Jupiter Mines : Preliminary Final Report & Appendix 4E

FY2022	FY2021
Revenue	$7.3m	$8.2m
Share of profit from joint venture	$42.8m	$62.9m
EBITDA	$57.5m	$67.2m
Net profit after tax (NPAT)	$54.0m	$67.5m
Earnings per share (EPS)	$0.0276	$0.0346
Dividends declared and paid	$52.2m	$34.3m
Pay-out ratio	94.3%	94.0%
Net assets	$435.3m	$459.3m

Preliminary Final Report

ASX: JMS

ABN: 51 105 991 740

29 April 2022

Jupiter Mines Limited (ASX:JMS) (Jupiter, or the Company), and together with its subsidiaries, (the Group) is pleased to release its Preliminary Final Report for the year ended 28 February 2022 (FY2022). This Report is based on a draft financial report which is in the process of being audited.

Registered Office: Level 7

16 St Georges Terrace Perth WA 6000

T: [phone] E: investorrelations@ jupitermines.com

Highlights

W: jupitermines.com

Group net profit after tax of $54.0 million.

Directors & Officers Peter North

Share of Tshipi profit $42.8 million, down 32%, due to continued low manganese prices and higher freight costs.

Scott Winter Patrick Murphy Ben Kim

Ian Murray Brian Beem

(alternate to Patrick Murphy)

Tshipi achieved an increase in production tonnes of 9.8% from 3.4 million tonnes to 3.7 million tonnes and reduction in average FOB cost from US$2.03 to US$1.55 per dmtu and sold 3.3 million tonnes.

Melissa North

Jupiter's marketing branch earned $7.3 million in marketing fees.

Media Relations Peter Kermode Cannings Purple

Successful disposal of the Group's exploration and evaluation assets, leaving Jupiter to concentrate on its single asset and look forward to potential consolidation opportunities.

T: [phone] E: pkermode@ canningspurple.com.au

The Group generated underlying earnings before interest, tax, depreciation, amortisation and impairment (underlying EBITDA) of $44.8 million and an EBITDA of $57.5 million. A gain of $12.6 million was recognised during the year on disposal of the Group's exploration and evaluation assets following demerger of its Central Yilgarn Iron Ore assets.

Issued Capital Ordinary shares: 1,958,991,033

Net profit after tax for the Group was $54.0 million for FY2022, down 20% from FY2021.

Primary Asset World class Tshipi Manganese Mine

The Board has declared an unfranked final dividend of 1 cent per share. The Record Date is 6 May 2022 and will be paid on 20 May 2022. This dividend reflects an 84% pay-out ratio for the second half of FY2022 and a $19,589,910 pay-out.

FINANCIAL PERFORMANCE SUMMARY

jupitermines.com

Jupiter's Acting Chief Executive Officer, Scott Winter, commented: "FY2022 was a challenging year for a number of reasons: above average rainfall in the mine causing operational delays and rail logistics challenges from weather, cable damage and derailments. A focus on mine plan and operational optimisation helped deliver increased production and lower FOB costs. The mine continues its low cost of operations and delivered strong profitability even in a high shipping cost and depressed manganese price environment."

"Jupiter has worked through a number of changes, notably the change to the board and executive and the divestment of the exploration and evaluation assets. After delivering a 6.1% dividend yield in FY2022 we are excited for what FY2023 will bring. We look forward to working with Tshipi to safely optimise operations at the mine, whilst also investigating other opportunities to grow Jupiter's manganese business."

This announcement has been authorised for release by the Board of Jupiter Mines Limited.

Name of Entity	Jupiter Mines Limited
ABN	51 105 991 740
1. Details of current and prior reporting period
Current Period	1 March 2021 to 28 February 2022
Prior Period	1 March 2020 to 28 February 2021
2. Results for announcement to the market
% Movement	FY2022$	FY2021$
2.1 Revenue from ordinary activities	Down 11% to	7,302,852	8,202,796
2.2 Profit for the year	Down 20% to	53,977,755	67,519,400
2.3 Net profit for the year attributable to owners of the Company	Down 20% to	53,977,755	67,519,400
2.4 Dividend distributions	Total amount per security $	Franked amount per security $
Final dividend	$0.010	Nil
Interim dividend	$0.005	Nil
The Board resolved to pay a final dividend of $0.01 per security (unfranked) for the financial year ended 28 February 2022 (payment date 20 May 2022).
2.5 Record date for determining entitlements to the dividend	6 May 2022
3. Consolidated statement of profit or loss and other comprehensive income	Refer Appendix 1
4. Consolidated statement of financial position	Refer Appendix 2
5. Consolidated statement of changes in equity	Refer Appendix 3
6. Consolidated statement of cash flows	Refer Appendix 4
7. Details of dividends or distributions	Refer Note 10
Current Period $	Prior Period $
8. Net asset backing per security	0.22	0.23
9. Control gained over entities during the period	N/A
10. Details of associate and joint venture entities	Refer Note 7
11. Other significant information	See below and Notes
12. Accounting Standards used by foreign entities	International Financial Reporting Standards
13. Commentary on the result for the period	See below
14. Status of audit or review	This report is based on accounts that are in the process of being audited
15. Dispute or qualification	Accounts not yet audited
16. Qualifications of audit/review	N/A

PRELIMINARY FINAL REPORT

AND APPENDIX 4E RESULTS ANNOUNCEMENT TO THE MARKET

FOR THE YEAR ENDED 28 FEBRUARY 2022

(Previous corresponding period year ended 28 February 2021)

Commentary on Results

Please refer to the accompanying ASX announcement.

UNAUDITED PRELIMINARY CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME

FOR THE YEAR ENDED 28 FEBRUARY 2022

Revenue Gross profit Other income

Employee benefits expense

Depreciation of property, plant and equipment Amortisation of intangibles

Administration expenses Other expenses

Profit from operations

Share of profit from joint venture entities using the equity method Finance income

Finance costs

Foreign exchange gain/(loss)

Profit before income tax Income tax (expense)/benefit

Profit for the year from continued operations Loss for the year from discontinued operations

Net profit attributable to members of parent entity

Other comprehensive income

Items that may be subsequently transferred to profit or loss: Translation of foreign currency financial statements

Items not to be reclassified to profit or loss in subsequent periods:

Change in the fair value of equity instruments carried at fair value through other comprehensive income (FVOCI)

Other comprehensive profit for the period, net of tax Total comprehensive income for the period

Overall operations

Basic and diluted earnings per share from continued operations Basic and diluted earnings per share from discontinued operations

The Consolidated Statement of Profit or Loss and Other Comprehensive Income is to be read in conjunction with the notes to the consolidated financial statements.

UNAUDITED PRELIMINARY CONSOLIDATED STATEMENT OF FINANCIAL POSITION

FOR THE YEAR ENDED 28 FEBRUARY 2022

ASSETS CURRENT ASSETS Cash and cash equivalents Trade and other receivables

Assets included in disposal group held for distribution Other current assets

Total current assets NON-CURRENT ASSETS

Equity instruments at fair value through other comprehensive income Property, plant and equipment

Intangible assets

Investments using the equity method Deferred tax asset

Total non-current assets TOTAL ASSETS LIABILITIES CURRENT LIABILITIES Trade and other payables Employee benefits

Total current liabilities NON-CURRENT LIABILITIES Deferred tax liability

Total non-current liabilities TOTAL LIABILITIES

NET ASSETS EQUITY Issued capital Reserves Accumulated profits TOTAL EQUITY

The Consolidated Statement of Financial Position is to be read in conjunction with the notes to the consolidated financial statements.