Jupiter Mines has released an update to its five-year strategy, now two years into execution, providing an overview of current market conditions, key trends, and the outlook for markets relevant to the Company. While global market conditions have evolved since the strategy was first launched, Jupiter remains firmly on track to deliver on its long-term value creation plan.
This update outlines the Company’s continued commitment to operational excellence, disciplined growth, and strategic positioning—ensuring Jupiter is well placed to capitalise on opportunities across both the manganese and battery materials markets when market conditions are optimal.
In Jupiter’s recent video, CEO Brad Rogers provides further insights into key areas influencing Jupiter’s performance and direction, current manganese market conditions and outlook, as well as emerging trends influencing the industry.
Resilient Performance from a World-Class Asset
At the core of Jupiter’s strategy is the performance of the Tshipi Manganese Mine, one of the world’s largest manganese operations, with over 100-year mine life remaining. Over the past seven years, Tshipi has consistently delivered average production of 3.4 million tonnes per annum, supported by cost competitiveness and strong ESG outcomes.
This performance has enabled Jupiter, as Tshipi’s largest shareholder, to deliver robust returns to shareholders—even in volatile market conditions. In early 2024, manganese prices experienced considerable fluctuations but have since rebounded to levels exceeding the three-year average. While this uplift is not yet reflected in the Company’s share price, it reinforces a positive medium-term outlook.
Strengthening Logistics for Long-Term Efficiency
Logistics represents the largest cost component in Tshipi’s overall production cost structure, primarily due to South Africa’s constrained rail infrastructure. In response, Tshipi has made strategic progress in unlocking improved logistics capabilities:
• Collaboration with Transnet to access new rail capacity
• Expansion of the Lüderitz Channel through Namibia
• Opening of East London as a dedicated export corridor
As a result, Tshipi is now the only manganese mine in South Africa who exports through eight Southern African seaports—enhancing supply chain resilience and market access.
Advancing ESG Commitments
Jupiter Mines remains committed to transparent, responsible, and sustainable business practices, and is focused on communicating the strong ESG performance already being delivered at the Tshipi manganese mine.
Tshipi continues to demonstrate leadership in ESG performance, with a track record of delivering meaningful outcomes for its workforce, communities and stakeholders. Notably, the operation maintains an industry-leading safety record, supported by a culture of operational discipline and care.
To enhance transparency and investor insight, Jupiter launched its ESG Framework in 2023 and has since published two Sustainability Reports. The second of these reports was included within the FY2024 Annual Report, as part of a broader initiative to embed ESG reporting into the Company’s formal disclosure framework.
Tshipi has completed a comprehensive solar project study in 2024, which confirmed the strong business case for implementing solar power and battery storage at the mine. Execution timing will be carefully aligned with continued advancements in solar technology, improving grid reliability in South Africa, and the increasing competitiveness of independent power producers—ensuring the long-term value and efficiency of any renewable energy investment.
Targeted Entry into Battery Materials Market
Jupiter’s strategy includes the potential to enter the battery-grade manganese market, with key milestones achieved over the past year:
• Completion of a Scoping Study in 2024 confirming commercial potential
• Construction of a pilot plant, now producing batch samples of battery-grade manganese
• Progression to a Pre-Feasibility Study, focusing on technical validation and customer requirements
While demand for battery-grade manganese continues to emerge, Jupiter is advancing its studies in a targeted, phased manner to ensure readiness when market conditions align.
Positioned for Long-Term Success
Jupiter’s strategic plan continues to be anchored in four core pillars that support value creation, market resilience, and future growth. While certain initiatives remain commercially sensitive, the Company is pleased to report meaningful progress across non-confidential areas.
Jupiter remains focused on operational excellence, market responsiveness, and capital discipline, and is well positioned to deliver long term sustainable growth and shareholder value.
