#1Investor Presentation October 2018 Jupiter Mines Limited#2Disclaimer IMPORTANT: Please read the following before continuing. Jupiter Mines Limited This Presentation has been prepared by Jupiter Mines Limited ACN 105 991 740 (Jupiter or the Company) solely for information purposes. This Presentation has not been approved by any regulatory or supervisory authority. This Presentation comprises the written materials for presentations to sophisticated, professional and institutional investors (Institutional Investor Presentations) concerning the Company. For purposes of this notice, this "Presentation" includes this Presentation, its contents or any part of it, and any related video or oral presentation, any question and answer session and any written or oral material discussed or distributed during any Institutional Investor Presentation. By accessing this Presentation, you agree to be bound by the following terms and conditions. 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Accordingly, numerical figures shown as totals in certain tables may not be an arithmetic aggregation of the figures that preceded them. 2#3Introduction Jupiter Mines Limited Shares on Issue Options on Issue Current share price Market Capitalisation Net cash Debt Enterprise Value Capital Structure # 2 2 2 2 2 A$ 1,959 million Nil $0.31 1 ☐ Overview Commenced trading on ASX on 18 April 2018 Jupiter Mines Limited ("Jupiter") owns a 49.9% beneficial interest in the world class Tshipi Borwa Manganese Mine ("Tshipi") located in the manganese rich Kalahari Manganese Field ■ Tshipi is the largest single manganese mine in South Africa and one of the five largest in the world A$ A$ $607 million ☐ Jupiter has rights to market 49.9% of Tshipi production A$ $17 million " Jupiter runs a "lean and mean" ship Nil Debt free A$ ☐ $590 million Board and Management aligned to shareholder returns 1. Closing price at 12 October 2018. Jupiter Mines Shareholders Shareholding (%) # of shares (m) Stichting Pensioenfonds ABP 12.90% 253 Ownership Structure AMCI1 9.89% 194 Pallinghurst Consolidated (Cayman) Ltd1 7.44% 146 Ntsimbintle Mining (Pty) Ltd Posco Australia1 6.89% 135 Jupiter Mines Limited OM HOLDINGS LTD Regal Funds Management 5.03% 99 100% 74% 26% EMG Jupiter L.P1 4.36% 85 Jupiter Kalahari Limited Main Street 774 (Pty) Ltd Pallinghurst EMG African Queen L.P. 1.86% 36 Priyank Thapliyal 2 1.73% 34 49.9% 50.1% Total Shareholding 50.1% 982 Tshipi é Ntle Remaining 2,600 shareholders 49.9% 977 Manganese Mining Total Shares on Issue 100.00% 1,959 See Appendices for more information on Ntsimbintle Mining 1. Escrowed shareholder. Please see April 2018 Prospectus for Escrow Conditions. 21,129,387 Escrowed Shares. 2. 3#4Board & Management Jupiter Team Jupiter Mines Limited Tshipi Team Brian Gilbertson Non Executive Chairman In 1997, Gencor Limited restructured its non-precious metals interests as Billiton plc. With Mr Gilbertson as Executive Chairman, Billiton plc raised US$1.5 billion in an initial public offering on the LSE, taking the company into the FTSE 100. Separately, Mr Gilbertson worked to merge the gold operations of Gencor and Gold Fields of South Africa, creating Gold Fields Limited, a leader in the world gold mining industry. He served as its first Chairman until October 1998. In 2001, Billiton plc merged with BHP Limited to create what is widely regarded as the world's premier resources company, BHP Billiton plc. Mr Gilbertson was appointed its second Chief Executive on 1 July 2002. In late 2003, Mr Gilbertson led mining group Vedanta Resources plc (Vedanta) to the first primary listing of an Indian company on the London Stock Exchange in the second largest IPO of the year (US$876 million). He served as Chairman of Vedanta until July 2004. He was appointed President of Sibirsko-Uralskaya Aluminium Company (SUAL), the smaller aluminium producer in Russia and led that company into the US$30 billion merger with RUSAL and the alumina assets of Glencore International A.G., creating the largest aluminium company in the world. Mr Gilbertson established Pallinghurst Advisors LLP and Pallinghurst (Cayman) GP L.P. during 2006 and 2007 respectively, to develop opportunities on behalf of a group of natural resource investors, which currently own 86% of Jupiter. Mr Gilbertson is the non-executive chairman of Gemfields Group Limited, a company listed on the Johannesburg Stock Exchange (JSE: GML). Priyank Thapliyal ◉ ■ Chief Executive Officer Priyank joined Sterlite Industries in 2000 and worked alongside Mr Anil Agarwal (owner) to implement the strategies that led to the creation of Vedanta Resources plc, a FTSE 100 company. Vedanta floated on the London Stock Exchange (LSE) in December 2003 and raised USD 870 million in its IPO, in what was the largest mining IPO on the LSE that year, and also the first primary listing of an Indian company on the LSE. The success of the Vedanta IPO was instrumental in other emerging market mining companies seeking LSE listings. Subsequent to the LSE listing, he led Vedanta's first major overseas acquisition via the USD 50 million controlling investment in Konkola Copper Mines (KCM) in Zambia in 2004. At the time of his departure in October 2005 to co-found Pallinghurst Resources LLP (Pallinghurst LLP), the KCM stake was valued at USD 1 billion and Vedanta had a market capitalisation of USD 7.5 billion. Priyank has been instrumental in delivering Pallinghurst's steel feed strategy via Jupiter Mines Limited. That has led to the creation of the flagship Tshipi Manganese Mine, from what was a greenfield project, into one of the largest, long-life and low cost assets of strategic importance Ezekiel Lotlhare Chief Executive Officer Carel Malan Chief Financial Officer Career history: Process Metallurgist for Hotazel Manganese Mine; Plant Manager at Lonmin and Hotazel Manganese Mine; Operations Manager at Tau; joined Tshipi in 2011 as Operations Manager and subsequently General Manager at Tshipi, appointed Chief Executive Officer of Tshipi in October 2016 Education: Bachelor's of Technology in Chemical Engineering; MBL from University of South Africa Career history: Mining and Metals focus at Ernst and Young; Financial Services Focus at Ernst and Young Bermuda; joined Tshipi in 2012; appointed Chief Financial Officer of Tshipi in October 2016 Education: Bachelor's of Commerce (Hons) from University of Pretoria; Chartered Accountant (2010) Melissa North ■ Chief Financial Officer Ms Melissa North joined Jupiter Mines in May 2012 as Group Financial Controller and was subsequently appointed CFO and Company Secretary on 15 November 2012. Prior to joining Jupiter, Ms North held various roles in finance management and business advisory services over almost a decade, including Group Financial Controller positions within the Chime Communications Group (London) and other large media agencies in the United Kingdom. Ms North qualified as a Chartered Accountant in 2004 after extensive work experience at Grant Thornton Perth (now Crowe Horwath). Paul Murray Sungwon Yoon Andrew Bell Non-Executive Director Non-Executive Director Non-Executive Director Board & Management directly hold ~35m shares, and predominately escrowed#5Jupiter Mines Limited Manganese Ore Index 37% Mn, FOB Port Elizabeth $ per dmtu of contained metal Manganese prices influenced by: 6 Market rebalancing Chinese dynamics Limited life of some major mines FY18 average manganese price = US$4.69 / dmtu US$/ dmtu 1 00 FY19 YTD average manganese price = US$6.23 / dmtu 7 6 5 4 3 2 Current spot manganese price (37% FOB PE) is US$6.22 / dmtu (8 Oct 2018) Feasibility study price range $4.00- $4.50 -Tshipi FOB cost of production ¹ 0 Aug-2015 Nov-2015 Feb-2016 May-2016 Aug-2016 Nov-2016 Feb-2017 May-2017 Aug-2017 Nov-2017 Feb-2018 May-2018 Aug-2018 Source: Pricing data sourced from Metal Bulletin 1. Costs include mining, processing, logistics, environmental, indirect costs and royalties (FY19YTD R29.38, ZAR:USD 12.86) 5#6Exceptional Operating and Financial Performance at Tshipi Jupiter Mines Limited 100% TSHIPI (Note: Jupiter 49.9%) FY18 FY19 (to August 2018)1 LTM August 2018 2 H1 2019 annualised Manganese ore sales Million tonnes 3.34 Revenue EBITDA 1.88 3.85 3.76 USDM 3 561 414 753 827 USDM 3 237 205 357 410 Net Profit/ (Loss) After Tax USDM 3 145 162 255 325 37% manganese price (average FOB PE) US$/dmtu 4.69 6.23 4 5.83 6.23 Cash costs (FOB) 5 US$/dmtu 3 1.96 2.28 2.16 2.28 1. 2345 For the financial year starting 1 March 2018 to 31 August 2018 (final auditor reviewed numbers from half year management accounts subject to approval of audit committee; NPAT reduced by ZAR240 million from interim unaudited results presented in August 2018 quarterly report released on 27 September 2018. Difference relates to reversal of deferred taxes) Last twelve months to 31 August 2018. Calculated by adding H2 2018 actuals plus H1 2019 actuals ZAR:USD average exchange rates FY18: 13.08, FY19YTD: 12.86, LTM August 2018: 12.95, H1 2019 annualised: 12.86 Current spot manganese ore price 37% FOB Port Elizabeth - US$6.22 / dmtu Costs include mining, processing, logistics, environmental, indirect costs and royalties (ZAR:USD 14.26, FY18 R25.58 ZAR:USD 13.08, FY19YTD R29.38, ZAR:USD 12.86, LTM August 2018 R27.94, ZAR:USD 13.12) 6. H1 2019 annualised figures are calculated by taking H1 2019 actuals and multiplying by 2 6#7History of Delivering Cash Returns to Jupiter Shareholders Jupiter Mines Limited Management delivered a full operating Tshipi mine at a cost of A$100m to Jupiter shareholders Tshipi is operating on a debt free basis with strong cash generation capabilities Inaugural distribution to Jupiter shareholders of A$71m for FY2017 - 11.7% yield ■Further distribution to Jupiter shareholders of A$82 million for FY2018 - 13.7% yield ■ Jupiter distributed A$98 million H1 2019 dividend on 10 October 2018 16.1% H1 2019 yield 2011 2012 2015 2017 2011 (FY) Tshipi Borwa Mine development commences 2012 (FY) First vessel loaded in December 2015 (FY) Tshipi more than doubled production and sales to over 2 million tonnes per year 2017 (FY) Tshipi achieves monthly production volumes capable of supporting in excess of 3 million tonnes per year Tshipi achieves sales of 2.27 million tonnes " 2018 2019 2018 (FY) On site permanent infrastructure capacity increased to deliver 3.6Mtpa Tshipi sales of 3.34 million tonnes 2019 (FY YTD) Tshipi achieving export run rate in excess of 3.5mtpa 7#8Tshipi ES#9Safety - Tshipi's Top Priority Jupiter Mines Limited Proud track record of safety ■No fatalities since Tshipi's inception One section 54 stoppage since inception that was lifted after one day ― proactive engagement with the Department of Mineral Resources - currently considering further improvements to its processes and operations Comprehensive framework to mitigate risks: -risk assessments -stop and fix unsafe work near miss reporting # of occurences 3 2 2 1 3 3 Lost Time Injuries 3 2 ill.h.. 1 1 1 0 FY2012 FY2013 FY2014 FY2015 FY2016 FY2017 FY2018 FY2019 The safety of the employees and contractors at Tshipi is paramount 9#10Tshipi at a Glance Namibia Botswana Botswana Location ⭑Tshipi South Saldanha Hotazel Africa Durban Cape Town Port Elizabeth Tshipi Sishen Upington Springbok Saldanha Port Mafikeng Qe Aar Camarvon Calvinia Beaufort West Graaff Reinet Oudtshoorn Cape Town Port Paarl Pretoria Johannesburg Klerksdorp Jupiter Mines Limited Key Asset Highlights Piet Retief One of the Largest and Lowest Cost Manganese Exporters Globally Volksrust Kroonstad Kimberley Ladysmith Lesotho Bloemfontein Bhisho Port Elizabeth / Mossel Bay Port of Ngqura Pietermaritzburg 2 3 Durban Port Abundant and Shallow Resource Flexible Onsite and Offsite Infrastructure Capacity Allowing for a Rapid Response to Evolving Market Conditions Recognised and Established Product Quality 5 Strategy to Enhance Cash Flow Through Optimisation Initiatives Towns Railways Rivers _ Roads Ports Airport 6 Regional Consolidation and Co-Development Opportunities 10#11Jupiter's Marketing Business Jupiter Mines S.A. is responsible for the marketing of the Jupiter portion of Tshipi production Jupiter earns a 3% marketing fee commission calculated off free-on-board revenue and is considered a strong and stable revenue stream by Jupiter For FY18 it sold 1.7Mt, earning marketing fee income of ZAR101 million (A$10 million) For H1 2019 it sold 0.9Mt, earning a marketing fee income of ZAR63 million (A$6.5 million) Jupiter Mines Limited Jupiter's manganese marketing business is considered a strong and stable revenue stream 11#12Jupiter Mines Limited 1 One of The Largest and Lowest Cost Manganese Exporters Globally Large-scale production of c.3.3 million tonnes per year from established operations Open-pit, shallow mine with an integrated processing plant allowing Tshipi to deliver strong cash margins "throughout the cycle" Scope for further production (Million tonnes) 6.00 5.00 Production by Mine (2018 CRU estimate) 4.00 expansion optimisation through organic and cost 3.00 initiatives, pointing to incremental c.R 204 - 277m of cost savings per year 2.00 - this is expected to generate approximately $0.14/dmtu - $0.19/dmtu (or R1.84/dmtu to R2.44/dmtu) in annual cost savings 1.00 Gemco Moanda Nsuta Tshipi Nchwaning Mamatwan UMK Kudumane Azul OGOK African mines FY2018 Tshipi FOB cost of production ~US$1.96 per dmtu 1 Other mines FY19YTD Tshipi FOB cost of production ~US$2.28 per dmtu ¹ 12 1. Costs include mining, processing, logistics, environmental, indirect costs and royalties (FY18 R25.58 ZAR:USD 13.08, FY19YTD R29.38, ZAR: USD 12.86)#132 Abundant and Shallow Resource/Reserve Large-scale, c.460 million tonne, resource base as of 31 December 2017 located in the well-established Kalahari Manganese Field Track record of resource growth and resource to reserve conversion Shallow open-cast mine with a for homogenous ore body allowing simple drill-and-blast and load-and-haul mining See Appendices for further details on JORC Resource and JORC Reserve positions (Million tonnes) (Million tonnes) 500 450 400 350 300 250 200 C. 178 150 100 c. 161 50 0 2009 Resource Base Evolution c. 339 01/05/2015 c. 42 c. 79 1 Jupiter Mines Limited c. 460 c. 418 31/12/2016 31/12/2017 Reserve Base Evolution 100 90 80 c. 25 70 60 50 c. 86 40 30 C. 61 20 10 о 31-Dec-16 31-Dec-17 13#14Jupiter Mines Limited 3a Flexible Onsite and Offsite Infrastructure Capacity Allowing for a Rapid Response to Evolving Market Conditions Flexible production base and logistics allow for efficient ramp-up of production and exports depending on market conditions Vertical integration with captive power generation operating independently of the national grid ■Flexibility of existing mining, processing and transportation contracts Established and export road efficient infrastructure, including an 8km private rail siding loop, and one of the fastest load-out stations in the Kalahari region with direct access to the Transnet rail link A history of utilising 7 terminals across 4 ports in South Africa Onsite Infrastructure Transportation to Ports Crushing Equipment Primary and secondary crushing circuit with a capacity of 3.6mtpa Flexible Infrastructure Product Stockpiles Load-out Station / Rail Loop 8km rail loop with direct access to the Transnet Freight Rail ✓ One of the fastest load-out stations in the Kalahari region (4-6hr load time vs. contract terms of 12hr) ✓ Transnet Rail access 1 potential to increase rail allocation Road Established trucking relationships allowing for flexible road contracts Port Elizabeth / Ngqura Durban Saldanha Cape Town 14#153b Jupiter Mines Limited Flexible Onsite and Offsite Infrastructure Capacity Allowing for a Rapid Response to Evolving Market Conditions Access to Transnet Tshipi has negotiated a 5-year rail contract with Transnet the allocated tonnage is 2.1 mtpa effective February 2018 with expiry date of 2023 Tshipi has a track record of exceeding its allocated tonnage - in FY 2017 Tshipi transported 2.29 million tonnes via Transnet, out of a total of 2.33 million tonnes produced ― in FY 2018 Tshipi transported 2.31 million tonnes via Transnet, out of a total of 3.64 million tonnes produced Any manganese ore produced in excess of rail volumes is transported by road haul transport agreements are negotiated on an ad-hoc basis Road Transport Road Namibia Botswana Saldanha Sishen Cape Town Port Elizabeth / Ngqura R31 Johannesburg R380 Durban Tshipi Mine Tshipi has minimal ongoing Capex requirements and limited sustaining capital expenditure expected in the short to medium-term - see Appendix N14 R385 Sishen Towns Gamagara Water Pipeline Powerline Hotazel R380 Kathu R31 Kuruman Railway Road R31 15#164 Recognised and Established Product Quality Jupiter Mines Limited Branded products with a well-established customer base ■Rigorous product testing throughout the logistics chain Mexico: Minera Autlan 592 ■Range 0 of Tshipi's products includes: -high grade lumpy, contractual grade 36.5% Mn content grade fines, grade ― high contractual 35.5% Mn content 2,58 CIS: Ukraine 1,155 Georgia 10,000 Other 13,000 13,000. 200 1,798 354 China: Various 8,000 Gabon: Ivory Coast 1,510 Eramet 397 Ghana 296 Eramet • Approx.. 28Mt of seaborne ore (2015) 3,000 3,812 India: 6497 2,524 600 17,000 11Mt from South Africa (= 40%) Brazil: MOI/Sandur Various CVRD 7,438 • 3Mt from Tshipi (= 11% of market) in the space of 4 years 3.6Mt nameplate capacity from Tshipi (= 13% of market) 13Mt low-grade production from China may be considered swing production which may leave the market in a low pricing environment High grade (17,123kt) (2015) Mid grade (16,401kt) (2015) Low grade (15,169kt) (2015) 2017 (57,000kt) South Africa: Assmang 3,376 South32 South32 Tshipi Kudumane UMK Malaysia: Various 6,617 6,000 982 Australia: South32 Various 16#17Jupiter Mines Limited 5 Strategy to Enhance Cash Flow Through Optimisation Initiatives Targeted Savings (per Financial Year) From Current Operating Initiatives Initiative Brief Overview Estimated Incremental Capital Costs Estimated Timing (Rm) 600 Production related savings of c.R 121m p.a. c.R 83m-R146m+ p.a. Infrastructure and logistics related savings of Total savings of c.R 210m-R 283m+ p.a. 500 400 $ 0.05 - $ 0.10 $ 0.14 - $0.19 R 0.68- R 1.28 R 1.84 R 2.44 $ 0.01 300 $ 0.03 $ 0.05 R 0.14 R 0.40 R 0.62 4 c. 73-146 200 3 2 .16 100 1 c.46 c. 204-277 c.71 0 Represents 6% - 9% of current FOB cost base In-Pit Backfilling Implementation of current life of mine plan design through an in-pit backfilling strategy Plant Optimisation Construction of a conveyor structure to connect the GP500 secondary crushing and screening plant to the finished product stockpile Eskom Power 4 Eskom infrastructure expansion to allow Tshipi to connect to the grid Rail Allocation Management expects higher production would enable Tshipi to negotiate higher rail allocation, lowering transport costs. Approximate potential cost improvement per dmtu Further Upsides 5 Consolidation and Co- Development Opportunities Optionality around inorganic growth through consolidation in the Kalahari Manganese Field 0 2029 c.R 85m c.R 60m H1 2021 H1 2020 Progress Advancing as per plan Advancing as per plan Advancing as per plan 0 Ongoing 300kt of additional rail secured, resulting in c.R 70m per annum cost saving 17#18Jupiter Mines Limited 6 Regional Consolidation and Co-Development Opportunities ■The Kalahari Manganese Field is a premium manganese basin where a number of manganese mines are currently operating Given the close proximity of various active sites, potential opportunities exist for consolidation Mine Major Shareholder CY 2017E Production Method (Mt) 1 Mamatwan Samancor 2,7 OC 2 UMK Renova / Majestic Silver 2,0 OC 3 Perth Sebilo Resources n.a. n.a. 4 Kudumane Kudumane Res. / Asia Minerals 1,5 ос 5 Kalagadi Kalagadi Manganese 0,0 UG 6 Gloria Assmang 0,7 UG 7 Nchwaning Assmang 2,9 UG 8 Wessels Samancor 0,9 UG UG: Underground OC: Opencast Kalahari Manganese Field(3) 0 2.5 5km Tshipi Regional road Rail Manganese outcrop Tenement boundaries 18#19Jupiter Mines Limited Key Investment Statistics & Performance Ratios 1 Jupiter Current share price Options on Issue A$ $0.31 Nil Shares on Issue Market Capitalisation # 1,959 A$ $607 million Attributable Cash A$ $17 million Debt A$ Nil Enterprise Value A$ $590 million FY2018 EBITDA A$ $153 million FY2018 Net Profit A$ $94 million After Tax LTM Aug 2018 EBITDA A$ SF $234 million LTM Aug 2018 Net Profit After Tax A$ The Investment Proposition ■Crude steel and evolving battery material exposure on the ASX Long life, low cost, debt free asset and company ■Strong cash generation capabilities throughout the cycle ■ Operating strategy focused on cost cutting and opportunistic sales expansion ■Primary focus on cash return to shareholders - A$153 million paid out to shareholders over FY2017 and FY 2018 - A$98 million H1 2019 dividend paid to shareholders on 10 October 2018, equating to A$0.05 per share Growth strategy focused on increasing underlying stake in Tshipi and regional consolidation Metric 1234 4. $167 million Jupiter Peer Group 4 FY2018 LTM Aug 2018² H1 2019 annualised 3 Mid Cap Small Cap P/E ratio 6.47 3.63 2.88 23.85 10.87 EV/EBITDA X 3.85 2.52 2.21 7.90 9.45 Dividend Yield % 13.7% 24.7% 32.3% 1.69% 0.53% Jupiter's EBITDA and Earnings represent its share of Tshipi's EBITDA and Earnings respectively. Last twelve months to 31 August 2018. Calculated by adding H2 2018 actuals plus H1 2019 actuals. H1 2019 annualised figures are calculated by taking H1 2019 actuals and multiplying by 2. Source: Bloomberg. ASX listed peer group. Mid Cap A$1 - 5 bn. Small Cap < A$1 bn. Figures presented are trailing. 19#20Appendices#21Overview of the Manganese Market Key Considerations The global manganese market is rebalancing towards equilibrium after recent production cuts Jupiter Mines Limited Illustration Global manganese production and consumption '000 t contained MN 19,000 Supply - Globally, around 12 million tonnes of ore capacity cuts were announced between 2014 and 2016 15,000 11,000 7,000 Access to reliable export infrastructure is an important factor in the seaborne trade South Africa is one of the leading manganese suppliers to the seaborne market and accounts for over 35% of global production excluding China Manganese is a critical and irreplaceable element in carbon steel production and is mainly used as an alloying agent that increases both the strength and flexibility of steel 3,000 -1,000 2012 2013 2014 2015 2016 2017 ■Mn production ■Mn consumption 2018F 1,800 Crude Steel Production 1,750 1,700 Demand - The steel industry is poised for moderate growth, providing a steady source of demand for manganese 1,650 1,600 Other applications of manganese include aluminium alloys, clean energy (batteries) and chemicals (e.g. fertilizers, animal feed, pigments) 1,550 2012 2013 2014 2015 2016 2017 2018F Key Future Catalysts Clean energy applications and use in batteries for electric vehicles are seen as a significant driver for future manganese consumption - Growing use of nickel-metal hydride and lithium-ion batteries, as well as the introduction of the lithiated manganese dioxide battery, are expected to be important drivers of manganese demand Continued supply-side discipline following recent production curtailments PRIUS Additional applications: battery technologies for electric vehicles 21 24#22Onsite Transportation Snapshot Rail Loop Commentary Tshipi constructed an 8km rail loop connecting the Transnet Freight Rail (TFR) regional railway to the mine's siding and rapid load terminal (RLT) The rail loop is designed to handle two 208 wagon trains and withstand the weight of 80 tonne filled wagons The loop is fully electrified but is only switched on when loading is in progress Rapid Load Terminal Jupiter Mines Limited Illustration Tshipi's RLT consists of an overhead silo with a capacity of 600 tonnes and a flask calibrated to fill a single 63 tonne wagon Despite full automation, the RLT is operated manually to ensure careful and balanced loading of the wagons Tshipi rents a locomotive to shunt the wagons during loading at a speed of 0.4km/hr The RLT is able to fill a complete train within 4-6 hours, compared to the 12 hours in standard Transnet contract terms TRAIN LOADING OPERATIONS WARNING You are now entering a Noise and Respiratory Zane TRAN LOADING ACTMITY Pleas and R Devices >85 dB ing Protection Protoction Ang the Work Area With a RLT nameplate capacity of 5.0 mtpa, Tshipi's flexible and scalable logistics operations allow it to swiftly adapt production quantities to market conditions 22 22#23Optionality Around Key Export Ports 1 Port Elizabeth Overview Transnet-operated port with 3 terminals ■Africa's largest exporter of manganese, housing a manganese bulk handling facility which was recently upgraded to enhance capacity 2 Located beside South Africa's newest port - Ngqura ■Transnet-operated port Africa's largest exporter of iron ore Saldanha Handles bulk and break bulk cargo 3 Jupiter Mines Limited Distance c.1,000km c.900km Transnet-operated port with 2 existing terminals ■Increasing importance in manganese industry c.1,200km Durban Transnet are presently improving the rail service to Durban by granting manganese ore priority status and running longer, more efficient trains ■Transnet-operated port Cape Town ■ Houses a Multipurpose Terminal (MPT) which trades commodities with longer shelf lives c.1,100km Tshipi was the first manganese producer to ship 7 vessels in a single month (November 2016) 23 23#24Reserves and Resources Statement JORC Resources & Reserves (31 Dec 2017) stated adjacent are on a 100% Tshipi basis Jupiter Mines Limited JORC Reserves (31 Dec 2017) Tonnes (Mt) Grade (% Mn) 48 36.3 ■Tshipi has completed an extensive drilling program throughout FY 2016 (and in FY17 & FY18) in order to: Proved Probable 39 36.4 Total 86 36.3 - declare significant new areas resource; of - Upgrade the size of the reserve to 86 million tonnes; and JORC Resources (31 Dec 2017) Tonnes (Mt) Grade (% Mn) ― upgrade 88 million resource to the measured category tonnes of Measured 103 34.1 Indicated 120 33.5 Inferred 237 32.5 Maturity of the inferred resource through exploration drilling is expected to increase the estimated reserve which should extend life of mine Total 460 33.1 Competent Persons Statement: The information contained in this Investor Presentation in relation to Mineral Resources or Ore Reserves was first presented in the Competent Persons Report within the Jupiter Mines Prospectus, released to ASX on 16 April 2018. The Report contains full estimates and the required statements and consents in accordance with JORC 2012 and ASX listing rules. Jupiter Mines confirms that it is not aware of any new information or data that materially affects the information included in the original market announcement of 16 April 2018 and, in the case of estimates of Mineral Resources or Ore Reserves, that all material assumptions and technical parameters underpinning the estimates in the announcement continue to apply and have not materially changed. 24#25Tshipi's Minimal Ongoing Capex Requirements Capital Expenditure Profile (Rm) Historical capital expenditure (Rm) reflects plant construction 300 9.3% 9.8% 1.8% 0.7% Estimated total capex of R274m over FY19-FY30 comprises: - R145m sustaining 252 250 - R129m: expansionary Limited sustaining capital 200 expenditure expected in the short to medium-term | I Jupiter Mines Limited 150 252 100 50 158 137 30 ...... 67 158 2 48 48 97 16 65 32 32 23 3 11 16 0 T T FY 2015A FY 2016A FY 2017A FY 2018AFY 2019E FY 2020E FY 2021E FY 2022E FY 2023E Expansionary Capex) Sustaining Capex % of Revenue 25#26Jupiter Mines Limited Ownership Structure Strong BEE Partner - Great Relationship Main Street 774 (Pty) Ltd (Main Street), is a broad-based black economic empowerment (B-BBEE) special purpose vehicle, with its major shareholder being Ntsimbintle Mining (Pty) Ltd (Ntsimbintle). Ntsimbintle, a B-BBEE company, was formed in 2003 to pursue exploration and mining opportunities emerging in the South African manganese sector and was awarded prospecting rights over portions of the Mamatwan permit in which the Tshipi Project is located. In 2006, Ntsimbintle commenced prospecting on the Mamatwan permit and in 2007, Ntsimbintle formed a joint venture with the Pallinghurst Co-Investors, pursuant to which, the Pallinghurst Co-Investors acquired a 49.9% interest in Tshipi é Ntle. In 2010, Ntsimbintle concluded an agreement with OM Holdings Ltd (OM Holdings), which resulted in OM Holdings acquiring a direct 26% shareholding in Main Street (with a 74% shareholding retained by Ntsimbintle), which in turn owns 50.1% of Tshipi é Ntle. Ntsimbintle has a beneficial interest of over 37% in Tshipi which is well above the current minimum BEE ownership target of 26% 1 Ntsimbintle was a contributing partner (not free carried) and has always been a strong and reliable partner since inception - the relationship with Jupiter is strong Jupiter Mines Limited 100% Jupiter Kalahari Ltd 49.9% 1. Ntsimbintle Mining (Pty) Ltd 74% Tshipi é Ntle Manganese Mining M OM HOLDINGS LTD 26% Main Street 774 (Pty) Ltd 50.1% The Broad Based Socio-Economic Empowerment Charter for the Mining and Minerals Industry, 2018 (the "2018 Mining Charter") was published on 27 September 2018. Tshipi complies with the required ownership percentage of 26% for existing mining rights. 26