Investor Presentaiton

Introduction 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

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