2018 ANNUAL REPORT CORPORATE DIRECTORY ABN 51 105 991 740 DIRECTORS Brian Gilbertson Non-Executive Chairman Priyank Thapliyal Executive Director Paul Murray Non-Executive Director Mr Sungwon Yoon Non-Executive Director Andrew Bell Non-Executive Director EXECUTIVES Priyank Thapliyal Chief Executive Officer PRINCIPAL OFFICE Level 10 16 St Georges Terrace Perth WA 6000 Telephone: Facsimile: Email: (08) 9346 5500 (08) 9481 5933 info@jupitermines.com SHARE REGISTRY LINK MARKET SERVICES LIMITED QV1 Building, Level 12, 250 St Georges Terrace, Perth WA 6000 Telephone: 1300 554 474 (02) 9287 0303 Fax: registrars@linkmarketservices.com.au Email: www.linkmarketservices.com.au Website: Melissa North Company Secretary and Chief Financial Officer AUDITORS GRANT THORNTON AUDIT PTY LTD Level 43, 152-158 St Georges Terrace, Perth WA 6000 Telephone: Facsimile: Email: Website: (08) 9480 2000 (08) 9322 7787 info.wa@au.gt.com www.grantthornton.com.au Cover photograph: Tshipi é Ntle manganese mine pit i CONTENTS PAGE Chairman’s Letter Review of Operations Directors’ Report Remuneration Report (Audited) Corporate Governance Statement Auditor’s Independence Declaration Statement of Consolidated Profit or Loss and Other Comprehensive Income Statement of Consolidated Financial Position Statement of Consolidated Changes in Equity Statement of Consolidated Cash Flows Notes to the Consolidated Financial Statements Directors’ Declaration Independent Auditor’s Report Additional Information For Listed Companies Appendices: JORC Tables 2 3 12 16 23 32 33 34 35 36 37 64 65 70 72 1 ANNUAL REPORT 2018 CHAIRMAN’S LETTER Dear Shareholders, The financial year ending 28 February 2018 was a year of record performance for Jupiter Mines Limited, culminating in the biggest mining IPO on the ASX of this decade. Trading in our shares started on 18th April, valuing Jupiter at some A$720 million. I record my thanks to the ASX for their assistance and efficiency in getting the IPO done in excellent time; to our advisors and brokers who worked hard towards that outcome; to our pre-IPO shareholders for supporting our strategy and its execution; and above all I welcome our new Australian institutional shareholders to our share register. Tshipi Borwa in South Africa, of which Jupiter owns 49.9%, is one of the largest, longest-life and lowest-cost manganese exporters globally. Founded on an excellent operating performance, Tshipi sales in the 2018 financial year grew to 3.3 million tonnes into a market of healthy manganese prices. Jupiter’s share of Tshipi’s profit was $94 million, enabling the distribution, with marketing profits, of over $102 million to its shareholders, thus an increase of over 100% on the prior year. Jupiter has now already returned to its shareholders 160% of the initial capital investment. A long mine-life remains to enable further distributions in reasonable markets for many decades to come. For the foreseeable future, I expect Tshipi to remain the bed-rock of our business. Nevertheless, shareholders will be aware of infrastructure in the Yilgarn region, and particularly at Esperance Port, potentially becoming available with the pending termination of Cliffs operations there. In stronger iron ore markets, that might eventually create opportunities to realise the option value intrinsic in our Mount Ida Magnetite and Mount Mason Hematite Projects. I know of no other iron ore opportunity in the region which even approaches the size of our Mount Ida resources, which size would be needed to utilise the Esperance facilities in the long-term, so to amortise expenditures over an extended period. I conclude by recording my great gratitude to Mr Priyank Thapliyal, whose enormous contributions to the development of Tshipi and the success of our IPO can hardly be overestimated; and also to Ms Melissa North for her able support to Priyank during this past year. Yours faithfully, Jupiter Mines Limited Brian Gilbertson Chairman Figure 1: Jupiter Board and Management at the Company’s Listing Ceremony, 18 April 2018 Figure 2: CEO Priyank Thapliyal and Chairman Brian Gilbertson ring the ASX bell to start Jupiter trading 2 JUPITER MINES LIMITEDChairman’s Letter REVIEW OF OPERATIONS Jupiter Mines Limited (“Jupiter” or the “Company”) has an interest in two projects: a 49.9% share in Tshipi é Ntle Manganese Mining Proprietary Limited (“Tshipi”), which operates the Tshipi Borwa Manganese mine in South Africa; and in Australia, the Central Yilgarn Iron Project (“CYIP”), which includes the Mount Ida Magnetite Project and Mount Mason Hematite Project. TSHIPI BORWA MANGANESE MINE The Tshipi Borwa mine is an open-pit manganese mine with an integrated ore processing plant located in the Kalahari Manganese Fields, in the Northern Cape Province of South Africa, which is the largest Manganese bearing geological formation in the world. During the year, Tshipi produced 3.64mt at an average cost of US$2.09 per dmtu and sold 3.34mt of manganese ore with the average manganese price being US$4.74 per dmtu (37% FOB Port Elizabeth). It is currently operating at a production run-rate of approximately 3.6mtpa, which is estimated to make it the largest single manganese mine in South Africa and one of the five largest manganese exporters globally. Production Profile (’000t) Figure 3: Tshipi Manganese Mine Location Map s e n n o t 0 0 0 ’ 400 350 300 250 200 150 100 50 0 Mar 17 Apr 17 May 17 Jun 17 Jul 17 Aug 17 Sep 17 Oct 17 Nov 17 Dec 17 Jan 18 Feb 18 Figure 4: Production profile for 2018 financial year As the manganese market continued to steadily increase over the year, Tshipi capitalised on this with its favourable position on the global manganese cost curve. After making its first distribution to shareholders in February 2017 of ZAR1 billion, Tshipi made additional distributions of ZAR500 million and ZAR1.1 billion in September 2017 and February 2018 respectively. This signalled the return, in full, of original investment capital to shareholders, as well as the first dividend paid from profits. 3 Review of OperationsANNUAL REPORT 2018 Set out below is the audited profit and loss statement and balance sheet for Tshipi: ZAR’000 INCOME STATEMENT: Revenue Cost of goods sold Gross margin Other income Administrative expenses Impairment of property, plant and equipment / loss on derecognition Other operating expenses Operating profit Finance income Finance expenses Profit before taxation Taxation Profit after taxation BALANCE SHEET: Current assets Tax receivable Royalties prepaid Inventory Trade and other receivables Cash and cash equivalents Total current assets Non-current assets Property, plant and equipment Mineral rights Other financial assets Deferred stripping activity assets Total non-current assets Total assets Current liabilities Tax payable Loan from related parties Trade and other payables Total current liabilities Non-current liabilities Decommissioning and rehabilitation provision Deferred tax Total non-current liabilities Total liabilities Equity Share capital and share premium Retained earnings Contributed assets reserve Total equity Total equity and liabilities 4 Year Ended 28 February 2018 Year Ended 28 February 2017 7,140,808 (3,982,254) 3,158,554 6,531 (5,628) (20,825) (370,363) 2,768,269 34,771 (91,034) 2,712,006 (810,537) 1,901,469 - 6,087 382,153 882,016 209,562 3,777,213 (2,350,432) 1,426,781 3,013 (5,280) - (93,549) 1,330,965 19,484 (111,771) 1,238,678 (347,641) 891,037 2,129 - 316,117 472,445 469,218 1,479,818 1,259,909 1,755,374 1,777,861 189,104 24,972 424,367 2,393,817 3,873,635 7,372 - 385,382 392,754 45,797 567,234 613,031 194,792 21,742 290,420 2,284,815 3,544,724 - 929,399 474,712 1,404,111 32,209 471,422 503,631 1,005,785 1,907,742 321,359 2,429,530 116,961 2,867,850 3,873,635 321,359 1,198,662 116,961 1,636,982 3,544,724 JUPITER MINES LIMITEDReview of Operations Jupiter commissioned an independent valuation of its stake in Tshipi according to valuation and accounting standards as at 31 December 2017. The preferred valuation of the Jupiter’s investment was concluded to be ZAR6,751 million (approximately $741 million; ZAR:AUD9.11). Under the equity accounting standards which the investment is accounted for, a further revaluation to the $741 million valuation amount is not permitted. Further information on the investment balance is provided at Note 15. SOUTH AFRICAN MARKETING BRANCH Jupiter continued its operations in South Africa marketing its 49.9% of Tshipi manganese ore (“Jupiter SA”). Jupiter SA has been carrying out the sale and export of Jupiter’s share of Tshipi’s manganese ore. For the financial year to 28 February 2018, gross loss of $84,940 was recorded by the marketing branch (gross profit 2017: $9,256,987), and marketing fee income of $10,048,724 (2017: $1,245,317). 2018 revenue and cost of sales relate to final adjustment invoices from 2017. CENTRAL YILGARN IRON PROJECTS The Central Yilgarn Iron Project (“CYIP”) area is located 130km by road northwest of the town of Menzies. The CYIP consists of the smaller DSO project (Mount Mason) and the flagship long-life Magnetite Project (Mount Ida). Both projects are planned around existing infrastructure in the region, including the Leonora to Esperance railway line, and the Port of Esperance. Access to existing infrastructure is becoming available later in the 2018 calendar year, which opens up prospects of these projects. With iron ore prices remaining unstable and access to infrastructure to be investigated, both the Mount Ida Magnetite Project and Mount Mason Hematite Project remain on care and maintenance. Jupiter commissioned an independent valuation of its iron ore assets in line with valuation and accounting standards. The valuation recommended the Mount Ida Magnetite Project to be valued at between $3 million and $25 million, and the Mount Mason DSO Hematite Project valued at between $0.3 million and $1 million. Upon further examination, the Board has resolved to adopt valuations of $8.1 million for Mount Ida and $0.6 million for Mount Mason and recognised an impairment of $4.4 million and reversal of impairment of $0.3 million respectively. These amounts have been recognised in Statement of Profit or Loss and Other Comprehensive Income. Further information is provided at Note 14 of the financial statements. These projects will remain on care and maintenance until economic conditions improve and access to infrastructure is available. Figure 5: CYIP Project Location Map MOUNT IDA MAGNETITE PROJECT The flagship Mount Ida Magnetite Project has the reserves to be a tier one long-life magnetite mine. Jupiter suspended work on the Mount Ida Feasibility Study in November 2012, and the project remains on care and maintenance. No work has been undertaken on this project in this financial year. MOUNT MASON DSO HEMATITE PROJECT The Mount Mason high-grade hematite mineralisation is located approximately 12km northwest of the Mount Ida Magnetite Project. It has the potential to be a low-cost start-up, near term project with a short payback period. It is envisaged that the proposed Mount Mason Project, upon completion, would lead to mining at the Mount Ida magnetite deposit. Jupiter suspended optimisation of the Mount Mason Feasibility Study at the end of 2014, and the project remains on care and maintenance. No work has been undertaken on this project in this financial year. MINERAL RESOURCES AND ORE RESERVES AND COMPETENT PERSONS STATEMENTS TSHIPI MINERAL RESOURCES AND ORE RESERVES Jupiter reports mineral resources and ore reserves in accordance with the 2012 edition of the Australasian Code for Reporting Exploration Results, Mineral Resources and Ore Reserves (the JORC Code) as required by Chapter 5 of the ASX Listing Rules. Tshipi is a long mine life and a large JORC Mineral Resource Position. The following tables show the mineral resources and ore reserves of the Tshipi Mine in accordance with the JORC Code (2012) as at 31 December 2017, and comparison to previous year. There have been no material movements between the date of the below statements and the end of the financial year. 5 Review of OperationsANNUAL REPORT 2018 TSHIPI MINERAL RESOURCES AND ORE RESERVES (CONTINUED) Tshipi mineral resources (inclusive of ore reserves): Classification Measured Indicated Inferred Total Mineral Resource Tonnes are rounded down to 1 000t Tshipi ore reserves: Zone X Y Z M C N Supergene Total X Y Z M C N Total X Y Z M C N Total Tonnes Mn (%) Fe (%) SG (t/m3 ) 19 305 000 9 532 000 9 104 000 16 945 000 31 982 000 13 733 000 1 999 000 102 602 000 37 272 000 6 237 000 16 712 000 15 417 000 32 957 000 10 858 000 119 455 000 67 955 000 22 730 000 22 802 000 43 817 000 53 450 000 26 726 000 237 483 000 459 541 000 31.87 22.24 32.52 38.15 36.40 35.62 36.44 34.07 31.20 23.10 31.39 37.79 36.69 34.95 33.51 30.92 25.41 31.39 34.67 35.35 34.43 32.52 33.13 4.81 5.74 5.78 4.63 3.74 4.87 4.70 4.63 4.91 5.45 6.33 5.27 3.74 5.46 4.91 5.22 5.35 5.73 5.10 4.13 5.41 5.04 4.91 3.55 3.32 3.60 3.76 3.66 3.65 3.49 3.61 3.50 3.28 3.54 3.74 3.68 3.66 3.58 3.52 3.35 3.57 3.68 3.66 3.66 3.58 3.59 Zone Tonne Mn (%) SG (t/m 3) Proved Probable Z M C N Supergene Sub-total Z M C N Sub-total Total Ore Reserve 2 913 000 12 181 000 24 379 000 7 410 000 766 000 47 649 000 3 265 000 9 230 000 21 749 000 4 517 000 38 761 000 86 410 000 31.62 38.01 36.47 34.36 37.03 36.25 32.12 38.20 36.83 33.86 36.41 36.32 3.59 3.77 3.68 3.65 3.51 3.69 3.56 3.75 3.68 3.65 3.68 3.69 Tonnes are rounded down to 1 000t Figure 6: Mineral resources and ore reserves of the Tshipi Mine in accordance with JORC Code (2012) as at 31 December 2017 Reconciliation of Mineral Resources and Ore Reserves to Previous Statements Classification Measured Indicated Inferred Zone X Y Z M C N Supergene Total X Y Z M C N Total X Y Z M C N Total Total Resource Tonnes are rounded down to 1 000t Tonnes Mn (%) Fe (%) SG (t/m3) 15 857 000 8 523 000 7 427 000 15 782 000 27 446 000 9 212 000 3 635 000 87 882 000 20 570 000 4 010 000 9 660 000 12 200 000 20 600 000 7 530 000 74 570 000 68 360 000 18 410 000 28 800 000 51 650 000 60 490 000 27 550 000 255 260 000 417 712 000 32 22.4 32.26 38.18 36.41 35.51 35.34 34.08 31.44 22.24 31.52 37.45 36.82 34.85 33.77 31.08 24.18 31.4 35.35 35.73 34.37 32.94 33.33 4.76 5.54 5.81 4.55 3.76 4.94 5.23 4.61 4.77 5.42 5.97 5.04 3.79 5.24 4.78 5.06 5.43 5.76 5.06 4.12 5.44 4.98 4.87 3.66 3.51 3.64 3.71 3.56 3.65 3.52 3.55 3.52 3.51 3.62 3.69 3.56 3.45 3.56 3.52 3.49 3.62 3.72 3.5 3.51 3.56 3.56 Figure 7: Previous Mineral Resource Estimate as at 31 December 2016 6 JUPITER MINES LIMITEDReview of Operations TSHIPI MINERAL RESOURCES AND ORE RESERVES (CONTINUED) Classification Measured Indicated Inferred Total Resource Zone X Y Z M C N Supergene Total X Y Z M C N Total X Y Z M C N Total Tonnes Mn (%) Fe (%) SG (t/m3) 69 3 448 000 1 009 000 1 677 000 1 163 000 4 536 000 4 521 000 -1 636 000 14 720 000 16 702 000 2 227 000 7 052 000 3 217 000 12 357 000 3 328 000 44 885 000 -405 000 4 320 000 -5 998 000 -7 833 000 -7 040 000 -824 000 -17 777 000 41 829 000 -0.1 -0.2 0.3 0.0 0.0 0.1 1.1 0.0 -0.2 0.9 -0.1 0.3 -0.1 0.1 -0.3 -0.2 1.2 0.0 -0.7 -0.4 0.1 -0.1 -0.2 0.0 0.2 0.0 0.1 0.0 -0.1 -0.5 0.0 0.1 0.0 0.4 0.2 0.0 0.2 0.1 0.2 -0.1 0.0 0.0 0.0 0.0 0.0 0.0 -0.1 -0.2 0.0 0.0 0.1 0.0 0.0 0.1 0.0 -0.2 -0.1 0.0 0.1 0.2 0.0 0.0 -0.1 -0.1 0.0 0.2 0.2 -0.1 0.0 Tonnes are rounded down to 1 000t Figure 8: Reconciliation between 31 December 2017 and 31 December 2016 mineral resource estimates The following is noted with regards to the reconciliation of 31 December 2017 to 31 December 2016 of mineral resources: The measured mineral resource has increased by 14.7Mt The indicated mineral resource has increased by 44.8Mt The inferred mineral resource has decreased by 17.8Mt Zone Tonne Mn (%) Z M C N SUPER Sub-total Z M C N Sub-total 3 457 000 11 776 000 20 814 000 6 272 000 2 423 000 44 744 000 1 932 000 4 031 000 7 821 000 2 052 000 15 838 000 60 583 000 31.89 38.22 36.46 35.68 34.72 36.37 31.92 38.63 36.98 34.74 36.49 36.40 SG 3.65 3.72 3.55 3.54 3.48 3.6 3.64 3.69 3.57 3.45 3.59 3.60 Proved Probable Total Figure 9: Previous Ore Reserve as at 31 December 2016 7 Review of OperationsANNUAL REPORT 2018 MOUNT IDA MINERAL RESOURCE ESTIMATES (CONTINUED) Zone Tonnes Mn (%) Z M C N SUPER Sub-Total Z M C N Sub-Total -544 000 405 000 3 565 000 1 138 000 -1 657 000 2 905 000 1 333 000 5 199 000 13 928 000 2 465 000 22 923 000 25 827 000 -0.3 -0.2 0.0 -1.3 2.3 -0.1 0.2 -0.4 -0.2 -0.9 -0.1 -0.1 SG -0.06 0.05 0.13 0.11 0.03 0.09 -0.08 0.06 0.11 0.20 0.09 0.09 Proved Probable Total Figure 10: Reconciliation between 31 December 2017 and 31 December 2016 ore reserves The total ore reserves have increased by some 25.8Mt. The majority of this was in the probable category and was a result of inferred mineral resources being upgraded to indicated mineral resources, after the 2017 exploration campaign. Mining depletion during the period was approximately 3.3Mt. The information in this report and this mineral resources and ore reserves statement with respect of the Tshipi mine that relates to Reporting of Mineral Resources and Ore Reserves estimation is based on and fairly represents information compiled by Mr Stewart Nupen and Mr Jonathan Buckley. Mr Jonathan Buckley is a Fellow of the Southern African Institute of Mining and Metallurgy. Mr Stewart Nupen is a member of the Southern African Institute of Mining and Metallurgy. Mr Nupen and Mr Buckley are employed by Mineral Corporation Consultancy (Pty) Ltd trading as “The Mineral Corporation”. They have sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which being undertaking to qualify as a “Competent Person” as defined in the JORC Code. Mr Buckley and Mr Nupen have approved this mineral resources and ore reserves statement as a whole and each consent to the inclusion in this report of the statements based on their information as provided in the Competent Persons Report dated 31 December 2017, in the form and context in which they appear. MOUNT IDA MINERAL RESOURCE ESTIMATES Central Zone based on Unweathered BIF with a 10% Magnetic Fe block grade cut -off Material Zone/ Class The following tables show the mineral resources estimates of the Mount Ida project in accordance with the JORC Code (2012) as at 7 SiO 2 February 2018. There have been no material between the date of the below statements and the end of the financial year. There have been (%) no material changes since the last mineral resource estimate (ASX Announcements 4 September 2012 and 8 January 2013) therefore no -0.56 48.47 reconciliation is shown. -1.14 2.64 Central Zone based on Unweathered BIF with a 10% Magnetic Fe block grade cut -off -2.97 6.86 In situ Total In situ Magnetic Concentrate 1,062 38.45% 409 30.23 25.64 66.69 Central Indicated 1.88 0.02 0.05 3.00 0.05 0.12 0.28 0.09 0.23 0.07 0.01 0.02 2.70 0.07 0.17 0.07 0.01 0.01 Tonnes x106 MgO (%) MnO (%) Al 2O3 (%) CaO (%) LOI (%) P (%) S (%) Fe (%) Zone/ Central Class Inferred Central Indicated Central Total Central Inferred Central Total Material In situ Total In situ Magnetic In situ Total Concentrate In situ Magnetic In situ Total Concentrate In situ Magnetic In situ Total Concentrate In situ Magnetic Concentrate Tonnes x106 169 32.12% 1,062 54 38.45% 1,231 409 37.58% 169 463 32.12% 54 In situ Total In situ Magnetic Concentrate 1,231 37.58% 463 Fe 27.03 (%) 21.31 30.23 66.34 25.64 29.79 66.69 25.05 27.03 66.65 21.31 66.34 29.79 25.05 66.65 SiO 2 51.68 (%) 2.34 48.47 7.28 2.64 48.91 6.86 2.60 51.68 6.91 2.34 7.28 48.91 2.60 6.91 Al 2O3 2.40 (%) 0.02 1.88 0.05 0.02 1.95 0.05 0.02 2.40 0.05 0.02 0.05 1.95 0.02 0.05 CaO 2.92 (%) 0.06 2.70 0.17 0.07 2.73 0.17 0.06 2.92 0.17 0.06 0.17 2.73 0.06 0.17 P 0.07 (%) 0.01 0.07 0.02 0.01 0.07 0.01 0.01 0.07 0.01 0.01 0.02 0.07 0.01 0.01 S 0.31 (%) 0.10 0.28 0.32 0.09 0.28 0.23 0.09 0.31 0.24 0.10 0.32 0.28 0.09 0.24 LOI -0.43 (%) -0.96 -0.56 -2.98 -1.14 -0.54 -2.97 -1.12 -0.43 -2.97 -0.96 -2.98 -0.54 -1.12 -2.97 MgO 3.33 (%) 0.05 3.00 0.15 0.05 3.05 0.12 0.05 3.33 0.12 0.05 0.15 3.05 0.05 0.12 MnO 0.10 (%) 0.01 0.07 0.02 0.01 0.08 0.02 0.01 0.10 0.02 0.01 0.02 0.08 0.01 0.02 South and North Zone based on Unweathered BIF with a 10% Magnetic Fe block grade cut -off Class Material Tonnes x106 Fe (%) SiO 2 (%) Al 2O3 (%) CaO (%) P (%) S (%) LOI (%) MgO (%) MnO (%) South Inferred North Class Inferred South Inferred Nth + Sth Total North Inferred 8 Nth + Sth Total In situ Total In situ Magnetic Concentrate 567 34.26% 194 28.63 22.93 66.93 49.92 2.26 6.60 2.35 0.02 0.06 3.47 0.07 0.21 0.07 0.01 0.02 0.36 0.17 0.50 -0.65 -1.02 -2.96 2.76 0.05 0.14 South and North Zone based on Unweathered BIF with a 10% Magnetic Fe block grade cut -off In situ Total Material In situ Magnetic Concentrate In situ Total In situ Magnetic In situ Total Concentrate In situ Magnetic Concentrate In situ Total In situ Magnetic Concentrate In situ Total In situ Magnetic Concentrate 48 Tonnes x106 42.36% 20 567 34.26% 615 194 34.89% 214 48 42.36% 20 615 34.89% 214 Fe 31.63 (%) 28.32 66.85 28.63 22.93 28.86 66.93 23.35 66.92 31.63 28.32 66.85 28.86 23.35 66.92 SiO 2 48.82 (%) 2.97 7.02 49.92 2.26 49.84 6.60 2.32 6.64 48.82 2.97 7.02 49.84 2.32 6.64 SiO 2 (%) 48.47 2.64 50.24 SiO 2 2.32 (%) 6.77 48.47 49.22 2.64 2.50 6.86 6.83 50.24 2.32 6.77 49.22 2.50 6.83 Al 2O3 1.54 (%) 0.01 0.03 2.35 0.02 2.28 0.06 0.02 0.05 1.54 0.01 0.03 2.28 0.02 0.05 Al 2O3 (%) 1.88 0.02 2.31 Al 2O3 0.02 (%) 0.05 1.88 2.06 0.02 0.02 0.05 0.05 2.31 0.02 0.05 2.06 0.02 0.05 CaO 2.20 (%) 0.07 0.16 3.47 0.07 3.37 0.21 0.07 0.20 2.20 0.07 0.16 3.37 0.07 0.20 CaO (%) 2.70 0.07 0.17 3.28 CaO 0.07 (%) 0.20 2.70 2.95 0.07 0.07 0.17 0.18 3.28 0.07 0.20 2.95 0.07 0.18 P 0.07 (%) 0.01 0.02 0.07 0.01 0.07 0.02 0.01 0.02 0.07 0.01 0.02 0.07 0.01 0.02 P (%) 0.07 0.01 0.01 0.07 P 0.01 (%) 0.02 0.07 0.07 0.01 0.01 0.01 0.01 0.07 0.01 0.02 0.07 0.01 0.01 S 0.12 (%) 0.04 0.09 0.36 0.17 0.34 0.50 0.16 0.46 0.12 0.04 0.09 0.34 0.16 0.46 S (%) 0.28 0.09 0.23 0.34 S 0.15 (%) 0.43 0.28 0.30 0.09 0.11 0.23 0.31 0.34 0.15 0.43 0.30 0.11 0.31 LOI -0.84 (%) -1.32 -3.11 -0.65 -1.02 -0.67 -2.96 -1.04 -2.98 -0.84 -1.32 -3.11 -0.67 -1.04 -2.98 LOI (%) -0.56 -1.14 -2.97 -0.62 LOI -1.02 (%) -2.98 -0.56 -0.58 -1.14 -1.09 -2.97 -2.97 -0.62 -1.02 -2.98 -0.58 -1.09 -2.97 MgO 2.07 (%) 0.05 0.13 2.76 0.05 2.71 0.14 0.05 0.14 2.07 0.05 0.13 2.71 0.05 0.14 3.00 0.05 0.12 0.05 (%) 0.14 3.00 2.94 0.05 0.05 0.12 0.13 2.84 0.05 0.14 2.94 0.05 0.13 Combined Central, South and North Zones based on Unweathered 10% BIF with a Magnetic Fe block grade cut-off Combined Central, South and North Zones based on Unweathered 10% BIF with a Magnetic Fe block 6.86 grade cut-off 0.05 MgO (%) MnO (%) 2.84 MgO 0.09 MnO Zone/ Class Material Tonnes x106 Central In situ Total 1,062 Indicated In situ Magnetic 38.45% Central Zone/ Inferred Class Central Central Indicated Total Central Inferred Central Total Concentrate In situ Total Material In situ Magnetic Concentrate In situ Total In situ Total In situ Magnetic In situ Magnetic Concentrate Concentrate In situ Total 408 784 Tonnes x106 34.29% 269 1,062 1,846 38.45% 36.68% 408 677 784 269 In situ Magnetic 34.29% Concentrate In situ Total 1,846 In situ Magnetic 36.68% Concentrate 677 Fe (%) 30.23 25.64 66.69 28.47 Fe 22.91 (%) 66.81 30.23 29.48 25.64 24.48 66.69 66.74 28.47 22.91 66.81 29.48 24.48 66.74 0.09 0.01 0.03 MnO 0.06 (%) 0.02 0.05 0.09 0.01 0.09 0.03 0.01 0.04 0.06 0.02 0.05 0.09 0.01 0.04 0.07 0.01 0.02 0.01 (%) 0.03 0.07 0.08 0.01 0.01 0.02 0.03 0.09 0.01 0.03 0.08 0.01 0.03 JUPITER MINES LIMITEDReview of Operations Central Zone based on Unweathered BIF with a 10% Magnetic Fe block grade cut -off Zone/ Class Material Tonnes x106 Fe (%) SiO 2 (%) Al 2O3 (%) CaO (%) LOI (%) MgO MnO (%) (%) Central In situ Total 1,062 Indicated In situ Magnetic 38.45% Central Inferred Central Total Concentrate In situ Total 409 169 In situ Magnetic 32.12% Concentrate 54 In situ Total 1,231 In situ Magnetic 37.58% Concentrate 463 30.23 25.64 66.69 27.03 21.31 66.34 29.79 25.05 66.65 48.47 2.64 6.86 51.68 2.34 7.28 48.91 2.60 6.91 1.88 0.02 0.05 2.40 0.02 0.05 1.95 0.02 0.05 2.70 0.07 0.17 2.92 0.06 0.17 2.73 0.06 0.17 -0.56 -1.14 -2.97 -0.43 -0.96 -2.98 -0.54 -1.12 -2.97 3.00 0.05 0.12 3.33 0.05 0.15 3.05 0.05 0.12 0.07 0.01 0.02 0.10 0.01 0.02 0.08 0.01 0.02 South and North Zone based on Unweathered BIF with a 10% Magnetic Fe block grade cut -off P (%) 0.07 0.01 0.01 0.07 0.01 0.02 0.07 0.01 0.01 P (%) 0.07 0.01 0.02 0.07 0.01 0.02 0.07 0.01 0.02 S (%) 0.28 0.09 0.23 0.31 0.10 0.32 0.28 0.09 0.24 S (%) 0.36 0.17 0.50 0.12 0.04 0.09 0.34 0.16 0.46 MgO MnO LOI (%) -0.65 -1.02 -2.96 -0.84 -1.32 -3.11 -0.67 -1.04 -2.98 (%) 2.76 0.05 0.14 2.07 0.05 0.13 2.71 0.05 0.14 (%) 0.09 0.01 0.03 0.06 0.02 0.05 0.09 0.01 0.04 Class Material Tonnes x106 South Inferred North Inferred In situ Magnetic 34.26% In situ Magnetic 42.36% Nth + Sth In situ Total Total In situ Magnetic 34.89% In situ Total Concentrate In situ Total Concentrate Concentrate 567 194 48 20 615 214 Fe (%) 28.63 22.93 66.93 31.63 28.32 66.85 28.86 23.35 66.92 SiO 2 (%) 49.92 2.26 6.60 48.82 2.97 7.02 49.84 2.32 6.64 Al 2O3 (%) CaO (%) 2.35 0.02 0.06 1.54 0.01 0.03 2.28 0.02 0.05 3.47 0.07 0.21 2.20 0.07 0.16 3.37 0.07 0.20 Combined Central, South and North Zones based on Unweathered 10% BIF with a Magnetic Fe block grade cut-off Zone/ Class Central Indicated Central Inferred Central Total Material Tonnes x106 In situ Total In situ Magnetic Concentrate In situ Total In situ Magnetic Concentrate In situ Total In situ Magnetic Concentrate 1,062 38.45% 408 784 34.29% 269 1,846 36.68% 677 Fe (%) 30.23 25.64 66.69 28.47 22.91 66.81 29.48 24.48 66.74 SiO 2 (%) 48.47 2.64 6.86 50.24 2.32 6.77 49.22 2.50 6.83 Al 2O3 (%) CaO (%) 1.88 0.02 0.05 2.31 0.02 0.05 2.06 0.02 0.05 2.70 0.07 0.17 3.28 0.07 0.20 2.95 0.07 0.18 P (%) 0.07 0.01 0.01 0.07 0.01 0.02 0.07 0.01 0.01 S (%) 0.28 0.09 0.23 0.34 0.15 0.43 0.30 0.11 0.31 LOI (%) -0.56 -1.14 -2.97 -0.62 -1.02 -2.98 -0.58 -1.09 -2.97 MgO (%) MnO (%) 3.00 0.05 0.12 2.84 0.05 0.14 2.94 0.05 0.13 0.07 0.01 0.02 0.09 0.01 0.03 0.08 0.01 0.03 Figure 11: Mineral resource estimates for Mount Ida in accordance with JORC Code (2012) MOUNT MASON MINERAL RESOURCE ESTIMATES The following tables show the mineral resources estimates of the Mount Mason project in accordance with the JORC Code (2012) as at 7 February 2018. There have been no material between the date of the below statements and the end of the financial year. There have been no material changes since the last mineral resource estimate (Mineral Resource Statement 22 December 2011, December 2011 Quarterly Report, released 30 January 2012), therefore no reconciliation is shown. Classification Tonnes 4,800,000 1,080,000 320,000 Measured Indicated Inferred Total Measured + Indicated Fe (%) 60.3 59.4 58.4 SiO 2 (%) 7.37 10.41 14.10 Al 2O3 (%) 2.90 3.47 4.37 P (%) S (%) 0.05 0.06 0.08 0.01 0.01 0.01 CaO (%) 0.03 0.03 0.03 MgO (%) 0.04 0.05 0.06 0.04 LOI (%) 2.63 2.55 2.88 2.62 5,900,000 60.1 7.92 3.01 0.05 0.01 0.03 Figure 12: Mineral resource estimates Mount Mason in accordance with JORC Code (2012) The information in this report and this mineral resources and ore reserves statement with respect to the CYIP that relates to mineral resource estimates is based on and fairly represents information compiled by Dr Michael Cunningham and Mr Rodney Brown, who are each Members of the Australasian Institute of Mining and Metallurgy and the Australian Institute of Geoscientists. Dr Cunningham and Mr Brown are employed by SRK Consulting (Australasia Pty Ltd). They have sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which being undertaking to qualify as a “Competent Person” as defined in the JORC Code. Dr Cunningham and Mr Brown have approved this mineral resources and ore reserves statement as a whole and each consent to the inclusion in this report of the statements based on their information as provided in the Independent Geologists Report dated February 2018, in the form and context in which they appear. SUMMARY OF GOVERNANCE ARRANGEMENTS AND INTERNAL CONTROLS Mineral Resource and Ore Reserves are estimated by suitably qualified Jupiter or Tshipi personnel or external consultants in accordance with the requirements of the JORC Code, industry standard techniques and internal guidelines for the estimation and reporting of Ore Reserves and Mineral Resources. All Mineral Resource estimates and supporting documentation are prepared and reviewed by a suitably qualified external Competent Person. All Ore Reserves estimates and supporting documentation are reviewed by a suitably qualified external Competent Person. All Ore Reserve estimates are prepared in conjunction with feasibility studies and Company budgets which consider all material factors. The Mineral Resources and Ore Reserves Statement included in the Annual Report is reviewed by a suitably qualified external Competent Person prior to its inclusion. 9 Review of OperationsANNUAL REPORT 2018 ) % 0 0 1 ( d t L s e n M i r e t i p u J ) % 0 0 1 ( d t L s e n M i r e t i p u J 0 4 . 0 0 6 , 5 $ 0 0 . 2 8 4 , 1 $ ) % 0 0 1 ( d t L s e n M i r e t i p u J 0 6 . 3 9 5 , 9 1 $ ) % 0 0 1 ( d t L s e n M i r e t i p u J 0 6 . 5 0 4 $ ) % 0 0 1 ( d t L s e n M i r e t i p u J 0 6 . 9 1 4 , 1 $ ) % 0 0 1 ( d t L s e n M i r e t i p u J ) % 0 0 1 ( d t L s e n M i r e t i p u J 0 2 . 7 8 1 $ 0 8 . 6 2 8 $ ) % 0 0 1 ( d t L s e n M i r e t i p u J 0 5 . 0 6 8 , 0 1 $ ) % 0 0 1 ( d t L s e n M i r e t i p u J 0 0 . 4 1 0 , 1 $ ) % 0 0 1 ( d t L s e n M i r e t i p u J 0 4 . 4 7 3 $ ) % 0 0 1 ( d t L s e n M i r e t i p u J 0 6 . 5 9 6 , 4 $ - - - - - - - - - - - a H 3 7 . 6 5 2 , 1 4 3 0 2 / 2 0 / 6 3 1 0 2 / 2 0 / 7 2 1 0 2 / 5 0 / 5 a H 0 0 . 5 9 1 3 0 2 / 3 0 / 2 2 0 1 0 2 / 3 0 / 3 2 9 0 0 2 / 5 0 / 2 2 a H 8 4 . 5 2 a H 4 1 . 0 9 a H 7 6 . 1 1 4 3 0 2 / 1 0 / 2 3 1 0 2 / 1 0 / 3 2 1 0 2 / 6 0 / 7 3 3 0 2 / 2 1 / 6 2 1 0 2 / 2 1 / 7 2 1 0 2 / 6 0 / 7 3 3 0 2 / 1 1 / 8 2 1 0 2 / 1 1 / 9 2 1 0 2 / 6 0 / 7 a H 6 7 . 2 5 4 3 0 2 / 7 0 / 9 2 3 1 0 2 / 7 0 / 0 3 2 1 0 2 / 8 0 / 8 2 a H 5 0 . 0 2 7 , 1 4 3 0 2 / 2 0 / 6 3 1 0 2 / 2 0 / 7 2 1 0 2 / 9 0 / 0 3 a H 1 3 . 4 6 4 3 0 2 / 7 0 / 9 2 3 1 0 2 / 7 0 / 0 3 2 1 0 2 / 9 0 / 0 3 a H 3 1 . 3 2 4 3 0 2 / 3 0 / 5 2 3 1 0 2 / 3 0 / 6 2 2 1 0 2 / 1 1 / 5 2 a H 0 0 . 0 0 3 8 2 0 2 / 1 1 / 7 2 6 1 0 2 / 1 1 / 8 0 6 1 0 2 / 6 0 / 7 1 ) % 0 0 1 ( d t L s e n M i r e t i p u J 0 6 . 7 9 2 , 5 $ 0 0 . 0 0 1 , 0 3 $ a H 0 0 . 0 0 3 8 2 0 2 / 1 1 / 7 2 7 0 0 2 / 1 1 / 8 2 6 0 0 2 / 2 0 / 6 ) % 0 0 1 ( d t L s e n M i r e t i p u J 0 6 . 3 4 2 , 0 5 1 $ ) % 0 0 1 ( d t L s e n M i r e t i p u J 0 0 . 0 9 0 , 2 1 $ ) % 0 0 1 ( d t L s e n M i r e t i p u J ) % 0 0 1 ( d t L s e n M i r e t i p u J ) % 0 0 1 ( d t L s e n M i r e t i p u J 0 0 . 2 1 8 , 1 $ 0 5 . 0 7 1 , 3 $ 0 0 . 3 4 4 , 3 $ ) % 0 0 1 ( d t L s e n M i r e t i p u J 0 5 . 0 1 0 , 3 1 $ ) % 0 0 1 ( d t L s e n M i r e t i p u J 0 5 . 5 7 2 , 2 3 $ ) % 0 0 1 ( d t L s e n M i r e t i p u J 0 0 . 2 5 8 , 9 $ ) % 0 0 1 ( d t L s e n M i r e t i p u J 0 0 . 5 2 9 , 4 1 $ ) % 0 0 1 ( d t L s e n M i r e t i p u J ) % 0 0 1 ( d t L s e n M i r e t i p u J 0 5 . 6 1 8 , 8 $ 0 5 . 1 4 9 , 2 $ ) % 0 0 1 ( d t L s e n M i r e t i p u J 0 5 . 6 7 4 , 4 3 $ ) % 0 0 1 ( d t L s e n M i r e t i p u J 0 0 . 2 5 3 , 4 $ ) % 0 0 1 ( d t L s e n M i r e t i p u J 0 0 . 1 7 8 , 5 1 $ ) % 0 0 1 ( d t L s e n M i r e t i p u J 0 5 . 5 9 2 , 3 $ - - - - - - - - - - - - - - - a H 0 0 . 4 3 6 , 9 3 3 0 2 / 9 0 / 5 2 1 0 2 / 9 0 / 6 1 1 0 2 / 1 0 / 1 1 a H 0 0 . 5 7 7 2 3 0 2 / 1 1 / 0 1 1 1 0 2 / 1 1 / 1 1 1 1 0 2 / 1 0 / 1 1 a H 4 4 . 9 1 1 3 3 0 2 / 6 0 / 9 1 2 1 0 2 / 6 0 / 0 2 1 1 0 2 / 3 0 / 8 1 a H 0 0 . 1 4 3 , 6 1 3 0 2 / 6 0 / 3 2 0 1 0 2 / 6 0 / 4 2 9 0 0 2 / 9 0 / 1 a H 0 0 . 6 8 8 , 6 1 3 0 2 / 8 0 / 3 2 0 1 0 2 / 8 0 / 4 2 0 1 0 2 / 1 0 / 2 1 a H 4 3 . 0 2 0 , 6 2 2 3 0 2 / 9 0 / 1 1 1 1 0 2 / 9 0 / 2 1 0 1 0 2 / 5 0 / 3 1 a H 9 4 . 0 5 5 , 4 6 3 3 0 2 / 2 0 / 3 2 2 1 0 2 / 2 0 / 4 2 0 1 0 2 / 1 1 / 2 1 a H 6 8 . 3 0 7 , 9 1 4 3 0 2 / 6 0 / 6 1 3 1 0 2 / 6 0 / 7 1 2 1 0 2 / 9 0 / 5 a H 4 5 . 9 4 8 , 9 2 4 3 0 2 / 7 0 / 1 3 3 1 0 2 / 8 0 / 1 2 1 0 2 / 0 1 / 0 2 a H 3 4 . 2 3 6 , 7 1 4 3 0 2 / 7 0 / 1 3 3 1 0 2 / 8 0 / 1 2 1 0 2 / 0 1 / 0 2 a H 5 2 . 2 8 8 , 5 4 3 0 2 / 7 0 / 1 3 3 1 0 2 / 8 0 / 1 2 1 0 2 / 0 1 / 0 2 a H 9 8 . 2 5 9 , 8 6 2 3 0 2 / 6 0 / 6 2 1 1 0 2 / 6 0 / 7 2 0 1 0 2 / 5 0 / 3 a H 8 4 . 3 0 7 , 8 4 3 0 2 / 8 0 / 8 1 3 1 0 2 / 8 0 / 9 1 2 1 0 2 / 9 0 / 5 a H 6 8 . 1 4 7 , 1 3 5 3 0 2 / 2 1 / 4 0 4 1 0 2 / 2 1 / 5 0 2 1 0 2 / 9 0 / 5 0 a H 2 7 . 0 9 5 , 6 5 3 0 2 / 4 0 / 2 4 1 0 2 / 4 0 / 3 0 2 1 0 2 / 9 0 / 0 3 ) % 0 0 1 ( d t L s e n M i r e t i p u J 0 0 . 6 9 6 , 3 1 1 $ 0 0 . 0 0 0 , 6 4 6 $ a H 0 0 . 1 6 4 , 6 2 3 0 2 / 1 1 / 4 2 1 1 0 2 / 1 1 / 5 2 1 1 0 2 / 1 0 / 1 1 ) % 0 0 1 ( d t L s e n M i r e t i p u J 0 2 . 5 5 4 , 8 $ - a H 7 0 . 1 4 5 6 3 0 2 / 2 1 / 6 1 5 1 0 2 / 2 1 / 7 1 5 1 0 2 / 2 0 / 2 1 d e t n a r G d e t n a r G d e t n a r G d e t n a r G d e t n a r G d e t n a r G d e t n a r G d e t n a r G d e t n a r G d e t n a r G d e t n a r G d e t n a r G d e t n a r G d e t n a r G d e t n a r G d e t n a r G d e t n a r G d e t n a r G d e t n a r G d e t n a r G d e t n a r G d e t n a r G d e t n a r G d e t n a r G d e t n a r G d e t n a r G d e t n a r G d e t n a r G n o s a M t M 1 2 / 9 2 G n o s a M t M 3 2 / 9 2 G n o s a M t M 6 1 1 / 9 2 L n o s a M t M 7 1 1 / 9 2 L n o s a M t M 8 1 1 / 9 2 L n o s a M t M 9 1 1 / 9 2 L n o s a M t M 0 2 1 / 9 2 L n o s a M t M 1 2 1 / 9 2 L n o s a M t M 3 2 1 / 9 2 L n o s a M t M 2 3 1 / 9 2 L n o s a M t M 8 0 4 / 9 2 M a d I t M 2 2 / 9 2 G a d I t M 0 0 1 / 9 2 L a d I t M 6 0 1 / 9 2 L a d I t M 8 7 / 9 2 L a d I t M 9 7 / 9 2 L a d I t M 1 8 / 9 2 L a d I t M 9 9 / 9 2 L a d I t M 4 1 2 / 6 3 L a d I t M 5 1 2 / 6 3 L a d I t M 6 1 2 / 6 3 L a d I t M 7 1 2 / 6 3 L a d I t M 3 0 2 / 7 3 L a d I t M 5 4 / 7 5 L a d I t M 6 4 / 7 5 L a d I t M 2 2 1 / 9 2 L a d I t M 4 1 4 / 9 2 M a d I t M 1 3 1 / 9 2 L S R E D L O H T N E R T N E R R U C T N E M T M M O C I T N E R R U C A E R A T N E R R U C E T A D Y R P X E I E T A D T N A R G E T A D D E L P P A I S U T A T S E M A N E S A E L S T N E M E N E T L A R E N M F O E L U D E H C S I 1 0 a H 2 6 . 8 5 3 2 3 0 2 / 1 0 / 6 1 1 1 0 2 / 1 0 / 7 1 9 0 0 2 / 4 0 / 3 d e t n a r G l l e W n e t a r G – e s o p r u P l a r e n e G 6 3 / 7 3 G JUPITER MINES LIMITEDReview of Operations ANNUAL FINANCIAL REPORT FOR THE YEAR ENDED 28 FEBRUARY 2018 ABN 51 105 991 740 CONSOLIDATED ENTITY 1 1 Annual Financial ReportANNUAL REPORT 2018 DIRECTORS’ REPORT In accordance with a resolution of Directors, the Directors present their Report together with the Financial Report of Jupiter Mines Limited (Jupiter) and its wholly owned subsidiaries (together referred to as the Consolidated Entity or Group) for the financial year ended 28 February 2018 and the Independent Auditor’s Report thereon. DIRECTORS The Directors of Jupiter at any time during or since the end of the financial year are as follows: Non-Executive Brian Patrick Gilbertson Paul Raymond Murray Andrew Bell Sungwon Yoon Executive Priyank Thapliyal Additional information is provided below regarding the current Directors. Brian Patrick Gilbertson BSc (Maths and Physics), BSc (Hons) (Physics), MBL, PMD45 (Chairman; Non-Executive Director; Member of the Remuneration and Nomination Committee, appointed 15 March 2018) Mr Gilbertson was appointed a Director on 22 June 2010. Mr Gilbertson has extensive experience in the global natural resources industry. He was Managing Director of Rustenburg Platinum Mines Limited in the 1980’s, a period during which the company gained recognition as the world’s foremost producer of platinum. In the 1990’s, as Executive Chairman of Gencor Limited, he led the restructuring of the South African mining industry into the post-Apartheid era, transforming Gencor Limited into a focused mineral and mining group. During this period he held ultimate responsibility for Impala Platinum Holdings, for Samancor Limited (the world’s largest producer of manganese and chrome ore and alloys) and for Trans-Natal Coal Corporation (a major coal producer and exporter). Important new initiatives included the Hillside and Mozal aluminium smelters, the Columbus stainless steel plant, and the purchase of the international mining assets (Billiton plc) of the Royal Dutch Shell Group. 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 2005 and 2007 respectively, to develop opportunities on behalf of a group of natural resource investors, which currently a shareholder of Jupiter. Mr Gilbertson is the non-executive chairman of Pallinghurst Resources Limited, a company listed on the Johannesburg Stock Exchange (JSE: PRL), and is a director of various companies controlled by PRL. Mr Gilbertson is a British and South African citizen. He has not been a Director of any other ASX listed company in the past three years. 1 2 JUPITER MINES LIMITEDDirectors’ Report DIRECTORS (CONTINUED) Paul Raymond Murray FFin, CPA Independent Non-Executive Director; Remuneration Committee Chairman; Audit Committee Chairman Paul is a founding director of Jupiter Mines Limited and was Chairman at the time of formation in August 2003. Paul was appointed as a Director of the Company on 20 August 2003. He has served continuously since that time as Chairman of both the Audit Committee and the Remuneration and Nomination Committee. In addition to attending to various statutory duties as required, Paul has a strong record of attendance at Company board and shareholder meetings and contributes to consideration and discussions in respect of matters on the Company’s business papers. Apart from academic qualifications which are relevant to his roles, Paul has held positions on boards of a number of ASX listed companies. Mining experience includes exploration for and mining of tin in the New England district of NSW and service on the boards of successful Australian oil and gas companies, Basin Oil NL and Reef Oil NL. Andrew Bell B.A. (Hons), M.A., LLB (Hons) Independent Non-Executive Director; Audit Committee Member; Remuneration Committee Member Mr Bell was appointed as a Director of Jupiter on 4 June 2008. Mr Bell is Chairman of Red Rock Resources plc, and Regency Mines plc, being companies listed on the AIM market of the London Stock Exchange Ltd. He was a natural resources analyst in London in the 1970s, then specialised in investment and investment banking covering the Asia region. He has been involved in the resource and mining sectors in Asia since the 1990s, and has served on the Boards of a number of listed resource companies. Sungwon Yoon MBA (Vanderbilt, the US) Non-Executive Director; Audit Committee Member, appointed 15 March 2018 Mr Yoon was appointed as a Director of Jupiter on 31 March 2016. Mr Yoon is the Managing Director of POSCO Australia Pty Ltd, a significant shareholder of the Company. After joining POSCO in 1992, Mr Yoon has focused on steel making raw materials during his career. He has over 25 years’ experience in various roles and responsibilities across POSCO’s raw materials procurement, investment, strategy and transportation. Before assuming the Managing Director role of POSCO Australia in March 2016, Mr Yoon was the General Manager of the POSCO coal procurement group. Priyank Thapliyal Metallurgical Engineer, B Tech, M Eng, MBA (Western Ontario, Canada) Executive Director; Chief Executive Officer Priyank Thapliyal was appointed as a Director of the Company on 4 June 2008. 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 Advisors 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 Advisors LLP’s steel feed strategy via Jupiter. That has led to the creation of the flagship Tshipi Mine, from what was a greenfield project, into one of the largest, long-life and low-cost assets of strategic importance. Prior to Vedanta, Priyank was a mining and metals investment banker with CIBC World Markets in Toronto Canada, is a qualified Metallurgical Engineer, MBA and former Falconbridge employee. Mr Thapliyal has not been a Director of any other ASX listed companies in the past three years. Melissa North B.Com, CA Company Secretary 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). 1 3 Directors’ ReportANNUAL REPORT 2018 PRINCIPAL ACTIVITIES The principal activities of Jupiter during the year have been the operation of the Tshipi Manganese Mine in South Africa and the sale of manganese ore. REVIEW OF FINANCIAL RESULTS AND OPERATIONS The consolidated results of Jupiter for the year ended 28 February 2018 was a profit of $92,205,663 after a $5,584,142 tax expense (2017: profit of $200,099,335 after a $5,619,368 tax expense). Further details of the results of the Consolidated Entity are set out in the accompanying financial statements in this Annual Report. SIGNIFICANT CHANGES IN THE STATE OF AFFAIRS During the year, the Company undertook two equal access share buy-backs in March and December 2017, reducing the issued capital of the Company by 217,312,665 ordinary shares. Refer to Note 19. Jupiter’s marketing branch commenced the purchase and sale of Jupiter’s share of manganese ore as an agent, recording a marketing commission instead of sales and cost of sales in the Statement of Profit or Loss and Other Comprehensive Income. DIVIDENDS No dividends were paid or declared during the year by Jupiter. FINANCIAL POSITION At 28 February 2018, Jupiter held $76,544,487 in cash and cash equivalents (2017: $84,709,260), had a carrying value of investments using the equity method of $385,267,255 (2017: 345,556,557) and carrying value of exploration expenditure of $8,700,000 (2017: $11,632,006). SIGNIFICANT EVENTS AFTER REPORTING DATE These financial statements were authorised for issue on 29 May 2018 by Director Brian Gilbertson. Jupiter undertook an equal access share buy-back, offering to buy-back 5.81% of issued capital for $0.44 per share, comprising a capital portion of $0.23 per share and dividend portion of $0.21 per share. The offer period closed on 19 February 2018. Subsequently on 19 March 2018, 116,182,215 shares were cancelled, and proceeds of $51,120,174 were paid to shareholders. Jupiter was admitted to the official list of the Australian Securities Exchange on 18 April 2018, following a $240 million Initial Public Offering (“IPO”). As part of the IPO, a number of shareholders have entered into Voluntary Escrow Deeds under which they have undertaken to the Company not to dispose of any interest in, or to grant any security over, certain Shares held by them on completion of the Offer. Please refer to the Company’s prospectus for full details. Upon successful listing of Jupiter, Jupiter CEO Priyank Thapliyal was entitled to receive a bonus which is to be satisfied by the issue of 10,650,530 shares (please refer to Remuneration Report for full details). The issue of these shares is to be approved by an ordinary resolution at the Company’s 2018 Annual General Meeting. If not approved, the bonus will be payable in cash equal to the IPO offer price, being $4,260,212. LIKELY DEVELOPMENTS, BUSINESS STRATEGIES AND PROSPECTS The operations at the Tshipi Borwa Manganese Mine are expected to continue in a similar manner to present. The Directors still intend Jupiter to proceed with the development of Jupiter’s Mount Ida Magnetite and Mount Mason DSO Hematite projects should access to infrastructure become available and the projects are economically viable. OPTIONS AND RIGHTS As at 28 February 2018, there were nil (28 February 2017: nil) options over unissued shares in the capital of Jupiter. No options were granted during the financial year. Since 28 February 2018 to the date of this Annual Report, no options have been granted. Nil (28 February 2017: Nil) options lapsed or were vested during the financial year. ON MARKET BUY-BACK Jupiter is not currently conducting an on-market buy-back of any of its shares. MEETINGS – ATTENDANCE BY DIRECTORS Board Meetings The number of Directors’ meetings and the number of meetings attended by each of the Directors of Jupiter during the financial year under review are: Director Brian Gilbertson Paul Murray Priyank Thapliyal Andrew Bell Sungwon Yoon Number of meetings held during tenure of the Director Number of meetings attended 4 4 4 4 4 4 4 4 4 4 1 4 JUPITER MINES LIMITEDDirectors’ Report MEETINGS – ATTENDANCE BY DIRECTORS (CONTINUED) Committee Meetings The number of committee meetings and the number of meetings attended by each of the Directors of Jupiter during the financial year under review are: Director Paul Murray Priyank Thapliyal Andrew Bell Audit Committee meetings attended Audit Committee meetings held during tenure Remuneration Committee meetings attended Remuneration Committee meetings held during tenure 2 2 2 2 2 2 3 3 3 3 3 3 DIRECTORS’ INTERESTS Particulars of Directors’ interests in securities as at the date of this report are as follows: Director Brian Gilbertson1 Paul Murray Priyank Thapliyal Andrew Bell2 Sungwon Yoon3 Ordinary Shares Options over Ordinary Shares - 1,199,400 22,432,728 - - - - - - - 1 Brian Gilbertson as the Chairman of Pallinghurst Resources Limited (listed on the JSE and BSX) has a relevant interest in Pallinghurst Steel Feed Dutch (B.V.) (PSF). PSF is the registered owner of 379,948,385 Ordinary Shares in the Company at balance date. 2 Andrew Bell as the Chairman and Director of Red Rock Resources plc has a relevant interest in Red Rock Resources plc (RRR). RRR is the registered owner of 24,657,516 Ordinary Shares in the Company at balance date. 3 Sungwon Yoon is the Managing Director of POSCO Australia Pty Ltd, has a relevant interest in POSCO Australia Pty Ltd (POSCO) and POSCO Australia GP PTY LTD (POSA GP). POSCO is the registered owner of 59,783,270 Ordinary Shares and POSA GP is the registered owner of 291,891,733 shares in the Company at balance date. Unissued shares under option Up until the date of this report, there are no further unissued shares under option. Shares issued during or since the end of the year as a result of exercise During or since the end of the financial year, the Company did not issue any ordinary shares as a result of the exercise of options. Contracts with Directors There are no agreements with any of the Directors other than remuneration agreements. AUDITOR’S INDEPENDENCE DECLARATION The Lead Auditor’s Independence Declaration for the year ended 28 February 2018 has been received and can be found on page 32 of the Annual Report. 1 5 Directors’ ReportANNUAL REPORT 2018 REMUNERATION REPORT (AUDITED) The Directors of Jupiter Mines Limited (the Group) present the Remuneration Report for Non-Executive Directors, Executive Directors and other Key Management Personnel, prepared in accordance with the Corporations Act 2001 and the Corporations Regulations 2001. The Remuneration Report is set out under the following main headings: (a) Principles used to determine the nature and amount of remuneration (b) Details of remuneration (c) Service agreements (d) Share-based remuneration; and (e) Other information (a) Principles used to determine the nature and amount of remuneration The principles of the Group’s executive strategy and supporting incentive programs and frameworks are: to align rewards to business outcomes that deliver value to shareholders to drive a high performance culture by setting challenging objectives and rewarding high performing individuals; and to ensure remuneration is competitive in the relevant employment market place to support the attraction, motivation and retention of executive talent Jupiter has structured a remuneration framework that is market competitive and complementary to the reward strategy of the Group. The Board has established a Remuneration and Nomination Committee which operates in accordance with its charter as approved by the Board and is responsible for determining and reviewing compensation arrangements for the Directors and the Executive Team. The Committee has engaged independent remuneration consultants to provide any necessary information to assist in the discharge of its responsibilities (refer to the disclosures below). The remuneration structure that has been adopted by the Group consists of the following components: fixed remuneration being annual salary; and short term incentives, being employee bonuses. The Remuneration and Nomination Committee assess the appropriateness of the nature and amount of remuneration on a periodic basis by reference to recent employment market conditions with the overall objective of ensuring maximum stakeholder benefit from the retention of a high quality Board and Executive Team. The payment of bonuses and other incentive payments are reviewed by the Remuneration and Nomination Committee annually as part of the review of executive remuneration and a recommendation is put to the Board for approval. All bonuses and incentives must be linked to pre-determined performance criteria. 1 6 JUPITER MINES LIMITEDDirectors’ Report Short Term Incentive (STI) Jupiter performance measures involve the use of annual performance objectives. The performance measures have been set after consultation with the Directors and executives and are specifically tailored to the areas where each executive has a level of control. The measures target areas the Board believes hold the greatest potential for expansion and profit. Use of remuneration consultants Jupiter Mines Limited Remuneration and Nomination Committee employed the services of Aon Hewitt Limited to review and to provide recommendations in respect of the amount and elements of non-executive and executive remuneration, including short-term and long-term incentives. Under the terms of the engagement, Aon Hewitt provided remuneration recommendations as defined in section 9B of the Corporations Act 2001 and was paid $6,000 for these services. Aon Hewitt Limited have confirmed that the above recommendations have been made free from undue influence by members of the Group’s key management personnel. Aon Hewitt Limited was engaged by, and reported directly to, the Chair of the Remuneration and Nomination Committee. The report containing the remuneration recommendations was provided by Aon Hewitt Limited directly to the chair of the Remuneration and Nomination Committee. Aon Hewitt Limited was permitted to speak to management throughout the engagement to understand Company processes, practices and other business issues and obtain management perspectives. However, Aon Hewitt Limited was not permitted to provide any advice or recommendations to members of management before advice or recommendations was given to members of the Remuneration and Nomination Committee and not unless Aon Hewitt had approval to do so from members of the Remuneration and Nomination Committee. As a consequence, the Board is satisfied that the recommendations were made free from undue influence from any members of the key management personnel. Voting and comments made at the Company’s last Annual General Meeting The Company did not prepare a Remuneration Report for the previous financial year, therefore was not presented to Shareholders at the last Annual General Meeting. Consequences of performance on shareholder wealth In considering the Group’s performance and benefits for shareholder wealth, the Board have regard to the following indices in respect of the current financial year and the previous four (4) financial years: Item EPS (per share) 2018 2017 2016 2015 2014 0.0434 0.0902 (0.0756) (0.0140) (0.0024) Dividends (cents per share) - - - - - Net profit/(loss) after tax ($’000) 92,205,663 200,099,335 (172,396,327) (31,869,576) (5,532,772) Share of profit/(loss) from Tshipi investment ($’000) 94,040,638 41,474,035 (6,936,157) 18,406,525 8,810,941 1 7 Directors’ ReportANNUAL REPORT 2018 e c n a m r o f r e P n o i t a r e n u m e r f o % d e s a b l a t o T s n o i t p O s t fi e n e b e v a e l n o i t a n m r e T i i e c v r e s g n o L - n o N n o i t a u n n a r e p u S y r a t e n o m s u n o b h s a C s t fi e n e b s e e f d n a l y r a a s h s a C r a e Y - - - - - - - - - - - % 3 . 2 2 - 5 1 0 , 3 6 8 9 6 8 , 9 0 2 0 4 0 , 1 3 1 - 3 8 0 , 2 2 0 0 5 , 8 3 0 0 0 , 3 3 0 0 5 , 7 3 0 0 0 , 3 3 - - - % 4 0 . 0 0 4 0 , 7 9 1 0 5 5 , 0 8 1 , 1 - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - 6 8 4 , 2 2 0 4 0 , 4 1 - - - - - - - - 6 8 4 , 2 2 0 4 0 , 4 1 - - - - - - - - - - - - - - - - - - - - - - - - 0 0 8 , 6 4 1 5 1 0 , 3 6 8 - - 3 8 5 , 0 4 1 0 0 0 , 7 1 1 1 3 8 0 , 2 2 - 0 0 5 , 8 3 0 0 0 , 3 3 0 0 5 , 7 3 0 0 0 , 3 3 1 3 8 5 , 9 - 5 1 8 , 9 0 9 9 4 2 , 8 4 2 - 0 0 0 , 3 8 1 8 1 0 2 7 1 0 2 8 1 0 2 7 1 0 2 8 1 0 2 7 1 0 2 8 1 0 2 7 1 0 2 8 1 0 2 7 1 0 2 8 1 0 2 7 1 0 2 8 1 0 2 7 1 0 2 O E C d n a r o t c e r i D e v i t u c e x E h t r o N a s s i l e M O F C d n a y r a t e r c e S y n a p m o C s r o t c e r i D e v i t u c e x e - n o N n o s t r e b G n a i r l i B t n e d n e p e d n I n o N ; n a m r i a h C s r o t c e r i D e v i t u c e x E l a y i l p a h T k n a y i r P r o t c e r i D t n e d n e p e d n I r o t c e r i D t n e d n e p e d n I n o o Y n o w g n u S l l e B w e r d n A y a r r u M l u a P r o t c e r i D t n e d n e p e d n I n o N l a t o T 8 1 0 2 l a t o T 7 1 0 2 e e y o p m E l d e s a b - e r a h S s t n e m y a p m r e t - g n o L s t fi e n e b - t s o P t n e m y o p m e l s t fi e n e b l s t fi e n e b e e y o p m e m r e t - t r o h S l e n n o s r e P t n e m e g a n a M y e K r e h t o d n a r o t c e r i D : l w o e b e b a t l e h t n i n w o h s e r a d e t i m L i s e n M i r e t i p u J f o ) P M K ( l e n n o s r e p t n e m e g a n a m y e k h c a e f o n o i t a r e n u m e r e h t f o t n e m e e l h c a e f o t n u o m a d n a e r u t a n e h t f o s l i a t e D n o i t a r e n u m e r f o s l i a t e D ) b ( 1 8 : k s i r t A s n o i t p O : k s i r t A ) I T S ( s e v i t n e c n i m r e t - t r o h S n o i t a r e n u m e r d e x F i e e y o p m E l - % 3 . 2 2 % 7 . 7 7 h t r o N a s s i l e M l e n n o s r e P t n e m e g a n a M y e K r e h t O : s w o l l o f s a e r a d e x fi e r a t a h t e s o h t d n a e c n a m r o f r e p o t d e k n i l e r a t a h t n o i t a r e n u m e r f o s n o i t r o p o r p e v i t a e r l e h T l . e t a d e c n a a b t a d a p t e y i t o n e r e w t u b , s t n e m e e r g a n o i t a r e n u m e r s r o t c e r i D e h t r e d n u 8 1 0 2 y r a u r b e F 8 2 t a s a d e u r c c a e r a s t n u o m a e s e h T 1 s u n o B l a u n n A e h t f o t n e m y a p d n a l e b a y a p s e e f i e c v r e s g n i t n e s e r p e r , t n e m e e r g A e c v r e S s h i i i g n n g s i l a y i l p a h T r M n o p u d r a o B e h t y b d e e r g a s u n o b y r a n o i t e r c s d a i s a w l a y i l p a h T k n a y i r P o t l e b a y a p s u n o b h s a c e h T i . n o i t u b i r t s d r e d o h e r a h s l 8 1 0 2 h c r a M e h t o t s d r a g e r h t i w e u d ) ) c ( n o i t c e s n i d e n fi e d s a ( JUPITER MINES LIMITEDDirectors’ Report (c) Service agreements Remuneration and other terms of employment for the Executive Directors and other key management personnel are formalised in a Service Agreement. The major provisions of the agreements relating to remuneration are set out below: Priyank Thapliyal – Chief Executive Officer Subject Provision Base salary IPO Bonus The Executive is entitled to receive an annual salary of £400,000 (with no pension fund or superannuation contributions). The Executive is entitled to receive a bonus (IPO Bonus) equal to 1% of the amount by which the indicative market capitalisation of Jupiter determined by the number of Shares on issue at the Prospectus Date (1,948,340,503 Shares) multiplied by the Offer Price, exceeds $353,315,000 (being the pro forma total equity of the Company shown in the Company’s pro forma consolidated statement of financial position in the Replacement Prospectus dated 4 April 2018). The IPO Bonus shall be satisfied by the issue of Shares at the deemed issue price equal to the Offer Price, subject to and conditional upon Shareholder approval of the issue of bonus Shares in accordance with the requirements of the Listing Rules. It is anticipated that Shareholder approval for the issue of Shares to satisfy the IPO Bonus will be sought at the Company’s next annual general meeting (anticipated to be held in July 2018). If approval of Shareholders is not obtained for the issue of Shares to satisfy the IPO Bonus, the IPO Bonus is payable in cash. Annual Bonus The Executive will be entitled to receive a bonus (Annual Bonus) equal to 1% of the value of amounts paid by way of: (i) a dividend; (ii) a distribution, payment or return of capital; or (iii) the acceptance of equal access buy-back offers made to all Shareholders, paid or made by the Company to its Shareholders at any time after the listing date until the date of termination of the Executive’s employment. The Annual Bonus is payable in cash. Confidentiality The Executive must keep the Company’s confidential information confidential, except in certain circumstances, including where the disclosure is required by law or the Company provides prior written consent. Termination The Company may terminate the Executive’s employment by giving 6 months’ written notice and payment of an amount equal to 6 months’ salary and the amount of Annual Bonus paid in the 12 months prior to termination. The Company may make payment in lieu of notice, comprising an amount of up to 12 months’ salary and the amount of Annual Bonus paid in the 12 months prior to termination. The Company may otherwise terminate the employment immediately for misconduct or other matters that are usual grounds for summary dismissal. The Executive may terminate the Executive’s employment by giving 6 months’ written notice. In the event of a change of control (within the meaning of section 50AA of the Corporations Act) and diminution in the duties and responsibilities of the Executive as a chief executive officer of a public listed company, the Executive may elect to terminate the employment and become entitled to receive a payment equal to 12 months’ salary and the amount of Annual Bonus paid in the 12 months prior to termination. Restrictive covenants The Executive is subject to post-employment restraints on engaging in a business for the production, purchase, sale or marketing of manganese ore, and soliciting the employees, suppliers or clients of the Company or Tshipi é Ntle. The restraint has potential effect globally for up to 6 months following termination of employment. 1 9 Directors’ ReportANNUAL REPORT 2018 Melissa North – Chief Financial Officer and Company Secretary Subject Base salary Provision The Executive is entitled to receive an annual salary of $200,000 and superannuation at a rate of 12% of the annual salary. Bonus arrangements If the Company is admitted to the official list of ASX, the Executive will become entitled to the payment of a one off cash bonus of an amount to be determined by the Board in its absolute discretion. Following the end of each financial year commencing after 28 February 2018, and the Executive being employed at the date of release of the Company’s financial statements for the financial year to which the bonus relates, the Executive may be entitled to an annual bonus of an amount to be determined by the Board in its absolute discretion. The Executive is entitled to a computer and mobile phone allowance, and reimbursement of all out of pocket expenses necessarily incurred by the Chief Financial Officer in the performance of her duties, including expenses relating to entertainment, meals and travelling. The Executive must keep the Company’s confidential information confidential, except in certain circumstances, including where the disclosure is required by law or the Company provides prior written consent. The Executive or the Company may terminate the contract by giving 3 months’ written notice. The Company may make payment in lieu of notice. The Company may otherwise terminate the employment immediately for misconduct or other matters that are usual grounds for summary dismissal. The Executive is subject to post-employment restraints on soliciting the Company’s employees, suppliers or clients. The restraint has potential effect globally for up to 6 months following termination of employment. Other entitlements Confidentiality Termination Restrictive covenants (d) Share-based remuneration The Company has not granted any share-based remuneration and does not plan to adopt any such remuneration plans. (e) Bonuses included in remuneration Details of the short-term incentive cash bonuses awarded as remuneration to each key management personnel, the percentage of the available bonus that was paid in the financial year, and the percentage that was forfeited because the person did not meet the service and performance criteria is set out below. Other Key Management Personnel Grant date Nature of compensation Service or performance criteria Financial year related to Included in remuneration ($) Percentage vested during the year Percentage forfeited during the year Priyank Thapliyal 1 1 March 2018 Cash bonus Melissa North 13 March 2017 Cash bonus 1 Bonus was accrued as at 28 February 2018 and paid on 6 April 2018. 2018 863,015 100% 2018 46,800 100% - - Upon signing of Service Agreement and successful shareholder distribution in March 2018 Upon successful completion of March 2017 share buy-back 2 0 JUPITER MINES LIMITEDDirectors’ Report (f) Other information No options are held by key management personnel for 2018 or 2017. Shares held by directors and key management personnel The number of ordinary shares in the Company during the 2018 reporting period held by each of the Group’s key management personnel, including their related parties, is set out below: Director/Employee Year ended 28 February 2018 Brian Gilbertson2 Andrew Bell3 Sungwon Yoon4 Paul Murray Priyank Thapliyal Balance at start of year Granted as remuneration Received on exercise Other changes1 Held at the end of reporting period 421,042,093 27,324,375 389,710,775 1,260,000 24,858,963 - - - - - - - - - - (41,093,708) 379,948,385 (2,666,859) 24,657,516 (38,035,772) 351,675,003 (60,600) 1,199,400 (2,426,235) 22,432,728 1 Shares bought back by the Company in March and December 2017. 2 Brian Gilbertson as the Chairman of Pallinghurst Resources Limited (listed on the JSE and BSX) has a relevant interest in Pallinghurst Steel Feed Dutch (B.V.) (PSF). PSF is the registered owner of 379,948,385 Ordinary Shares in the Company at balance date. 3 Andrew Bell as the Chairman and Director of Red Rock Resources plc has a relevant interest in Red Rock Resources plc (RRR). RRR is the registered owner of 24,657,516 Ordinary Shares in the Company at balance date. 4 Sungwon Yoon is the Managing Director of POSCO Australia Pty Ltd, has a relevant interest in POSCO Australia Pty Ltd (POSCO) and POSCO Australia GP PTY LTD (POSA GP). POSCO is the registered owner of 59,783,270 Ordinary Shares and POSA GP is the registered owner of 291,891,733 shares in the Company at balance date. Other transactions with key management personnel There were no other material transactions with key management personnel for 2018 or 2017. End of Audited Remuneration Report 2 1 Directors’ ReportANNUAL REPORT 2018 ENVIRONMENTAL REGULATIONS AND PERFORMANCE Jupiter’s operations are subject to general environmental regulation under the laws of the States and Territories of Australia and South Africa. The various exploration interests held by Jupiter impose future environmental obligations for site remediation following sampling and drilling programs. The Board is aware of these requirements and management is charged with ensuring compliance. The Directors are not aware of any breaches of these environmental regulations and licence obligations during the year. INDEMNIFICATION AND INSURANCE OF OFFICERS AND AUDITORS Since the end of the previous financial year, Jupiter has paid premiums to insure the Directors and Officers of the Consolidated Entity. Details of the nature of the liabilities covered and the amount of premium paid in respect of Directors’ and Officers’ insurance policies preclude disclosure to third parties. Jupiter has not paid any premiums in respect of any contract insuring its auditor against a liability incurred in that role as an auditor of Jupiter. In respect of non-audit services, Grant Thornton Audit Pty Ltd, Jupiter’s auditor has the benefit of an indemnity to the extent Grant Thornton Audit Pty Ltd reasonably relies on information provided by Jupiter which is false, misleading or incomplete. No amount has been paid under this indemnity during the financial year ending 28 February 2018 or to the date of this Report. NON-AUDIT SERVICES The Board of Directors is satisfied that the provision of non-audit services during the financial year is compatible with the general standard of independence for auditors imposed by the Corporations Act 2001. The Directors are satisfied that the services disclosed below did not compromise the external auditor’s independence for the following reasons: all non-audit services are reviewed and approved by the Audit Committee prior to commencement to ensure they do not adversely affect the integrity and objectivity of the auditor; and the nature of the services provided does not compromise the general principles relating to auditor independence in accordance with APES 110: Code of Ethics for Professional Accountants set by the Accounting Professional and Ethical Standards Board. The following fees were paid or payable to Grant Thornton Australia Limited for non-audit services provided during the year ended 28 February 2018: Taxation services $32,100 (2017: $34,125) Corporate finance $60,000 (2017: nil) CORPORATE GOVERNANCE The Directors aspire to maintain the standards of Corporate Governance appropriate to Jupiter. Jupiter’s Corporate Governance Statement is set out on pages 23 to 31 of this Report. PROCEEDINGS ON BEHALF OF JUPITER No person has applied for leave of Court to bring proceedings on behalf of Jupiter or intervene in any proceedings to which Jupiter is a party for the purpose of taking responsibility on behalf of Jupiter for all or any part of those proceedings. Jupiter was not a party to any such proceedings during the year. The Consolidated Entity was not a party to any such proceedings during the reporting year. This report is signed in accordance with a resolution of the Board of Directors. Brian Gilbertson Cape Town 29 May 2018 2 2 JUPITER MINES LIMITEDDirectors’ Report CORPORATE GOVERNANCE STATEMENT OVERVIEW The Company’s Board of Directors (Board) is responsible for the overall corporate governance of the Company, and it recognises the need for the highest standards of ethical behaviour and accountability. It is committed to administering its corporate governance structures to promote integrity and responsible decision-making. Accordingly, where appropriate the Company has sought to adopt the ‘Corporate Governance Principles and Recommendations’ (Third Edition) (ASX Recommendations) published by the ASX Corporate Governance Council. The corporate governance principles and practices adopted by the Company may depart from those generally applicable to ASX-listed companies under ASX Recommendations where the Board considers compliance is not appropriate having regard to the nature and size of the Company’s business and operations. The Company sets out below its “if not why not” report in relation to those matters of corporate governance where the Company’s practice departs from the ASX Recommendations, to the extent that they are currently applicable to the Company. This statement is current as at 29 May 2018 and has been approved by the Board. ASX Corporate Governance Principles and Recommendations Principle ASX Recommendation Comply Comments Principle 1 – Lay solid foundation for management and oversight 1.1 A listed entity should disclose: Yes (a) the respective roles and responsibilities of its board and management; and (b) those matters expressly reserved to the board and those delegated to management. Jupiter has adopted a Board Charter that discloses the role and responsibilities of the Board. Under the Board Charter, the Board is responsible for the overall operation and stewardship of the Company and, in particular, is responsible for: oversight of control and accountability systems; appointing and removing the Chief Executive Officer, Chief Financial Officer and Company Secretary; approving the annual operating budget; approving and monitoring the progress of major capital and operating expenditure; monitoring compliance with all legal and regulatory obligations; reviewing any risk management system (which may be a series of systems established on a per-project basis); monitoring any executive officer’s performance; and approving and monitoring financial and other reporting to the market, shareholders of the Company (Shareholders), employees and other stakeholders. A copy of the Board Charter can be found on the Company’s website at www.jupitermines.com/about-us/corporate-governance 2 3 Corporate Governance StatementANNUAL REPORT 2018 Principle ASX Recommendation Comply Comments Jupiter conducts background checks of candidates for the position of director of the Company (Director) prior to their appointment or nomination for election by Shareholders, including checks as to good character, experience, education, qualifications, criminal history and bankruptcy. The Company does not propose to conduct specific checks prior to nominating an existing Director for re-election by Shareholders at a general meeting on the basis that the Company will have already conducted relevant character checks prior to the Director’s initial appointment. As a matter of practice, Jupiter includes in its notices of meeting a brief biography and other material information in relation to each Director who stands for election or re-election, including relevant qualifications and professional experience of the nominated Director for consideration by Shareholders. The Company has entered into an employment contract with Priyank Thapliyal, the Company’s Chief Executive Officer, who is engaged on a full time basis. The Company has also entered into an employment contract with Melissa North, the Company’s Chief Financial Officer and Company Secretary, who is engaged on a full time basis. The Company has entered into letters of engagement with each of its non-executive Directors setting out the key terms and conditions of their engagement. The Company Secretary reports directly, and is accountable, to the Board through the Chairman of the Board (Chairman) in relation to all governance matters. The Company Secretary also advises and supports the Board to implement adopted governance procedures and co-ordinates the circulation of meeting agendas and papers. Given the Company’s main asset is its interest in the Tshipi Borwa Manganese Mine (Tshipi Project), which it holds through its indirect 49.9% interest in Tshipi é Ntle, and Jupiter itself has few employees, Jupiter has not adopted a formal diversity policy at this stage. The Company has a policy to select the best available officers and staff for each relevant position in a non-discriminatory manner based on merit. Notwithstanding this, the Board respects and values the benefits that diversity (e.g. gender, age, ethnicity, cultural background, disability and martial/family status etc) brings in relation to expanding the Company’s perspective and thereby improving corporate performance, increasing Shareholder value and maximising the probability of achieving the Company’s objectives. The Board is committed to developing a diverse workplace where appointments or advancements are made on a fair and equitable basis. 1.2 A listed entity should: Yes (a) undertake appropriate checks before appointing a person, or putting forward to security holders a candidate for election, as a director; and (b) provide security holders with all material information in its possession relevant to a decision on whether or not to elect or re-elect a director. 1.3 1.4 A listed entity should have a written agreement with each director and senior executive setting out the terms of their appointment. Yes The company secretary of a listed entity should be accountable directly to the board, through the chair, on all matters to do with the proper functioning of the board. Yes 1.5 A listed entity should: No (a) have a diversity policy which includes requirements for the board or a relevant committee of the board to set measurable objectives for achieving gender diversity and to assess annually both the objectives and the entity’s progress in achieving them; (b) disclose that policy or a summary of it; and (c) disclose as at the end of each reporting period the measurable objectives for achieving gender diversity set by the board or a relevant committee of the board in accordance with the entity’s diversity policy and its progress towards achieving them, and either: (i) (ii) the respective proportions of men and women on the board, in senior executive positions and across the whole organisation (including how the entity has defined “senior executive” for these purposes); or if the entity is a “relevant employer” under the Workplace Gender Equality Act, the entity’s most recent “Gender Equality Indicators”, as defined in and published under that Act. 2 4 JUPITER MINES LIMITEDCorporate Governance Statement Principle ASX Recommendation Comply Comments 1.6 A listed entity should: (a) have and disclose a process for periodically evaluating the performance of the board, its committees and individual directors; and (b) disclose, in relation to each reporting period, whether a performance evaluation was undertaken in the reporting period in accordance with that process. 1.7 A listed entity should: (a) have and disclose a process for periodically evaluating the performance of its senior executives; and (b) disclose, in relation to each reporting period, whether a performance evaluation was undertaken in the reporting period in accordance with that process. Principle 2 – Structure the board to add value 2.1 The board of a listed entity should: Yes (a) have a nomination committee which: (i) has at least three members, a majority of whom are independent directors; and (ii) is chaired by an independent director, and disclose: (iii) the charter of the committee; (iv) the members of the committee; and (v) as at the end of each reporting period, the number of times the committee met throughout the period and the individual attendances of the members at those meetings; or (b) if it does not have a nomination committee, disclose that fact and the processes it employs to address board succession issues and to ensure that the board has the appropriate balance of skills, knowledge, experience, independence and diversity to enable it to discharge its duties and responsibilities effectively. 2.2 A listed entity should have and disclose a board skills matrix setting out the mix of skills and diversity that the board currently has or is looking to achieve in its membership. No Yes The Remuneration and Nomination Committee is responsible for the evaluation of the Board’s performance and its individual Directors. Jupiter has also adopted in its Board Charter a commitment to review its own performance at intervals considered appropriate by the Chairman. The same performance review mechanism is also present in the Audit Committee and Remuneration and Nomination Committee Charters. Jupiter will continue to disclose if and when it has conducted any performance evaluations. Yes The Board is responsible for monitoring the performance of senior executive officers. The Board has established policies to ensure that Jupiter remunerates fairly and responsibly. The Company designed its remuneration policy to ensure that the level and composition of remuneration is competitive, reasonable and appropriate to attract and maintain Directors with the requisite skills and experience to guide the Company towards achieving its objectives. Jupiter will continue to disclose if and when it has conducted any performance evaluations. The Board has established a Remuneration and Nomination Committee (RN Committee). The RN Committee Charter discloses the RN Committee’s role and responsibilities. The RN Committee presently consists of Paul Murray, Andrew Bell and Brian Gilbertson. Mr Murray and Mr Bell are the Company’s only Directors who are both independent and non-executive. Mr Murray is the chairman of the RN Committee. Jupiter will continue to disclose at the end of each reporting period the number of times the RN Committee met throughout the relevant period. The RN Committee Charter is available on Jupiter’s website at www. jupitermines.com/about-us/corporate-governance Jupiter does not currently have a skills or diversity matrix in relation to its Board members. The Board considers that such a matrix is not necessary given the current state of operations. The RN Committee is presently responsible for ensuring the Directors have the appropriate mix of competencies to enable the Board to discharge its responsibilities effectively. The Board may adopt such a matrix later as the Company’s operations evolve. 2 5 Corporate Governance StatementANNUAL REPORT 2018 Principle ASX Recommendation Comply Comments 2.3 A listed entity should disclose: Yes (a) the names of the directors considered by the board to be independent directors; (b) if a director has an interest, position, association or relationship of the type described in Box 2.3 but the board is of the opinion that it does not compromise the independence of the director, the nature of the interest, position, association or relationship in question and an explanation of why the board is of that opinion; and (c) the length of service of each director. 2.4 A majority of the board of a listed entity should be independent directors. No The Board considers that Mr Paul Murray and Mr Andrew Bell are independent Directors because they are free from any business or other relationship with the Company that could materially interfere with, or reasonably be perceived to materially interfere with, the independent exercise of their judgement as Directors. The Company appointed Mr Murray as a Director on 20 August 2003 and Mr Bell as a Director on 19 May 2008. A majority of the Board are not independent Directors. Two of the Board’s five Directors, being Mr Paul Murray and Mr Andrew Bell are considered independent. The Company does not consider Mr Brian Gilbertson independent because he is the non-executive chairman of, and a shareholder in, Pallinghurst Resources Limited, the ultimate parent company of Pallinghurst Steel Feed (Dutch) B.V., being a substantial Shareholder of the Company. The Company does not consider Mr Sungwon Yoon independent because he is the managing director of POSCO Australia Pty Ltd, a significant shareholder of Jupiter. The Company does not consider Mr Priyank Thapliyal independent because Jupiter employs him in an executive capacity, as the Company’s Chief Executive Officer. The Company believes that the current structure of the Board is the most appropriate given the size and current operations of the Company. The chair of the board of a listed entity should be an independent director and, in particular, should not be the same person as the CEO of the entity. No The Chairman, Mr Brian Gilbertson, is not an independent Director. The Board believes an independent non-executive Chairman is not necessary as Mr Gilbertson’s experience and industry knowledge makes him the most appropriate person to lead the Board at this time. A listed entity should have a program for inducting new directors and provide appropriate professional development opportunities for directors to develop and maintain the skills and knowledge needed to perform their role as directors effectively. Mr Priyank Thapliyal is the Chief Executive Officer and is not the Chairman. Yes Induction program When a Director is appointed, they receive with their appointment letter a copy of the Company’s constitution, corporate governance policies and charters. The contents of this due diligence pack contain sufficient information to allow the new Director to gain an understanding of the rights, duties, responsibilities and role of the Board, Board committees and the executive team. The Company Secretary arranges for new Directors to undertake an induction program to enable them to gain an understanding of: the Company’s operations and the industry sectors in which it operates; the Company’s financial, strategic, operational and risk management position; their rights, duties and responsibilities; and any other relevant information. As part of this induction program, a new Director will meet with all incumbent Directors (if this has not already taken place). Director development In order to achieve continuing improvement in Board performance, all Directors are encouraged to undergo continual professional development. 2.5 2.6 2 6 JUPITER MINES LIMITEDCorporate Governance Statement Principle ASX Recommendation Comply Comments Principle 3 – Act ethically and responsibly 3.1 A listed entity should have a code of conduct for its directors, senior executives and employees and disclose that code or a summary of it. Yes The Board believes that the success of Jupiter has been, and will continue to be, enhanced by a strong ethical culture within the organisation. Jupiter has a Code of Conduct and Ethics (Code) which sets the standards that all Directors, officers, employees, consultants and contractors and all other people representing the Company are expected to comply with in relation to all commercial operations. The Code also outlines the procedure for reporting any breaches of the Code and the possible disciplinary action the Company may take in respect of any breaches. In addition to their obligations under the Corporations Act 2001 (Cth) (Corporations Act) in relation to inside information, all Directors, employees and consultants have a duty of confidentiality to Jupiter in relation to confidential information they possess. In fulfilling their duties, each Director dealing with corporate governance matters may obtain independent professional advice at Jupiter’s expense after consultation with the Chairman. The Company ensures that all incumbent and new personnel have a copy of the Code. It is also available on Jupiter’s website at www. jupitermines.com/about-us/corporate-governance The Company has established an Audit Committee to assist the Board in its oversight responsibilities in relation to financial management and reporting, external audit and financial risk management of the Company and safeguarding the independence of the external auditor. The Audit Committee Charter sets out the functions, operating mechanisms and responsibilities of the Audit Committee. The Audit Committee presently consists of Paul Murray, Andrew Bell and Sungwon Yoon. Mr Murray and Mr Bell are the Company’s only Directors who are both independent and non-executive. Mr Murray acts as the chairman of the Audit Committee. The Audit Committee Charter also requires that all committee members have a working familiarity with basic accounting and finance practices and that at least one member have financial expertise. A copy of the Audit Committee Charter is available on Jupiter’s website at www.jupitermines.com/about-us/corporate-governance 2 7 Principle 4 – Safeguard integrity in corporate reporting 4.1 The board of a listed entity should: Yes (a) have an audit committee which: (i) has at least three members, all of whom are non-executive directors and a majority of whom are independent directors; and (ii) is chaired by an independent director, who is not the chair of the board, and disclose: (iii) the charter of the committee; (iv) the relevant qualifications and experience of the members of the committee; and (v) in relation to each reporting period, the number of times the committee met throughout the period and the individual attendances of the members at those meetings; or (b) if it does not have an audit committee, disclose that fact and the processes it employs that independently verify and safeguard the integrity of its corporate reporting, including the processes for the appointment and removal of the external auditor and the rotation of the audit engagement partner. Corporate Governance StatementANNUAL REPORT 2018 Principle ASX Recommendation Comply Comments 4.2 4.3 Yes As a matter of practice, Jupiter obtains declarations from its Chief Executive Officer and Chief Financial Officer substantially in the form referred to in Recommendation 4.2 before approving its financial statements. The board of a listed entity should, before it approves the entity’s financial statements for a financial period, receive from its CEO and CFO a declaration that, in their opinion, the financial records of the entity have been properly maintained and that the financial statements comply with the appropriate accounting standards and give a true and fair view of the financial position and performance of the entity and that the opinion has been formed on the basis of a sound system of risk management and internal control which is operating effectively. A listed entity that has an AGM should ensure that its external auditor attends its AGM and is available to answer questions from security holders relevant to the audit. Yes In accordance with the Company’s constitution and the applicable provisions of the Corporations Act, the Company requests its external auditor to attend each annual general meeting and be available to answer shareholder questions about the conduct of the audit and the preparation and content of the auditor’s report. Principle 5 – Make timely and balanced disclosure 5.1 A listed entity should have a written policy for complying with its continuous disclosure obligations under the Listing Rules and disclose that policy or a summary of it. Yes Jupiter has adopted a Continuous Disclosure Policy. Jupiter is a “disclosing entity” pursuant to section 111AR of the Corporations Act and, as such, is required to comply with the continuous disclosure requirements of Chapter 3 of the Listing Rules and section 674 of the Corporations Act. The Company is committed to observing its disclosure obligations under the Corporations Act and its obligations under the Listing Rules. The Company will post all announcements provided to ASX on its website. A copy of the Continuous Disclosure Policy is available on Jupiter’s website at www.jupitermines.com/about-us/corporate-governance Information about Jupiter and its corporate governance, including copies of the Company’s various corporate governance policies and charters, are available on its website at www.jupitermines.com/ about-us Jupiter has adopted a Shareholder Communications Policy to promote effective communication with Shareholders, ensure all relevant information is disseminated to Shareholders effectively and to encourage the participation of Shareholders at Company general meetings. The Company communicates with Shareholders: through releases to the market via the ASX; through Jupiter’s website; through information provided directly to Shareholders; and at general meetings. Principle 6 – Respect the rights of security holders 6.1 6.2 A listed entity should provide information about itself and its governance to investors via its website. Yes A listed entity should design and implement an investor relations program to facilitate effective two-way communication with investors. Yes 2 8 JUPITER MINES LIMITEDCorporate Governance Statement Principle ASX Recommendation Comply Comments 6.3 A listed entity should disclose the policies and processes it has in place to facilitate and encourage participation at meetings of security holders. Yes Jupiter supports Shareholder participation in general meetings and seeks to provide appropriate mechanisms for such participation, including by ensuring that meetings are held at convenient times and places to encourage Shareholder participation. 6.4 A listed entity should give security holders the option to receive communications from, and send communications to, the entity and its security registry electronically. Yes In preparing for general meetings, Jupiter drafts the notice of meeting and related explanatory information so that they provide all of the information that is relevant to Shareholders in making decisions on matters to be voted on by them at the meeting. This information is presented clearly and concisely so that it is easy to understand and not ambiguous. Jupiter uses general meetings as a tool to effectively communicate with Shareholders and allow Shareholders a reasonable opportunity to ask questions of the Board of Directors and to participate in the meeting. Mechanisms for encouraging and facilitating Shareholder participation are reviewed regularly to encourage the highest level of Shareholder participation. Jupiter considers that communicating with Shareholders by electronic means is an efficient way to distribute information in a timely and convenient manner. Jupiter provides new Shareholders with the option to receive communications from Jupiter electronically and encourages them to do so. Existing Shareholders are also encouraged to request communications electronically. Jupiter will provide all Shareholders that have opted to receive communications electronically with notifications when it uploads an announcement or other communication (including an annual reports and notice of meeting) to the ASX announcements platform. Principle 7 – Recognise and manage risk 7.1 The board should: No Jupiter does not have a separate risk management committee. The Board as a whole is broadly responsible for risk management, including the review of any risk management system or series of systems that may be implemented by management on a per-project basis. The Audit Committee is responsible for the management of financial risk. The Board considers that, given the Company’s current scope of operations and the fact that only Mr Thapliyal holds an executive position, efficiencies or other benefits would not be gained by establishing a separate risk management committee at present. As the Company’s operations evolve, the Board will reconsider the appropriateness of forming a separate risk management committee. (a) have a committee or committees to oversee risk, each of which: (i) has at least three members, a majority of whom are independent directors; and (ii) is chaired by an independent director, and disclose: (iii) the charter of the committee; (iv) the members of the committee; and (v) as at the end of each reporting period, the number of times the committee met throughout the period and the individual attendances of the members at those meetings; or (b) if it does not have a risk committee or committees that satisfy (a) above, disclose that fact and the processes it employs for overseeing the entity’s risk management framework. 2 9 Corporate Governance StatementANNUAL REPORT 2018 Principle ASX Recommendation Comply Comments 7.2 The board or a committee of the board should review the entity’s risk management framework at least annually to satisfy itself that it continues to be sound; and disclose, in relation to each reporting period, whether such a review has taken place. Yes 7.3 A listed entity should disclose: Yes (a) if it has an internal audit function, how the function is structured and what role it performs; or (b) if it does not have an internal audit function, that fact and the processes it employs for evaluating and continually improving the effectiveness of its risk management and internal control processes. The Board has responsibility for the monitoring of risk management and reviews the Company’s risk management framework on an annual basis to ensure that the framework continues to be effective. The Company will continue to disclose the outcome of the annual risk management review in its annual reports. Jupiter does not currently have an internal audit function. This function is undertaken by relevant staff under the direction of the Board. The Company has adopted internal control procedures, including the following: the Company has authorisation limits in place for expenditure and payments; a Director or senior manager must not approve a payment to themselves or a related party, other than standard salary/directors fees in accordance with their Board approved remuneration; the Company prepares cash flow forecasts which include materiality thresholds and which are regularly reviewed; and the Company regularly reviews its other financial materiality thresholds. The Board and senior management are charged with evaluating and considering improvements to the Company’s risk management and internal control processes on an ongoing basis. The Board considers that an internal audit function is not currently necessary given the current size and scope of the Company’s operations. As the Company’s operations evolve, the Board will reconsider the appropriateness of adopting an internal audit function. 7.4 A listed entity should disclose whether it has any material exposure to economic, environmental and social sustainability risks and, if it does, how it manages or intends to manage those risks. Yes Jupiter’s primary business is the production and export of manganese via its 49.9% beneficial interest in the Tshipi Project in South Africa. As such, the Company is exposed to the unique risks to which Tshipi é Ntle is exposed. This includes, but is not limited to, the following key risks: fluctuations in the price of manganese ore; fluctuations in third party contractor costs; any reduction in the global demand for steel; risks arising from mining operations being concentrated at one mine; economic, political or social instability in South Africa may effect operations or profits; and a range of other economic, environmental and social sustainability risks faced by all other mining industry companies in an open economy. 3 0 JUPITER MINES LIMITEDCorporate Governance Statement Principle ASX Recommendation Comply Comments Principle 8 – Remunerate fairly and responsibly 8.1 The board of a listed entity should have a remuneration committee which: Yes The Company has established a RN Committee to assist the Board in fulfilling its responsibilities with respect to: (a) has at least three members, a majority of whom are independent directors; (b) is chaired by an independent director, and disclose: remuneration policies for non–executive Directors; remuneration policies for executive Directors; remuneration policies for executive management; (c) the charter of the committee; equity participation; (d) the members of the committee; and human resources policies; and (e) as at the end of each reporting period, the number of times the committee met throughout the period and the individual attendances of the members at those meetings. 8.2 8.3 Yes Yes A listed entity should separately disclose its policies and practices regarding the remuneration of non-executive directors and the remuneration of executive directors and other senior executives. A listed entity which has an equity-based remuneration scheme should have a policy on whether participants are permitted to enter into transactions (whether through the use of derivatives or otherwise) which limit the economic risk of participating in the scheme; and disclose that policy or a summary of it. any other matters referred to the RN Committee by the Board. The RN Committee Charter sets out the functions, operating mechanisms and responsibilities of the committee. The RN Committee presently consists of Paul Murray, Andrew Bell and Brian Gilbertson. Mr Murray and Mr Bell are the Company’s only Directors who are both independent and non-executive. Mr Murray acts as the chairman of the RN Committee. Jupiter will disclose, at the end of each reporting period, the number of times the committee met throughout the relevant period. A copy of the RN Committee Charter is available on Jupiter’s website at www.jupitermines.com/about-us/corporate-governance Jupiter’s policies and practices regarding the remuneration of executive and non-executive Directors and other senior executives will be set out in the remuneration report contained in Jupiter’s annual report for each financial year. Furthermore, Jupiter’s remuneration policies and practices are subject to review by the RN Committee, as set out in the Company’s RN Committee Charter. Jupiter’s Share Trading Policy states the requirements for all Directors, executives, employees, contractors and consultants of the Company dealing in the Company’s Securities. The policy provides that Directors and senior executives must not at any time enter into a transaction (e.g. writing a call option) that operates or is intended to operate to limit the economic risk of holdings of unvested Jupiter securities under any equity-based remuneration schemes offered by the Company. A copy of the Share Trading Policy is available on Jupiter’s website at www.jupitermines.com/about-us/corporate-governance 3 1 Corporate Governance StatementANNUAL REPORT 2018 AUDITOR’S INDEPENDENCE DECLARATION Central Park, Level 43 152-158 St Georges Terrace Perth WA 6000 Correspondence to: PO Box 7757 Cloisters Square Perth WA 6850 T +61 8 9480 2000 F +61 8 9480 2050 E info.wa@au.gt.com W www.grantthornton.com.au Auditor’s Independence Declaration to the Directors of Jupiter Mines Limited In accordance with the requirements of section 307C of the Corporations Act 2001, as lead auditor for the audit of Jupiter Mines Limited for the year ended 28 February 2018, I declare that, to the best of my knowledge and belief, there have been: a no contraventions of the auditor independence requirements of the Corporations Act 2001 in relation to the audit; and b no contraventions of any applicable code of professional conduct in relation to the audit. GRANT THORNTON AUDIT PTY LTD Chartered Accountants M J Hillgrove Partner - Audit & Assurance Perth, 30 May 2018 Grant Thornton Audit Pty Ltd ACN 130 913 594 a subsidiary or related entity of Grant Thornton Australia Ltd ABN 41 127 556 389 ‘Grant Thornton’ refers to the brand under which the Grant Thornton member firms provide assurance, tax and advisory services to their clients and/or refers to one or more member firms, as the context requires. Grant Thornton Australia Ltd is a member firm of Grant Thornton International Ltd (GTIL). GTIL and the member firms are not a worldwide partnership. GTIL and each member firm is a separate legal entity. Services are delivered by the member firms. GTIL does not provide services to clients. GTIL and its member firms are not agents of, and do not obligate one another and are not liable for one another’s acts or omissions. In the Australian context only, the use of the term ‘Grant Thornton’ may refer to Grant Thornton Australia Limited ABN 41 127 556 389 and its Australian subsidiaries and related entities. GTIL is not an Australian related entity to Grant Thornton Australia Limited. Liability limited by a scheme approved under Professional Standards Legislation. 3 2 JUPITER MINES LIMITEDAuditor’s Independence Declaration STATEMENT OF CONSOLIDATED PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME FOR THE YEAR ENDED 28 FEBRUARY 2018 Revenue Cost of sales Gross profit Other income Employee benefits expense Depreciation of property, plant and equipment Amortisation of intangible assets Administrative expenses Other expenses Profit from operations Share of profit from joint venture entities using the equity method Impairment of exploration and evaluation asset Reversal of impairment of investment in joint venture entities Gain on sale of assets held for sale Finance income Finance costs Foreign exchange gain Profit before income tax Income tax expense Consolidated Group Note February 2018 $ February 2017 $ 2 2 2 11 12 15 14 15 8 (413,595) 155,555,500 328,655 (146,298,513) (84,940) 9,256,987 10,287,421 1,438,072 (1,498,751) (529,667) (287) (12,244) (51,795) - (13,774) (52,608) (2,264,161) (1,278,080) 6,375,243 8,820,930 94,040,638 41,474,035 (4,119,418) - - 143,641,903 345,447 282,538 - 1,250,140 (139,845) (473,691) 1,005,202 11,005,386 97,789,805 205,718,703 3 (5,584,142) (5,619,368) Net profit attributable to members of parent entity 92,205,663 200,099,335 Other comprehensive income Items that may subsequently be reclassified to profit or loss: Available for sale financial assets - current year gains Exchange differences on translating foreign operations Other comprehensive income for the period, net of tax Total comprehensive income for the period Profit for the year attributable to: Owners of the parent Total comprehensive attributable to: Owners of the parent Overall Operations Basic profit per share Diluted profit per share 20 20 656,408 268,608 925,016 180,488 - 180,488 93,130,679 200,279,823 92,205,663 200,099,335 925,016 180,488 5 5 0.0434 0.0434 0.0902 0.0902 The Statement of Profit or Loss and Other Comprehensive Income should be read in conjunction with the accompanying notes. Statement of Consolidated Profit or Loss and Other Comprehensive Income 3 3 ANNUAL REPORT 2018 STATEMENT OF CONSOLIDATED FINANCIAL POSITION AS AT 28 FEBRUARY 2018 Consolidated Group Note February 2018 $ February 2017 $ ASSETS Current Assets Cash and cash equivalents Trade and other receivables Assets held for sale Other current assets Total Current Assets Non-Current Assets Available for sale financial assets Property, plant and equipment Intangible assets Investments accounted for using the equity method Exploration and evaluation assets 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/(losses) TOTAL EQUITY 6 7 8 13 9 11 12 15 14 3 16 17 3 19 20 76,544,487 45,863,083 - 70,381 122,477,951 1,043,702 6,366 1,985 385,267,255 8,700,000 302,484 395,321,792 517,799,743 49,007,737 52,447 49,060,184 2,581,865 2,581,565 51,642,049 466,157,694 433,003,602 1,105,503 32,048,589 466,157,694 84,709,260 9,956,038 2,726,219 26,708,028 124,099,545 387,294 327,015 7,329 345,556,557 11,632,006 488,030 358,398,231 482,497,776 3,517,007 18,972 3,535,979 3,537,977 3,537,977 7,073,956 475,423,820 526,639,293 180,488 (51,395,961) 475,423,820 The above Statement of Financial Position should be read in conjunction with the accompanying notes. 3 4 Statement of Consolidated Financial Position JUPITER MINES LIMITED STATEMENT OF CONSOLIDATED CHANGES IN EQUITY FOR THE YEAR ENDED 28 FEBRUARY 2018 Note Ordinary Issued Capital $ Foreign Currency Translation Reserve $ Financial Assets Reserve $ Accumulated (Losses)/ Profits $ Total $ Balance at 1 March 2016 526,639,293 Profit attributable to members of parent entity Total other comprehensive income for the year Total comprehensive income/(loss) for the year Dividends paid or provided for - - - - Balance as at 28 February 2017 526,639,293 Profit attributable to members of parent entity Total other comprehensive income for the year Total comprehensive income for the year - - - - - - - - - - - - (251,495,298) 275,143,995 200,099,335 200,099,335 180,488 - 180,488 180,488 (51,395,961) 475,423,820 - - - 180,488 (51,395,961) 475,423,820 - 92,205,663 92,205,663 268,608 656,408 - 925,016 268,608 656,408 92,205,663 93,130,679 Shares bought back 19 (93,635,691) - - (8,761,112) (102,396,803) Balance as at 28 February 2018 433,003,602 268,608 836,896 32,048,589 466,157,694 The Statement of Changes in Equity should be read in conjunction with the accompanying notes. Statement of Consolidated Changes in Equity 3 5 ANNUAL REPORT 2018 STATEMENT OF CONSOLIDATED CASH FLOWS FOR THE YEAR ENDED 28 FEBRUARY 2018 Consolidated Group Note February 2018 $ February 2017 $ CASH FLOWS FROM OPERATING ACTIVITIES Payments to suppliers and employees Other income Net cash from/(used in) operating activities CASH FLOWS FROM INVESTING ACTIVITIES Purchase of intangible assets Purchase of property, plant and equipment Sale of motor vehicles Payments for exploration and evaluation of mining reserves Sale of assets held for sale Dividend received from investments Interest received Net cash from/(used in) investing activities CASH FLOWS FROM FINANCING ACTIVITIES Share buy-backs Proceeds from loan repayments Net cash from/(used) in financing activities Net increase/(decrease) in cash and cash equivalents held Cash and cash equivalents at beginning of financial period Effect of exchange rates on cash holdings in foreign currencies Cash and cash equivalents at the end of the financial period 24 12 11 8 15 19 (1,500,317) 11,901,390 10,401,073 (6,900) (1,500) - (874,927) 3,071,641 27,744,378 306,254 30,238,946 (102,396,803) 52,452,358 (49,944,445) (9,304,452) 84,709,260 1,139,679 76,544,487 (1,280,756) 294,287 (266,776) (11,606) - 39,545 (873,670) - - 719,693 (845,731) - 48,452,249 48,452,249 47,339,742 37,369,518 - 84,709,260 The Statement of Cash Flows should be read in conjunction with the accompanying notes. 3 6 Statement of Consolidated Cash Flows JUPITER MINES LIMITED NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 28 FEBRUARY 2018 Business Combinations NOTE 1: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES These consolidated financial statements and notes represent those of Jupiter Mines Limited (“Jupiter”) and its Controlled Entities (the “Consolidated Group” or “Group”). The separate financial statements of the parent entity, Jupiter Mines Limited, have not been presented within this financial report as permitted by the Corporations Act 2001. The financial statements were authorised and issued by the Board of Directors on 29 May 2018. Basis of Preparation These general purpose financial statements have been prepared in accordance with Australian Accounting Standards, Australian Accounting Interpretations, other authoritative pronouncements of the Australian Accounting Standards Board (AASB) and the Corporations Act 2001. Australian Accounting Standards set out accounting policies that the AASB has concluded would result in a financial report containing relevant and reliable information about transactions, events and conditions. Compliance with Australian Accounting Standards ensures that the financial statements and notes also comply with International Financial Reporting Standards. Material accounting policies adopted in the preparation of this financial report are presented below and have been consistently applied unless otherwise stated. The financial report has been prepared on an accruals basis and is based on historical costs, modified, where applicable, by the measurement at fair value of selected non-current assets, financial assets and financial liabilities. All amounts in the financial report have been rounded to the nearest dollar. Tables may not cast in all instances due to rounding. Jupiter Mines Limited is a for-profit entity for the purpose of preparing the financial statements. (a) Principles of Consolidation The Group financial statements consolidate those of the Parent Company and all of its subsidiaries as of 28 February 2018. The parent controls a subsidiary if it is exposed, or has rights, to variable returns from its involvement with the subsidiary and has the ability to affect those returns through its power over the subsidiary. All subsidiaries have a reporting date of 28 February. A list of controlled entities is contained in Note 10 to the financial statements. In preparing the consolidated financial statements, all inter-Group balances and transactions between entities in the Consolidated Group have been eliminated on consolidation. Accounting policies of subsidiaries have been changed where necessary to ensure consistency with those adopted by the parent entity. The Group applies the acquisition method in accounting for business combinations. The consideration transferred by the Group to obtain control of a subsidiary is calculated as the sum of the acquisition-date fair values of assets transferred, liabilities incurred and the equity interests issued by the Group, which includes the fair value of any asset or liability arising from a contingent consideration arrangement. Acquisition costs are expensed as incurred. The Group recognises identifiable assets acquired and liabilities assumed in a business combination regardless of whether they have been previously recognised in the acquiree’s financial statements prior to the acquisition. Assets acquired and liabilities assumed are generally measured at their acquisition-date fair values. Goodwill is stated after separate recognition of identifiable intangible assets. It is calculated as the excess of the sum of: (a) fair value of consideration transferred, (b) the recognised amount of any non-controlling interest in the acquire, and (c) acquisition- date fair value of any existing equity interest in the acquiree, over the acquisition-date fair values of identifiable net assets. If the fair values of identifiable net assets exceed the sum calculated above, the excess amount (i.e. gain on a bargain purchase) is recognised in profit or loss immediately. (b) Interests in Joint Ventures The Group acquired an interest in Tshipi é Ntle Manganese Mining Proprietary Limited (“Tshipi”), a joint venture entity, in October 2010. The Group’s accounting policy for joint ventures was considered by the Directors as part of the deliberation on the Tshipi acquisition, and had not been formally considered or articulated previously. Associates are those entities over which the Group is able to exert significant influence but which are not subsidiaries. A joint venture is an arrangement that the Group controls jointly with one or more other investors, and over which the Group has rights to a share of the arrangement’s net assets rather than direct rights to underlying assets and obligations for underlying liabilities. Investments in associates and joint ventures are accounted for using the equity method. Any goodwill or fair value adjustment attributable to the Group’s share in the associate or joint venture is not recognised separately and is included in the amount recognised as investment. The carrying amount of the investment in associates and joint ventures is increased or decreased to recognise the Group’s share of the profit or loss and other comprehensive income of the associate and joint venture, adjusted where necessary to ensure consistency with the accounting policies of the Group. Unrealised gains and losses on transactions between the Group and its associates and joint ventures are eliminated to the extent of the Group’s interest in those entities. Where unrealised losses are eliminated, the underlying asset is also tested for impairment. 3 7 Notes to the Consolidated Financial StatementsANNUAL REPORT 2018 NOTE 1: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED) (c) Income Tax The income tax expense (revenue) for the year comprises current income tax expense (income) and deferred tax expense (income). Current income tax expense charged to profit or loss is the tax payable on taxable income. Current tax liabilities (assets) are measured at the amounts expected to be paid to (recovered from) the relevant taxation authority. Deferred income tax expense reflects movements in deferred tax asset and deferred tax liability balances during the year as well unused tax losses. Current and deferred income tax expense (income) is charged or credited outside profit or loss when the tax relates to items that are recognised outside profit or loss. Except for business combinations, no deferred income tax is recognised from the initial recognition of an asset or liability, where there is no effect on accounting or taxable profit or loss. Deferred tax assets and liabilities are calculated at the tax rates that are expected to apply to the year when the asset is realised or the liability is settled and their measurement also reflects the manner in which management expects to recover or settle the carrying amount of the related asset or liability. Deferred tax assets relating to temporary differences and unused tax losses are recognised only to the extent that it is probable that future taxable profit will be available against which the benefits of the deferred tax asset can be utilised. Where temporary differences exist in relation to investments in subsidiaries, branches, associates, and joint ventures, deferred tax assets and liabilities are not recognised where the timing of the reversal of the temporary difference can be controlled and it is not probable that the reversal will occur in the foreseeable future. Current tax assets and liabilities are offset where a legally enforceable right of set-off exists and it is intended that net settlement or simultaneous realisation and settlement of the respective asset and liability will occur. Deferred tax assets and liabilities are offset where: (a) a legally enforceable right of set-off exists; and (b) the deferred tax assets and liabilities relate to income taxes levied by the same taxation authority on either the same taxable entity or different taxable entities where it is intended that net settlement or simultaneous realisation and settlement of the respective asset and liability will occur in future years in which significant amounts of deferred tax assets or liabilities are expected to be recovered or settled. (d) Property, Plant and Equipment Each class of property, plant and equipment is carried at cost as indicated less, where applicable, any accumulated depreciation and impairment losses. Plant and equipment Plant and equipment are measured on the cost basis. The carrying amount of plant and equipment is reviewed annually by directors to ensure it is not in excess of the recoverable amount from these assets. The recoverable amount is assessed on the basis of the expected net cash flows that will be received from the asset’s employment and subsequent disposal. The expected net cash flows have been discounted to their present values in determining recoverable amounts. 3 8 The cost of fixed assets constructed within the Consolidated Group includes the cost of materials, direct labour, borrowing costs and an appropriate proportion of fixed and variable overheads. Subsequent costs are included in the asset’s carrying amount or recognised as a separate asset, as appropriate, only when it is probable that future economic benefits associated with the item will flow to the Group and the cost of the item can be measured reliably. All other repairs and maintenance are charged to the Statement of Profit or Loss and Other Comprehensive Income during the financial year in which they are incurred. Depreciation The depreciable amount of all fixed assets is depreciated on a straight-line basis over their useful lives to the Consolidated Group commencing from the time the asset is held ready for use. The depreciation rates used for each class of depreciable assets are: Class of Fixed Asset Depreciation Rate Office equipment Furniture & fittings Motor vehicles Leasehold improvements Buildings 33.33% 33.33% 12.50% 20.00% 10.00% The assets’ residual values and useful lives are reviewed, and adjusted if appropriate, at each reporting date. An asset’s carrying amount is written down immediately to its recoverable amount if the asset’s carrying amount is greater than its estimated recoverable amount. Gains and losses on disposals are determined by comparing proceeds with the carrying amount. These gains and losses are included in the Statement of Profit or Loss and Other Comprehensive Income. (e) Exploration and Evaluation Expenditure The application of the Group’s accounting policy for exploration and evaluation expenditure requires judgment in determining whether it is likely that future economic benefits are likely either from future exploitation or sale or where activities have not reached a stage which permits a reasonable assessment of the existence of reserves. The determination of a Joint Ore Reserves Committee (JORC) resource is itself an estimation process that requires varying degrees of uncertainty depending on sub-classification and these estimates directly impact the point of deferral of exploration and evaluation expenditure. The deferral policy requires management to make certain estimates and assumptions about future events or circumstances, in particular whether an economically viable extraction operation can be established. Estimates and assumptions made may change if new information becomes available. If, after expenditure is capitalised, information becomes available suggesting that the recovery of expenditure is unlikely, the amount capitalised is written off in the Statement of Profit or Loss and Other Comprehensive Income in the year when the new information becomes available. JUPITER MINES LIMITEDNotes to the Consolidated Financial Statements NOTE 1: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED) (f) Leases Leases of fixed assets where substantially all the risks and benefits incidental to the ownership of the asset, but not the legal ownership that is transferred to entities in the Consolidated Group, are classified as finance leases. Finance leases are capitalised by recognising an asset and a liability at the lower of the amounts equal to the fair value of the leased property or the present value of the minimum lease payments, including any guaranteed residual values. Lease payments are allocated between the reduction of the lease liability and the lease interest expense for the year. The Group does not designate any interests in subsidiaries, associates or joint venture entities as being subject to the requirements of Accounting Standards specifically applicable to financial instrument (i) Loans and receivables Loans and receivables are non-derivative financial assets with fixed or determinable payments that are not quoted in an active market and are subsequently measured at amortised cost. Loans and receivables are included in current assets, where they are expected to mature within 12 months after the end of the reporting period. Leased assets are depreciated on a straight-line basis over the shorter of their estimated useful lives or the lease term. (ii) Held-to-maturity investments Lease payments for operating leases, where substantially all the risks and benefits remain with the lessor, are recognised as expenses in the years in which they are incurred. Lease incentives under operating leases are recognised as a liability and amortised on a straight-line basis over the lease term. (g) Financial Assets Recognition and initial measurement Financial assets and financial liabilities are recognised when the entity becomes a party to the contractual provisions to the instrument. For financial assets, this is equivalent to the date that the company commits itself to either the purchase or sale of the asset (i.e. trade date accounting is adopted). Financial instruments are initially measured at fair value plus transaction costs, except where the instrument is classified “at fair value through profit or loss”, in which case transaction costs are expensed to profit or loss immediately. Classification and subsequent measurement Finance instruments are subsequently measured at fair value, amortised cost using the effective interest rate method, or cost. Amortised cost is the amount at which the financial asset or financial liability is measured at initial recognition less principal repayments and any reduction for impairment, and adjusted for any cumulative amortisation of the difference between that initial amount and the maturity amount calculated using the effective interest method. Fair value is determined based on current bid prices for all quoted investments. Valuation techniques are applied to determine the fair value for all unlisted securities, including recent arm’s length transactions, reference to similar instruments and option pricing models. The effective interest method is used to allocate interest income or interest expense over the relevant period and is equivalent to the rate that discounts estimated future cash payments or receipts (including fees, transaction costs and other premiums or discounts) through the expected life (or when this cannot be reliably predicted, the contractual term) of the financial instrument to the net carrying amount of the financial asset or financial liability. Revisions to expected future net cash flows will necessitate an adjustment to the carrying value with a consequential recognition of an income or expense item in profit or loss. Held-to-maturity investments are non-derivative financial assets that have fixed maturities and fixed or determinable payments, and it is the Group’s intention to hold these investments to maturity. They are subsequently measured at amortised cost. Held-to-maturity investments are included in non-current assets where they are expected to mature within 12 months after the end of the reporting period. All other investments are classified as current assets. (iii) Available-for-sale financial assets Available-for-sale financial assets are non-derivative financial assets that are either not suitable to be classified into other categories of financial assets due to their nature, or they are designated as such by management. They comprise investments in the equity of other entities where there is neither a fixed maturity nor fixed or determinable payments. They are subsequently measured at fair value with changes in such fair value (i.e. gains or losses) recognised in other comprehensive income (except for impairment losses and foreign exchange gains and losses). When the financial asset is derecognised, the cumulative gain or loss pertaining to that asset previously recognised in other comprehensive income is reclassified into profit or loss. Available-for-sale financial assets are included in current assets where they are expected to be sold within 12 months after the end of the reporting period. All other financial assets are classified as non-current assets. (iv) Financial liabilities Non-derivative financial liabilities (excluding financial guarantees) are subsequently measured at amortised cost. Impairment of Financial Assets At the end of each reporting period, the Group assess whether there is objective evidence that a financial asset has been impaired. A financial asset or a group of financial assets is deemed to be impaired if, and only if, there is objective evidence of impairment as a result of one or more events (a “loss event”) having occurred, which has an impact on the estimated future cash flows of the financial asset(s). In the case of available-for-sale financial assets, a significant or prolonged decline in the market value of the instrument is considered to constitute a loss event. Impairment losses are recognised in profit or loss immediately. Also, any cumulative decline in fair value previously recognised in other comprehensive income is reclassified to profit or loss at this point. 3 9 Notes to the Consolidated Financial StatementsANNUAL REPORT 2018 NOTE 1: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED) In the case of financial assets carried at amortised cost, loss events may include: indications that the debtors or a group of debtors are experiencing significant financial difficulty, default or delinquency in interest or principal payments; indications that they will enter bankruptcy or other financial reorganisation; and changes in arrears or economic conditions that correlate with defaults. (l) Trade and Other Receivables Trade receivables, which generally have 30 day terms, are recognised initially at fair value and subsequently measured at amortised cost using the effective interest method, less an allowance for impairment. For financial assets carried at amortised cost (including loans and receivables), a separate allowance account is used to reduce the carrying amount of financial assets impaired by credit losses. After having taken all possible measures of recovery, if management establishes that the carrying amount cannot be recovered by any means, at that point the written-off amounts are charged to the allowance account or the carrying amount of impaired financial assets is reduced directly if no impairment amount was previously recognised in the allowance account. When the terms of the financial assets that would otherwise have been past due or impaired have been renegotiated, the group recognises the impairment for such financial assets by taking into account the original terms as if the terms have not been renegotiated so that the loss events have occurred are duly considered. (h) Impairment of Non-Financial Assets At each reporting date, the Group reviews the carrying values of its tangible and intangible assets to determine whether there is any indication that those assets have been impaired. If such an indication exists, the recoverable amount of the asset, being the higher of the asset’s fair value less costs to sell and value in use, is compared to the asset’s carrying value. Any excess of the asset’s carrying value over its recoverable amount is expensed to the Statement of Profit or Loss and Other Comprehensive Income. Where it is not possible to estimate the recoverable amount of an individual asset, the Group estimates the recoverable amount of the cash-generating unit to which the asset belongs. Impairment testing is performed annually for goodwill and intangible assets with indefinite lives. (i) Employee Benefits Provision is made for the Company’s liability for employee benefits arising from services rendered by employees to reporting date. Employee benefits that are expected to be settled wholly within one year have been measured at the amounts expected to be paid when the liability is settled. Employee benefits payable later than one year have been measured at the present value of the estimated future cash outflows to be made for those benefits. Those cash flows are discounted using market yields on high quality corporate bonds with terms to maturity that match the expected timing of cash flows. (j) Provisions Provisions are recognised when the Group has a legal or constructive obligation, as a result of past events, for which it is probable that an outflow of economic benefits will result and that outflow can be reliably measured. (k) Cash and Cash Equivalents Collectability of trade receivables is reviewed on an ongoing basis at an operating unit level. Individual debts that are known to be uncollectible are written off when identified. An impairment provision is recognised when there is objective evidence that the Group will not be able to collect the receivable. (m) Revenue and Other Income Revenue from the sale of goods is recognised when significant risks and rewards of the saleable product have transferred to the customer. Risks and rewards are considered passed to the customer upon delivery to the customer’s control. This generally occurs when the product is physically transferred onto a vessel. Revenue from inventory sales is measured at fair value of consideration received/receivable. Revenue is stated after deducting sales taxes, duties and levies. The price is determined on a provisional basis at the date of sale (cost insurance and freight). Adjustments to the sale price may occur based on variances in the metal or moisture content of the ore up to the date of final pricing. The period between provisional invoicing and final pricing is typically between 2 and 3 months. Accordingly, the fair value of the original revenue and associated receivable is adjusted each reporting period by reference to the best estimate of the actual metal and moisture content. The changes in fair value are recorded as an adjustment to revenue. Interest revenue is recognised using the effective interest rate method, which, for floating rate financial assets, is the rate inherent in the instrument. All revenue is stated net of the amount of goods and services tax (GST). (n) Borrowing Costs Borrowing costs directly attributable to the acquisition, construction or production of assets that necessarily take a substantial period of time to prepare for their intended use or sale, are added to the cost of those assets, until such time as the assets are substantially ready for their intended use or sale. All other borrowing costs are recognised in the Statement of Profit or Loss and Other Comprehensive Income in the period in which they are incurred. (o) Goods and Services Tax (GST) Revenues, expenses and assets are recognised net of the amount of GST, except where the amount of GST incurred is not recoverable from the Australian Taxation Office (ATO). Receivables and payables are stated inclusive of the amount of GST receivable or payable. The net amount of GST recoverable from, or payable to, the ATO is included with other receivables or payables in the statement of financial position. Cash and cash equivalents include cash on hand, deposits held at call with banks, other short-term highly liquid investments with original maturities of three months or less, less credit card facilities used. Bank overdrafts are shown as short-term borrowings in liabilities. Cash flows are presented on a gross basis. The GST components of cash flows arising from investing or financing activities which are recoverable from, or payable to, the ATO are presented as operating cash flows included in receipts from customers or payments to suppliers. 4 0 JUPITER MINES LIMITEDNotes to the Consolidated Financial Statements NOTE 1: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED) (p) Trade and Other Payables (s) Share based payments Under AASB 2 share based payments, the Company is required to determine the fair value of options issued to employees as remuneration and recognise as an expense in the Statement of Profit or Loss and Other Comprehensive Income. This standard is not limited to options and also extends to other forms of equity- based remuneration. (t) Foreign Currency Translation (i) Functional and presentation currency The functional and presentation currency of Jupiter and its subsidiaries is Australian dollars ($). The presentation and functional currency for the interest in Tshipi and South African marketing branch is the South African Rand. The results are translated into Australian dollars for disclosure in Jupiter’s consolidated accounts. Non-monetary items that are measured in terms of historical cost in a foreign currency are translated using the exchange rate as at the initial transaction. Non-monetary items measured at fair value in a foreign currency are translated using the exchange rates at the date when the fair value was determined. (ii) Translation of interest in Joint Venture functional currency to presentation currency The results of the South African Joint Venture interest are translated into Australian dollars using an average rate over the period of the transactions. Assets and liabilities are translated at exchange rates prevailing at reporting dates. Trade and other payables are carried at cost and due to their short term nature they are not discounted. They represent liabilities for goods and services provided to the Group prior to the end of the financial period that are unpaid and arise when Jupiter becomes obliged to make future payments in respect of the purchase of these goods and services. The amounts are unsecured and are usually paid within 30 days of recognition. (q) Comparative Figures When required by Accounting Standards, comparative figures have been adjusted to conform to changes in presentation for the current financial period. (r) Critical Accounting Estimates and Judgements The Directors evaluate estimates and judgements incorporated into the financial report based on historical knowledge and best available current information. Estimates assume a reasonable expectation of future events and are based on current trends and economic data, obtained both externally and within the Group. Key estimates – Impairment of non-financial assets The Group assesses impairment at each reporting date by evaluating conditions specific to the Group that may lead to impairment of assets. Where an impairment trigger exists, the recoverable amount of the asset is determined. Key estimates – Options The fair value of services received in return for options granted are measured by reference to the fair value of options granted. The estimate of the fair value of the services received is measured based on the Black Scholes option-pricing model. The contractual life of the options is used as an input into the model. Expectations of early exercise are incorporated into the model as well. The expected volatility is based on the historic volatility of peer Group entities (calculated on the weighted average remaining life of the share options), adjusted for any expected changes to volatility due to publicly available information. Key judgements – Exploration and evaluation expenditure The Group’s accounting policy for exploration and evaluation expenditure results in certain items of expenditure being capitalised for an area of interest where it is considered likely to be recoverable by future exploitation or sale or where the activities have not reached a stage which permits a reasonable assessment of the existence of reserves. This policy requires management to make certain estimates and assumptions as to future events and circumstances, in particular whether an economically viable extraction operation can be established. Any such estimates and assumptions may change as new information becomes available. If, after having capitalised the expenditure under the policy, a judgement is made that recovery of the expenditure is unlikely, the relevant capitalised amount will be written off to the Statement of Profit or Loss and Other Comprehensive Income. 4 1 Notes to the Consolidated Financial StatementsANNUAL REPORT 2018 NOTE 1: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED) Consolidated Group February 2018 February 2017 $ $ 8 2 i g n d n e d o i r e p g n i t r o p e r l a u n n a e h t r o f p u o r G e h t y b d e t p o d a n e e b t o n e v a h d n a e v i t c e ff e t e y t o n e r a t u b d e d n e m a r o d e u s s i n e e b y l t n e c e r e v a h t a h t s n o i t a t e r p r e t n I d n a s d r a d n a t S g n i t n u o c c A n a i l a r t s u A e v i t c e f f e t e y t o n t u b d e u s s i s n o i t a t e r p r e t n I d n a s d r a d n a t s g n i t n u o c c A ) u ( 4 2 : l w o e b e b a t l e h t n i d e n i l t u o e r a 8 1 0 2 y r a u r b e F o t d e t c e p x e t o n s i d r a d n a t S e h t , t n e m s s e s s a i y r a n m e r p i l l s e c n a a b d n a s n o i t c a s n a r t e h t n o t c a p m i l a i r e t a m a e v a h t s r fi s i t i n e h w s t n e m e t a t s l i a c n a n fi e h t n i i d e s n g o c e r . 9 1 0 2 y r a u r b e F 8 2 i g n d n e r a e y e h t r o f d e t p o d a . 9 3 1 B S A A f o s t n e m e r i u q e r e h t h t i w d e r a p m o c s t e s s a l i a c n a n fi f o t n e m e r u s a e m : e r a s e g n a h c i n a m e h T d n a n o i t a c fi s s a c l i r o f h c a o r p p a e h t y f i l i p m s d n a e v o r p m i s t n e m e r i u q e r e s e h T t n e m e r u s a e M . g n i t n u o c c a e g d e h o t h c a o r p p a d e g n a h c - y l l a i t n a t s b u s a d n a l e d o m t n e m r i a p m i d n a n o i t i n g o c e R ) 4 1 0 2 r e b m e c e D ( s ’ y t i t n e e h t n o d e s a b , r e v e w o H . 9 B S A A f o t c a p m i e h t ’ s s o l d e t c e p x e ‘ i g n k o o l - d r a w r o f a s e d u c n l i d n a s e i t i l i b a i l d n a s t e s s a l i a c n a n fi f o : s t n e m u r t s n I s t n e m u r t s n I d n a ; s t e s s a l i a c n a n fi e h t i g n g a n a m r o f l i e d o m s s e n s u b s ’ y t i t n e e h t f o e v i t c e b o j . s w o fl h s a c l a u t c a r t n o c e h t f o s c i t s i r e t c a r a h c e h t ) i i ( i g n d a r t r o f l d e h t o n e r a t a h t s t n e m u r t s n i y t i u q e n i s t n e m t s e v n i n o s e s s o l d n a i s n a g t n e s e r p o t n o i t i n g o c e r l a i t i n i n o n o i t c e e l l e b a c o v e r r i n a s w o l l A ) b ( s d n e d v D i i . ) s s o l r o t fi o r p n i f o d a e t s n i ( e m o c n i i e v s n e h e r p m o c r e h t o e b n a c t n e m t s e v n i n o n r u t e r a e r a t a h t s t n e m t s e v n i e s e h t f o t c e p s e r n i n i n o g n i l c y c e r r o t n e m r i a p m i o n s i e r e h t d n a s s o l r o t fi o r p n i i d e s n g o c e r . t n e m u r t s n i e h t f o l a s o p s d i t n e m e r u s a e m ’ e m o c n i i e v s n e h e r p m o c r e h t o h g u o r h t e u a v l r i a f ‘ a s e c u d o r t n I ) c ( . s t n e m u r t s n i t b e d e p m s i l l r a u c i t r a p r o f y r o g e t a c e h t ) i ( : n o d e s a b d e fi s s a c l i e b l l i w s t n e m u r t s n i t b e d e r a t a h t s t e s s a l i a c n a n F i ) a ( g n i r u s a e m m o r f e s i r a d u o w l t a h t y c n e t s s n o c n i i n o i t i n g o c e r r o t n e m e r u s a e m a s e c u d e r y l t n a c fi n g s i i r o s e t a n m e i l i o s i g n o d f i n o i t i n g o c e r l a i t i n i t a s s o l r o t n e r e ff d n o i , m e h t n o s e s s o l d n a i s n a g e h t i i g n s n g o c e r r o , s e i t i l i b a i l r o s t e s s a . s e s a b t fi o r p h g u o r h t e u a v l r i a f t a d e r u s a e m d n a d e t a n g s e d e b n a c i s t e s s a l i a c n a n F i ) d ( f o t n e m s s e s s a d e l i a t e d a e k a t r e d n u o t t e y s i y t i t n e e h T 8 1 0 2 y r a u n a J 1 t n e m e r u s a e m d n a n o i t a c fi s s a c l i e h t r o f s t n e m e r i u q e r w e n s e c u d o r t n i 9 B S A A l i i a c n a n F 9 3 1 B S A A l i i a c n a n F 9 B S A A n o i t a c i l p p a l a i t i n i n o t c a p m i l y e k L i g n i t r o p e r l a u n n a ( i g n d n e s d o i r e p ) … r e t f a r o n o e t a d e v i t c e ff E e g n a h c f o e r u t a N t n e m e c n u o n o r p t n e m e c n u o n o r p d e d e s r e p u S i d e s v e r / w e N JUPITER MINES LIMITEDNotes to the Consolidated Financial Statements NOTE 1: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED) n o i t a c i l p p a l a i t i n i n o t c a p m i l y e k L i g n i t r o p e r l a u n n a ( i g n d n e s d o i r e p ) . … r e t f a r o n o e t a d e v i t c e ff E e g n a h c f o e r u t a N t n e m e c n u o n o r p t n e m e c n u o n o r p d e d e s r e p u S i d e s v e r / w e N r i a f n i e g n a h c e h t s e i t i l i b a i l l i a c n a n fi r o f d e s u s i n o i t p o e u a v l r i a f e h t e r e h W ) e ( ) e v o b a s a ( l i i a c n a n F 9 B S A A . s s o l r o t fi o r p n i d e t n e s e r p o s a l e r a k s i r t i d e r c n i s e g n a h c e h t f o t c e ff e e h t , s s o l r o t fi o r p e h t n i i h c t a m s m g n i t n u o c c a n a s e g r a n e l r o s e t a e r c h c a o r p p a i s h t f I d r a w r o f d e i r r a c n e e b y l l a r e n e g e v a h s t n e m e r i u q e r i g n w o l l o f e h t i , e s w r e h t O : 9 B S A A o t n i 9 3 1 B S A A m o r f d e g n a h c n u s s o l r o t fi o r p n i d e t n e s e r p s i e g n a h c i i g n n a m e r e h t r e h t O n i d e t n e s e r p e r a k s i r t i d e r c n i s e g n a h c o t l e b a t u b i r t t a e g n a h c e h t ) ’ I C O ‘ ( e m o c n I i e v s n e h e r p m o C : s w o l l o f s a r o f d e t n u o c c a e b o t s i e u a v l ) 4 1 0 2 r e b m e c e D ( s t n e m u r t s n I d e u n i t n o c . s e i t i l i b a i l d n a s t e s s a l i a c n a n fi r o f s t n e m e r i u q e r n o i t i n g o c e r e d d n a ; s e i t i l i b a i l l i a c n a n fi f o t n e m e r u s a e m d n a n o i t a c fi s s a c l i d n a d r a d n a t s e u n e v e r w e n e h t d e s y a n a l s a h y n a p m o C e h T 8 1 0 2 y r a u n a J 1 : 5 1 B S A A e u n e v e R 8 1 1 B S A A e u n e v e R 5 1 B S A A l a i t n a t s b u s a t n e s e r p e r g n i t n u o c c a e g d e h i g n d r a g e r s t n e m e r i u q e r 9 B S A A k s i r r i e h t t c e fl e r r e t t e b o t s e i t i t n e l e b a n e t a h t g n i t n u o c c a e g d e h f o l u a h r e v o . s t n e m e t a t s l i a c n a n fi e h t n i s e i t i v i t c a t n e m e g a n a m d e t c e p x e n o d e s a b l e d o m t n e m r i a p m i w e n a s e c u d o r t n i 9 B S A A , e r o m r e h t r u F d n a n o i t a m r o n f i i g n k o o l - d r a w r o f e r o m f o e s u s e k a m l e d o m s h T i . s e s s o l t i d e r c . g n i t n u o c c a t n e m r i a p m i o t j t c e b u s e r a t a h t s t n e m u r t s n i l i a c n a n fi l l a o t s e i l p p a n o i t c u d o r p e h t r o f l i e b s n o p s e r y l i r a m i r p s i i i p h s T r e v e w o h h t u o S e h t h g u o h t n e v e f e r o e r e h t d n a l e s s e v a d r a o b n o e r o e h t i g n d a o l d n a t r o p e h t o t e r o e h t g n i t t e g , e r o f o e b o t h c n a r B e h t i r e d s n o c t o n o d e w , e m a n n w o r i e h t n i , s t c a r t n o c s e a s l e s e h t o t n i s r e t n e h c n a r B n a c i r f A e h t f I . t c a r t n o c e h t g n i l l l fi u f r o f l i e b s n o p s e r y l i r a m i r p e r o e s e n a g n a m f o e a s l e h t r o f s r e m o t s u c l a n r e t x e h t i w s t c a r t n o c l s e a s o t n i s r e t n e h c n a r B n a c i r f A h t u o S e h T n o d e s o p m i e r a s e i t l a n e p d n a d e l l l fi u f t o n s a w t c a r t n o c r e v o d e s n g o c e r i e b o t s i e u n e v e r r e h t e h w g n d c e d r o i i f i s s a b e h t s e g n a h c l e p i t l u m . g . e ( i s c p o t i c fi c e p s n o e c n a d u g d e i l i a t e d e r o m d n a w e n i s e d v o r p e m i t n i i t n o p a t a r o e m i t d n a s e i t n a r r a w , n r u t e r f o s t h g i r i , g n c i r p e b a i r a v l , s t n e m e g n a r r a t n e m e e l ) i g n s n e c i l l e d o m n o i t i n g o c e r e u n e v e r w e n a s e h s i l b a t s e : s n o i t a t e r p r e t n I l d e t a e r - e u n e v e r . d r a d n a t s e h t n i d e d u c n l i e c n a d u g i e h t y l l i a c fi c e p s e r o m e m o s d n a s t c a r t n o C n o i t c u r t s n o C 1 1 1 B S A A , e u n e v e R 8 1 1 B S A A s e c a p e r l s e m m a r g o r P y t l a y o L r e m o t s u C 3 1 . t n I s t n e m e e r g A 5 1 . t n I n o i t c u r t s n o C e h t r o f e t a t s E l a e R f o n o i t c u r t s n o C 1 1 1 B S A A s t c a r t n o C h t i w s t c a r t n o C m o r f s r e m o t s u C e h t n e h t s r e m o t s u c e h t y b h c n a r B n a c i r f A h t u o S e h t . i i p h s T n o s e i t l a n e p e s e h t e s o p m i l d u o w h c n a r B . e u n e v e r t u o b a l i s e r u s o c s d s e v o r p m i d n a s d n a p x e 4 3 Notes to the Consolidated Financial StatementsANNUAL REPORT 2018 NOTE 1: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED) k s i r y r o t n e v n i d e t i m i l f e r o e r e h t s i e r e h T . r e m o t s u c a o t e r o e h t d o s g n v a h i l n o i t c u d o r p s ’ i i p h s T f o n o i t r o p r i e h t o t d e l t i t n e e r a h c n a r B n a c i r f A h t u o S e h t n a c i r f A h t u o S e h t e c i t c a r p n i , t n e m e e r g a e k a t - ff o y a p r o e k a t e h t r e p s a h g u o h t n e v E . r e m o t s u c a h t i w t c a r t n o c s e a s a o t n l i d e r e t n e s a h h c n a r B t u o h t i w i i h p s T m o r f e r o e h t e s a h c r u p o t d e r i u q e r e b t o n d u o w h c n a r B l n a c i r f A h t u o S e h t e c n o e r o f o e s a h c r u p e h t r o f i i p h s T h t i w s t n e m e e r g a s e a s l k c a b - o t - k c a b o t n i s r e t n e d e t i i m L s e n M i r e t i p u J . s d o o g e h t f o e l t i t h s a fl s e k a t l y n o h c n a r B n a c i r f A h t u o S e h t , k s i r y r o t n e v n i o t s d r a g e r h t i W n o i t a c i l p p a l a i t i n i n o t c a p m i l y e k L i i n o g n d n e s d o i r e p g n i t r o p e r l a u n n a ( ) . … r e t f a r o e t a d e v i t c e ff E e g n a h c f o e r u t a N t n e m e c n u o n o r p d e d e s r e p u S t n e m e c n u o n o r p i d e s v e r / w e N 4 4 h c a e r o f i i n o s s m m o c a h t i w d e t a r e n u m e r s i h c n a r B n a c i r f A h t u o S e h T l . e a s . h c n a r B n a c i r f A h t u o S e h t r o f h c a e s a k s i r t i d e r c d e t i m i l o t d e s o p x e y n o s l i h c n a r B n a c i r f A h t u o S e h T . t i d e r c f o r e t t e l a r e d n u e d a m s i r e m o t s u c y t r a p d r i h t a h t i w e a s l t n a c fi n g s i i y n a t c e p x e t o n s e o d y n a p m o C e h t , s r o t c a f e v o b a e h t n o d e s a B e h t , t n e m s s e s s a i i l y r a n m e r p s ’ y t i t n e e h t n o d e s a b , r e v e w o H . 6 1 B S A A s n o i t c a s n a r t e h t n o t c a p m i l a i r e t a m a e v a h o t d e t c e p x e t o n s i d r a d n a t S t s r fi s i t i n e h w s t n e m e t a t s l i a c n a n fi e h t n i i d e s n g o c e r l s e c n a a b d n a . 0 2 0 2 y r a u r b e F 8 2 g n d n e i r a e y e h t r o f d e t p o d a e m o s d n a s e s a e L 7 1 1 B S A A s e c a p e r l s n o i t a t e r p r e t n I l d e t a e r - e s a e l n a h t r e h t o , s e e s s e l y b ’ t e e h s e c n a a b - n o ‘ l r o f d e t n u o c c a e b o t s e s a e l l l a s e r i u q e r s e s a e l t e s s a e u a v w o l l d n a m r e t - t r o h s d n a e s a e l f o n o i t i n fi e d e h t f o n o i t a c i l p p a g n i t n u o c c a k c a b e s a e l d n a l e a s n o e h t n o i e c n a d u g w e n i s e d v o r p 7 1 1 B S A A n i s t n e m e r i u q e r g n i t n u o c c a r o s s e l i g n i t s x e e h t i s n a t e r l y e g r a l l i s e r u s o c s d t n e r e ff d d n a w e n i s e r i u q e r s e s a e l t u o b a e s a e L — s e s a e L g n i t a r e p O 5 1 1 . t n I s e v i t n e c n I e s a e L a i s n a t n o c t n e m e g n a r r A f o e c n a t s b u S e h t g n i t a u a v E 7 2 1 l . t n I n a r e h t e h w g n n m r e t e D 4 i i . t n I f o m r o F l a g e L e h t i g n v o v n l I s n o i t c a s n a r T e s a e L a f o t c a p m i e h t f o t n e m s s e s s a d e l i a t e d a e k a t r e d n u o t t e y s i y t i t n e e h T 9 1 0 2 y r a u n a J 1 : 6 1 B S A A s e s a e L 7 1 1 B S A A s e s a e L 6 1 B S A A n i i s t s o C n o i t i s u q c A r e b i r c s b u S 2 4 0 1 . t n I y r t s u d n I i s n o i t a c n u m m o c e e T l e h t . i d e s n g o c e r y l t n e r r u c s i e u n e v e r h c h w n i i r e n n a m e h t n i e g n a h c s r e m o t s u C m o r f s t e s s A f o r e f s n a r T 8 1 . t n I e u n e v e R 5 1 B S A A s n o i t c a s n a r T r e t r a B – e u n e v e R 1 3 1 . t n I i i s e c v r e S g n s i t r e v d A g n v o v n l i I s t c a r t n o C m o r f s r e m o t s u C h t i w d e u n i t n o c JUPITER MINES LIMITEDNotes to the Consolidated Financial Statements NOTE 2: REVENUE Sales revenue Cost of sales Gross profit Marketing fee income Other income Other income Consolidated Group February 2018 $ February 2017 $ (413,595) 155,555,500 328,655 (146,298,513) (84,940) 9,256,987 10,048,724 1,245,317 238,697 192,755 10,287,421 1,438,072 Jupiter Mines Limited (External Profit Company) is registered in South Africa for the purpose of the sale and export of Jupiter’s share of Tshipi manganese ore. The negative sales revenue and cost of sales are due to adjustments made at between load port and discharge port. From 1 March 2017, Jupiter earned only a marketing fee on an agency basis, meaning ore is purchased by Jupiter Mines (South Africa) via Jupiter Mines (Australia). Due to this, Trade Receivables and Payables have increased for the reporting period. Please see Segment Reporting Note 23 for further details. NOTE 3: INCOME TAX EXPENSE AND DEFERRED TAXES The major components of tax expense and the reconciliation of the expected tax expense based on the domestic effective tax rate of Jupiter Mines at 30% (2017: 30%) and the reported tax expense in the profit or loss are as follows: Tax expense comprises: (a) Current tax Add: Deferred income tax relating to origination and reversal of temporary differences Origination and reversal of timing differences Utilisation of unused tax losses Recognition of previously unrecognised deferred tax assets Under/(over) provision in respect of prior years Tax Expense (b) Accounting profit before tax Domestic tax rate for Jupiter Mines Limited at 30% (2017: 30%) Tax rate differential Other expenditure not allowed or allowable for income tax purposes 6,354,708 2,569,420 (1,137,146) 398,033 350,534 5,421,204 - (2,721,790) (31,453) 5,584,142 97,789,805 29,336,942 (1,614,911) 438,261 - 5,619,368 205,718,703 61,715,611 (813,141) 267,539 Reversal of impairments - (43,092,571) Deferred Tax Asset losses not brought to account 3,786,681 Recoupment of prior year tax losses not previously brought to account Deferred Tax Asset temporary differences not previously brought to account Deferred Tax Asset losses not previously brought to account - - - 1,876,450 (5,421,204) 3,072,860 (373,446) Share of profit in equity accounted investments Income tax expense (26,331,379) (11,612,730) 5,584,142 5,619,368 4 5 Notes to the Consolidated Financial StatementsANNUAL REPORT 2018 NOTE 3: INCOME TAX EXPENSE AND DEFERRED TAXES (CONTINUED) Deferred taxes arising from temporary differences and unused tax losses can be summarised as follows: Opening balance 1 March 2017 Recognised in Profit and Loss During the Year Closing Balance 28 February 2018 75,288 879,602 1,223 956,113 14,385 259 2,850 170,406 (373,446) (185,546) 770,567 11,087 (2,592,900) (52) (2,581,865) 107,782 5,950 15,450 173,301 - 302,484 (2,279,381) Consolidated Group February 2018 $ February 2017 $ 140,262 182,798 323,060 32,100 60,000 92,100 415,160 78,935 18,022 96,957 34,125 - 34,125 131,082 Deferred Tax Assets (Liabilities) Liabilities Property, plant and equipment Exploration Other Balance as at 28 February 2018 Assets Trade and other receivables Pension and other employee obligations Provisions Other Unused tax losses Balance as at 28 February 2018 Net Deferred Tax Liabilities (64,201) (3,472,501) (1,275) (3,537,977) 93,397 5,692 12,600 2,895 373,446 488,030 (3,049,947) NOTE 4: AUDITORS’ REMUNERATION Amounts paid or payable to the auditors of the Company and charged as an expense were: Audit and review of the financial statements Auditors of Jupiter Mines Limited Auditors of subsidiary or related entities Remuneration for audit and review of financial statements Other non-audit services Taxation services Corporate finance Total other service remuneration Total auditors’ remuneration 4 6 JUPITER MINES LIMITEDNotes to the Consolidated Financial Statements NOTE 5: EARNINGS PER SHARE AND DIVIDENDS Both the basic and diluted earnings per share have been calculated using the profit attributable to shareholders of the parent Company (Jupiter Mines Limited): Reconciliation of earnings to net profit for the year Net profit Weighted average number of ordinary shares outstanding during the year used in calculating basic EPS and dilutive EPS Profit per share NOTE 6: CASH AND CASH EQUIVALENTS Cash at bank and in hand Short-term bank deposits Restricted cash Cash in transit 92,205,663 200,099,335 No. No. 2,126,815,701 2,281,835,383 $0.0434 $0.0902 Consolidated Group February 2018 $ February 2017 $ 9,375,739 10,237,361 52,766,038 4,165,349 76,544,487 68,981,719 99,060 15,628,481 - 84,709,260 The effective interest rate on short-term bank deposits was 0.34%; (February 2017: 0.14%) the term deposits range between 30 and 90 days. Restricted cash represents funds that were held in trust for payment of the equal access share buy-back proceeds to shareholders on 19 March 2018. Cash in transit represents an inter-account transfer effected on 28 February 2018 but not cleared until 1 March 2018. NOTE 7: TRADE AND OTHER RECEIVABLES Trade receivables GST and VAT receivables Sundry receivables Consolidated Group February 2018 $ February 2017 $ 45,679,877 93,363 89,843 45,863,083 - 10,620 9,945,418 9,956,038 All of the Group’s trade and other receivables have been reviewed for indicators of impairment. It was found that the Group’s exposure to bad debts is not significant. Due to the short term nature of these receivables, their carrying value is assumed to approximate their fair value. Details regarding the foreign exchange and interest rate risk exposure are disclosed in Note 27. The majority of trade receivables represent amounts receivable by Jupiter South Africa branch relating to the sale of manganese ore to third party customers. No debtors were recorded in 2017 due to Tshipi conducting sales on behalf of Jupiter whilst it completed the registration of The Company in South Africa. The net receivable for 2017 was disclosed as part of Sundry receivables. Refer to Note 2 for further details. 4 7 Notes to the Consolidated Financial StatementsANNUAL REPORT 2018 NOTE 8: ASSETS HELD FOR SALE Non-current assets held for sale comprise: OM Tshipi (S) Pte Limited Receivable on exit of joint venture Total Assets Held for Sale Consolidated Group February 2018 $ February 2017 $ - - 2,726,219 2,726,219 Non-current assets held for sale comprised the receivable due on exit of the OM Tshipi (S) Pte Limited (“OMT”) joint venture, which was completed on 11 April 2017. Jupiter Kalahari S.A. entered into a sale agreement to sell its shares in OMT for US$2,300,000 (approximately $3,071,641). A gain on sale of shares of $345,447 was recognised in the Statement of Profit or Loss and Other Comprehensive Income. NOTE 9: AVAILABLE FOR SALE FINANCIAL ASSETS Listed investments, at fair value Shares in listed corporations Consolidated Group February 2018 $ February 2017 $ 1,043,702 387,294 Available-for-sale financial assets consist of investments in ASX listed company’s ordinary shares, and therefore they have no fixed maturity date or coupon rate. The fair value of listed available-for-sale investments has been determined directly by reference to published price quotations in an active market. This resulted in a net gain on revaluation of $656,408 for the 2018 financial year, which was recognised in the Financial Assets Reserve. In the comparative 2017 financial year there was a net gain of $180,488, which was recognised in the Financial Assets Reserve. NOTE 10: INTERESTS IN SUBSIDIARIES Controlled entities consolidated Parent Entity: Jupiter Mines Limited Subsidiaries of Jupiter Mines Limited: Future Resources Australia Pty Limited Central Yilgarn Pty Limited Broadgold Pty Limited Jupiter Kalahari S.A. Jupiter Mines Limited (Incorporated in Australia) External Profit Company *Percentage of voting power is in proportion to ownership Principal Activities: Percentage Owned (%)* Notes Country of Incorporation 2018 2017 Australia Australia Australia Australia (a) (b) Luxembourg South Africa 100 100 100 100 100 100 100 100 100 100 (a) During the period all Controlled Entities with the exception of Jupiter Kalahari S.A were dormant. (b) The Company is registered as a South African branch company for the purposes of its manganese ore marketing activities. 4 8 JUPITER MINES LIMITEDNotes to the Consolidated Financial Statements NOTE 11: PROPERTY, PLANT AND EQUIPMENT Details of the Group’s property, plant and equipment and their carrying amounts are as follows: Gross carrying amount: Balance as at 1 March 2017 Additions Balance as at 28 February 2018 Depreciation and impairment: Balance as at 1 March 2017 Depreciation Balance as at 28 February 2018 Carrying amount as at 28 February 2018 Leasehold Improvements $ Plant and Equipment $ Furniture and Fittings $ Total $ 110,923 3,731,792 195,740 4,038,455 - - 1,500 3,733,292 - - 1,500 4,039,955 (110,923) (3,405,351) (195,740) (3,712,014) - - - (321,575) 3,726,926 6,366 - - - (321,575) 4,033,589 6,366 All depreciation and impairment charges are included within depreciation, amortisation and impairment of non-financial assets. Depreciation charges of $321,288 relating to the CYIP assets are capitalised to Exploration and Evaluation Assets. Other depreciation of $287 is expensed to the Statement of Profit or Loss and Other Comprehensive Income. NOTE 12: INTANGIBLE ASSETS Detail of the Group’s other intangible assets and their carrying amounts are as follows: Gross carrying amount: Balance as at 1 March 2017 Additions, separately acquired Balance as at 28 February 2018 Amortisation and impairment: Balance as at 1 March 2017 Amortisation Balance as at 28 February 2018 Carrying amount at 28 February 2018 Software Licenses $ Total $ 338,112 6,900 345,012 (330,783) (12,244) (343,027) 1,985 338,112 6,900 345,012 (330,783) (12,244) (343,027) 1,985 Intangible assets have finite useful lives. The current amortisation charges for intangible assets are included under depreciation and amortisation expense per the Statement of Profit or Loss and Other Comprehensive Income. All software is amortised over 3 years. NOTE 13: OTHER CURRENT ASSETS Deposits Loans to related party – Tshipi é Ntle Manganese Mining Proprietary Limited Consolidated Group February 2018 $ February 2017 $ 70,381 - 70,381 429,396 26,278,632 26,708,028 The remaining loans payable by Tshipi were repaid during the year. The loan was held in South African Rand. For terms of related party arrangements refer to Note 26. Details regarding fair value, foreign exchange risk and interest rate risk is disclosed in Note 27. The maximum exposure to credit risk at the reporting date is the higher of the carrying value of each class of receivable. No collateral is held as security. 4 9 Notes to the Consolidated Financial StatementsANNUAL REPORT 2018 NOTE 14: EXPLORATION AND EVALUATION ASSETS Opening Balance Additions Impairment Closing Balance Costs carried forward in respect of the following areas of interest: Mount Mason Mount Ida Consolidated Group February 2018 $ February 2017 $ 11,632,006 1,187,412 (4,119,418) 8,700,000 600,000 8,100,000 8,700,000 10,384,000 1,248,006 - 11,632,006 296,830 11,335,176 11,632,006 Jupiter once again commissioned an independent valuation of its iron ore assets in line with valuation and accounting standards. The valuation recommended the Mount Ida Magnetite Project to be valued at between $3 million and $25 million, and the Mount Mason DSO Hematite Project valued at between $0.3 million and $1 million. Upon further examination, the Board has resolved to adopt valuations of $8.1 million for Mount Ida and $0.6 million for Mount Mason, and recognised an impairment of $4.4 million and reversal of impairment of $0.3 million respectively. These amounts have been recognised in Statement of Profit or Loss and Other Comprehensive Income. NOTE 15: INVESTMENTS ACCOUNTED FOR USING THE EQUITY METHOD Set out below are the Joint Ventures of the Group as at 28 February 2018, in which in the opinion of the Directors, are material to the Group. The entities listed below have share capital consisting solely of ordinary shares, which are held directly by the Group. The country of incorporation or registration is also their principal place of business, and the proportion of the Group’s ownership interest is the same as the proportion of voting rights held. These entities are held through a fully controlled entity, Jupiter Kalahari S.A. The investments are accounted for using the equity method in accordance with AASB 128. Ownership interest held by the Group Name of Entity Country of Incorporation 2018 2017 Nature of Relationship Measurement Method Tshipi é Ntle Manganese Mining Proprietary Limited South Africa 49.9% 49.9% Joint Venture Joint Venture OM Tshipi (S) Pte Ltd* Singapore - 33.3% Joint Venture Joint Venture *See Note 8. Jupiter gave notice to exit the OM Tshipi (S) Pte Ltd joint venture on 1 March 2016 and the exit was completed on 11 April 2017. Summarised Financial Information Tshipi é Ntle Manganese Mining Proprietary Limited Opening carrying value of joint venture Decrease of shareholder loan Dividend paid Share of profit using the equity method Reversal of impairment of carrying value of investment OM Tshipi (S) Pte Ltd Opening carrying value of joint venture Share of profit using the equity method Receivable on exit of joint venture transferred to Assets Held for Sale (Note 8) Consolidated Group February 2018 $ February 2017 $ 345,556,557 178,818,142 (26,585,562) (18,377,523) (27,744,378) - 94,040,638 41,474,035 - 143,641,903 385,267,255 345,556,557 - - - - 2,726,219 - (2,726,219) - Total investments using the equity method 385,267,255 345,556,557 5 0 JUPITER MINES LIMITEDNotes to the Consolidated Financial Statements NOTE 15: INVESTMENTS ACCOUNTED FOR USING THE EQUITY METHOD (CONTINUED) In accordance with the Group’s accounting policies and processes, the Group performs its impairment testing annually at 28 February. The Board commissioned an independent valuation of the Company’s investment in Tshipi, which provided a preferred valuation of Jupiter’s investment of approximately $741 million as at 31 December 2017, which is above the carrying value of the investment at 28 February 2018. There are no material changes to the value between 31 December 2017 and balance date. For the previous year end, the Group also commissioned an independent valuation share of its investment which recommended a preferred valuation of the Tshipi Borwa asset to be $889,156,478. The Board therefore resolved to reverse the investment in Tshipi of $143,643,903 that was recorded in the 2016 financial year. Further details relating to the 2018 valuation are as follows: (a) Methodology Impairment is recognised when the carrying amount exceeds the recoverable amount. The recoverable amount being the value in use of the cash-generating unit (“CGU”) has been estimated using the discounted cash flows method based on the Group’s recoverable minerals. Value in use is estimated based on discounted cash flows using market based commodity price, estimated quantities of recoverable minerals, production levels, operating costs and capital requirements. When Life of Mine (LOM) plans fully utilise the existing mineral resource and the Group have demonstrated an ability to replenish resources, an estimated replenishment rate has been applied to unmined resources. Estimates of quantities of recoverable minerals, production levels, operating costs and capital requirements are sourced from the Group planning and budgeting process, capacity levels and mining plans for the following year. The 2020 budget and mine plan were developed in the context of the current manganese price environment. Significant judgements and assumptions are made by the Group to determine value in use. This includes assessing variable key assumptions such as manganese market prices, cost structures, production utilisation and capacity, available minerals and discount rates. Any change in these variable assumptions can cause adverse changes in one or more of the assumptions used to estimate value in use. (b) Key Assumptions Commodity prices The Tshipi Borwa valuation is particularly sensitive to the manganese price. The independent valuation used information from a range of sources to forecast the manganese price. The manganese price assumptions used was US$4.00 per dry metric tonne unit (“dmtu”) (37% FOB Port Elizabeth) over the life of mine. Discount rate The future cash flows of the CGU are discounted by the estimated real after tax weighted average cost of capital (WACC), pursuant to the Capital Asset Pricing Model. This has been estimated based on the Tshipi WACC rate as the Tshipi mining operation is the Group’s primary asset. Production activity and operating and capital costs Life of mine production activity and operating and capital cost assumptions are based on the Group’s latest budget, including the five year budget and separately estimated LOM plan. Discounted cash flows include expected cost improvements and sustaining capital requirements. Estimated production is assumed consistent with the capacity of the Tshipi mine taken into account while assuming a constant recovery rate. Resources and reserves Resource and Reserve tonnes were based on JORC 2012. NOTE 16: TRADE AND OTHER PAYABLES Trade payables Sundry payables and accrued expenses Consolidated Group February 2018 $ February 2017 $ 43,432,749 5,574,988 49,007,737 133,949 3,383,058 3,517,007 Due to the short term nature of these payables, their carrying value is assumed to approximate to their fair value. The majority of trade payables represent amounts payable to Tshipi relating to the purchase of manganese ore. No payables were recorded in 2017 due to Tshipi conducting sales on behalf of Jupiter whilst it completed the registration of the Company in South Africa. The net receivable for 2017 was disclosed as part of Sundry Receivables. Refer to Note 2 for further information. 5 1 Notes to the Consolidated Financial StatementsANNUAL REPORT 2018 NOTE 17: CURRENT PROVISIONS All provisions are considered current. The carrying amounts and movements in the provisions account are as follows: Carrying amount 1 March 2017 – employee benefits Additional provisions Amount utilised Reversals Carrying amount 28 February 2018 Carrying amount 1 March 2016 – employee benefits Additional provisions Amount utilised Reversals Carrying amount 28 February 2017 NOTE 18: EMPLOYEE REMUNERATION Expenses recognised for employee benefits are analysed below: Employee benefits - expense Salary and wages Superannuation costs Payroll and other taxes Bonuses payable Employee benefits expense 18,972 45,612 (4,474) (7,663) 52,447 42,879 14,468 (38,375) - 18,972 Consolidated Group February 2018 $ February 2017 $ 576,805 23,376 555 898,015 1,498,751 500,165 25,124 4,378 - 529,667 Bonuses payable relate to payments paid or accrued to the CEO and CFO. Refer to Remuneration Report for further details. NOTE 19: EQUITY The share capital of Jupiter Mines consists only of fully paid ordinary shares; the shares do not have a par value. All shares are equally eligible to receive dividends and the repayment of capital and represent one vote at the shareholders’ meeting of Jupiter Mines. Shares issued and fully paid: Beginning of the year 2018 No. Shares 2017 No. Shares 2018 $ 2017 $ 2,281,835,383 2,281,835,383 526,639,293 526,639,293 13 March 2017 share buy-back ($0.5264 per share) (134,190,158) 5 December 2017 share buy-back ($0.2767 per share) (83,122,507) - - (70,635,693) (22,999,998) - - Total contributed equity at 28 February 2,064,522,718 2,281,835,383 433,003,602 526,639,293 The share buy-back completed on 5 December 2017 comprised a capital portion shown above of $22,999,998, and a dividend portion of $8,761,112, which is shown in the Consolidated Statement of Changes in Equity. Cash paid to shareholders in the buy-back totalled $102,396,803. 5 2 JUPITER MINES LIMITEDNotes to the Consolidated Financial Statements Capital Management Management controls the capital of the Group in order to maintain an appropriate debt to equity ratio, provide the shareholders with adequate returns and ensure that the Group can fund its operations and continue as a going concern. The Group’s debt and capital includes ordinary share capital and financial liabilities, supported by financial assets. There are no externally imposed capital requirements at balance date. Management effectively manages the Group’s capital by assessing the Group’s financial risks and adjusting its capital structure in response to changes in these risks and in the market. These responses include the management of debt levels, distributions to shareholders and share issues. NOTE 20: RESERVES Financial assets reserve Foreign currency translation reserve (a) Financial Asset Reserve Notes (a) (b) Consolidated Group February 2018 $ February 2017 $ 836,895 268,608 1,105,503 180,488 - 180,488 The financial assets reserve records amounts relating to the revaluation of available for sale financial assets. See also Note 9. (b) Foreign currency translation reserve The foreign currency translation reserve relates to the differences arising from the revaluation of the Jupiter South African branch financial statements from South African Rand to Australian Dollars. NOTE 21: CAPITAL AND LEASING COMMITMENTS The Group leases an office under an operating lease. The future minimum lease payments are as follows: Operating Lease Commitments Non-cancellable operating leases contracted for but not capitalised in the financial statements Payable – minimum lease payments Not later than 12 months Between 12 months and 5 years Consolidated Group February 2018 $ February 2017 $ 13,039 - 13,039 51,790 13,039 64,829 This is made up of a non-cancellable lease of 2 years however it can be subleased (with prior consent of Lessor). Amounts include rent, outgoings and cleaning with 4.5% annual rent review increase. It does not take into account reduced guarantees or returned deposits or incentives. Figures based on 3 months (1 March to 31 May 2018) which is the end of the lease. The expense recognised for the operating lease was $54,690 (2017: $314,918). The property lease is non-cancellable for two years, with rent payable monthly in advance. At balance date a lease extension for a further two years had been requested and was in process of being finalised. Expenditure Commitments In order to maintain current rights of tenure to mining tenements, the Company and Group are required to perform minimum work to meet the requirements specified by various State governments. These obligations can be reduced by selective relinquishment of exploration tenure or application for expenditure exemptions. Due to the nature of the Company and Group’s operations in exploring and evaluating areas of interest, it is very difficult to forecast the nature and amount of future expenditure. It is anticipated that expenditure commitments for the next twelve months will be tenement rentals of $484,484 (2017: $473,760) and exploration expenditure of $676,100 (2017: $676,100). 5 3 Notes to the Consolidated Financial StatementsANNUAL REPORT 2018 NOTE 22: CONTINGENT LIABILITIES AND ASSETS Contingent liabilities The parent entity has provided guarantees to third parties in relation to the performance and obligations of controlled entities in respect of banking facilities. At reporting date, the value of these guarantees and facilities are $57,884 (2017: $57,884). Total utilised at reporting date was $57,884 (2017: $57,884). Contingent assets No contingent assets exist as at 28 February 2018 or 28 February 2017. NOTE 23: SEGMENT REPORTING The Group operates in the mining industry. The Group has identified its operating segments based on the internal reports that are reviewed and used by the chief operating decision makers (the Board of Directors and key management) in assessing performance and determining the allocation of resources. The Group segments are structured primarily on the basis of its exploration and production interests. These are considered to be the Central Yilgarn Iron Exploration Project (Iron Ore), located in Australia, the producing Tshipi Mine (Manganese) located in South Africa, and Jupiter’s South African branch which carries out the sale of manganese ore. The remaining items of revenue, expenses, assets and liabilities, relate to corporate operations. Any transactions between reportable segments have been offset for these purposes. Segment information for the reporting period is as follows: CYIP – Iron Ore (Australia) $ Jupiter Mines – Manganese (South Africa) Tshipi – Manganese (South Africa) $ Total $ (413,595) 328,655 10,048,724 (378,143) (327,381) 9,258,260 - - - - - - 94,040,638 94,040,638 - - (4,119,418) (158,204) (478,321) - - - - - - - (413,595) 328,655 10,048,724 (378,143) (327,381) 9,258,260 - - - (158,204) (478,321) (4,119,418) 8,621,736 94,040,638 98,542,956 (753,151) 97,789,805 8,705,157 49,892,882 385,267,255 443,865,294 - (44,752,145) - (44,752,145) 73,934,449 517,799,743 (6,889,904) (51,642,049) Impairment of exploration and evaluation assets (4,119,418) 28 February 2018 Revenue Cost of sales Other income Employee benefits expense Other expenses Segment operating profit Share of profit from joint venture entities using the equity method Finance costs Foreign exchange loss Total Corporate Net profit before tax from continuing operations Segment assets Corporate assets Total assets Segment liabilities Corporate liabilities Total liabilities 5 4 JUPITER MINES LIMITEDNotes to the Consolidated Financial Statements NOTE 23: SEGMENT REPORTING (CONTINUED) 28 February 2017 Revenue Cost of sales Other income Employee benefits expense Other expenses Segment operating profit Share of profit from joint venture entities using the equity method Reversal of impairment of investment in joint venture entities Finance costs Foreign exchange loss Total Corporate Foreign exchange gain Net profit before tax from continuing operations Segment assets Corporate assets Total assets Segment liabilities Corporate liabilities Total liabilities CYIP – Iron Ore (Australia) $ Jupiter Mines – Manganese (South Africa) Tshipi – Manganese (South Africa) $ Total $ - - - - - - - - - - - 155,555,500 (146,298,513) 1,245,317 (266,209) (147,716) 10,088,379 - - (452,912) (448,122) - - - - - - 155,555,500 (146,298,513) 1,245,317 (266,209) (147,716) 10,088,380 41,474,035 41,474,035 143,641,903 143,641,903 - - (452,912) (448,122) 9,187,346 185,115,938 194,303,284 410,034 11,005,386 205,718,703 11,959,025 9,876,666 371,835,189 393,670,880 88,826,896 482,497,776 - (3,253,863) - (3,253,863) (3,820,093) (7,073,956) 5 5 Notes to the Consolidated Financial StatementsANNUAL REPORT 2018 NOTE 24: RECONCILIATION OF CASH FLOWS FROM OPERATING ACTIVITIES Profit after income tax Adjustments for: Depreciation and amortisation Impairment of exploration interests Reversal of impairment of investment in joint venture entities Interest accrued and not yet paid Foreign exchange differences Consolidated Group February 2018 $ February 2017 $ 92,205,663 200,099,335 12,531 4,119,418 - (173) 13,774 - (143,641,903) (587,961) (3,286,639) (11,585,162) Share of profit from joint venture entities using equity method (94,040,638) (41,474,035) Loss on sale of motor vehicles Assets held for sale Net changes in working capital: - 6,998 2,726,193 - - (Increase)/decrease in trade and other receivables (35,070,025) (Increase)/decrease in other assets (17,225) (9,872,723) Increase/(decrease) in trade payables and other creditors Increase/(decrease) in provisions Increase/(decrease) in deferred tax liability Net cash from/(used in) operating activities 44,521,672 863 (770,567) 10,401,073 6,798,808 (23,907) - (266,776) NOTE 25: EVENTS AFTER THE REPORTING DATE These financial statements were authorised for issue on 29 May 2018 by Director Brian Gilbertson. Jupiter undertook an equal access share buy-back, offering to buy-back 5.81% of issued capital. The offer period closed on 19 February 2018. Subsequently on 19 March 2018, 116,182,215 shares were cancelled, and proceeds of $51,120,174 were paid to shareholders. Jupiter was admitted to the official list of the Australian Securities Exchange on 18 April 2018 following a $240 million Initial Public Offering (“IPO”). As part of the IPO, a number of shareholders have entered into Voluntary Escrow Deeds under which they have undertaken to the Company not to dispose of any interest in, or to grant any security over, certain Shares held by them on completion of the Offer. Please refer to the Company’s prospectus for full details. Upon successful listing of Jupiter, Jupiter CEO Priyank Thapliyal was entitled to receive a bonus which is to be satisfied by the issue of 10,650,530 shares (please refer to Remuneration Report for full details). The issue of these shares is to be approved by an ordinary resolution at the Company’s 2018 Annual General Meeting. If not approved, the bonus will be payable in cash equal to the IPO offer price, being $4,260,212. 5 6 JUPITER MINES LIMITEDNotes to the Consolidated Financial Statements NOTE 26: RELATED PARTY TRANSACTIONS The Group’s related parties include its associates and joint venture, key management and others as described below. In addition. Unless otherwise stated, none of the transactions incorporate special terms and conditions and no guarantees were given or received. Outstanding balances are usually settled in cash. Transactions with key management personnel: Consulting fees paid to Andrew Bell Consultants, a company in which Mr A Bell has a beneficial interest. Consulting fees paid to Mr P Murray Expenses reimbursed to Pallinghurst Advisors LLP, a company in which Mr B Gilbertson has a beneficial interest. Expenses reimbursed to Pallinghurst GP Limited, a company in which Mr B Gilbertson has a beneficial interest. Expenses reimbursed to Mr B P Gilbertson. Expenses reimbursed to Mr P Thapliyal. Transactions with joint ventures: Consolidated Group February 2018 $ February 2017 $ 37,500 38,500 226,729 44,932 17,622 103,678 35,750 33,000 31,142 - - 132,895 Loans receivable from Tshipi é Ntle Manganese Mining Proprietary Limited Trade amounts receivable from Tshipi é Ntle Manganese Mining Proprietary Limited Other amounts receivable from Tshipi é Ntle Manganese Mining Proprietary Limited Trade amounts payable to Tshipi é Ntle Manganese Mining Proprietary Limited Other amounts payable to Tshipi é Ntle Manganese Mining Proprietary Limited - - 26,278,632 9,876,666 24,944 44,301,527 40,778 - - - NOTE 27: FINANCIAL INSTRUMENTS The Group’s financial instruments consist mainly of deposits with banks, short-term investments, accounts receivable and payable. The totals for each category of financial instruments, measured in accordance with AASB 139 as detailed in the accounting policies to these financial statements, are as follows: Financial Assets Cash and cash equivalents Trade and other receivables Available-for-sale financial assets Other current assets Financial Liabilities Trade and other payables Consolidated Group February 2018 $ February 2017 $ 76,544,487 45,863,083 1,043,702 70,381 123,521,653 49,007,737 49,007,737 84,709,260 9,956,038 387,294 26,278,632 121,331,224 3,517,007 3,517,007 5 7 Notes to the Consolidated Financial StatementsANNUAL REPORT 2018 NOTE 27: FINANCIAL INSTRUMENTS (CONTINUED) Financial Risk Management Policies The Directors monitor the Group’s financial risk management policies and exposures and approves financial transactions. The Directors’ overall risk management strategy seeks to assist the Group in meeting its financial targets, while minimising potential adverse effects on financial performance. Its functions include the review of credit risk policies and future cash flow requirements. Specific Financial Risk Exposures and Management The main risks the Group is exposed to through its financial instruments are credit risk, liquidity risk and market risk consisting of interest rate risk, liquidity risk and equity price risk. (a) Credit Risk Exposure to credit risk relating to financial assets arises from the potential non-performance by counterparties of contract obligations that could lead to a financial loss to the Group. Credit risk is managed through the maintenance of procedures (such procedures include the utilisation of systems for the approval, granting and renewal of credit limits, regular monitoring of exposures against such limits and monitoring of the financial stability of significant customers and counterparties), ensuring to the extent possible, that customers and counterparties to transactions are of sound credit worthiness. Such monitoring is used in assessing receivables for impairment. Risk is also minimised through investing surplus funds in financial institutions that maintain a high credit rating, or in entities that the Directors have otherwise cleared as being financially sound. Credit Risk Exposures The maximum exposure to credit risk by class of recognised financial assets at reporting date, excluding the value of any collateral or other security held, is equivalent to the carrying value and classification of those financial assets (net of any provisions) as presented in the statement of financial position. Credit risk also arises through the provision of financial guarantees, as approved at Board level, given to parties securing the liabilities of certain subsidiaries. Trade and other receivables that are neither past due or impaired are considered to be of high credit quality. Aggregates of such amounts are as detailed in Note 7. There are no amounts of collateral held as security in respect of trade and other receivables. The Group does not have any material credit risk exposure to any single receivable or group of receivables under financial instruments entered into by the Consolidated Group. Credit risk related to balances with banks and other financial institutions is managed by investing cash with major financial institutions in both cash on deposit and term deposit accounts. Interest rates on major deposits that are re-invested are at a fixed rate on a monthly basis. (b) Liquidity risk Liquidity risk arises from the possibility that the Group might encounter difficulty in settling its debts or otherwise meeting its obligations related to financial liabilities. The Group manages this risk through the following mechanisms: preparing forward looking cash flow analysis in relation to its operational, investing and financing activities; monitoring undrawn credit facilities; obtaining funding from a variety of sources; maintaining a reputable credit profile; managing credit risk related to financial assets; only investing surplus cash with major financial institutions; and comparing the maturity profile of financial liabilities with the realisation profile of financial assets. The Group has no significant exposure to liquidity risk due to the level of cash and cash equivalents detailed at Note 6. The Group manages liquidity risk by monitoring immediate and forecast cash requirements and ensuring adequate cash reserves are maintained. 5 8 JUPITER MINES LIMITEDNotes to the Consolidated Financial Statements NOTE 27: FINANCIAL INSTRUMENTS (CONTINUED) The tables below reflect an undiscounted contractual maturity analysis for financial liabilities. Cash flows realised from financial assets reflect management’s expectation as to the timing of realisation. Actual timing may therefore differ from that disclosed. The timing of cash flows presented in the table to settle financial liabilities reflects the earliest contractual settlement dates. Within 1 Year 1 to 5 Years Over 5 Years Total 2018 $ 2017 $ 2018 $ 2017 $ 2018 $ 2017 $ 2018 $ 2017 $ Consolidated Group Financial liabilities due for payment Trade and other payables 49,007,737 3,517,007 Total expected outflows 49,007,737 3,517,007 Financial assets – cash flows realisable Cash and cash equivalents 76,544,487 84,709,260 Trade and other receivables 45,863,083 9,956,038 - - - - - - - - Assets held or available for sale - - 1,043,702 387,294 Other current assets 70,381 26,278,632 Total anticipated inflows 122,477,951 120,943,930 - - - Net (outflow)/inflow on financial instruments (c) Market Risk 73,470,214 117,426,923 1,043,702 387,294 - - - - - - - - - - - - - - - - 49,007,737 3,517,007 49,007,737 3,517,007 76,544,487 84,709,260 45,863,083 9,956,038 1,043,702 387,294 70,381 26,278,632 123,521,653 121,331,224 74,513,916 117,814,217 Market risk arises from the Groups use of interest bearing and foreign currency financial instruments. It is the risk that the fair value of future cash flows of a financial instrument will fluctuate because of changes in interest rates (interest rate risk), foreign exchange (currency risk) or other market factors (other price risk). (i) Interest rate risk Exposure to interest rate risk arises on financial assets and financial liabilities recognised at the end of the reporting period whereby a future change in interest rates will affect future cash flows or the fair value of fixed rate financial instruments. The financial assets and financial liabilities with exposure to interest rate risk are detailed below: Financial Assets Cash and cash equivalents Other current assets Other non-current assets Financial Liabilities Short term borrowings Long term borrowings The Group is also exposed to earnings volatility on floating rate instruments Consolidated Group February 2018 $ February 2017 $ 76,544,487 70,381 - 84,709,260 26,278,632 - 76,614,868 110,987,891 - - - - 5 9 Notes to the Consolidated Financial StatementsANNUAL REPORT 2018 NOTE 27: FINANCIAL INSTRUMENTS (CONTINUED) (ii) Foreign exchange risk Jupiter operates internationally and is exposed to foreign exchange risk arising from various currency exposures primarily with respect to the Australian Dollar and South African Rand. Jupiter’s exposure to currency risk is on cash, trade receivables, and borrowings. Foreign currency risk is the risk of exposure to transactions that are denominated in a currency other than the Australian dollar. The carrying amounts of the Group’s financial assets and liabilities are denominated in two different currencies as set out below: 28 February 2018 AUD ZAR EUR USD Total $ 10,833,965 4,168,497 4,225,713 57,316,312 76,544,487 - - - - - Financial Assets Other Current Assets (iii) Other price risk Price risk relates to the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in market prices largely due to demand and supply factors for commodities. As the Group does not derive revenue from sale of products, the effect on profit and equity as a result of changes in the price risk is not considered material. The fair value of the mining projects will be impacted by commodity price changes (predominantly iron ore, nickel and uranium) and could impact future revenues once operational. However, management monitors current and projected commodity prices. (iv) Summarised sensitivity analysis The following table summarises the sensitivity of the Jupiter Group’s financial assets and financial liabilities to interest rate risk and foreign exchange risk. Management have reviewed interest rate and foreign exchange risk and determined the rates applied to be appropriate. Interest Rate Risk Foreign Exchange Risk -50 bps +50 bps -10% +10% Carrying Amount $ Profit $ Other Equity $ Profit $ Other Equity $ Profit $ Other Equity $ Profit $ Other Equity $ 28 February 2018 Financial Assets Cash and cash equivalents 74,544,487 (37,272) Receivables 45,863,083 Available-for-sale financial assets Other current assets Financial Liabilities 1,043,702 70,381 Trade and other payables 49,007,737 - - - - Total increase/(decrease) (37,272) - - - - - - 37,272 - - - - 37,272 - - - - - - - (4,586,308) - - 4,900,774 314,466 - - - - - - - 4,586,308 - - (4,900,774) (314,466) - - - - - - 6 0 JUPITER MINES LIMITEDNotes to the Consolidated Financial Statements NOTE 27: FINANCIAL INSTRUMENTS (CONTINUED) l a t o T g n i r a e B t s e r e t n I - n o N s r a e Y 5 r e v O s r a e Y 5 o t 1 r a e Y n h t i i W e t a R t s e r e t n I g n i t a o F l I R E A W g n i r u t a M e t a R t s e r e t n I d e x F i ) v ( $ 7 1 0 2 $ 8 1 0 2 $ 7 1 0 2 0 6 2 , 9 0 7 , 4 8 7 8 4 , 4 4 5 , 6 7 - $ - 8 1 0 2 8 3 0 , 6 5 9 , 9 3 8 0 , 3 6 8 , 5 4 8 3 0 , 6 5 9 , 9 3 8 0 , 3 6 8 , 5 4 4 9 2 , 7 8 3 2 0 7 , 3 4 0 , 1 4 9 2 , 7 8 3 2 0 7 , 3 4 0 , 1 6 6 3 , 9 9 1 , 4 4 - 6 6 3 , 9 9 1 , 4 4 - 2 3 6 , 8 7 2 , 6 2 1 8 3 , 0 7 2 3 6 , 8 7 2 , 6 2 1 8 3 , 0 7 4 2 2 , 1 3 3 , 1 2 1 3 5 6 , 1 2 5 , 3 2 1 4 6 9 , 1 2 6 , 6 3 6 6 1 , 7 7 9 , 6 4 7 0 0 , 7 1 5 , 3 7 3 7 , 7 0 0 , 9 4 7 0 0 , 7 1 5 , 3 7 3 7 , 7 0 0 , 9 4 7 0 0 , 7 1 5 , 3 7 3 7 , 7 0 0 , 9 4 7 0 0 , 7 1 5 , 3 7 3 7 , 7 0 0 , 9 4 $ 7 1 0 2 $ 8 1 0 2 $ 7 1 0 2 $ 8 1 0 2 $ 7 1 0 2 $ 8 1 0 2 $ 7 1 0 2 $ 8 1 0 2 % 7 1 0 2 8 % 1 0 2 : s t e s s A l i a c n a n F i - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - 0 6 0 , 9 9 9 0 2 , 9 7 1 , 0 1 0 0 2 , 0 1 6 , 4 8 8 7 2 , 5 6 3 6 6 , 4 1 0 . 4 3 . 0 s t i s o p e D d n a h s a C - - - - - - - - - - - - - - - - 0 6 0 , 9 9 9 0 2 , 9 7 1 , 0 1 0 0 2 , 0 1 6 , 4 8 8 7 2 , 5 6 3 6 6 , - - - - - - - - - - - - - - - - - - e t a R t s e r e t n I s t e s s A l i a c n a n F i r e h t O l s e b a v e c e R i s t e s s A t n e r r u c - n o N r e h t O s t e s s A t n e r r u C r e h t O s t e s s A l i a c n a n F i l a t o T l s e b a y a p y r d n u s d n a e d a r T : s e i t i l i b a L i l i a c n a n F i s e i t i l i b a L i l i a c n a n F i l a t o T e v i t c e ff E e g a r e v A d e t h g e W = R E A W I i 6 1 Notes to the Consolidated Financial StatementsANNUAL REPORT 2018 NOTE 27: FINANCIAL INSTRUMENTS (CONTINUED) (d) Net Fair Value The net fair values of cash and cash equivalents and non-interest bearing monetary financial assets and liabilities approximates their carrying value. The net fair value of financial assets and financial liabilities is based upon market prices where a market exists or by discounting the expected future cash flows by the current interest rates for assets and liabilities with similar risk profiles. Listed equity investments have been valued by reference to market prices prevailing at reporting date. Financial Assets Cash at bank(i) Trade and other receivables(i) Assets available for sale(ii) Other current assets Other non-current assets Financial Liabilities Trade and other payables(i) February 2018 February 2017 Carrying Amount $ Net Fair Value $ Carrying Amount $ Net Fair Value $ 76,544,487 45,863,083 1,043,702 70,381 - 76,544,487 45,863,083 1,043,702 84,709,260 84,709,260 9,956,038 387,294 9,956,038 387,294 70,381 26,278,632 26,278,632 - - - 123,521,653 123,521,653 121,331,224 121,331,224 49,007,737 49,007,737 3,517,007 3,517,007 The fair values in the above table have been determined based on the following methodology: (i) Cash and cash equivalents, trade and other receivables and trade and other payables are short-term investments in nature whose carrying value is equivalent to fair value. Trade and other payables exclude amounts provided for annual leave which is not considered a financial instrument. (ii) For listed available-for-sale financial assets, closing quoted bid prices at the end of the reporting period are used. Unlisted available-for-sale financial assets are recorded at cost. Financial Instruments Measured at Fair Value The financial instruments recognised at fair value in the statement of financial position have been analysed and classified using a fair value hierarchy reflecting the significance of the inputs used in making the measurements. The fair value hierarchy consists of the following levels: quoted prices in active markets for identical assets or liabilities (Level 1); inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly (as prices) or indirectly (derived from prices) (Level 2); and inputs for the asset or liability that are not based on observable market data (unobservable inputs) (Level 3). Group – as at 28 February 2018 Financial Assets Assets available for sale Level 1 $ Level 2 $ Level 3 $ Total $ 1,043,702 - - 1,043,702 Included in Level 1 of the hierarchy are listed investments. The fair values of these financial assets have been based on the closing quoted bid prices at reporting date, excluding transaction costs. 6 2 JUPITER MINES LIMITEDNotes to the Consolidated Financial Statements NOTE 28: PARENT COMPANY INFORMATION ASSETS Current assets Non-current assets Total Assets LIABILITIES Current liabilities Non-current liabilities Total Liabilities NET ASSETS EQUITY Contributed equity Financial assets reserve Accumulated losses TOTAL EQUITY FINANCIAL PERFORMANCE Profit for the period Other comprehensive income TOTAL COMPREHENSIVE INCOME NOTE 29: COMPANY DETAILS The registered office and principal place of business of Jupiter is: Jupiter Mines Limited Level 10 16 St Georges Terrace Perth WA 6000 Consolidated Group February 2018 $ February 2017 $ 110,281,625 84,794,394 347,567,100 267,879,275 457,848,725 352,673,650 47,350,621 2,581,866 49,932,487 240,095 3,537,977 3,778,072 407,916,238 348,895,578 433,003,602 526,639,293 836,896 180,488 (25,924,259) (177,924,203) 407,916,238 348,895,578 6,062,935 656,408 6,719,343 159,441,232 180,488 159,621,720 6 3 Notes to the Consolidated Financial StatementsANNUAL REPORT 2018 DIRECTORS’ DECLARATION The Directors of Jupiter Mines Limited declare that: 1. the financial statements, notes and the additional disclosures included in the Directors Report designated as audited, of the consolidated entity are in accordance with the Corporations Act 2001 including: (a) complying with Accounting Standards (including the Australian Accounting Interpretations) and the Corporations Regulations 2001; and (b) give a true and fair view of the financial position as at 28 February 2018 and of the performance for the year ended on that date of the company and consolidated entity; 2. The financial statements and notes also comply with International Financial Reporting Standards as disclosed in Note 1. 3. There are reasonable grounds to believe that Jupiter Mines Limited will be able to pay its debts as and when they become due and payable. 4. This declaration has been made after receiving the declarations required to be made to the Directors in accordance with section 295A of the Corporations Act 2001 for the financial year ended 28 February 2018. Signed on behalf of the Board of Directors Brian Gilbertson Cape Town 29 May 2018 6 4 JUPITER MINES LIMITEDDirectors’ Declaration INDEPENDENT AUDITOR’S REPORT Central Park, Level 43 152-158 St Georges Terrace Perth WA 6000 Correspondence to: PO Box 7757 Cloisters Square Perth WA 6850 T +61 8 9480 2000 F +61 8 9322 7787 E info.wa@au.gt.com W www.grantthornton.com.au Independent Auditor’s Report to the Members of Jupiter Mines Limited Report on the audit of the financial report Opinion We have audited the financial report of Jupiter Mines Limited (the Company) and its subsidiaries (the Group), which comprises the consolidated statement of financial position as at 28 February 2018, the consolidated statement of profit or loss and other comprehensive income, consolidated statement of changes in equity and consolidated statement of cash flows for the year then ended, and notes to the consolidated financial statements, including a summary of significant accounting policies, and the directors’ declaration. In our opinion, the accompanying financial report of the Group is in accordance with the Corporations Act 2001, including: a Giving a true and fair view of the Group’s financial position as at 28 February 2018 and of its performance for the year ended on that date; and b Complying with Australian Accounting Standards and the Corporations Regulations 2001. Basis for Opinion We conducted our audit in accordance with Australian Auditing Standards. Our responsibilities under those standards are further described in the Auditor’s Responsibilities for the Audit of the Financial Report section of our report. We are independent of the Group in accordance with the independence requirements of the Corporations Act 2001 and the ethical requirements of the Accounting Professional and Ethical Standards Board’s APES 110 Code of Ethics for Professional Accountants (the Code) that are relevant to our audit of the financial report in Australia. We have also fulfilled our other ethical responsibilities in accordance with the Code. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. GrantThorntonAuditPtyLtdACN130913594 a subsidiary or related entity of Grant Thornton Australia Ltd ABN 41 127 556 389 ‘Grant Thornton’ refers to the brand under which the Grant Thornton member firms provide assurance, tax and advisory services to their clients and/or refers to one or more member firms, as the context requires. Grant Thornton Australia Ltd is a member firm of Grant Thornton International Ltd (GTIL). GTIL and the member firms are not a worldwide partnership. GTIL and each member firm is a separate legal entity. Services are delivered by the member firms. GTIL does not provide services to clients. GTIL and its member firms are not agents of, and do not obligate one another and are not liable for one another’s acts or omissions. In the Australian context only, the use of the term ‘Grant Thornton’ may refer to Grant Thornton Australia Limited ABN 41 127 556 389 and its Australian subsidiaries and related entities. GTIL is not an Australian related entity to Grant Thornton Australia Limited. Liability limited by a scheme approved under Professional Standards Legislation. 6 5 Independent Audit ReportANNUAL REPORT 2018 INDEPENDENT AUDITOR’S REPORT Key Audit Matters Key audit matters are those matters that, in our professional judgement, were of most significance in our audit of the financial report of the current period. These matters were addressed in the context of our audit of the financial report as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters. Key audit matter Exploration and Evaluation Expenditure (Note 1(e) and Note 14) As at 28 February 2018 the Group attributed $8,700,000 to exploration and evaluation expenditure comprising of the Mount Mason ($600,000), and Mount Ida ($8,100 000) projects. The Group is required to assess each areas of interest in accordance with AASB 6 Exploration for and Evaluation of Mineral Resources to ensure the carrying value does not exceed its recoverable amount. The process undertaken by management to assess whether there are any impairment triggers in each area of interest involves an element of management judgement. This is a key audit matter due to the nature of the balance and the judgements required in determining the recoverable amounts, including the judgemental nature of the estimates and assumptions used in the impairment analysis. How our audit addressed the key audit matter Our procedures included, amongst others: • Documenting the processes and internal controls in respect to accounting for additions and around management’s review and assessment of applicability of impairment indicators; • Obtaining a schedule of areas of interest held by the Group and assessing the Group’s right to tenure over the exploration licences to which exploration expenditure have been capitalised; • Considering the application of requirements under AASB 6 Exploration for and Evaluation of Mineral Resources in relation to expenditure capitalised during the period; • Obtaining management’s assessment of impairment considerations and performing the following: - Critically assessing inputs and assumptions in management’s analysis; Evaluating compliance with the requirements of AASB 6; Engaging the services of an independent geologist to evaluate management’s assessment of impairment indicators and compare to fair value based on available market information; Assessing the competencies of the expert in accordance with ASA 500 as a management’s expert; Assessing the competencies of the expert in accordance with ASA 620 Using the work of an Auditors Expert; Evaluating the sufficiency of the impairment charge; and - - - - - • Assessing the adequacy of related disclosures in Note 1(e) and Note 14. 6 6 JUPITER MINES LIMITEDIndependent Audit Report INDEPENDENT AUDITOR’S REPORT Investments accounted for using the equity method (Note 1(b) and Note 15) The Group has an investment of $385,267,255 in an unlisted equity investment which has been included the Group’s Consolidated Statement of Financial Position as at 28 February 2018. The Group recognises this investment as a joint venture using the equity method in accordance with AASB 128: Investment in Associates and Joint Ventures. Management assesses the value of this investment annually by engaging an independent expert to consider various valuation techniques such as a discounted cash flow model and comparable sale transactions. This is considered a key audit matter due to the significant judgement involvement in assessing the valuation of the investment. Our procedures included, amongst others: • Considering the appropriateness of the method applied by the Group to perform the valuation of the investment utilising the equity method in accordance with the requirements of the accounting standards. • Procedures included obtaining the key valuation inputs, including the long term manganese price, ore reserves and discount rates and performing the following: o Critically assessing the inputs o o o o and assumptions; Engaging the services of an independent geologist to evaluate the assessment made by the management expert; Engaging the services of a specialist to evaluate the weight average cost of capital relevant to the South African market; Assessing the competencies of the expert in accordance with ASA 500 as a managements expert; Assessing the competencies of the experts in accordance with ASA 620 Using the work of an Auditors Expert; and • Assessing the adequacy of related disclosures in Note 1(b) and Note 15. 6 7 Independent Audit ReportANNUAL REPORT 2018 INDEPENDENT AUDITOR’S REPORT Marketing Fee and Trade Receivables (Note 1(m), Note 1(l), Note 2 and Note 7) The Group’s marketing fee income of $10,048,724 is the only revenue being earnt directly by the Group and related receivable of $45,679,877 as at 28 February 2018. The Group's marketing branch earns a marketing fee on an agency basis from the sale and export of Jupiter’s share of the manganese ore. The selling price is determined on a provisional basis at the date of sale. Adjustments to the sale price may occur based on variances in the metal or moisture content of the ore up to the date of final pricing. The period between provisional invoicing and final pricing may range between two and three months. Accordingly, the fair value of the original revenue and associated receivable is adjusted each reporting period by reference to the best estimate of the actual metal and moisture content by management. The changes in fair value are recorded as an adjustment to marketing income. This area is a key audit matter due to revenue being recognised based on management’s estimates. Our audit procedures to address the matter included, amongst others: • • Considering the assessment of management’s position paper pursuant to the agency agreement and the associated accounting impact; Documenting the processes and internal controls in respect of accounting for revenue and other income; • • • Obtaining a schedule of the marketing fee and selecting a sample for testing by agreeing the inputs to supporting documentation including bill of lading documentation, quality certificates containing weight, moisture and Manganese content and the contract price; Recalculating the marketing fee; Selecting sales at or near year end to determine if the revenue recognition has been recorded in the correct period; Tracing a sample of outstanding receivables at 28 February 2018 to payments received after yearend. Where any balances remained unpaid, we considered whether they were recoverable by examining the ageing of these items and assessing historic payment terms; and Reviewing in detail the changes in presentation and associated note disclosures in the financial statements and assessing that they are in accordance with the applicable Accounting Standards. • • Information Other than the Financial Report and Auditor’s Report Thereon The Directors are responsible for the other information. The other information comprises the information included in the Group’s annual report for the year ended 28 February 2018, but does not include the financial report and our auditor’s report thereon. Our opinion on the financial report does not cover the other information and we do not express any form of assurance conclusion thereon. In connection with our audit of the financial report, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial report or our knowledge obtained in the audit or otherwise appears to be materially misstated. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. Responsibilities of the Directors’ for the Financial Report The Directors of the Company are responsible for the preparation of the financial report that gives a true and fair view in accordance with Australian Accounting Standards and the Corporations Act 2001 and for such internal control as the Directors determine is necessary to enable the preparation of the financial report that gives a true and fair view and is free from material misstatement, whether due to fraud or error. 6 8 JUPITER MINES LIMITEDIndependent Audit Report INDEPENDENT AUDITOR’S REPORT In preparing the financial report, the Directors are responsible for assessing the Group’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Directors either intend to liquidate the Group or to cease operations, or have no realistic alternative but to do so. Auditor’s Responsibilities for the Audit of the Financial Report Our objectives are to obtain reasonable assurance about whether the financial report as a whole is free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with the Australian Auditing Standards will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of this financial report. A further description of our responsibilities for the audit of the financial report is located at the Auditing and Assurance Standards Board website at: http://www.auasb.gov.au/auditors_responsibilities/ar1.pdf. This description forms part of our auditor’s report. Report on the Remuneration Report Opinion on the Remuneration Report We have audited the Remuneration Report included in pages 16 to 21 of the directors’ report for the year ended 28 February 2018. In our opinion, the Remuneration Report of Jupiter Mines Limited, for the year ended 28 February 2018, complies with section 300A of the Corporations Act 2001. Responsibilities The Directors of the Company are responsible for the preparation and presentation of the Remuneration Report in accordance with section 300A of the Corporations Act 2001. Our responsibility is to express an opinion on the Remuneration Report, based on our audit conducted in accordance with Australian Auditing Standards. GRANT THORNTON AUDIT PTY LTD Chartered Accountants M J Hillgrove Partner – Audit & Assurance Perth, 30 May 2018 6 9 Independent Audit ReportANNUAL REPORT 2018 ADDITIONAL INFORMATION FOR LISTED COMPANIES Additional information required by the ASX listing rules and not disclosed elsewhere in this report is set out below. The information is effective as at 29 May 2018. Substantial shareholders Name Stichting Pensioenfonds ABP (and its associate Pallinghurst EMG African Queen L.P.) Investec Bank Limited Pallinghurst Steel Feed (Dutch) B.V. POSCO Australia GP Pty Ltd (and its associate POSCO Australia Pty Ltd) HJM Jupiter L.P. Voting rights Number of fully paid ordinary shares % holding 289,075,945 261,154,529 145,845,375 134,992,472 98,263,429 14.84% 13.40% 7.49% 6.93% 5.04% Ordinary Shares: On a show of hands, every member present at a meeting in person or by proxy shall have one vote and upon a poll each share shall have one vote. Distribution of equity security holders Holding 1 – 1,000 1,001 – 5,000 5,001 – 10,000 10,001 – 100,000 100,001 and over Number of shareholders Number of shares % of capital 97 488 428 29,390 1,514,557 3,586,878 1,182 44,193,071 350 1,899,016,607 2,545 1,948,340,503 0.00% 0.08% 0.18% 2.27% 97.47% 100% Shareholders with less than a marketable parcel As at 29 May 2018, there were 140 shareholders on the register holding less than a marketable parcel ($500) based on the closing market price of $0.345. Securities subject to voluntary escrow Escrowed shareholder Pallinghurst Steel Feed (Dutch) B.V. POSCO Australia GP Pty Ltd HJM Jupiter L.P. FRK Jupiter L.P. EMG Jupiter L.P. POSCO Australia Pty Ltd Priyank Thapliyal Red Rock Resources plc Total 7 0 Number of shares escrowed 145,845,372 112,044,320 98,263,429 93,406,454 85,446,062 22,948,152 21,129,387 18,524,914 597,608,090 JUPITER MINES LIMITEDAdditional Information for ASX Listed Companies The Voluntary Escrow Deeds entered into by the Escrowed Shareholders prevent any sale of Shares as follows: (a) for 50% of the Escrowed Shares, until the date that the Company releases to ASX its audited financial statements for the financial year ending 28 February 2019; and (b) for the remaining 50% of the Escrowed Shares (the “Escrow Release Condition”): (i) if the following occurs: (A) the Company releases to ASX its reviewed financial statements for the half financial year ending 31 August 2018; and (B) the VWAP of Shares traded on ASX for any 20 consecutive trading days is 20% or more above the IPO Offer Price following release to ASX of the Company’s reviewed financial statements for the half financial year ending 31 August 2018, until the date that the Escrow Release Condition is satisfied; and (ii) if the Escrow Release Condition is not satisfied, until the date that the Company announces to ASX its reviewed financial statements for the half financial year ending 31 August 2019. However, these restrictions do not apply to the sale, transfer, disposal or cancellation (as applicable) of the relevant Escrowed Shares in the following circumstances: (a) where an Escrowed Shareholder accepts an offer under a takeover bid (as defined in the Corporations Act) in relation to their Shares, provided holders of not less than 50% of the Shares not subject to restrictions then on issue have accepted the takeover bid; (b) where the Shares of an Escrowed Shareholder are to be transferred or cancelled as part of a merger by way of a scheme of arrangement under Part 5.1 of the Corporations Act; or (c) where an Escrowed Shareholder elects to dispose of any Escrowed Shares pursuant to a buy-back of Shares or a reduction of capital conducted by the Company. The Voluntary Escrow Deeds in any event terminate no later than 2 years after the date they were entered into. The undertakings given by the Escrowed Shareholders under the Voluntary Escrow Deeds may give the Company a “relevant interest” in the Escrowed Shares for the purposes of the Corporations Act. However, the Company has obtained relief from ASIC so that the takeovers provisions of the Corporations Act will not apply to these relevant interests. Twenty largest shareholders 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 Shareholder Investec Bank Limited Stichting Pensioenfonds ABP HSBC Custody Nominees (Australia) Limited Pallinghurst Steel Feed (Dutch) B.V. POSCO Australia GP Pty Ltd HJM Jupiter L.P. FRK Jupiter L.P. EMG Jupiter L.P. JP Morgan Nominees Australia Limited National Nominees Limited Citicorp Nominees Pty Limited BNP Paribas Noms Pty Ltd Pallinghurst EMG African Queen L.P. Morgan Stanley Australia Securities (Nominee) Pty Limited UBS Nominees Pty Ltd BNP Paribas Nominees Pty Ltd Priyank Thapliyal POSCO Australia Pty Ltd HSBC Custody Nominees (Australia) Limited – A/C 2 Red Rock Resources plc TOTAL Unissued equity securities There are no unissued equity securities. Securities exchange The Company is listed on the Australian Securities Exchange. Number of shares held Percentage (%) of issued shares 261,154,529 252,648,636 157,974,221 145,845,372 112,044,320 98,263,429 93,406,454 85,446,062 73,434,605 57,354,287 50,439,341 48,890,683 36,427,309 30,936,770 29,835,500 23,328,218 23,289,387 22,948,152 21,565,549 18,524,914 13.40% 12.97% 8.11% 7.49% 5.75% 5.04% 4.79% 4.39% 3.77% 2.94% 2.59% 2.51% 1.87% 1.59% 1.53% 1.20% 1.20% 1.18% 1.11% 0.95% 1,643,757,738 84.38% 7 1 Additional Information for ASX Listed CompaniesANNUAL REPORT 2018 APPENDICES: JORC TABLES TSHIPI BORWA JORC TABLE 1 i i R P C n i n o i t c e S y r a t n e m m o C 3 . 6 4 . 6 n o i t c e S n o i t c e S . g n i l p m a s f o i g n n a e m d a o r b e h t g n i t i m i l s a n e k a t e b t o n l d u o h s l s e p m a x e e s e h T . ) c t e , s t n e m u r t s n i . n o i t a m r o f n i d e l i a t e d f o e r u s o c s i d l t n a r r a w y a m l ) s e u d o n e n i r a m b u s g e ( s e p y t n o i t a s i l a r e n m i r o s e i t i d o m m o c l a u s u n U g n i l l i r d n o i t a u c r i c l e s r e v e r „ g e ( l e p m i s l y e v i t a e r l . t r o p e R c i l b u P e h t o t l a i r e t a M e r a t a h t n o i t a s i l a r e n m i f o i n o i t a n m r e t e d e h t f o s t c e p s A e b l d u o w s i h t e n o d n e e b s a h k r o w ‟ d r a d n a t s y r t s u d n i „ e r e h w s e s a c n I r e h t o n I . ) ‟ y a s s a e r i f r o f e g r a h c g 0 3 a e c u d o r p o t d e s i r e v u p l s a w g k 3 i h c h w m o r f l s e p m a s m 1 i n a t b o o t d e s u s a w . s m e b o r p l g n i l p m a s t n e r e h n i s a h t a h t l d o g e s r a o c s i e r e h t e r e h w s a h c u s , d e r i u q e r e b y a m n o i t a n a p x e l e r o m s e s a c y n a f o n o i t a r b i l a c e t a i r p o r p p a e h t d n a y t i v i t n e s e r p e r l e p m a s e r u s n e o t n e k a t s e r u s a e m o t e c n e r e f e r e d u c n I l . d e s u s m e t s y s r o s l o o t t n e m e r u s a e m i s e u q n h c e t g n i l p m a S t n e m e r u s a e m d r a d n a t s y r t s u d n i d e s i l i a c e p s c i f i c e p s r o i , s p h c m o d n a r , s l e n n a h c t u c g e ( g n i l p m a s f o y t i l a u q d n a e r u t a N F R X l d e h d n a h r o , s e d n o s a m m a g l e o h n w o d s a h c u s , n o i t a g i t s e v n i r e d n u s l a r e n m e h t i o t e t a i r p o r p p a s l o o t n o i t a n a p x e l e d o C C R O J a i r e t i r C a t a D d n a i s e u q n h c e T g n i l p m a S : 1 n o i t c e S 7 2 s i i e u q n h c e t e h t r e h t e h w d n a d e s u s e r u d e c o r p y r o t a r o b a l d n a i g n y a s s a e h t f o s s e n e t a i r p o r p p a d n a y t i l a u q , e r u t a n e h T l . d e p m a s g n e b i l a i r e t a m e h t f o e z i s i n a r g e h t o t e t a i r p o r p p a e r a s e z i s l e p m a s r e h t e h W . l a t o t r o l a i t r a p d e r e d i s n o c . g n i l p m a s f l a h - d n o c e s / e t a c i l p u d l d e i f r o f s t l u s e r 4 . 1 . 2 . 6 n o i t c e S 3 . 1 . 2 . 6 n o i t c e S o t e u d d e r r u c c o e v a h y a m s a b i l e p m a s r e h t e h w d n a e d a r g d n a y r e v o c e r l e p m a s n e e w t e b s t s i x e i p h s n o i t a e r l a r e h t e h W . l a i r e t a m e s r a o c / e n i f f o i n a g / s s o l l a i t n e r e f e r p l . s e p m a s e h t f o e r u t a n e v i t a t n e s e r p e r e r u s n e d n a y r e v o c e r l e p m a s i e s i m x a m o t n e k a t s e r u s a e M . d e s s e s s a s t l u s e r d n a s e i r e v o c e r l e p m a s i p h c d n a e r o c g n i s s e s s a d n a i g n d r o c e r f o d o h t e M . ) c t e , d o h t e m t a h w y b , o s f i d n a d e t n e i r o t r o p p u s o t l i a t e d f o l e v e l a o t d e g g o l y l l i a c n h c e t o e g d n a y l l i a c g o o e g l n e e b e v a h l s e p m a s i p h c d n a e r o c r e h t e h W . y h p a r g o t o h p ) c t e , l e n n a h c , n a e t s o c r o ( e r o C . e r u t a n n i e v i t a t i t n a u q r o e v i t a t i l a u q s i i g n g g o l r e h t e h W i . s e d u t s l i a c g r u l l a t e m d n a i s e d u t s i g n n m i , n o i t a m i t s e e c r u o s e R l i a r e n M e t a i r p o r p p a 3 . 6 4 . 6 n o i t c e S n o i t c e S e c n a t s n i r o f l . s e p m a s f o y t i v i t n e s e r p e r i e s i m x a m o t s e g a t s g n i l p m a s - b u s l l a r o f d e t p o d a s e r u d e c o r p l o r t n o c y t i l a u Q i . e u q n h c e t n o i t a r a p e r p l e p m a s e h t f o s s e n e t a i r p o r p p a d n a y t i l a u q , e r u t a n e h t , s e p y t l e p m a s l l a r o F . y r d r o t e w d e p m a s l r e h t e h w d n a c t e , t i l p s y r a t o r l , d e p m a s e b u t , d e l f f i r r e h t e h w , e r o c - n o n . n e k a t e r o c l l a r o f l a h , r e t r a u q r e h t e h w d n a n w a s r o t u c r e h t e h w , e r o c f I f I . d e g g o l s n o i t c e s r e t n i t n a v e e r l e h t f o e g a t n e c r e p d n a h t g n e l l a t o t e h T i g n d u c n l i , d e t c e l l o c l a i r e t a m u t i s n i e h t f o e v i t a t n e s e r p e r s i g n i l p m a s e h t t a h t e r u s n e o t n e k a t s e r u s a e M d n a i s e u q n h c e t g n i l p m a s - b u S n o i t a r a p e r p l e p m a s y r e v o c e r l e p m a s l l i r D i g n g g o L g e ( s l i a t e d d n a ) c t e i , c n o s , a k g n a B , r e g u a , t s a b l r i a y r a t o r , r e m m a h l e o h - n e p o , n o i t a u c r i c l e s r e v e r , e r o c g e ( e p y t l l i r D 2 . 6 n o i t c e S s i e r o c r e h t e h w , e p y t r e h t o r o t i b g n i l p m a s - e c a f , s l i a t d n o m a d i f o h t p e d , e b u t d r a d n a t s r o l e p i r t , r e t e m a d i e r o c i s e u q n h c e t g n i l l i r D 4 . 6 5 . 6 n o i t c e S n o i t c e S s i s y a n a l e h t i i g n n m r e t e d n i d e s u s r e t e m a r a p e h t , c t e , s t n e m u r t s n i F R X l d e h d n a h , s r e t e m o r t c e p s , s l o o t l a c i s y h p o e g r o F d n a a t a d y a s s a f o y t i l a u Q . c t e , n o i t a v i r e d r i e h t d n a d e i l p p a s r o t c a f s n o i t a r b i l a c , s e m i t i g n d a e r , l e d o m d n a e k a m t n e m u r t s n i i g n d u c n l i s t s e t y r o t a r o b a l d n a ) s k c e h c y r o t a r o b a l l a n r e t x e , s e t a c i l p u d , s k n a b l , s d r a d n a t s g e ( d e t p o d a s e r u d e c o r p l o r t n o c y t i l a u q f o e r u t a N . l e n n o s r e p y n a p m o c e v i t a n r e t l a r o t n e d n e p e d n i r e h t i e y b s n o i t c e s r e t n i t n a c i f i n g i s f o n o i t a c i f i r e v e h T . d e h s i l b a t s e n e e b e v a h n o i s i c e r p d n a ) s a b i f o k c a l e i ( y c a r u c c a f o s l e v e l l e b a t p e c c a r e h t e h w . s e o h l d e n n w i t f o e s u e h T 7 . 6 n o i t c e S i ) c n o r t c e e l d n a l a c i s y h p ( e g a r o t s a t a d , n o i t a c i f i r e v a t a d , s e r u d e c o r p y r t n e a t a d , a t a d y r a m i r p f o n o i t a t n e m u c o D d n a g n i l p m a s f o n o i t a c i f i r e V . a t a d y a s s a o t t n e m t s u j d a y n a s s u c s i D . s l o c o t o r p i g n y a s s a p 8 1 0 ril 2 9, A 6 - 1 7 0 8 7 1 - P U J - M M T - C o. t N r o p e R d t ) L y t P y ( c n a ult s n o n C atio r o p r o r e al C © Min e s w r o a Min hipi B d‟s T ) Limit y t P g ( e e Minin s e n a g n a hipi é Ntle M s n T t o r o p e s R n o s r e t P n e et p m o C JUPITER MINES LIMITEDAppendices: JORC Tables TSHIPI BORWA JORC TABLE 1 (CONTINUED) i i i R P C n i n o i t c e S y r a t n e m m o C 2 . 1 . 2 . 6 n o i t c e S 1 . 2 . 7 n o i t c e S 5 . 1 . 2 . 6 n o i t c e S 5 . 2 . 7 n o i t c e S 1 . 1 . 2 . 6 n o i t c e S 2 . 1 . 2 . 6 n o i t c e S d n a i s g n k r o w e n m i , s e h c n e r t , ) s y e v r u s l e o h - n w o d d n a r a l l o c ( l s e o h l l i r d e t a c o l o t d e s u s y e v r u s f o y t i l a u q d n a y c a r u c c A n o i t a n a p x e l e d o C C R O J a i r e t i r C a t a D d n a i s e u q n h c e T g n i l p m a S : 1 n o i t c e S y t i u n i t n o c e d a r g d n a l i a c g o o e g l f o e e r g e d e h t h s i l b a t s e o t i t n e c i f f u s s i n o i t u b i r t s i d d n a i g n c a p s a t a d e h t r e h t e h W . s t l u s e R n o i t a r o p x E l f o g n i t r o p e r r o f i g n c a p s a t a D . l o r t n o c i c h p a r g o p o t f o y c a u q e d a d n a y t i l a u Q . d e s u m e t s y s d i r g e h t f o n o i t a c i f i c e p S . n o i t a m i t s e e c r u o s e R l a r e n M n i i d e s u s n o i t a c o l r e h t o . d e i l p p a s n o i t a c i f i s s a c l d n a ) s ( e r u d e c o r p n o i t a m i t s e e v r e s e R e r O d n a e c r u o s e R l i a r e n M e h t r o f e t a i r p o r p p a n o i t u b i r t s i d d n a i g n c a p s a t a D s t n o p i a t a d f o n o i t a c o L . d e i l p p a n e e b s a h g n i t i s o p m o c l e p m a s r e h t e h W s i s i h t i h c h w o t t n e t x e e h t d n a s e r u t c u r t s l e b i s s o p f o g n i l p m a s d e s a b n u i s e v e h c a i g n i l p m a s f o n o i t a t n e i r o e h t r e h t e h W . e p y t t i s o p e d e h t g n i r e d i s n o c , n w o n k n o i t a e r l n i a t a d f o n o i t a t n e i r O o t d e r e d i s n o c s i s e r u t c u r t s d e s i l i a r e n m y e k f o n o i t a t n e i r o e h t d n a n o i t a t n e i r o g n i l l i r d e h t n e e w t e b i p h s n o i t a e r l e h t f I e r u t c u r t s l i a c g o o e g l o t 2 n o i t c e S h c u s s e i t r a p d r i h t h t i w s e u s s i l a i r e t a m r o s t n e m e e r g a i g n d u c n l i i p h s r e n w o d n a n o i t a c o l , r e b m u n / e m a n e c n e r e f e r , e p y T 7 . 6 n o i t c e S d n a 2 . 1 . 3 . 6 n o i t c e S . y t i r u c e s l e p m a s e r u s n e o t n e k a t s e r u s a e m e h T y t i r u c e s l e p m a S . l a i r e t a m f i d e t r o p e r d n a d e s s e s s a e b l d u o h s s i h t , s a b i g n i l p m a s a d e c u d o r t n i e v a h R P C n i n o i t c e S y r a t n e m m o C 9 . 1 n o i t c e S 5 2 n o i t c e S . a t a d d n a i s e u q n h c e t g n i l p m a s f o s w e v e r i r o s t i d u a y n a f o s t l u s e r e h T s w e v e r i r o s t i d u A n o i t a n a p x e l e d o C C R O J s t l u s e R n o i t a r o p x E l f o g n i t r o p e R : 2 n o i t c e S a i r e t i r C d e b i r c s e d l y e t a u q e d a s i l s e o h l l i r d 1 . 3 2 . 3 1 . 4 3 . 4 n o i t c e S n o i t c e S n o i t c e S n o i t c e S 1 . 7 1 n o i t c e S 1 . 6 2 . 6 n o i t c e S n o i t c e S 5 s n o i t c e S 1 . 6 2 . 6 s n o i t c e S s n o i t c e S 6 s n o i t c e S 4 . 2 . 7 s n o i t c e S f o n o i t a c o l e h T s n a p l n o k r a p l a n o i t a n r o s s e n r e d l i w , s e t i s l a c i r o t s i h , s t s e r e t n i e l t i t e v i t a n , s e i t l a y o r i g n d i r r e v o i , s p h s r e n t r a p , s e r u t n e v t n o j i s a o t e c n e c i l a i i g n n a t b o o t s t n e m d e p m i i n w o n k y n a h t i w g n o a l g n i t r o p e r f o e m i t e h t t a l d e h e r u n e t e h t f o y t i r u c e s e h T . s g n i t t e s l a t n e m n o r i v n e d n a . a e r a e h t n i e t a r e p o . s e i t r a p r e h t o y b n o i t a r o p x e l f o l a s i a r p p a d n a t n e m g d e w o n k c A l . n o i t a s i l a r e n m i f o l e y t s d n a g n i t t e s l i a c g o o e g l , e p y t t i s o p e D e h t f o n o i t a u b a t l a i g n d u c n l i s t l u s e r n o i t a r o p x e l e h t f o i g n d n a t s r e d n u e h t o t l a i r e t a m n o i t a m r o f n i l l a f o y r a m m u s A r a l l o c l e o h l l i r d e h t f o ) s e r t e m n i l e v e l a e s e v o b a n o i t a v e e l – l e v e L d e c u d e R ( L R r o n o i t a v e e l h t p e d n o i t p e c r e t n i d n a h t g n e l l e o h n w o d l e o h e h t f o h t u m i z a d n a i p d . h t g n e l l e o h r a l l o c : s e o h l l l i r d l a i r e t a M l l a r o f n o i t a m r o f n i l e o h l l i r d e h t f o i g n h t r o n d n a g n i t s a e i g n w o l l o f d n a l d n a t n e m e n e t l a r e n M i r e h t o y b e n o d n o i t a r o p x E l s e i t r a p l y g o o e G s u t a t s e r u n e t n o i t a m r o f n I l e o h l l i r D s e o d n o i s u c x e l s i h t d n a l a i r e t a M t o n s i n o i t a m r o f n i e h t t a h t s i s a b e h t n o d e i f i t s u j s i n o i t a m r o f n i s i h t f o n o i s u c x e l e h t f I . e s a c e h t s i s i h t y h w n a p x e l i y l r a e c l l d u o h s n o s r e P t n e t e p m o C e h t , t r o p e r e h t f o i g n d n a t s r e d n u e h t m o r f t c a r t e d t o n e s w r o a Min hipi B d‟s T ) Limit y t P g ( e e Minin s e n a g n a hipi é Ntle M s n T t o r o p e s R n o s r e t P n e et p m o C p 8 1 0 ril 2 9, A 6 - 1 7 0 8 7 1 - P U J - M M T - C o. t N r o p e R 7 3 d t ) L y t P y ( c n a ult s n o n C atio r o p r o r e al C © Min ANNUAL REPORT 2018Appendices: JORC Tables TSHIPI BORWA JORC TABLE 1 (CONTINUED) t o n e r a s n o i t c e s r e t n i l i a u d v d n i i l ; e b a c i l p p a t o N d n a w o l h t o b f o g n i t r o p e r e v i t a t n e s e r p e r l , e b a c i t c a r p t o n s i s t l u s e R n o i t a r o p x E l l l a f o g n i t r o p e r e v i s n e h e r p m o c e r e h W d e t r o p e r . s t l u s e R n o i t a r o p x E l f o g n i t r o p e r i g n d a e l s i m d o v a i o t d e c i t c a r p e b l d u o h s s h t d w i r o / d n a s e d a r g h g h i 5 . 2 . 7 n o i t c e S 7 . 2 . 7 n o i t c e S 0 1 . 2 . 7 n o i t c e S 0 1 . 2 . 7 n o i t c e S 1 1 . 2 . 7 n o i t c e S 3 . 2 . 7 n o i t c e S 4 . 6 . 7 n o i t c e S 3 . 7 n o i t c e S d n a s n o i t a c o l r a l l o c l e o h l l i r d f o w e v i n a p l a o t d e t i m i l e b t o n t u b , e d u c n l i l d u o h s e s e h T . d e t r o p e r g n e b i y r e v o c s i d . s w e v i l a n o i t c e s e t a i r p o r p p a t n a c i f i n g i s y n a r o f d e d u c n l i e b l d u o h s s t p e c r e t n i f o s n o i t a u b a t l d n a l ) s e a c s h t i w ( s n o i t c e s d n a s p a m e t a i r p o r p p A . ) ‟ n w o n k t o n i h t d w e u r t , h t g n e l l e o h n w o d „ g e ( t c e f f e s i h t o t t n e m e t a t s r a e c l a e b l d u o h s e r e h t , d e t r o p e r e r a s h t g n e l l e o h n w o d e h t l y n o d n a n w o n k t o n s i t i . d e t r o p e r e b l d u o h s e r u t a n s t i , n w o n k s i l e g n a l e o h l l i r d e h t o t t c e p s e r h t i w n o i t a s i l i a r e n m e h t f o y r t e m o e g e h t f I f I d n a . s t l u s e R n o i t a r o p x E l f o g n i t r o p e r e h t n i t n a t r o p m i l y l r a u c i t r a p e r a i s p h s n o i t a e r l e s e h T n e e w t e b i p h s n o i t a e R l i s h t d w n o i t a s i l a r e n m i s h t g n e l t p e c r e t n i s m a r g a D i g n i t r o p e r d e c n a a B l l e b a c i l p p a t o N . d e t a t s y l r a e c l e b l d u o h s s e u a v l l t n e a v u q e i l a t e m f o g n i t r o p e r y n a r o f d e s u s n o i t p m u s s a e h T . l i a t e d n i n w o h s v i R P C n i n o i t c e S y r a t n e m m o C 2 . 2 . 7 n o i t c e S 5 . 2 . 7 n o i t c e S 6 . 2 . 7 n o i t c e S , s t l u s e r e d a r g w o l f o s h t g n e l r e g n o l d n a s t l u s e r e d a r g h g h i f o s h t g n e l t r o h s e t a r o p r o c n i s t p e c r e t n i e t a g e r g g a e r e h W . d e t a t s e b l d u o h s d n a l a i r e t a M y l l a u s u e r a s e d a r g f f o - t u c d n a ) s e d a r g h g h i f o g n i t t u c e b l d u o h s s n o i t a g e r g g a h c u s f o l s e p m a x e l i a c p y t e m o s d n a d e t a t s e b l d u o h s n o i t a g e r g g a h c u s r o f d e s u e r u d e c o r p e h t s d o h t e m n o i t a g e r g g a a t a D g e ( s n o i t a c n u r t e d a r g m u m n m i i r o / d n a m u m x a m i i , s e u q n h c e t i g n g a r e v a g n i t h g e w i , s t l u s e R n o i t a r o p x E l g n i t r o p e r n I n o i t a n a p x e l e d o C C R O J a i r e t i r C s t l u s e R n o i t a r o p x E l f o g n i t r o p e R : 2 n o i t c e S 7 4 r e g n o l o n s i k r o w t s e t l i a c g r u l l a t e m f o s t l u s e r e h T l a i r e t a m t o n s i a t a d n o i t a r o p x e l r e h t O y r o t s i h g n i t a r e p o e h t n e v g i t n a v e e r l l i a c g o o e g l : ) o t d e t i m i l t o n t u b ( i g n d u c n l i d e t r o p e r e b l d u o h s , l a i r e t a m d n a l i u f g n n a e m f i , a t a d n o i t a r o p x e l r e h t O ; t n e m t a e r t f o d o h t e m d n a e z i s – l s e p m a s l k u b ; s t l u s e r y e v r u s l i a c m e h c o e g ; s t l u s e r y e v r u s l a c i s y h p o e g ; s n o i t a v r e s b o n o i t a r o p x e l e v i t n a t s b u s r e h t O r o s u o i r e t e e d l l a i t n e t o p ; s c i t s i r e t c a r a h c k c o r d n a l i a c n h c e t o e g , r e t a w d n u o r g , y t i s n e d l k u b ; s t l u s e r t s e t l i a c g r u l l a t e m a t a d 8 . 6 n o i t c e S - p e t s l e a c s - e g r a l r o s n o i s n e t x e h t p e d r o s n o i s n e t x e l a r e t a l r o f s t s e t g e ( k r o w r e h t r u f d e n n a p l f o l e a c s d n a e r u t a n e h T . s e c n a t s b u s i g n i t a n m a t n o c n o i t a m r o f n i l a i r e t a m y n a f o e r a w a t o n s i P C e h T t r o p e r s i h t n i l d e g u v d i n e e b t o n s a h t a h t R P C n i n o i t c e S y r a t n e m m o C 7 . 6 n o i t c e S d n a 7 . 6 n o i t c e S 2 . 1 5 . 6 6 . 8 6 . 9 n o i t c e S n o i t c e S n o i t c e S n o i t c e S 7 . 2 1 n o i t c e S 5 . 9 1 n o i t c e S e r u t u f d n a s n o i t a t e r p r e t n i l i a c g o o e g l i n a m e h t i g n d u c n l i , s n o i s n e t x e l e b i s s o p f o s a e r a e h t g n i t h g i l h g h i y l r a e c l s m a r g a D i . ) g n i l l i r d t u o k r o w r e h t r u F n e e w t e b , s r o r r e i g n y e k r o n o i t p i r c s n a r t l , e p m a x e r o f , y b d e t p u r r o c n e e b t o n s a h a t a d t a h t e r u s n e o t n e k a t s e r u s a e M n o i t a n a p x e l e d o C C R O J . e v i t i s n e s y l l i a c r e m m o c t o n s i n o i t a m r o f n i s i h t i d e d v o r p , s a e r a g n i l l i r d s e c r u o s e R l a r e n M i f o g n i t r o p e R d n a n o i t a m i t s E : 3 n o i t c e S a i r e t i r C . s t i s i v e s o h t f o e m o c t u o e h t d n a n o s r e P t n e t e p m o C e h t y b n e k a t r e d n u s t i s i v e t i s y n a n o t n e m m o C . d e s u s e r u d e c o r p n o i t a d i l a v a t a D . e s a c e h t s i s i h t y h w e t a c d n i i n e k a t r e d n u n e e b e v a h s t i s i v e t i s o n f I s t i s i v e t i S e s w r o a Min hipi B d‟s T ) Limit y t P g ( e e Minin s e n a g n a hipi é Ntle M s n T t o r o p e s R n o s r e t P n e et p m o C p 8 1 0 ril 2 9, A 6 - 1 7 0 8 7 1 - P U J - M M T - C o. t N r o p e R d t ) L y t P y ( c n a ult s n o n C atio r o p r o r e al C © Min . s e s o p r u p n o i t a m i t s e e c r u o s e R l a r e n M i r o f e s u s t i d n a n o i t c e l l o c l a i t i n i s t i y t i r g e t n i e s a b a t a D JUPITER MINES LIMITEDAppendices: JORC Tables TSHIPI BORWA JORC TABLE 1 (CONTINUED) v R P C n i n o i t c e S y r a t n e m m o C 2 . 2 . 7 n o i t c e S 3 . 2 . 7 n o i t c e S 1 . 7 n o i t c e S 3 . 2 . 7 n o i t c e S d n a 2 . 7 3 . 7 4 . 7 5 . 7 6 . 7 7 . 7 8 . 7 9 . 7 n o i t c e S n o i t c e S n o i t c e S n o i t c e S n o i t c e S n o i t c e S n o i t c e S n o i t c e S 0 1 . 7 n o i t c e S 1 1 . 7 n o i t c e S . s t n o p i a t a d m o r f l n o i t a o p a r t x e f o e c n a t s i d m u m x a m d n a i s r e t e m a r a p l n o i t a o p r e t n i i i , g n n a m o d , s e u a v l e d a r g e m e r t x e s r e t e m a r a p d n a e r a w t f o s r e t u p m o c f o n o i t p i r c s e d a e d u c n l i n e s o h c s a w d o h t e m n o i t a m i t s e d e t s i s s a r e t u p m o c a f I f o t n e m t a e r t i g n d u c n l i , s n o i t p m u s s a y e k d n a d e i l p p a ) s ( e u q n h c e t i n o i t a m i t s e e h t f o s s e n e t a i r p o r p p a d n a e r u t a n e h T i e n m d c a i r o f r u h p u s l g e ( e c n a c i f i n g i s i c m o n o c e f o l s e b a i r a v e d a r g - n o n r e h t o r o s t n e m e e l s u o i r e t e e d l f o n o i t a m i t s E . ) n o i t a s i r e t c a r a h c e g a n a r d i . a t a d h c u s f o t n u o c c a e t a i r p o r p p a s e k a t e t a m i t s e e c r u o s e R . s t c u d o r p - y b f o y r e v o c e r i g n d r a g e r e d a m s n o i t p m u s s a e h T h c r a e s e h t d n a i g n c a p s l e p m a s e g a r e v a e h t o t n o i t a e r l n i e z i s k c o b l e h t l , n o i t a o p r e t n i l e d o m k c o b l f o e s a c e h t n I . d e y o p m e l l i a r e n M e h t r e h t e h w d n a s d r o c e r n o i t c u d o r p e n m i r o / d n a s e t a m i t s e i s u o v e r p , s e t a m i t s e k c e h c f o y t i l i b a l i a v a e h T . d e s u f o e s u d n a , a t a d l e o h l l i r d o t a t a d l e d o m f o n o s i r a p m o c e h t , d e s u s s e c o r p i g n k c e h c e h t , n o i t a d i l a v f o s s e c o r p e h T i . g n p p a c r o g n i t t u c e d a r g g n i s u t o n r o g n i s u r o f s i s a b f o n o i s s u c s i D . s e t a m i t s e e c r u o s e r e h t l o r t n o c o t d e s u s a w n o i t a t e r p r e t n i l i a c g o o e g l e h t w o h f o n o i t p i r c s e D l . s e b a i r a v n e e w t e b l n o i t a e r r o c t u o b a s n o i t p m u s s a y n A l . e b a l i a v a f i a t a d n o i t a i l i c n o c e r . s t i n u i i g n n m e v i t c e e s l f o g n i l l e d o m d n h e b i s n o i t p m u s s a y n A l e b a c i l p p a t o N e h t f o i n o i t a n m r e t e d f o d o h t e m e h t d n a , e r u t s i o m l a r u t a n h t i w r o s i s a b y r d a n o d e t a m i t s e e r a s e g a n n o t e h t r e h t e h W . t n e t n o c e r u t s i o m i , h t d w n a p l , ) e s i w r e h t o r o e k i r t s g n o a ( l h t g n e l s a d e s s e r p x e e c r u o s e R l i a r e n M e h t f o y t i l i b a i r a v d n a t n e t x e e h T . e c r u o s e R l i a r e n M e h t f o s t i m i l r e w o l d n a r e p p u e h t o t e c a f r u s w o e b l h t p e d g n i l l e d o m d n a n o i t a m i t s E i s e u q n h c e t e r u t s i o M s n o i s n e m D i . t i s o p e d l i a r e n m e h t . e d a m s n o i t p m u s s a y n a f o d n a d e s u a t a d e h t f o e r u t a N f o n o i t a t e r p r e t n i l i a c g o o e g l e h t ) f o i y t n a t r e c n u e h t l , y e s r e v n o c r o ( n i e c n e d i f n o C n o i t a n a p x e l e d o C C R O J a i r e t i r C s e c r u o s e R l a r e n M i f o g n i t r o p e R d n a n o i t a m i t s E : 3 n o i t c e S . n o i t a m i t s e e c r u o s e R l i a r e n M g n i l l o r t n o c d n a i g n d u g i n i l y g o o e g f o e s u e h T . y g o o e g l d n a e d a r g f o h t o b y t i u n i t n o c g n i t c e f f a s r o t c a f e h T . n o i t a m i t s e e c r u o s e R l i a r e n M n o s n o i t a t e r p r e t n i e v i t a n r e t l a f o , y n a f i , t c e f f e e h T n o i t a t e r p r e t n i l i a c g o o e G l 2 . 2 . 7 n o i t c e S 1 . 4 . 7 s n o i t c e S e h t f o t r a p s a y r a s s e c e n s y a w a l s i t I . y t i l i b a n e m a l i a c g r u l l a t e m g n d r a g e r i s n o i t c d e r p i r o s n o i t p m u s s a r o f s i s a b e h T s i h t , e s a c e h t s i s i h t e r e h W . s u o r o g i r e b s y a w a l t o n y a m s e c r u o s e R l i a r e n M g n i t a m i t s e n e h w s r e t e m a r a p d n a s d o h t e m . e d a m s n o i t p m u s s a i i g n n m e h t f o s i s a b e h t f o n o i t a n a p x e l n a h t i w d e t r o p e r e b l d u o h s r o f s t c e p s o r p l e b a n o s a e r i i g n n m r e t e d f o s s e c o r p e h t f o t r a p s a y r a s s e c e n s y a w a l s i t I . n o i t u l i d i g n n m i ) l a n r e t x e i i g n n m g n d r a g e r i e d a m s n o i t p m u s s a e h t t u b , s d o h t e m g n n m i i l a i t n e t o p r e d i s n o c o t n o i t c a r t x e i c m o n o c e l a u t n e v e s n o i t p m u s s a r o s r o t c a f i g n n M i l , e b a c i l p p a f i , r o ( l a n r e t n i d n a s n o i s n e m d i i i g n n m m u m n m i i , s d o h t e m g n n m e b i s s o p i l i i g n d r a g e r e d a m s n o i t p m u s s A . d e i l p p a s r e t e m a r a p y t i l a u q r o ) s ( e d a r g f f o - t u c d e t p o d a e h t f o s i s a b e h T s r e t e m a r a p f f o - t u C 2 . 4 . 7 s n o i t c e S g n i t r o p e r n e h w e d a m s r e t e m a r a p d n a s e s s e c o r p t n e m t a e r t l i a c g r u l l a t e m g n d r a g e r i s n o i t p m u s s a e h t t u b , s d o h t e m 7 1 n o i t c e S l a t n e m n o r i v n e l a i t n e t o p e h t r e d i s n o c o t n o i t c a r t x e i c m o n o c e l a u t n e v e r o f s t c e p s o r p l e b a n o s a e r i i g n n m r e t e d l a t n e m n o r i v n e l a i t n e t o p f o i n o i t a n m r e t e d e h t e g a t s s i h t t a e l i h W . n o i t a r e p o g n i s s e c o r p d n a i i g n n m e h t f o f o s s e c o r p s t c a p m i e h t f o t r a p s a y r a s s e c e n s y a w a l s i t I . s n o i t p o l a s o p s i d e u d i s e r s s e c o r p d n a e t s a w e b i s s o p l i g n d r a g e r e d a m s n o i t p m u s s A . e d a m s n o i t p m u s s a l i a c g r u l l a t e m e h t f o s i s a b e h t f o n o i t a n a p x e l n a h t i w d e t r o p e r e b l d u o h s s i h t , e s a c e h t s i s i h t e r e h W . s u o r o g i r e b s y a w a l t o n y a m s e c r u o s e R l a r e n M i l i a c g r u l l a t e m l a i t n e t o p r e d i s n o c o t n o i t c a r t x e i c m o n o c e l a u t n e v e r o f s t c e p s o r p l e b a n o s a e r i i g n n m r e t e d f o s s e c o r p r o s r o t c a f l a t n e m n o r i v n E s n o i t p m u s s a s n o i t p m u s s a r o s r o t c a f l i a c g r u l l a t e M e s w r o a Min hipi B d‟s T ) Limit y t P g ( e e Minin s e n a g n a hipi é Ntle M s n T t o r o p e s R n o s r e t P n e et p m o C p 8 1 0 ril 2 9, A 6 - 1 7 0 8 7 1 - P U J - M M T - C o. t N r o p e R 7 5 d t ) L y t P y ( c n a ult s n o n C atio r o p r o r e al C © Min ANNUAL REPORT 2018Appendices: JORC Tables TSHIPI BORWA JORC TABLE 1 (CONTINUED) i v R P C n i n o i t c e S y r a t n e m m o C n o i t a n a p x e l e d o C C R O J a i r e t i r C s e c r u o s e R l a r e n M i f o g n i t r o p e R d n a n o i t a m i t s E : 3 n o i t c e S 7 6 l d u o h s s i h t d e r e d i s n o c n e e b t o n e v a h s t c e p s a e s e h t e r e h W . d e t r o p e r e b l d u o h s s t c a p m i l a t n e m n o r i v n e l a i t n e t o p e s e h t f o n o i t a r e d i s n o c y l r a e f o s u t a t s e h t , d e c n a v d a l l e w e b s y a w a l t o n y a m , t c e j o r p l s d e i f n e e r g a r o f l y l r a u c i t r a p , s t c a p m i . e d a m s n o i t p m u s s a l a t n e m n o r i v n e e h t f o n o i t a n a p x e l n a h t i w d e t r o p e r e b r e h t e h w , d e s u d o h t e m e h t i , d e n m r e t e d f I . s n o i t p m u s s a e h t r o f s i s a b e h t , d e m u s s a f I i . d e n m r e t e d r o d e m u s s a r e h t e h W l . s e p m a s e h t f o s s e n e v i t a t n e s e r p e r d n a e z i s , e r u t a n e h t , s t n e m e r u s a e m e h t f o y c n e u q e r f e h t , y r d r o t e w . s l a i r e t a m t n e r e f f i d e h t f o s s e c o r p n o i t a u a v e l e h t n i d e s u s e t a m i t s e y t i s n e d l k u b r o f s n o i t p m u s s a s s u c s i D . t i s o p e d e h t i n h t i w s e n o z n o i t a r e t l a d n a k c o r n e e w t e b s e c n e r e f f i d d n a e r u t s i o m , ) c t e , y t i s o r o p , s g u v ( 6 . 6 n o i t c e S s e c a p s i d o v r o f t n u o c c a l y e t a u q e d a t a h t s d o h t e m y b d e r u s a e m n e e b e v a h t s u m l a i r e t a m k u b l r o f y t i s n e d l k u b e h T y t i s n e d l k u B 6 . 7 7 . 7 8 . 7 n o i t c e S n o i t c e S n o i t c e S 5 2 n o i t c e S 4 . 6 . 7 n o i t c e S 1 1 . 7 n o i t c e S R P C n i n o i t c e S y r a t n e m m o C 9 . 7 n o i t c e S 6 . 8 6 . 9 n o i t c e S n o i t c e S 7 . 2 1 n o i t c e S 5 . 9 1 n o i t c e S 7 . 8 7 . 9 0 1 1 1 n o i t c e S n o i t c e S n o i t c e S n o i t c e S e d a r g / e g a n n o t n i e c n e d i f n o c e v i t a e r l e i ( s r o t c a f t n a v e e r l l l a f o n e k a t n e e b s a h t n u o c c a e t a i r p o r p p a r e h t e h W . s e i r o g e t a c e c n e d i f n o c i g n y r a v o t n i s e c r u o s e R l i a r e n M e h t f o n o i t a c i f i s s a c l e h t r o f s i s a b e h T r o l a c i t s i t a t s f o n o i t a c i l p p a e h t l , e p m a x e r o F . n o s r e P t n e t e p m o C e h t y b e t a i r p o r p p a d e m e e d e r u d e c o r p r o h c a o r p p a . t i s o p e d e h t f o w e v i ‟ s n o s r e P t n e t e p m o C e h t s t c e l f e r l y e t a i r p o r p p a t l u s e r e h t r e h t e h W . ) a t a d e h t f o n o i t u b i r t s i d n a g n i s u e t a m i t s e e c r u o s e R l i a r e n M e h t n i l e v e l e c n e d i f n o c d n a y c a r u c c a e v i t a e r l e h t f o t n e m e t a t s a e t a i r p o r p p a e r e h W . s e t a m i t s e e c r u o s e R l a r e n M i f o s w e v e r i r o s t i d u a y n a f o s t l u s e r e h T s w e v e r i r o s t i d u A d n a e d a m s n o i t p m u s s a e d u c n l i l d u o h s n o i t a t n e m u c o D . n o i t a u a v e l i c m o n o c e d n a l i a c n h c e t o t t n a v e e r l e b l d u o h s i h c h w . d e s u s e r u d e c o r p e h t , a t a d n o i t c u d o r p h t i w d e r a p m o c e b l d u o h s e t a m i t s e e h t f o e c n e d i f n o c d n a y c a r u c c a e v i t a e r l f o s t n e m e t a t s e s e h T n a h c u s f i , r o , s t i m i l e c n e d i f n o c d e t a t s i n h t i w e c r u o s e r e h t f o y c a r u c c a e v i t a e r l e h t y f i t n a u q o t s e r u d e c o r p l a c i t s i t a t s o e g d n a y c a r u c c a e v i t a e r l e h t t c e f f a l d u o c t a h t s r o t c a f e h t f o n o i s s u c s i d e v i t a t i l a u q a , e t a i r p o r p p a d e m e e d t o n s i h c a o r p p a , s e g a n n o t t n a v e e r l e h t e t a t s , l a c o l f i , d n a , s e t a m i t s e l a c o l r o l a b o g l o t s e t a e r l t i r e h t e h w y f i c e p s l d u o h s t n e m e t a t s e h T . e t a m i t s e e h t f o e c n e d i f n o c e v i t a e r l f o n o i s s u c s i D e c n e d i f n o c / y c a r u c c a l . e b a l i a v a e r e h w n o i t a n a p x e l e d o C C R O J s e v r e s e R e r O f o g n i t r o p e R d n a n o i t a m i t s E : 4 n o i t c e S a i r e t i r C . s e v r e s e R e r O e h t , f o e v i s u c n l i r o , o t l a n o i t i d d a d e t r o p e r e r a s e c r u o s e R l i a r e n M e h t r e h t e h w o t s a t n e m e t a t s r a e C l s e v r e s e R e r O o t n o i s r e v n o c . e v r e s e R e r O n a o t n o i s r e v n o c e h t r o f s i s a b a s a d e s u e t a m i t s e e c r u o s e R l i a r e n M e h t f o n o i t p i r c s e D r o f e t a m i t s e e c r u o s e R l a r e n M i s i t a h t n a p l i e n m a i d e n m r e t e d e v a h l l i w d n a t u o d e i r r a c n e e b e v a h l l i w s e d u t s i h c u S . s e v r e s e R e r O o t s e c r u o s e R l a r e n M i t r e v n o c o t n e k a t r e d n u n e e b s a h l e v e l y d u t S y t i l i b i s a e F - e r P t s a e l t a o t y d u t s a t a h t s e r i u q e r e d o C e h T e r O o t d e t r e v n o c e b o t s e c r u o s e R l i a r e n M e b a n e l o t n e k a t r e d n u y d u t s f o l e v e l d n a e p y t e h T . s e v r e s e R . s t i s i v e s o h t f o e m o c t u o e h t d n a n o s r e P t n e t e p m o C e h t y b n e k a t r e d n u s t i s i v e t i s y n a n o t n e m m o C . e s a c e h t s i s i h t y h w e t a c d n i i n e k a t r e d n u n e e b e v a h s t i s i v e t i s o n f I s t i s i v e t i S s u t a t s y d u t S e s w r o a Min hipi B d‟s T ) Limit y t P g ( e e Minin s e n a g n a hipi é Ntle M s n T t o r o p e s R n o s r e t P n e et p m o C p 8 1 0 ril 2 9, A 6 - 1 7 0 8 7 1 - P U J - M M T - C o. t N r o p e R d t ) L y t P y ( c n a ult s n o n C atio r o p r o r e al C © Min d n a y t i t n a u q , y t i l a u q , s e u a v l l a t e m d n a l y g o o e g f o y t i u n i t n o c n i e c n e d i f n o c , a t a d t u p n i f o y t i l i b a i l e r , s n o i t a m i t s e n o i t a c i f i s s a C l JUPITER MINES LIMITEDAppendices: JORC Tables TSHIPI BORWA JORC TABLE 1 (CONTINUED) i i v R P C n i n o i t c e S y r a t n e m m o C 2 1 n o i t c e S 6 . 3 . 1 . 3 2 n o i t c e S 3 . 1 . 3 2 n o i t c e S 4 . 1 1 n o i t c e S 2 1 n o i t c e S 8 9 0 1 1 1 n o i t c e S n o i t c e S n o i t c e S n o i t c e S r o y r a n m i i l e r p y b r o n o i t a s i m i t p o y b s r o t c a f e t a i r p o r p p a f o n o i t a c i l p p a y b r e h t i e . e . i ( e v r e s e R e r O n a o t e c r u o s e R . ) n g i s e d d e l i a t e d l i a r e n M e h t t r e v n o c o t y d u t S y t i l i b i s a e F r o y t i l i b i s a e F - e r P e h t n i d e t r o p e r s a d e s u s n o i t p m u s s a d n a d o h t e m e h T o t e m o c t u o e h t f o y t i v i t i s n e s e h t d n a i s e d u t s i g n n m n i i d e s i l i t u e r a s e c r u o s e R l i a r e n M d e r r e f n I i h c h w n i r e n n a m e h T . d e s u i i i s h t d w g n n m m u m n m y n A i i . d e s u s r o t c a f y r e v o c e r . d e s u s r o t c a f n o i t u l i d i i g n n m e h T i i g n n m e h T - e r p d n a l o r t n o c e d a r g , ) c t e , s e z i s e p o t s , s e p o l s t i p g e ( s r e t e m a r a p l i a c n h c e t o e g i g n d r a g e r e d a m s n o i t p m u s s a e h T . c t e , s s e c c a , p i r t s - e r p s a h c u s s e u s s i n g i s e d i d e t a c o s s a i g n d u c n l i s r e t e m a r a p i g n n m i r e h t o d n a ) s ( d o h t e m g n n m d e t c e e s l i i e h t f o s s e n e t a i r p o r p p a d n a e r u t a n i , e c o h c e h T . ) e t a i r p o r p p a f i ( n o i t a s i m i t p o e p o t s d n a t i p r o f d e s u l e d o m e c r u o s e R l i a r e n M d n a e d a m s n o i t p m u s s a r o j a m e h T . g n i l l i r d n o i t c u d o r p s n o i t p m u s s a r o s r o t c a f i g n n M i . d e i l p p a s r e t e m a r a p y t i l a u q r o ) s ( e d a r g f f o - t u c e h t f o s i s a b e h T s r e t e m a r a p f f o - t u C . d e r e d i s n o c n e e b e v a h s r o t c a F i g n y f i d o M l a i r e t a m t a h t d n a l , e b a v i y l l i a c m o n o c e d n a l e b a v e h c a i y l l i a c n h c e t n o i t a n a p x e l e d o C C R O J a i r e t i r C s e v r e s e R e r O f o g n i t r o p e R d n a n o i t a m i t s E : 4 n o i t c e S 4 1 n o i t c e S l i a c g r u l l a t e m e h t f o e r u t a n e h t , n e k a t r e d n u k r o w t s e t l i a c g r u l l a t e m f o s s e n e v i t a t n e s e r p e r d n a t n u o m a , e r u t a n e h T . n o i t a s i l a r e n m i f o l e y t s e h t o t s s e c o r p t a h t f o s s e n e t a i r p o r p p a e h t d n a d e s o p o r p s s e c o r p l i a c g r u l l a t e m e h T . e r u t a n n i l e v o n r o l y g o o n h c e t d e t s e t - l l e w s i s s e c o r p l i a c g r u l l a t e m e h t r e h t e h W i . s d o h t e m g n n m d e t c e e s l i e h t f o s t n e m e r i u q e r e r u t c u r t s a r f n i e h T . n o i s u c n l i r i e h t . d e i l p p a s r o t c a f y r e v o c e r l i a c g r u l l i a t e m g n d n o p s e r r o c e h t d n a d e i l p p a i i g n n a m o d . s t n e m e e l s u o i r e t e e d l r o f e d a m s e c n a w o l l a r o s n o i t p m u s s a y n A k c o r e t s a w f o s l i a t e D . n o i t a r e p o g n i s s e c o r p d n a i i g n n m e h t f o s t c a p m i l a t n e m n o r i v n e l a i t n e t o p f o i s e d u t s f o s u t a t s e h T d e r e d i s n o c e r a l s e p m a s h c u s i h c h w o t e e r g e d e h t d n a k r o w t s e t l e a c s t o l i p r o l e p m a s l k u b y n a f o e c n e t s i x e e h T l . e o h w a s a y d o b e r o e h t f o e v i t a t n e s e r p e r e t a i r p o r p p a e h t n o d e s a b n e e b n o i t a m i t s e e v r e s e r e r o e h t s a h , n o i t a c i f i c e p s a y b d e n i f e d e r a t a h t s l a r e n m i r o F ? s n o i t a c i f i c e p s e h t t e e m o t l y g o a r e n m i r o s r o t c a f l i a c g r u l l a t e M s n o i t p m u s s a 7 1 1 1 n o i t c e S n o i t c e S 3 1 5 1 6 1 n o i t c e S n o i t c e S n o i t c e S 4 . 1 . 3 2 n o i t c e S 1 2 2 2 n o i t c e S n o i t c e S n o i t a t r o p s n a r t , r e t a w , r e w o p , t n e m p o e v e d l t n a p l r o f d n a l f o y t i l i b a l i a v a : e r u t c u r t s a r f n i e t a i r p o r p p a f o e c n e t s i x e e h T . c t e , n o i t a c i f i c e p s t e e m o t e r u l i a f r o f s e i t l a n e p , s e g r a h c i g n n i f e r d n a t n e m t a e r t f o e c r u o s r o g n i t s a c e r o f r o f s i s a b e h T . y d u t s e h t n i s t s o c l a t i p a c d e t c e j o r p i g n d r a g e r , e d a m s n o i t p m u s s a r o , f o n o i t a v i r e d e h T . d e s s e c c a r o i , d e d v o r p e b n a c e r u t c u r t s a r f n i e h t i h c h w h t i w e s a e e h t r o ; n o i t a d o m m o c c a , r u o b a l , ) s e i t i d o m m o c l k u b r o f l y l r a u c i t r a p ( e r u t c u r t s a r f n I . s t c u d o r p - o c d n a s l a r e n m i l i a p c n i r p e h t r o f , ) s ( e c i r p y t i d o m m o c r o l a t e m f o e d a m s n o i t p m u s s a f o n o i t a v i r e d e h T . s t n e m e e l s u o i r e t e e d l f o t n e t n o c e h t r o f e d a m s e c n a w o l l A . s t s o c g n i t a r e p o e t a m i t s e o t d e s u l y g o o d o h t e m e h T . y d u t s e h t n i d e s u s e t a r e g n a h c x e f o e c r u o s e h T . s e g r a h c n o i t a t r o p s n a r t f o n o i t a v i r e D s t s o C l , e b a c i l p p a . d e t r o p e r e b l d u o h s s p m u d e t s a w d n a e g a r o t s e u d i s e r s s e c o r p r o f s l a v o r p p a f o s u t a t s e h t e r e h w , d n a d e r e d i s n o c s n o i t p o n g i s e d f o s u t a t s , s e t i s l a i t n e t o p f o n o i t a r e d i s n o c e h t d n a n o i t a s i r e t c a r a h c l a t n e m n o r i v n E . e t a v i r p d n a t n e m n r e v o G h t o b l , e b a y a p s e i t l a y o r r o f e d a m s e c n a w o l l a e h T e s w r o a Min hipi B d‟s T ) Limit y t P g ( e e Minin s e n a g n a hipi é Ntle M s n T t o r o p e s R n o s r e t P n e et p m o C p 8 1 0 ril 2 9, A 6 - 1 7 0 8 7 1 - P U J - M M T - C o. t N r o p e R 7 7 d t ) L y t P y ( c n a ult s n o n C atio r o p r o r e al C © Min ANNUAL REPORT 2018Appendices: JORC Tables TSHIPI BORWA JORC TABLE 1 (CONTINUED) i i i v R P C n i n o i t c e S y r a t n e m m o C 4 . 1 . 3 2 n o i t c e S 0 2 n o i t c e S 4 . 1 . 3 2 n o i t c e S 0 2 n o i t c e S 4 . 6 1 n o i t c e S . t c u d o r p e h t r o f s w o d n w i t e k r a m y e k l i l f o n o i t a c i f i t n e d i . e r u t u f e h t o t n i d n a m e d d n a l y p p u s e h t h t i w g n o a l s i s y a n a l r o t i t e p m o c d n a r e m o t s u c A t n e m s s e s s a t e k r a M . s t s a c e r o f e s e h t r o f s i s a b e h t d n a s t s a c e r o f e m u o v l d n a e c i r P t c e f f a o t l y e k i l s r o t c a f d n a s d n e r t n o i t p m u s n o c , y t i d o m m o c l r a u c i t r a p e h t r o f n o i t a u t i s k c o t s d n a l y p p u s , d n a m e d e h T - o c d n a s l a r e n m i , s l a t e m l i a p c n i r p e h t r o f , ) s ( e c i r p y t i d o m m o c r o l a t e m f o e d a m s n o i t p m u s s a f o n o i t a v i r e d e h T . s t c u d o r p . c t e , s n r u t e r r e t l e m s t e n , s e i t l a n e p , s e g r a h c t n e m t a e r t d n a n o i t a t r o p s n a r t , s e t a r e g n a h c x e s r o t c a f e u n e v e R ) s ( e c i r p y t i d o m m o c r o l a t e m , e d a r g d a e h i g n d u c n l i s r o t c a f e u n e v e r i g n d r a g e r e d a m s n o i t p m u s s a r o , f o n o i t a v i r e d e h T n o i t a n a p x e l e d o C C R O J a i r e t i r C s e v r e s e R e r O f o g n i t r o p e R d n a n o i t a m i t s E : 4 n o i t c e S 7 8 4 . 3 2 4 3 n o i t c e S n o i t c e S n o i t c e S 3 2 n o i t c e S 5 2 n o i t c e S 3 2 n o i t c e S 4 2 n o i t c e S l e b a c i l p p a t o N . t c a r t n o c l y p p u s a o t r o i r p s t n e m e r i u q e r e c n a t p e c c a d n a g n i t s e t , n o i t a c i f i c e p s r e m o t s u c e h t s l a r e n m i l a i r t s u d n i r o F f o e c n e d i f n o c d n a e c r u o s e h t , y d u t s e h t n i ) V P N ( e u a v l t n e s e r p t e n e h t e c u d o r p o t s i s y a n a l i c m o n o c e e h t o t s t u p n i e h T 4 . 1 . 3 2 n o i t c e S . c t e , e t a r t n u o c s i d , n o i t a l f n i d e t a m i t s e i g n d u c n l i s t u p n i i c m o n o c e e s e h t 8 1 n o i t c e S . e t a r e p o o t e c n e c i l l i a c o s o t i g n d a e l s r e t t a m d n a l s r e d o h e k a t s y e k h t i w s t n e m e e r g a f o s u t a t s e h T e h t f o n o i t a c i f i s s a c l d n a n o i t a m i t s e e h t n o r o / d n a t c e j o r p e h t n o i g n w o l l o f e h t f o t c a p m i e h t , t n a v e e r l t n e t x e e h t o T . s t u p n i d n a s n o i t p m u s s a t n a c i f i n g i s e h t n i s n o i t a i r a v o t y t i v i t i s n e s d n a s e g n a r V P N t n e m e n e t l i a r e n m s a h c u s , t c e j o r p e h t f o y t i l i b a v i e h t o t l a c i t i r c s l a v o r p p a d n a s t n e m e e r g a l a t n e m n r e v o g . s t n e m e g n a r r a g n i t e k r a m d n a s t n e m e e r g a l a g e l l a i r e t a m f o f o s u t a t s e h T s u t a t s e h T . y d u t s y t i l i b i s a e F r o y t i l i b i s a e F - e r P e h t n i d e t a p c i t n a i s e m a r f e m i t e h t i n h t i w d e v e c e r i e b l l i w s l a v o r p p a t n e m n r e v o G y r a s s e c e n l l a t a h t t c e p x e o t s d n u o r g l e b a n o s a e r e b t s u m e r e h T . s l a v o r p p a y r o t u t a t s d n a t n e m n r e v o g d n a , s u t a t s n o i t c a r t x e i h c h w n o y t r a p d r i h t a n o t n e d n e p e d s i t a h t r e t t a m d e v o s e r n u l y n a f o y t i l a i r e t a m e h t s s u c s i d d n a t h g i l h g H i . s k s i r g n i r r u c c o y l l a r u t a n l a i r e t a m d e i f i t n e d i y n A : s e v r e s e R e r O i c m o n o c E l i a c o S r e h t O r o l a c i t s i t a t s f o n o i t a c i l p p a e h t l , e p m a x e r o F . n o s r e P t n e t e p m o C e h t y b e t a i r p o r p p a d e m e e d e r u d e c o r p r o h c a o r p p a n a g n i s u e t a m i t s e e v r e s e R e r O e h t n i l e v e l e c n e d i f n o c d n a y c a r u c c a e v i t a e r l e h t f o t n e m e t a t s a e t a i r p o r p p a e r e h W . ) y n a f i ( s e c r u o s e R l i a r e n M d e r u s a e M m o r f d e v i r e d n e e b e v a h t a h t s e v r e s e R e r O e b a b o r P l f o n o i t r o p o r p e h T . s e t a m i t s e e v r e s e R e r O f o s w e v e r i r o s t i d u a y n a f o s t l u s e r e h T s w e v e r i r o s t i d u A . s e i r o g e t a c e c n e d i f n o c i g n y r a v o t n i s e v r e s e R e r O e h t f o n o i t a c i f i s s a c l e h t r o f s i s a b e h T . t i s o p e d e h t f o w e v i ‟ s n o s r e P t n e t e p m o C e h t s t c e l f e r l y e t a i r p o r p p a t l u s e r e h t r e h t e h W n o i t a c i f i s s a C l . t n e g n i t n o c s i e v r e s e r e h t f o n a h c u s f i , r o , s t i m i l e c n e d i f n o c d e t a t s i n h t i w e v r e s e r e h t f o y c a r u c c a e v i t a e r l e h t y f i t n a u q o t s e r u d e c o r p l a c i t s i t a t s o e g , s e g a n n o t t n a v e e r l e h t e t a t s , l a c o l f i , d n a , s e t a m i t s e l a c o l r o l a b o g l o t s e t a e r l t i r e h t e h w y f i c e p s l d u o h s t n e m e t a t s e h T . e t a m i t s e e h t f o e c n e d i f n o c d n a y c a r u c c a e v i t a e r l e h t t c e f f a l d u o c i h c h w s r o t c a f e h t f o n o i s s u c s i d e v i t a t i l a u q a , e t a i r p o r p p a d e m e e d t o n s i h c a o r p p a d n a e d a m s n o i t p m u s s a e d u c n l i l d u o h s n o i t a t n e m u c o D . n o i t a u a v e l i c m o n o c e d n a l i a c n h c e t o t t n a v e e r l e b l d u o h s i h c h w y a m t a h t s r o t c a F i g n y f i d o M d e i l p p a y n a f o s n o i s s u c s i d c i f i c e p s o t d n e t x e l d u o h s s n o i s s u c s i d e c n e d i f n o c d n a y c a r u c c A . d e s u s e r u d e c o r p e h t e v i t a e r l f o n o i s s u c s i D e c n e d i f n o c / y c a r u c c a t n e r r u c e h t t a i y t n a t r e c n u f o s a e r a i i g n n a m e r e r a e r e h t i h c h w r o f r o , y t i l i b a v i e v r e s e R e r O n o t c a p m i l a i r e t a m a e v a h . e g a t s y d u t s e v i t a e r l f o s t n e m e t a t s e s e h T . s e c n a t s m u c r i c l l a n i e t a i r p o r p p a r o l e b i s s o p e b t o n y a m s i h t t a h t d e s i n g o c e r s i t I l . e b a l i a v a e r e h w , a t a d n o i t c u d o r p h t i w d e r a p m o c e b l d u o h s e t a m i t s e e h t f o e c n e d i f n o c d n a y c a r u c c a e s w r o a Min hipi B d‟s T ) Limit y t P g ( e e Minin s e n a g n a hipi é Ntle M s n T t o r o p e s R n o s r e t P n e et p m o C p 8 1 0 ril 2 9, A 6 - 1 7 0 8 7 1 - P U J - M M T - C o. t N r o p e R d t ) L y t P y ( c n a ult s n o n C atio r o p r o r e al C © Min JUPITER MINES LIMITEDAppendices: JORC Tables TSHIPI BORWA JORC TABLE 1 (CONTINUED) x i R P C n i n o i t c e S y r a t n e m m o C E L B A C I L P P A T O N n o i t a n a p x e l e d o C C R O J s e n o t s m e G r e h t O d n a s d n o m a D i f o g n i t r o p e R d n a n o i t a m i t s E : 5 n o i t c e S a i r e t i r C e s w r o a Min hipi B d‟s T ) Limit y t P g ( e e Minin s e n a g n a hipi é Ntle M s n T t o r o p e s R n o s r e t P n e et p m o C p 8 1 0 ril 2 9, A 6 - 1 7 0 8 7 1 - P U J - M M T - C o. t N r o p e R 7 9 d t ) L y t P y ( c n a ult s n o n C atio r o p r o r e al C © Min ANNUAL REPORT 2018Appendices: JORC Tables d n a % 5 . 2 1 a i g n c u d o r p , r e t t i l p s e l f f i r s e n o J d e r e i t - e e r h t a h g u o r h t d e s s a p d n a d e t c e l l o c s a w e p m a s l e t l e p m o c e h T . 1 1 0 2 d n a 8 0 0 2 o t 6 0 0 2 n i d e r r u c c o g n i l l i r d C R t i l p s % 5 . 7 8 t c e e r j e h t d n a g a b l e p m a s o c i l a c , d e r e b m u n - e r p , l e g n s i a n i d e t c e l l o c s a w t i l p s % 5 . 2 1 e h T . t i l p s % 5 . 7 8 e h t n i m e h t e c a p l d n a s t i l p s e h t t c e l l o c o t r u o b a l e h t d e i l p p u s r o t c a r t n o c g n i l l i r d e h T . g a b c i t s a p l a n i d e n a i t e r s a w e h t f o t n e m e c n e m m o c e h t t a s e t u h c r e t t i l p s e v i t c e p s e r e h t o t d e h c a t t a e r e w s g a b e h T . i d e d v o r p s g a b l e p m a s d e v o m e r e r e w ) g a b o c i l a c d n a n o i t n e t e r ( l s e p m a s e h t , g n i l l i r d f o e r t e m h c a e f o n o i t l e p m o c e h t t A . l a v r e t n i l e p m a s d e i t s a w g a b o c i l a c e h T l . e o h f o h t g n e l m 0 2 . e . i , 0 2 f o s w o r n i l e o h l l i r d e h t o t t n e c a d a j t f e l d n a s e t u h c e h t m o r f . ) m m 0 1 < ( l l a m s l y m r o f i n u s a w e z s i i p h c e h T l . s e p m a s t e w e r e w s e p m a s l 0 1 n a h t s s e L . e g a t s i s h t t a d e r u c e s d n a m 1 n o n e h t t u b l , s a v r e t n i m 4 r o l s a v r e t n i m 2 n o d e t c e l l o c e r e w s e p m a s l ) 8 0 0 2 d n a 6 0 0 2 ( s m a r g o r p l l i r d r e i l r a E o t s h t p e d l e o h e h t h t i w s r e b m u n l e p m a s e h t d e k c e h c s s o r c i t s g o o e g l r o l r e p m a s e h t l , s e p m a s e h t g n i t c e l l o c n e h W . ) 1 1 0 2 ( l s e p m a s s e t a c i l p u d k o o t d n a ) s M R C ( l s a i r e t a m e c n e r e f e r d e i f i t r e c d e t r e s n i , n o i t l a e r r o c d n a g n i l l e b a l t c e r r o c e r u s n e y l l a r e n e g s a w t u b , d e l l i r d i g n e b l e o h e h t f o s r u o h 4 2 i n h t i w , t s o m t a , e c a p l k o o t n o i t c e l l o c l e p m a S . C Q A Q / r o f . y a d e m a s e h t n o t u o d e i r r a c i d e d v d b u s i e r e w s k c a s e h T . n o i t a n i t s e d d n a s r e b m u n i g n y f i t n e d i h t i w d e l l e b a l d n a l d e a e s s a w k c a s e h T . ) k c a s l n o i t a t S e a v n i r r e P e h t t a d e s i t e l l a p e r e w s k c a s l l A . s k c a s f o s t o l 4 d e c u d o r p m a r g o r p e h T . s k c a s 0 2 f o s t o l o t n i . h t r e P n i y r o t a r o b a l e h t o t a r o n o e L m o r f i e c v r e s r e i r u o c a y b h c t a b l e g n s i a s a d e h c t a p s d i d n a d a e t s e m o h . g k 5 . 3 l y e t i a m x o r p p a e r e w s e z s i t i l p s l i a n m o N r e p l s e p m a s 0 1 - 7 ( s k c a s c i t s a p l e g r a l o t n i n o i t c e l l o c n o l y e t i a d e m m i d e c a p l i e r e w n o s s m b u s i r o f l s e p m a s l l A • • • • • • n e k a t s e r u s a e m o t e c n e r e f e r e d u c n I l d n a y t i v i t n e s e r p e r l e p m a s e r u s n e o t y n a f o n o i t a r b i l a c e t a i r p o r p p a e h t . d e s u s m e t s y s r o l s o o t t n e m e r u s a e m e h t o t l a i r e t a M e r a t a h t n o i t a s i l a r e n m i f o n o i t i a n m r e t e d e h t f o s t c e p s A f o i g n n a e m d a o r b e h t g n i t i m i l s a . g n i l p m a s . t r o p e R c i l b u P ’ d r a d n a t s y r t s u d n i ‘ e r e h w s e s a c n I • • • i n a t b o o t d e s u s a w g n i l l i r d n o i t a u c r i c l e g r a h c g 0 3 a e c u d o r p o t d e s i r e v u p l e r o m , s e s a c r e h t o n I . ) ’ y a s s a e r i f r o f s a w g k 3 i h c h w m o r f l s e p m a s m 1 h c u s , d e r i u q e r e b y a m n o i t a n a p x e l t a h t l d o g e s r a o c s i e r e h t e r e h w s a . s m e b o r p l g n i l p m a s t n e r e h n i s a h r o s e i t i d o m m o c l a u s u n U e n i r a m b u s . g . e ( s e p y t n o i t a s i l a r e n m i e s r e v e r ‘ . g . e ( l e p m s i l y e v i t a e r l e b l d u o w s h i t , e n o d n e e b s a h k r o w n i d e g g a b s i n o n e t t i r w n o i t a m r o f n i e v a h t o n s e o d t a h t l e p m a s f o e c e p i f l a h e h t , t u c e c n O . ) n e t t i r w s i n o i t a m r o f n i r e h t o d n a k c i t l e o h n w o d e r e h w o t e t i s o p p o e d s ( i e n i l n o i t a t n e i r o e h t f o e d s i r e w o l e h t o t m c 2 ~ t u c t i t a h t o s w a s e r o c e h t n i d e n g i l a s a w ) d e t n e i r o n e h w ( e r o c e h t , ) y r d d n a t e w ( e r o c i g n h p a r g o t o h p d n a , p u - k r a m , i g n g g o l r e t f A . y a r t e r o c e h t n i d e c a p e r l s i f l a h r e h t o e h t s a e r e h w , g n i t s e t r o f t n e s d n a o c i l a c o t m 1 . 0 ~ m o r f d e g n a r s h t g n e l l a v r e t n i g n i l p m a s d n a s e i r a d n u o b l i a c g o o h l t i l t a d e t i a n m r e t e r e w s e p m a s l e r o C . m 2 . 1 > • • ) 1 1 0 2 ( : g n i l p m a s ) D D ( g n i l l i r d d n o m a D i f o e r u s o c s d i l t n a r r a w y a m l ) s e u d o n . n o i t a m r o f n i d e l i a t e d MT MASON JORC TABLE 1 ! r o r r E ( s m a r g o r p g n i l p m a s s u o i r a v d n a i s n g a p m a c l l i r d l a r e v e s s e s i r p m o c e t a m i t s E e c r u o s e R n o s a M t M e h T • . g . e ( g n i l p m a s f o y t i l a u q d n a e r u t a N • y r a t n e m m o C n o i t a n a p x e l e d o C C R O J . d e s u e r e w s e s o p r u p l i a c g o o e g l r o f s n o i t p i r c s e d t u b , n o i t a m i t s e e h t n i d e s u t o n e r e w 8 7 9 1 n i d e l l i r d l s e o H • : g n i l p m a s n o s s u c r e P i . ) t r o p e r f o y d o b i n a m n i ) . d n u o f t o n e c r u o s e c n e r e f e R d r a d n a t s y r t s u d n i d e s i l i a c e p s c i f i c e p s o t e t a i r p o r p p a l s o o t t n e m e r u s a e m r o i , s p h c m o d n a r l , s e n n a h c t u c , n o i t a g i t s e v n i r e d n u l s a r e n m e h t i r o , s e d n o s a m m a g l e o h n w o d s a h c u s . ) . c t e , s t n e m u r t s n i l F R X d e h d n a h : g n i l p m a s C R n e k a t e b t o n l d u o h s l s e p m a x e e s e h T a i r e t i r C i s e u q n h c e t g n i l p m a S 1 - i A x d n e p p A g n i t l u s n o C K R S 1 e l b a T – n o i t i d E 2 1 0 2 , e d o C C R O J a t a D d n a i s e u q n h c e T g n i l p m a S 1 n o i t c e S 8 0 8 1 0 2 y a M 3 2 x c o d . a d I t M d n a n o s a M t M r o f 1 l e b a T R G I r e t i p u J / r l u w W O R B N N U C / JUPITER MINES LIMITEDAppendices: JORC Tables MT MASON JORC TABLE 1 (CONTINUED) 2 - i A x d n e p p A g n i t l u s n o C K R S : g n i l l i r d l a n o i t i d d A y r a t n e m m o C n o i t a n a p x e l e d o C C R O J a i r e t i r C o t e u d s a w s h t i , r e t i p u J y b i d e d v o r p n o i t a m r o f n i o t i g n d r o c c a d n a d e t c e l l o c e r e w s e p m a s l o n e r e h w s n o i t c e s e v a h d n a s e i r e v o c e r l e p m a s i p h c d n a e r o c e s e h t d n a e r o c f l a h n o i t n e t e r e h t m o r f 2 0 0 C R M M 8 0 d n a 1 0 0 C R M M 8 0 l s e o h l d e p m a s - e r r e t i p u J . ” r o r r e r e l l i r d “ . d e s s e s s a s t l u s e r . s e t a m i t s e e c r u o s e r e h t n i d e s u e r e w s t l u s e r y a s s a l e p m a s i i e s m x a m o t n e k a t s e r u s a e M n o i t c e n j i r e t a w f o e s u l u f e r a c y b i i i d e s m n m s a w e n o c y c l e h t m o r f n o i t c e e r j t s u D . d e r r u c c o r a l l o c e h t t a x o b g n i f f u t s l l a w e o h l i i g n n a t n a m d n a i s g n i t t u c g n i t f i l n i i t s s s a o t t n e g a i g n m a o f a f o e s u e h t d e r i u q e r l s e o h e m o S . g n i l l i r d e l i h w s g a b n o i t n e t e r n i d e t c e l l o c s a w t c e e r j l e p m a s l l a t u b , d e h g e w i t o n e r e w e p m a s l l i a u d v d n i i e t l e p m o c e h T . e t a t s t e w e t a c i l p u d a d n a y r a m i r p a h t i w g n o a l l , e p m a s l a u d s e r i f o g a b n e e r g a y b d e t n e s e r p e r s a w g n i l l i r d C R f o e r t e m h c a E . d e t n a r r a w e b g n i l p m a s r e h t r u f t a h t t n e v e e h t n i , r e n n a m l a i t n e u q e s a n i e t i s l l i r d e h t t a d e r o t s s r e t t i l p s e n o c l t n e a v u q e i e h t h t i w d e t t i f e r e w m a r g o r p i s h t r o f d e s u s g i r C R e h T . g a b o c i l a c e t a r a p e s a n i l e p m a s d n u o r g e h t o t n o d e g r a h c s d i , l e p m a s e t s a w e v i t a t n e s e r p e r % 5 . 7 3 A g a b o c i l a c e t a c i l p u d e h t o t n i l e p m a s e v i t a t n e s e r p e r % 5 . 2 1 A g a b o c i l a c y r a m i r p e h t o t n i l e p m a s e v i t a t n e s e r p e r % 5 . 2 1 A g a b n e e r g e h t o t n i l e p m a s e v i t a t n e s e r p e r % 5 . 7 3 A - - - - : s w o l l o f s a l a i r e t a m g n i l p m a s e t u b i r t s d i o t p u t e s a n i d e t c e l l o c l e r e w s e p m a s w e f a l y n o d n a l s e o h e h t n i d e t c e s r e t n i e r e w r e t a w f o s t n u o m a i r o n m y n O l . y t i l i b a t s . s e g a t n e c r e p e v o b a e h t o t i g n d r o c c a l e p m a s f o n o i t u b i r t s d i n e v e n u n a r o f d e k c e h c s y a w a l i t s g o o e g l e t i s n o e h T . n o i t a m r o f n i i s h t d r o c e r o t l e o h a f o i g n g g o l d n a i i n o s v r e p u s g i r o t d e n g s s a i i t s g o o e g l e h t f o y t i l i i b s n o p s e r e h t s a w t I . g a b n e e r g e h t n i l e p m a s l a u d s e r i e h t f o s t n e t n o c e h t m o r f d e t a m i t s e e r e w s e g a t n e c r e p y r e v o c e r e h T : t e e h s ’ g n i l p m a S ‘ e h t n o d e d r o c e r s a w g n i l l i r d C R r o f y t i l a u q l e p m a s l d e i f n o n o i t a m r o f n i y e k i g n w o l l o f e h T . ) % 0 0 1 > r o % 0 0 1 - % 0 9 , % 0 9 - % 0 7 , % 0 7 - % 0 5 , % 0 5 < s a d e i f i s s a c ( l y r e v o c e r l e p m a S ) y r D r o i t s o M , t e W s a d e i f i s s a c ( l e r u i t s o m g n i l p m a S - - e h t m o r f s s a p y b f o t n u o m a i r o n m A . m e t s y s C R e h t a v i d e t c e l l o c i g n e b l s e p m a s l l a h t i w d e l l i r d e r e w s e o h l e h T C R • • • • • e v i t a t n e s e r p e r e r u s n e d n a y r e v o c e r l . s e p m a s e h t f o e r u t a n e d a r g d n a y r e v o c e r l e p m a s n e e w t e b e v a h y a m s a b i l e p m a s r e h t e h w d n a i n a g / s s o l l a i t n e r e f e r p o t e u d d e r r u c c o . l a i r e t a m e s r a o c / e n i f f o s t s x e i i p h s n o i t a e r l a r e h t e h W • • • y n a f o e r a w a t o n s i K R S d n a l y n o s e s o p r u p l i a c n h c e t o e g r o f 2 1 0 2 n i d e l l i r d e r e w s e o h l i d n o m a d Q P 4 l a n o i t i d d a n A . s e o h l l l i r d l i a c n h c e t o e g e s e h t h t i w d e t i a c o s s a i g n y a s s a r o g n i l p m a s r o s s e r p m o c r i a i s p 0 0 4 @ m f c 5 2 8 h t i w p u t e s s a w l l i r d 2 R H l e d o m d n a R - l l o s r e g n I d e t n u o m - g o m n U A i : C R r o F . r e m m a h C R m m 0 2 1 a g n i t a r e p o g n i r o c 3 Q P d n a 3 Q H h t i w d e t t i f 1 i g R a r r e T a d e s u , r o t c a r t n o c d e s a b e i l r o o g a K a l , g n i l l i r D a r r e T : D D r o F . t n e m p u q e i l s e o h o w t t a h t d e t o n s i t i , r e v e w o H . t p e k e r e w y r e v o c e r i p h c l l i r d f o s d r o c e r o n , s m a r g o r p l l i r d 1 1 0 2 - e r p e h t r o F • • • • y r a t o r , r e m m a h l e o h - n e p o , n o i t a u c r i c l ) . c t e i , c n o s , a k g n a B , r e g u a , t s a b l r i a l e p i r t , r e t e m a d i e r o c . g . e ( s l i a t e d d n a d n o m a d i f o h t p e d , e b u t d r a d n a t s r o , e p y t r e h t o r o t i b g n i l p m a s - e c a f , s l i a t y b , o s f i d n a d e t n e i r o s i e r o c r e h t e h w . ) . c t e , d o h t e m t a h w i g n s s e s s a d n a i g n d r o c e r f o d o h t e M e s r e v e r , e r o c . g . e ( e p y t l l i r D • i s e u q n h c e t g n i l l i r D l e p m a s l l i r D y r e v o c e r 8 1 0 2 y a M 3 2 x c o d . a d I t M d n a n o s a M t M r o f 1 l e b a T R G I r e t i p u J / r l u w W O R B N N U C / 8 1 ANNUAL REPORT 2018Appendices: JORC Tables MT MASON JORC TABLE 1 (CONTINUED) o t , s s e c o r p i g n k r a m m 1 e h t g n i r u d e n o d s a w d o h t e m t s r i f e h T . d e s u e r e w s d o h t e m o w t , s s o l e r o c g n i r u s a e m r o F a t a d i g n w o l l o f e h t i g n d r o c e r l s e v o v n i i s h T . s d o h t e m e h t n e e w e b t t n e m e e r g a e r u s n e o t d n a k r o w g n i t a c i l p u d i d o v a e r e w s d e i f l l a n o i t i d d a f o r e b m u n a i h c h w m o r f , e l i f i g n g g o l e h t f o t e e h s ’ y r e v o c e R H D ‘ e h t n o d e d r o c e r s i a t a d i s h T . ) s e r t e m ( t n e m e r u s a e m e r o c l a u t c A ) s e r t e m ( m o r F h t p e D ) s e r t e m ( o T h t p e D - - - : n u r l l i r d h c a e r o f . y r e v o c e r i i e s m x a m o t d e s u s a w g n b u i t l e p i r T . ’ s s o L e r o C ‘ d n a ’ y r e v o c e R ‘ i g n d u c n l i , d e t l a u c a c l s a w ’ L / C ‘ i h c h w n i ’ e d o c h t i L ‘ m o r f t r a p a y t p m e t f e l l s d e i f l l a d n a , g o l y g o o h l t i l e h t n i l a v r e t n i e t a r a p e s a s a d e d r o c e r s a w s s o l e r o c f o n o i t c e s y r e v E . f l e s t i g o l l y g o o h t i L e h t i n h t i w s a w s s o l e r o c i g n d r o c e r f o d o h t e m d n o c e s e h T h t i w t u b , ) H B I ( e t i t a m e H – n o r I d e d n a B f o l y g o o e g t n e t s s n o c i h t i w ) m 2 - 0 ( l a v r e t n i n a n e v g i , l e p m a x e r o F . d e r e t n e : s w o l l o f s a d e d r o c e r e r e w s a v r e t n l i e t a r a p e s e e r h t , m 4 . 1 d n a m 2 . 1 n e e w e b t s s o l e r o c f o l a v r e t n i n a e h t r e v o i s t s g o o e g l l a r e v e s y b t u o d e i r r a c s a w g n g g o L i l . s e p m a s i p h c l l i r d f o s n o i t p i r c s e d n o d e s a b s i i g n g g o l C R . e d a r g d n a y r e v o c e r l e p m a s n e e w e b t i p h s n o i t l a e r o n s i e r e h T . s d e l i f e v i t p i r c s e d s t i h t i w g n o a l , I H B = m 0 . 2 / L C = m 4 . 1 - - 2 . 1 4 . 1 s d e l i f e v i t p i r c s e d s t i h t i w g n o a l , I H B = m 2 . 1 - 0 - - - D D • • • • • • e v a h l s e p m a s i p h c d n a e r o c r e h t e h W y t i l i b i t p e c s u s c i t e n g a m d n a F R X , s g o l l i a c g o o e g l e h t f o n o i t i a n b m o c A . r e t u p m o c ™ k o o b h g u o T d e l i f a n i d e r u t p a c . g n i t s e t r o f y r o t a r o b a l e h t o t t n e s e b o t l s a v r e t n i l e p m a s t c e e s l o t d e s u n e h t s a w a t a d l a i t i n i e h t n i d e s u a m e h c s e h t h t i w e c n a d r o c c a n i d e i f i l p m s i e r e w s g o l y r a m m u s l i a c g o o h l t i l e h t , e t a d p u n o i t a m i t s e e c r u o s e R l i a r e n M e t a i r p o r p p a g n i l l i r d 8 0 0 2 e h t h t i i w g n c n e m m o c , a m e h c s i g n g g o l y n a p m o c a d e c u d o r t n i r e t i p u J i . s n g a p m a c g n i l l i r d s u o i r a v y l l i a c n h c e t o e g d n a y l l i a c g o o e g l n e e b e c r u o s e r i s h t f o e s o p r u p e h t r o F . a m e h c s i s u o v e r p e h t h t i w s e c n e i i t s s n o c n i e m o s d a h a m e h c s i s h T . m a r g o r p t r o p p u s o t l i a t e d f o l e v e l a o t d e g g o l y a s s a k c o r l e o h w e h t d e r e d s n o c i d e i l p p a s t n e m n g s s a i l i a c g o o h l t i l e h T . s m a r g o r p g n i l l i r d 7 0 0 2 d n a 6 0 0 2 d n a i s e d u t s i g n n m i , n o i t a m i t s e r o f ) s ( y a r t i p h c f o h p a r g o t o h p r u o o c l l a t i g d A i . s t i n u l y e a h s g n i t a c o l n i t n a t r o p m i l y l r a u c i t r a p s a w s h T i . n o i t a m r o f n i s d r o c e r e s e h T . r u o o c l d n a g n i r e h t a e w , e p y t k c o r f o s m r e t n i d e b i r c s e d s a w l a v r e t n i h c a E . n e k a t s a w e o h l h c a e . e s a b a t a d s s e c c A S M n a o t n i n e h t d n a s g o l r e p a p o t n o d e r e t n e e r e w e h t h t i w , d e g g o l o s a l s a w – ) R F ( h s e r F d n a d e r e h t a e W m u d e M i , ) W H ( d e r e h t l a e W y h g H – i e g a t s g n i r e h t a e w e h T , e r u t x e t , s s e n d r a h , e z s i i n a r g , e p a h s i p h c , r u o o c l , e d o c o h t i l f o i g n d r o c e r d e d u c n l i 1 1 0 2 n i C R d n a D D f o i g n g g o L l . y e v i t c e p s e r ’ k c o r h s e r f f o p o t ‘ d n a ’ n o i t a d x o i l e t e p m o c f o e s a b ‘ o t i g n d n o p s e r r o c R F f o p o t d n a W H f o e s a b . e r u i t s o m e p m a s l d n a , g n i r e h t a e w l , y g o a r e n m i y l l a t i g d i e r e w a t a D l . s e p m a s l l i r d 1 1 0 2 e h t r o f d e t c e l l o c e r e w a t a d y t i l i b i t p e c s u s c i t e n g a m d n a F R X n o t i l N d e h d n a H • • • . y h p a r g o t o h p ) . c t e , l e n n a h c , n a e t s o c r o e v i t a t i l a u q s i i g n g g o l r e h t e h W r o ( e r o C . e r u t a n n i e v i t a t i t n a u q f o e g a t n e c r e p d n a h t g n e l l a t o t e h T . d e g g o l s n o i t c e s r e t n i t n a v e e r l e h t i . s e d u t s l i a c g r u l l a t e m • • • i g n g g o L 3 - i A x d n e p p A g n i t l u s n o C K R S y r a t n e m m o C n o i t a n a p x e l e d o C C R O J a i r e t i r C 8 2 8 1 0 2 y a M 3 2 x c o d . a d I t M d n a n o s a M t M r o f 1 l e b a T R G I r e t i p u J / r l u w W O R B N N U C / JUPITER MINES LIMITEDAppendices: JORC Tables MT MASON JORC TABLE 1 (CONTINUED) 4 - i A x d n e p p A g n i t l u s n o C K R S y r a t n e m m o C n o i t a n a p x e l e d o C C R O J a i r e t i r C t u c i g n e b o t r o i r p d e t n e i r o d n a p u d e k r a m t s r i f s a w e r o c D D . i g n v e s - t i e w y b l d e p m a s d n a d e g g o l l e r e w s e p m a s C R . w a s l l i r d a g n s u i f l a h n i . y a r t i p h c d e l l e b a l d n a d e r e b m u n a n i i d e n a t e r s a w t a h t l a v r e t n i m 1 h c a e r o f n e k a t l e p m a s - b u s a d a h l e o h l l i r d h c a E e s e h T . 0 3 n i 1 f o y c n e u q e r f a t a s g n i t t u c l l i r d e h t m o r f n e k a t s a w e p m a s l e t a c i l p u d a , g n i l p m a s C R 8 0 0 2 e h t g n i r u D e h t g n s u i g a b n o i t n e t e r e h t m o r f n e k a t s a w e t a c i l p u d e h T l . s e p m a s 0 2 n i 1 f o e t a r a t a n e k a t s a w e p m a s l e t a c i l p u d t i l p s l d e i f a , r e t a L l . s e p m a s l a m r o n s a s d o h t e m g n y a s s a i d n a i g n s s e c o r p e m a s e h t o t j t c e b u s e r e w s e p m a s l l . s e p m a s 0 2 n i 1 f o e t a r a t a d e d u c n l i o s a l s a w d r a d n a t s e t i s A . d o h t e m r a e p s d n a s M R C . d e s u e r e w ) s e i r o t a r o b a L s t a t s o e G m o r f d e c r u o s ( s M R C e r o n o r i i x s f o e t i u s a , g n i l p m a s 1 1 0 2 r o F . 5 2 n i 1 f o e t a r a t a m a e r t s l e p m a s e h t o t n i d e t r e s n i e r e w s e t a c i l p u D . s e s o p r u p n o i t a m i t s e e c r u o s e R l a r e n M i r o f e t a i r p o r p p a e r e w e z s i i n a r g o t n o i t l a e r n i s e z s i l e p m a S . 0 2 n i 1 f o e t a r a t a i n g a p m a c 7 0 0 2 d n a 6 0 0 2 e h t n i d e s u o s a l e r e w s e t a c i l p u D d n a s M R C . d e t t i m b u s e r e w s e p m a s l k n a b l o n , 1 1 0 2 o t r o i r P C Q A Q / l a n r e t n i i e v s n e h e r p m o c a s a h i h c h w , h t r e P n i y r o t a r o b a l d e t i d e r c c a - A T A N a , x e m e h C S L A , 6 0 0 2 m o r F l . e o h l l i r d r e p e n o f o e t a r i m u m n m a i t a i n g a p m a c 8 0 0 2 e h t n i d e s u e r e w s M R C e r o n o r i e e r h T l a n r e t n i s t i f o s t l u s e r e h t i s e d v o r p l y s u o e n a t l u m s i y r o t a r o b a l e h t , s t l u s e r y a s s a e h t i i g n d v o r p n O . d e s u s a w , m e t s y s . C Q A Q / e h t i n h t i w l l a f y e h t e r u s n e o t d e k c e h c e r a s t l u s e r l a i r e t a m C Q A Q d e / t r e s n i - t n e i l c d n a d e t r e s n i - y r o t a r o b a l h t o B s n o i t a v e d i d r a d n a t s e e r h t s i t i m i l e h t , y d u t s n o s a M t M e h t f o e s a c e h t n I . t c e o r p j e h t r o f s t i m i l l o r t n o c d e r i u q e r l . e p m a s e h t f o k s d i d e s u f a n o i s e u q n h c e t F R X g n s u i e d a m e r e w s n o i t i a n m r e t e d k c o r l e o h W i . n g a p m a c h c a e r o f s w e v e r i / C Q A Q e h t s e s i r a m m u s ) t r o p e r f o y d o b i n a m n i ( 3 - 4 l e b a T . s M R C e h t r o f e u a v l d e t p e c c a e h t m o r f ) D S 3 ( • • • • • • • • • • • • e h t f o s s e n e t a i r p o r p p a d n a y t i l a u q , e r u t a n e h t , s e p y t l e p m a s l l a r o F . i e u q n h c e t n o i t a r a p e r p l e p m a s d e t p o d a s e r u d e c o r p l o r t n o c y t i l a u Q o t s e g a t s g n i l p m a s - b u s l l a r o f e b u t , d e l f f i r r e h t e h w , e r o c - n o n f I d n a . c t e , t i l p s y r a t o r l , d e p m a s . y r d r o t e w d e p m a s l r e h t e h w d n a n w a s r o t u c r e h t e h w , e r o c f I e r o c l l a r o f l a h , r e t r a u q r e h t e h w . n e k a t l . s e p m a s f o y t i v i t n e s e r p e r i e s m x a m i e h t t a h t e r u s n e o t n e k a t s e r u s a e M n i e h t f o e v i t a t n e s e r p e r s i g n i l p m a s r o f i g n d u c n l i , d e t c e l l o c l a i r e t a m u t i s e h t f o e z s i i n a r g e h t o t e t a i r p o r p p a e r a s e z s i l e p m a s r e h t e h W . l d e p m a s i g n e b l a i r e t a m . g n i l p m a s f l a h - d n o c e s / e t a c i l p u d l d e i f r o f s t l u s e r e c n a t s n i d n a i g n y a s s a e h t f o s s e n e t a i r p o r p p a d e r e d s n o c i s i i e u q n h c e t e h t r e h t e h w d n a d e s u s e r u d e c o r p y r o t a r o b a l d n a y t i l a u q , e r u t a n e h T • • • • • • • s r e t e m a r a p e h t , . c t e , s t n e m u r t s n i l F R X d e h d n a h , s r e t e m o r t c e p s l , s o o t l i a c s y h p o e g r o F • . l a t o t r o l a i t r a p i s s y a n a l e h t i i g n n m r e t e d n i d e s u g n i l p m a s - b u S i s e u q n h c e t l e p m a s d n a n o i t a r a p e r p a t a d y a s s a f o y t i l a u Q y r o t a r o b a l s t s e t d n a y b d n a i , s e c v r e S l i a c g o o e G l l a r t x e D f o ) 1 1 0 2 ( t r a w e t S y b d e s s e s s a s a w n g a p m a c i g n i l l i r d 1 1 0 2 e h t r o f y t i l a u q a t a D • , n o i t a v i r e d r i e h t d n a d e i l p p a s r o t c a f 1 1 0 2 C Q A Q / s n o i t a r b i l a c , s e m i t i g n d a e r , l e d o m d n a e k a m t n e m u r t s n i i g n d u c n l i e r e w s k n a b l o N . d e t t i m b u s e r e w s e t a c i l p u d l d e i f 0 8 d n a s d r a d n a t s l d e i f 7 6 f o l a t o t A . K R S f o ) 1 1 0 2 ( r i o n B i . c t e l . e b a t i g n w o l l o f e h t n i d e s i r a m m u s e r a d e s u s d r a d n a t s e h T . d e t t i m b u s s e r u d e c o r p l o r t n o c y t i l a u q f o e r u t a N • ) s a b i f o k c a l . e . i ( y c a r u c c a f o l s e v e l , s k n a b l , s d r a d n a t s . g . e ( d e t p o d a y r o t a r o b a l l a n r e t x e , s e t a c i l p u d l e b a t p e c c a r e h t e h w d n a ) s k c e h c 8 1 0 2 y a M 3 2 x c o d . a d I t M d n a n o s a M t M r o f 1 l e b a T R G I r e t i p u J . d e h s i l b a t s e n e e b e v a h i i n o s c e r p d n a / r l u w W O R B N N U C / 8 3 ANNUAL REPORT 2018Appendices: JORC Tables r o f d e s m i i t p o t o n s a w t n e m u r t s n i F R X e h t f o n o i t a r b i l a c e h t t a h t g n i t s e g g u s , d a e r p s f o t n u o m a t s e t a e r g e h t l s y a p s d i o t s r a e p p a 0 0 8 0 0 S M J . s e t a c i l p u d d e l i a f d e r e d s n o c i e r a d n a s e s y a n a l e v i f e h t f o r u o f d e l i a f s e t a c i l p u d o w T . 3 O 2 l A 3 O 2 l A . s e u a v l r e h g h i t a e t a c i l p u d e h t s d r a w o t i g n d n e r t s a b i e h t h t i w , t i m i l n o i t c e t e d r e w o l e h t o t e s o c l s e u a v l t a s a i e v s u c n o c l t o n s i i s h t h g u o h t l a , p a w s l d e i f l a t n e d c c a i n a f o t l u s e r e h t e b y a m d n a , 8 9 7 0 0 S M J f o e t a c i l p u d a e b d n a 5 0 3 1 0 S M J h c t a m o t s r a e p p a 0 0 3 1 0 M J . 8 9 7 0 0 S M J l e p m a s l i a n g i r o e h t h c t a m y l t c a x e t o n o d s e s y a n a l e m o s . n o i t a r a p e r p l e p m a s g n i r u d p a w s y r o t a r o b a l a f o t l u s e r e h t e b y a m l e p m a s l i a n g i r o e h t s d r a w o t s a b i a d a h e F . d a e r p s f o t n u o m a t s a e l e h t i g n y a p s d i l t u b , s a b i f o t n u o m a t s e t a e r g e h t MT MASON JORC TABLE 1 (CONTINUED) y a s s A d o h t e M n o i t a c i f i t r e C e c r u o S l a i r e t a M r e i l p p u S ) % ( I O L % P ) % ( 2 O S i ) % ( e F % O 3 2 l A d r a d n a t S F R X F R X F R X F R X F R X F R X s b a L 4 i n o s h c r u M s t a t s o e G s b a L 4 i n o s h c r u M s t a t s o e G s b a L 4 s b a L 5 s b a L 5 s b a L 5 a r a b l i P s t a t s o e G a r a b l i P s t a t s o e G a r a b l i P s t a t s o e G a r a b l i P s t a t s o e G 5 3 . 2 1 3 . 1 0 2 . 6 3 5 . 5 7 9 . 8 5 2 . 1 0 4 0 . 0 7 2 . 5 0 4 . 1 6 0 3 0 . 0 0 1 . 0 2 0 7 . 0 5 0 6 0 . 0 7 3 0 . 0 0 4 0 . 0 9 5 1 . 0 3 1 . 6 3 0 . 8 2 0 . 5 4 4 . 2 0 5 . 8 5 2 3 . 6 5 3 8 . 7 5 2 6 . 5 6 6 5 . 3 6 0 . 4 8 2 . 3 6 5 . 2 8 4 . 2 3 6 . 1 4 1 0 - P O G I 5 1 0 - P O G I 7 1 0 - P O G I 4 6 0 - P O G I 8 7 0 - P O G I 0 9 0 - P O G I . d e l i a f e v a h o t d e r e d s n o c i e r e w t n e m e e l c i f i c e p s a r o f n a e m e h t f o D S 3 f o e d s t i u o s e u a v l i g n n r u t e r s d r a d n a S t e s a b a t a d e h t n i d e t c e r r o c e r e w d n a s p a w s l d e i f f o t l u s e r e h t e b o t d n u o f e r e w s d r a d n a t s e v F i e c n a m r o f r e p r o o p s t i o t e u d d e u n i t n o c s d i s a w d r a d n a t s i s h t f o e s u e h T . e t a r e r u l i a f % 0 8 n a d a h i h c h w , 4 1 0 - P O G I m o r f s t l u s e r d e d u c n l i i s h T . d e s s a p s d r a d n a t s e h t f o % 6 9 , a i r e t i r c e s e h t n o d e s a B . d r a d n a t s d e l i a f a d e r e d s n o c i y l t n e u q e s b u s t e s a t a d e h t m o r f 4 1 0 - P O G I f o l a v o m e R . e s a b a t a d e h t m o r f d e v o m e r y l t n e u q e s b u s s a w t i d n a . s d r a d n a t s r o f e t a r s s a p % 0 0 1 a n i d e t l u s e r l d e i f f o e c n a m r o f r e p e h T . s e c i t c a r p g n i l p m a s l d e i f r o t i n o m o t i s n o s s m b u s i l e p m a s n i d e d u c n l i e r e w s e t a c i l p u d l d e F i y r t n e a t a d l e g n s A i l . s t o P Q Q d n a - s t o P l r e t t a c S l , s t o P e c n e r e f f i D d e r i a P e v i t l a e R g n s u i d e r u s a e m s a w s e t a c i l p u d . e u a v l d e t c e p x e e h t f o % 0 1 i n h t i w g n i l l a f a t a d f o % 4 9 h t i w , 9 9 . 0 f o t i n e c i f f e o c i n o s s e r g e r a d a h s y a s s a e F . 5 9 . 0 > e h t f o % 0 1 i n h t i w g n i l l a f a t a d f o % 4 7 d n a % 9 7 h t i w , 9 9 . 0 f o t i n e c i f f e o c i n o s s e r g e r a d a h 3 O 2 l A d n a 2 i O S h t o B g n i l l a f a t a d e h t f o % 9 6 d n a % 0 7 h t i w , y t i l i b a t a e p e r f o e t a r r e w o l a d e w o h s I O L d n a P l . y e v i t c e p s e r e u a v l d e t c e p x e i s t n e c i f f e o c i n o s s e r g e r d e w o h s s t n e m e e l l l a r o f s t o p l r e t t a c S . i w e v e r e h t o t r o i r p d e t c e r r o c d n a d n u o f s a w r o r r e i g n v a h e F h t i w , s t n e m e e l j r o a m r u o f r e h t o e h t d n a e F n e e w e b t e c n a i r a v n o i t a r b i l a c e h t d e t h g i l h g h i s t l o p e c n e r e f f i d d e r i a p e v i t a e R l . e t a r u c c a s i n o i t a r b i l a c ’ s y r o t a r o b a l e h t t a h t s t s e g g u s i h c h w , l e p m a s e t a c i l p u d e h t d n a l i a n g i r o e h t n e e w t e b s a b i t n a c i f i n g s i o n w o h s s t n e m e e l t s o m t a h t e t i a c d n i s t l o p Q Q - . s e u a v l d e t c e p x e e h t f o % 0 1 i n h t i w e r e w ) I O L d n a P , 2 O S i , e F , 3 O 2 l A f o t u o ( s t n e m e e l d e l i a f e e r h t n a h t e r o m g n n a i i t n o c s d r a d n a t s l i a u d v d n i I • • • 5 - i A x d n e p p A g n i t l u s n o C K R S y r a t n e m m o C n o i t a n a p x e l e d o C C R O J a i r e t i r C 8 4 8 1 0 2 y a M 3 2 x c o d . a d I t M d n a n o s a M t M r o f 1 l e b a T R G I r e t i p u J / r l u w W O R B N N U C / JUPITER MINES LIMITEDAppendices: JORC Tables MT MASON JORC TABLE 1 (CONTINUED) a t a d l l a d n a C Q A Q d e / l i a f i g n v a h s a d e g g a l f e r e w s e p m a s l o N . ) 9 0 0 2 ( n o t l i M y b d e w e v e r i e r e w s o c o l t o r p C Q A Q / . e t a m i t s e e c r u o s e R l i a r e n M d e r r e f n I 9 0 0 2 y r a u r b e F e h t n i d e t a r o p r o c n i s a w i t s n a g a s e u a v l d e y a s s a w o h s s t r a h c l o r t n o c d n a – 7 1 d n a 5 1 , 8 P O G – I d e s u e r e w s d r a d n a t s e r o n o r i e e r h T . s t i m i l l e b a t p e c c a i n h t i w l l e f , e n o t p e c x e l , s e p m a s l l A . D S 2 f o s t i m i l d n a e u a v l d e t c e p x e e r e w s e p m a s l e s e h T l . s e p m a s i p h c C R m o r f 0 3 n i 1 f o y c n e u q e r f a t a d e t c e l l o c e r e w s e p m a s l e t a c i l p u d l d e F i • • • s e t a c d n i i i s s y a n a l i n o s s e r g e r e h T l . s e p m a s l a m r o n s a s d o h t e m g n y a s s a i d n a i g n s s e c o r p e m a s e h t o t d e j t c e b u s l . s e v e l l e b a t p e c c a i n h t i w s i s t l u s e r e h t f o i i n o s c e r p e h t t a h t l l a d n a C Q A Q d e / l i a f i g n v a h s a d e g g a l f e r e w s e p m a s l o N . ) 7 0 0 2 ( n o t l i M y b d e w e v e r i y l f e i r b e r a l s o c o t o r p C Q A Q / • 7 0 0 2 C Q A Q / l d e i f f o i d e t s s n o c C Q A Q / . e t a m i t s e e c r u o s e R l i a r e n M d e r r e f n I 7 0 0 2 r e b o t c O e h t o t n i d e t a r o p r o c n i s a w a t a d 6 - i A x d n e p p A g n i t l u s n o C K R S 8 0 0 2 C Q A Q / y r a t n e m m o C n o i t a n a p x e l e d o C C R O J a i r e t i r C l y s u o e n a t l u m s i y r o t a r o b a l e h t , s t l u s e r y a s s a e h t i i g n d v o r p n O l . s a i r e t a m e c n e r e f e r d r a d n a t s d n a s e t a c i l p u d s t l u s e r l / a i r e t a m C Q A Q d e t r e s n i - r e t i p u J d n a d e t r e s n i - y r o t a r o b a l h t o B . C Q A Q / l a n r e t n i s t i f o s t l u s e r e h t i d e d v o r p e t a c i l p u D . s a b i i c m e t s y s y n a y f i t n e d i o t r e t i p u J y b e c n e u q e s e m i t a n i y l l i a c h p a r g d e w e v e r i e r e w s t l u s e r C Q A Q / . e u a v l d e t c e p x e e h t m o r f D S 3 f o s t i m i l l o r t n o c d e r i u q e r e h t i n h t i w l l e f y e h t e r u s n e o t r e t i p u J y b d e k c e h c e r e w . s e u s s i y t i e n e g o m o h y n a y f i t n e d i d n a s e s s e c o r p g n i l p m a s o t n i t h g s n i i i e d v o r p o t d e w e v e r i e r e w s e p m a s l 6 0 0 2 C Q A Q / s e t a c i l p u d e e r h t r e h t r u f a d n a t i m i l % 0 2 e h t i e d s t u o g n i l l a f y a s s a e F n a d a h e t a c i l p u d e n o l , s e p m a s e t a c i l p u d 8 1 e h t f O . % 0 2 > s a w s y a s s a e t a c i l p u d d n a l i a n g i r o n e e w t e b e c n e r e f f i d e h t f i d e l i a f e v a h o t d e r e d s n o c i e r e w s e t a c i l p u D . s t i m i l l o r t n o c f o i e d s t u o l l e f s d r a d n a t s d e y a s s a f o % 2 n a h t s s e L . e u a v l d e t c e p x e e h t m o r f D S 3 i e d s t u o g n i l l a f n e h w d e l i a f e v a h o t d e r e d s n o c i e r e w s d r a d n a S t i . s s y a n a l e t a c i l p u d r o f s t l u s e r s a l l e w s a s d r a d n a t s r o f s t r a h c l o r t n o c d n a s t l u s e r y a s s a h t i w K R S d e i l p p u s , a t a d E R O r , r o t i a r t s n m d a i e s a b a t a d t c a r t n o c s ’ r e t i p u J l a r e n M i r o f d e h s i l b a t s e n e e b e v a h i i n o s c e r p d n a y c a r u c c a f o l s e v e l l e b a t p e c c a t a h t d e i f s i t a s s i K R S , l l a r e v O . t i m i l % 0 2 e h t f o e d s t i u o g n i l l a f s y a s s a 3 O 2 l A r o / d n a 2 i O S d a h . s e s o p r u p n o i t a m i t s e e c r u o s e R d n a r e t i p u J y b d e t c e l l o c e r e w n o i t a m i t s e i s h t n i d e s u a t a D . e s a b a t a d s s e c c A S M n a n i l d e h s i a t a d l a t i i g d e h T l l a h t i w y l l i a c n o r t c e e l d n a s e l i f j t c e o r p s a d e l i f d n a y r o t a r o b a l e h t y b d e i l p p u s s a w a t a d l a t i i g d d n a y p o c d r a H . ) b d m . 8 0 2 1 1 1 0 2 _ n o s a M t M ( t a m r o f s s e c c A S M n i K R S o t i d e d v o r p . a t a d j t c e o r p i s u o v e r p y r o t a r o b a l d n o c e s a o t d e t t i m b u s e r e w n o i t a s i l a r e n m i f o s e d a r g i c m o n o c e d e w o h s t a h t 9 0 0 2 - e r p d e t c e l l o c l s e p m a S . s y a s s a l i a n g i r o e h t d e i f i r e v s e s y a n a l e s e h t f o s t l u s e r e h T i . s s y a n a l r o f t n e d n e p e d n i l i a n o s s e f o r p , d e i f i l a u q y b t u o d e i r r a c n e e b e v a h i g n y a s s a d n a g n i l p m a s o t g n i t l a e r s e i t i v i t c a l l A c i f i c e p s r e h t o o N . s k s a t c i f i c e p s l e t e p m o c o t d e t c a r t n o c t u b , r e t i p u J o t d e t l a e r t o n i s e n a p m o c r o ) s ( n o s r e p l . y n o m a r g o r p g n i l p m a s d n a g n i l l i r d 1 1 0 2 r o f s t e e h s y a s s a l i a n g i r o d e i l p p u s s a w K R S . e n o d n e e b t o n s a h a t a d y f i r e v o t l s e o h d e n n w i t f o e s u e h T . n e k a t r e d n u n e e b s a h n o i t a c i f i r e v t n e d n e p e d n i • • • • • • • • • t n e d n e p e d n i r e h t i e y b s n o i t c e s r e t n i . l e n n o s r e p y n a p m o c e v i t a n r e t l a r o t n a c i f i n g s i f o n o i t a c i f i r e v e h T . s e o h l d e n n w i t f o e s u e h T a t a d , a t a d y r a m i r p f o n o i t a t n e m u c o D , n o i t a c i f i r e v a t a d , s e r u d e c o r p y r t n e d n a l i a c s y h p ( e g a r o t s a t a d l . s o c o t o r p i ) c n o r t c e e l y a s s a o t t n e m t s u d a j y n a s s u c s D i . a t a d • • • • f o n o i t a c i f i r e V d n a g n i l p m a s i g n y a s s a 8 1 0 2 y a M 3 2 x c o d . a d I t M d n a n o s a M t M r o f 1 l e b a T R G I r e t i p u J / r l u w W O R B N N U C / 8 5 ANNUAL REPORT 2018Appendices: JORC Tables MT MASON JORC TABLE 1 (CONTINUED) i t h g e H n a i l a r t s u A e d v o r p i o t y e v r u s d e d d i r g a t u o y r r a c o t d n a ) s t i n o p y e v r u s d n a s k c a r t ( s e r u t a e f l i a c h p a r g o e g , s r a l l o c l e o h l l i r d l l a p u k c p i o t 8 0 0 2 r e b m e c e D g n i r u d , e o h y e H e v a D , r o y e v r u s d e s n e c i l a d e g a g n e r e t i p u J . l S P G d e h d n a h a h t i w p u d e k c p i e r e w 8 7 9 1 n i d e l l i r d l s e o h l l i r d r o f s n o i t i s o p r a l l o c e h T . e d a m n e e b e v a h a t a d y a s s a e h t o t s t n e m t s u d a j o N , S P G l a i t n e r e f f i D s c i t a m e n K e m T i i l a e R l a i t n e r e f f i d g n s u i d e y e v r u s e r e w n g a p m a c i 1 1 0 2 e h t r o f s r a l l o c l e o h l l i r D . a e r a e h t f o n a p l r u o t n o c d e l i a t e d e r o m a r o f a t a d m u t a D . m 5 . 1 f o y c a r u c c a n o i t a v e e l n a h t i w . s m e t s y s 1 5 e n o z 4 9 A D G , M T U n i d e d r o c e r e r e w s e t i a n d r o o c l l A d n a i t s n a t o b a y b d e t a g i t s e v n i n e e b d a h t a h t s a e r a r o s k c a r t g n i i t s x e o t d e t c i r t s e r l y e g r a l e r e w s e o h l e h t f o n o i t a c o l d n a i g n c a p s e h T . ) 6 0 0 2 ( l h s a W y b i g n p p a m y r a n m i i l e r p n i i d e s n g o c e r l y s u o v e r p i s t e g r a t l a r e v e s t s e t o t d n a , t s a e d n a h t r o n e h t o t n o i t a s i l i a r e n m n o s a M t M e h t f f o e s o c l o t d e n g s e d i s a w r e t i p u J y b i n g a p m a c g n i l l i r d t s r i f e h T o t t a l f y l l a r e n e g e h T . ) C E D ( n o i t a v r e s n o C d n a t n e m n o r i v n E f o t n e m t r a p e D e h t y b g n i r a e c l l i a m n m i r o f d e v o r p p a g n i t a u a v e l r o f g n i l l i r d l a c i t r e v f o e s u e h t l d e b a n e s t i n u l a i t n e t o p i n a m e h t f o e r u t a n i g n p p d i t s e w r o t s a e e t a r e d o m . d e s u e b n a c t a h t g i r l l i r d f o e p y t e h t d n a s t n e m e r i u q e r g n i r a e c l e h t d e i f i l p m s i o s a l i s h T . n o i t a s i l a r e n m i f o t n e t x e e h t g n i r a e c l n o i t a t e g e v t u b , d i r g l r a u g e r a o t e r e h d a o t d e n g s e d i t o n e r e w s e o h l l l i r d t e g r a t e h t f o i g n c a p s e h T . s n o i t i d n o c d e t c i r t s e r y l l a i t i n i s a w d n a s n o i t a r e d s n o c i l a t n e m n o r i v n e y b i d e n a r t s n o c l y e g r a l s a w n o s a M t M f o g n i t s e t g n i l l i r d e h T . s n o i t a r e d s n o c i ) l w o f e e l l a M ( a n u a f y b d e t c i r t s e r r e h t r u f s a w m a r g o r p 8 0 0 2 e h T . s a e r a d e r a e c l d n a s k c a r t l d o o t m 0 5 y b m 0 5 a l y e s o o l s i t u b , n r e t t a p d i r g l r a u g e r a l y e r i t n e t o n s i t a h t g n i l l i r d f o n r e t t a p a n i d e t l u s e r s a h i s h T . n r e t t a p d e t c e s r e t n i t a h t l s e o H l . s a i r e t a m d e s i l a r e n m n u i r o e d a r g w o l f o s a e r a e m o s n i n e k a t e r e w s e t i s o p m o c m 2 . s h t g n e l m 1 n o n e e b s a h n o i t a s i l i a r e n m h g u o r h t g n i l p m a s d n a , l a c i t r e v s a w 1 1 0 2 - e r p g n i l l i r d l l A . 1 1 0 2 n i d e l l i r d e r e w s e o h l d e n i l c n i 3 4 f o l a t o t A l . d e p m a s t o n e r e w k c o r d e s i l a r e n m n u i f o s a e r a t n a c i f i n g s i . n e k a t r e d n u s a w g n i t i s o p m o c l e p m a s o N n w o d i g n d n e t x e n o i t a s i l i a r e n m h t i w l o r t n o c n o i t c e r i d e k i r t s g n o r t s a e t i a c d n i s t l u s e r g n i l l i r d d n a i g n p p a m e c a f r u S e r e w n g a p m a c i 1 1 0 2 e h t . t s a e e h t o t ° 0 6 n i o t l s e o h , n o i t a s i l a r e n m i f o e c n e d i f n o c d n a n o i t a c i f i s s a c l e s a e r c n i o t r e d r o n i , n o i t a m i t s e ° 0 2 f o s p d i e t a r e d o m o t w o l l a h s d n a e k i r t s t s e w h t r o n - h t r o n o t l a n o g o h t r o r a e n d e l l i r d e c r u o s e R l i a r e n M d e r r e f n I r o f e t a u q e d a s a w g n i l l i r d 1 1 0 2 - e r p r o f n o i t a t n e i r o l e o h l l i r d l a c i t r e v e h t e l i h W . i p d d e w e v e r i s a w a t a d y e v r u s l e o h n w o d e h T . t o n o d l s e o h d e n i l c n i 0 2 d n a , s y e v r u s l e o h n w o d e v a h l s e o h 3 4 f o l a t o t A . g n i r a e b n i e g n a h c t n a c i f i n g s i a n i t l u s e r n a c n o i t c e l f e d l l a m s y r e v a e r e h w s e o h l l a c i t r e v r o f d e t c e p x e e b o t s i i s h T . l l a m s i n a m e r i p d n i s e g n a h c e h t h g u o h t l a , s e o h l l a c i t r e v r o f t n a c i f i n g s i s i g n i r a e b n i e g n a h c e h t ; s e o h l d e n i l c n i e h t m o r f ° 0 5 d n a ° 5 8 n e e w t e b f o s p d i . t s a e e h t t a o t d n a , s t i n u F B I f o e k i r t s t s e w h t r o n - h t r o n e h t o t l a n o g o h t r o r a e n , t s e w h t u o s ° 0 6 o t ° 0 2 f o s p d i e t a r e d o m o t w o l l a h s e v a h s t i n u d e s i l a r e n M i . l a t n o z i r o h - t s e w d e l l i r d e r e w s e o h l d e n i l c n i e h t f o t s o m , s a b i g n i l p m a s e m o s d e c u d o r t n i e v a h y a m g n i l l i r d l a c i t r e v e l i h W r o f l l a m s l y e v i t a e r l s i i p d d n a g n i r a e b n i e g n a h c e h T . d e t a g i t s e v n i i p d d n a g n i r a e b h t o b n i n o i t i a v e d e h t d n a • • • • • • • • • • • • • • d e s u s y e v r u s f o y t i l a u q d n a y c a r u c c A - n w o d d n a r a l l o c ( l s e o h l l i r d e t a c o l o t n i d e s u s n o i t a c o l r e h t o d n a i s g n k r o w e n m i , s e h c n e r t , ) s y e v r u s l e o h . n o i t a m i t s e e c r u o s e R l a r e n M i . d e s u m e t s y s d i r g e h t f o n o i t a c i f i c e p S i c h p a r g o p o t f o y c a u q e d a d n a y t i l a u Q . l o r t n o c f o g n i t r o p e r r o f i g n c a p s a t a D . s t l u s e R n o i t a r o p x E l d n a i g n c a p s a t a d e h t r e h t e h W • • • • • f o n o i t a c o L s t n o p i a t a d i g n c a p s a t a D n o i t u b i r t s d i d n a h s i l b a t s e o t t i n e c i f f u s e d a r g d n a l i a c g o o e g l s i f o n o i t u b i r t s d i e e r g e d e h t l i a r e n M e h t r o f e t a i r p o r p p a y t i u n i t n o c e v r e s e R e r O d n a e c r u o s e R d n a ) s ( e r u d e c o r p n o i t a m i t s e . d e i l p p a s n o i t a c i f i s s a c l s a h g n i t i s o p m o c l e p m a s r e h t e h W • . d e i l p p a n e e b g n i l p m a s f o n o i t a t n e i r o e h t r e h t e h W • f o n o i t a t n e i r O o t t n e t x e e h t d n a s e r u t c u r t s l i e b s s o p f o g n i l p m a s d e s a b n u i s e v e h c a i o t n o i t a e r l n i a t a d e h t g n i r e d s n o c i , n w o n k s i i s h t i h c h w l i a c g o o e g l . e p y t t i s o p e d e r u t c u r t s y e k f o n o i t a t n e i r o e h t d n a n o i t a t n e i r o d e r e d s n o c i s i s e r u t c u r t s d e s i l a r e n m i , s a b i g n i l p m a s a d e c u d o r t n i e v a h o t d n a d e s s e s s a e b l d u o h s i s h t . l a i r e t a m f i d e t r o p e r g n i l l i r d e h t n e e w e b t i p h s n o i t a e r l e h t f I • 7 - i A x d n e p p A g n i t l u s n o C K R S y r a t n e m m o C n o i t a n a p x e l e d o C C R O J a i r e t i r C 8 6 8 1 0 2 y a M 3 2 x c o d . a d I t M d n a n o s a M t M r o f 1 l e b a T R G I r e t i p u J / r l u w W O R B N N U C / JUPITER MINES LIMITEDAppendices: JORC Tables MT MASON JORC TABLE 1 (CONTINUED) 8 - i A x d n e p p A g n i t l u s n o C K R S y r a t n e m m o C n o i t a n a p x e l e d o C C R O J a i r e t i r C . e t a m i t s e e c r u o s e R l i a r e n M e h t f o n o i t a c i f i s s a c l e h t n i t n u o c c a o t n i n e k a t s i d n a l i a m n m s i i s a b i g n i l p m a s , l l a r e v O o t s m e t i e h t n o d e t a t o n n a t o n e r e w s r e b m u n l e o h d n a e d o c t s o C . s k r a m l a v r e t n i e h t o t y l t c a x e l d e p m a s s a w e r o c e h t t a h t d n a l , s a v r e t n i t c e r r o c e h t m o r f d n a e r o c f o e c e p i t c e r r o c e h t m o r f n e k a t e r e w s e p m a s l e h t t a h t g n i r u s n e r o f i l e b s n o p s e r e r e w s n a c n h c e t i i l d e i f i , n g a p m a c 1 1 0 2 e h t r o F . 1 1 0 2 - e r p y t i r u c e s l e p m a s t u o b a n w o n k s i e l t t i L . r e t i p u J y b i d e n a t e r s t e e h s i i n o s s m b u s e h t f o i s e p o c e h t n o n e t t i r w e r e w s l i a t e d l l a d n a y r o t a r o b a l e h t o t t n e s e b i d e p o c s a w t e e h s e h T . r e b m u n i i n o s s m b u s l e p m a s a g n i t a e r c y b i t s g o o e g l e h t y b t u o d e l l i f e r e w s t e e h s i i n o s s m b u s e h t n i d n a e v e e s l c i t s a p l a n i d e c a p l n e h t s a w t e e h s e h T . n i d e l l i f s a w x o b ’ l y n O e s U l a n r e t n I ‘ e h t n i D I l e o h e h t d n a l e p m a S . t n e m p h s i l e p m a s e h t i g n d n e s i t s g o o e g l e h t y b d e n a i t e r s a w d e p p h s i l s e p m a s l l a f o d r o c e r A i . s s y a n a l . p u - k c p i r e i r u o c t x e n e h t r o f y d a e r , r e d o l f i s n o s s m b u s i l e p m a s / C Q A Q d n a g n i l p m a S ‘ d n a , ’ s e r u d e c o r P g n i t a r e p O d r a d n a S t ‘ g n i l l i r d f o w e v e r i h g u o r o h t a d e t c u d n o c K R S . i n g a p m a c l l i r d 1 1 0 2 e h t o t r o i r p ’ l s o c o t o r P . n e k a t r e d n u n e e b s a h a t a d d n a i s e u q n h c e t g n i l p m a s f o w e v e r i r o t i d u a t n e d n e p e d n i o N r o f y r o t a r o b a l e h t o t d e p p h s i d n a s e i t l e b a c h t i w d e r u c e s , s g a b e v a e w - y o p l n i d e c a p l e r e w s e p m a s l l i a u d v d n i I • • • • e r u s n e o t n e k a t s e r u s a e m e h T • . y t i r u c e s l e p m a s l e p m a S y t i r u c e s . a t a d d n a i s e u q n h c e t g n i l p m a s f o s w e v e r i r o s t i d u a y n a f o s t l u s e r e h T • r o s t i d u A s w e v e r i 8 1 0 2 y a M 3 2 x c o d . a d I t M d n a n o s a M t M r o f 1 l e b a T R G I r e t i p u J / r l u w W O R B N N U C / 8 7 ANNUAL REPORT 2018Appendices: JORC Tables MT MASON JORC TABLE 1 (CONTINUED) d e t n a r g s a w , d e t i m L i s e n M i r e t i p u J y b d e n w o y l l o h w s i i h c h w 8 0 4 / 9 2 M e s a e L i i g n n M n h i t i w s l l a f t i s o p e d i n a m e h T ’ s e c r u o s e R n r o h t w a H y b d e d n u o b s i t n e m e n e t e h T . 2 3 0 2 r e b m e v o N 4 2 n o s e r i p x e d n a 1 1 0 2 r e b m e v o N 5 2 n o . h t u o s e h t o t ) l a r e n e G ( 2 2 0 / 9 2 G t n e m e n e t r e t i p u J e h t d n a h t r o n e h t o t ) n o i t l a r o p x E ( 0 1 5 / 9 2 E t n e m e n e t i i n o g e r o B n o s h c r u M e h t i n i t n a c i f i n g s n i i d e r e d s n o c i e r o f e r e h t d n a t n e t x e n a e p o r u E - e r p f o % 5 . 0 < e b o t d e t a m i t s e . t x e t n o c l a n o g e r i s i j t c e o r p e h t r o f d e r i u q e r e p y t n o i t a t e g e v e v i t a n i n a m e h t f o g n i r a e c l , r e v e w o H . ) F B I ( n o i t a m r o F n o r I d e d n a B e b o t d e e n l l i w s n o i t i d n o c t n e m e g a n a m t n e u q e s b u s d n a , s t c a p m i l a i t n e t o p r o f t c A C B P E e h t r e d n u t n e m s s e s s a r o f d e r r e f e r e b l l i w j t c e o r p e h t i , s e c e p s i s h t o t t c a p m i t c e r i d y n a e b o t l y e k i l n u y l t n e r r u c s i e r e h t h g u o h t l A . l w o f e e l l a M i y l t n a n m o d e r p i ; s e c e p s d e n e t a e r h t t n a c i f i n g s i y l l a n o i t a n o t s e t l a e r j t c e o r p e h t r o f k s i r l a t n e m n o r i v n e i n a m e h T . d e t n e m e p m l i . t i d e r e v o c s d i l t o b a T B W H n e h w 2 1 9 1 e c n s i n w o n k n e e b s a h n o s a M t M t a e t i t a m e h f o t i s o p e d a f o e c n e i t s x e e h T r o f n o i t a r o p x e l l i a c i f r e p u S . ” e r o n o r i e n i f f o s s a m e g r a l a “ s a 5 4 n i t e l l u B A W S G n i n o i t a s i l i a r e n m e h t o t s r e f e r t l o b a T . n e h t e c n s i d e r r u c c o s a h t n e m g p i d n a e r o n o r i e h t s a n w o n k l y n o m m o c , y t i n u m m o C l i l a c g o o c E y t i r o i r P a f o e n o z r e f f u b e h t i n h t i w s i t n e m e n e t n o s a M t M e h T f o s e g a n n o t d n a s e d a r g e h t n o n o i t a m r o f n i e m o s i e d v o r p s e l i f y r a r b i l a i l a r t s u A n r e t s e W f o y e v r u S l l i a c g o o e G e h T a e v a g i h c h w s e p m a s l e c a f r u s e v i f f o s l i a t e d e h t i g n d u c n l i , i g n k a m l e e t s r o f l e b a t i u s e t i t a m e h s u r o h p s o h p w o l . P % 2 4 0 . 0 h t i w , e F % 8 . 2 6 f o e d a r g e t i s o p m o c d n a y h p a r g o t o h p l a i r e a f o w e v e r i a i g n s i r p m o c t n e m e n e t e h t n o k r o w r e h t r u f r o f n a p l a d n a e r o n o r i r o f l a i t n e t o p e h t f o e t a m i t s e n a n i d e t l u s e r i h c h w , 5 0 0 2 l i r p A n i n o s a M t M f o g n i l p m a s d n a i g n p p a m e c a f r u s t u o d e i r r a c l h s a W F J e s e h t r o f d e d r o c e r e r e w n o r i r o f s e s y a n a l e v i t a t i t n a u q o N . t n e m g p i n o r i r o f l s e o h i n o s s u c r e p w o l l a h s 0 2 d e l l i r d . d e d r o c e r e r e w s g n i t t u c e h t f o s n o i t p i r c s e d l a r e n e g t u b , s e o h l . g n i l l i r d d n a y e v r u s l a t n e m n o r i v n e n a , s y e v r u s c i t e n g a m C R e h t n o d e s a B . t i s o p e d e h t o t n i d e l l i r d l s e o h e n n i t s r i f e h t n o 6 0 0 2 t s u g u A n i d e t l e p m o c s a w e t a m i t s e e c r u o s e r A e t a m i t s e e c r u o s e R l i a r e n M d e r r e f n I n a , n o i t a s i l i a r e n m e t i t a m e h f o p o r c t u o d e p p a m e h t d n a g n i t s e t l l i r d f o m a r g o r p e h T . e d a m s a w i , n o s s e r p x e e t i t a m e h e c a f r u s e h t g n k n i i l s n o i t a t e r p r e t n i n o i t c e s s s o r c f o t e s a n o d e s a b , e F % 5 5 > t s a e m 5 , h t u o s h t r o n m 0 1 f o e z s i l l e c a d a h i h c h w l e d o m k c o b l a n i d e s u n e h t s a w e p a h s n o i t a s i l i a r e n m e F % 5 5 e h t f o l e d o m D 3 A . f f o - t u c e F % 5 5 > n o d e s a b e r e w s n o i t a u c a c l l e h t n i d e s u s h t i d w n o i t c e s r e t n I . d e t l e p m o c s a w d n a n o s a M t M f o t r a p d e p p a m , s k c a r t s s e c c a e m o s t u c , d i r g a d e y e v r u s l i s e n m d o G n r e h t u o S e i l r o o g a K l , 8 7 9 1 n I • • • • • • • • e c n a t s d i e s r e v n i n a g n s u i s e d a r g e h t f o e t a m i t s e n a i n a r t s n o c o t d e s u s a w e p a h s e r o e h T . y l l a c i t r e v m 2 d n a t s e w o t d e s u s a w 3 m / t 5 . 3 f o y t i s n e d e g a r e v a n A i . s u d a r m 0 6 o t t u o h c r a e s r a n a p l , l a c i r e h p s , s d o h t e m 2 f o r e w o p e h t o t . d e t a m i t s e s a w e c r u o s e R l i a r e n M d e r r e f n I n o s a M t M e h t i , s s a b i s h t n O . e g a n n o t e t a m i t s e h t i w s e u s s i l a i r e t a m r o s t n e m e e r g a , s e r u t n e v t i n o j s a h c u s s e i t r a p d r i h t , s e i t l a y o r i g n d i r r e v o i , s p h s r e n t r a p , s e t i s l a c i r o t s h i , s t s e r e t n i e l t i t e v i t a n d n a k r a p l a n o i t a n r o s s e n r e d l i w . s g n i t t e s l a t n e m n o r i v n e e h t t a l d e h e r u n e t e h t f o y t i r u c e s e h T y n a h t i w g n o a l g n i t r o p e r f o e m i t i g n d u c n l i i p h s r e n w o d n a n o i t a c o l a i g n n a i t b o o t s t n e m d e p m i i n w o n k f o l i a s a r p p a d n a t n e m g d e w o n k c A l . s e i t r a p r e h t o y b n o i t a r o p x e l . a e r a e h t n i e t a r e p o o t e c n e c i l , r e b m u n / e m a n e c n e r e f e r , e p y T • d n a t n e m e n e t e r u n e t d n a l l a r e n M i s u t a t s • • r e h t o y b e n o d n o i t a r o p x E l s e i t r a p 9 - i A x d n e p p A g n i t l u s n o C K R S y r a t n e m m o C n o i t a n a p x e l e d o C C R O J a i r e t i r C ) . n o i t c e s i s h t o t l y p p a o s a l 1 n o i t c e S n i d e t s i l a i r e t i r C ( s t l u s e R n o i t a r o p x E l f o g n i t r o p e R 2 n o i t c e S 8 8 8 1 0 2 y a M 3 2 x c o d . a d I t M d n a n o s a M t M r o f 1 l e b a T R G I r e t i p u J / r l u w W O R B N N U C / JUPITER MINES LIMITEDAppendices: JORC Tables MT MASON JORC TABLE 1 (CONTINUED) 0 1 - i A x d n e p p A g n i t l u s n o C K R S y r a t n e m m o C n o i t a n a p x e l e d o C C R O J a i r e t i r C , n o i t a s i l i a r e n m e t i t a m e h e h t f o t n e t x e e k i r t s h t r o n e h t o t d n a i p d n w o d t s a e e u d e h t d e t s e t l s e o h 2 1 f o m a r g o r p i s h T . s t e g r a t d e s i l a r e n m i r e h t o l a i t n e t o p d n a n o s a M t M t a t u o d e i r r a c s a w m a r g o r p g n i l l i r d d n o c e s a , 7 0 0 2 l y u J g n i r u D e c r u o s e R l a r e n M a i l d e t e p m o c s t n a t l u s n o C g n n M k c o r d r a H i i , 7 0 0 2 r e b o t c O n I . s t e g r a t I F B e m o s s a l l e w s a e h t o t h t o b n e p o i d e n a m e r e c r u o s e r e h T . a t a d w e n i s h t g n s u i , ) 4 0 0 2 ( e d o C C R O J e h t h t i w e c n a d r o c c a n i e t a m i t s e C R O J e h t h t i w e c n a d r o c c a n i ( i s t n a t l u s n o C g n n M k c o r d r a H y b i d e t a m i t s e s a w e c r u o s e R l i a r e n M e h t o t e t a d p u n A . 8 0 0 2 n i g n i l l i r d r e h t r u f n o d e s a b , ) 4 0 0 2 ( e d o C . m a r g o r p e h t r e t f a h t u o s d n a t s a e h t r o n h t i w e c n a d r o c c a n i 2 1 0 2 y r a u r b e F n i e c r u o s e R l i a r e n M d e t a d p u n a t r o p e r o t ) D D d n a C R ( g n i l l i r d r e h t r u f d e s u K R S . ) 4 0 0 2 ( e d o C C R O J e h t n r e t s a E d n a s s o r C n r e h t u o S e h t n e e w t e b y r a d n u o b e h t s k r a m d n a t l e B e n o t s n e e r G a d I t M e h t f o e r u t a e f l a r u t c u r t s i t n e n m o r p a s m r o f t l u a F a d I e h T . t l e B e n o t s n e e r G a d I t M e h t i n h t i w s r u c c o t i s o p e d e r o n o r i n o s a M t M e h T i e v s s a m g n p p o r c t u o i i d e s n g o c e r i g n p p a m s h T i . ) 5 0 0 2 ( l h s a W k c a J y b l i a t e d n i d e p p a m s a w a e r a n o s a M t M e h T . s e n a r r e T e n o t s n e e r G – e t i n a r G s d e l i f l d o G n o s a M t M i t n e n m o r p e h t m r o f t a h t s e r o ” a g n a C “ d n a F B I r o o p - n o r i , I F B h c i r - n o r i , s e n o z ” e t i t a m e h l y a h s “ , e t i t a m e h g n i l r a d n W i t M d n a i g n b b o n a y o o K e h t l n i e s o h t e k i l s i t i s o p e d f o e p y t i s h T . s a e r a i g n d n u o r r u s l y e t i a d e m m i d n a l l i h . n o s a M t M f o t s e w d n a h t u o s e h t o t s a e r a d n a s t l a s a B . s d n a b t r e h c e r a r d n a l s e a h s i d e t a c o s s a i r o n m h t i I w F B e r a a e r a e h t n i i g n p p o r c t u o s t i n u i n a m e h T e h t n i s e t i n a r g , p r a c s i n a m e h t f o e d s i n r e t s e w e h t n o e s a e l e h t f o a e r a l a r t n e c e h t g n o a l p o r c t u o s e t i r e o d l i . n a p l d n a s a y b i n a l r e v o y l l i a c p y t e r a e s a e l e h t f o r e n r o c t s e w h t u o s - W N W a y b t u c e r a n o s a M t M t a s t i n u F B I . ° 0 6 o t ° 0 2 f o l s e g n a t a t s a e e h t s d r a w o t i p d d n a W N N e k i r t s s t i n u F B I i s h t h t i w d e t a c o s s a i i g n n e v i z t r a u q d n a i n o i t a c c e r b f o e n o z t c n i i t s d A . h t r o n e h t s d r a w o t ° 0 8 t a i g n p p d i t l u a f i g n k i r t s o t i e v s s a m f o y d o b l a i t n a t s b u s a n i d e t l u s e r t l u a f i s h t h t i w d e t i a c o s s a g n i r e h t a e W . s t i I n u F B e h t s t u c - s s o r c t l u a f . m 0 5 1 f o i h t d w d n a m 0 0 6 f o h t g n e l e k i r t s i e t a m x o r p p a n a r e v o s p o r c t u o y d o b e t i t a m e h e h T . e t i t a m e h d e d d e b t o n s i e c n e d v e i l d e i f h g u o h t l a , I F B e h t t u c y a m t l u a f e k i r t s W N N r e h t o n a , y d o b e t i t a m e h e h t f o d n e h t u o s e h t t A . t n e m e c a p s d l i i r o n m h t i w y r a d n u o b n o i t a r e t l a n a s a t l u a f d e i f i t n e d i i s h t d e t e r p r e t n i K R S . g n o r t s e m o s n i l s e v e s m e h t i h c h w s t i n u l e a h s y b d e d n u o b e b o t s r a e p p a y l l a r e n e g n o i t a s i t a m e H l . s o r t n o c s t i t u o b a n w o n k s i e l t t i l d n a d e s i l a c o l s i t n e m h c i r n E . m e t s y s e h t h g u o r h t r e t a w h c i r - n o r i f o e g a s s a p e h t y b e t i t a m e h o t e t i t e n g a m f o n o i t a r e t l a d n a F B I f o t n e t n o c n o r i e h t f o t n e m h c i r n e y b d e m r o f e v a h o t d e v e i l e b s i n o i t a s i l a r e n m e i t i t a m e H . w o l f i d u l f n i l s o r t n o c t n a t r o p m i l i e b s s o p s a d e i f i t n e d i n e e b e v a h i g n d o l f d n a s t l u a F . d e s i l a r e n m y i l l a i t r a p e r a s e s a c . ) s e r t e m l a r e v e s ( l a n o i t a d a r g r o ) m 1 r e v o ( p r a h s e b n a c s t i I n u F B d n a ” d e s i t a m e h “ n e e w e b t y r a d n u o b e h T I F B d e s i t a m e h e h t f o e s a b e h T . t s a e e h t o t ° 0 6 d n a ° 0 5 n e e w e b t s p d i e c n e u q e s d e s i l i a r e n m e o h w e h l t , y l l a r e n e G t i s o p e d ” a g n a C “ d e m r e t l e b b u r e t i t a m e h d e t n e m e c - e r s i e r e h T . s k c o r c i f a m d n a e t i r e o d l d e t a i t n e r e f f i d n u s e i l r e v o . s t n e m d e s i y b d e r e v o c s i t i s o p e d e h t f o n o i t r o p n r e h t r o n e h t t s l i h w , n o s a M t M f o l e p o s n w o d . n o i t a m r o F e b b a g u M e h t i l f o t r a p d e r e d s n o c i e r a d n a e g a n i n a e h c r A e r a a e r a e s a e l e h t f o s k c o r i g n y l r e d n U • • • • • • • • d n a g n i t t e s l . n o i t a s i l a r e n m i f o l e y t s i a c g o o e g l , e p y t t i s o p e D • l y g o o e G 8 1 0 2 y a M 3 2 x c o d . a d I t M d n a n o s a M t M r o f 1 l e b a T R G I r e t i p u J / r l u w W O R B N N U C / 8 9 ANNUAL REPORT 2018Appendices: JORC Tables MT MASON JORC TABLE 1 (CONTINUED) 1 1 - i A x d n e p p A l . y n o s e c r u o s e R l a r e n M o t i s e t a e r l t r o p e r i s h T . d e t r o p e r e r a s t l u s e R n o i t l a r o p x E w e n o N • l a i r e t a m n o i t a m r o f n i l l a f o y r a m m u s A y r a t n e m m o C n o i t a n a p x e l e d o C C R O J e h t f o i g n d n a t s r e d n u e h t o t l . y n o s e c r u o s e R l a r e n M o t i s e t a e r l t r o p e r i s h T . d e t r o p e r e r a s t l u s e R n o i t l a r o p x E w e n o N • , s t l u s e R n o i t l a r o p x E g n i t r o p e r n I , s e u q n h c e i t i g n g a r e v a g n i t h g e w i e d a r g m u m n m i i r o / d n a m u m x a m i n o i t a m r o f n i i g n w o l l o f e h t f o n o i t a u b a t l : s e o h l l l i r d l a i r e t a M l l a r o f l e o h l l i r d e h t f o i g n h t r o n d n a g n i t s a e r a l l o c ) s e r t e m n i l e v e l a e s e v o b a n o i t a v e e l – l e v e L d e c u d e R ( L R r o n o i t a v e e l l e o h e h t f o h t u m z a i d n a i p d r a l l o c l e o h l l i r d e h t f o n o i t p e c r e t n i d n a h t g n e l l e o h n w o d . h t g n e l l e o h h t p e d s i n o i t a m r o f n i i s h t f o i n o s u c x e l e h t f I i s h t d n a l a i r e t a M t o n s i n o i t a m r o f n i e h t t a h t i s s a b e h t n o d e i f i t s u j e h t m o r f t c a r t e d t o n s e o d i n o s u c x e l y l r a e c l l d u o h s n o s r e P t n e t e p m o C e h t , t r o p e r e h t f o i g n d n a t s r e d n u . e s a c e h t s i i s h t y h w n a p x e l i a i g n d u c n l i s t l u s e r n o i t a r o p x e l • • • • • • • • g n i t l u s n o C K R S a i r e t i r C n o i t a m r o f n I l e o h l l i r D n o i t a g e r g g a s d o h t e m a t a D 9 0 f o s h t g n e l r e g n o l d n a s t l u s e r e d a r g e r u d e c o r p e h t , s t l u s e r e d a r g w o l h g h i f o s h t g n e l t r o h s e t a r o p r o c n i e b l d u o h s n o i t a g e r g g a h c u s r o f d e s u f o l s e p m a x e l i a c p y t e m o s d n a d e t a t s n w o h s e b l d u o h s s n o i t a g e r g g a h c u s . l i a t e d n i y n a r o f d e s u s n o i t p m u s s a e h T • h g h i f o g n i t t u c . g . e ( s n o i t a c n u r t e r a s e d a r g f f o - t u c d n a ) s e d a r g e b l d u o h s d n a l a i r e t a M y l l a u s u . d e t a t s s t p e c r e t n i e t a g e r g g a e r e h W • 8 1 0 2 y a M 3 2 x c o d . a d I t M d n a n o s a M t M r o f 1 l e b a T R G I r e t i p u J s e u a v l t l n e a v u q e i l a t e m f o g n i t r o p e r . d e t a t s y l r a e c l e b l d u o h s / r l u w W O R B N N U C / JUPITER MINES LIMITEDAppendices: JORC Tables MT MASON JORC TABLE 1 (CONTINUED) 2 1 - i A x d n e p p A g n i t l u s n o C K R S y r a t n e m m o C n o i t a n a p x e l e d o C C R O J a i r e t i r C 8 1 0 2 y a M 3 2 x c o d . a d I t M d n a n o s a M t M r o f 1 l e b a T R G I r e t i p u J y e v r u s l i a c m e h c o e g ; s t l u s e r y e v r u s l i a c g r u l l a t e m ; t n e m t a e r t f o d o h t e m d n a e z s i – l s e p m a s l k u b ; s t l u s e r , y t i s n e d l k u b ; s t l u s e r t s e t k c o r d n a l i a c n h c e t o e g , r e t a w d n u o r g s u o i r e t l e e d l a i t n e t o p ; s c i t s i r e t c a r a h c . s e c n a t s b u s i g n i t a n m a t n o c r o l i a c s y h p o e g ; s n o i t a v r e s b o l i a c g o o e g l l . y n o s e c r u o s e R l a r e n M o t i s e t a e r l t r o p e r i s h T . d e t r o p e r e r a s t l u s e R n o i t l a r o p x E w e n o N • l y l r a u c i t r a p e r a i s p h s n o i t a e r l e s e h T l . y n o s e c r u o s e R l a r e n M o t i s e t a e r l t r o p e r i s h T . d e t r o p e r e r a s t l u s e R n o i t l a r o p x E w e n o N • n o i t a s i l i a r e n m e h t f o y r t e m o e g e h t f I s i l e g n a l e o h l l i r d e h t o t t c e p s e r h t i w . d e t r o p e r e b l d u o h s e r u t a n s t i , n w o n k e r e h t , d e t r o p e r e r a s h t g n e l l e o h n w o d i s h t o t t n e m e t a t s r a e c l a e b l d u o h s e u r t , h t g n e l l e o h n w o d ‘ . g . e ( t c e f f e e h t l y n o d n a n w o n k t o n s i t i f I . ) ’ n w o n k t o n h t d w i h t i w ( s n o i t c e s d n a s p a m e t a i r p o r p p A t n a c i f i n g s i y n a r o f d e d u c n l i e b l d u o h s s t p e c r e t n i f o s n o i t a u b a t l d n a l ) s e a c s e s e h T d e t r o p e r i g n e b y r e v o c s d i a o t d e t i m i l e b t o n t u b , e d u c n l i l d u o h s s n o i t a c o l r a l l o c l e o h l l i r d f o w e v i n a p l . s w e v i l a n o i t c e s e t a i r p o r p p a d n a f o g n i t r o p e r e h t n i t n a t r o p m i . s t l u s e R n o i t a r o p x E l • • • • l . y n o s e c r u o s e R l a r e n M o t i s e t a e r l t r o p e r i s h T . d e t r o p e r e r a s t l u s e R n o i t l a r o p x E w e n o N • f o g n i t r o p e r i e v s n e h e r p m o c e r e h W • g n i t r o p e r e v i t a t n e s e r p e r l , e b a c i t c a r p r o / d n a s e d a r g h g h i d n a w o l h t o b f o i d o v a o t d e c i t c a r p e b l d u o h s s h t d w i t o n s i s t l u s e R n o i t a r o p x E l l l a l . y n o s e c r u o s e R l a r e n M o t i s e t a e r l t r o p e r i s h T . d e t r o p e r e r a s t l u s e R n o i t l a r o p x E w e n o N • l u f i g n n a e m f i , a t a d n o i t a r o p x e l r e h t O • d e t r o p e r e b l d u o h s , l a i r e t a m d n a . s t l u s e R : ) o t d e t i m i l t o n t u b ( i g n d u c n l i n o i t l a r o p x E f o g n i t r o p e r i g n d a e s m i l n o i t a s i l a r e n m i d n a s h t d w i n e e w t e b t p e c r e t n i s h t g n e l s m a r g a D i d e c n a a B l g n i t r o p e r e v i t n a t s b u s n o i t a r o p x e l r e h t O a t a d i p h s n o i t a e R l / r l u w W O R B N N U C / 9 1 ANNUAL REPORT 2018Appendices: JORC Tables MT MASON JORC TABLE 1 (CONTINUED) 8 1 0 2 y a M 3 2 x c o d . a d I t M d n a n o s a M t M r o f 1 l e b a T R G I r e t i p u J s i n o i t a m r o f n i i s h t i d e d v o r p , s a e r a g n i l l i r d e r u t u f d n a s n o i t a t e r p r e t n i . e v i t i s n e s y l l i a c r e m m o c t o n l i a c g o o e g l i n a m e h t i g n d u c n l i / r l u w W O R B N N U C / 3 1 - i A x d n e p p A g n i t l u s n o C K R S l . y n o s e c r u o s e R l a r e n M o t i s e t a e r l t r o p e r i s h T . d e t r o p e r e r a s t l u s e R n o i t l a r o p x E w e n o N • d e n n a p l f o l e a c s d n a e r u t a n e h T l a r e t a l r o f s t s e t . g . e ( k r o w r e h t r u f r o i s n o s n e t x e h t p e d r o i s n o s n e t x e . ) g n i l l i r d t u o - p e t s l e a c s - e g r a l e h t g n i t h g i l h g h i y l r a e c l s m a r g a D i • • k r o w r e h t r u F y r a t n e m m o C n o i t a n a p x e l e d o C C R O J a i r e t i r C 9 2 , s n o s n e i t x e i l e b s s o p f o s a e r a JUPITER MINES LIMITEDAppendices: JORC Tables MT MASON JORC TABLE 1 (CONTINUED) 1 1 1 7 4 5 , 4 9 6 6 5 1 0 , 3 2 2 6 1 4 , 2 8 1 6 , 1 y t i l i b i t p e c s u s c i t e n g a m d e i f l 6 0 8 i g n d u c n i ( l i s g n d a e r F R X d e h d n a H l i ) s g n d a e r s u s g a M _ d e F _ n o i l t i N _ M M 8 2 0 H D M M 1 1 D H B I r o f a t a d y t i s n e d l k u B y t i s n e D _ k u B _ M M l s s o l e r o c d e d r o c e r d n a s r e b m u n D Q R l s s o e r o C _ D Q R _ M M s d r o c e R n o i t p i r c s e D ) s t n e m e r u s a e m k u b G S 1 1 2 l d n a r e t e m o n c y p i a v G S 1 5 1 1 i g n d u c n i ( l l s e o h l l i r d r o f a t a d e t i a n d r o o c r a l l o C a t a d y a s s a F R X e o h l l l i r D ) r a l l o c d n a o r y g ( a t a d y e v r u s l e o h n w o D s e d o c y g o o h l t i L l e b a T : w o e b l n w o h s o h t i L _ M M y e v r u S r a l l o C y a s s A l a i t i n i s t i n e e w t e b , s r o r r e i g n y e k l a r e n M i r o f e s u s t i d n a n o i t c e l l o c . s e s o p r u p n o i t a m i t s e e c r u o s e R r o n o i t p i r c s n a r t l , e p m a x e r o f . d e s u s e r u d e c o r p n o i t a d i l a v a t a D • 4 1 - i A x d n e p p A g n i t l u s n o C K R S t M ( t a m r o f s s e c c A S M n i K R S o t n o s a M t M r o f e s a b a t a d e h t d e i l p p u s d n a n o i t c e l l o c a t a d r o f y t i l i i b s n o p s e r k o o t r e t i p u J • t a h t e r u s n e o t n e k a t s e r u s a e M • s i l s e b a t e s a b a t a d e h t f o y r a m m u s A . 1 1 0 2 r e b m e c e D 8 s i a t a d l l a r o f e t a d f f o - t u c e h T . . ) b d m 8 0 2 1 1 1 0 2 _ n o s a M , y b d e t p u r r o c n e e b t o n s a h a t a d e s a b a t a D y t i r g e t n i y r a t n e m m o C n o i t a n a p x e l e d o C C R O J a i r e t i r C ) . n o i t c e s i s h t o t l y p p a o s a l , 2 n o i t c e s n i t n a v e e r l e r e h w d n a , 1 n o i t c e s n i d e t s i l a i r e t i r C ( s e c r u o s e R l a r e n M i f o g n i t r o p e R d n a n o i t a m i t s E 3 n o i t c e S s u t a t S r o r r e n o i t a d i l a V e s a b a t a d m o r f d e v o m e r l s e o H d e l l i r d t o n t u b , d e n n a P l e s a b a t a d m o r f d e v o m e r l e o H l e b a t r a l l o c n i s e t i a n d r o - o c r a l l o c t c e r r o c n I D l I - e o H 9 1 0 M M C R 8 0 0 2 0 M M C R 8 0 9 0 0 C R M M 1 1 6 1 0 H D M M 1 1 9 2 0 H D M M 1 1 5 2 0 H D M M 1 1 6 2 0 H D M M 1 1 8 2 0 H D M M 1 1 e v i t c e r r o c d n a s r o r r e n o i t a d i l a v e s e h T . s r o r r e f o r e b m u n l l a m s a g n i t o n , e s a b a t a d e h t d e t a d i l a v d n a d e w e v e r i K R S • . ) t r o p e r f o y d o b i n a m n i . d n u o f t o n e c r u o s e c n e r e f e R ! r o r r E ( n e k a t n o i t c a 8 1 0 2 y a M 3 2 x c o d . a d I t M d n a n o s a M t M r o f 1 l e b a T R G I r e t i p u J / r l u w W O R B N N U C / 9 3 ANNUAL REPORT 2018Appendices: JORC Tables MT MASON JORC TABLE 1 (CONTINUED) 5 1 - i A x d n e p p A g n i t l u s n o C K R S s u t a t S y r a t n e m m o C r o r r e n o i t a d i l a V e s a b a t a d m o r f d e v o m e r s d r o c e R l e b a t y a s s a n i s d r o c e r k n a B l D l I - e o H 7 0 1 C R M M 7 1 1 C R M M 2 1 0 M M C R 8 0 3 1 0 M M C R 8 0 4 2 0 H D M M 1 1 6 2 0 H D M M 1 1 8 2 0 H D M M 1 1 n o i t a n a p x e l e d o C C R O J a i r e t i r C 9 4 / C Q A Q a d n a i g n p p a m d e t c u d n o c n o s r e P t n e t e p m o C e h T . 2 1 0 2 o t 0 1 0 2 m o r f e t i s d e t i s v i s t n a t l u s n o c K R S l a r e v e S t a d e t c u d n o c n e e b s a h n o i t a r o p x e l l a n o i t i d d a o n t a h t K R S d e m r o f n i r e t i p u J . t i s o p e d a d I t M t n e c a d a j e h t o t t i s v i e t i s f o s s e c o r p i e v s n e h e r p m o c l y e t a i r p o r p p a n a n o d e s a b s i t n e m e t t a S e c r u o s e R l i a r e n M e h t t a h t d e i f s i t a s s i K R S . s r o r r e i s u o v b o y n a t c e t e d t o n i d d K R S . r e t i p u J y b i g n k c e h c • • t n e t e p m o C e h t y b n e k a t r e d n u s t i s v i e t i s y n a n o t n e m m o C t M o t t i s v i e t i s o n , e r o f e r e h T . 2 1 0 2 y r a u r b e F n i e t a m i t s e e c r u o s e R l i a r e n M s u o v e r p i e h t f o e s a e e r l e c n s i n o s a M t M e s o h t f o e m o c t u o e h t d n a n o s r e P e h T . l e d o m k c o b l e c r u o s e R l i a r e n M e h t o t s t u p n i e h t f o e n o s m r o f i h c h w l e d o m y g o o e g D 3 l a d e t c u r t s n o c K R S • e h t l , y e s r e v n o c r o ( n i e c n e d i f n o C . 1 1 0 2 r e b m e v o N e c n s K R S y b i n e k a t r e d n u n e e b s a h n o s a M . s t i s v i s i i s h t y h w e t a c d n i i n e k a t r e d n u n e e b e v a h s t i s v i e t i s o n f I . e s a c e h t s e k a t d n a i i , g n n m k u b l e g a n n o t e g r a l d e t a p c i t n a i e h t r o f e t a i r p o r p p a l e a c s a t a l y g o o e g e h t s e r u t p a c l e d o m l i a c g o o e g l l i a c g o o e g l e h t ) f o i y t n a t r e c n u e h t o t t l u a f i g n d n e r t E N N a y b i d e n a r t s n o c y l l a r u t c u r t s s i d n a y d o b e t i t a m e h O S D n a m e h i t s i i s h T : e n o Z h t r o N . t s a e e h t o t y r a d n u o b n o i t a r e t l a i g n d n e r t E N n a d n a t s e w e n o Z h t u o S d n a e n o Z h t r o N g n y l r e d n u i f o n o i t a t r o p s n a r t d n a g n i r e h t a e w e h t y b d e m r o f t i s o p e d l a t i r t e D : a g n a C . s t n e m e e l l a t i r t e d n i h g h i y l l a r e n e g s i t u b , s t i n u e n o Z h t r o N o t l i a m x o r p n o r i d e t a v e e l s n a i t n o c i h c h w , s t i n u . e c a f r u s o t e s o c l y l l a r e n e g e t i t a m e h e d a r g - h g h i f o ” s t e k c o p “ h t i I w F B d e r e t l a n u y l t i n a n m o d e r P : e n o Z h t u o S . E d n a C , B , A e t s a W d e m r e t s e n o z h t u o S d n a h t r o N e h t i n h t i w s t i n u l e a h s l a n r e t n i r u o F : e t s a w l a n r e t n I . s e n o z h t u o S d n a h t r o N e h t f o e d s t i u o l a i r e t a m e t s a w d e t a i t n e r e f f i d n U : e t s a w l a n r e t x E - - - - - i g n g g o l m o r f d e l l e d o m l l e w s i t I . t i s o p e d l i a r e n m e h t f o n o i t a t e r p r e t n i l i a c g o o e g l e h t n i l e v e l e c n e d i f n o c h g h i a s i e r e h T n i i s e c n e t s s n o c n i i e m o s d e i f i t c e r d n a d e s s e r d d a i h c h w t i s v i e t i s y a d - 3 a d e t c u d n o c r e l l e d o m l i a c g o o e g l e h t d n a s e d o c i g n c a p s e s o c l y l l a r e n e g e h t o t e u d , e t a m i t s e e c r u o s e R l i a r e n M e h t n o t c a p m i l a i t n a t s b u s a e v a h l d u o w s n o i t a t e r p r e t n i e v i t a n r e t l a t a h t l y e k i l n u d e r e d s n o c i s i t I . s n o i t a t e r p r e t n i e v i t a n r e t l a r o f e p o c s d e t i m i l e b o t s r a e p p a e r e h T . s t i I n u F B e h t f o e r u t a n l r a u b a t e h t d n a s t i n o p a t a d e h t f o . a t a d y t i l i b i t p e c s u s c i t e n g a m d e l i f d n a i g n g g o l • • e c r u o s e R l i a r e n M g n i l l o r t n o c d n a . n o i t a m i t s e y t i u n i t n o c g n i t c e f f a s r o t c a f e h T . y g o o e g l d n a e d a r g f o h t o b i g n d u g i n i l y g o o e g f o e s u e h T f o d n a d e s u a t a d e h t f o e r u t a N . e d a m s n o i t p m u s s a y n a e v i t a n r e t l a f o , y n a f i , t c e f f e e h T l i a r e n M n o s n o i t a t e r p r e t n i . n o i t a m i t s e e c r u o s e R . t i s o p e d : n o i t a r e d s n o c i o t n i y t i v i t c e e s l i g n n m i f o l s e a c s l e b a v i y l l i a c g o o e g l e h t l i a r e n m e h t f o n o i t a t e r p r e t n i • • • • • • • s t i s v i e t i S n o i t a t e r p r e t n i l i a c g o o e G l 8 1 0 2 y a M 3 2 x c o d . a d I t M d n a n o s a M t M r o f 1 l e b a T R G I r e t i p u J / r l u w W O R B N N U C / JUPITER MINES LIMITEDAppendices: JORC Tables MT MASON JORC TABLE 1 (CONTINUED) 6 1 - i A x d n e p p A g n i t l u s n o C K R S y r a t n e m m o C n o i t a n a p x e l e d o C C R O J a i r e t i r C d e t a i t n e r e f f i d n u s e I i l r e v o F B d e s i t a m e h e h t f o e s a b e h T . t s a e e h t o t º 0 6 d n a º 0 5 n e e w e b t s p d i e c n e u q e s d e s i l a r e n m i l e o h w e h t , y l l a r e n e G . ) s e r t e m l a r e v e s ( l a n o i t a d a r g r o ) m 1 r e v o ( p r a h s e b n a c s t i I n u F B d n a ” d e s i t a m e h “ n e e w e b t . s k c o r c i f a m d n a e t i r e o d l s e i r a d n u o b n o i t a d x o i e h t e l i h w , n o i t a m i t s e e d a r g g n i r u d s e i r a d n u o b d r a h i g n v a h d e t a e r t e r e w s e n o z d e s i l i a r e n m e h T . e r u t a n l a n o i t a d a r g r i e h t o t e u d , s e i r a d n u o b t f o s s a d e t a e r t e r e w h t r o n e h t n i d e d n u o b s i n o i t a s i l a r e n M i . g n i t l u a f s i l y g o o e g d n a e d a r g h t o b f o y t i u n i t n o c e h t g n i t c e f f a r o t c a f j r o a m e h T y r a d n u o b e h T . w o l f i d u l f n i l s o r t n o c t n a t r o p m i l i e b s s o p s a d e i f i t n e d i n e e b e v a h i g n d o l f d n a s t l u a F . d e s i l a r e n m i y l l a i t r a p e r a , s e s a c e m o s n i l , s e v e s m e h t i h c h w s t i n u l e a h s y b d e d n u o b e b o t s r a e p p a y l l a r e n e g n o i t a s i t a m e H i e v s s a m f o y d o b l a i t n a t s b u s a n i d e t l u s e r t l u a f i s h t h t i w d e t a c o s s a i g n i r e h t a e W . s t i I n u F B e h t s t u c - s s o r c t l u a f i s h t h t i w . n o i t a m i t s e g n i r u d s e i r a d n u o b d r a h s a d e t a e r t e r e w s e c a f r u s t l u a f e s e h T . ° 0 6 o t ° 0 2 f o l s e g n a t a t s a e e h t s d r a w o t i p d d n a W N N e k i r t s s t i n u F B I . t l u a f i g n k i r t s W N N y b h t u o s e h t n i d e d n u o b s i n o i t a s i l a r e n M i . e t i t a m e h d e d d e b o t e h t f o h t p e d e h T . m 0 5 1 f o i h t d w d n a m 0 0 6 f o h t g n e l e k i r t s e t i a m x o r p p a n a r e v o s p o r c t u o y d o b e t i t a m e h e h T . f e i l e r l a c i t r e v m 0 0 2 l y e t i a m x o r p p a r o L R m 0 5 3 o t n w o d d e l l e d o m s a w y d o b e r o i d e t a c o s s a i g n n e v i z t r a u q d n a i n o i t a c c e r b f o e n o z t c n i t s d A i . h t r o n e h t s d r a w o t ° 0 8 i g n p p d i t l u a f W N W j r o a m a y b s e d a r g I O L d n a S , O g M , O a C , P r o f s a l l e w s a i s n a m o d e t s a W d n a a g n a C n i d e s u , d e r a u q s e c n a t s d i e s r e v n I s e d a r g 3 O 2 l A d n a 2 O S i , e F r o f s e n o z h t u o S d n a h t r o N l l a r o f d e s u s a w h c h w i , ) K O ( i g n g i r K y r a n d r O i . y t i s n e D d n a , s e n o z h t u o S d n a h t r o N n h i t i w - - e F r o f d e s m i i t p o e r e w s e h c r a e s d n a l s e p m a s f o r e b m u n , n o i t a s i t e r c s d i , e z s i s k c o b l , s e t a m i t s e K O e h t g n k a i t r e d n u n I I O L d n a S , O g M , O a C , P , 3 O 2 l A , 2 O S i , e F f o s e d a r G y t i s n e D - - : d e d u c n l i s d o h t e m n o i t a m i t s E : r o f i s n a m o d l l a r o f d e i r r a c e r a w s e t a m i t s E d n a , a g n a C e h t f o t c a t n o c m o t t o b e h t f o n o i t p e c x e e h t h t i w , s e i r a d n u o b l l a o t d e i l p p a e r e w m 3 d n a m 1 n e e w e b t . t r o p e r f o y d o b i n a m n i n i n e v g i s i s e i r a d n u o b d e i l p p a f o y r a m m u s A . s e n o z h t u o S d n a h t r o N e h t i g n d n u o b s t l u a f j r o a m . 1 o t e s o c l s i i | * Z Z n o s s e r g e r f o e p o s l e h t . e . i , e t a m i t s e d e s a b n u i n a e v a h l l i w s a e r a d e l l i r d t s e b e h t n i s k c o b l t a h t o s d e i l p p a e r e w s s y a n a i l d o o h r u o b h g e n i i g n g i r K e h t f o s t l u s e r e h T . ) 3 0 0 2 ( l a t e n n a V y b t u o t e s t a h t s w o l l o f d o h t e m e h T . s e d a r g d e g i r K r e h t o o t e h t g n s u i s h t g n e l m 1 o t d e t i s o p m o c s a w a t a d d e g g a l f e h t d n a m 1 s a w h t g n e l l e p m a s y a s s a t i n a n m o d e r p e h T h t g n e l e t i s o p m o c d e t c e e s l e h t g n i t a c d n i i , l l e w d e r a p m o c a t a d d e t i s o p m o c n u d n a d e t i s o p m o c n e e w e b t s c i t s i t a t s i c s a B k c o b l d e m r o f n i - l l e w e g n s i l a f o s t l u s e r e h t d n a d e g i r K e r e w s e z s i k c o b l t n e r e f f i d f o s e i r e s a , e z s i k c o b l e s m i i t p o o T . e t a i r p o r p p a e b o t d n a s t n o p i n o i t a s i t e r c s d i t n e r e f f i d f o s e i r e s a h t i w d e g i r K e r e w s k c o b l , s t i n o p n o i t a s i t e r c s d i f o r e b m u n e h t e s m i i t p o o T . d e t c e e s l s a w ) Z ( 6 x ) Y ( 5 2 x ) X ( 5 2 f o e z s i k c o b l t n e r a p A . d e w e v e r i k c o b l d e m r o f n i y l r o o p d n a 3 x ) Y ( 3 x ) X ( 3 f o n o i t a s i t e r c s d A i . d e w e v e r i k c o b l d e m r o f n i y l r o o p a d n a k c o b l d e m r o f n i - l l e w e g n s i l a f o s t l u s e r e h t . d e t c e e s l s a w ) Z ( . n o i t a t e r p r e t n i l i a c g o o e g l n o n o i t c e s e h t n i d e b i r c s e d i s a w g n n a m o D i . g n i t i s o p m o c e h t l o r t n o c o t i s n a m o d l i a c g o o e g l i g n g n a r s e i r a d n u o b t f o S . s e i r a d n u o b l i a c g o o e g l f o e r u t a n e h t i e n m r e t e d o t t u o d e i r r a c i s a w s s y a n a l y r a d n u o B • • • • • • • • • • • • d n a s r e t e m a r a p l n o i t a o p r e t n i f o i e c n a t s d m u m x a m i f I . s t i n o p a t a d m o r f l n o i t a o p a r t x e n o i t a m i t s e d e t s s s a i r e t u p m o c a a e d u c n l i , n e s o h c s a w d o h t e m e r a w t f o s r e t u p m o c f o n o i t p i r c s e d . d e s u s r e t e m a r a p d n a k c e h c f o y t i l i b a l i a v a e h T • s d r o c e r n o i t c u d o r p e n m i r o / d n a s e t a m i t s e i s u o v e r p , s e t a m i t s e h c u s f o t n u o c c a e t a i r p o r p p a l i a r e n M e h t r e h t e h w d n a s e k a t e t a m i t s e e c r u o s e R . a t a d - y b f o y r e v o c e r i g n d r a g e r e d a m s n o i t p m u s s a e h T • . s t c u d o r p , i i g n n a m o d , s e u a v l e d a r g e m e r t x e f o t n e m t a e r t i g n d u c n l i h t p e d d n a , h t i d w n a p l i , ) e s w r e h t o s a d e s s e r p x e e c r u o s e R l a r e n M i e h t f o y t i l i b a i r a v d n a t n e t x e e h T • r o e k i r t s g n o a ( l h t g n e l i s n o s n e m D i d n a r e p p u e h t o t e c a f r u s w o e b l l i a r e n M e h t f o s t i m i l r e w o l . e c r u o s e R ) s ( e u q n h c e t i n o i t a m i t s e e h t f o , s n o i t p m u s s a y e k d n a d e i l p p a s s e n e t a i r p o r p p a d n a e r u t a n e h T • g n i l l e d o m d n a i s e u q n h c e t n o i t a m i t s E 8 1 0 2 y a M 3 2 x c o d . a d I t M d n a n o s a M t M r o f 1 l e b a T R G I r e t i p u J / r l u w W O R B N N U C / 9 5 ANNUAL REPORT 2018Appendices: JORC Tables MT MASON JORC TABLE 1 (CONTINUED) i m u m x a m A . d e w e v e r i k c o b l d e m r o f n i y l r o o p a d n a k c o b l d e m r o f n i - l l e w e g n s i l a f o s t l u s e r e h t d n a l s e p m a s e h t n i 3 O 2 l A d n a s e n o z h t u o S d n a h t r o N h t o b n i 2 O S i , e n o Z h t r o N e h t n i e F r o f d e t c e e s l e r e w s e p m a s l 0 3 f o f o r e b m u n r e b m u n e h T . s e m u o v l h c r a e s e h t e s m i i t p o o t n u r e r e w s e c n a t s d i h c r a e s t n e r e f f i d h t i w h c a e s n o i t a m i t s e i g n g i r K f o r e b m u n A . e n o Z h t u o S e h t n i 3 O 2 l A r o f 0 6 d n a e F r o f d e t c e e s l e r e w s e p m a s l 0 5 f o r e b m u n m u m x a m A i . e n o Z h t r o N l e b a i r a v a h t i w n u r e r e w s n o i t a m i t s e i g n g i r K f o s e i r e s a , k c o b l l e g n s i a i g n m r o f n i l s e p m a s f o r e b m u n e h t e s m i i t p o o T e r a s e h c r a e s d e t c e e s l e h t d n a , d e w e v e r i e r e w k c o b l d e m r o f n i y l r o o p a d n a k c o b l d e m r o f n i - l l e w e g n s l i a f o s t l u s e r e v i t a g e n m u S s t h g i e w g n g i r K i n o i s s e r g e R f o e p o S l y c n e i c i f f e g n g i r K i i e c n a t s d h c r a e S y l r o o P l l e W y l r o o P l l e W y l r o o P l l e W d e m r o f n i d e m r o f n i d e m r o f n i d e m r o f n i d e m r o f n i d e m r o f n i 0 . 0 5 . 5 0 . 0 9 . 0 4 . 1 0 . 0 0 . 2 8 . 2 9 . 0 5 . 0 4 . 0 2 . 0 0 4 . 0 4 6 . 0 9 4 . 0 1 9 . 0 4 9 . 0 6 5 . 0 9 9 . 0 0 0 . 1 0 0 . 1 9 9 . 0 9 9 . 0 9 9 . 0 8 4 . 2 1 - 3 6 . 8 1 9 0 . 1 - 4 6 . 5 4 9 9 . 7 5 9 5 . 3 5 5 . 6 8 8 4 . 1 9 9 8 . 3 8 6 4 . 4 8 2 0 . 2 9 8 1 . 1 8 3 0 3 0 3 0 2 0 4 0 6 0 3 2 0 5 0 5 0 5 0 9 0 1 1 0 6 1 0 9 0 3 1 0 8 0 8 1 0 0 2 0 2 1 e F 2 O S i 3 O 2 l A e F 2 O S i 3 O 2 l A 1 3 1 3 1 3 2 3 2 3 2 3 e l b a i r a V n i a m o D : w o e b l d e s i r a m m u s i n a m o d - b u s e d a r g d n a y t i s n e d i , l a c g o o e g l e m a s e h t i g n n a i t n o c l l e c - b u s h c a e h t i w d e t c u r t s n o c s a w l e d o m l l e c - b u s A i g n g i r K f o r e b m u n A . e r a w t f o s ™ s i t a s I g n s u i d e k c e h c d n a e r a w t f o s ™ e n m a i t a D g n s u i d e m r o f r e p s a w n o i t a m i t s E . s e m u o v l h c r a e s e h t e s m i i t p o o t n u r e r e w s e c n a t s d i h c r a e s t n e r e f f i d h t i w h c a e s n o i t a m i t s e e h t n o i g n d n e p e d i i d a r l e b a i r a v d n a , 3 y b 3 y b 3 f o n o i t a s i t e r c s d i a h t i w , d e s u s a w y g e t a r t s h c r a e s s s a p - e e r h t A . t r o p e r f o y d o b i n a m n i d e n i f e d e r a s r e t e m a r a p l e d o m k c o b l e h T . a t a d l e o h l l i r d d e g g a l f e h t s a . i n a m o d e h t d n a d e t a m i t s e i g n e b t n e m e e l f o i s u d a r l a i t i n i n a d e s u h c r a e s t s r i f e h t , ) t l u a f j r o a m t n e c a d a j , e n o z h t r o N ( i I n a m o d F B d e h c i r n e e h t n i n o i t a m i t s e l . y e v i t c e p s e r 5 d n a l ) e b u o d ( 2 f o r o t c a f d e i l p i t l u m a d e s u s e s s a p d r i h t d n a d n o c e s e h T . m 0 3 x 0 5 x 0 9 s e s s a p h c r a e s l l a r o f d e s u s a w s e t i s o p m o c 0 3 f i o m u m x a m d n a 0 1 f o m u m n m A i i . t s a e e h t d r a w o t ° 0 2 s p d i d n a ° 0 0 3 t a s e k i r t s i d o s p i l l e h c r a e s e h T e F r o F . m 0 4 x 0 9 x 0 8 1 f o i s u d a r l a i t i n i n a d e s u h c r a e s t s r i f e h t , i I n a m o d F B n a m e h i t n i n o i t a m i t s e e F r o F - - C R O J ( 2 1 0 2 n i K R S d n a ) 1 1 0 2 - e r p ( i s t n a t l u s n o C g n n M k c o r d r a H y b i d e t a r e n e g e r e w s e t a m i t s e i s u o v e r p f o r e b m u n A d n a e c a p l n e k a t s a h i i g n n m o N . t n u o c c a o t n i s e t a m i t s e r e i l r a e e s e h t e k a t s e t a m i t s e w e n e h T . ) n o i t i d e 4 0 0 2 , e d o C . n o i t a i l i c n o c e r n i e s u r o f s d r o c e r n o i t c u d o r p o n e r a e r e h t i l y g n d r o c c a e b l d u o w k r o w t s e t t a h t d e d u c n o c l t e M o r P . n o i t a s i l a r e n m i f o l e y t s i s h t h t i w e c n e i r e p x e i s u o v e r p d n a e s a b a t a d l a n r e t n i s t i n o d e s a b y d u t s a d e t c u d n o c s r e e n g n E i t e M o r P , e n o d n e e b s a h k r o w t s e t l i a c g r u l l a t e m o n h g u o h t l A . s t c u d o r p - y b s a 2 i O S d n a S , P , O g M , I O L , O a C , 3 O 2 l A h t i w , t c e o r p j ) O S D ( e t i t a m e h a y l i r a m i r p d e r e d s n o c i s i n o s a M t M i . g n s s e c o r p f o y t i l i b a v i d n a s c i t s i r e t c a r a h c l i a c g r u l l a t e m e h t e t a g i t s e v n i o t d e r i u q e r • • • • • • • i d c a r o f r u h p u s l . g . e ( e c n a c i f i n g s i . ) n o i t a s i r e t c a r a h c e g a n a r d i e n m i e d a r g - n o n r e h t o r o s t n e m e e l s u o i r e t e e d l f o n o i t a m i t s E i c m o n o c e f o l s e b a i r a v n i e z s i k c o b l e h t l , n o i t a o p r e t n i l e p m a s e g a r e v a e h t o t n o i t a e r l l e d o m k c o b l f o e s a c e h t n I h c r a e s e h t d n a i g n c a p s . d e y o p m e l i d n h e b s n o i t p m u s s a y n A i i g n n m e v i t c e e s l f o g n i l l e d o m . s t i n u l . s e b a i r a v n e e w t e b l n o i t a e r r o c t u o b a s n o i t p m u s s a y n A l i a c g o o e g l e h t w o h f o n o i t p i r c s e D l o r t n o c o t d e s u s a w n o i t a t e r p r e t n i . s e t a m i t s e e c r u o s e r e h t l l i r d o t a t a d l e d o m f o n o s i r a p m o c e h t , n o i t a d i l a v f o s s e c o r p e h T e h t , d e s u s s e c o r p i g n k c e h c . l e b a l i a v a f i a t a d n o i t a i l i c n o c e r f o e s u d n a , a t a d l e o h r o g n i t t u c e d a r g g n s u i t o n i . g n p p a c r o g n s u i r o f i s s a b f o i n o s s u c s D i • • • • • • • 8 1 0 2 y a M 3 2 x c o d . a d I t M d n a n o s a M t M r o f 1 l e b a T R G I r e t i p u J / r l u w W O R B N N U C / 7 1 - i A x d n e p p A g n i t l u s n o C K R S y r a t n e m m o C n o i t a n a p x e l e d o C C R O J a i r e t i r C 9 6 JUPITER MINES LIMITEDAppendices: JORC Tables MT MASON JORC TABLE 1 (CONTINUED) 8 1 - i A x d n e p p A g n i t l u s n o C K R S y r a t n e m m o C n o i t a n a p x e l e d o C C R O J a i r e t i r C l l a h t i w k a e w d n a , O a C d n a 3 O 2 l A d n a 3 O 2 e F n e e w t e b e t a r e d o m , 2 i O S d n a 3 O 2 e F n e e w e b t s t s x e i n o i t l a e r r o c g n o r t s A h c a e d n a , n o i t a m i t s e g n i r u d e d a m e r e w s e b a i r a v l n e e w e b t n o i t l a e r r o c i g n d r a g e r s n o i t p m u s s a o N . s t n e m e e l r e h t o . y l t n e d n e p e d n i d e t a m i t s e s a w t n e m e e l n o i t c e s e h t n i n e v g i s a w n o i t a m i t s e e c r u o s e r e h t l o r t n o c o t d e s u s a w n o i t a t e r p r e t n i l i a c g o o e g l e h t w o h f o n o i t p i r c s e d A . n o i t a t e r p r e t n i l i a c g o o e g l n o d e w e v e r i s a w n o i t a m i t s e e h t f o i n o s s e r g e r f o e p o s l d n a y c n e c i f f i e i g n g i r K , s t i h g e w g i r K e v i t a g e n f o r e b m u n e h T . y r o t c a f s i t a s e b o t d n u o f d n a l e p m a s e t i s o p m o c n a e m e h t f o s t o p l h t a w s s a l l e w s a s n o i t c e s s s o r c n i d e t a d i l a v y l l a u s v i s a w l e d o m k c o b l e h T h t u o S d n a h t r o N e h t r o f d e t c u r t s n o c e r e w s t o p l e s e h T . n o i t a v e e l d n a g n h i t r o n y b e d a r g l e d o m k c o b l s v e d a r g d n a s e d a r g l e p m a s n e e w t e b l n o i t a e r r o c d o o g a d e w o h s s e s a c t s o m n i d n a , i n a m o d a g n a C e h t s a l l e w s a s e n o z . e c a p l n e k a t s a h i i g n n m o n e s u a c e b l e b a l i a v a s i a t a d n o i t a i l i c n o c e r o N . s e d a r g k c o b l d e t a m i t s e - - - n e v g i n o i t c a r t x e i c m o n o c e l a u t n e v e r o f s t c e p s o r p l e b a n o s a e r i i g n d v o r p f o i s s a b e h t n o n e s o h c s a w e d a r g f f o - t u c e h T i g n s s e c o r p d n a i i g n n m d n a , s e c i r p t e k r a m m r e t g n o l , s r e e n g n E i t e M o r P y b g n i l l e d o m g n d u c n i l i , s r o t c a f f o e d u t i t l u m a . s t s o c i s u o v e r p e h t h t i w y c n e t s s n o c i r o f % 5 5 > e F f o f f o - t u c a i n a t i n a m o t d e t c e e l e v a h n o s r e P t n e t e p m o C e h t d n a K R S . e t a m i t s e t n e r r u c e h t r o f i s s a b e v i t a v r e s n o c a i n a t i n a m o t d n a s e t a m i t s e i . d e n m r e t e d n e e b t o n s a h t n e t n o c e r u i t s o m d n a i , s s a b y r d a n o d e t a m i t s e e r a s e g a n n o T . % 5 5 > e F f o e d a r g f f o - t u c a t a d e t r o p e r s i e t a m i t s e e c r u o s e R l i a r e n M n o s a M t M e h T y b d e t a c d n i i s a , d e w e k s l y g n o r t s t o n e r a s n o i t u b i r t s d i e d a r g e h t e s u a c e b d e i l p p a s a w g n p p a c i r o g n i t t u c e d a r g o N i : s e g o o d o h l t e m l a r e v e s y b d e t a d i l a v s a w s e t a m i t s e f o y t i l a u q e h T . n o i t a i r a v f o s t i n e c i f f e o c w o l l y e v i t l a e r • • • • • • • • d o h t e m e h t d n a , e r u t s o m i l a r u t a n h t i w r o i s s a b y r d a n o d e t a m i t s e e r u i t s o m e h t f o i n o i t a n m r e t e d f o e r a s e g a n n o t e h t r e h t e h W . t n e t n o c f f o - t u c d e t p o d a e h t f o i s s a b e h T s r e t e m a r a p y t i l a u q r o ) s ( e d a r g . d e i l p p a • • e r u t s o M i s r e t e m a r a p f f o - t u C 8 1 0 2 y a M 3 2 x c o d . a d I t M d n a n o s a M t M r o f 1 l e b a T R G I r e t i p u J / r l u w W O R B N N U C / 9 7 ANNUAL REPORT 2018Appendices: JORC Tables MT MASON JORC TABLE 1 (CONTINUED) l y e v i t c e e s l e b o t t o n d e m u s s a s i d n a m 3 < s s e n k c h t i h t i w d n a b e t s a w e g n s l i a n i d e t a c o l s i e F % 5 5 > t a e t s a w l a n r e t n I . s h i t n a h t . e c r u o s e r l l a r e v o e h t o t s e n n o t % 5 . 0 n a h t s s e l s e t u b i r t n o c e t s a w l a n r e t n I . l e b a e n m i d n a n o r i h g h i f o n o i t a c i f i c e p s t c u d o r p a t e e m o t , t n e t x e t a h w o t , o s f i d n a n o i t i a c i f e n e b d e r i u q e r s n o i t c e s d e s i l a r e n m i l y h g h i r e h t e h w e n m r e t e d i o t l s e p m a s e r o c l l i r d i d n o m a d Q P e e r h t n o d e t c u d n o c s a w k r o w t s e t i g n s s e c o r p e r O p m u l a i e n m r e t e d o t s h t g n e l l e p m a s e r o c i ” d e n m s a “ d e t a p c i t i n a n o s t s e t p o r d t c u d n o c o t d n a i a n m u a l d n a a c i l i s w o l . o i t a r s e n i f e u a v l i s h t – I O L e h t f o l a v o m e r r e t f a e F % 8 . 1 6 o t e s a e r c n i l d u o h s d n a e F % 9 . 9 5 e b o t d e t c e p x e s i e d a r g d e e f e h T l . e b a n o s a e r n u d e r e d s n o c i t o n s i i h c h w , % 9 y l l i a n m o n – e r o e h t n i s e i t i r u p m i l i e b c u d e r r i f o l e v e l e h t s e t i a c d n i e h t t e e m s e n i f d n a p m u l h t o b t a h t d e w o h s k r o w t s e T . s e n i f d n a p m u l – s t c u d o r p o w t e c u d o r p o t s i l a s o p o r p e h T . n o i t i a c i f e n e b t u o h t i w O S D r o f a i r e t i r c l y e v i t c e e s l e r o m s e c r u o s e r e h t i e n m o t i l e b s s o p e b y a m t i d n a m 3 x 5 2 x 5 2 s i e z s i k c o b l t n e r a p e h t t a h t n i n o i t u l i d i g n n m i r o f e c n a w o l l a e d u c n l i s e t a m i t s e e h T . t i p n e p o l l a e b o t d e m u s s a y l t n e r r u c s i d o h t i i e m g n n m d e s o p o r p e h T • • • • • i g n n m i l a i t n e t o p i r e d s n o c o t n o i t c a r t x e i c m o n o c e l a u t n e v e r o f s t c e p s o r p l e b a n o s a e r i i g n n m r e t e d f o s s e c o r p d n a i s n o s n e m d i i i g n n m m u m n m i i e h t f o t r a p s a y r a s s e c e n s y a w a l s i t I . n o i t u l i d i g n n m i ) l a n r e t x e , l e b a c i l p p a f i , r o ( l a n r e t n i , s d o h t i i e m g n n m e b s s o p i l s n o i t p m u s s a r o i g n d r a g e r e d a m s n o i t p m u s s A • s r o t c a f i g n n M i s d o h t i i e m g n n m g n d r a g e r i e d a m s n o i t p m u s s a e h t t u b , s d o h t e m g n i t a m i t s e n e h w s r e t e m a r a p d n a t o n y a m s e c r u o s e R l a r e n M i s i i s h t e r e h W . s u o r o g i r e b s y a w a l d e t r o p e r e b l d u o h s i s h t , e s a c e h t i s s a b e h t f o n o i t a n a p x e l n a h t i w . e d a m s n o i t p m u s s a i i g n n m e h t f o o t n o i t c a r t x e i c m o n o c e l a u t n e v e l i a c g r u l l a t e m l a i t n e t o p i r e d s n o c s n o i t p m u s s a e h t t u b , s d o h t e m t n e m a e r t t l i a c g r u l l a t e m g n d r a g e r i e d a m s r e t e m a r a p d n a s e s s e c o r p r o f s t c e p s o r p l e b a n o s a e r , e s a c e h t s i i s h t e r e h W . s u o r o g i r e b s y a w a l t o n y a m s e c r u o s e R n a h t i w d e t r o p e r e b l d u o h s i s h t e h t f o i s s a b e h t f o n o i t a n a p x e l . e d a m s n o i t p m u s s a l i a c g r u l l a t e m l i a r e n M g n i t r o p e r n e h w i i g n n m r e t e d f o s s e c o r p e h t f o t r a p s a y r a s s e c e n s y a w a l s i t I . y t i l i b a n e m a l i a c g r u l l a t e m i g n d r a g e r s n o i t c d e r p i r o s n o i t p m u s s a r o f i s s a b e h T • l i a c g r u l l a t e M s n o i t p m u s s a r o s r o t c a f 9 1 - i A x d n e p p A g n i t l u s n o C K R S y r a t n e m m o C n o i t a n a p x e l e d o C C R O J a i r e t i r C 9 8 8 1 0 2 y a M 3 2 x c o d . a d I t M d n a n o s a M t M r o f 1 l e b a T R G I r e t i p u J / r l u w W O R B N N U C / JUPITER MINES LIMITEDAppendices: JORC Tables MT MASON JORC TABLE 1 (CONTINUED) 0 2 - i A x d n e p p A g n i t l u s n o C K R S y r a t n e m m o C n o i t a n a p x e l e d o C C R O J a i r e t i r C e h t n i d e d r o c e r e r e w s e i t i n u m m o c l i a c g o o c e l d e n e t a e r h t r o a r o l f e r a r d e r a c e d l o n d n a t n e l l e c x e o t d o o g y r e v l l a r e v o a e r a s i a e r a e c n a b r u t s d i d e s o p o r p e h t n i n o i t a t e g e v e h t f o n o i t i d n o c e h t t a h t d e h s i l b a t s e s y e v r u s n o i t a t e g e v d n a a r o F l t c a p m i e h t , r e v e w o h ; a e r a l a c o l e h t m o r f l s a u d v d n i i i e m o s f o s s o l e h t n i t l u s e r l l i w n o i t a t e g e v f o g n i r a e c l d e s o p o r p e h T e b n a c l a i r e t a m e p m a s l r e t t e b l i t n u d e d o v a i e b l d u o h s r u c c o o t n w o n k e r a . p s a r e s o r D w e n l i e b s s o p e h t e r e h w s a e r A . s u t a t s n o i t a v r e s n o c s t i f o i n o i t a n m r e t e d d n a n o i t a c i f i t n e d i r o f , B R E H A W e h t o t i d e d v o r p d n a d e t c e l l o c : y e v r u s a r o l f e h t m o r f e s i r a s n o i t a d n e m m o c e r c i r e n e g i g n w o l l o f e h T l l a m s a f o s s o l e h t e r o f e r e h t d n a i i n o g e r o B n o s h c r u M e h i t t u o h g u o r h t d a e r p s e d w e r a i y e v r u s i s h t g n i r u d d e d r o c e r . t n a c i f i n g s i e b t o n l l i w a e r a i s h t m o r f n o i t r o p o r p s e i t i n u m m o c d n a i s e c e p s e h t f o t s o M . s n o i t a u p o p l r o s e i t i n u m m o c l e o h w e v o m e r o t h g u o n e t a e r g e b t o n l l i w f o t n e v e e h t n i e s u r o f d e d v o r p i t n e m p u q e i d n a , n o i t n e v e r p e r i f f o e c n a t r o p m i e h t n o d e t a c u d e e b l d u o h s f f a t s l l A . e r i f i d e s m n m s i i i i g n v i r d d a o r - f f o t a h t g n i r u s n e , d e t n e m e p m l i e b l d u o h s s n o i t c i r t s e r g n v i r i D o n e r a y e h t s a n o o s s a d e t a t i l i b a h e r i l y e v s s e r g o r p e r a s a e r a t a h t o s d e p o e v e d l e b l d u o h s n a p l n o i t a t i l i b a h e r A ; d e r i u q e r r e g n o l s e i t i v i t c a n o i t c u r t s n o c r e t f a d n a g n i r u d d e w o l l o f d n a d e t n e m e p m l i e b t s u m s e r u s a e m l o r t n o c d e e W n o t c a p m i d n a l s a u d v d n i i i f o s s o l e h t e c u d e r o t t n e t x e n i i i d e s m n m e b i t s u m g n i r a e c l / e c n a b r u t s d i y n A s n o i t l a u p o p - - - - - w e f e h t o t e u d w o l s i a e r a j t c e o r p n o s a M t M e h t i n h t i w a n u a f o g y t s f o d o o h i l e k i l e h t , a n u a f n a e n a r r e t b u s f o s m r e t n I d n a s e g n a r F B e h t I n i r u c c o o t l a i t n e t o p e h t e v a h , d n a h r e h t o e h t n o , a n u a f l o g o r T . n o i t c e s r e t n i r e t a w f o s e c n a t s n i A 4 5 . o N t n e m e t a t S e c n a d u G A P E e h i t i g n d r o c c a d e y e v r u s e b l d u o h s e c n e h r u c c o l l i t s y a m s e c e p s i e r a r i s h t d n a a e r a j t c e o r p e h t r e v o s r u c c o l w o f e e l l a M d e t s i l - y l l a r e d e F e h t f o n o i t u b i r t s d i e h T d e d r o c e r n e e b y l t n e c e r e v a h s d n u o m l w o f e e l l a M o w T . ) 7 0 0 2 i , s e c v r e S y g o o c E k c a b l t u O ( t n e s e r p s t a t i b a h 2 l e v e L e h t n o d e s a b , d e r i u q e r e b l d u o w y e v r u s a n u a f e t a r b e t r e v l l u f a l , s a v o r p p a i g n n m i r o F . a e r a j t c e o r p e h t e h t i n h t i w i n h t i w o t d e g a n a m e b l l i w s t c a p m i l a t n e m n o r i v n e t a h t d e t a r t s n o m e d s r o t l a u g e r h t i w n o i t i a c n u m m o c d n a i s e d u S t . s s e c o r p l s a v o r p p a e h t t r o p p u s o t r e d r o n i i s e d u t s e n i l e s a b l a t n e m n o r i v n e f o r e b m u n a n e k a t r e d n u s a h r e t i p u J , l l a r e v O . s t n e m e r i u q e r e v i t l a s g e i l . l m e b o r p t n a c i f i n g s i a e b o t l y e k i l n u s i e g a n a r d i i e n m d c a i o s , w o l s i t n e t n o c i e d h p u S l . ) 4 0 0 2 ( A P E n i d e b i r c s e d y e v r u S • • • • • • • • . n o i t a r e p o i g n s s e c o r p d n a i g n n m i l l e w e b s y a w a l t o n y a m , t c e o r p j y l r a e f o s u t a t s e h t , d e c n a v d a s d e l i f n e e r g a r o f l y l r a u c i t r a p e b l d u o h s s t c a p m i l a t n e m n o r i v n e l a i t n e t o p e s e h t f o n o i t a r e d s n o c i s t c e p s a e s e h t e r e h W . d e t r o p e r i s h t d e r e d s n o c i n e e b t o n e v a h n a h t i w d e t r o p e r e b l d u o h s l a t n e m n o r i v n e e h t f o n o i t a n a p x e l . e d a m s n o i t p m u s s a l a i t n e t o p f o i n o i t a n m r e t e d , s t c a p m i l a t n e m n o r i v n e e h t e g a t s i s h t t a e l i h W o t n o i t c a r t x e i c m o n o c e l a u t n e v e r o f s t c e p s o r p l e b a n o s a e r e h t f o s t c a p m i l a t n e m n o r i v n e l a i t n e t o p e h t i r e d s n o c i i g n n m r e t e d f o s s e c o r p e h t f o t r a p s a y r a s s e c e n s y a w a l s i t I . s n o i t p o l a s o p s d i e u d s e r i s s e c o r p d n a e t s a w e b s s o p l i i g n d r a g e r e d a m s n o i t p m u s s A • l a t n e m n o r i v n E s n o i t p m u s s a r o s r o t c a f 8 1 0 2 y a M 3 2 x c o d . a d I t M d n a n o s a M t M r o f 1 l e b a T R G I r e t i p u J / r l u w W O R B N N U C / 9 9 ANNUAL REPORT 2018Appendices: JORC Tables MT MASON JORC TABLE 1 (CONTINUED) u t i s n i e t a m i t s e o t d e s u e r e w e b a t l y a s s a e h t n i s e i t i s n e d l k u b e h t , e t a m i t s e e c r u o s e R l i a r e n M e h t f o e s o p r u p e h t r o F y t i s n e d l k u b r o f l d e p m a s e r e w s e o h l l l i r d d n o m a d i 4 2 f o l a t o t A . t i s o p e d n o s a M t M e h t r o f s e i t i s n e d l k u b y r a t n e m m o C s h t g n e l l e p m a s y t i s n e d l k u B i . e u q n h c e t r e t a w d e c a p s d l i a g n s u i d e t l a u c a c l e r e w s e i t i s n e d l k u b l l A . s n o i t i a n m r e t e d i d e n b m o c e r e w e s e h t , s t i n u e t s a w l a n r e t x e d n a l a n r e t n i e h t n i s t i n o p a t a d y t i s n e d l k u b f o r e b m u n d e t i m i l e h t o t e u D y t i s n e d e h T . s e i t i s n e d g n i t a m i t s e f o e s o p r u p e h t r o f i n a m o d e t s a w l a n r e t n i n a d n a i n a m o d e t s a w l a n r e t x e n a o t n i : w o e b l n w o h s e r a i s n a m o d y t i s n e d e v i f e h t r o f s c i t s i t a t s . m 7 . 0 i g n e b l a v r e t n i e g a r e v a e h t h t i w , m 4 . 1 o t m 1 . 0 m o r f d e g n a r D S 6 5 . 0 3 4 . 0 4 1 . 0 0 4 . 0 8 2 . 0 r a V 1 3 . 0 8 1 . 0 2 0 . 0 6 1 . 0 8 0 . 0 n a e M 2 2 . 3 4 0 . 3 0 6 . 3 1 2 . 4 4 5 . 3 x a M 9 0 . 4 9 5 . 3 3 8 . 3 1 7 . 4 7 0 . 4 i n M 7 9 . 1 8 3 . 2 8 3 . 3 9 1 . 3 1 0 . 3 t n u o C i n a m o d y t i s n e D 1 4 1 1 0 1 8 2 4 3 e t s a w l a n r e t x E e t s a w l a n r e t n I e n o Z h t r o N e n o Z h t u o S a g n a C g n s u i i ) e c n a t s D e s r e v n I ( l n o i t a o p r e t n i y t i s n e d r o f d e s u s a w m 0 0 1 f o r e t e m a d i h t i i w d o r e h p s h c r a e s s s a p - e e r h t A f o r o t c a f d e i l p i t l u m a d e s u d r i h t e h t d n a , t s r i f e h t f o e c n a t s d i e h t l e b u o d d e s u s s a p d n o c e s e h T i . s n a m o d e v i f e h t : e t a m i t s e y t i s n e d a k c o b l h c a e e v g i o t d e t l a o p r e t n i e r e w s t n e m e r u s a e m y t i s n e d n I . ) e t i h t e o g , e t i t a m e h ( i l s a r e n m y v a e h f o n o i t a r t n e c n o c e h t y b d e l l o r t n o c y l i r a m i r p s i n o s a M t M t a y t i s n e d l k u b y r D u t i s - l . s e d o m e c r u o s e r e h t n i e g a n n o t e t a m i t s e o t d e s u e r e w s e u a v l d e t l a o p r e t n i y t i s n e D l . y e v i t c e p s e r 5 o t 4 d n a 3 o t 1 i s n a m o d r o f 7 d n a 8 • • • • , d e s u d o h t e m e h t i , d e n m r e t e d e h t , d e m u s s a f I i . d e n m r e t e d f I . s n o i t p m u s s a e h t r o f i s s a b e h t , y r d r o t e w r e h t e h w , s t n e m e r u s a e m e h t f o y c n e u q e r f e h t f o s s e n e v i t a t n e s e r p e r d n a e z s i , e r u t a n e h t l . s e p m a s t n u o c c a l y e t a u q e d a t a h t s d o h t e m y b d e r u s a e m n e e b e v a h t s u m , y t i s o r o p , s g u v ( s e c a p s i d o v r o f s e c n e r e f f i d d n a e r u t s o m i , ) . c t e n o i t a r e t l a d n a k c o r n e e w t e b . t i s o p e d e h t i n h t i w s e n o z l a i r e t a m k u b l r o f y t i s n e d l k u b e h T • l k u b r o f s n o i t p m u s s a s s u c s D i e h t n i d e s u s e t a m i t s e y t i s n e d e h t f o s s e c o r p n o i t a u a v e l • l . s a i r e t a m t n e r e f f i d n o i t a n a p x e l e d o C C R O J a i r e t i r C r o d e m u s s a r e h t e h W • y t i s n e d l k u B 1 2 - i A x d n e p p A g n i t l u s n o C K R S 1 0 0 8 1 0 2 y a M 3 2 x c o d . a d I t M d n a n o s a M t M r o f 1 l e b a T R G I r e t i p u J / r l u w W O R B N N U C / JUPITER MINES LIMITEDAppendices: JORC Tables MT MASON JORC TABLE 1 (CONTINUED) 2 2 - i A x d n e p p A g n i t l u s n o C K R S y r a t n e m m o C n o i t a n a p x e l e d o C C R O J a i r e t i r C e d a r g d o o g g n i t a c d n i i s e g n a r g n o l d n a t e g g u n w o l a w o h s 3 O 2 l A d n a 2 O S i , e F r o f s m a r g o i r a v ( y t i u n i t n o c e d a r G . ) y t i u n i t n o c o t d e s u e r e w s r e t e m a r a p n o i t a m i t s e e d a r g e h t l , e b a n o s a e r y t i l a u q a t a d d n a d e h s i l b a t s e l l e w s i y t i u n i t n o c l i a c g o o e g l ) g n i l l i r d d n a i g n p p a m e c a f r u s m o r f d e h s i l b a t s e l l e w s i y t i u n i t n o c l i a c g o o e g l ( y t i u n i t n o c l i a c g o o e G l ) i n o s s e r g e r f o e p o s l d n a y c n e c i i f f e g n g i r i K ( e t a m i t s e e h t f o y t i l a u Q ) t i s o p e d e h t t u o h g u o r h t l e b a n o s a e r s i y t i l a u q a t a d ( y t i l a u q a t a D ) y t i s n e d l l i r d ( y t i t n a u q a t a D - - - - - s A : n o d e s a b s a w l e d o m e c r u o s e R l i a r e n M e h t n i k c o b l h c a e f o n o i t a c i f i s s a C l . t i s o p e d e h t y f i s s a c l e h T l . s e b a i r a v e d a r g d e t a m i t s e e h t f o h c a e r o f e m u o v l h c r a e s e h t d n a l s e p m a s f o r e b m u n , y c n e c i i f f e g n g i r i K i , n o s s e r g e r . s r o t c a f y t i l a u q l i a u d v d n i i e e r h t e h t f o n a e m e h t d e t u t i t s n o c r o t c a f y t i l a u q k c o b l l a n i f d e d u c n l i s a w e t s a w l a n r e t n I . e t a i r p o r p p a d e m e e d d n a d e w e v e r i y l l a u s v i e r e w y g e t a r t s n o i t a c i f i s s a c l e h t f o s t l u s e r e h T d e r r e f n I d e t a c d n i I d e r u s a e M l a i r e t a M 1 > 2 > 2 > 0 > 4 > 5 > 5 > 5 . 3 > - 9 > 9 > e n o Z h t r o N e n o Z h t u o S a g n a C 4 . 4 > e t s a W l a n r e t n I y t i u n i t n o c e d a r g d n a y t i u n i t n o c l i a c g o o e g l , y t i t n a u q d n a y t i l a u q a t a d i t s n a g a d e w e v e r i e r e w s r o t c a f y t i l a u q k c o b l e h T . w o e b l n w o h s s a d e i f i s s a c l e c r u o s e R l i a r e n M e h t d n a l i . e b a e n m y e v i t c e e s l l e b t o n l l i w l a i r e t a m s h i t f o e m o s t a h t i n o n p o i ’ s K R S s i t i s a , n o i t a c i f i s s a c l e h t n i . t i s o p e d n o s a M t M e h t f o w e v i ’ s n o s r e P t n e t e p m o C e h t t c e l f e r l y e t a i r p o r p p a s e c r u o s e R l i a r e n M d e t r o p e r e h T . d e i f i t n e d i e r e w s e u s s i l a i r e t a m o n d n a n e k a t r e d n u n e e b s a h w e v e r i r e e p K R S l a n r e t n I f o e p o s l e h t o t d e n g s s a i s t n o p i f o r e b m u n e h t i g n m m u s y b i d e n m r e t e d s a w r o t c a f y t i l a u q e h T . a g n a C d n a h t u o S , h t r o N – i s n a m o d d e s i l i a r e n m e e r h t e h t f o h c a e r o f , 3 O 2 l A d n a 2 O S i , e F l , s e b a i r a v e e r h t f o h c a e o t d e n g s s a i s a w r o t c a f y t i l a u q A . d e t a m i t s e s a w k c o b l e h t i h c h w n i e m u o v l h c r a e S k c o b l e h t e t a m i t s e o t d e s u l s e p m a s f o r e b m u N i n o s s e r g e r f o e p o S l y c n e c i i f f e g n g i r i K - - - - • • • • • • • : s r o t c a f i g n w o l l o f e h t n o d e s a b s i e c r u o s e R l i a r e n M e h t f o n o i t a c i f i s s a c l e h T • f o n o i t a c i f i s s a c l e h t r o f i s s a b e h T . s e i r o g e t a c e c n e d i f n o c i g n y r a v o t n i s e c r u o s e R l i a r e n M e h t n i e c n e d i f n o c e v i t a e r l . e . i ( s r o t c a f t n u o c c a e t a i r p o r p p a r e h t e h W t n a v e e r l l l a f o n e k a t n e e b s a h n o i t u b i r t s d i d n a y t i t n a u q , y t i l a u q . ) a t a d e h t f o l y e t a i r p o r p p a t l u s e r e h t r e h t e h W ’ s n o s r e P t n e t e p m o C e h t s t c e l f e r . t i s o p e d e h t f o w e v i , s n o i t a m i t s e e d a r g / e g a n n o t f o y t i u n i t n o c n i e c n e d i f n o c , s e u a v l l a t e m d n a l y g o o e g , a t a d t u p n i f o y t i l i b a i l e r • • • n o i t a c i f i s s a C l . s e t a m i t s e e c r u o s e R l a r e n M i f o s w e v e r i r o s t i d u a y n a f o s t l u s e r e h T • r o s t i d u A s w e v e r i 8 1 0 2 y a M 3 2 x c o d . a d I t M d n a n o s a M t M r o f 1 l e b a T R G I r e t i p u J / r l u w W O R B N N U C / 1 0 1 ANNUAL REPORT 2018Appendices: JORC Tables MT MASON JORC TABLE 1 (CONTINUED) e h t h t i w e n i l n i e b o t d e r e d s n o c i e r a e t a m i t s e e c r u o s e R l i a r e n M e h t n i l e v e l e c n e d i f n o c d n a y c a r u c c a e v i t l a e r e h T ’ s n o s r e P t n e t e p m o C e h t n o d e s a b s i d n a i , s s a b e v i t a t i l a u q a , t n e t x e r e s s e l a o t , d n a e v i t a t i t n a u q a n o i d e n m r e t e d d n a y c a r u c c a e v i t a e r l e h t t c e f f a l d u o c t a h t s r o t c a f e h T . i a s A d n a a i l a r t s u A n i s t i s o p e d F B I r a l i m s i h t i w e c n e i r e p x e n e e b s a h i s h T . s e i r o g e t a c e c r u o s e R l i a r e n M d e t a n m o n i e h t f o e c n e d i f n o c d n a y c a r u c c a d e t p e c c a y l l a r e n e g d n a , s y e v r u s l e o h n w o d i i g n s s m s e o h l l y l r a u c i t r a p , e s a b a t a d e h t f o y c a r u c c a d n a s s e n e t e p m o c l e h T s d o h t e m y a s s a c i r o t s h i e h t f o y c a r u c c a e h T - - : e d u c n l i e t a m i t s e e h t f o e c n e d i f n o c l i a r e n M e h t n o t c a p m i e h t , y n a f i d n a i , l a m n m s i i s n o i t a i r a v r o f e p o c s e h t t a h t i n o n p o i e h t f o s i n o s r e P t n e t e p m o C e h T l i a r e n M d e t a c d n I i d n a d e r u s a e M s a d e i f i s s a c l e s o h t e r a i s s y a n a l i c m o n o c e d n a l i a c n h c e t o t t n a v e e r l s e g a n n o t e h T . n o i t a m i t s e e d a r g l a c o l r o f e t a i r p o r p p a . s e c r u o s e R d e r e d s n o c i e z s i a f o s k c o b l l e d o m t n e r a p d n a l l e c - b u s o t c i f i c e p s s i t i t a h t e s n e s e h t n i l a c o l s i e t a m i t s e e h T . t n a c i f i n g s i e b o t l y e k i l n u s i e t a m i t s e e c r u o s e R . d e n m n u i i s n a m e r y l t n e r r u c t i s o p e d e h t s a l e b a l i a v a s i a t a d n o i t c u d o r p o N • • • • • t a h t s r o t c a f e h t f o i n o s s u c s d i y c a r u c c a e v i t l a e r e h t t c e f f a l d u o c . e t a m i t s e e h t f o e c n e d i f n o c d n a y f i c e p s l d u o h s t n e m e t a t s e h T r o l a b o g l o t s e t a e r l t i r e h t e h w , l a c o l f i , d n a , s e t a m i t s e l a c o l , s e g a n n o t t n a v e e r l e h t e t a t s o t t n a v e e r l e b l d u o h s i h c h w s n o i t p m u s s a e d u c n l i l d u o h s n o i t a t n e m u c o D . n o i t a u a v e l i c m o n o c e d n a l i a c n h c e t • e h t f o e c n e d i f n o c d n a y c a r u c c a d e r a p m o c e b l d u o h s e t a m i t s e e r e h w , a t a d n o i t c u d o r p h t i w . d e s u s e r u d e c o r p e h t d n a e d a m e v i t l a e r f o s t n e m e t a t s e s e h T • l . e b a l i a v a l i a r e n M e h t n i l e v e l e c n e d i f n o c n a g n s u i e t a m i t s e e c r u o s e R d n a y c a r u c c a e v i t a e r l e h t f o d e m e e d e r u d e c o r p r o h c a o r p p a t n e t e p m o C e h t y b e t a i r p o r p p a e h t , l e p m a x e r o F . n o s r e P r o l a c i t s i t a t s f o n o i t a c i l p p a o t s e r u d e c o r p l a c i t s i t a t s o e g f o y c a r u c c a e v i t a e r l e h t y f i t n a u q n a h c u s f i , r o , s t i m i l e c n e d i f n o c d e t a t s i n h t i w e c r u o s e r e h t d e m e e d t o n s i h c a o r p p a e v i t a t i l a u q a , e t a i r p o r p p a t n e m e t a t s a , e t a i r p o r p p a e r e h W • f o i n o s s u c s D i e c n e d i f n o c / y c a r u c c a e v i t a e r l 3 2 - i A x d n e p p A g n i t l u s n o C K R S y r a t n e m m o C n o i t a n a p x e l e d o C C R O J a i r e t i r C 1 0 2 8 1 0 2 y a M 3 2 x c o d . a d I t M d n a n o s a M t M r o f 1 l e b a T R G I r e t i p u J / r l u w W O R B N N U C / JUPITER MINES LIMITEDAppendices: JORC Tables MT IDA JORC TABLE 1 d e t c u d n o c s m a r g o r p g n i l l i r d m o r f d e v i r e d e r e w n o i t a m i t s e e c r u o s e R l i a r e n M a d I t M e h t r o f d e s u s t e s a t a d e h T l , s e n n a h c t u c . g . e ( g n i l p m a s f o y t i l a u q d n a e r u t a N y r a t n e m m o C n o i t a n a p x e l e d o C C R O J g n i t a u q e l s e o h C R 5 2 4 i g n s i r p m o c , s e o h l l l i r d 9 5 4 i s n a t n o c y d u t s e h t r o f d e l i p m o c r e t i p u J t a h t e s a b a t a d e h T . g n i l l i r d f o m 9 1 1 , 0 1 o t g n i t a u q e l , s e o h H D D 4 3 d n a , g n i l l i r d f o m 9 8 1 , 9 8 o t m 4 r o m 2 r e v o d e t c e l l o c i r e d n a m e r e h t h t i w l , s a v r e t n i m 1 t a d e t c e l l o c l e r e w s e p m a s C R e h t f o % 5 9 r e v O . g n i l l i r d ) H D D ( e r o c d n o m a d i d n a ) C R ( ’ s g i r e h t o t d e t t i f r e t t i l p s e n o c a a v i d e t c e l l o c s a w g k 5 . 3 i g n h g e w y i l l i a c p y t t i l p s a , l a v r e t n i h c a e r o F l . s a v r e t n i n o i t a u c r i c l e s r e v e r h t o b d e d u c n l i s e m m a r g o r p e h T . 2 1 0 2 o t 7 0 0 2 m o r f ) r e t i p u J ( d e t i m L i i g n n M i r e t i p u J y b i n h t i W . s e i r a d n u o b l i a c g o o h t i l l t a d e t a n m r e t i y l l a u s u e r e w s e p m a s l e r o c d n o m a d i e h T . w o l f r e d n u e n o c y c l l e p m a S . h t r e P s a t i r e V u a e r u B d n a h t r e P S L A y b d e m r o f r e p s a w k r o w t s e t y r o t a r o b a l d n a n o i t a r a p e r p l e p m a S , m 5 d n a , m 4 , m 3 f o s h t g n e l l i a n m o n n o y t i r o a m j e h t h t i w , m 7 o t p u s h t g n e l l a v r e t n i f o e g n a r a n o d e t c e l l o c e r e w s e p m a s l e h t , s e n o z l i a c g o o e g l l i a u d v d n i i d e s i r e v u p l s a w t i l p s g 0 2 A i . g n s i r e v u p l d n a , g n i t t i l p s e l f f i r i , g n h s u r c e s r a o c , i g n y r d - n e v o d e d u c n l i n o i t a r a p e r p . ) . c t e , s t n e m u r t s n i l F R X d e h d n a h r o , s e d n o s a m m a g e h t g n i t i m i l s a n e k a t e b t o n l d u o h s l s e p m a x e e s e h T . g n i l p m a s f o i g n n a e m d a o r b n o i t a r b i l a c e t a i r p o r p p a e h t d n a y t i v i t n e s e r p e r l e p m a s e r u s n e o t n e k a t s e r u s a e m o t e c n e r e f e r e d u c n I l . d e s u s m e t s y s r o l s o o t t n e m e r u s a e m y n a f o t a h t n o i t a s i l a r e n m i f o n o i t i a n m r e t e d e h t f o s t c e p s A . t r o p e R c i l b u P e h t o t l a i r e t a M e r a e h t o t e t a i r p o r p p a l s o o t t n e m e r u s a e m d r a d n a t s y r t s u d n i d e s i l i a c e p s c i f i c e p s r o i , s p h c m o d n a r l e o h n w o d s a h c u s , n o i t a g i t s e v n i r e d n u l s a r e n m i e r e w s e s y a n a l e d a r g e t a r t n e c n o c d n a e d a r g d a e H . g n i t s e t e b u T s v a D i r o f d e t t i m b u s d n a m µ 5 2 0 8 p o t n e e b s a h k r o w ’ d r a d n a t s y r t s u d n i ‘ e r e h w s e s a c n I . I O L r o f ) C 0 0 0 1 ( i s s y a n a l i c i r t e m v a r g o m r e h t d n a s e d x o i j r o a m r o f F R X d a e b - d e s u f g n s u i d e t c u d n o c e s r e v e r ‘ . g . e ( l e p m s i l y e v i t l a e r e b l d u o w s h t i e n o d l s e p m a s m 1 i n a t b o o t d e s u s a w g n i l l i r d n o i t a u c r i c l g 0 3 a e c u d o r p o t d e s i r e v u p l s a w g k 3 i h c h w m o r f e r o m s e s a c r e h t o n I . ) ’ y a s s a e r i f r o f e g r a h c s i e r e h t e r e h w s a h c u s , d e r i u q e r e b y a m n o i t a n a p x e l . s m e b o r p l g n i l p m a s t n e r e h n i s a h t a h t l d o g e s r a o c . g . e ( s e p y t n o i t a s i l a r e n m i r o s e i t i d o m m o c l a u s u n U f o e r u s o c s d i l t n a r r a w y a m l ) s e u d o n e n i r a m b u s . n o i t a m r o f n i d e l i a t e d l l i r d e r o c i d n o m a D d n a C R g n s u i d e t c e l l o c l s e p m a s m o r f d e v i r e d e r e w n o i t a m i t s e e c r u o s e r r o f d e s u a t a d e h T l e o h - n e p o , n o i t l a u c r i c e s r e v e r , e r o c . g . e ( e p y t l l i r D m m 0 2 1 h t i w d e t t i f e r e w s g i r C R t s o m t u b , s m a r g o r p s u o i r a v e h t r o f d e s u e r e w s g i r C R t n e r e f f i d l a r e v e S . s g i r ) . c t e i , c n o s , a k g n a B , r e g u a , t s a b l r i a y r a t o r , r e m m a h s g i r e r o c d n o m a d i e h T . s r e t t i l p s e n o c d e t n u o m - g i r a v i d e t c e l l o c l s e p m a s e h t h t i w , s t i b n o t t u b g n i l p m a s - e c a f d r a d n a t s r o l e p i r t , r e t e m a d i e r o c . g . e ( s l i a t e d d n a d n a l i a c g r u l l a t e m r o f d e l l i r d o s a l e r e w s e o h l 3 Q P e m o S . t n e m p u q e i g n i r o c 3 Q H h t i w d e p p u q e i e r e w r o t i b g n i l p m a s - e c a f , s l i a t d n o m a d i f o h t p e d , e b u t . n o i t l a u a v e l i a c n h c e t o e g y b , o s f i d n a d e t n e i r o s i e r o c r e h t e h w , e p y t r e h t o . ) . c t e , d o h t e m t a h w d e c n e i r e p x e d e y o p m e l r e t i p u J i . g n g g o l g n i r u d d e d r o c e r d n a d e m r o f r e p e r e w s e t a m i t s e y r e v o c e r e r o C i p h c d n a e r o c i g n s s e s s a d n a i g n d r o c e r f o d o h t e M i i g n n a t r e p , s e c i t c a r p y r t s u d n i t s e b d n a , s m a r g o r p g n i l l i r d d n o m a d i d n a C R e h t i e s v r e p u s o t i s t s g o o e g l j t c e o r p . d e s s e s s a s t l u s e r d n a s e i r e v o c e r l e p m a s e v a h y a m s s o l l a i r e t a m l a i t n e r e f e r p r e h t e h w s s e s s a o t d e n n a p l r e t i p u J . d e t c e l l o c e r e w a t a d y r e v o c e r l e p m a s e v i t a t i t n a u q o n , r e v e w o H . d e t c u d n o c n e e b e v a h o t d o o t s r e d n u e r a , n o i t c a r t x e l e p m a s d n a l o r t n o c l l i r d o t j t c e o r p f o e m i t e h t t a l d e t e p m o c t o n s a w a t a d i s h T . a t a d C R d n a H D D e h t g n i r a p m o c y b d e r r u c c o . s e t a m i t s e e h t o t s n o i t a c i f i s s a c l e c r u o s e r i g n n g s s a i n e h w d e r e d s n o c i n e e b s a h y t i n a t r e c n u i s h T . n o i t i a n m r e t d n a y r e v o c e r l e p m a s i i e s m x a m o t n e k a t s e r u s a e M y a m s a b i l e p m a s r e h t e h w d n a e d a r g d n a y r e v o c e r / e n i f f o i n a g / s s o l l a i t n e r e f e r p o t e u d d e r r u c c o e v a h . l a i r e t a m e s r a o c l e p m a s n e e w e b t s t s x e i i p h s n o i t a e r l a r e h t e h W l . s e p m a s e h t f o e r u t a n e v i t a t n e s e r p e r e r u s n e a i r e t i r C i s e u q n h c e t g n i l p m a S i s e u q n h c e t g n i l l i r D l e p m a s l l i r D y r e v o c e r i B x d n e p p A g n i t l u s n o C K R S a t a D d n a i s e u q n h c e T g n i l p m a S 1 n o i t c e S 8 1 0 2 y a M 3 2 x c o d . a d I t M d n a n o s a M t M r o f 1 l e b a T R G I r e t i p u J / r l u w W O R B N N U C / 1 0 3 ANNUAL REPORT 2018Appendices: JORC Tables e s r a o c d n a , ) 0 4 n i 1 ~ ( s e t a c i l p u d l d e i f f o n o i t r e s n i d n a n o i t c e l l o c e h t d e d u c n l i s e r u d e c o r p l d e i f l o r t n o c y t i l a u Q . s k n a b l d e h s u r c l e p m a s e h t f o y t i l i b a t i u s e h t e t a r t s n o m e d o t d e t c u d n o c n e e b e v a h y a m t a h t i s e d u t s y n a f o e r a w a t o n s i K R S r o s a b i t n a c i f i n g s i e t a c d n i i t o n o d s t e s a t a d e t a c i l p u d l d e i f e h t , r e v e w o H . s n o i t i a n b m o c e z s i t i l p s d n a h s u r c . s e u s s i i i n o s c e r p e r o c - f l a h h t i w , d e h p a r g o t o h p d n a d e g g o l y l l i a c g o o e g l e r e w n o i t a m i t s e e c r u o s e r r o f d e s u l s e p m a s e r o c e h T d n a y t i l a u q , e r u t a n e h t , s e p y t l e p m a s l l a r o F n o i t a r a p e r p l e p m a s e h t f o s s e n e t a i r p o r p p a i . e u q n h c e t - b u s l l a r o f d e t p o d a s e r u d e c o r p l o r t n o c y t i l a u Q f o y t i v i t n e s e r p e r i i e s m x a m o t s e g a t s g n i l p m a s l . s e p m a s . a t a d i g n g g o l e h t n i d e d u c n l i e r e w s e t a m i t s e y r e v o c e r e r o C . g n i t s e t y r o t a r o b a l r o f d e t t i m b u s l s e p m a s s i g n i l p m a s e h t t a h t e r u s n e o t n e k a t s e r u s a e M , d e t c e l l o c l a i r e t a m u t i s n i e h t f o e v i t a t n e s e r p e r i n a r g e h t o t e t a i r p o r p p a e r a s e z s i l e p m a s r e h t e h W . l d e p m a s i g n e b l a i r e t a m e h t f o e z s i . g n i l p m a s f l a h - d n o c e s / e t a c i l p u d l d e i f r o f s t l u s e r e c n a t s n i r o f i g n d u c n l i MT IDA JORC TABLE 1 (CONTINUED) d n a n o i t a m i t s e e c r u o s e R l a r e n M i t r o p p u s o t e t a i r p o r p p a i s n a m o d l i a c g o o e g l f o n o i t a e n i l e d e h t l e b a n e f o l e v e l a o t d e g g o l y l l i a c n h c e t o e g d n a y l l i a c g o o e g l , r u o o c l , y g o o h t i l l h t i w , l a v r e t n i h c a e m o r f d e t c e l l o c i s p h c d e v e s - t i e w n o d e m r o f r e p s a w g n g g o i l l e p m a s C R . s e d u i t s l i a c g r u l l a t e m d n a i s e d u t s i g n n m i , n o i t a m i t s e d e t c e l l o c o s a l e r e w a t a d y t i l i b i t p e c s u s c i t e n g a m d n a F R X d e h d n a H l . d e d r o c e r n o i t a m r o f n i g n i r e h t a e w d n a n i e v i t a t i t n a u q r o e v i t a t i l a u q s i i g n g g o l r e h t e h W . n o i t a c i f i s s a c l e c r u o s e R l a r e n M e i t a i r p o r p p a t r o p p u s o t l i a t e d d e s u t o n e r e w t u b , n o i t a t e r p r e t n i l i a c g o o e g l h t i w i t s s s a o t d e s u e r e w s t l u s e r e s e h T . s m a r g o r p e m o s r o f . y h p a r g o t o h p ) . c t e , l e n n a h c , n a e t s o c r o ( e r o C . e r u t a n e v i t a t i l a u q f o i x m a e s i r p m o c s t e s a t a d i g n g g o l e h T . d e g g o l y l l i a c g o o e g l e r e w s a v r e l t n i C R d n a d n o m a d i l l A l . s e p m a s e r o c d n o m a d i e h t f o e m o s n o d e m r o f r e p s a w g n g g o i l l i a c n h c e t o e G . n o i t a m i t s e e c r u o s e r r o f y l t c e r i d t n a v e e r l e h t f o e g a t n e c r e p d n a h t g n e l l a t o t e h T . d e g g o l s n o i t c e s r e t n i t s o m r o f d e h p a r g o t o h p e r e w s n e m c e p s i i p h c k c o r d e v e s i e h t d n a l s e p m a s e r o c e h T . a t a d e v i t a t i t n a u q d n a . s m a r g o r p s a w l a v r e t n i h c a e m o r f l e p m a s e r i t n e e h T l . s a v r e t n i m 1 r e v o d e t c e l l o c l e r e w s e p m a s C R e h t f o t s o M , r e t r a u q r e h t e h w d n a n w a s r o t u c r e h t e h w , e r o c f I g n i l p m a s - b u S o t i t n e c i f f u s d e m e e d l i a t e d f o l e v e l a o t d e g g o l y l l i a c g o o e g l e r e w n o i t a m i t s e e c r u o s e r r o f d e s u l s e o h l l i r d l l A n e e b e v a h l s e p m a s i p h c d n a e r o c r e h t e h W i g n g g o L y r a t n e m m o C n o i t a n a p x e l e d o C C R O J a i r e t i r C i B x d n e p p A g n i t l u s n o C K R S 1 0 4 g 0 2 A i . g n s i r e v u p l d n a , g n i t t i l p s e l f f i r i , g n h s u r c e s r a o c i , g n y r d - n e v o d e d u c n l i n o i t a r a p e r p l e p m a S . l e p m a s . g n i t s e t y r e v o c e R e b u T s v a D i r o f d e t t i m b u s d n a m u 5 2 – 0 8 p o t d e s i r e v u p l s a w t i l p s , t i l p s y r a t o r , l d e p m a s e b u t , d e l f f i r r e h t e h w , e r o c - n o n f I . y r d r o t e w d e p m a s l r e h t e h w d n a . c t e y r a m i r p e h t s a n e k a t t i l p s g k 5 . 3 a h t i w , w o l f r e d n u e n o c y c l e h t o t d e t n u o m r e t t i l p s e n o c a h g u o r h t d e s s a p . n e k a t e r o c l l a r o f l a h i s e u q n h c e t l e p m a s d n a n o i t a r a p e r p 8 1 0 2 y a M 3 2 x c o d . a d I t M d n a n o s a M t M r o f 1 l e b a T R G I r e t i p u J / r l u w W O R B N N U C / JUPITER MINES LIMITEDAppendices: JORC Tables t u b , S P G l a i t n e r e f f i d g n s u i d e y e v r u s e r e w s n g a p m a c i 0 1 0 2 d n a 9 0 0 2 e h t r o f s r a l l o c l e o h l l i r d e h t t a h t i d e s v d a K T R g n s u i d e y e v r u s e r e w s n g a p m a c i 2 1 0 2 d n a 1 1 0 2 e h t r o f s r a l l o c l e o h l l i r d e h T . n w o n k t o n s i y c a r u c c a e h t . ) y c a r u c c a m u t a d ( m 5 . 1 f o y c a r u c c a n o i t a v e e l n a h t i w , S P G D MT IDA JORC TABLE 1 (CONTINUED) t n e d n e p e d n i d n a , s t a e p e r y r o t a r o b a l , s d r a d n a t s , e v o b a d e b i r c s e d s e r u d e c o r p C Q / A Q d e l i f e h t o t n o i t i d d a n I i g n n m r e i t e d n i d e s u s r e t e m a r a p e h t , . c t e , s t n e m u r t s n i e h t h t i w s e u s s i t n a c i f i n g s i e t a c d n i i t o n i d d a t a d C Q / A Q e h T . l o r t n o c y t i l a u q r o f d e s u e r e w s k c e h c y r o t a r o b a l , l e d o m d n a e k a m t n e m u r t s n i i g n d u c n l i i s s y a n a l e h t . k r o w t s e t y r o t a r o b a l r i e h t d n a d e i l p p a s r o t c a f s n o i t a r b i l a c , s e m i t i g n d a e r . g . e ( d e t p o d a s e r u d e c o r p l o r t n o c y t i l a u q f o e r u t a N y r o t a r o b a l l a n r e t x e , s e t a c i l p u d , s k n a b l , s d r a d n a t s y c a r u c c a f o l s e v e l l e b a t p e c c a r e h t e h w d n a ) s k c e h c . c t e , n o i t a v i r e d i B x d n e p p A i g n w o l l o f e h t d e d u c n l i d n a , F R X d a e b - d e s u f g n s u i d e t c u d n o c s a w n o i t i a n m r e t e d e d x o i j r o a M . e t a r t n e c n o c T D e h t m o r f d n a l e p m a s l l u f e h t h t o b m o r f n e k a t s t i l p s n o d e m r o f r e p e r e w s e s y a n a l l i a c m e h c o e G e h t f o s s e n e t a i r p o r p p a d n a y t i l a u q , e r u t a n e h T d n a d e s u s e r u d e c o r p y r o t a r o b a l d n a i g n y a s s a y r a t n e m m o C n o i t a n a p x e l e d o C C R O J g n i t l u s n o C K R S a i r e t i r C a t a d y a s s a f o y t i l a u Q i c i r t e m v a r g o m r e h t g n s u i i d e n m r e t e d s a w I O L . 2 i O S d n a , S , P , O n M , O g M , e F , O a C , 3 O 2 l A : e t i u s l a c i t y a n a l . l a t o t r o l a i t r a p d e r e d s n o c i s i i e u q n h c e t e h t r e h t e h w y r o t a r o b a l d n a i l . s t h g e w e p m a s R T D y r d n o d e s a b s a w y r e v o c e r s s a M . C ° 0 0 0 1 t a d e t r o p e r d n a i s s y a n a l l F R X d e h d n a h , s r e t e m o r t c e p s l , s o o t l i a c s y h p o e g r o F s t s e t e h t n e v G i . a t a d l e p m a s d n a s g o l l i a c g o o e g l e h t o t a t a d y a s s a e h t d e r a p m o c l e n n o s r e p K R S d n a r e t i p u J h t o B r e h t i e y b s n o i t c e s r e t n i t n a c i f i n g s i f o n o i t a c i f i r e v e h T n e e b e v a h i i n o s c e r p d n a ) s a b i f o k c a l . e . i ( . d e h s i l b a t s e e h t , s t i n u F B e h t I i n h t i w s n o i t u b i r t s d i e d a r g f o y t i m r o f i n u l a r e n e g e h t d n a n o i t a s i l i a r e n m e h t f o e r u t a n . l e n n o s r e p y n a p m o c e v i t a n r e t l a r o t n e d n e p e d n i e s a b a t a d ’ s y n a p m o c e h t y b d e g a n a m s a w h c h w i , e s a b a t a d e r i u Q c a n a n i d e r o t s e r e w a t a d l l i r d s ’ r e t i p u J l i a c s y h p ( e g a r o t s a t a d , n o i t a c i f i r e v a t a d , s e r u d e c o r p l . s a v r e t n i l e p m a s l i a u d v d n i i r o f s t l u s e r e h t o t e v i t i s n e s e b o t d e r e d s n o c i t o n e r a s e t a m i t s e e c r u o s e r . s e s o p r u p i g n n n w i t l e o h r o f l y s s e r p x e d e l l i r d n e e b e v a h y a m t a h t l s e o h y n a f o e r a w a t o n s i K R S y r t n e a t a d , a t a d y r a m i r p f o n o i t a t n e m u c o D . s e o h l d e n n w i t f o e s u e h T l i a n g i r o e h T . t a m r o f e s a b a t a d s s e c c A n i K R S o t a t a d i g n g g o l l e o h l l i r d d n a y e v r u s e h t i d e d v o r p r e t i p u J . d e t r o p e r s e u s s i t n a c i f i n g s i o n h t i w , 2 1 0 2 n i t n a t l u s n o c . a t a d y a s s a o t t n e m t s u d a j y n a s s u c s D i t n e d n e p e d n i n a y b d e t c u d n o c s a w s e r u d e c o r p d n a t n e t n o c e s a b a t a d e h t f o t i d u a n A . r o t i a r t s n m d a i l . s o c o t o r p i ) c n o r t c e e l d n a r o f i i o d u t S e n m a t a D o t n i s e l i f e h t d e t r o p m i K R S . s F D P d e k c o l s a i d e d v o r p o s a l e r e w s e t a c i f i t r e c y r o t a r o b a l . d e i l p p a s t n e m t s u d a j o n h t i w , y r o t a r o b a l e h t y b d e i l p p u s s a e s a b a t a d e h t o t n i d e t p e c c a e r e w a t a d y a s s a l l A l a u s v i d n a , a t a d l a v r e t n i d n a y e v r u s n o s k c e h c e g n a r l a c i r e m u n d e d u c n l i i h c h w , n o i t a d i l a v d n a i g n g r e m . s k c e h c . D H A n o d e s a b s n o i t a v e e l h t i w 1 5 e n o Z 4 9 A G M o t i g n d r o c c a d e t r o p e r e r a a t a d y e v r u s l l A l l i r d e t a c o l o t d e s u s y e v r u s f o y t i l a u q d n a y c a r u c c A o r g u F y b d e t c u d n o c y e v r u s R A D L i a m o r f d e t c e l l o c e r e w n o g e r i a d I t M e h t r o f a t a d e c a f r u s i c h p a r g o p o t e h T d e t r o p e r a h t i w , l e d o m n o i t a v e e l l a t i g d i d e d d i r g m 5 a s a i d e d v o r p e r e w a t a d e h T . 1 1 0 2 t s u g u A 1 1 o t 6 m o r f e h T . S P G 0 6 i n m r a G d e h d n a h l a h t i w d e y e v r u s e r e w s n g a p m a c i 8 0 0 2 d n a 7 0 0 2 e h t r o f s r a l l o c l e o h l l i r d e h T m 3 1 . 0 f o y c a r u c c a l a c i t r e v d n a m 5 . 0 f o y c a r u c c a l a t n o z i r o h e n m i , s e h c n e r t , ) s y e v r u s l e o h - n w o d d n a r a l l o c ( l s e o h l a r e n M n i i d e s u s n o i t a c o l r e h t o d n a i s g n k r o w . d e s u m e t s y s d i r g e h t f o n o i t a c i f i c e p S . n o i t a m i t s e e c r u o s e R f o n o i t a c i f i r e V d n a g n i l p m a s i g n y a s s a f o n o i t a c o L s t n o p i a t a d r e t i p u J . d e t a t s t o n s a w y c a r u c c a l a c i t r e v e h t t u b , m 5 l i y e t a m x o r p p a e b o t d e t r o p e r s a w y c a r u c c a l a t n o z i r o h . l o r t n o c i c h p a r g o p o t f o y c a u q e d a d n a y t i l a u Q e r e w s y e v r u s l e o h n w o d o N . s e o h l e h t f o % 0 6 i l y e t a m x o r p p a r o f l e b a l i a v a e r a a t a d y e v r u s l e o h n w o D ) 7 ( n e v e s f o l a t o t A . 9 0 0 2 n i d e y e v r u s s a w e o h l ) 1 ( e n o l y n o d n a , g n i l l i r d 8 0 0 2 d n a 7 0 0 2 e h t r o f n e k a t r e d n u l . e b a i l e r e b t o n y a m e s e h t f o e m o s r o f a t a d e h t t a h t i d e s v d a r e t i p u J t u b , 0 1 0 2 n i d e y e v r u s e r e w s e o h l 8 1 0 2 y a M 3 2 x c o d . a d I t M d n a n o s a M t M r o f 1 l e b a T R G I r e t i p u J / r l u w W O R B N N U C / 1 0 5 ANNUAL REPORT 2018Appendices: JORC Tables . s e i r a d n u o b l i a c g o o h t i l l t a d e t a n m r e t i s e t i s o p m o c h t i w l , s a v r e t n i l e o h n w o d m 5 o t d e t i s o p m o c MT IDA JORC TABLE 1 (CONTINUED) y l l a u s u l l i s l a t o t e h t f o % 0 8 h t i w , s e r t e m d e r d n u h l a r e v e s o t p u y t i u n i t n o c e d a r g e t i a c d n i y h p a r g o i r a v e h T d n a ) s ( e r u d e c o r p n o i t a m i t s e e v r e s e R e r O d n a . m 0 0 3 i n h t i w d e h c a e r . d e i l p p a s n o i t a c i f i s s a c l e r e w s e p m a s l e h t , n o i t a m i t s e e d a r g r o F l . s a v r e t n i m 1 n o d e t c e l l o c e r e w s e p m a s l e h t f o j y t i r o a m e h T . d e i l p p a n e e b s a h g n i t i s o p m o c l e p m a s r e h t e h W e h t n i m 0 0 2 x m 0 0 2 f o i g n c a p s l i a n m o n a d n a , e n o z l a r t n e C e h t n i d e s u s a w m 0 0 1 x m 0 0 1 f o i g n c a p s l l i r d e h t f o s t r a p n i l r a u g e r r i t u b , e n o z l a r t n e C e h t n i m r o f i n u y l l a r e n e g s i i g n c a p s e h T . s e n o z h t u o S d n a h t r o N . e n o z h t u o S d n a h t r o N e c r u o s e R l i a r e n M e h t r o f e t a i r p o r p p a y t i u n i t n o c e d a r g d n a l i a c g o o e g l f o e e r g e d e h t h s i l b a t s e o t i t n e c i f f u s s i n o i t u b i r t s d i d n a i g n c a p s a t a d e h t r e h t e h W n o i t u b i r t s d i d n a l i a n m o n A . d i r g 4 9 A G M e h t o t l e l l a r a p l i y e t a m x o r p p a d e t n e i r o s e n i l n o i t c e s n o d e m r o f r e p s a w g n i l l i r d e h T . s t l u s e R n o i t l a r o p x E f o g n i t r o p e r r o f i g n c a p s a t a D i g n c a p s a t a D i c p o c s o r y g g n s u i d e y e v r u s e r e w s e o h l 2 1 0 2 e h t f o % 0 7 d n a l s e o h 1 1 0 2 e h t f o % 0 9 l y e t i a m x o r p p A . m 0 1 - 5 y r e v e d e t c e l l o c i s g n d a e r h t i w , t n e m p u q e i y r a t n e m m o C n o i t a n a p x e l e d o C C R O J a i r e t i r C i B x d n e p p A g n i t l u s n o C K R S 1 0 6 j y t i r o a m e h T . ° 0 7 - ° 0 6 n e e w t e b l d e g n a e r a l s e o h d n o m a d i e h t f o t s o M . l a c i t r e v e r a l s e o h l l i r d C R e h t f o l l A s e v e h c a i g n i l p m a s f o n o i t a t n e i r o e h t r e h t e h W f o n o i t a t n e i r O . h t u o s e h t d n a h t r o n e h t o t w e f a d n a , t s a e d e t n e i r o l a r e v e s h t i w , t s e w e h t o t d e t n e i r o e r a l s e o h d n o m a d i f o e h t d n a s e r u t c u r t s i l e b s s o p f o g n i l p m a s d e s a b n u i d e s i l i a r e n m e h t t c e s r e t n i l s e o h e h t f o j y t i r o a m e h t t a h t i g n n a e m , t s a e o t l e g n a w o l l a h s a t a i p d s t i I n u F B e h T t i s o p e d e h t g n i r e d s n o c i , n w o n k s i i s h t i h c h w o t t n e t x e o t n o i t a e r l n i a t a d . t a m r o f F D P d e k c o l n i i d e d v o r p e r e w s e t a c i f i t r e c y r o t a r o b a l d n a , t a m r o f V S C n i y l l i a c n o r t c e e l i d e d v o r p e r e w s t l u s e r y a s s A . s m r o f i i n o s s m b u s . y r o t a r o b a l e h t o t h c t a p s e d l i t n u p u y t i r u c e s l e p m a s e h t r o f e h t i t s n a g a l s e p m a s e h t d e k c e h c y r o t a r o b a l e h t , l a v i r r a n O y t i l i i b s n o p s e r i d e n a t e r o h w s e e y o p m e l r e t i p u J f o i i n o s v r e p u s e h t r e d n u d e m r o f r e p e r e w s m a r g o r p g n i l l i r d e h T . y t i r u c e s l e p m a s e r u s n e o t n e k a t s e r u s a e m e h T i s h t , s a b i g n i l p m a s a d e c u d o r t n i e v a h o t d e r e d s n o c i s i s e r u t c u r t s d e s i l i a r e n m y e k f o n o i t a t n e i r o e h t . l a i r e t a m f i d e t r o p e r d n a d e s s e s s a e b l d u o h s i l . r a u c d n e p r e p o t e s o c l t a e n o z d n a n o i t a t n e i r o g n i l l i r d e h t n e e w e b t i p h s n o i t a e r l . e p y t e h t f I l y t i s n e d , s e r u d e c o r p C Q / A Q y r o t a r o b a l e h t t i d u a o t t n a t l u s n o c t n e d n e p e d n i n a i d e n o s s m m o c i r e t i p u J g n i l p m a s f o s w e v e r i r o s t i d u a y n a f o s t l u s e r e h T . d e t c u d n o c n e e b e v a h y a m t a h t a t a d r o s e r u d e c o r p l d e i f e h t f o s t i d u a r e h t o y n a f o e r a w a t o n s i K R S . 2 1 0 2 n i e s a b a t a d r e t i p u J e h t d n a , n o i t i a n m r e t e d . a t a d d n a i s e u q n h c e t i a c g o o e g l e r u t c u r t s l e p m a S y t i r u c e s r o s t i d u A s w e v e r i 8 1 0 2 y a M 3 2 x c o d . a d I t M d n a n o s a M t M r o f 1 l e b a T R G I r e t i p u J / r l u w W O R B N N U C / JUPITER MINES LIMITEDAppendices: JORC Tables MT IDA JORC TABLE 1 (CONTINUED) h g u o r h t 7 0 0 2 m o r f r e t i p u J y b d e t c u d n o c s m a r g o r p g n i l l i r d m o r f d e c r u o s e r e w K R S o t i d e d v o r p s t e s a t a d e h T y b n o i t l a r o p x e f o l i a s a r p p a d n a t n e m g d e w o n k c A l n o i t a r o p x E l . a e r a e h t n i e t a r e p o o t e c n e c i l a i i g n n a t b o k r a p l a n o i t a n r o s s e n r e d l i w , s e t i s l a c i r o t s h i , s t s e r e t n i . s g n i t t e s l a t n e m n o r i v n e d n a o t s t i n e m d e p m i n w o n k y n a h t i w g n o a l g n i t r o p e r f o e m i t e h t t a l d e h e r u n e t e h t f o y t i r u c e s e h T e l t i t e v i t a n , s e i t l a y o r i g n d i r r e v o i , s p h s r e n t r a p s u t a t s , s e r u t n e v t i n o j s a h c u s s e i t r a p d r i h t h t i w e r u n e t d n a l . 2 3 0 2 r e b m e v o N 4 2 n o s e r i p x e d n a 1 1 0 2 y r a u n a J 1 1 n o d e t n a r g s e u s s i l a i r e t a m r o s t n e m e e r g a i g n d u c n l i i p h s r e n w o d n a t n e m e n e t s a w , d e t i m L i s e n M i r e t i p u J y b d e n w o y l l o h w s i i h c h w 4 1 4 / 9 2 M e s a e L i i g n n M n h i t i w s l l a f t i s o p e d i n a m e h T d n a n o i t a c o l , r e b m u n / e m a n e c n e r e f e r , e p y T l a r e n M i y r a t n e m m o C n o i t a n a p x e l e d o C C R O J a i r e t i r C s t l u s e R n o i t a r o p x E l f o g n i t r o p e R 2 n o i t c e S i B x d n e p p A g n i t l u s n o C K R S l i a r e n M a d I t M e h t o t t n a v e e r l y l t c e r i d e b y a m t a h t s t e s a t a d r e h t o f o e c n e i t s x e e h t f o r o , 7 0 0 2 n i t n e m e v o v n l i s ’ r e t i p u J o t r o i r p s e i t r a p r e h t o y b d e t c u d n o c s m a r g o r p n o i t a r o p x e l t n a c i f i n g s i y n a f o e r a w a t o n s i K R S . t r o p e r e h t n i d e b i r c s e d s e t a m i t s e e c r u o s e R . 2 1 0 2 e c n s i d e t c u d n o c n e e b s a h k r o w d e l i f o n t a h t i d e s v d a r e t i p u J . 2 1 0 2 o t t s e w h t r o n m k 0 0 1 l i y e t a m x o r p p a , a i l a r t s u A n r e t s e W f o i n o g e r n r a g l i Y e h t n i d e t a c o l s i t i s o p e d n o r i a d I t M e h T f o l e y t s d n a g n i t t e s l i a c g o o e g l . s e i t r a p r e h t o r e h t o y b e n o d s e i t r a p , e p y t t i s o p e D l y g o o e G e h t f o e g d e n r e t s e w e h t g n o a l p r a c s i t n e n m o r p a m r o f I s F B e h T . s c i f a m d e s o h p r o m a t e m h t i w d e r e y a l r e t n i e r a t a h t s t i n u ) F B I ( n o i t a m r o f n o r i d e d n a b d e d o f l l e l l a r a p - b u s f o s e i r e s a n i g n i r r u c c o n o i t a s i l a r e n m i e t i t e n g a m d e n a r g - e n i f i h t i w , t l e B e n o t s n e e r G a d I t M e h t i n h t i w d e t s o h s i t i s o p e d e h T i . s e z n e M f o . t s a e e h t o t l y w o l l a h s i p d d n a , t i s o p e d . n o i t a s i l a r e n m i . y d u t s i s h t r o f d e t r o p e r e r a s t l u s e r n o i t l a r o p x e o N e h t o t l a i r e t a m n o i t a m r o f n i l l a f o y r a m m u s A l a i r e t a M l l a r o f n o i t a m r o f n i i g n w o l l o f e h t f o n o i t a u b a t l : s e o h l l l i r d r a l l o c l e o h l l i r d e h t f o ) s e r t e m n i l e v e l a e s e v o b a n o i t a v e e l – l e v e L d e c u d e R ( L R r o n o i t a v e E l r a l l o c l e o h l l i r d e h t f o g n h i t r o n d n a g n i t s a E h t p e d n o i t p e c r e t n i d n a h t g n e l l e o h n w o D l e o h e h t f o h t u m z a i d n a i p D . h t g n e l l e o H • • • • • e h t n o d e i f i t s u j s i n o i t a m r o f n i i s h t f o i n o s u c x e l e h t f I i s h t d n a l a i r e t a M t o n s i n o i t a m r o f n i e h t t a h t i s s a b f o i g n d n a t s r e d n u e h t m o r f t c a r t e d t o n s e o d i n o s u c x e l y l r a e c l l d u o h s n o s r e P t n e t e p m o C e h t , t r o p e r e h t a i g n d u c n l i s t l u s e r n o i t l a r o p x e e h t f o i g n d n a t s r e d n u n o i t a m r o f n I l e o h l l i r D 8 1 0 2 y a M 3 2 x c o d . a d I t M d n a n o s a M t M r o f 1 l e b a T R G I r e t i p u J . e s a c e h t s i i s h t y h w n a p x e i l / r l u w W O R B N N U C / 1 0 7 ANNUAL REPORT 2018Appendices: JORC Tables MT IDA JORC TABLE 1 (CONTINUED) . y d u t s i s h t r o f d e t r o p e r e r a s t l u s e r n o i t l a r o p x e o N e h t n i t n a t r o p m i l y l r a u c i t r a p e r a i s p h s n o i t a e r l e s e h T i p h s n o i t a e R l . y d u t s i s h t r o f d e t r o p e r e r a s t l u s e r n o i t l a r o p x e o N d n a l ) s e a c s h t i w ( s n o i t c e s d n a s p a m e t a i r p o r p p A s m a r g a D i o t t c e p s e r h t i w n o i t a s i l i a r e n m e h t f o y r t e m o e g e h t f I e b l d u o h s e r u t a n s t i , n w o n k s i l e g n a l e o h l l i r d e h t . s t l u s e R n o i t l a r o p x E f o g n i t r o p e r . d e t r o p e r . ) ’ n w o n k t o n h t i d w e u r t , h t g n e l l e o h n w o d ‘ . g . e ( t c e f f e i s h t o t t n e m e t a t s r a e c l a e b l d u o h s e r e h t , d e t r o p e r e r a s h t g n e l l e o h n w o d e h t l y n o d n a n w o n k t o n s i t i f I n o i t a s i l a r e n m i d n a s h t d w i n e e w t e b t p e c r e t n i s h t g n e l i B x d n e p p A y r a t n e m m o C n o i t a n a p x e l e d o C C R O J . y d u t s i s h t r o f d e t r o p e r e r a s t l u s e r n o i t l a r o p x e o N g n i t i h g e w , s t l u s e R n o i t l a r o p x E g n i t r o p e r n I d n a ) s e d a r g h g h i f o g n i t t u c . g . e ( s n o i t a c n u r t e d a r g e b l d u o h s d n a l a i r e t a M y l l a u s u e r a s e d a r g f f o - t u c . d e t a t s f o s h t g n e l r e g n o l d n a s t l u s e r e d a r g h g h i f o s h t g n e l t r o h s e t a r o p r o c n i s t p e c r e t n i e t a g e r g g a e r e h W h c u s r o f d e s u e r u d e c o r p e h t , s t l u s e r e d a r g w o l l i a c p y t e m o s d n a d e t a t s e b l d u o h s n o i t a g e r g g a n i n w o h s e b l d u o h s s n o i t a g e r g g a h c u s f o l s e p m a x e . l i a t e d l a t e m f o g n i t r o p e r y n a r o f d e s u s n o i t p m u s s a e h T . d e t a t s y l r a e c l e b l d u o h s s e u a v l l t n e a v u q e i m u m n m i i r o / d n a m u m x a m i i , s e u q n h c e t i g n g a r e v a g n i t l u s n o C K R S a i r e t i r C n o i t a g e r g g a s d o h t e m a t a D 1 0 8 l i a r e n M e h t n i d e s u e s o h t o t l a n o i t i d d a e r a t a h t s t e s a t a d n o i t l a r o p x e l a i r e t a m y n a f o e r a w a t o n s i K R S , l a i r e t a m d n a l u f i g n n a e m f i , a t a d n o i t a r o p x e l r e h t O . s t l u s e R n o i t a r o p x E l . s e t a m i t s e e c r u o s e R : ) o t d e t i m i l t o n t u b ( i g n d u c n l i d e t r o p e r e b l d u o h s ; s t l u s e r y e v r u s l i a c s y h p o e g ; s n o i t a v r e s b o l i a c g o o e g l d n a e z s i – l s e p m a s l k u b ; s t l u s e r y e v r u s l i a c m e h c o e g l k u b ; s t l u s e r t s e t l i a c g r u l l a t e m ; t n e m t a e r t f o d o h t e m k c o r d n a l i a c n h c e t o e g , r e t a w d n u o r g , y t i s n e d . y d u t s i s h t r o f d e t r o p e r e r a s t l u s e r n o i t l a r o p x e o N n o i t l a r o p x E l l a f o g n i t r o p e r i e v s n e h e r p m o c e r e h W f o g n i t r o p e r e v i t a t n e s e r p e r , l e b a c i t c a r p t o n s i s t l u s e R e b l d u o h s s h t i d w r o / d n a s e d a r g h g h i d n a w o l h t o b y n a r o f d e d u c n l i e b l d u o h s s t p e c r e t n i f o s n o i t a u b a t l l d u o h s e s e h T d e t r o p e r i g n e b y r e v o c s d i t n a c i f i n g s i l e o h l l i r d f o w e v i n a p l a o t d e t i m i l e b t o n t u b , e d u c n l i . s w e v i l a n o i t c e s e t a i r p o r p p a d n a s n o i t a c o l r a l l o c f o g n i t r o p e r i l g n d a e s m d o v a i i o t d e c i t c a r p d e c n a a B l g n i t r o p e r e v i t n a t s b u s n o i t a r o p x e l r e h t O a t a d 8 1 0 2 y a M 3 2 x c o d . a d I t M d n a n o s a M t M r o f 1 l e b a T R G I r e t i p u J / r l u w W O R B N N U C / JUPITER MINES LIMITEDAppendices: JORC Tables MT IDA JORC TABLE 1 (CONTINUED) . a e r a j t c e o r p e h t n i k r o w n o i t a r o p x e l r e h t r u f r o f e v a h y a m r e t i p u J t a h t s n a p l f o e r a w a t o n s i K R S . g . e ( k r o w r e h t r u f d e n n a p l f o l e a c s d n a e r u t a n e h T k r o w r e h t r u F r o i s n o s n e t x e h t p e d r o i s n o s n e t x e l a r e t a l r o f s t s e t . ) g n i l l i r d t u o - p e t s l e a c s - e g r a l y r a t n e m m o C r o s u o i r e t l e e d l a i t n e t o p ; s c i t s i r e t c a r a h c . s e c n a t s b u s i g n i t a n m a t n o c n o i t a n a p x e l e d o C C R O J a i r e t i r C i B x d n e p p A g n i t l u s n o C K R S i s h t i d e d v o r p , s a e r a g n i l l i r d e r u t u f d n a s n o i t a t e r p r e t n i . e v i t i s n e s y l l i a c r e m m o c t o n s i n o i t a m r o f n i l i e b s s o p f o s a e r a e h t g n i t h g i l h g h i y l r a e c l s m a r g a D i l i a c g o o e g l i n a m e h t i g n d u c n l i i , s n o s n e t x e 8 1 0 2 y a M 3 2 x c o d . a d I t M d n a n o s a M t M r o f 1 l e b a T R G I r e t i p u J / r l u w W O R B N N U C / 1 0 9 ANNUAL REPORT 2018Appendices: JORC Tables MT IDA JORC TABLE 1 (CONTINUED) . s e r u d e c o r p l d e i f n o l e n n o s r e p e t i s h t i i w s n o s s u c s d i d n a l , s e p m a s e r o c d n a C R e h t f o n o i t c e p s n i n a e r i u Q c a r e t i p u J e h t o t n i d e t r o p m i d n a m r o f i c n o r t c e e l n i r e t i p u J o t i d e d v o r p e r e w a t a d y e v r u s d n a y a s s a e h T t o n s a h a t a d t a h t e r u s n e o t n e k a t s e r u s a e M e r e w a t a d e h T . 2 1 0 2 n i t n a t l u s n o c t n e d n e p e d n i n a y b d e t i d u a s a w e s a b a t a d e h T . e s a b a t a d n o i t l a r o p x e r o n o i t p i r c s n a r t , l e p m a x e r o f , y b d e t p u r r o c n e e b y r a t n e m m o C n o i t a n a p x e l e d o C C R O J l a u s v i d n a , s t s i l e d o c y r a r b i l , a t a d l a v r e t n i d n a y e v r u s n o s k c e h c e g n a r l a c i r e m u n d e d u c n l i i h c h w , n o i t a d i l a v . s e s o p r u p n o i t a m i t s e e c r u o s e R l a r e n M i r o f e s u d n a i g n g r e m r o f i i o d u t S e n m a t a D o t n i s e l i f e h t d e t r o p m i K R S . e s a b a t a d s s e c c A n a n i K R S o t i d e d v o r p s t i d n a n o i t c e l l o c l a i t i n i s t i n e e w e b t , s r o r r e i g n y e k d n a i p h c C R f o i g n k c e h c t o p s e h t i , ) g n p p a m e s r e v a r t e m o s i g n d u c n i ( l l y g o o e g e h t f o n o i t c e p s n i e h t d e d u c n l i t i s v i e h T . 2 1 0 2 l i r p A 7 1 – 3 1 n o , m a h g n n n u C i l e a h c M i , t n a t l u s n o C K R S y b d e t c u d n o c s a w t i s v i e t i s A . s e t a c i f i t r e c y r o t a r o b a l e h t i t s n a g a d e t c u d n o c e r e w s k c e h c t o p S . s k c e h c . s e t a n d r o o c i r a l l o c f o i g n k c e h c t o p s e h t d n a , i g n g g o l e r o c e h t y b n e k a t r e d n u s t i s v i e t i s y n a n o t n e m m o C e s o h t f o e m o c t u o e h t d n a n o s r e P t n e t e p m o C . d e s u s e r u d e c o r p n o i t a d i l a v a t a D . s t i s v i e c r u o s e R l a r e n M i r o f n o s r e P t n e t e p m o C e h t d n a t n a t l u s n o C K R S , n w o r B d o R y b d e t c u d n o c s a w t i s v i e t i s A e t i a c d n i n e k a t r e d n u n e e b e v a h s t i s v i e t i s o n f I l , s e p m a s l l i r d d n a l y g o o e g l a c o l e h t f o n o i t a n m a x e i n a d e d u c n l i t i s v i e h T . 2 1 0 2 r e b o t c O 5 – 4 n o ) f f o - n g s i . e s a c e h t s i i s h t y h w . a t a d l i a c s y h p o e g d n a i g n p p a m e c a f r u s s a l l e w s a , a t a d l i a c m e h c o e g d n a i g n g g o l l i a c g o o e g l f o n o i t i a n b m o c s n o i t p m u s s a y n a f o d n a d e s u a t a d e h t f o e r u t a N e h t n i d e n i f e d y l r a e c l e r a s e i r a d n u o b i n a m o d e h T i . s n a m o d n o i t a m i t s e s a d e s u n e e b e v a h s e s n e l I F B e h T . e d a m a g n s u i d e r a p e r p s a w , s e s n e l I F B l e l l a r a p - b u s l a r e v e s f o n o i t a e n i l e d e h t s e d u c n l i i h c h w , n o i t a t e r p r e t n i . t i s o p e d l . e b a t c d e r p i l y e v i t a e r l s i y r t e m o e g i n a m o d d n a , s t e s a t a d l i a c m e h c o e g n o s n o i t a t e r p r e t n i e v i t a n r e t l a f o , y n a f i , t c e f f e e h T g n i t a n r e t l a e h t , s e c a p l n I . s d i l o s e m a r f e r i w m r o f o t d e k n i l d n a n o i t c e s - s s o r c n i d e t e r p r e t n i e r e w s e s n e l e h T y l l a u q e n i t l u s e r l d u o c s t p e c r e t n i l l i r d e v i t a n r e t l a f o g n k n i i l e h t d n a , i n h t l y e v i t l a e r e r a s e n o z c i f a m d n a F B I g n i l l o r t n o c d n a . n o i t a m i t s e e c r u o s e R l a r e n M i i g n d u g i n i l y g o o e g f o e s u e h T e d a r g r o e g a n n o t t n a c i f i n g s i n i t l u s e r t o n l d u o w s h t i t a h t d e r e d s n o c i s i t i , r e v e w o H . s n o i t a t e r p r e t n i l i e b s u a p l . s e c n e r e f f i d d n a e d a r g f o h t o b y t i u n i t n o c g n i t c e f f a s r o t c a f e h T . n o i t a m i t s e e c r u o s e R l a r e n M i . y g o o e g l e c r u o s e r d n a n o i t a r o p x E l . m k 7 l i y e t a m x o r p p a f o t n e t x e e k i r t s a r e v o d e n i f e d n e e b s a h n o i t a s i l i a r e n m e h T l i a r e n M e h t f o y t i l i b a i r a v d n a t n e t x e e h T h t r o n d n a h t u o s e h t n o s u c o f r e t a l a h t i w , t i s o p e d e h t f o t r a p l a r t n e c e h t n o d e s s u c o f y l l a i t i n i n o i t a e n i l e d r o e k i r t s g n o a ( l h t g n e l s a d e s s e r p x e e c r u o s e R d n a l a r t n e c , h t u o s r o f l s e d o m e t a r a p e s f o n o i t a r a p e r p e h t n i d e t l u s e r s u c o f d n a g n m i i t i s h T . s n o s n e i t x e e c a f r u s w o e b l h t p e d d n a , h t i d w n a p l i , ) e s w r e h t o . y g o o e g l e h t n i s e g n a h c c i f i c e p s y n a t c e l f e r t o n o d s e i r a d n u o b e n o z e h T . t i s o p e d e h t f o s t r a p h t r o n l i a r e n M e h t f o s t i m i l r e w o l d n a r e p p u e h t o t m k 1 r e v o s i d n a e k i r t s l g n o a m k 3 l i y e t a m x o r p p a r o f s d n e t x e e n o z h t u o S e h t n i n o i t a s i l i a r e n m d e n i f e d e h T . e c r u o s e R e h T . y g o o e g l l a n o g e r i e h t f o y t i n u m m o c i i g n n m e h t i n h t i w g n d n a i t s r e d n u d e t p e c c a l y d a o r b e h t l i a r e n m e h t f o n o i t a t e r p r e t n i l i a c g o o e g l e h t h t i w s a l l e w s a , s n o i t a v r e s b o l d e i f d n a s t e s a t a d h t i w t n e t s s n o c i d e r e d s n o c i s i n o i t a t e r p r e t n i l i a c g o o e g l e h T ) f o y t i n a t r e c n u e h t l , y e s r e v n o c r o ( n i e c n e d i f n o C • • • • • • • • • • a i r e t i r C e s a b a t a D y t i r g e t n i s t i s v i e t i S n o i t a t e r p r e t n i i s n o s n e m D i l i a c g o o e G l i B x d n e p p A g n i t l u s n o C K R S s e c r u o s e R l a r e n M i f o g n i t r o p e R d n a n o i t a m i t s E 3 n o i t c e S 1 1 0 e g a r e v a e h T . s t i n u F B I l e l l a r a p - b u s d n a i g n p p d - w o i l l a h s ) 7 ( n e v e s n i d e n i f e d n e e b e v a h s e c r u o s e R . e d w i e h t l w o e b m 0 4 3 l i y e t a m x o r p p a s i n o i t c e s r e t n i t s e p e e d e h t d n a , m 5 2 l y e t i a m x o r p p a s i s s e n k c h i t t i n u . e c a f r u s m k 1 l i y e t a m x o r p p a f o t n e t x e e k i r t s a r e v o d e i f i t n e d i n e e b s a h e n o z h t r o N e h t n i n o i t a s i l i a r e n m d e n i f e d e h T e v a h s t i n u F B I r e h t o ( l y n o I t i n u F B e g n s i l a n i d e n i f e d n e e b e v a h s e c r u o s e R . m 0 0 6 i g n d e e c x e h t i d w a d n a e c r u o s e r r o f l s e o h l l i r d i t n e c i f f u s n i y b d e t c e s r e t n i n e e b e v a h y e h t t u b , i n o g e r e h t n i d e i f i t n e d i n e e b s i n o i t c e s r e t n i t s e p e e d e h t d n a , m 0 4 l i y e t a m x o r p p a s i s s e n k c h i t t i n u e g a r e v a e h T . ) n o i t a e n i l e d . e c a f r u s e h t l w o e b m 0 5 2 l y e t i a m x o r p p a 8 1 0 2 y a M 3 2 x c o d . a d I t M d n a n o s a M t M r o f 1 l e b a T R G I r e t i p u J / r l u w W O R B N N U C / JUPITER MINES LIMITEDAppendices: JORC Tables MT IDA JORC TABLE 1 (CONTINUED) 2 1 0 2 r e b m e c e D n i d e t a d p u s a w l e d o m e h T . 2 1 0 2 t s u g u A n i l d e t e p m o c s a w e n o z l a r t n e C e h t r o f l e d o m e h T d n a i , s n o s n e m d i l l e c t n e r a p f o e g n a r a s s e s s a o t d e s u e r e w s e d u i t s ) A N K ( s e s y a n a l d o o h r u o b h g e n i i g n g i r K e d a r g d n a , s e u a v l r e i l t u o r o f s s e s s a o t d e s u e r e w s t o p l y t i l i b a b o r P . i n a m o d n o i t a m i t s e h c a e i n h t i l w s a v r e t n i m 5 o t d e t i s o p m o c e r e w e s e h t d n a l , s a v r e t n i m 1 n o d e t c e l l o c e r e w s e p m a s l l i a n g i r o e h t f o j y t i r o a m e h T . y r a s s e c e n d e r e d s n o c i t o n s a w g n i t t u c s e m a r f e r i i w n a m o d e h T i . g n g i r k k c o b l y r a n d r o i g n s u i d e t a m i t s e e r e w s e d a r g l l e c t n e r a p d e s i t e r c s d i e h T o t d e s u A N K h t i w , d e k o v n i s a w y g e t a r t s n o i t a m i t s e s s a p - e p i t l l u m A . s e d u i t s i c h p a r g o i r a v m o r f d e v i r e d e r e w s r o t c a f i g n i t h g e w d n a s n o i t a t n e i r o h c r a e S i . s t n a r t s n o c n o i t a m i t s e y r a d n u o b d r a h s a d e s u e r e w o t d e t i m i l s a w n o i t a o p a r t x E l i . s t n a r t s n o c r e b m u n l e p m a s d n a s e c n a t s d i h c r a e s f o n o i t c e e s l e h t h t i w i t s s s a . d e c u d o r p e r l y e t a r u c c a e b o t s e m u o v l y t i u n i t n o c e d a r g i , g n c a p s l l i r d e h t n e v g i e t a i r p o r p p a d e r e d s n o c i s a w ) Z Y X ( m 5 x m 0 5 x m 0 5 f o e z s i a e m a r f e r i I w F B e h t l e b a n e o t d e k o v n i s a w g n i l l e c b u S . d o h t e m g n n m d e i i t c e p x e e h t d n a , s c i t s i r e t c a r a h c t o n e r e w s e t a m i t s e e c r u o s e r e n o Z l a r t n e C e h t , l e d o m e h t o t e g n a h c l i i a m n m e c n e h d n a , e n o z l a r t n e C . d e t a t s e r f o y t i n c v i i e h t n i a t a d w e n l i i a m n m s a w e r e h t e s u a c e b , r e v e w o H . s e n o z h t r o N d n a h t u o S e h t e d u c n l i o t e h t n i m 5 7 l i y e t a m x o r p p a s a w e c n a t s d i l n o i t a o p a r t x e e h T i . g n c a p s l l i r d l i a n m o n e h t f l a h l y e t i a m x o r p p a . s e n o z h t u o S d n a h t r o N e h t n i m 0 0 1 d n a , e n o z l a r t n e C . a t a d e d a r g d a e h d n a ) e t a r t n e c n o C e b u T s v a D i ( C T D e h t h t o b g n s u i d e t a m i t s e e r e w s e d a r g l e d o m e h T s a w s e b a i r a v l f o t e s w e n a , ) y r e v o c e r s s a m ( t r o p p u s l e p m a s l e b a i r a v e v a h s t l u s e r C T D e h t e s u a c e B e s e h T . l e d o m e h t o t n i s e d a r g e t a r t n e c n o c f o i n o s u c n l i e h t e t a t i l i c a f o t e t i s o p m o c h c a e r o f d e t l a u c a c l e d u c n l i n e s o h c s a w d o h t e m n o i t a m i t s e d e t s s s a i r e t u p m o c a f I . s t i n o p a t a d m o r f l n o i t a o p a r t x e d n a e r a w t f o s r e t u p m o c f o n o i t p i r c s e d a . d e s u s r e t e m a r a p d n a s d r o c e r n o i t c u d o r p e n m i r o / d n a s e t a m i t s e s e k a t e t a m i t s e e c r u o s e R l i a r e n M e h t r e h t e h w i s u o v e r p , s e t a m i t s e k c e h c f o y t i l i b a l i a v a e h T . a t a d h c u s f o t n u o c c a e t a i r p o r p p a f o y r e v o c e r i g n d r a g e r e d a m s n o i t p m u s s a e h T . s t c u d o r p - y b - n o n r e h t o r o s t n e m e e l s u o i r e t l e e d f o n o i t a m i t s E g e ( e c n a c i f i n g s i i c m o n o c e f o l s e b a i r a v e d a r g . ) n o i t a s i r e t c a r a h c e g a n a r d i i e n m d c a i r o f r u h p u s l e v i t c e e s l f o g n i l l e d o m d n h e b i s n o i t p m u s s a y n A e h t , n o i t l a o p r e t n i l e d o m k c o b l f o e s a c e h t n I l e p m a s e g a r e v a e h t o t n o i t l a e r n i e z s i k c o b l . d e y o p m e l h c r a e s e h t d n a i g n c a p s . s t i n u i g n n m i f o e c n a i t s d m u m x a m d n a i s r e t e m a r a p n o i t l a o p r e t n i , i i g n n a m o d , s e u a v l e d a r g . n o i t c a r f c i t e n g a m e h t o t t r o p e r o t d e t c e p x e s i t a h t l a i r e t a m e h t f o e d a r g u t i s n i e h t t n e s e r p e r l s e b a i r a v n e e w e b t n o i t l a e r r o c t u o b a s n o i t p m u s s a y n A e t i s o p m o c e h t o t l t n e a v u q e i s e d a r g t l u a f e d d e n g s s a i e r e w e d a r g d e t l a o p r e t n i n a i e v e c e r t o n i d d t a h t s l l e C i n a m o d e h t r o f s e g a r e v a e d a r g n o i t a t e r p r e t n i l i a c g o o e g l e h t w o h f o n o i t p i r c s e D l . s e b a i r a v a t a d l e d o m d n a l e p m a s e h t n e e w t e b s n o s i r a p m o c l a c i t s i t a t s l a c o l d n a l a b o G l s e d a r g l e d o m d e t a m i t s e d n a l e p m a s t u p n i e h t n e e w e b t s n o s i r a p m o c l a u s V i . s e r u s a e m e c n a m r o f r e p n o i t a m i t s e f o t n e m s s e s s a n A • • • e d a r g g n s u i t o n r o g n s u i r o f i s s a b f o i n o s s u c s D i s s e c o r p i g n k c e h c e h t , n o i t a d i l a v f o s s e c o r p e h T l e o h l l i r d o t a t a d l e d o m f o n o s i r a p m o c e h t , d e s u . l e b a l i a v a f i a t a d n o i t a i l i c n o c e r f o e s u d n a , a t a d . i g n p p a c r o g n i t t u c : d e d u c n l i n o i t a d i l a v l e d o M . s e t a m i t s e e c r u o s e r e h t l o r t n o c o t d e s u s a w • • • • • • • • • h t i w , s t i n u F B I l e l l a r a p - b u s d n a i g n p p d - w o i l l a h s ) 1 1 ( n e v e e l n i d e n i f e d n e e b e v a h s e c r u o s e R . i e d w m k i l y e t a m x o r p p a s i s s e n k c h t i t i n u e g a r e v a e h T . e c a f r u s e h t l w o e b m 0 4 3 l y e t i a m x o r p p a i g n e b t s e p e e d 5 . 1 e h t . d e r e t n u o c n e n e e b e v a h m 0 0 1 i g n d e e c x e s t p e c r e t n i , s e c a p l n i , r e v e w o h ; m 0 4 l a c i t s i t a t s o e g d n a g n i l l e d o m k c o b l l a n o i t n e v n o c g n s u i d e r a p e r p e r e w s e t a m i t s e e c r u o s e R l i a r e n M e h T g n s u i l d e t e p m o c y l i r a m i r p s a w n o i t a r a p e r p l e d o m d n a t n e m s s e s s a a t a d e h T . s e u q n h c e i t n o i t a m i t s e y e k d n a d e i l p p a ) s ( e u q n h c e t i n o i t a m i t s e e h t f o s s e n e t a i r p o r p p a d n a e r u t a n e h T • . e r a w t f i o s ® r o s v r e p u S d n a , i t ® o d u S e n m a i t a D e m e r t x e f o t n e m a e r t t i g n d u c n l i , s n o i t p m u s s a g n i l l e d o m d n a i s e u q n h c e t n o i t a m i t s E r e v o s i d n a e k i r t s l g n o a m k 3 i l y e t a m x o r p p a r o f s d n e t x e e n o z l a r t n e C e h t n i n o i t a s i l i a r e n m d e n i f e d e h T y r a t n e m m o C n o i t a n a p x e l e d o C C R O J a i r e t i r C i B x d n e p p A g n i t l u s n o C K R S 8 1 0 2 y a M 3 2 x c o d . a d I t M d n a n o s a M t M r o f 1 l e b a T R G I r e t i p u J / r l u w W O R B N N U C / 1 1 1 ANNUAL REPORT 2018Appendices: JORC Tables - t u c e h t f i s e d a r g e t a r t n e c n o c r o y r e v o c e r s s a m o t e g n a h c l i i a m n m s e t i a c d n i t n e m s s e s s a e g a n n o t - e d a r g A . % 0 2 o t d e s a e r c n i s i e d a r g f f o MT IDA JORC TABLE 1 (CONTINUED) . l a i r e t a m F B e h t I m o r f d e c u d o r p e b n a c e t a r t n e c n o c l e b a t e k r a m a t a h t e c n e d i f n o c f o l e v e l l e b a n o s a e r a s i e r e h t t a h t s e t a c d n i i k r o w t s e t l i a c g r u l l a t e m y r a n m i i l e r p e h t d n a , l a i r e t a m c i f I a m d n a F B n e e w e b t n e e b t o n s a h t n e t n o c i e r u t s o m u t i s n i d n a i , s s a b e g a n n o t y r d a n o d e s s e r p x e e r a s e t a m i t s e e c r u o s e r e h T y r d a n o d e t a m i t s e e r a s e g a n n o t e h t r e h t e h W . w o e b l d e t n e s e r p s i a t a d y t i s n e d f o n o i t p i r c s e d A . d e t a m i t s e f o d o h t e m e h t d n a , e r u i t s o m l a r u t a n h t i w r o i s s a b . t n e t n o c e r u i t s o m e h t f o i n o i t a n m r e t e d e h t f o e d a r g e F u t i s n i e h t s i i s h t ( g n i t r o p e r e c r u o s e r r o f d e s u n e e b s a h e F c i t e n g a M % 0 1 f o e d a r g f f o - t u c A r o ) s ( e d a r g f f o - t u c d e t p o d a e h t f o i s s a b e h T s e t a n m i i r c s d i y l r a e c l e d a r g f f o - t u c i s h T . ) e t a r t n e c n o c c i t e n g a m e h t o t t r o p e r o t d e t c e p x e s i t a h t l a i r e t a m . d e i l p p a s r e t e m a r a p y t i l a u q y r a t n e m m o C n o i t a n a p x e l e d o C C R O J • • a i r e t i r C e r u t s o M i s r e t e m a r a p f f o - t u C i B x d n e p p A g n i t l u s n o C K R S 1 1 2 t i p n e p o e v i t c e e s l l a n o i t n e v n o c g n s u i d e t c a r t x e e b l y e k i l l l i w e r o t a h t e t i a c d n i i s e d u t s i i g n n m y r a n m i i l e r P i i g n n m e b s s o p i l i g n d r a g e r e d a m s n o i t p m u s s A • s r o t c a f i g n n M i l a n o i t n e v n o c g n s u i i g n s s e c o r p o t l a i r e t a m a d I t M e h t f o y t i l i b a n e m a e h t n i e c n e d i f n o c f o l e v e l l e b a n o s a e r R T D e h t d n a s t l u s e r t s e t l i a c g r u l l a t e m y r a n m i i l e r p e h T . s e u q n h c e i t n o i t a r a p e s c i t e n g a m d n a i g n d n i r g e h t n i i s t n a n m a t n o c d n a e F f o l s e v e l l e b a t p e c c a d n a , s e i r e v o c e r s s a m e b a l t p e c c a e t i a c d n i s t l u s e r . e t a r t n e c n o c i g n n m r e i t e d f o s s e c o r p e h t f o t r a p s a y r a s s e c e n i c m o n o c e l a u t n e v e r o f s t c e p s o r p l e b a n o s a e r l i a c g r u l l a t e m l a i t n e t o p i r e d s n o c o t n o i t c a r t x e i g n d r a g e r s n o i t p m u s s a e h t t u b , s d o h t e m d n a s e s s e c o r p t n e m a e r t t l i a c g r u l l a t e m l i a r e n M g n i t r o p e r n e h w e d a m s r e t e m a r a p e r e h W . s u o r o g i r n a h t i w d e t r o p e r e b e b s y a w a l t o n y a m s e c r u o s e R l d u o h s i s h t , e s a c e h t s i i s h t l i a c g r u l l a t e m e h t f o i s s a b e h t f o n o i t a n a p x e l . e d a m s n o i t p m u s s a e t i t e n g a m a f o n o i t c u d o r p e h t r o f k c o t s d e e f s a d e s u e b l l i w l a i r e t a m a d I t M e h t t a h t d e s o p o r p s i t I s n o i i t c d e r p r o s n o i t p m u s s a r o f i s s a b e h T • i s h t , e s a c e h t s i i s h t e r e h W . s u o r o g i r e b s y a w a l e h t f o n o i t a n a p x e l n a h t i w d e t r o p e r e b l d u o h s t o n y a m s e c r u o s e R l i a r e n M g n i t a m i t s e n e h w . e d a m s n o i t p m u s s a i i g n n m e h t f o i s s a b s r e t e m a r a p d n a s d o h t i i e m g n n m g n d r a g e r i e d a m s n o i t p m u s s a e h t t u b , s d o h t e m g n n m i i l a i t n e t o p i r e d s n o c o t n o i t c a r t x e i c m o n o c e l a u t n e v e r o f s t c e p s o r p l e b a n o s a e r i i g n n m r e t e d f o s s e c o r p e h t f o t r a p s a y r a s s e c e n s y a w a l s i t I . n o i t u l i d a s i e r e h t t a h t s e t a c d n i i r e t i p u J y b i d e n o s s m m o c i k r o w t s e t l i a c g r u l l a t e m y r a n m i i l e r P . e t a r t n e c n o c s y a w a l s i t I . y t i l i b a n e m a l i a c g r u l l a t e m g n d r a g e r i l i a c g r u l l a t e M s n o i t p m u s s a r o s r o t c a f . s e t a m i t s e e c r u o s e r e h t o t n i d e r o t c a f n e e b t o n e v a h s n o i t p m u s s a i g n n m i ) l a n r e t x e , l e b a c i l p p a f i , r o ( l a n r e t n i s n o i t p m u s s a n o i t u l i d g n n M i i . e g a u a h l k c u r t p m u d d n a i , g n n m i r o t a v a c x e c i l u a r d y h s e d u c n l i i h c h w , s d o h t e m g n n m i i d n a i s n o s n e m d i i i g n n m m u m n m i i , s d o h t e m r o 8 1 0 2 y a M 3 2 x c o d . a d I t M d n a n o s a M t M r o f 1 l e b a T R G I r e t i p u J / r l u w W O R B N N U C / JUPITER MINES LIMITEDAppendices: JORC Tables MT IDA JORC TABLE 1 (CONTINUED) l i . s a r e n m m r o f i t s e b s a i n a t n o c o t l y e k i l s i t a h t g n i t t e s l i a c g o o e g l a n i r u c c o s t i s o p e d e t i t e n g a m a d I t n u o M e h T . i n g s e d e g a r o t s k c o r e t s a w o t n i d e r o t c a f d n a S F D r o S F P a g n i r u d l d e t e p m o c e b o t d e t c e p x e s i l a i t n e t o p n o i t i a n m a t n o c f o n o i t a s i r e t c a r a h c e h T i d e n a r g - e n i f s a t n e s e r p e b o t d e t c e p x e s i d n a l , s e p m a s e r o c e m o s n i d e v r e s b o n e e b s a h l a i r e t a m s u o r b F i t n o i j g n o a l i s n e v i h t d w e r t e m i l l i m n i l a i r e t a m d e n a r g i - r e s r a o c s a l l e w s a , s t i n u e t s a w c i f a m e h t n i e t i l o n i t c a s i K R S , r e v e w o h l ; s e s y a n a M E S D R X / r o f l s e p m a s 4 2 3 d e t t i m b u s r e t i p u J , 2 1 0 2 n I . s e n a p l t l u a f d n a . n o i t a n m r e t i j t c e o r p o t r o i r p l d e t e p m o c s a w y d u t s i s h t r e h t e h w f o e r a w a n u l a t n e m n o r i v n e t n a v e e r l e h t r e d n u i d e n m e b l l i w e c r u o s e r e h t n i d e d u c n l i l a i r e t a m t a h t d e t a p c i t i n a s i t I e i . s e d u t s t n e u q e s b u s t r a p a s a d e n i f e d e b l l i w h c h w i , g n i t t i m r e p l a u t n e v e r o f s t c e p s o r p l e b a n o s a e r i i g n n m r e t e d l a i t n e t o p e h t i r e d s n o c o t n o i t c a r t x e i c m o n o c e d n a i i g n n m e h t f o s t c a p m i l a t n e m n o r i v n e f o s u t a t s e h t , d e c n a v d a l l e w e b s y a w a l t o n y a m , t c e o r p j s d e l i f n e e r g a r o f l y l r a u c i t r a p , s t c a p m i e h t e g a t s i s h t t a e l i h W . n o i t a r e p o i g n s s e c o r p l a t n e m n o r i v n e l a i t n e t o p f o i n o i t a n m r e t e d . d e t r o p e r e b l d u o h s s t c a p m i l a t n e m n o r i v n e l a i t n e t o p e s e h t f o n o i t i a r e d s n o c y l r a e d e r e d s n o c i n e e b t o n e v a h s t c e p s a e s e h t e r e h W f o n o i t a n a p x e l n a h t i w d e t r o p e r e b l d u o h s i s h t . e d a m s n o i t p m u s s a l a t n e m n o r i v n e e h t s i t I . s n o i t p o l a s o p s d i e u d s e r i s s e c o r p d n a f o s s e c o r p e h t f o t r a p s a y r a s s e c e n s y a w a l l t s a w e b s s o p i i g n d r a g e r e d a m s n o i t p m u s s A • i B x d n e p p A y r a t n e m m o C n o i t a n a p x e l e d o C C R O J g n i t l u s n o C K R S a i r e t i r C l a t n e m n o r i v n E s n o i t p m u s s a r o s r o t c a f l i a c s y h p o e g l e o h n w o d m o r f d e r i u q c a s t n e m e r u s a e m y t i s n e d l k u b m o r f d e v i r e d e r e w s t e s a t a d y t i s n e d e h T l i a c s y h p o e g e h T l . s e p m a s e r o c n o d e t c u d n o c s t s e t y r o t a r o b a l i n o s r e m m i r e t a w m o r f s a l l e w s a , i g n g g o l y r o t a r o b a l e h T . s e o h l l l i r d 3 9 m o r f d e r i u q c a s t n e m e r u s a e m 6 2 6 , 9 0 2 f o l a t o t a d e n a i t n o c t e s a t a d i g n g g o l e h t , i d e n m r e t e d f I . s n o i t p m u s s a e h t r o f i s s a b e h t y c n e u q e r f e h t , y r d r o t e w r e h t e h w , d e s u d o h t e m , d e m u s s a f I . i d e n m r e t e d r o d e m u s s a r e h t e h W . s e o h l 2 2 m o r f d e r i u q c a s t l u s e r 3 3 7 , 1 f o l a t o t a d e n a i t n o c t e s a t a d d n a e z s i , e r u t a n e h t , s t n e m e r u s a e m e h t f o i s h t m o r f d e v i r e d n o i t a u q e i n o s s e r g e r A . e F l a t o t d n a y t i s n e d n e e w e b t d e v r e s b o s a w n o i t l a e r r o c g n o r t s A l e d o m n a e m e h T . e d a r g e F d e t a m i t s e e h t m o r f l l e c h c a e r o f y t i s n e d e h t . 3 e t a m i t s e o t d e s u s a w n o i t l a e r r o c m / t 6 . 3 l y e t i a m x o r p p a s i y t i s n e d o t n i n e k a t n e e b s a h i s h T . n o i t a n m r e t i j t c e o r p f o e m i t e h t t a d e t l e p m o c n e e b t o n d a h a t a d t s e t i n o s r e m m i r e t a w e h t h t i w s y e v r u s l i a c s y h p o e g l e o h n w o d m o r f d e r i u q c a a t a d y t i s n e d e h t f o n o s i r a p m o c d e l i a t e d A . s e t a m i t s e e c r u o s e r e h t o t s n o i t a c i f i s s a c l i g n n g s s a i n e h w n o i t i a r e d s n o c e v a h t s u m l a i r e t a m k u b l r o f y t i s n e d l k u b e h T l y e t a u q e d a t a h t s d o h t e m y b d e r u s a e m n e e b , ) . c t e , y t i s o r o p , s g u v ( s e c a p s i d o v r o f t n u o c c a d n a k c o r n e e w e b t s e c n e r e f f i d d n a e r u t s o m i . t i s o p e d e h t i n h t i w s e n o z n o i t a r e t l a l . s e p m a s e h t f o s s e n e v i t a t n e s e r p e r s e t a m i t s e y t i s n e d l k u b r o f s n o i t p m u s s a s s u c s D i t n e r e f f i d e h t f o s s e c o r p n o i t l a u a v e e h t n i d e s u l . s a i r e t a m • • • y t i s n e d l k u B 8 1 0 2 y a M 3 2 x c o d . a d I t M d n a n o s a M t M r o f 1 l e b a T R G I r e t i p u J / r l u w W O R B N N U C / 1 1 3 ANNUAL REPORT 2018Appendices: JORC Tables MT IDA JORC TABLE 1 (CONTINUED) i g n y n a p m o c c a e h T l . y n o s e t a m i t s e l a b o g l r o l a n o g e r i s a d e r e d s n o c i e b l d u o h s s e i t i t n a u q e c r u o s e r e h T s e t l a e r t i r e h t e h w y f i c e p s l d u o h s t n e m e t a t s e h T • . d e i l p p a e r e w s t n e m t s u d a j . e t a m i t s e e h t r o f l e b a t i u s d e r e d s n o c i t o n e r a t u b i , s e d u t s i g n n n a p l e n m i t r o p p u s o t l e b a t i u s d e r e d s n o c i e r a l s e d o m e t a t s , l a c o l f i , d n a , s e t a m i t s e l a c o l r o l a b o g l o t . s e t a m i t s e l a c o l e h t n o p u e c n a i l e r t n a c i f i n g s i e c a p l t a h t i s e d u t s r o , i g n n n a p l n o i t c u d o r p t n a v e e r l e b l d u o h s i h c h w , s e g a n n o t t n a v e e r l e h t s n o i t p m u s s a e d u c n l i l d u o h s n o i t a t n e m u c o D . n o i t l a u a v e i c m o n o c e d n a l i a c n h c e t o t . d e s u s e r u d e c o r p e h t d n a e d a m o n d n a , n o i t a c i f i s s a c l d n a s e t a m i t s e e c r u o s e r e h t n o t c a p m i l i i a m n m e v a h o t d e r e d s n o c i s a w s h T i f o e c n e d i f n o c d n a y c a r u c c a e v i t a e r l e h t t c e f f a y r a t n e m m o C i B x d n e p p A e h t n i e c n e d i f n o c e h t f o n o i t a r e d s n o c i a n o d e s a b d e i l p p a n e e b e v a h s n o i t a c i f i s s a c l e c r u o s e r e h T e r a y t i l a u q a t a d d n a i g n c a p s l l i r d , e s e h t f O . l a i r e t a m e h t f o y t i l i b a v i i c m o n o c e l y e k i l e h t d n a , i e u q n h c e t . n o i t a c i f i s s a c l n o s r o t c a f g n i l l o r t n o c e h t e b o t d e r e d s n o c i n o i t a m i t s e e h t n i e c n e d i f n o c e h t , a t a d t u p n i e h t f o y t i t n a u q d n a y t i l a u q e h t , n o i t a t e r p r e t n i l i a c g o o e g l e h t n i m o r f t r a p a e g a r e v o c m r o f i n u a h t i w m 0 0 1 i l y e t a m x o r p p a r e v e w o h , e n o z h t r o N d n a h t u o S e h t n i d e s u n e e b s a h m 0 0 2 s i f o e n o z l a r t n e C n i i g n c a p s l l i r d e g a r e v a e h T i g n c a p s l l i r d l i a n m o n A . s a e r a l a r e h p i r e p . s e i r o g e t a c e c n e d i f n o c i g n y r a v o t n i s e c r u o s e R l i a r e n M e h t f o n o i t a c i f i s s a c l e h t r o f i s s a b e h T f o n e k a t n e e b s a h t n u o c c a e t a i r p o r p p a r e h t e h W n i e c n e d i f n o c e v i t l a e r . e . i ( s r o t c a f t n a v e e r l l l a t u p n i f o y t i l i b a i l e r , s n o i t a m i t s e e d a r g / e g a n n o t d n a l y g o o e g f o y t i u n i t n o c n i e c n e d i f n o c , a t a d n o i t a n a p x e l e d o C C R O J s e t a m i t s e e n o z h t r o N d n a , h t u o S , l a r t n e C g n n a m e r i i o t d e n g s s a i , a t a d d e c a p s m 0 0 1 e h t n i d e n i f e d l l e w e b o t s r a e p p a y t i u n i t n o c l i a c g o o e G l l . r a u g e r r i t i e u q s i e g a r e v o c e h t f o n o i t u b i r t s d i d n a y t i t n a u q , y t i l a u q , s e u a v l l a t e m t n e m s s e s s a y r a n m i i l e r p A l . d e t e p m o c n e e b t o n d a h t n e m s s e s s a d e l i a t e d a , 2 1 0 2 f o d n e e h t t a n o i t i a n m r e t y d u t s e h t f o e m i t e h t t a , r e v e w o h ; d e t c e l l o c n e e b s a h a t a d e c n a r u s s a y t i l a u q f o t n u o m a t n a c i f i i n g s A . n o i t a m i t s e e c r u o s e r r o f a t a d e h t f o y t i l i b a i l e r e h t h t i w s e u s s i t n a c i f i n g s i y n a e t i a c d n i t o n i d d n e e b s a h d e r r e f n I f o n o i t a c i f i s s a c A l . e g a r e v o c l l i r d m r o f i n u h t i w s n o g e r i e h t n i s e t a m i t s e e n o z l a r t n e C e h t o t d e n g s s a i n e e b s a h e c r u o s e R d e t a c d n I i f o n o i t a c i f i s s a c l a , s n o i t i a r e d s n o c e v o b a e h t n o d e s a B e h t s t c e l f e r l y e t a i r p o r p p a t l u s e r e h t r e h t e h W . t i s o p e d e h t f o w e v i ’ s n o s r e P t n e t e p m o C . m 0 0 3 t s a e l t a f o s e g n a r y t i u n i t n o c e d a r g l u f e s u s e t i a c d n i y h p a r g o i r a v e h t d n a . ) a t a d e h t e c r u o s e r e h t n i d e d u c n l i d n a n o i t a c i f i s s a c l e c r u o s e r a d e n g s s a i n e e b s a h F B s a I d e t e r p r e t n i l a i r e t a m y n O l . y r o t n e v n i e c r u o s e r t n e c e r t s o m e h t n o d e t c u d n o c n e e b e v a h s w e v e r i r o s t i d u a t n e d n e p e d n i y n a f o e r a w a t o n s i K R S l a r e n M i f o s w e v e r i r o s t i d u a y n a f o s t l u s e r e h T . s e t a m i t s e . s e t a m i t s e e c r u o s e R n i i y t n a t r e c n u e h t y f i t n a u q r e h t r u f o t e d a m n e e b e v a h s t p m e t t a o n d n a , ) 2 1 0 2 ( e d o C C R O J e h t y n a p m o c c a t a h t s e n i l i e d u g e h t h t i w e c n a d r o c c a n i d e i f i s s a c l d n a d e r a p e r p n e e b e v a h s e t a m i t s e e c r u o s e r e h T . s e t a m i t s e e h t l d e t e p m o c n e e b s a h k r o w o n , e t a d o T . a t a d e h t h t i w s n r e c n o c t n a c i f i n g s i y n a t h g i l h g h i t o n i d d t n e m s s e s s a y r a n m i i l e r p e h t h g u o h t l a l , d e t e p m o c n e e b t e y t o n s a h a t a d e c n a r u s s a y t i l a u q e h t f o n o i t a l i p m o c d e l i a t e d A l . s e p m a s C R e h t n i s s o l l a i r e t a m l a i t n e r e f e r p l i e b s s o p o t e u d s a b i e d a r g f o d o o h i l e k i l e h t e t a g i t s e v n i o t y t i s n e d r e h t o i t s n a g a i g n g g o l l i a c s y h p o e g l e o h n w o d m o r f d e v i r e d s e i t i s n e d e h t f o n o s i r a p m o c d e l i a t e d A . d e t l e p m o c n e e b t e y t o n s a h s e r u d e c o r p t s e t e v i t l a e r e h t f o t n e m e t a t s a e t a i r p o r p p a e r e h W l i a r e n M e h t n i l e v e l e c n e d i f n o c d n a y c a r u c c a r o h c a o r p p a n a g n s u i e t a m i t s e e c r u o s e R e h t y b e t a i r p o r p p a d e m e e d e r u d e c o r p n o i t a c i l p p a e h t , l e p m a x e r o F . n o s r e P t n e t e p m o C e c r u o s e r e h t f o y c a r u c c a e v i t l a e r e h t y f i t n a u q n a h c u s f i , r o , s t i m i l e c n e d i f n o c d e t a t s i n h t i w o t s e r u d e c o r p l a c i t s i t a t s o e g r o l a c i t s i t a t s f o a , e t a i r p o r p p a d e m e e d t o n s i h c a o r p p a . a t a d y e v r u s e h t n i m 1 f o y c n a p e r c s d i n o i t a v e e l n a d e i f i t n e d i r o t c a r t n o c i g n y e v r u s e h t , 2 1 0 2 r e b m e v o N n I l d u o c t a h t s r o t c a f e h t f o i n o s s u c s d i e v i t a t i l a u q • • • • • f o i n o s s u c s D i e c n e d i f n o c / y c a r u c c a e v i t a e r l g n i t l u s n o C K R S a i r e t i r C n o i t a c i f i s s a C l r o s t i d u A s w e v e r i 1 1 4 8 1 0 2 y a M 3 2 x c o d . a d I t M d n a n o s a M t M r o f 1 l e b a T R G I r e t i p u J / r l u w W O R B N N U C / JUPITER MINES LIMITEDAppendices: JORC Tables MT IDA JORC TABLE 1 (CONTINUED) y r a t n e m m o C n o i t a n a p x e l e d o C C R O J a i r e t i r C d e r a p m o c e b l d u o h s e t a m i t s e e h t f o e c n e d i f n o c . l e b a l i a v a e r e h w , a t a d n o i t c u d o r p h t i w d n a y c a r u c c a e v i t l a e r f o s t n e m e t a t s e s e h T • i B x d n e p p A g n i t l u s n o C K R S 8 1 0 2 y a M 3 2 x c o d . a d I t M d n a n o s a M t M r o f 1 l e b a T R G I r e t i p u J / r l u w W O R B N N U C / 1 1 5 ANNUAL REPORT 2018Appendices: JORC Tables This page has been left intentionally. 1 1 6 JUPITER MINES LIMITED Level 10, 16 St Georges Terrace Perth, Western Australia, 6000 T +61 8 9346 5500 F +61 8 9481 5933 www.jupitermines.com
Continue reading text version or see original annual report in PDF format above