg.com Auditors KPMG 235 St Georges Terrace Perth WA 6000 Telephone: +61 8 9263 7171 Fax: +61 8 9263 7129 Website: www.kpmg.com.au JUPITER MINES | ANNUAL REPORT 2026 158
Page 159
JUPITER MINES | ANNUAL REPORT 2026 159
Page 160
Level 8, 220 St Georges Terrace Perth WA 6000 +61 8 9346 5500 jupitermines.com