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Investor Presentaiton

Jupiter 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)
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