Annual
Report
3
JUPITER MINES
About this report
What the Report Covers
This annual report is a summary of Jupiter Mines’ activities and
financial results, including operational, sustainability and financial
performance at the Tshipi manganese mine (Jupiter 49.9%) for the
financial year ended 30 June 2024. All references to ‘Jupiter Mines‘
‘Jupiter’, ‘the Company’, ‘we’, ‘us’, ‘our’ refer to Jupiter Mines Limited
(ABN 51 105 991 740).
References in this report
References in this report to a ‘quarter’, ‘year’ and ‘FY24’ are to the
financial year 1 July 2023 to 30 June 2024, unless otherwise stated.
All dollar figures are expressed in Australian dollars (AUD) unless
otherwise stated.
References to ‘previous full financial year’ ‘previous full year results’
’previous full year’ refer to financial year 1 March 2022 to 28 February
2023, which was Jupiter’s previous 12-month reporting period.
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Contents
Jupiter
Mines is
the largest
pure-play
manganese
miner on
the ASX
Headquartered in Perth, Western Australia,
Jupiter’s core asset is a 49.9% stake in Tshipi
é Ntle Manganese Mining (Proprietary)
Limited (“Tshipi”) which operates the Tshipi
manganese mine in South Africa’s Kalahari
Manganese Field. Jupiter has a track record
of returning value to shareholders, including
through regular dividends, and a strategy
to grow its exposure to manganese, a key
metal used in steel and – increasingly – in the
electric vehicle battery market.
About Us
2
Our History
4
From the Chair
6
From the Chief Executive Officer
9
Operating and Financial Review
10
Our Strategy
12
Manganese Market
16
Material Business Risks
18
Mineral Resources and Ore Reserves Statement
19
Sustainability Report
24
Our Approach to Sustainability
29
Our Focus Areas
42
Appendices
60
Directors’ Report
64
Remuneration Report
71
Financial Report
81
Directors’ Declaration
117
Auditor’s Reports
118
Additional Information for Listed Companies
125
Corporate Directory
128
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Our Values
Safety First, Always
Caring for each other is at the heart of how we work. It’s about
making thoughtful choices that prioritise safety and wellbeing,
so that everyone feels valued, protected, and supported.
We aim to be the leading manganese
producer in the world, with a reputation for
reliability, responsibility and robust returns.
Our Vision
Lead by Example
Integrity and reliability define our actions. We set the standard
by doing what’s right, delivering on our commitments and
fostering trust through dependable and transparent actions.
Better Every Day
We’re always looking for better ways. From managing daily
tasks to operating our business, we seek better ways to
deliver enduring benefits for our people, partners, and the
communities we serve.
About Us
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Our Objectives
Manganese Leader
Largest manganese ore production of any
company in the world, by June 2028.
Reliable
Production that is within 95% of volume targets,
every year. Zero shipments rejected for quality.
Responsible
Across Jupiter and Tshipi, more than 90% of
employees to be South African. More than 70% of
mine employees to be local. Improved ESG and
B-BBEE scores at Tshipi each year.
Robust Returns
Dividend payments, with a minimum 70% payout
ratio. Earnings to grow in line with production.
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Ntsimbintle was
incorporated when
nine Black Economic
Empowerment groups
secured manganese
prospecting rights in the
Northern Cape.
Jupiter Mines and
OM Holdings acquire
equity in Tshipi. The
capital generated
from the transaction is
allocated to partly fund
development of the
Tshipi mine.
Tshipi’s own rail siding
is constructed, providing
significant logistical
advantages over local
manganese producers.
Production commences
at Tshipi and first
shipment of manganese
ore is exported from
Port Elizabeth.
2004
2010
2012
2008
2011
2016
Tshipi é Ntle Manganese
Mining (Proprietary)
Limited (Tshipi) is
formed.
Construction activities
commence at Tshipi.
The total manganese
mineral resources of the
Tshipi mine amounted
to 418 million tonnes as
at 31 December 2016, of
which 61 million tonnes
represent ore reserves.
Jupiter Mines holds a 49.9% interest in the
Our History
Corporate
Structure
Jupiter’s 49.9% beneficial interest
in Tshipi is held through its wholly
owned subsidiary Jupiter Kalahari
Pty Ltd, which holds a 49.9%
shareholding in Tshipi é Ntle, as
shown in the diagram below:
50.1%
49.9%
100%
Jupiter Kalahari Pty Ltd
AUSTRALIA
SOUTH AFRICA
74%
26%
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Tshipi exported a new
record of 3.5 million
tonnes of manganese
ore, strengthening its
position as the largest
exporter of manganese
ore from South Africa.
Jupiter releases five-year
growth strategy – with
a focus on improving
operating efficiency,
growing production
volumes and potentially
entering the electric
vehicle battery market,
while being accountable
to a new ESG framework.
Tshipi exports the first
parcel of manganese ore
from the East London
port, making Tshipi
the first manganese
producer to export
through all eight South
African commercial
seaports.
Tshipi exported a record
3.34 million tonnes of
manganese, becoming
the largest exporter of
manganese ore from
South Africa.
Tshipi produces a record
3.7 million tonnes of
manganese ore.
Jupiter releases its
Inaugural Sustainability
Report, showcasing ESG
performance at Tshipi.
2018
2022
2024
2019
2023
2024
world-class, long-life Tshipi Manganese Mine in South Africa.
Tshipi
Managnese
Mine
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FY24 performance
The Tshipi manganese mine (Tshipi) in South Africa, in which Jupiter
has a 49.9% economic interest, has again delivered a solid operational
performance. At year-end, production levels reached 3.5 million tonnes,
and sales volumes totalled 3.6 million tonnes, surpassing averages from
previous years. At the end of June, Tshipi had a healthy cash on hand
balance of ZAR995 million (approximately $82 million) and the mine
reported earnings before interest, tax and depreciation of $119.6 million
and net profit after tax of $80.2 million.
Based on our ownership in Tshipi, and our own marketing and development
activities, Jupiter Mines declared a Group net profit after tax of $38.9 million
for FY24, compared with the previous financial year of $130.1 million, and an
EBITDA of $41.2 million, compared with the previous year of $89.2 million.
This was in line with expectations, given lower average manganese prices
prevailing in FY24, compared to FY23.
On average, manganese prices for FY24 were low, influenced by relatively
weak end steel demand in China and sometimes high levels of manganese
supply. In May and June 2024, manganese prices achieved relatively high
levels, due to the impact of Cyclone Megan on the GEMCO mine in Australia,
which supplies 10-15% of the world’s manganese. The outage impacted
global supply dynamics, contributing to price volatility as traders and
producers adjusted to the disruption.
By late June 2024, prices had begun to contract. This was primarily due
to softening demand factors, which outweighed the supply outage,
resulting in a reduction in demand for imported manganese ore and
a commensurate reduction in the manganese ore price. At the time of
writing, manganese prices have dropped by approximately 40% from their
peak in early June and are nearing cyclical low levels.
Given the uncertainty in the near-term market outlook, the Board of Tshipi
decided not to declare a dividend to its shareholders for the six-month
period to 30 June 2024, electing to wait until a more settled manganese
price outlook is restored before considering the declaration of a dividend.
In the meantime, Jupiter declared a final dividend from its own retained
cash of $0.0025 per share, bringing the total dividend payments for FY24 to
$0.0125 per share.
Environment, Social and Governance (ESG)
We have made important progress this year in supporting our vision of
becoming the global leader in sustainably empowered manganese mining.
Following the release of our ESG Strategy and Reporting Framework in the
first half, Jupiter released its inaugural Sustainability Report, providing an
overview of FY23 ESG performance at Tshipi. While this was our inaugural
report, a consistent focus on ESG performance has characterised Jupiter’s
activities, business relationships and operations since its inception.
From the Chair
On behalf of the Board of Directors of Jupiter Mines Limited, I am pleased to
share with you the Company’s Annual Report for the financial year ending
30 June 2024.
From this report onwards, our annual ESG update will be a standard feature
of our annual disclosures, with this Annual Report including our second
Sustainability Report, outlining progress in FY24.
Board changes
As we enter the new financial year, I am pleased to welcome Sally Langer
as Non-Executive Director to the Jupiter Board. Sally is a highly respected
corporate executive, with substantial experience in the resources sector,
and I look forward to her valuable contribution.
Sally’s appointment follows the retirement of Non-Executive Director
Patrick Murphy, who decided to step down from the Board after a three-
year successful term. Patrick has been a key contributor to the success of
Jupiter over this time and I wish him all the very best for his next chapter.
Outlook
Against a backdrop of fluctuating market dynamics, the case for
manganese remains strong. Jupiter remains focused on optimising
operations at Tshipi, pursuing growth opportunities, and maintaining
financial resilience to enhance shareholder value.
I extend my personal thanks to Brad and the management team for their
dedication and hard work in advancing Jupiter over the past 12 months,
and to my fellow Non-Executive Directors for their ongoing guidance and
support.
Finally, I would like to express my sincere appreciation to our shareholders
for their continued support. We look forward to sharing our progress with
you over the coming year ahead.
Ian Murray
Chair
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Our focus for the year ahead
While we expect short-term market fluctuations to continue, Tshipi is very
well placed. With no debt, comparatively low costs and more than 100
years of mine life remaining, Tshipi has proven itself successful through
the manganese market cycle. At Jupiter, our focus remains firmly on
advancing the execution of our five-year Company strategy. With the
ongoing support of our partners, stakeholders, and shareholders, we are
well-positioned to continue delivering value in the year ahead.
Thank you for your continued support.
Brad Rogers
Chief Executive Officer and Managing Director
Jupiter Mines Limited
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From the Chief Executive Officer
This year saw strong performance at Tshipi, particularly in the second half.
Targeted efforts to boost production, refine ore processing, and optimise
logistics enabled record sales volumes when prices were favourable,
resulting in pleasing operational results for FY24.
1 Per 200,000 million hours worked.
Safety performance
Tshipi’s long-standing safety record continues to benchmark favourably
against industry standards. Unfortunately, in the first half of the year,
Tshipi recorded four Lost Time Injuries (LTI). These incidents, while all
minor in nature, serve as an important reminder of the ongoing vigilance
required to achieve our goal of zero harm. Following these incidents, Tshipi
intensified their focus on safety, implementing targeted initiatives on site.
Safety performance improved in the second half of the year, resulting in a
Total Recordable Injury Frequency (TRIF) of 0.351 for the year.
Solid operational results
A strong operational performance at Tshipi, particularly in the second half,
resulted in record sales volumes against fluctuating manganese market
dynamics.
A focus on enhancing ore processing efficiencies placed Tshipi in a strong
position to maximise both high-grade and low-grade ore when prices
increased in May and June. The June quarter saw production rise sharply
by 22% from the March quarter. High-grade ore extraction increased by
39% compared to the March quarter. Low-grade ore processing more than
doubled in the final quarter as part of a deliberate strategy to capitalise on
higher low-grade interest at the time. FY24 finished with production of
3.46 million tonnes, up from 3.34 million tonnes the previous year.
Export operations were expanded during the year to include the port of
East London, in the Eastern Cape Province, resulting in Tshipi becoming
the first manganese producer to export through all eight South African
commercial seaports. On the land logistics front, Tshipi optimised rail
usage, strategically minimising reliance on road haulage to reduce
logistics costs and enhance operational efficiency. In the June quarter,
sales volumes increased by 35% compared to the March quarter, driven by
the proactive efforts of Tshipi’s logistics team to secure additional capacity
early, enabling strong sales volumes and higher realised prices. At year-
end, Tshipi sales outperformed expected volumes, achieving
3.6 million tonnes of manganese ore sold.
Our Company values
During the year we defined our Company values which form the foundation
of Jupiter’s culture. Our three values – Safety First, Always; Lead by Example;
Better Every Day - guide the way that we work and how we engage with
each other and our stakeholders. Aligned with our vision to be the world’s
leading manganese producer, our values will undergo regular reviews to
ensure they remain relevant and in keeping with our strategic objectives.
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Operating and Financial
Review
Financial Performance
Tshipi achieved strong production and sales volumes in FY24, with several
record-breaking results across the year. The first three quarters of the year
were dominated by persistently low manganese ore prices. It was not until
the final quarter, following South32’s announcement of the temporary
closure of the GEMCO mine, that supply constraints led to a sharp, albeit
temporary, increase in manganese prices. Despite this late boost, overall
lower average prices throughout the year have resulted in lower Company’s
revenue and earnings, compared with the previous year.
Jupiter recorded a Group net profit after tax (NPAT) of $38.9 million in FY24,
compared with $131 million in FY23 (restated). The Group achieved underlying
earnings before interest, tax, depreciation and amortisation (EBITDA) of $41.2
million, down from $89.2 million in the previous financial year.
Jupiter’s share of profit from Tshipi amounted to $40.0 million at year-end,
down from $86.0 million in FY23. Production of manganese ore at Tshipi
increased by 4.8% over the year, reaching 3.46 million tonnes, compared to
3.3 million tonnes in FY23. Sales volume of manganese ore was consistent
with the previous year’s results, achieving 3.5 million tonnes. Jupiter’s
marketing division generated $8.1 million in marketing fee revenue, down
from $9.5 million in the previous year.
EBITDA is a non- financial measure that in the opinion of Jupiter’s Directors,
provide useful information to assess the financial performance of the
Group over the reporting period.
Reconciliation from statement of profit or loss to EBITDA
June 2024
February 2023
$m
$m
Profit before tax
42.2
89.7
Net finance income
(1.1)
0.6
Depreciation and amortisation
0.1
(0.0)*
EBITDA
41.2
89.2
*rounding
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Waste mining volumes remained consistent throughout the year, with
a slight reduction in the second quarter, primarily due to the Christmas
period and production hours lost to extreme weather.
The cost of production increased by an average of 7% across the period,
with a notable 31% rise in the fourth quarter compared to the prior period.
This was primarily driven by a material increase in royalties due to higher
profitability in the quarter. South African mineral royalties are calculated
based on earnings before interest and tax (EBIT) and gross sales. The
increased profitability during the quarter, and consequently for the year to
date, resulted in a higher applicable royalty rate being applied across the
reporting period, with the catch-up accrued in the June quarter.
Logistics and Sales
The year saw an expansion of export operations, with the inclusion of the
port of East London, in the Eastern Cape Province. Tshipi successfully loaded
and dispatched the first shipment of manganese ore from East London
in October, followed by additional volumes in November and December.
This strategic move makes Tshipi the first manganese producer to export
through all eight South African commercial seaports.
Rail transportation of manganese ore is managed by Transnet Freight
Rail (TFR), South Africa’s state-owned rail operator, which oversees key rail
corridors including the Saldanha corridor, a crucial route for manganese
exports. TFR faced significant challenges during the period, including major
rail derailments in quarter two and quarter three and equipment failures
in quarter three, which led to several train cancellations. These disruptions
were external to Tshipi’s operations and were managed by TFR. Despite
these setbacks, Tshipi remained ahead of plan for rail volumes at the end
of quarter three, and subsequently increased logistics by 55% in the final
quarter to capitalise on the improved manganese price environment and
additional sales demands.
The market response to the sharp increase in manganese prices in the
final quarter led to a 35% increase in sales volumes, resulting in a record
one million tonnes of manganese ore sold during this period. At year-end,
Tshipi sales outperformed expected volumes, achieving 3.6 million tonnes
of manganese ore sold.
Operational Performance
Located in the Kalahari Manganese Field, which contains around 75% of
the world’s manganese resources, Tshipi is a standout operation. Since
commencing production in 2012, it has become one of the largest and most
efficient manganese producers and exporters globally. Tshipi operates
as an open pit mine, producing up to 3.7 million tonnes of manganese
ore annually, with the flexibility to scale production in line with market
demand. This production capacity is supported by top-tier transport
infrastructure, enabling rapid loading and efficient export processes.
Tshipi’s strategic location and efficient operation ensure strong cash
margins throughout the cycle, positioning it as a highly competitive
producer in the manganese market.
Health, Safety and Wellbeing
Tshipi maintains a commendable safety record which benchmarks
favourably against the world’s largest and most reputable mining
companies. Safety performance at Tshipi improved throughout the year,
particularly in the second half, concluding with a TRIFR of 0.35 and LTIFR of
0.25 at the end of June1. A comprehensive overview of Tshipi’s health, safety
and wellbeing performance is provided in the FY24 Sustainability Report
contained within this report.
Mining and Production
Tshipi delivered strong production volumes throughout FY24, achieving
record outputs across several periods.
Unplanned downtime of the primary crusher system in July temporarily
impacted production, however, levels recovered during August, culminating
in a new production record in September. In the third quarter, mining of
graded ore saw a slight decline due to operations in a less productive
section of the pit, which had a higher strip ratio. In response, the mining
sequence was adjusted, resulting in a 39% increase in graded ore
extraction in quarter four, compared to quarter three. By the end of the
June quarter, Tshipi achieved a 22% increase in production volumes from
the March quarter, capitalising on improved market conditions which also
saw low-grade material being exported to meet demand.
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2 ASX Announcement 16 November 2023
3 ASX Announcement 15 April 2024
Our Strategy
Optimise production
from all owned mines
Targeted M & A
INDUSTRY LEADER
(GROWTH)
SUSTAINABLY EMPOWERED
(ESG)
Tshipi solar
Launch ESG Reporting
Framework
FITTEST IN THE FIELD
(EFFICIENCY)
Improve logistics
Streamline marketing
processes
Eliminate Tshipi
product rehandle
Complete EV Battery
Market Entry Strategy
UPCYCLE
(EV BATTERIES)
Jupiter Mines continued to advance its five-year Company Strategy
(Strategy) during the year (Figure 1). The Strategy aims to position Jupiter
as the largest manganese-producing company in the world by 2028 while
enhancing outcomes for customers, ESG performance, and shareholder
returns.
These objectives are being actively pursued through four complementary
strategies:
1.
Improving operating efficiencies
2.
Growing production volumes
3.
Sustainably empowered through genuine ESG activities
4.
Exploring a downstream entry to the electric vehicle (‘EV’) battery
manganese market.
ESG Initiatives
Jupiter made strong progress against its ESG commitments during the
year, including the development of its ESG reporting framework and ESG
Strategy2, and development of Jupiter’s inaugural Sustainability Report.
The FY23 Sustainability Report was released in March3, and provided
stakeholders with a comprehensive overview of Tshipi’s ESG performance.
The report follows the Global Reporting Initiative (GRI) index and aligns with
relevant UN Sustainable Development Goals, supporting Jupiter’s broader
ESG strategy by showcasing its sustainable development contributions and
future commitments. Sustainability reporting is now a standard feature of
Jupiter’s annual disclosures, with our second Sustainability Report included
within this Annual Report, outlining progress against our ESG commitments
and Tshipi’s FY24 ESG performance.
Figure 1 : Company Strategy
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EV Battery Market Entry Strategy
A key component of Jupiter’s five-year Company Strategy is the
potential strategic entry into the electric vehicle (EV) battery
manganese market through the production of High Purity Manganese
Sulphate Monohydrate (HPMSM).
In the second quarter, Jupiter announced4 the successful production
of a >99.9% pure sample of HPMSM, achieved using ore from its Tshipi
mine and an internally developed hydrometallurgical process. This
milestone was confirmed through rigorous testing against ex-China
specifications developed by the International Manganese Institute,
with all impurity levels within the required tolerance limits. Notably, the
sample was produced using Tshipi’s lower-grade ore, which typically
contains between 28% and 32% manganese, showcasing the potential
of even lower-grade resources to meet the high standards required for
battery-grade manganese.
Building on these promising results, Jupiter completed a
comprehensive Scoping Study5 for the HPMSM project in March. The
study confirmed the viability of scaling up production, with plans
to establish an initial capacity of 50 ktpa for the first three years,
increasing to 100 ktpa by 2030. Financial projections are highly
supportive of advancing the project, with the study indicating an
unlevered post-tax Internal Rate of Return (IRR) of 25% and a peak
EBITDA of US$179 million per annum at full-scale production. The capital
cost for the 100 ktpa plant is estimated at US$430 million, aligning with
other advanced projects in the sector.
Jupiter’s strong financial position, unlevered and generating robust
cash flow, enables the Company to fund the study phases of this
project independently, without relying on external financing.
Additionally, Jupiter’s existing infrastructure, skilled workforce, and
extensive experience in the manganese industry further strengthens
its position as a credible and low-risk counterparty for major offtake
partners. The Company’s large, long-standing investors bring significant
financial and industry expertise, particularly in downstream processing
across the battery mineral value chain.
Jupiter has identified optimal plant locations in the United States and
Canada as part of its base case scenario, strategically positioning itself
within the North American market. This decision aligns with the strong
focus of the US federal government on the EV sector. As the industry
evolves, Jupiter remains open to considering alternative locations that
may offer greater business advantages.
Following completion of the scoping study in March, Jupiter has
commenced a pre-feasibility study for the project. This phase will be
fully funded by the Company as part of its general overhead costs.
The pre-feasibility study will further refine the project parameters and
provide a more detailed assessment of the technical and economic
feasibility of the HPMSM production facility.
In Lithium-Manganese Oxide (LMO) batteries, the cathode is made up of
approximately 61% manganese, while Nickel-Manganese-Cobalt (NMC)
batteries have 20-30% manganese in their cathodes, depending on the
specific battery chemistry.
The demand for manganese in battery production is expected to
increase significantly, with projections estimating an eightfold increase
between 2020 and 2030. This surge is driven by the rapid growth of the
electric vehicle market, where batteries are a crucial component.
4 ASX Announcement 8 November 2023
5 ASX Announcement 13 March 2024
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This diversification strategy enables Jupiter to leverage existing assets to
potentially enter high growth markets and capitalise on the evolving needs
of the EV battery industry.
The market for EV Batteries
The demand for manganese in the EV battery market is increasing due to
the cost-effectiveness and ESG benefits of manganese over alternative
minerals such as nickel and cobalt. Manganese is a critical component
in two of the most widely used battery types in production today: Nickel
Cobalt Manganese (NCM) and Lithium Manganese Oxide (LMO).
In the battery industry, manganese is used in the form of HPMSM, a
compound typically produced through a multistep chemical process
involving the extraction and purification of manganese ore. This refined
product is essential for producing the cathode materials used in batteries.
While Jupiter’s primary market has traditionally been the steel industry,
an investment in HPMSM production enables the Company to diversify its
market presence and reduce product risk. Although this market is relatively
small compared to the steel sector, expanding into the HPMSM market
offers Jupiter an opportunity to optimise the use of its mineral resources
and tap into the growing demand for battery-grade manganese (Figure 2).
2015
600
500
400
300
200
100
0
77%
2025
199
2020
92%
53
62%
2030
459
~8x
NCM - Nickel Cobalt Manganese
LMNO - Lithium Manganese Nickel Oxide
LMO - Lithium Manganese Oxide
LFP/LMFP - Lithium Iron Phosphate /
Lithium Manganese Iron Phosphate
Battery demand for manganese set to accelerate6
Figure 2: Manganese demand from cathodes, thousand tonnes Mn contained, 2015 -2030.
6 Benchmark Manganese Sulphate Market Outlook 2023
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Overview
Global crude steel production rose by 1% during FY24 compared to the
previous year, with a 1% decline in China being balanced by a 4% increase
in production across the rest of the world7. China continues to dominate
the global steel market, accounting for approximately 55% of global crude
steel production, demonstrating its ongoing importance in the global
steel market. Meanwhile, crude steel production in India saw double-digit
growth, driven largely by increased domestic infrastructure investment.
Turkey also experienced growth in steel production, primarily due to
reconstruction efforts following the earthquake in early 2023.
The downturn in crude steel production in China has had a compounding
impact on the demand for long steel products, such as manganese-rich
reinforcing bar (rebar), particularly affected by the slump in China’s
property sector. However, China’s manufacturing and infrastructure sectors
have experienced growth, mitigating some of the negative impacts from
the weaker property market. Although still a small portion of total steel
production, steel exports from China have shown strong growth rates.
According to the Commodity Research Unit (CRU)8, a globally renowned
research and consultancy firm, providing in-depth analysis and insights
on various commodities, this growth reflects a strategic shift towards
exporting intermediate and capital goods, reducing reliance on more
visible and tariff-vulnerable products, which has cushioned the impact of
domestic market weaknesses.
Despite these trends, the steel sector continues to face challenges from
persistent high inflation, elevated interest rates, and restrictive monetary
policies, as rising costs erode consumer disposable income and spending.
The steel sector remains the dominant consumer of manganese ore, with
an estimated 97% of the ore produced during CY23 used in the steelmaking
process9.
Manganese and Silico Manganese Market Trends
The manganese and silico manganese markets displayed contrasting
trends between the first and second halves of the year.
During the first six months of the year, manganese ore prices, on both
a spot basis at main ports in China as well as in the global seaborne
market, trended downward (month-on-month) due to weak downstream
demand, coupled with strong supply. Higher global seaborne volumes of
manganese ore were exported to China during this period, as demand in
other countries remained weak, with the exception of India. This resulted in
imports exceeding demand within China.
The second half of the year was marked by increased volatility in
manganese ore prices. Prices improved midway through the year,
supported by seasonal restocking in China ahead of the Lunar New Year,
optimism for a post-holiday recovery in downstream demand, and reduced
exports from South Africa, the top manganese ore exporting country.
However, price support began to wane when the anticipated increase in
downstream demand in China after the Lunar New Year failed to materialise.
In mid-March, manganese ore supply from South32’s manganese operation
at Groote Eylandt (GEMCO) in Australia came to a standstill following the
destruction caused by Tropical Cyclone Megan. This disruption, which
impacted mining operations as well as wharf and port infrastructure,
resulted in an estimated 9 to 12 months of lost exports from the mine,
previously accounting for 10-15% of seaborne ore annually. The supply
disruption triggered a substantial uptick in manganese ore prices in late
April, as downstream demand, coupled with uncertainty about the duration
of the supply disruption drove up prices.
Manganese alloy plants across several regions scrambled to secure
alternative sources of high-grade material to avoid significant shortfalls,
resulting in less high-grade material being imported into China and further
driving up prices. Manganese alloy plants outside of China, which are reliant
on high-grade ore, were forced to accept higher prices.
Towards the end of the reporting period a diverging trend in manganese ore
prices emerged. Semi carbonate manganese ore prices softened as supply
from South Africa ramped up in response to earlier price increases, while
high-grade prices remained elevated due to strong demand and limited
supply. Post year end, semi carbonate prices continued to soften while high-
grade prices remained elevated until mid-August 2024 before offer prices
were cut dramatically.
Silico manganese production in China was strong in the first half of the year.
However, declining steel production and poor rebar demand led to a surplus
of silico manganese along the supply chain. This initial positive trend for
manganese ore consumption was followed by a decline in silico manganese
production in the second half of the year, as inventories built up. Silico
manganese production and prices mirrored the volatility in the manganese
ore market due to the significant contribution of manganese ore to total
alloy production costs. The silico manganese market was further impacted
by the lacklustre downstream steel market and seasonal patterns affecting
electricity costs and demand.
Total stockpiles of manganese ore in China reduced by approximately
16% from the beginning of the year, equating to less than two months of
consumption by year-end10. Stockpiles remained stable during the first
half of the year as increased consumption by smelters was balanced by
higher imports. However, a sharp downturn in overall stocks was observed
in the second half, driven by reduced exports from South Africa and supply
disruptions at GEMCO.
Freight rates were impacted during the year by limited vessel availability,
competition with other bulk commodities such as seasonal agricultural
products, rising bunker fuel prices, and global disruptions to shipping
channels.
7 WorldSteel Association
8 CRU’s Global Economic Outlook 31 July 2024
9 International Manganese Institute
10 FerroAlloyNet
Manganese
Market
17
2024 ANNUAL REPORT
17
2024 ANNUAL REPORT
Market outlook
CRU expects China to drive a substantial portion of global industrial
production growth for the remainder of 2024. According to CRU’s analysis,
China is projected to contribute to half of the overall increase in industrial
output worldwide. However, achieving and sustaining this level of growth
may be challenging due to several substantial risks. Export trade flows
have thus far cushioned the impact of weak domestic demand in China,
however this support may wane. Additionally, data suggests a decline in
foreign investment from global businesses in China, which, combined with
the ongoing downturn in the property market, could hinder the country’s
economic recovery. CRU has revised its forecast for China’s GDP growth
in 2024 down to 4.8%, with consideration to the above, as well as tepid
consumer spending.
On a global scale, persistent high inflation is preventing central banks from
cutting interest rates, which continues to impact consumer spending and
steel-intensive sectors such as construction and automotive industries. The
International Monetary Fund’s July 2024 World Economic Outlook Update11
noted that “the risk of elevated inflation has raised the prospects of higher-
for-even-longer interest rates, which in turn increases external, fiscal, and
financial risks.” The report also warned that a prolonged appreciation of the
United States dollar, driven by rate disparities, could disrupt capital flows
and impede planned monetary policy easing, potentially dampening global
growth. As a result of these factors, Jupiter anticipates that downstream
steel demand will face headwinds in the short term.
11 IMF World Economic Outlook July 2024
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JUPITER MINES
Material
Business Risks
The following is a summary of the updated material business risks of the Company, which are not listed in order of importance or likelihood. These risks
may adversely impact on the Company’s financial and operating performance and prospects.
Company Risks
Fluctuation in shareholder dividends
Whilst the Company’s stated dividend policy is 70%, the level of dividends paid is not guaranteed and
may fluctuate. In particular, any dividend is dependent on the dividend the Company receives from
its investment in Tshipi.
Single asset, single commodity
The Company’s sole asset is the Tshipi mine, which produces only one commodity, manganese. As
such, the Company is exposed to the risks that Tshipi is exposed to, detailed further below.
Loss of key personnel
The Company has a small management team, and its success depends to an extent on this team.
The loss of key personnel may result in the Company not being able to locate or employ qualified
executives with relevant experience in a short time frame.
Foreign exchange rates
The Company receives distributions from Tshipi and its marketing branch in South African Rand and
converts to Australian Dollars. Tshipi’s functional currency is South African Rand, however, sells its
manganese ore in US Dollars. The Company monitors foreign exchange exposure at regular intervals.
Asset Risks
Manganese prices
Tshipi’s revenue is directly related to the prices obtained for manganese ore. Manganese prices are
influenced by the demand for, and supply of, manganese ore, and production cost levels. Manganese
ore is sold on a short-term basis and not under any take-or-pay arrangements.
Costs of production
Tshipi is one of the lowest cost manganese producers in the Kalahari Manganese Field. However,
these costs may increase out of the control of Tshipi.
Logistical restraints
Tshipi’s ability to transport, and therefore sell its ore may be constrained by logistical difficulties
resulting from the location of the Tshipi mine and logistic provider operational issues. Tshipi depends
on rail networks, road and ports in South Africa and Namibia.
Tshipi is also in direct competition for access to logistics from other commodity exporters.
Environmental regulations
Tshipi’s operations are subject to compliance with extensive environmental legislation and
regulations. It is currently applying to amend its rehabilitation and closure plan, which may have
material impact on the relevant financial provisions for its closure obligations.
Geopolitical risk
Tshipi’s operations are subject to risks of operating within South Africa, which may include changes
to laws and policies in relation to taxation, royalties, currency and divestment. A volatile socio-
political environment may also impact operations.
19
2024 ANNUAL REPORT
19
2024 ANNUAL REPORT
Mineral Resources and
Ore Reserves Statement
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 has a long mine life and a large manganese Mineral Resource reported in accordance with the JORC Code (2012). The following tables show the
Mineral Resource and Ore Reserve estimates of the Tshipi mine reported in accordance with the JORC Code (2012) as at 30 June 2024, and a comparison to
the previous year’s estimates.
Mineral Resource Estimation
Current Mineral Resource Statement as at 30 June 2024:
Classification
Zone
Tonnes
Mn(%)
Fe(%)
SG(t/m3)
Thickness(m)
X
27,268,363
31.35
4.78
3.53
8.63
Y
10,413,621
20.80
5.71
3.28
3.35
Z
12,253,256
31.74
6.63
3.59
3.53
M
19,450,201
38.41
4.90
3.77
5.19
C
33,870,899
36.31
3.88
3.68
9.16
N
16,436,371
34.31
5.54
3.65
4.15
Supergene
1,067,067
37.40
4.21
3.47
11.21
Sub-total
120,759,778
33.47
4.91
3.61
45.22
Indicated
X
18,932,985
30.13
4.90
3.48
10.58
Y
11,420,225
21.38
4.98
3.25
6.83
Z
8,336,765
30.91
6.07
3.53
4.46
M
11,843,954
37.44
4.87
3.73
4.98
C
15,263,906
36.63
3.56
3.67
7.40
N
8,438,547
34.39
5.64
3.66
3.94
Sub-total
74,236,381
31.86
4.85
3.54
38.19
Inferred
X
52,557,631
30.68
5.30
3.52
8.34
Y
33,391,036
24.48
5.23
3.33
5.48
Z
20,998,705
31.38
5.77
3.59
3.26
M
49,718,382
35.02
4.92
3.68
6.31
C
49,242,138
36.24
3.78
3.68
6.68
N
26,997,573
34.89
5.42
3.67
3.36
Sub-total
232,905,465
32.44
4.94
3.58
33.43
Total Mineral Resource
427,901,624
32.63
4.92
3.58
37.58
Reported in accordance with The JORC Code (2012). Mineral Resources are reported as inclusive of Ore Reserves. Mineral Resource grades and tonnages are reported in situ. Explicit (modelled) geological losses and an additional 5% geological loss for unknown geological structures
have been accounted for in the tonnage estimates. The maximum depth of the Mineral Resource is 372m below surface. Rounding of figures may result in minor summation discrepancies.
Competent Person: Coniace Madamombe
20
JUPITER MINES
20
JUPITER MINES
Previous Mineral Resource Statement as at 30 June 2023:
Classification
Zone
Tonnes
Mn(%)
Fe(%)
SG(t/m3)
Thickness(m)
Measured
X
27,709,314
31.46
4.79
3.54
8.57
Y
9,084,585
21.13
5.83
3.28
3.01
Z
12,493,339
31.72
6.63
3.59
3.52
M
20,969,751
38.36
4.87
3.77
5.35
C
37,042,260
36.33
3.85
3.68
9.04
N
18,259,312
34.52
5.47
3.66
4.05
Supergene
1,101,660
37.42
4.21
3.47
11.19
Sub-total
126,660,221
33.80
4.88
3.62
44.74
Indicated
X
19,645,110
30.38
4.88
3.49
10.24
Y
3,698,455
22.56
5.41
3.28
4.53
Z
8,487,116
31.01
6.00
3.53
4.41
M
12,621,118
37.31
4.86
3.74
5.11
C
16,446,980
36.53
3.56
3.68
7.61
N
8,798,931
34.48
5.53
3.67
3.80
Sub-total
69,697,711
33.27
4.81
3.59
35.71
Inferred
X
52,539,285
30.67
5.30
3.52
7.97
Y
25,041,766
25.24
5.28
3.36
4.86
Z
21,041,798
31.44
5.75
3.59
3.21
M
49,462,769
34.84
4.89
3.68
6.34
C
49,358,496
36.15
3.80
3.68
6.72
N
27,194,212
34.95
5.39
3.68
3.33
Sub-total
224,638,328
32.78
4.93
3.60
32.42
Total Mineral Resource
420,996,259
33.17
4.90
3.60
36.67
Reported in accordance with The JORC Code (2012). Mineral Resources are reported as inclusive of Ore Reserves. Mineral Resource grades and tonnages are reported in situ. Explicit (modelled) losses as well as an additional 5% geological loss for unknown geological structures
have been applied. The maximum depth of the Mineral Resource is 372m below surface. Rounding of figures may result in minor summation discrepancies.
Competent Person: Coniace Madamombe
21
2024 ANNUAL REPORT
21
2024 ANNUAL REPORT
Comparison with Previous Mineral Resource Statement:
Classification
Zone
Tonnes
Mn(%)
Fe(%)
SG(t/m3)
Thickness(m)
Measured
X
- 440,951
-0.11
-0.01
-0.00
0.05
Y
1,329,036
-0.33
-0.12
-0.01
0.34
Z
-240,083
0.02
-0.00
-0.00
0.01
M
-1,519,550
0.05
0.03
-0.00
-0.16
C
-3,171,361
-0.01
0.03
-0.00
0.12
N
-1,822,940
-0.21
0.07
-0.01
0.10
Supergene
-34,593
-0.02
-0.00
-0.00
0.02
Sub-total
-5,900,443
-0.34
0.04
-0.01
0.48
Indicated
X
-712,125
-0.25
0.02
-0.01
0.34
Y
7,721,770
-1.18
-0.44
-0.03
2.31
Z
-150,352
-0.09
0.07
-0.00
0.05
M
-777,165
0.13
0.01
-0.01
-0.13
C
-1,183,074
0.10
0.00
-0.01
-0.21
N
-360,384
-0.10
0.11
-0.01
0.14
Sub-total
4,538,670
-1.41
0.04
-0.05
2.49
Inferred
X
18,346
0.01
-0.00
-0.00
0.37
Y
8,349,269
-0.75
-0.06
-0.02
0.62
Z
-43,093
-0.05
0.03
-0.00
0.04
M
255,613
0.18
0.03
-0.00
-0.02
C
-116,358
0.09
-0.02
-0.00
-0.04
N
-196,639
-0.06
0.03
-0.01
0.03
Sub-total
8,267,138
-0.33
0.01
-0.02
1.01
Total Mineral Resource
6,905,365
-0.53
0.02
-0.02
0.91
A reconciliation between the 30 June 2023 and 30 June 2024 estimates is provided above. This shows the impact of re-interpreting the Y-Zone thickness as more drillhole data became available in the northeast part of the the mine, which resulted in a 17.4Mt gain and updating the
structural model against overall mining depletion between 30 June 2024 and 30 June 2023. The overall Mineral Resource tonnage has increased by approximately 6.9Mt (1.6% increase accompanied by an insignificant change in manganese and iron ore grades and SG) since the
30 June 2023 declaration.
22
JUPITER MINES
22
JUPITER MINES
Ore Reserve Estimate
Current Ore Reserves Statement as at 30 June 2024:
Classification
Zone
Tonnes
Mn (%)
Fe (%)
SG(t/m3)
Proved
Z
7,134,004
32.65
6.73
3.59
M
14,611,596
38.61
4.83
3.78
C
27,012,766
36.23
3.95
3.69
N
10,970,242
33.23
6.14
3.67
Supergene
-
-
-
-
Sub-total
59,728,609
35.84
4.90
3.69
Probable
Z
2,771,357
32.36
6.29
3.51
M
6,236,361
38.19
4.74
3.76
C
8,911,151
36.54
3.62
3.69
N
4,592,516
33.81
5.95
3.68
Sub-total
22,511,386
35.93
4.73
3.67
Total Ore Reserve
82,239,994
35.86
4.85
3.68
Reported in accordance with The JORC Code (2012). Mining loss of 2%. Processing loss of 2%.
Competent Person: Jonathan Buckley
Previous Ore Reserves Statement as at 30 June 2023:
Classification
Zone
Tonnes
Mn (%)
Fe (%)
SG(t/m3)
Proved
Z
2,572,275
31.16
6.88
3.59
M
14,006,396
38.53
5.01
3.78
C
26,944,326
36.38
3.90
3.69
N
10,204,415
34.09
5.75
3.68
Supergene
29,273
37.47
4.22
3.49
Sub-total
53,756,684
35.74
4.92
3.69
Probable
M
10,250,284
37.94
4.90
3.76
C
7,105,891
36.57
3.51
3.69
N
4,574,441
34.32
5.71
3.68
Sub-total
21,930,616
35.32
4.76
3.67
Total Ore Reserve
75,687,301
35.62
4.88
3.69
Reported in accordance with The JORC Code (2012). Mining loss of 2%. Processing loss of 2%
Competent Person: Jonathan Buckley
23
2024 ANNUAL REPORT
23
2024 ANNUAL REPORT
Comparison with Previous Ore Reserves Statement:
Classification
Zone
Tonnes
Mn (%)
Fe (%)
SG(t/m3)
Proved
Z
4,561,729
1.49
-0.15
0.00
M
605,200
0.08
-0.18
0.00
C
68,440
-0.15
0.05
0.00
N
765,827
-0.86
0.39
-0.01
Supergene
-29,273
-
-
-
Sub-total
5,971,924
0.10
-0.02
0.00
Probable
Z
2,771,357
0.00
0.00
0.00
M
-4,013,923
0.25
-0.16
0.00
C
1,805,260
-0.03
0.11
0.00
N
18,075
-0.51
0.24
0.00
Sub-total
580,770
0.61
-0.03
0.00
Total Ore Reserve
6,552,693
0.14
-0.02
0.00
A reconciliation between the 30 June 2023 and 30 June 2024 Ore Reserves estimates is provided above. This indicates a 9% increase in total tonnage and
insignificant change in manganese and iron ore grades since the 30 June 2023 declaration. The increase highlights the combined effect of including
additional Measured and Indicated Mineral Resources following infill drilling in FY23 and FY24 and the 2024 Grade Block Model update, the 2024 Life of
Mine (LoM) Pit update and scheduling of a higher proportion of Z-Zone material than previously included in the LoM production schedule against mining
depletion of approximately 3.7Mt of high-grade and low-grade ore during FY24.
Competent Persons
The current Mineral Resource estimate has been prepared under the supervision of and signed off by Mr Coniace Madamombe (MSc, BSc. Hons, Geology,
FGSSA.CS, Pr.Sci.Nat, MBA) who is a Director and Principal Geologist of The Mineral Corporation. The current Ore Reserve estimate has been prepared under
the supervision of and signed off by Mr Jonathan Buckley (B.Eng. Hons, MSc. FSAIMM, Pr. Eng.), who is a Principal Mining Engineer and a full-time associate
of The Mineral Corporation. Both Competent Persons have considerable experience in manganese Mineral Resource and Ore Reserve estimation and
reporting and in the techno-economic assessment of manganese producing operations in the Kalahari Manganese Field. Neither the Competent Persons
nor The Mineral Corporation have any material interest in either Jupiter or Tshipi which would compromise their independent status with regards to the
Mineral Resource and Ore Reserve reporting for Tshipi. Mr Madamombe and Mr Buckley consent to the inclusion in this report of the statements based
on their information as provided in the signed-off Mineral Resource and Ore Reserve estimates dated 30 June 2024, 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 (2012), 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 supporting documentation are prepared and reviewed by a suitably qualified external Competent Person. All Ore Reserve estimates
are prepared in conjunction with life of mine updates and Company budgets which consider all material factors. The Mineral Resources and Ore Reserves
Statement included in the Annual Report is reviewed by suitably qualified external Competent Persons prior to its inclusion.
24
JUPITER MINES
24
JUPITER MINES
Contents
About this Report
This is the second Sustainability Report for Jupiter Mines
Limited following the release of the inaugural FY23
Sustainability Report. While disclosures provided within
this report cover the operations and activities of both
Jupiter and its core asset in Tshipi, unless otherwise stated
the data provided relates to Tshipi and its contribution to
sustainable development.
Sustainability Reports will now form part of Jupiter’s annual
reporting suite. References in this Sustainability Report to a
‘year’ or ‘FY24’ are to the financial year ended 30 June 2024,
unless otherwise stated.
As a South African domiciled entity, Tshipi is required to
report to various South African government departments
on the Mining Charter, Social and Labour Plan (SLP), and
Broad-Based Black Economic Empowerment (B-BBEE).
Regulations stipulate these to be reported on a calendar
year basis (1 January – 31 December). As a result, some
of the data disclosed in this report is aligned with the
calendar reporting period. This has been noted as Calendar
Year 2023 (CY23) where it occurs.
All currencies are reported in Australian dollars (AUD)
unless otherwise specified. Conversion from ZAR to AUD is
based on average yearly rate of 1AUD to 12.25ZAR published
on Oanda for period covering FY24. This aligns with the
conversion approach used by Jupiter in its financial reports.
Feedback
Jupiter welcomes feedback. Please forward any comments
on this report or requests for additional information to
info@jupitermines.com
Sustainability
Report
About this Report
24
FY24 Sustainability Highlights
25
Sustainability at Tshipi
27
The Manganese Value Chain
27
Our Reporting Approach
33
Our Priorities and Progress
36
Broad-Based Black Economic Empowerment
38
Case Study - Itlotleng Commercial High School
40
Health, Safety and Wellbeing
42
Community Empowerment
44
Case Study - Collaboration with Blossom Care
46
Workforce and Management Diversity
49
Case Study - Women in Mining Forum
50
Emissions Management
53
Energy Efficiency
58
Value Generation
59
25
2024 ANNUAL REPORT
25
2024 ANNUAL REPORT
12 Employment equity refers to historically disadvantaged South Africans
FY24 Sustainability Highlights
73% of Tshipi’s employees are local South African
people from the Northern Cape (up from 70% in FY23)
Tshimo Land Restoration
Project Site purchased
Employment equity12 29.02% (up from 25% in FY23)
21 bursaries/internships provided
Women in Mining Forum established
Tshipi Solar Project advanced
26
JUPITER MINES
26
JUPITER MINES
Building a Sustainable Future
Through Responsible Mining
A consistent focus on sustainability has characterised Jupiter’s approach
to its activities, business relationships and operations since inception. This
commitment is deeply embedded at Tshipi, where Environmental, Social
and Governance (ESG) principles are integrated throughout its operations,
placing Tshipi amongst the leading manganese miners in South Africa.
We began formally reporting on Tshipi’s ESG performance in 2023, and I
am pleased to share the progress made since our inaugural sustainability
report on the issues that matter most to our stakeholders.
Our approach to sustainability comprises of six interconnected priorities
that focus on areas material to our business and stakeholders. Our first
and most important priority is ‘Health, Safety and Wellbeing’. Tshipi’s safety
performance continues to benchmark favourably against the world’s
leading mining companies, a testament to its proactive approach to health,
safety and wellness initiatives. Safety performance at Tshipi improved
throughout the year, particularly in the second half, concluding with a TRIFR
of 0.35 at the end of June.
As a major employer in the Northern Cape province, Tshipi is committed to
sustainable community development. It is encouraging to report that local
employment increased again this year, reaching 73%. Ntsimbintle Mining,
which holds a 50.1% stake in Tshipi , is a proudly B-BBEE company and
together with Jupiter, strongly supports the ongoing focus on broad-based
empowerment of previously disadvantaged communities, particularly in
the areas surrounding Tshipi. One notable example of this commitment
is the John Taolo Gaetsewe Developmental Trust (JTG-DT) Bursary Scheme,
co-funded by Tshipi. Focused on the crucial area of education, this program
has provided more than 58 comprehensive bursaries to students over the
past two years—empowering individuals, breaking cycles of poverty, and
contributing to sustainable development.
Tshipi has also delivered a range of critical infrastructure improvements
and programs in local schools during the year. These initiatives have
relieved overcrowding in schools, enhanced facilities and created
stimulating learning environments. Through targeted support, including
the introduction of technology in classrooms and the development of
teacher training programs, attendance rates and educational standards
have seen significant improvement, creating an enduring impact from
these efforts. This investment not only addresses an immediate need in
the community, but also lays a solid foundation for future generations.
As we continue to support community development, we are equally
dedicated to strengthening our environmental practices. During the year
we have advanced the feasibility study for Tshipi’s Solar Project, with the
study on track to be completed by Q2 FY25. We have also calculated Scope 1
and 2 emissions and are currently reviewing options for measuring Scope 3
emissions in the coming financial year. Tshipi’s fleet management strategy,
aimed at improving energy efficiency, is also advancing well with ongoing
efforts to explore load curtailment options to reduce energy demand and
costs.
Diversity within our workforce continues to be a priority. The launch of the
Women in Mining Program during the year reaffirmed Tshipi’s commitment
to fostering an inclusive workplace that harnesses the diverse talents of
its team.
Aligned with Jupiter’s broader sustainability goals, the scoping study for
our High Purity Manganese Sulphate Monohydrate (HPMSM) Project was
completed in the March quarter, furthering our opportunity to contribute
to the global energy transition. This initiative underscores the potential
of producing battery-grade manganese to support the electrification of
transport and broader sustainability efforts, positioning us as a key player
in this critical market. The pre-feasibility study for the HPMSM Project has
commenced.
Looking ahead, there is still more work to be done, and we have a clear
plan to drive our ESG efforts forward with transparency and accountability.
Investments in ESG are not just ethical choices; they are strategic decisions
that strengthen our business model, enhance our market position, and
ensure the long-term resilience of the Company. We look forward to
continuing this journey and keeping you updated on our progress in
the years to come, as we strive to be the global leader in sustainably
empowered manganese mining.
Brad Rogers
Managing Director and Chief Executive Officer
“Our journey towards sustainable
mining is ongoing, and we remain
committed to continuously improving
our ESG performance.”
The Manganese Value
Chain
A Critical Mineral
Manganese is the fourth most used metal on earth in terms of tonnage
following iron, aluminium and copper13, with the use of manganese in steel
alloys the primary market by volume for the metal. While this will remain
the case, applications in the battery materials sector in the form of High
Purity Manganese Sulphate Monohydrate (HPMSM) are growing with the
increasing demand for clean energy technologies. Reflecting its important
roles in global transition to decarbonisation, manganese is listed as a
critical mineral in Australia, the United States, Japan and the European
Union among others14.
Local Economic Impact
Global land-based manganese resources are large, but their distributions
are highly concentrated. South Africa accounts for an estimated 70% of
the world’s manganese resources and is the largest producer with 36% of
global supply15.
Due to this natural endowment, manganese mining is a significant
contributor to South Africa’s export economy. In 2022, total manganese
ore exports from South Africa were US$2.96B16. Over the same period, the
manganese mining industry employed more than 20,000 South Africans17.
Tshipi’s long mine life, of over 100 years remaining, provides the basis
for a long-term economic contribution to South Africa and to the local
communities proximate to the mine.
Sustainable Production
Mining of manganese is geographically spread, with Australia, China, Gabon
and Ghana joining South Africa accounting for approximately 70% of global
production18. Processing is a starkly more concentrated market with China
holding around 90% of global refining capacity19. These market dynamics
present a range of ESG risks to off-take customers.
Sustainably produced manganese, which is compliant with regulations
including the EU Batteries Regulation and the Inflation Reduction Act,
creates market opportunities for those that can demonstrate the right ESG
credentials.
Jupiter is focused on ensuring its products are sustainably produced. For
manganese ore, this means responsible mining, the effective management
of ESG risks and generating positive impacts for communities. For the
HPMSM, it is about meeting the ESG requirements of customers including
original equipment manufacturers (OEMs) and battery manufacturers to
align with the ESG standards across major global markets.
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13 International Manganese Institute (IMnI)
14 Geoscience Australia, Australian Government
15 United States Geological Survey
16 OEC6 Refer to Footnote 12
17 Refer to Footnote 14
18 E Source
Ntsimbintle Mining, a B-BBEE company and was formed in 2004 to pursue
exploration and mining opportunities emerging in the South African
manganese sector, successfully applying for prospecting rights in 2004.
Initial prospecting activities commenced thereafter, with the exploration
rights transferred in 2007 to the newly formed Tshipi é Ntle Manganese
Mining Limited. Jupiter acquired 49.9% of Tshipi in March 2010. The transfer
of mining rights from Ntsimbintle to Tshipi was approved in 2010, and
after a 20-month construction and commissioning phase, Tshipi railed and
exported its first manganese ore in December 2012.
Since then, a strong record of financial performance (Figure 3) has
seen benefits flow to all stakeholders, including local communities and
surrounding areas in what is a remote part of South Africa with high rates
of poverty.
Sustainability at Tshipi
Figure 3: Tshipi’s EBITDA earnings.
2021
2020
2022
2023
2024
$119
million
$314
million
$206
million
$139
million
$266
million
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08. Directors’ Report
07. Sustainability Report
0
25
50
75
100
125
150
175
200
225
Others
Rare Earths
Zinc
Graphite
Cobolt
Manganese
Nickel
Lithium
Copper
Electric Car
Conventional Car
24.5
11.2
Kilograms of minerals per car (kg/car)
An Energy Transition Mineral
The shift to clean energy systems is driving a significant increase in the
requirements for energy transition minerals including manganese. Road
transportation in the form of passenger cars and light commercial vehicles
are responsible for approximately 12% of global emissions20.
Electrification is expected to unlock substantial emissions reductions in
this sector over the coming decades. This transition will require efficient
and economic battery technology.
20 Our World in Data
21 International Energy Agency
Figure 4: Graph comparing minerals used in electric cars and conventional cars (Adopted from International Energy Agency).
Manganese is a crucial component in the cathodes of nickel-manganese-
cobalt (NMC) lithium-ion batteries used in electric vehicles (EV). It enhances
the energy density of the battery, which boosts driving range. Additionally,
manganese improves the safety of EV battery packs by reducing their
combustibility.
Manganese is used broadly across the automotive sector, not just in
EVs, though the amount required does vary. As an alloying element in
conventional cars, an average of 11.2 kg of manganese is used per vehicle.
This more than doubles to 24.5kg of manganese per vehicle for EVs21
(Figure 4).
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A consistent focus on ESG performance
has characterised Jupiter’s approach to
its activities, business relationships and
operations since its inception.
With its B-BBEE origins, an integrated and strategic approach to ESG is
part of Tshipi’s DNA. Measurement, reporting and a strategic focus on
the environment and local communities is a business-as-usual activity.
Jupiter is pleased to complement Tshipi’s deep cultural commitment to
sustainability with its own ESG Vision.
Materiality
Our focus areas are informed through material topics – the ESG issues that
we must manage to drive sustainable success. In FY23, Jupiter undertook a
materiality assessment with the support of external consultants.
Our Approach to
Sustainability
Material topics for Jupiter are defined as those that may have a significant
impact on the Company’s ability to execute its strategy and realise its targets
and commitments.
This was guided by GRI 3: Material Topics 2021 and saw us engage with our
stakeholders through a combination of workshops with Jupiter and Tshipi
leaders, desktop research and a stakeholder ESG survey which sought
feedback on the Company’s sustainability performance, key risks, and
opportunities.
Jupiter has a double materiality approach to the assessment of material
topics. This considers both the impact of the Company and its business
relationships on the external environment, economy, and society (impact
materiality) and the impact of the external environment, economy, and
society on Jupiter’s enterprise value (financial materiality).
Figure 5 outlines our stakeholders by category that we engage with on
an ongoing basis through the natural course of business as well as on a
structured basis.
Stakeholders
Jupiter Employees
Jupiter
Leaders
Service
Providers and
Contractors
Tshipi
Leaders
Investors
Local
Communities
Non-Governmental
Organisations
(NGO’s)
Industry
Bodies
Tshipi
Employees
Government
and Regulators
Customers
Figure 5: Jupiter Mines’ Stakeholder Groups
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Jupiter’s ESG Vision
To be the global leader in sustainably
empowered manganese mining.
Sustainability Priorities
The outcome of this materiality assessment was a data driven, prioritised list of ESG topics as ranked by Jupiter’s stakeholders. This list was then refined
and subsequently validated by a joint committee of Jupiter and Tshipi leaders.
We are committed to reviewing our material topics on a biannual basis to ensure our focus remains current and in the areas that are most important to
the Company and our stakeholders.
Health, Safety and Wellbeing
Health, safety, and wellbeing are paramount to our business. We are
introducing wellness strategies, enhancing employee capabilities, and
shifting towards proactive health initiatives.
Workforce and Management Diversity
We believe in the importance of diversity on the board, in management
and in the workforce. Through Tshipi’s Employment Equity Policy, board
skill enhancement and our Tshipi Women in Mining Forum, we are
working towards an even more diverse and inclusive environment.
Emissions Management
We are committed to emissions control, progressing in dust monitoring,
greenhouse gas management and clean water initiatives. We value our
partnerships and accreditations in responsible mining.
Community Empowerment
We are dedicated to community empowerment, focusing on Tshipi’s
B-BBEE program, our Social and Labour Plan and the Tshipi Mining
Charter Program. We aim for excellence in these initiatives to better
serve and uplift our communities.
Value Generation
Value generation remains central to our mission. We are refining
supplier partnerships, managing risks and strengthening our
investment approaches. As we look forward, we are focused on our
stakeholder relationships, refining our processes, planning sustainably,
and investing in forward-thinking initiatives such as EV Batteries.
Energy Efficiency
We aim to be leaders in energy efficiency. With innovations like solar
installations at Tshipi, improved conveyors, fleet management and
transport strategies, we strive for continuous improvement across the
Company in energy efficiency.
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Sustainability Governance
Jupiter’s governance approach to sustainability is underpinned by its commitment to transparency, accountability and ethical conduct. The Board is
responsible for oversight of all sustainability matters and receives regular updates its sub-committees (Figure 6).
Tshipi’s governance of sustainability matters sits with the Board, with delegation of management to the Social and Ethics Committee (Figure 7).
Board
Board
Committee
Executive
Committee
Figure 7: Tshipi’s Governance Structure
Figure 6: Jupiter Mines Governance Structure
Jupiter Mines Board
Executive
Committee
Remuneration &
Nomination Committee
Audit
Committee
Both Jupiter and Tshipi Boards are structured in line with best-practice governance principles to support alignment and drive value across both entities.
This includes Jupiter having two representatives on the Tshipi Board (Brad Rogers, MD and CEO; Scott Winter, Non-Executive Director and Chair of
Remuneration and Nomination Committee) (Figure 8).
Figure 8: Jupiter and Tshipi’s Board member matrix
Ian Murray
Scott Winter
Brad Rogers
Peter North
Board Member
Patrick Murphy
Ngee Tong Low
Ben Kim
Saki Macozoma
Omphemetse Cynthia Mogodi
Tshipi Board
Non-Executive Director
Non-Executive Director
Chair
Non-Executive Director
Non-Executive Director
Jupiter Mines Board
Independent Non-Executive Chair
Managing Director and CEO
Independent Non-Executive Director
Non-Executive Director
Non-Executive Director
Non-Executive Director
Tshipi Board
Remuneration &
Nominations
Committee
Social & Ethics
Committee
Audit & Risk
Committee
Executive
Committee
Contracts
Committee
Investment
Committee
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Legend
High
Medium
Low or N/A
Executive Leadership
Previous Board Experience
Manganese Industry Knowledge
Operational Mining / Engineering / Project Development Experience
Listed Company Exposure
Mergers and Acquisitions
South Africa / International Exposure
Black Empowerment
Health and Safety
Finance / Audit / Accounting
Human Resources and Workplace Relations
ESG, Legal/Regulatory, Policy
Risk Management
Strategy
IT and Innovation
22 This Policy can be viewed on jupitermines.com/about-us/corporate-governance.
23 This Policy is available on request from Tshipi.
Figure 9: Jupiter’s Board Skills Matrix
Whistleblowing
To reinforce and implement a commitment to the highest standards of professional integrity, ethical behaviour, transparency and fair dealing in the
conduct of its business both Jupiter and Tshipi have a Whistleblower Policy in place. More information can be found in their respective documents: at
Jupiter Whistleblower Policy22 and Tshipi Whistleblowing 23.
Board Skills Matrix
This year, Jupiter’s Board also completed its first Board skills matrix to assist the Board in identifying strengths, capabilities, and potential skill gaps
(Figure 9). This also allowed for the Board to identify upskilling opportunities.
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Our Reporting Approach
Jupiter’s ESG Reporting Framework consists of planning, executing, monitoring, and reporting against the standards, goals and principles endorsed within
the following ESG frameworks: United Nations Sustainable Development Goals (SDGs), International Council of Mining & Metals (ICMM) Principles, The Global
Reporting Initiatives (GRI) Standards, United Nations Global Compact (UNGC) Principles and B-BBEE (Figure 10).
We are pleased to incorporate the recommendations of the Task Force for Climate-related Financial Disclosures (TCFD) in this year’s report.
Figure 10: Jupiter Mines’ ESG Reporting Framework
ESG Reporting
Framework
TASK FORCE ON CLIMATE-RELATED
FINANCIAL DISCLOSURES
The framework enables companies
to disclose their approach to material
climate -related financial risks and
opportunities
BROAD-BASED BLACK
ECONOMIC EMPOWERMENT
A framework for economic transformation
and enhancing the economic
participation of previously disadvantaged
South Africans
UNITED NATIONS
SUSTAINABLE
DEVELOPMENT GOALS
Global goals for a sustainable
future, peace and prosperity
for people and the planet
INTERNATIONAL
COUNCIL OF MINING
& METALS PRINCIPLES
ICMM’s Mining Principles define
the good practice environmental,
social and governance
requirements for mining
companies
UNITED NATIONS
GLOBAL COMPACT PRINCIPLES
The world’s largest corporate
sustainability initiative based on
aligning strategies and operations
with Ten Principles on human rights,
labour, environment and anti-
corruption
GLOBAL REPORTING
INITIATIVE
STANDARDS
Defined good practice
environmental, social and
governance requirements for
mining companies to maximise
benefits to host communities
and minimise negative impacts
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Table 1: Jupiter Mines’ alignment to the SDGs principles.
SDG
Alignment
End poverty in all its forms
everywhere
South Africa has one of the highest and most persistent inequity rates in the world. The Northern
Cape province, where the Tshipi mine is located. is no exception. There is a high unemployment
rate, where a large proportion of the population are reliant on social grants and government
relief programs. Tshipi recruits 70% of its workforce from communities in close proximity to the
mine. During the reporting period, this translated to providing employment and wages to 1,176
individuals.
Ensure healthy lives and promote
wellbeing for all at all ages
Jupiter is steadfast in its commitment to the principle of zero harm, with the goal that every
employee and contractor returns home safe, every day. Tshipi has implemented robust health
and safety systems to protect all personnel from unsafe or unhealthy work environments.
Tshipi’s safety record is commendable, consistently benchmarking favourably against the world’s
largest and most reputable mining companies. At the end of June, Tshipi’s Total Recordable Injury
Frequency Rate (TRIFR) was 0.35 per 200,000 work hours.
Achieve gender equality and
empower all women and girls
Jupiter believes employment equity is integral to building an effective and representative
workforce and to ensure equality among its employees. Tshipi’s Employment Equity Plan is
guided by the reporting requirements of the Mining Charter and Social Labour Plan and is
supported by an Employment Equity Action Plan (Action Plan). This Action Plan incorporates
targets relating to female participation in the workforce to drive increase in participation of black
women in managerial, professional, and core mining-related positions.
Promote sustained, inclusive and
sustainable economic growth, full
and productive employment and
decent work for all
Tshipi has a history of employing at least 70% of its staff from the surrounding communities
and remains committed to continuing its focus on South African employment. In addition, Tshipi
continues to deliver strong economic returns for its stakeholders, contributing to economic
growth.
Reduce inequality within and
among countries
It is a national priority for South Africa to assist Historically Disadvantaged Persons (HDP). Tshipi’s
hiring policies and programs encourage fair representation of local minorities/designated
groups. In addition, Tshipi invests in initiatives that seek to improve the skills of the workforce
to improve productivity and competitiveness, investing in upskilling of surrounding community
residents to increase employability.
Make cities and human settlements
inclusive, safe, resilient and
sustainable
While the Tshipi mine is located in a remote area, it contributes to the development of local
infrastructure in local communities and surrounding areas through investments in education and
fundamental social infrastructure such as roads, water and sanitation.
Take urgent action to combat
climate change and its impacts
Jupiter has a near term focus on the installation of solar power at Tshipi as part of taking action
to combat climate change. Additionally, the Company is progressing its EV Battery Market entry
strategy, exploring the potential to supply battery grade manganese to the electric vehicle
market which will assist in the global decarbonisation of passenger transport.
Protect, restore and promote
sustainable use of terrestrial
ecosystems, sustainably manage
forests, combat desertification, and
halt biodiversity loss
Tshipi reviews and manages the environmental impact of its business activities on an ongoing
basis by focusing on pollution control, waste management and land management and
restoration activities into operating procedures.
United Nations Sustainable Development Goals
Jupiter’s ESG strategy was developed with a focus on the impacts – both positive and negative - of a mining company in South Africa. Each ESG priority has
been matched with the relevant SDG, with contributions detailed below in Table 1.
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United Nations Global Compact
Jupiter is pleased to share that its application to join the UNGC has been approved. As part of our membership, the Company is committed to operating
with the Ten Principles of the UNGC.
Human Rights
Principle 1: Businesses should
support and respect the
protection of internationally
proclaimed human rights.
Principle 2: Businesses should
make sure that they are not
complicit in human rights
abuses.
Labour
Principle 3: Businesses
should uphold the freedom of
association and the effective
recognition of the right to
collective bargaining.
Principle 4: Businesses should
uphold the elimination of all
forms of forced and compulsory
labour.
Principle 5: Businesses should
uphold the effective abolition
of child labour.
Principle 6: Businesses should
uphold the elimination of
discrimination in respect of
employment and occupation.
Anti-Corruption
Principle 10: Businesses should
work against corruption in all
its forms, including extortion
and bribery.
Environment
Principle 7: Businesses should
support a precautionary
approach to environmental
challenges.
Principle 8: Businesses should
undertake initiatives to
promote greater environmental
responsibility.
Principle 9: Businesses
should encourage the
development and diffusion
of environmentally friendly
technologies.
The UNGC requires participating companies to produce a Communication
on Progress (CoP) on an annual basis that details their work to embed the
Ten Principles into their strategies and operations, as well as efforts to
support societal priorities. The CoP provides transparency on a company’s
commitment to sustainability and all CoPs are publicly available on the
UNGC website.
Jupiter’s first CoP is due by the end of FY25, which will be published in
Jupiter’s FY25’s Annual Report and on UNGC’s website. Jupiter acknowledges
that there is work to be done to ensure high levels of adherence to the Ten
Principles of the UNGC. Some of the actions that Jupiter will take in FY25 are
conducting a climate risk assessment to ensure that the Company adopts
a proactive approach to managing climate-related financial risks and
opportunities.
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Sustainability Priority
Commitment
2024 Strategic Actions
Progress Update
Health, Safety and
Wellbeing
Health, safety, and wellbeing are
paramount. We are introducing
wellness strategies, enhancing
employee capabilities, and shifting
towards proactive health initiatives.
•
Tshipi: Implement their
Preventative Wellness Strategy.
•
Jupiter: Define Company
organisational values.
•
In FY24, Tshipi’s Preventative Wellness
Program completed four campaigns to
raise awareness of critical illnesses and
have provided 1,115 screening tests to
employees and contractors.
•
Jupiter’s values have been defined and are:
-
Safety First, Always
-
Lead by Example
-
Better Every Day
Community
Empowerment
We are dedicated to community
empowerment, focusing on Tshipi’s
B-BBEE program, our Social Labour
Plan and the Tshipi Mining Charter
Program. We aim for excellence in
these initiatives to better serve and
uplift our communities.
Tshipi: Enhance B-BBEE score in
next assessment cycle.
Tshipi: Allocate 5% of payroll spend
to local skills development.
Tshipi: Review the fourth cycle of
its Social and Labour Plan.
Tshipi: Achieve Level 1 recognition
under the Mining Charter .
•
Tshipi’s SLP 3 (2019-2023) has been
closed out and SLP 4 (2024-2028) is in
development.
•
2023 B-BBEE assessment has been
submitted and is awaiting verification.
•
6.6% of payroll spend was allocated to local
skills development with 21 bursaries and
learnerships issued.
•
Tshipi has achieved a Mining Charter
Level 2.
Management and
Workforce Diversity
We believe in the importance
of diversity on the board,
in management and in the
workforce. Through Tshipi’s
Employment Equity Policy, board
skill enhancement and our Tshipi
Women in Mining program, we are
working towards an even more
diverse and inclusive environment.
Tshipi: Improve Board and
workforce diversity with a target
of 50% black and 25% women
representation on the board,
and 60% black employees with
30% being black women in the
workforce.
Jupiter and Tshipi: Establish a
board skills matrix.
•
Tshipi’s Board diversity has not changed
during the FY24 reporting period.
•
Tshipi has a diverse workforce of 1 : 1.95,
female to male ratio.
•
96% of employees are Black, with a 33%
representation of Black women.
•
Jupiter has completed its first Board skills
matrix.
•
Tshipi’s Board skills matrix is under
development.
Table 2: Jupiter Mines’ progress on its sustainability priorities and commitments.
Our Priorities and Progress
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Sustainability Priority
Commitment
2024 Strategic Actions
Progress Update
Emissions
Management
We are committed to emissions
control, progressing in dust
monitoring, greenhouse gas
management and clean water
initiatives. We also value our
partnerships and accreditations in
responsible mining.
Tshipi: Execute dust fallout
monitoring management and audit
policy.
Tshipi: Advance phase of Solar
Project.
Tshipi: Conduct GHG assessment,
encompassing Scope 1, 2, and 3
emissions.
•
Solar project feasibility study advanced and
set for completion in Q2 FY25.
•
Residential dust fallout rates improved
from FY23 with zero buckets exceeding the
daily exceedance rate.
•
Tshipi’s Scope 1 & 2 emissions have
been calculated. Scope 3 emissions
measurement will be reconsidered in FY25.
Energy Efficiency
We aim to be leaders in energy
efficiency. With innovations
like solar installations at Tshipi,
improved conveyors, fleet
management and transport
strategies, we strive for continuous
improvement across the Company
in energy efficiency.
Tshipi: Implement Fleet
Management Strategy to improve
energy efficiency on site.
Tshipi: Explore the feasibility and
benefits of a transport route and
time optimisation strategy across
operations.
•
Consultants appointed to review load
curtailment options to reduce energy
demand and costs. This is expected to
conclude in Q1 FY25.
•
Fleet and asset maintenance and
replacement schedule based on
operational efficiency has been
maintained.
Value Generation
Value generation remains central
to our mission. We are refining
supplier partnerships, managing
risks and strengthening our
investment approaches. As we
look forward, we are emphasising
stakeholder relationships,
refining our processes, planning
sustainably, and investing in
forward-thinking initiatives like EV
Batteries.
Jupiter and Tshipi: Development
of a long-term economic
sustainability strategy.
Jupiter: Initiative for Responsible
Mining Assurance (IRMA).
Jupiter: ESG Acquisitions matrix.
•
Following completion of the EV Battery
Market Entry Scoping Study in March 2024,
Jupiter is currently undertaking a Pre-
Feasibility Study.
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B-BBEE is strongly aligned with ESG principles and supported in South
Africa by the B-BBEE Act. The fundamental objective of the B-BBEE Act
is to advance economic transformation and enhance the economic
participation of black people in the South African economy.
Instituted as a legislative framework to foster the participation of Black
individuals in the economy, B-BBEE scoring offers a comprehensive
measure of a company’s commitment to, and effectiveness in
implementing empowerment initiatives.
These scores not only reflect a company’s alignment with the national
agenda of transformation but also serve as a crucial determinant
in securing business opportunities, particularly in sectors reliant on
government contracts and partnerships.
The B-BBEE scoring system (Figure 11), based on a combination of
ownership, management control, skills development, enterprise and
supplier development, and socio-economic development, provides a
structured approach for businesses to contribute meaningfully towards a
more equitable and economically diverse South Africa.
B-BBEE Scorecard Element
Description
Available Points
Ownership
A minimum 25% owned by historically disadvantaged individuals
25
Management and Control
A diverse management team that is representative of the communities in which
they operate
19
Skills Development
Investment in the development of skills and competencies of employees and the
community
20
(+ 5 bonus points)
Enterprise Supplier Development
Engagement of empowered suppliers and contractors including Small, Medium,
Micro Enterprises (SMMEs)
40
(+ 4 bonus points)
Socio-Economic Development
Contribution to communities in line with local government priorities
5
Total maximum points
118
Figure 11: The five areas of empowerment in the B-BBEE scorecard.
Tshipi has a history of outstanding ESG performance and continuous
improvement on B-BBEE (Figure 12). B-BBEE performance supports both
social and economic outcomes for communities and organisations.
Tshipi’s 2024 B-BBEE score is currently undertaking an assessment and
verification process. Jupiter will provide an update once the verification
process has concluded.
Figure 12: Tshipi’s B-BBEE score 2020 - 2023 out of a possible 118 points.
2021
2022
2023
2020
81.78
76.65
80.10
84.25
Social and Labour Plan (SLP)
A SLP is a requirement from South Africa’s Department of Mineral
Resources and Energy as part of Tshipi’s mining rights. SLP’s are required
for all mining rights applications in South Africa and document the
commitments a mining company makes to its employees and impacted
communities, including how and when these objectives will be achieved.
Focus areas for SLP’s include:
•
Human Resources Development Program
•
Employment Equity Plan
•
Local Economic Development Program
•
Housing and Living Conditions Plan
•
Procurement, Enterprise and Supplier Development
•
Program for Managing Downscaling and Retrenchment
SLP’s run over a five-year period with Tshipi’s 2019-2023 SLP (SLP3) having
recently been closed out. A new SLP (SLP4) for the period 2024-2028 is
currently being developed.
Tshipi has dedicated a large focus on its Human Resources Development
Program in its SLP3 and is focused on improving the education value chain
and supporting students in academic achievement.
Refer to Case Study: Itlotleng Commercial High School
Broad-Based Black
Economic Empowerment
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Itlotleng Commercial
High School
UN SDG alignment
Key ESG issues:
• Education • Economic Prosperity • Skills • Infrastructure
Purpose
A united desire to:
1. Upgrade educational infrastructure and create a
conducive learning environment
2. Enhance the quality and accessibility of education
3. Empower youth with essential skills for future
24 Sustainable Development Goals Report 2023
25 World Health Organisation ‘World report on vision’ 2019
Context
The SDG 4: Quality Education intends to ensure inclusive and equitable
quality education and promote lifelong learning opportunities for all. The
Sustainable Development Goals Report (2023)24 states that low and lower-
middle-income countries face a nearly $100 billion annual financing gap to
reach their education targets.
SDG 3: Good Health and Wellbeing includes targets that are relevant
to vision and eye health. Target 3.8 aims to achieve universal health
coverage, which includes access to essential health services such as eye
examinations and corrective lenses.
The World Health Organisation (WHO) ‘World Report on Vision’25 reports
that at least 2.2 billion people around the world have a vision impairment,
of whom at least 1 billion have a vision impairment that could have
been prevented or is yet to be addressed. Eye health challenges are
compounded by limited access to eye care services in rural areas and
insufficient availability of affordable corrective lenses.
Case Study
Map of Tshipi’s mine location and distance from Itlotleng Commercial High School
Itlotleng Commercial
High School
Tshipi Mine
1 hr 19 min
106 km
In the FY23 Sustainability Report, we disclosed Tshipi’s investment into
local education, including improving infrastructure, access to water and
access to sanitary services at Mampestad Primary, Bojelakgomo Primary
and Busheng Middle Schools. Tshipi’s focus has been to provide support to
enhance learning environments and improve quality of education in local
communities, and to empower youth with the necessary resources for their
future. This year, Tshipi is also proud to be taking strides to improve the
vision and eye health of school children.
Itlotleng Commercial High School
ablution block, kitchen upgrade,
administration block, pavement and shade
installation, community engagement
Projects completed:
Students:
413
Teachers:
14
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Tshipi’s Approach
Tshipi provided free optometric testing for students from Grade 8 to Grade
12 at Itotleng Commercial High School (Itlotleng) in October 2023. Of all the
students who attend the school, 69% have received testing, and as a result,
24 students were found to have vision impairments and were provided free
prescription glasses (Table 3).
The project was considered a success as providing prescription glasses to
students who required them made an improvement to their opportunity
for learning and participation in school.
Table 3: Number of Itlotleng High School students that received optometric testing and
prescription glasses.
Total number
of students
Number of students
that were tested
Number of students
requiring prescription
glasses
413
285
(69% of total enrolment)
24
(8% of students tested)
In June 2023, Tshipi also completed significant enhancements to the
infrastructure at Itlotleng. These improvements included the creation of
an ablution block and administration block, an enhancement of the school
kitchen, hard landscaping, shade and fencing.
The National School Nutrition Programme (NSNP)26 is a government
initiative designed to offer nutritious meals to all students in
underprivileged primary and secondary schools in South Africa. Its goal is
to enhance students’ learning capacity by providing these meals and to
educate students about maintaining a healthy lifestyle. By upgrading the
school kitchen Tshipi has enabled this program to flourish at Itlotleng.
Tshipi’s investment has also made the school environment more appealing
for students and teachers and has genuinely improved comfort while at
school. The principal, Mr Ontibile David Sebuseng commenced at the school
as a teacher before being promoted to Head of Department, and ultimately
the School Principal eight years ago. Mr Sebuseng stated that the works
Tshipi completed have been the most significant at the school since he
commenced working there in 1996.
26 National School Nutrition Programme
Outcomes
Increased capacity to deliver the
National School Nutrition
Program (NSNP)
24 pairs of prescription
glasses
provided to students
School attendance rate
of 90%
12 members of community
employed
during the infrastructure works
Mr Sebuseng said the upgrades to infrastructure have been signficant, and the
key highlights of the project included:
•
COMMUNITY ENGAGEMENT - The community engagement involved
in the project was meaningful, with Tshipi listening and engaging with the
School Principal, School Governance Body, the community chief and the
local government to deliver the projects that the school deemed as most
important.
•
EMPLOYMENT - The projects led to the temporary employment of
12 members of the community during construction, contributing to the
economic prosperity of the area.
•
PROGRESS - Without private investment, works on school infrastructure
ordinarily rely on government grants.
•
ATTENDANCE - The rate of attendance at the school is trending
positively, with more than 90% of students attending school each day. Mr
Sebuseng states that attendance has improved tremendously since the
upgrades commenced three years ago.
The upgrades to infrastructure have been
significant. Mr Sebuseng states that “even
students, when they come to school now,
can see that they are coming to a real
place of learning. It’s motivating for them”.
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Health, Safety and Wellbeing
Health, safety and wellbeing are paramount with a continued focus
on wellness strategies, enhancing employee capabilities and shifting
towards proactive health initiatives.
Preventive Wellness
Tshipi believes that a proactive approach to its employees’ wellbeing is key
to maintaining a productive work environment. The Tshipi mine site runs
a Primary Health Care clinic which provides employees and contractors
access to a Wellness Counsellor and Dietician. The Dietician educates
employees and contractors on a range of topics such as appropriate
diets and food preparation methods. In addition to that, employees and
contractors are provided with nutrition supplements, vitamins, and energy
and hydration supplements to support a physically healthy workforce.
“Our approach to health and safety for our employees is to invest in
preventative healthcare. That means supporting our employees with
their spiritual, mental and physical wellbeing.” Mpho Sadiki, Head of
Corporate Affairs and People, Tshipi.
Our Focus
Areas
26 South Africa: HIV/AIDS among vulnerable groups, United Nations Office on Drugs and Crime
27 Cervical Cancer in South African Women
28 Sexually Transmitted Disease rates in South Africa
29 Tuberculosis epidemic in South Africa
According to the United Nations Office on Drugs and Crime, South
Africa has the highest absolute number of people living with Human
Immunodeficiency Virus (HIV) in the world26, with 5.5 million people
affected out of the world total of almost 40 million (13.75%). Tshipi
supports its HIV positive and acquired immunodeficiency syndrome
(AIDS) employees and contractors to develop and adhere to supportive
diets through an HIV/AIDS program. Additional education and counselling
regarding HIV are also provided through an HIV-AIDS Awareness Campaign
and voluntary counselling and testing program.
In FY24, Tshipi has also run three other preventive wellness campaigns
to increase awareness and provide screening tests for Cervical Cancer27,
Sexually Transmitted Diseases28, and Tuberculosis29, all of which have
high prevalence rates in South Africa.Across all four preventive wellness
campaigns, Tshipi has provided 1,115 screening tests to its employees and
contractors.
Zero Harm
Tshipi is committed to the principle of zero harm, with the goal that every
employee and contract worker should return home to their family safe,
every day. Tshipi is guided by its Health and Safety values of Caring and
Unity, Teamwork, Respect, Zero Shortcuts, and Reporting (Figure 13).
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Figure 13: Tshipi’s Health and Safety Values.
Tshipi’s Health and Safety Values
CARING & UNITY:
I will work safely and I will HELP OTHERS to
work safely.
TEAM WORK:
I will ACTIVELY PARTICIPATE in the mine’s
safety systems.
RESPECT:
I will RESPECT THE HAZARDS associated with
my job and my workplace.
ZERO SHORCUTS:
I will do proper risk assessments, follow procedures
and instructions and NEVER TAKE SHORTCUTS.
REPORTING:
I will stop, correct and report unsafe conditions
and behaviours, ALWAYS!
Tshipi demonstrates its values of Zero Shortcuts and Respect by proactively identifying risks through a comprehensive approach to risk mitigation. These
efforts are underpinned through the implementation of an effective risk management framework and a Health and Safety policy.
Tshipi‘s high level of compliance to health and safety standards and commitments have resulted in industry-leading LTIFR and TRIFR performance (Table 4).
Table 4: Tshipi’s Health and Safety Performance in FY24.
Reporting Year
Number of
Lost-Time Incidents
Lost-Time Incidents
Frequency Rate (LTIFR)30
Total Recordable Injury
Frequency Rate (TRIFR)31
FY22
0
0
0.58
FY23
032
0
0.2033
FY24
4
0.25
0.35
30 Measured by per 200,000 hours worked.
31 See Footnote 13.
32 The LTI reported in FY23 has been restated to rectify an error, Tshipi incurred zero LTI in FY23, resulting in zero LTIFR, and incurred four LTIs in FY24. The LTI incorrectly reported in FY23 has been included as one of the four reported in FY24.
33 The TRIFR reported in FY23 has been restated to rectify an error as the FY23 TRIFR reported was FY22’s TRIFR.
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Community
Empowerment
Jupiter is dedicated to community empowerment, focusing on Tshipi’s
B-BBEE program, SLP, and the Tshipi Mining Charter Program. Jupiter aims
for excellence in these initiatives to better serve and uplift communities.
Strong B-BBEE performance is primarily focused on driving social impact,
with the added advantage of commercial incentives. For Tshipi, the
potential commercial benefits of strong B-BBEE performance include
preferential access to rail haulage slots for transporting manganese
ore, improved ability to attract and retail local talent, reduced costs and
access to higher quality goods and services from SMMEs, diminished risk of
industrial action and an enhanced social licence to operate.
Skills Development and Talent
Pipeline
Developing a strong talent pipeline in the region is a crucial enabler of the
local community through developing and hiring talent from the region. This
is supported by bursaries and learnerships across 11 unique training areas
including finance, engineering, geology, surveying and human resource
management (Figure 14). Tshipi has provided 107 bursaries and internships
over the 2019-2023 period.
Figure 14: Number of bursaries and internships awarded in the last five years across these 11 unique training areas. Note: data points are based on a calendar year basis (1st Jan – 31st Dec).
0
5
10
15
20
25
30
35
40
BSc Chemical Engineering
Geology
Survey
Plant
Other (External)
MRM
Internal Study Assistance
Human Resource Management
Health and Safety
Finance (Supply Chain and Procurement)
Engineering
CY2023
CY2022
CY2021
CY2020
CY2019
No. of bursaries/internships awarded
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Enterprise and Supplier
Development (ESD)
Many of Tshipi’s social initiatives are designed to be circular, while some
support the wider Northern Cape communities. By investing in local SMMEs,
it enables these businesses to grow and thrive and in turn allows for Tshipi
Supplier Name
HDP
(%)
Women
(%)
Development Type
Development Activity
Spend Amount
(ZAR)
Empire Waste Management (Pty) Ltd
100
66
Supplier Development
Business Development Services
124,179
JTG Tax Forum (Pty) Ltd
100
20
Supplier Development
Business Grant Support
833,433
JTG Tax Forum (Pty) Ltd
100
20
Supplier Development
Supplier Development Standard
Loan
3,948,196
Blossom Care Solutions
100
100
Enterprise Development
Business Grant Support
875,224
Trisanommoop Entle (Pty) Ltd
100
100
Enterprise Development
Business Development Services
124,179
Olophemmy Group (Pty) Ltd
100
100
Enterprise Development
Business Development Services
124,179
Metsi A Sechaba Water Supply & Projects (Pty) Ltd
100
100
Enterprise Development
Business Development Services
124,179
Matha’s Beauty Salon Pty ltd
100
100
Enterprise Development
Business Development Services
124,179
Khutsho Solutions (Pty) Ltd
100
100
Enterprise Development
Business Development Services
124,179
Kgomotso Communlty Foundation (Pty) Ltd
100
100
Enterprise Development
Business Development Services
124,179
Bofelo Enterprises & Projects (Pty) Ltd
100
100
Enterprise Development
Business Development Services
124,179
TOTAL SPEND (ZAR)
6,650,285
to engage them for capital goods and services. Ultimately, this will enable
Tshipi to have a strong B-BBEE performance, and the local community to
thrive.
Tshipi calculates enterprise and supplier development data on a calendar
year basis, and for calendar year 2023, Tshipi invested a total of ZAR 6.65
million (equivalent to AUD 542,880) in 11 suppliers through the provision
of Business Development Services, Business Grant Support, and Supplier
Development Standard Loan (Table 5).
Table 5: Tshipi’s investment in local SMMEs for CY23.
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34 SDG 4: Quality Education
35 SDG6: Clean Water and Sanitation
36 International Institute for Sustainable Development
Collaboration with Blossom Care
to Eliminate Period Poverty
Case Study
SDG alignment
Key ESG issues:
• Gender Equality • Health • Poverty Eradication
Purpose
A united desire to:
1. Reduce stigma
2. Reduce period poverty
3. Increase education around menstruation
4. Increase employment
Context
SDG 4 ‘Quality Education’ aims to ensure that all children, including girls,
receive free, equitable, and quality primary and secondary education, as
outlined in target 4.1. Additionally, target 4.5 focuses on eliminating gender
disparities in education. Period poverty and inadequate menstrual hygiene
can significantly affect school attendance and performance, creating an
barrier to education for teenage girls34.
Similarly, SDG 6, which addresses ‘Clean Water and Sanitation,’ aims to
provide access to adequate and equitable sanitation and hygiene facilities
for all, including menstrual hygiene management (MHM) products. Tackling
period poverty aligns with broader goals such as promoting gender equality,
improving health and wellbeing, and enhancing educational outcomes33.
In certain regions of South Africa, the stigma surrounding menstruation
exacerbates these challenges, particularly in areas with high poverty levels,
unemployment, limited access to basic services, and heavy reliance on
government support.
Worldwide, many girls face obstacles such as lack of access to sanitary
products and proper hygiene facilities, which limit their educational and
social opportunities. According to the International Institute for Sustainable
Development (IISD), period poverty affects at least 500 million women
globally every month34. Through its support of Blossom Care Solutions
(Blossom), Tshipi has made strides in promoting gender equality, improving
sanitary conditions, and ensuring that local communities benefit from its
operations.
Tshipi’s Approach
In 2022, Tshipi initiated its support for the Blossom manufacturing concept
by providing financial support to five local women to establish a Blossom
franchise. This support included the setup of a factory in the Kuruman
industrial area within the John Taolo Gaetsewe District Municipality of the
Northern Cape, dedicated to producing sanitary pads. Tshipi’s investment
covered the franchise setup, manufacturing equipment, start-up stock,
working capital, and the purchase of a delivery vehicle.
This initiative not only contributed to addressing challenges associated with
period poverty but also created valuable employment opportunities within
the local community. Additionally, Blossom has developed and implemented
an educational program in local schools, designed to challenge stereotypes
surrounding menstruation and normalise attitudes and behaviours through
factual information.
After 12 months of comprehensive training and mentoring in the Blossom
manufacturing concept, the franchise transitioned to ownership under a new
company called ‘The Sirens of Success,’ which is now owned and managed by
the five local women.
Through these efforts, Tshipi is making a significant contribution to social
change and supporting the empowerment of women in the local community.
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Impact of Blossom Care Solutions program in South Africa
Outcomes
49 jobs
created
1.8 million
pads distributed
23,000 township school girls
in the program
To date, the factory has donated at least
300,000 sanitary towels
to school girls, with
3,110 school girls
receiving 10 free pads per month
500 million
women
globally
go without sanitary
products per month
“The education of the girl is so important
because girls are missing between 2-5
school days a month. This really hampers
their ability to participate in the economy.
So, by helping a school girl, it has ripple
effects on the economic development of
communities and I think the country as a
whole” - Shamiela Sarlie, Managing Director,
Blossom Care Solutions.
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Figure 15: Tshipi’s procurement performance across the five years of SLP3. Note: data points are based on a calendar year basis (1st Jan – 31st Dec).
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
Services - Capital Goods - Level 4 B-BBEE ownership
Services - Youth owned and controlled
Services - SA based companies that are Black or Women owned and controlled
Services - HDP owned and controlled companies
Capital Goods - Level 4 B-BBEE ownership
Capital Goods - Women or youth owned and controlled companies
Capital Goods - HDP owned and controlled companies
CY2023
CY2022
CY2021
CY2020
CY2019
% of total procurement spend
1. To facilitate access to procurement activities in greater HDP participation in mining-related industries;
2. HDP suppliers will not be treated differently than the norm with regard to quality, price, safety standards,
environmental impact or any other commercial or technical requirements;
3. Support for small HDP suppliers may include setting aside certain tenders, in part or in whole, for procurement from
HDP suppliers only.
Procurement Practices
Across B-BBEE, SLP’s, and the Mining Charter, there is a common focus on procurement from Historically Disadvantaged Persons (HDP) owned/controlled
businesses to facilitate broader economy participation. Tshipi’s approach to procurement is guided by the following principles:
Tshipi’s ESD Program supports the development and growth HDP-owned/controlled businesses to enable these businesses to participate in Tshipi’s
tenders and enhance their ability to engage with mining-related industries.
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Workforce and
Management Diversity
Jupiter believes in the importance of diversity on the board, in
management and in the workforce. Through Tshipi’s Employment
Equity Policy, board skill enhancement and our Tshipi Women in
Mining program, we are working towards a more diverse and inclusive
environment.
Diversity and inclusion are fundamental values for both Jupiter and Tshipi.
Tshipi’s management and workforce diversity initiatives are central to its
mission.
The South African Department of Employment and Labour requires
designated employers (including Tshipi) to prepare and implement an
Employment Equity Plan (EE Plan) which will achieve reasonable progress
towards employment equity in the employer’s workforce. This EE Plan is
separate from Tshipi’s SLP’s Employment Equity Plan.
Tshipi’s current EE Plan commenced on 1 March 2023 and ends on 28
February 2026. Objectives for the current period (1 March 2024 – 28
February 2025) include:
•
Communication of all EE related Policies, the current plan and latest
submission to the Department of Employment and Labour and a
displayed summary of the Employment Equity Act
•
EE Awareness through the sharing of EE and diversity metrics to
all employees and the monitoring and reporting of EE plans at a
dedicated EE forum
•
Recruitment and Appointments aligned to EE targets to address
under-represented designated groups and numerical EE goals and
targets
•
Annual EE Reporting to the Department of Employment and Labour
which includes EE performance, a workforce analysis and an Income
Differential Statement
•
EE Forum to monitor the implementation of the EE Plan and drive
regular engagement.
Tshipi’s Employment Equity Policy is designed to promote equal
opportunities and create an environment where all employees are valued
and respected. The implementation of the Tshipi Employment Equity Policy
is a key component of the diversity strategy. This policy aims to ensure fair
representation of HDPs at all levels of the organisation.
Occupational levels
Black
representation
Black women
representation
Executive Management
3 (75%)
2 (50%)
Senior Management
4 (50%)
3 (38%)
Middle Management
23 (100%)
9 (39%)
Junior Management
52 (96%)
16 (30%)
Other, Semi-skilled, and Unskilled
105 (99%)
34 (32%)
This year, Tshipi achieved strong black representation across its workforce,
with at least 50% representation at every occupational level (Table 7).
In the coming years, Tshipi aims to enhance the representation of people
living with disabilities within its workforce. Currently, individuals with
disabilities make up 0.47% of Tshipi’s workforce. By FY26, the goal is to
increase this to 1.33%. This effort will be supported through the expansion
of Tshipi’s current bursary program to include individuals living with
disabilities.
Table 7: Tshipi’s black representation and black women representation, broken down by
occupational levels as of 30th June 2024.
Number
of female
employees
Number
of male
employees
Ratio of
female to male
employees
Total number
of employees
66
129
1 : 1.95
195
Table 6: Diversity of Tshipi’s Workforce.
Tshipi continues to work towards a workforce that reflects the diversity of
its community and country (Table 6).
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Women in Mining Forum
37 SDG5: Quality Education
38 SDG10: Reduced Inequalities
39 SAWIMA Association ambition
40 Intergovernmental Forum on Mining, Minerals, Metals and Sustainable Development Women and the Mine of the Future
41 National Development Plan 2012
Context
The SDG5 ‘Quality Education’ intends to ensure equal opportunities for
women and men in all sectors, including in the mining industry which has
been traditionally male-dominated. While global employment sees nearly
40% representation from women, they held only 27.5% of management
positions in 2022, which was a decrease from 28.5% in 202137.
SDG 10 ‘Reduced Inequalities’ states that globally women are twice as likely
as men to report experiencing discrimination based on their sex38. The
Tshipi Women in Mining Forum (Forum) aims to eliminate discrimination
and bring equal opportunities to women.
The South African Women in Mining Association (SAWIMA)39 has an ambition
to ignite the sustainable livelihoods of women through active participation
and ownership in the mining sector, which will unlock the potential of
South African women in mining and achieve economic emancipation.
The SAWIMA achieves this through delivering initiatives associated with
lobbying and advocacy, creating awareness of opportunities in mining,
investment management, capability and capacity development and
facilitating access to funding.
South Africa has long been a major player in the mining industry, with
its mineral wealth fuelling economic growth and employment for over
150 years. By the 1970s, mining was central to the economy, peaking in
employment at over 760,000 by 1987. However, a 2021 policy document
highlighted that women remain significantly underrepresented in core
mining roles, with South Africa at just 13.2% compared to a global average
of less than 20%40.
Barriers such as gender bias, limited access to finance, and a lack of role
models contribute to this disparity. The National Development Plan41
of 2012 emphasises the importance of women’s empowerment for
economic transformation, aligning with the SDGs. Addressing these gender
imbalances is crucial for South African mining companies to enhance
diversity, drive innovation, and meet global sustainability targets.
Key ESG issues:
• Gender Equality • Employment • Diversity
• Equity and Inclusion • Workforce Resilience
Purpose
A united desire to:
1. Increase female participation in industry
2. Strengthen workforce supply
3. Achieve gender parity
UN SDG alignment
Case Study
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Tshipi’s Approach
The attraction and retention of female employees is a challenge faced by
the mining industry. Following a commitment made in FY23, this year, a
Forum was formally established which focuses on female leadership and
representation, health and safety, and women’s health needs. The Forum
is chaired by long-term Tshipi female employee Nthabeleng Paneng, an
Environmental Officer at Tshipi. The program will drive the development of
women-related policies and processes, such as those related to maternity
leave, initiatives for expectant mothers and the option for expectant
mothers to be seconded to roles that do not require manual labour.
Tshipi believes that employment equity is essential to build a robust and
resilient workforce. Within SLP3, Tshipi outlined an Employment Equity
Action Plan to increase the participation of women in mining, addressing
issues such as barriers to entry and retention of women in the industry.
This includes modifying the physical mining environment and adapting
technical equipment to better accommodate women. Additionally, Tshipi
is implementing awareness programs to challenge and change the
perceptions from men towards women in the workplace.
Tshipi’s SLP3 Employment Equity Plan includes Mining Charter-aligned
targets to enhance the participation of women in mining, with a
particular focus on increasing the number of black women in managerial,
professional, and core mining roles. To achieve gender parity, Tshipi
established ambitious targets and a commitment to diversity and
inclusion through their Employment Equity Policy and board skills
enhancement programs.
Throughout the reporting year, Tshipi has delivered a range of events to
progress the Women in Mining Forum. This includes around team building,
developing policy to support pregnancy, personal protection equipment
campaign and through Women’s Day Celebrations. The Forum also
created a campaign to donate school shoes to children within the local
community. This campaign has donated a total of 190 pairs of shoes.
Tshipi acknowledges that embracing gender equity can lead to more
effective problem-solving and decision-making which ultimately
enhances productivity and profitability.
Outcomes at Tshipi
Executive Management
50% female representation
Board of Directors
20% female representation
Senior Management
33% black female representation
Workforce ratio by gender
1:1.95 female to male
“Together, we can create a future where
Tshipi women are celebrated and valued
for their invaluable contributions.”
– Nthabeleng Paneng, Chair, Tshipi
Women in Mining Program
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Emissions Management
Jupiter is committed to emissions control, progressing in dust
monitoring, greenhouse gas management, clean water and waste
management initiatives.
Mine operations
The Tshipi Mine is an open-pit mine that operates through drill-and-blast
and load-and-haul mining techniques. At the start of the mining process,
the topsoil is removed and stockpiled in a separate area for later use
during the rehabilitation phase.
The various layers of the Kalahari formation are removed, followed by the
harder banded ironstone, dolomite and manganese layers which are part
of the Hotazel formation. Once exposed, the manganese ore is drilled,
blasted and loaded onto a truck and hauled to the Company’s primary
crusher which forms part of the processing facilities.
This mining process results in the production of greenhouse gas (GHG)
emissions, predominantly through the combustion of diesel fuel and dust
or air emissions. Both have environmental and social implications if not
effectively managed.
Air Quality and Dust Emissions
Air quality management is among Tshipi’s top priorities due to the negative
impacts of pollutants, such as dust and particulate matter (PM10 and
PM2.5) prevalent in mining activities.
Tshipi is situated approximately 20 km linear distance south of the mining
town of Hotazel and 48 km from the town of Kuruman. There are also
established farmers within a radius of 2 to 10 km of the mining rights
boundary.
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In compliance to licence and permit conditions, Tshipi has implemented a
dust fallout monitoring program with three primary purposes:
•
To meet legislative requirements of Environmental Management:
Air Quality Act No. 39 of 2004) (National Dust Control Regulations and
National Ambient Air Quality Standards) as amended.
•
To indicate long-term trends (Mine Air Quality Management Plan).
•
To generate or maintain awareness of dust-generating activities on
site
A monthly and annual dust fallout monitoring program in accordance
with the approved Environmental Impact Assessment and Environmental
Management Plan, South African daily National Ambient Air Quality
Standards and SANS 1929:2005 has been implemented.
Approximately 360 dust fallout samples are taken and analysed annually.
Residential Area Dust Emissions
During the FY24 reporting period, there was an improvement in dust fall-
out rate from FY23. None of the dust fall-out buckets recorded a dust fall
rate that exceeded the acceptable dust fall rate limit of 600 mg/m2/day
within the residential area (Figure 16).
The maximum dust fall-out rate recorded was 528.3 mg/m2/day from a
multidirectional dust bucket located on the Southern side of the mine
boundary, bucket number S-4D-DB02 South Point. No more than three
(03) months of consecutive exceedance of 600 mg/m2/day within the
residential area was recorded.
Figure 16: Residential area dust fall-out sampling results for FY24 at Tshipi.
0
100
200
300
400
500
600
700
Annual Maximum
Annual Average
Annual Minimum
Dust Bucket No: SB10
Location: South Side
Dust Bucket No: SB-09
Location: N Fourie Farm
Dust Bucket No: SB-08
Location: HP Venter Farm
Dust Bucket No: SB-07
Location: DVD Berg Farm
Dust Bucket No: SB-06
Location: A Pypeer Farm
Dust Bucket No: 40-DB02
Location: South Side
Dust Bucket No: 40-BD04
Location: West Side
Residential Areas Limit
Dust fall-out rate (mg/m2/day)
Dust fall-out monitoring buckets
“We will continue to ensure that
anything that effects the environment
in terms of emissions will be well
managed” – Ezekiel Lotlhare, CEO, Tshipi
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Non-Residential Area Dust Emissions
During the monitoring period of FY24, the dust fall-out bucket number
C-4D-DB05 and MNGO-S-DB02 recorded a dust-fall rate that exceeded
an acceptable dust fall rate limit of 1200 mg/m2/day within the non-
residential area.
The maximum dust fall-out rate recorded was 1,303.9 mg/m2/day and
1749.9 mg/m2/day from a multi-directional dust bucket located at the
centre of the mine near the waste dumps, and bucket number MNGO-S-
DB02 positioned near Tshipi Mining Offices (Figure 17). No more than three
(03) months of consecutive exceedance of 1,200 mg/m2/day within the
non-residential area was recorded during the sampling period of FY24.
These events did not trigger the regulatory requirement to report the
occurrences to the Department of Environment, Nature and Conservation.
An investigation was conducted and Tshipi has strengthened its dust
management plan to continuously improve the mitigation measures of air
pollution impacts due to dust emissions.
Greenhouse Gas Emissions
Tshipi actively manages its GHG emissions and measures Scope 1 and
2 emissions on an annual basis. In FY24, total emissions were 84,307.50
tCO2-e. In comparison to FY23, there is a 3% decrease in absolute emissions
Figure 17: Non-residential area dust fall-out sampling results for FY24 at Tshipi.
(Table 8). This can be attributed to two reasons; first, there was reduced
load shedding during the later part of the year, which resulted in reduced
use of the diesel generators, and second, Tshipi replaced some of its older
equipment which provided fuel consumption savings. The reduction in
diesel consumption in both scenarios led to a reduction in GHG emissions.
However, there is a 16.83% increase in operational GHG emissions intensity.
This increase was driven by an increase cost of production and the reduced
price of manganese.
Scope 1 emissions account for 93.93% of Tshipi’s direct emissions and are a
result of diesel-powered plant and equipment. Prudent asset management
and maintenance is the primary approach Tshipi uses to minimise scope
1 emissions. Once Tshipi is less reliant on the grid (and associated load
shedding), it can expect more significant emission reductions from
reduced use of diesel generators.
Scope 2 emissions account for 6.07% of Tshipi’s direct emissions and are
a result of grid purchased electricity. Tshipi’s solar project is estimated
to provide Tshipi with 4.75 MWh of electricity, reducing Tshipi’s reliance
on the Eskom electricity grid and diesel generators21. The indicative grid
electricity savings will provide an approximate 3,369 tCO2-e in emissions
savings annually. Energy reliability and security are real issues in South
Africa, particularly in the Northern Cape – the solar project will support the
management of that risk.
Table 8: Tshipi’s FY24 GHG Emissions.
Scope 1 emissions (tCO2-e)
Scope 2 emissions (tCO2-e)
Operational GHG emissions intensity (tCO2-e/ AUD million revenue)
79,186.80
5,120.70
130.15
Annual Maximum
Annual Average
Annual Minimum
Non-residential Area Limit
Dust fall-out rate (mg/m2/day)
Dust fall-out monitoring buckets
0
200
400
600
800
1000
1200
1400
1600
1800
2000
Dust Bucket No: SB05
Location: Load-out Station (silo)
Dust Bucket No: SB04
Location: Processing Plant
Dust Bucket No: SB-03
Location Warshand Main Offices
Dust Bucket No: SB-02
Location: Mining Offices
Dust Bucket No: SB-01
Location: Main Security
Entrance Gate
Dust Bucket No: 4D-DB04
Location: Central of the Mine
Dust Bucket No: 4D-DB03
Location: East Side
Dust Bucket No: 4D-8001
Location: North Side
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Figure 18: Four pillars of the TCFD.
Governance
Jupiter and Tshipi understand there are risks and opportunities that are
associated with a changing climate and the global energy transition.
The Boards of both Jupiter and Tshipi are ultimately responsible for the
oversight of climate-related risks and opportunities for each respective
entity. Effective management is then delegated to Jupiter’s Audit
Committee, and Tshipi’s Social and Ethics Committee respectively.
Risk Management
The Northern Cape of South Africa is characterised by a harsh climate with
minimal rainfall and prolonged droughts22. Jupiter and Tshipi recognises
there are climate-related risks that present for an operational mine in this
region.
Physical risks include water access due to longer droughts, health impacts
as a result of extreme heat, and supply chain disruptions due to weather
events. Transitional risks include policy changes, evolving customer
expectations and the economic impacts on livelihoods (e.g. agriculture) of
a changing climate.
21 This estimation is calculated based on the assumption that no loadsheeding or load curtailment will take place.
22 University of Cape Town
These risks are actively managed as part of Tshipi’s enterprise
risk management system with projects including the solar energy
development and the preventative wellness program, which are examples
of climate-related risk management activities. With climate-related risks
and opportunities becoming more salient for organisations to manage, a
climate-related risk assessment will be conducted in the next reporting
period.
Regulatory environments in Australia and South Africa continue to evolve
in relation to climate reporting and emissions management. These are
actively monitored to ensure regulatory compliance.
Metrics
Tshipi has measured its annual Scope 1 and 2 GHG emissions since 2018 and
remains committed to this. The adoption of product level climate metrics
(including emissions per tonne of manganese ore) are being considered as
Tshipi continues to evolve its approach to the management and reporting
of GHG emissions.
Climate Risks and Opportunities
Governance
Strategy
Risk
Management
Metrics and
Targets
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Water Management
In the Northern Cape of South Africa, water management in mining
takes on an added layer of complexity and urgency. In response to
these challenges, in 2023, Tshipi expanded its onsite catchment capacity
in terms of water storage dams from 39,000m3 to 91,000m3 with the
operationalisation of the latest stormwater dam.
Some of the factors that contributed to the increase in FY24 include:
•
Construction of the new mining workshop (infrastructure).
•
Providing the dust suppression water for the public road Route 380.
•
Additional dust suppression system installed at the secondary crusher
circuit.
•
Application of dust suppression on road truck material stock to reduce
air borne dust as per the recommendation by the on-site hygienist, in
an attempt to reduce the Mine’s overhaul occupational exposure limit.
•
Major bush fire incident during FY24 contributed to increase in water
consumption.
•
Water assistance extended to neighbouring farms as per our
stakeholder engagement agreements.
Access to water is critical for sustainable mining operations. With variable
rainfall in recent years, Tshipi is committed to having the right water
infrastructure in place to manage this effectively.
The stormwater dam has 52,000m3 capacity which increased water capture
capacity during the rainy season and caters for a 1:50 year flood event.
The total water consumption for FY24 increased when compared with
previous years (Figure 19).
Figure 19: Tshipi’s total water consumption across the past three years.
0
50,000
100,000
150,000
200,000
250,000
300,000
350,000
400,000
FY24
FY23
FY22
Dams
Pit
Portable
Water usage (m3)
346,040
228,106
215,551
257,600
433,346
213,803
151,140
147,469
32,013
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Waste Management
Tshipi has developed a comprehensive Waste Management Plan to address
its non-mining waste management practices, aligning with both local
waste legislation and the national waste strategy. The plan is designed to
comply with good international industry practices in the mining sector and
is structured around a short, medium, and long-term strategy with a vision
of achieving a zero waste-to-landfill outcome.
A key component of Tshipi’s waste management approach is its
bioremediation facility, which is utilised to treat any soil which has become
contaminated as a result of activities at the mine. The goal of this facility
is to restore contaminated soil back to a state where it can be safely
reintroduced into the environment, rather than being sent to landfill.
Table 9: Tshipi’s management of polluted soil in FY24.
FY24 soil treated and returned to the environment (m3)
FY24 soil currently undergoing treatment (m3)
100
200
In FY24, approximately 300 cubic metres of soil (estimated at 105 tonnes)
was transported to the bioremediation facility as a result of isolated
diesel spills and wash bay runoff. Of this volume, 100 cubic metres has
been successfully treated and reintroduced into the environment,
demonstrating the effectiveness of the bioremediation process. The
remaining 200 cubic metres are currently undergoing treatment (Table 9).
Waste at Tshipi is actively monitored and categorised into three streams:
hazardous waste, non-hazardous waste, and recycled waste (Figure 20).
Tshipi reported a reduction in waste across all three streams in FY24.
This decrease was primarily attributed to the completion of a significant
production contract at the end of FY23, leading to reduced on-site activities
and personnel, and consequently, less waste generation. Tshipi also
engages a waste recycling facility for non-hazardous materials, including
scrap steel, paper, plastic, cans, and used oil. Since 2020, this recycling
initiative has generated a total of ZAR 198,919 (AUD 16,238) in rebates.
Waste (Tonnes)
0
20
40
60
80
100
120
140
160
180
200
Non-hazardous Waste
Hazardous Waste
Recycled Waste
FY24
FY23
FY22
174
107
117
106
126
142
69
124
64
Figure 20: Tshipi’s waste metrics across the past 3 years.
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Energy Efficiency
Jupiter aims to be a leader in energy efficiency. With innovations like
solar installations at Tshipi, improved conveyors, fleet management and
transport strategies, we strive for continuous improvement across the
company in energy efficiency.
Renewable Energy
Solar Project
Tshipi’s progress towards more efficient, sustainable energy is anchored
by the solar power renewable energy project. This initiative is a key
component of Tshipi’s strategy to reduce its Scope 2 GHG emissions, and
part of Jupiter’s five-year Company strategy.
Total energy
consumption (MWh)
Operational energy consumption intensity
(tCO2-e/ AUD million revenue)
5,120.70
7.91
Table 10: Tshipi’s FY24 Energy Consumption
The feasibility study for the solar project is being delivered by PSI
Solutions, a South African-based consultancy in infrastructure design and
management and is set for completion in Q2 FY25. Consultants have also
been engaged to establish the potential partnership for the construction
(or provision) of the solar plant. These discussions are underway, and
agreements are scheduled to be finalised in Q2 FY25.
Load shedding is a fact of life in South Africa and occurs when the
electricity supplier sheds energy load from the grid to protect the
electricity power system when there is too much electricity demand and
too little supply. This is undertaken to protect the electricity power system
from a total blackout, which would have significant implications for South
Africa due to the time taken to restore full power.
PSI Solutions have also been appointed to study the possibility of load
curtailment, or the reduction in power consumption during periods when
there is not enough electricity in the grid. This will support energy supply
for Tshipi when load shedding occurs.
The benefits of this solar power initiative extend beyond environmental
impact. By reducing energy costs and increasing energy independence,
Tshipi are also enhancing operational efficiency and financial performance.
Optimisation of Operations
Optimisation of mine site operations is a focus of continuous improvement
for Tshipi. In FY24, the connecting conveyor system project moved into
its final design stage. Tshipi anticipates the construction of the conveyor
system to begin in Q2 FY25. The operationalisation of the conveyor system
will bring approximately ZAR 9 million in cost savings annually.
Transport routes of mobile plant and equipment on the mine are
continually reviewed in line with asset management and maintenance
schedules to support operational efficiencies.
Land Management and Restoration
Mining and development areas at Tshipi are on land that ranges in
biodiversity value from low to very high. These areas cover approximately
280 hectares of land on which biodiversity risk exists, including the
realisation of some biodiversity loss due to previous development.
Tshipi’s commitment to offset the associated impacts are demonstrated
through the purchase of Tshimo é ntle (Tshimo), a biodiversity offset
project within the Kathu Bushveld/Olifantshoek Plains. Tshimo translates to
“beautiful land” in Setswana.
Importantly, this area contains the Thornveld vegetation type that
specifically has intact and representative individuals of Vachellia erioloba
and Vachellia haematoxylon trees present on the property. Through this
project, Tshipi is focused on ensuring no net biodiversity loss, or to at least
consider if a biodiversity offset is merited and act accordingly.
Tshipi’s Vision for the Tshimo Biodiversity
Offset Project - “An ecologically sound
Nature Reserve, preserving the natural
characteristics of the unique environment
and contributing towards landscape-scale
conservation.”
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Value Generation
Value generation is central to Jupiter’s mission. This includes refining
supplier partnerships, managing risks and strengthening investment
approaches. As the Company looks forward, the focus incorporates
further enhancement of stakeholder relationships, refining operational
processes, planning sustainably and investing in forward thinking
initiatives.
Table 11: Value generated and distributed by Tshipi in FY24.
Percentage of
procurement budget spend
on local SMME23(%)
Income tax paid to the
Government (AUD)
Community Investment
(AUD)24
Ratio of entry level wage
to minimum wage
Wages into the local
economy (AUD)
5
16,610,114
620,408
3.88 : 1
16,219,920
Tshipi’s business strategy is underpinned by value generation. Tshipi’s
approach is centred upon creating sustainable value for all stakeholders,
including shareholders, employees, communities, and the environment
(Table 11). This involves a multifaceted strategy, encompassing supplier
partnership optimisation, robust risk management and strategic
investment planning.
23 SMMEs here refer to Exempted Micro Enterprises (Businesses with a turnover less than ZAR 10million) and Qualifying Small Enterprises (Businesses with a turnover between ZAR 10 million and ZAR 50million)
24 This includes community investment in school infrastructure, equipment, and furniture.
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Appendices
Tshipi ESG Data
Sustainability Priority
Metric
2024
2023
Health, Safety and Wellbeing
LTI
4
0
LTIFR
0.25
0
TRIFR
0.35
0.20
Preventive health impact – Number of employees and
contractors that engaged with preventive health campaigns
1,115
Not reported
Community Empowerment
Bursaries, internships, and learnerships provided
21
37
Management and Workforce Diversity
Board diversity (% female representation)
20
20
Board diversity (% black representation)
40
40
Executive management diversity (% female representation)
50
40
Executive management diversity (% black representation)
75
80
Workforce diversity (% female representation)
33
33
Workforce diversity (% black representation)
96
Not reported
Emissions Management
Scope 1 GHG Emissions (tCO2-e)
79,186.80
83,482.60
Scope 2 GHG Emissions (tCO2-e)
5,120.70
3,560.10
Number of dust fall-out exceedance in residential areas
0
1
Number of dust fall-out exceedance in non-residential areas
2
2
Percentage reduction in hazardous waste sent to landfill
28
12
Energy Efficiency
Energy consumption (MWh)
5,120.70
3,526.90
Value Generation
Procurement spend on local SMMEs (%)
5
10
Tax paid to Government (AUD)
16,610,114
41,751,931
Community Investment (AUD)
620,408
514,399
Wages into the local economy (AUD)
16,219,920
14,979,992
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GRI Standard
Disclosure
Location
ICMM
Principles
UNGC
Principles
GRI 2: General
Disclosures 2021
2-1 Organizational details
About Us
N/A
N/A
2-2 Entities included in the organization’s
sustainability report
Sustainability Report: About this Report
2
N/A
2-3 Reporting period, frequency and contact point
Sustainability Report: About this Report
10
N/A
2-4 Restatement of information
Sustainability Report: Zero Harm
1
N/A
2-6 Activities, value chain, and other business
relationships
Manganese Market
2
N/A
2-7 Employees
Sustainability Report: Workforce and Management
Diversity
3
6
2-9 Governance structure and composition
Directors’ Report
1
N/A
2-11 Chair of the highest governance body
Directors’ Report
1
N/A
2-14 Role of the highest governance body in
sustainability reporting
Sustainability Report: Our Approach to
Sustainability
1
N/A
2-22 Statement on sustainable development
strategy
Sustainability Report: From the Managing Director
and Chair of the AC
1
N/A
2-29 Approach to stakeholder engagement
Sustainability Report: Our Approach to
Sustainability
10
7
GRI 3: Material
Topics 2021
3-1 Process to determine material topics
Sustainability Report: Our Approach to
Sustainability
10
N/A
3-2 List of material topics
Sustainability Report: Our Approach to
Sustainability
10
N/AL
3-3 Management of material topics
Sustainability Report: Our Focus Areas
10
N/A
GRI 201: Economic
Performance 2016
201-1 Direct economic value generated and
distributed
Sustainability Report: Value Generation
N/A
N/A
GRI 202: Market
Presence 2016
202-1 Ratios of standard entry level wage by
gender compared to local minimum wage
Sustainability Report: Value Generation
3
5
GRI 203: Indirect
Economic Impacts
2016
203-1 Infrastructure investments and services
supported
Sustainability Report: Case Study 1: Collaboration
with Blossom Care to Eliminate Period Poverty
and Case Study 2: Itlotleng Commercial High
School
9
1, 6
203-2 Significant indirect economic impacts
Sustainability Report: Case Study 2: Itlotleng
Commercial High School
9
1
GRI 204:
Procurement
Practices 2016
204-1 Proportion of spending on local suppliers
Sustainability Report: Value Generation
9
N/A
Statement of Use
GRI 1
Jupiter Mines has reported the information cited in this Global Reporting Initiative (GRI) content index for the period (FY24)
with reference to the GRI Standards and the Company’s approach to the management of its most material ESG topics.
GRI 1: Foundation 2021
Content Index
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GRI Standard
Disclosure
Location
ICMM
Principles
UNGC
Principles
GRI 302: Energy
2016
302-1 Energy consumption within the organization
Sustainability Report: Energy Efficiency
6
7
302-3 Energy intensity
Sustainability Report: Energy Efficiency
6
7
GRI 303: Water and
Effluents 2018
303-1 Interactions with water as a shared resource
Sustainability Report: Water Management
6
7
303-5 Water consumption
Sustainability Report: Water Management
6
7
GRI 304:
Biodiversity 2016
304-1 Operational sites owned, leased, managed in,
or adjacent to, protected areas and areas of high
biodiversity value outside protected areas
Sustainability Report: Land Management and
Restoration
7
8
GRI 305: Emissions
2016
305-1 Direct (Scope 1) GHG emissions
Sustainability Report: Greenhouse Gas Emissions
6
8
305-2 Energy indirect (Scope 2) GHG emissions
Sustainability Report: Greenhouse Gas Emissions
6
8
305-4 GHG emissions intensity
Sustainability Report: Greenhouse Gas Emissions
6
8
GRI 306: Waste
2020
306-1 Waste generation and significant waste-
related impacts
Sustainability Report: Waste Management
6
8
306-2 Management of significant waste-related
impacts
Sustainability Report: Waste Management
6
8
306-3 Waste generated
Sustainability Report: Waste Management
6
8
403-9 Work-related injuries
Sustainability Report: Waste Management
6, 8
8, 9
GRI 403:
Occupational
Health and Safety
2018
403-1 Occupational health and safety management
system
Sustainability Report: Zero Harm
4, 5
1
403-3 Occupational health services
Sustainability Report: Preventive Wellness
5
1
403-6 Promotion of worker health
Sustainability Report: Preventive Wellness
5
1
403-7 Prevention and mitigation of occupational
health and safety impacts directly linked by
business relationships
Sustainability Report: Preventive Wellness
5
1
403-9 Work-related injuries
Sustainability Report: Zero Harm
4, 5
1
GRI 405: Diversity
and Equal
Opportunity 2016
405-1 Diversity of governance bodies and
employees
Sustainability Report: Workforce and Management
Diversity
3
1, 6
GRI 413: Local
Communities 2016
413-1 Operations with local community
engagement, impact assessments, and
development programs
Sustainability Report: Case Study 1: Collaboration
with Blossom Care to Eliminate Period Poverty
and Case Study 2: Itlotleng Commercial High
School
9
1
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AIDS
Acquired Immunodeficiency Syndrome
AC
Audit Committee
AUD
Australian Dollar
B-BBEE
Broad-Based Black Economic Empowerment
CoP
Communication on Progress
CY
Calendar Year
EE
Employment Equity
ESD
Enterprise and Supplier Development
ESG
Environmental, Social and Governance
EV
Electric Vehicles
FY
Financial Year
GHG
Greenhouse Gas
GRI
Global Reporting Initiative
HDP
Historically Disadvantaged Person
HIV
Human Immunodeficiency Virus
HPMSM
High Purity Manganese Sulphate Monohydrate
ICMM
International Council of Mining and Metals
IISD
International Institute for Sustainable Development
IRMA
Initiative for Responsible Mining Assurance
LTIFR
Lost-Time Injury Frequency Rate
NMC
Nickel-Manganese-Cobalt
OEM
Original Equipment Manufacturer
SAWIMA
South African Women in Mining Association
SDGs
United Nations Sustainable Development Goals
SLP
Social and Labour Plan
SMMEs
Small, Medium and Micro Enterprises
TCFD
Taskforce for Climate-related Financial Disclosures
TRIFR
Total Recordable Injury Frequency Rate
UNGC
United Nations Global Compact
UNICEF
United Nations Children’s Fund
WIM
Women in Mining
ZAR
South African Rand
Glossary
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Directors’ Report
In accordance with a resolution of Directors, the Directors present their Report together with the Financial Report of Jupiter Mines Limited (Jupiter or the
Company) and its wholly owned subsidiaries (together referred to as the Consolidated Entity or Group) for the financial year ended 30 June 2024 and the
Independent Auditor’s Report thereon.
Directors and Executives
The Directors of the Company at any time during or since the end of the financial year are as follows:
Non-Executive
•
Ian Murray
•
Scott Winter
•
Peter North
•
Patrick Murphy (resigned 13 September 2024)
•
Bo Sung (Ben) Kim
•
Sally Langer (appointed 13 September 2024)
Executive
•
Brad Rogers
Additional information is provided below regarding the current Directors
and Executives.
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Ian Murray
B.Com and GDA (University of Cape Town), FCA, MAICD
Independent Chair; Non-Executive Director; Audit Committee Member
Ian was appointed as a Director of Jupiter on 16 February 2022.
Ian is a Chartered Accountant, a Member of Australian Institute of Company Directors, and holds an Executive degree
in Advanced Management and Leadership from the University of Oxford (Saïd Business School). With over 25 years’
mining industry experience in senior leadership positions, including the position of Executive Chair and Managing
Director of Gold Road Resources Ltd (ASX: GOR) and DRDGold Ltd (NYSE and JSE: DRD), he has also held executive
positions with international ‘Big Four’ accounting firms.
Ian has a wealth of financial, corporate, project development, mergers and acquisitions, and operational experience
across Australia, Africa, Asia Pacific, and North America. Most recently, Ian led Gold Road as it transitioned from small
market capitalisation explorer to large scale plus billion dollar gold producer. Ian has been the recipient of many
awards during his leadership of Gold Road, including the Gavin Thomas award for leadership, the Diggers and Dealers
Deal of the Year award in 2017, after winning the best emerging company award in 2011 as well as the CEO of the year
award from CEO Magazine.
Ian is currently a Non-Executive Director of Black Rock Mining Limited (ASX: BKT)and Arafura Rare Earths Limited (ASX:
ARU) and volunteers on the board for not-for-profit and charity Miners Promise Ltd.
Scott Winter
B.Eng (Honours, Mining) (University of Queensland); GradDip. Applied Finance and Investment (Securities Institute
Australia); MBA (Melbourne Business School)
Independent Non-Executive Director; Remuneration and Nomination Committee Chair
Scott was appointed as a Director of Jupiter on 30 July 2021. Scott is also a Director of Tshipi é Ntle Manganese Mining
(Proprietary) Limited.
Scott led the aggregation of Australian and African business units and the formation of the Global Surface contract
mining business with over 40 projects for Perenti, the successful turnaround of the African business unit and growth
of the Australian business unit.
Previous to Perenti, Scott was Chief Operating Officer at Mineral Resources Limited supporting the selldown and
subsequent integration of its Wodgina lithium mine with Albermarle.
Scott is currently a Managing Director of Critical Minerals Group Limited (ASX: CMG).
Peter North
B.Sc (Min Eng, Wits University); MBA (Wits Business School)
Non-Executive Director; Audit Committee Member; Remuneration Committee Member
Peter was appointed as a Director of Jupiter on 30 July 2021.
Peter co-founded Safika Resources (Pty) Limited, a substantial shareholder of Jupiter. He led negotiations with
Samancor that culminated in a shareholding in Hotazel Manganese Mines and the formation of the joint venture
with Pallinghurst Resources which established Tshipi.
Peter has 16 years corporate finance experience with Rand Merchant Bank and QuestCo in South Africa.
Peter has not been a Director of any other ASX listed companies in the past three years.
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Bo Sung Kim
B.Com (University of Queensland)
Non-Executive Director; Audit Committee Member
Ben was appointed as a Director of Jupiter on 15 February 2022.
Ben is the Managing Director of POSCO Australia, a substantial shareholder of Jupiter. Ben has built his career in
POSCO in the Management Planning Team and the Raw Materials Division.
Ben has not been a Director of any other ASX listed companies in the past three years.
Patrick Murphy
LLB and B.Com (University of Western Australia)
Non-Executive Director; previous Remuneration and Nomination Committee Member
Patrick was appointed as a Director of Jupiter on 30 November 2021, and retired on 13 September 2024.
Patrick is an experienced mining investment professional, having spent 15 years at AMCI, where he is currently
a Managing Director, and the global investment group Macquarie. He has specialised in deploying capital in the
raw materials and mining industries for his entire career. Patrick has global experience and a proven pedigree in
identifying and successfully executing value enhancing initiatives in the industry. He holds board positions for a
number of AMCI companies.
Patrick is currently a Non-Executive Director of Juno Minerals Limited (ASX: JNO) and Green Technology Metals
(ASX: GT1).
Sally Langer
B.Com (University of Western Australia), FCA, AICD
Independent Non-Executive Director; Audit Committee Chair; Remuneration and Nomination Committee Member
Sally was appointed as a Director of Jupiter on 13 September 2024.
Sally has more than 25 years’ experience in Professional Services including as founder and Managing Partner of the
management consulting and executive recruitment firm Derwent Executive, where she set up and led the growth
of the Perth office servicing a wide range of clients both local and national and led the Mining and Industrial
Practice.
Prior to that, she was a Director at international recruitment firm Michael Page and a Chartered Accountant
at accounting and consulting firm Arthur Andersen. During her career, Sally has been responsible for strategy
development and execution with a strong focus on profitable business growth, supervising and coordinating
large teams and other management functions including strategy, business development, budgeting and human
resources.
Sally was previously a Non-Executive Director of Saracen Mineral Holdings Ltd and MMA Offshore Limited.
Sally is currently a Non-Executive Director of Northern Star Resources Ltd (ASX: NST) and Sandfire Resources Limited
(ASX: SFR). In addition to her listed company directorships, Sally Langer also holds board roles for Federation Mining,
The Gold Corporation, Ronald McDonald House Charity and Hale School (not-for-profit).
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Melissa North
B.Com (Murdoch University); Chartered Accountant
Chief Financial Officer and Company Secretary
Melissa North joined Jupiter in May 2012 as Group Financial Controller and was subsequently appointed CFO and
Company Secretary in November 2012.
Over her 12 years with Jupiter, Melissa has played a critical role in the development of the Company. This has included
executing wide-ranging corporate activities, management of foreign subsidiaries, and increasing shareholder value
culminating in Jupiter’s $240 million ASX listing in April 2018.
Prior to Jupiter, Melissa gained experience in roles in both Perth and London, building a wealth of knowledge in
financial management and business advisory services over almost a decade.
Melissa, a graduate of Murdoch University and a Chartered Accountant since 2004, commenced her career at Grant
Thornton in 2000, building a strong foundation in financial reporting.
Brad Rogers
B.Com (Curtin University); Post GradDip. Applied Finance (Securities Institute Australia); Chartered Accountant
Managing Director and Chief Executive Officer
Brad was appointed as Managing Director of Jupiter on 1 August 2022. Brad is also a Director of Tshipi é Ntle
Manganese Mining (Proprietary) Limited.
Brad joined Jupiter from leading mining logistics company Bis Industries, where he was Managing Director and CEO
since 2015. He previously served as Bis’ Chief Financial Officer and Director of Corporate Development. Bis is a large
production focused mining services company and an industry leader in bulk mining logistics, including through the
invention and use of proprietary technology.
Prior to Bis, Brad was General Manager Corporate Development at mining, engineering and infrastructure company
GRD Limited, where he was responsible for group strategy, corporate finance and investor relations. He also led GRD’s
Global Renewables operating business in Australia and Asia for three years. Brad, a graduate of Curtin University and
a Chartered Accountant, earlier worked as a corporate strategy advisor for Mainsheet Corporate and Arthur Andersen.
Brad has not been a Director of any other ASX listed companies in the past three years.
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Principal activities
The principal activities of Jupiter during the year have been investment in the Tshipi Manganese Mine in South Africa and the sale of manganese ore. A
comprehensive report on the activities are presented within the Operating and Financial Review in this Annual Report.
Review of financial results and operations
The consolidated results of Jupiter for the year ended 30 June 2024 was a profit of $38,873,617 after a $3,310,304 tax expense (4 months ended 30 June 2023
restated: profit of $21,076,610, after a $1,903,629 tax expense). Further details of the results of the Consolidated Entity are set out in the accompanying
financial statements and the Operating and Financial Review in this Annual Report.
Significant changes in the state of affairs
There were no significant changes during the year.
Dividends
In respect of the 2024 financial year, the Directors have declared the following dividends:
Dividend
Dividend per share
Total dividend
Payment date
Interim unfranked, wholly conduit foreign income
$0.0100
$19,595,053
Paid 21 March 2024
Final unfranked, wholly conduit foreign income
$0.0025
$4,901,263
Paid 20 September 2024
$0.0125
$24,496,316
The interim dividend paid on 21 March 2024 was declared on 29 February 2024. The final dividend paid on 20 September 2024 was declared on 29 August
2024.
Financial position
At 30 June 2024, Jupiter held $19,058,357 in cash and cash equivalents (30 June 2023: $27,735,492), had a carrying value of investments using the equity
method of $534,344,353 (30 June 2023: $505,825,336).
Significant events after reporting date
These financial statements were authorised for issue by the Board of Directors on 30 September 2024.
On 29 August 2024, the Board declared a final dividend for the year ended 30 June 2024 of $0.0025 per ordinary share, paid on 20 September 2024.
Non-Executive Director Patrick Murphy resigned from the Board of Jupiter on 13 September 2024. On the same day, Jupiter appointed Sally Langer as a Non-
Executive Director.
Likely developments, business strategies and prospects
The operations at the Tshipi Manganese Mine are expected to continue in a similar manner to present.
Jupiter is currently undertaking a pre-feasibility study to explore the possibility of producing electric vehicle grade manganese at a point in the future.
Environmental regulations and performance
Jupiter is committed to achieving a high standard of Environmental, Social and Governance (ESG) performance together with its operations at Tshipi.
Jupiter and Tshipi understand there are risks and opportunities that are associated with a changing climate and the global energy transition. The Boards of
both Jupiter and Tshipi are ultimately responsible for the oversight of climate-related risks and opportunities for each respective entity.
Jupiter has incorporated the recommendations of the Task Force for Climate-related Financial Disclosures (TCFD) in this financial year, which are set out in
the Sustainability Report in this Annual Report, along with a comprehensive assessment of Jupiter and Tshipi’s overall environmental compliance.
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Climate-related risks are actively managed as part of Tshipi’s enterprise risk management system with projects including the solar energy development
and the preventative wellness program examples of climate-related risk management activities. With climate-related risks and opportunities becoming
more salient for organisations to manage, a climate-related risk assessment will be conducted in the next reporting period.
Regulatory environments in Australia and South Africa continue to evolve in relation to climate reporting and emissions management. These are actively
monitored to ensure regulatory compliance.
The Board is not aware of any significant breaches in compliance during the financial year covered by this report.
Directors meetings
The number of Board and Committee meetings attended by each Director of the Company during the financial year are:
Director
Board
Audit Committee
Remuneration and
Nomination Committee
Eligible to attend
Attended
Eligible to attend
Attended
Eligible to attend
Attended
Ian Murray
12
12
3
3
-
-
Scott Winter
12
12
-
-
2
2
Peter North
10
9
3
3
2
2
Patrick Murphy
12
12
-
-
2
2
Bo Sung Kim
12
8
3
1
-
-
Brad Rogers
12
12
-
-
-
-
Directors’ interests
The relevant interest of each Director in the shares, performance rights or options over such instruments issued by the Company, as notified by the
Directors to the ASX in accordance with S205G(1) of the Corporations Act 2011, at the date of this report is as follows:
Director
Ordinary shares
Options over ordinary shares 1
Performance rights 1
Ian Murray
-
-
-
Scott Winter
729,286
-
-
Peter North
697,000
-
-
Patrick Murphy
60,000
-
-
Bo Sung Kim2
134,992,472
-
-
Brad Rogers
1,000,000
1,000,000
1,072,884
Sally Langer
-
-
-
1 Vesting conditions attached to these options and performance rights are set out in Note 25 to the Financial Statements.
2 Bo Sung Kim is the Managing Director of POSCO Australia Pty Ltd (POSCO). POSCO is the registered owner of 134,994,472 Ordinary Shares in the Company at the date of this report.
Share options
All options were granted in previous financial years. No options have been granted since the end of the previous financial year. All share options are
unissued.
At the date of this report, unissued shares of the Company under option are:
Expiry date
Exercise price
Number of options
25 July 2025
Nil
500,000
25 July 2025
Nil
500,000
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Performance rights
Unissued shares under performance rights
At the date of this report, unissued shares of the Company under performance rights are:
Date performance rights granted
Vesting date 1
Number of performance rights
22 December 2023
22 December 2024
536,442
22 December 2023
22 December 2025
536,442
1 Vesting conditions attached to these options and performance rights are set out in Note 25 to the Financial Statements.
Performance rights vested
During the financial year, to the date of this report, the following performance rights vested:
Performance rights
Grant Date
Vesting date 1
Number vested
500,000
1 August 2022
31 July 2023
500,000
500,000
1 August 2022
31 July 2024
500,000
1 Vesting conditions rights are set out in Note 25 to the Financial Statements.
Contracts with Directors
There are no agreements with any of the Directors other than remuneration agreements.
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. No amount
has been paid under this indemnity during the financial year ending 30 June 2024 or to the date of this Report.
Non-audit services
KPMG did not provide any non-audit services during the financial year ended 30 June 2024.
Lead Auditor’s Independence Declaration
The Lead Auditor’s Independence Declaration for the year ended 30 June 2024 is set out on page 119.
Corporate Governance
The Directors aspire to maintain the standards of Corporate Governance appropriate to Jupiter. Jupiter’s Corporate Governance Statement is available on its
website https://www.jupitermines.com/about-us/corporate-governance.
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.
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Remuneration Report
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The directors present the Remuneration Report (Report) for Non-Executive Directors (NED), Executive Directors and other Key Management Personnel
(KMP), for the financial year ended 30 June 2024 (FY24).
The information provided in this Remuneration Report has been prepared in accordance with the requirements of the Corporations Act 2001 and Australian
Accounting Standards, and the Remuneration Report has been audited in accordance with Section 308(3C) of the Corporations Act 2001.
The Remuneration Report is presented under the following sections:
Page
1.
Introduction
72
2.
Remuneration Governance
73
3.
Non-Executive Remuneration
74
4.
Executive Remuneration
74
5.
Statutory Remuneration Disclosures
77
6.
Statutory Key Management Personnel Remuneration
79
7.
Other Transactions with Key Management Personnel
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Remuneration Report
(Audited)
1. Introduction
The following were KMP of the Company during the financial year for the indicated term:
Name
Role
Term
Non-Executive Directors
Ian Murray
Non-Executive Chair
Full year
Scott Winter
Non-Executive Director
Full year
Peter North
Non-Executive Director
Full year
Patrick Murphy
Non-Executive Director
Full year
Bo Sung Kim
Non-Executive Director
Full year
Executive Director
Brad Rogers
Managing Director (MD) and Chief Executive Officer (CEO)
Full year
Other Executive Key Management Personnel
Melissa North
Chief Financial Officer (CFO) and Company Secretary
Full year
The Report outlines the Company’s approach to remuneration for its Non-Executive Directors and Executives.
The Board and Remuneration and Nomination Committee (RemCo) recognises that the success of the business depends on the quality and engagement
of its people. To ensure the Company continues to succeed and grow, it must attract, motivate and retain skilled Directors, Executives and employees. The
Board delegates responsibility in relation to remuneration to the RemCo to ensure that people and performance are a priority.
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2. Remuneration Governance
The information contained within this section provides an overview of the executive remuneration governance for the Company.
i.
Remuneration philosophy
The main objective is the retention of a high-quality Board and executive team, to maximise value of the shareholders’ investment. Remuneration levels
will be competitively set to attract, retain and motivate appropriately qualified and experienced Directors and Executives.
In determining the level and make up of remuneration levels for Executives of the Company, the remuneration policy will be structured to increase
goal congruence between shareholders and Executives and includes the payment of incentives based on achievement of specific goals related to the
performance of the Company and also the issue of equity based instruments to encourage alignment of personal and shareholder interests.
ii. Role of the Board
The Board delegates responsibility in relation to remuneration to the RemCo, which operates in accordance with the RemCo Charter and the requirements
of the Corporations Act 2001 and its Corporations Regulations 2011.
iii. Role of the Remuneration and Nomination Committee
The RemCo is a committee of the Board. It is responsible for making recommendations to the Board on:
•
The Company’s remuneration policy and structure;
•
Evaluation of Board and Committee performance and structure;
•
Executive remuneration policy for KMP;
•
Remuneration levels of Executives, KMP and other senior management;
•
Operation of incentive plans and key performance hurdles for KMP and senior management;
•
Equity based remuneration plans for KMP; and,
•
NED remuneration.
The RemCo’s objective is to ensure remuneration policies and structures are fair and competitive and aligned with the long-term interests of the Company.
The RemCo will periodically obtain independent remuneration information to benchmark against NED fees and Executive remuneration packages to
ensure they are appropriate and in line with the market.
iv. Use of remuneration advisors
The RemCo engaged the services of Loftswood to carry out an independent review of the remuneration for the MD and CEO.. An inflationary adjustment to
the MD and CEO base salary remuneration was recommended to be implemented from 1 July 2024. Loftswood are continuing their remuneration review
and benchmarking exercise and there may be further recommendations.
v. FY23 and TFY23 Remuneration Report approval and shareholder engagement
At the Company’s FY23 Annual General Meeting in November 2023, the Remuneration Reports for FY23 and the four-month period to 30 June 2023 were
voted on and approved by shareholders. Votes against both of the Reports were less than 25%, therefore no strikes were recorded under the “two strike”
rule.
In engaging with shareholders and proxy advisors, the Company found the most common area of concern is the composition of the Board.
The Board was composed of two independent Directors (Ian Murray and Scott Winter), three shareholder representatives (Peter North, Patrick Murphy
and Bo Sung Kim) and one Executive Director (Brad Rogers). Subsequent to the financial year, Patrick Murphy retired from the Board, and Sally Langer was
appointed as an independent Director.
The RemCo and Board undertook an evaluation of the composition in line with the Company strategy released in March 2023. Currently, the Company has
a single asset, its 49.9% stake in the Tshipi Manganese Mine in South Africa. The RemCo and Board considers the Board structure presently provides the
appropriate experience and skill set to address its existing business interests.
A Board evaluation process was undertaken subsequent to the financial year. The evaluation process involves the completion of questionnaires evaluating
individual Director performance and that of the full Board of Directors. The results are compiled and summarised for the RemCo’s consideration, and for
providing recommendations to the Board.
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The Board also assessed its current skill set through the completion of a Board Skills Matrix. The Board Skills Matrix requires Directors to complete a self-
assessment of their skills and experience. These are then compiled to highlight which areas in which the Board excels, and which skills need improvement
or additions through additional resources.
The Board Skills Matrix can be found within the Company’s Corporate Governance Statement.
3. Non-Executive remuneration
The Board seeks to set aggregate remuneration at a level that provides the Company with the ability to attract and retain NED’s of the highest calibre.
The amount of aggregate remuneration sought to be approved by shareholders and the manner in which it is apportioned amongst NED’s is reviewed
annually.
i.
Directors’ fees
Directors’ fees cover all main Board activities. NED’s are not entitled to retirement benefits other than statutory superannuation or other statutory required
benefits. NED’s do not currently participate in performance related remuneration (share or bonus schemes) designed for Executives or employees.
Director fees currently paid to NED’s per annum are as follows:
Director
Chair Fee
Director Fees
Committee Fees
Total
Ian Murray
$140,000
-
$2,500
$142,500
Scott Winter
-
$55,000
$5,500
$60,500
Peter North
-
$55,000
$5,000
$60,000
Patrick Murphy
-
$55,000
$2,500
$57,500
Bo Sung Kim
-
$55,000
$5,500
$60,500
Total
$140,000
$220,000
$21,000
$381,000
ii. Planned Non-Executive remuneration changes for FY25
A review of NED remuneration was carried out by the RemCo in conjunction with reviewing peer remuneration survey data. The outcomes of the report
indicated that the remuneration levels for NED were below that for commensurate companies of a similar size and complexity. The RemCo has considered
the findings and will be seeking an adjustment in FY25 to the NED remuneration pool and an increase in the individual NED fees including that of the fees
associated with the committees.
4. Executive remuneration
The information contained within this section outlines details pertaining to the Executive remuneration structure for FY24.
i.
Executive remuneration framework
The total remuneration package will consist of the following elements of pay.
Remuneration Elements
Purpose
Definition of Pay Category
Total Fixed Remuneration (TFR)
Pay for meeting role requirements
Pay linked to the present value or market rate of the role, comprises base
salary and superannuation.
Short-term Incentives (STIs)
Incentive for the achievement of
annual objectives
Pay for delivering the annual operational plan for the Company. STIs are
linked to the achievement of short term ‘line-of-sight’ performance goals.
It reflects ‘pay for short term performance’.
Long-term Incentives (LTIs)
Incentive for achievement of
sustained business growth (non-
market measures)
Pay for creating value for shareholders, and to retain talent over the
longer term. Reward pay is linked to shareholder returns.
It reflects ‘pay for results’.
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ii. FY24 Executive remuneration outcomes and link to Company performance
The Company continued to progress its strategy with notable advancements across each of key strategy pillars. The Jupiter management team has grown
throughout the year to support the developments within each of the strategic pillars. In particular resources have been focused in the scoping and
market studies and metallurgical testing associated with the EV Battery strategy. This year saw the inaugural launch of the ESG reporting framework and
showcasing of the ESG credentials at the Tshipi operations reported in the Company’s Inaugural Sustainability Report. Similarly there have been progress
milestones achieved at the operations that support improvements in the operations efficiency.
a. Fixed remuneration
Fixed remuneration for executive KMPs in FY24 were as follows:
Name
Role
Fixed Remuneration1
Brad Rogers
Managing Director and Chief Executive Officer
$750,000
Melissa North
Chief Financial Officer and Company Secretary
$260,0002
b. STIs
The RemCo and Board determined the performance of the MD and CEO against pre-defined STI performance targets. The FY24 assessment is shown below:
Category
Weighting
Measure
Outcome
Governance and Stewardship
20%
Engagement and alignment of JMS and Tshipi
17%
Investor Relations
25%
Growth and retention of shareholder base
Increase awareness
20%
Corporate Management
20%
Business functional improvement – reporting, achieving budget, marketing outcomes
20%
Growth and Strategy
35%
Execution of strategy
10%
Total
100%
67%
Payable as 50% cash, 50% STI performance rights
The CFO and Company Secretary is entitled to a discretionary performance incentive up to 40% of TFR. Performance metrics were set during the year with
regards to financial management, and performance was assessed as at target for the year.
As a result of the assessment of each Executive KMP’s performance, the Board approved payment of the following STIs:
Executive KMP
Role
Maximum STI $
STI outcome $
STI outcome
$
$
(% of maximum STI)
Brad Rogers
MD and CEO
$627,187
$418,125
67%
Melissa North
CFO and Company Secretary
$104,000
$104,000
100%
The above STIs were assessed and approved by the Board subsequent to the end of the financial year.
c. LTIs
The following table summarises the Company’s FY23 and FY24 LTI structure for the MD and CEO:
Maximum LTI
120% of TFR
Delivery
Performance rights to be issued based on face value of $0.1958 per instrument (FY23) and $0.2034 (FY24), being the
VWAP of Company’s shares for the 5 days leading up to 1 August 2022 and 1 July 2023, respectively (to be approved by
shareholders)
Vesting period
3 years – 1 August 2022 to 30 June 2026 (FY23)
3 years – 1 July 2023 to 30 June 2027 (FY24)
1 Exclusive of superannuation.
2 Fixed remuneration was increased as of 1 November 2023, prior amount was $230,100.
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Performance targets
Measure
Vesting
Total Shareholder Return
(TSR) (33.3% weighting)
Measure against an appropriate basket of like companies
<50th
percentile
50-75th
percentile
>75%
percentile
0%
100%
Pro rata
straight line
Manganese Equity Production
(33.3% weighting)
Growth in manganese production and sales
<4 mtpa
5 mtpa
6 mtpa
50%
100%
120%
Strategic Initiatives
(33.3% weighting)
Progress towards entry into battery grade manganese product
markets
20%
Board Discretion
Development of integrated Jupiter controlled logistics solution
20%
Jupiter intent to become an operator at one or more mines
20%
Completion of materials handling and quality control projects
20%
Prepare an ESG strategy, have ESG rating and a published
Sustainability Report
20%
ii. Consequences of performance on shareholder wealth
In considering the Company’s performance and benefits for shareholder wealth, the RemCo have regard to the following indices in respect of the current
financial year and the previous financial years:
$
FY24
TFY231
FY23
FY22
FY21
FY20
Profit attributable to owners of the company
38,873,617
21,076,610
76,470,852
53,977,755
67,519,400
95,118,503
Dividends paid
19,595,053
Nil
43,097,803
29,384,866
58,769,731
93,052,074
Change in share price
0.12
(0.04)
0.01
(0.12)
0.11
(0.10)
1 Restated. Refer to Note 26 to the consolidated financial statements.
iii. FY25 executive remuneration framework
The FY25 LTI will remain similar to FY24, however with some revised performance measures around the Company’s strategic initiatives.
Performance targets
Measure
Vesting
Total Shareholder Return
(TSR) (33.3% weighting)
Measure against an appropriate basket of like companies
<50th
percentile
50-75th
percentile
>75%
percentile
0%
100%
Pro rata
straight line
Manganese Equity Production
(33.3% weighting)
Growth in manganese production and sales
<4 mtpa
5 mtpa
6 mtpa
50%
100%
120%
Strategic Initiatives
(33.3% weighting)
Develop a strategy to become a leading supplier of HPMSM
20%
Board Discretion
Develop a strategy to become a manganese industry ESG leader
20%
Play a leading role in work that delivers an optimisation of Tshipi's
mining risk outlook (mining operations, mine plan)
20%
Play a leading role in work that delivers an optimisation of Tshipi's
operating efficiency on site (conveyor, solar)
20%
Play a leading role in work that delivers an optimisation of the
efficiency and effectiveness of Tshipi's logistics outcomes
20%
In FY25, discretionary incentives will be discontinued and replaced with short and long-term incentive plans. The RemCo have approved the drafting of
long-term incentive scheme for other KMP and staff, to be introduced during FY25.
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5. Statutory remuneration disclosures
i. Executive contracts
Remuneration and other terms of employment for the Executives are formalised in service agreements. The service agreements specify the components
of remuneration, benefits and notice periods. Other major provisions of the agreements relating to remuneration are set out below.
Executive KMP
Commencement date
Fixed remuneration
Notice
Brad Rogers
MD and CEO
1 August 2022
$750,000
6 months
Melissa North
CFO and Company Secretary
7 May 2012
$260,000
3 months
ii. Shares held by directors and management personnel
The movement during the year in the number of ordinary shares in Jupiter held directly, indirectly or beneficially, by each Director and key management
personnel, including their personally related entities are as follows:
Director / KMP
Balance at
start of year
Granted as
remuneration
Other changes
Held at the end of
reporting period
Ian Murray
-
-
-
-
Scott Winter
215,000
514,2861
-
729,286
Peter North
697,000
-
-
697,000
Patrick Murphy
60,000
-
-
60,000
Bo Sung Kim 2
134,992,472
-
-
134,992,472
Brad Rogers
-
500,000
-
500,000
Melissa North
-
-
-
-
None of the shares included in the table above are held nominally by key management personnel.
iii. Share based payment expense
Details of the options and performance rights share based payment expense for the MD and CEO for the year ended 30 June 2024 is shown below:
Share options
ID
Grant date
No.
granted
Expiry
date
Exercise
price
Fair value per
unit (cents)
Total fair
value
% vested
in year
% forfeited
in year
Financial years in
which grant vest
Vesting conditions
JMSO18
1/8/2022
500,000 25/7/2025
-
0.046
23,100
-
-
N/A
Jupiter share price of
greater than $0.40 (30
day VWAP)
JMSO19
1/8/2022
500,000 25/7/2025
-
0.046
23,100
-
-
N/A
Jupiter share price of
greater than $0.50 (30
day VWAP)
1 Scott Winter was granted 514,286 fully paid ordinary shares in relation to his services as Acting Chief Executive Officer between November 2021 and August 2022 valued at $90,000.
2 Bo Sung Kim is the Managing Director of POSCO Australia Pty Ltd (POSCO). POSCO is the registered owner of 134,992,472 Ordinary Shares in the Company at the date of this report.
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Performance rights
ID
Grant date
No. granted
Expiry
date
Vesting
date
Exercise
price
Fair value per
unit (cents)
% vested
in year
% forfeited
in year
Financial
years in which
grant vest
Vesting
conditions
DR1
1/8/2022
500,000
-
31/7/2023
-
0.195
100
-
1/7/2023 Vested
DR1
1/8/2022
500,000
-
31/7/2024
-
0.195
-
-
1/7/2024 Employed at
vesting date
DR2
22/12/2023
536,442
-
22/12/2024
-
0.175
-
-
1/7/2024
No vesting
condition other
than service
condition
DR2
22/12/2023
536,442
-
22/12/2025
-
0.175
-
-
1/7/2025
No vesting
condition other
than service
condition
iv. Options and rights over equity instruments
The movement in the reporting period, by number of rights and options over ordinary shares in Jupiter held, indirectly or beneficially, by each KMP,
including their related parties, is as follows:
ID
Held at
1 July 2023
Granted as
compensation
Exercised
Lapsed
Forfeited
Held at 30
June 2024
Vested
during the
year
Vested and
exercisable
at 30 June 2024
Options
Brad Rogers
JMSO18
500,000
-
-
-
-
500,000
-
-
Brad Rogers
JMS019
500,000
-
-
-
-
500,000
-
-
Rights
Brad Rogers
DR1
500,000
-
500,000
-
-
-
500,000
-
Brad Rogers
DR1
500,000
-
-
-
-
500,000
-
-
Brad Rogers
DR2
-
536,442
-
-
-
536,442
-
-
Brad Rogers
DR2
-
536,442
-
-
-
536,442
-
-
Performance rights DR1 vested during the year after achieving vesting date and being exercised. Value of rights were $97,500.
1 Performance rights DR 1 and DR2 totalling 1,000,000 rights to fully paid ordinary shares were signing incentives received upon commencement. DR1 rights vested to 500,000 ordinary shares 12 months from the commencement date. DR2 rights will vest to 500,000 ordinary
shares 24 months from the commencement date.
2 The Board assessed Brad Rogers’ against performance measures and awarded an STI for the period from 1 August 2022 to 30 June 2023 of $375,510, 50% of which paid in cash, and 50% payable in the form of performance rights, with 50% vesting 12 months from issue date (DR3)
and 50% vesting 24 months from issue date (DR4). The material terms of the STI performance rights are further described in section 4iib.
3 FY24 STI and FY24 and FY23 LTI performance rights awarded to Brad Rogers are not included in the above tables as they have not yet been granted but have been provisionally expensed in terms of the accounting standard.
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6. Statutory KMP remuneration
The following table provide the details of the remuneration of all Directors and Executive Officers of the Company and the nature and amount of the
elements of their remuneration for the year ended 30 June 2024 and the previous financial period.
Employee
Year
Cash fees
& salary
Cash bonus
Other
short-term
benefits
Superannuation
& equivalents
Long service
leave
Share-based
payments
Total
% of
performance
related
remuneration
Deferred
STI rights
LTI5
Executive Directors & Other Management Personnel
Brad Rogers
Director & CEO
FY24
805,101
209,062
-
25,296
-
177,822
649,441
1,866,722
55.5%
TFY23
(restated)
267,819
68,2741
-
8,431
-
22,1072
70,0843
436,7156
36.7%
Melissa North
Company
Secretary & CFO
FY24
259,680
104,000
-
27,399
8,700
-
-
399,779
26.0%
TFY23
78,866
-
-
9,167
1,319
-
-
89,352
0.0%
Non-Executive Directors
Scott Winter
Director;
Independent
FY24
69,050
-
90,000
-
-
-
-
159,050
0.0%
TFY23
23,017
-
-
-
-
-
-
23,017
0.0%
Peter North
Director; Non-
independent
FY24
62,167
-
-
-
-
-
-
62,167
0.0%
TFY23
21,000
-
-
-
-
-
-
21,000
0.0%
Bo Sung Kim
Director; Non-
independent
FY24
58,333
-
-
-
-
-
-
58,333
0.0%
TFY23
19,167
-
-
-
-
-
-
19,167
0.0%
Ian Murray
Director;
Independent
FY24
128,378
-
-
14,122
-
-
-
142,500
0.0%
TFY23
42,986
-
-
4,513
-
-
-
47,499
0.0%
Patrick Murphy
Director; Non-
independent
FY24
57,500
-
-
-
-
-
-
57,500
0.0%
TFY23
19,167
-
-
-
-
-
-
19,167
0.0%
FY24 TOTAL
1,440,210
313,062
90,000
66,816
8,700
177,822
649,441
2,746,052
41.5%
TFY23 TOTAL (restated)
472,022
68,274
-
22,111
1,319
22,107
70,084
655,9174
24.5%
1 The cash bonus for TFY23 was restated to correctly allocate the value of the four-month period expense. The figure reported in the TFY23 Remuneration Report was nil. Actual cash paid has not changed as a result of this restatement.
2 The deferred STI rights for TFY23 was restated to correctly allocate the value of the four-month period expense. The figure reported in the TFY23 Remuneration Report was $53,883.
3 The deferred LTI rights for TFY23 was restated to correctly allocate the value of the four-month period expense. The figure reported in the TFY23 Remuneration Report was nil.
4 The total remuneration expense for TFY23 as reported in the TFY23 Remuneration Report was $549,335. This has increased by $106,582 to $655,917 on account of the changes to STI and LTI as detailed in footnotes 1, 2 and 3. Actual cash paid has not changed as a result of this
restatement.
5 LTI rights are expensed over the vesting period, which commences from when services are provided. Underlying rights have not been granted and do not appear in rights table on page 78.
6 The total remuneration expense for Brad Rogers for TFY2023 as reported in the TFY23 Remuneration Report was $330,133. This has increased by $106,582 to $436,715 on account of the changes to STI and LTI as detailed in footnotes 2 and 3. Actual cash paid has not changed as a
result of this restatement.
80
JUPITER MINES
80
JUPITER MINES
7. Other transactions with Key Management Personnel
During the current financial year, there were no other material transactions with key management personnel or their related parties other than those
detailed in Note 19 to the Financial Statements.
There were no loans with any of the key management personnel during the year and no loan amounts outstanding.
End of Remuneration Report
This report is signed in accordance with a resolution of the Board of Directors.
Brad Rogers
Managing Director
30 September 2024
80
JUPITER MINES
80
JUPITER MINES
81
2024 ANNUAL REPORT
81
2024 ANNUAL REPORT
81
2024 ANNUAL REPORT
10. Financial Report
Financial Report
For the Year Ended 30 June 2024
82
JUPITER MINES
82
JUPITER MINES
Consolidated Statement of Profit or Loss and
Other Comprehensive Income
For the Year Ended 30 June 2024
Consolidated Group
Note
June 2024
(12 months)
June 2023
(4 months)
(Restated)*
$
$
Revenue
2
8,069,813
2,840,827
Gross profit
8,069,813
2,840,827
Other income
2
742,873
301,903
Employee benefits expense
12
(2,531,398)
(682,345)
Depreciation
9, 24
(105,487)
(47,485)
Amortisation of intangible assets
9
(9,728)
(3,209)
Administrative expenses
(108,358)
(37,071)
Business development costs
(1,847,443)
(1,616,930)
Other expenses
4
(3,029,822)
(1,292,418)
Profit/(loss) from operations
1,180,450
(536,728)
Share of profit from joint venture entities using the equity method
10
40,017,828
22,704,063
Finance income
1,132,078
463,499
Finance costs
(40,653)
(16,331)
Foreign exchange (loss)/gain
(105,782)
365,736
Profit before income tax
42,183,921
22,980,239
Income tax expense
3
(3,310,304)
(1,903,629)
Profit for the year/period
38,873,617
21,076,610
Other comprehensive income
Items that may be subsequently transferred to profit or loss:
Translation of foreign currency financial statements
106,220
(212,569)
Items not to be reclassified to profit or loss in subsequent periods:
Change in the fair value of equity instruments carried at FVOCI
(433)
(1,287)
Other comprehensive profit/(loss) for the year/period, net of tax
105,787
(213,856)
Total comprehensive profit for the year/period
38,979,404
20,862,754
Profit for the year/period attributable to: Owners of the parent
38,873,617
21,076,610
Total comprehensive profit attributable to: Owners of the parent
38,979,404
20,862,754
Overall operations
Basic and diluted earnings per share
5
0.0198
0.0108
*Refer Note 26
The Consolidated Statement of Profit or Loss and Other Comprehensive Income should be read in conjunction with the accompanying notes.
83
2024 ANNUAL REPORT
83
2024 ANNUAL REPORT
Consolidated Statement of Financial Position
As at 30 June 2024
Consolidated Group
Note
June 2024
(Restated)*
June 2023
(Restated)*
1 March 2023
(Restated)*
$
$
$
ASSETS
CURRENT ASSETS
Cash and cash equivalents
6
19,058,357
27,735,492
49,486,940
Trade and other receivables
7
39,152,293
12,966,314
43,791,012
Other current assets
214,697
214,697
214,697
TOTAL CURRENT ASSETS
58,425,347
40,916,503
93,492,649
NON-CURRENT ASSETS
Equity instruments at fair value through other comprehensive income
4,614
5,047
6,334
Property, plant and equipment
9
58,690
73,645
72,961
Right of use asset
24
362,089
447,183
490,811
Investments accounted for using the equity method
10
534,344,353
505,825,336
483,121,273
Deferred tax asset
3
183,843
211,982
213,714
TOTAL NON-CURRENT ASSETS
534,953,589
506,563,193
483,905,093
TOTAL ASSETS
593,378,936
547,479,696
577,397,742
LIABILITIES
CURRENT LIABILITIES
Trade and other payables
11
35,497,340
10,598,926
39,055,949
Lease liability
24
98,992
86,339
82,621
Provisions
211,230
162,506
127,946
TOTAL CURRENT LIABILITIES
35,807,562
10,847,771
39,266,516
NON-CURRENT LIABILITIES
Deferred tax liability
3
13,925,820
12,525,397
11,403,282
Lease liability
24
299,144
391,389
421,550
TOTAL NON-CURRENT LIABILITIES
14,224,964
12,916,786
11,824,832
TOTAL LIABILITIES
50,032,526
23,764,557
51,091,348
NET ASSETS
543,346,410
523,715,139
526,306,394
EQUITY
Issued capital
13
383,867,676
383,677,676
383,677,676
Reserves
14
(1,049,014)
(1,211,721)
(1,051,748)
Accumulated profits
160,527,748
141,249,184
143,680,466
TOTAL EQUITY
543,346,410
523,715,139
526,306,394
*Refer Note 26
The Consolidated Statement of Financial Position should be read in conjunction with the accompanying notes.
84
JUPITER MINES
Consolidated Statement of Changes in Equity
For the Year Ended 30 June 2024
Note
Ordinary Issued Capital
Foreign Currency
Translation Reserve
Equity Instruments
at FVOCI Reserve
Share Based Payment
Reserve
Accumulated
Profits
Total
$
$
$
$
$
$
Balance at 1 March 2023, as previously reported
383,677,676
(1,151,737)
5,693
94,296
89,278,955
471,904,883
Impact of restatement
26
-
-
-
-
54,401,511
54,401,511
Restated balance at 1 March 2023
383,677,676
(1,151,737)
5,693
94,296
143,680,466
526,306,394
Profit attributable to members of parent entity
-
-
-
-
21,076,610
21,076,610
Total other comprehensive loss for the year
14
-
(212,569)
(1,287)
-
-
(213,856)
Total comprehensive (loss)/income for the period
-
(212,569)
(1,287)
-
21,076,610
20,862,754
Share based payments
25
-
-
-
53,883
-
53,883
Dividends paid/declared
22
-
-
-
-
(23,507,892)
(23,507,892)
Balance as at 30 June 2023
383,677,676
(1,364,306)
4,406
148,179
141,249,184
523,715,139
Profit attributable to members of parent entity
-
-
-
-
38,873,617
38,873,617
Total other comprehensive income/(loss) for the year
14
-
106,220
(433)
-
-
105,787
Total comprehensive income/(loss) for the year
-
106,220
(433)
-
38,873,617
38,979,404
Share based payments
25
190,000
-
-
56,920
-
246,920
Dividends paid/declared
22
-
-
-
-
(19,595,053)
(19,595,053)
Balance as at 30 June 2024
383,867,676
(1,258,086)
3,973
205,099
160,527,748
543,346,410
The Consolidated Statement of Changes in Equity should be read in conjunction with the accompanying notes.
85
2024 ANNUAL REPORT
Consolidated Statement of Cash Flows
For the Year Ended 30 June 2024
Consolidated Group
Note
June 2024
(12 months)
June 2023
(4 months)
$
$
CASH FLOWS FROM OPERATING ACTIVITIES
Receipts from customers
8,526,498
4,449,620
Payments to suppliers and employees
(7,682,779)
(2,937,863)
Income taxes paid
(2,669,964)
-
Interest paid
(36,357)
(13,353)
Net cash (used in) / from operating activities
17
(1,862,602)
1,498,404
CASH FLOWS FROM INVESTING ACTIVITIES
Purchase of property, plant and equipment
9
(8,815)
(7,750)
Dividend received from investments
10
11,498,811
-
Interest received
1,142,145
448,501
Net cash from investing activities
12,632,141
440,751
CASH FLOWS FROM FINANCING ACTIVITIES
Dividend paid
22
(19,595,053)
(23,507,892)
Payment of lease liabilities
(79,592)
(26,443)
Net cash used in financing activities
(19,674,645)
(23,534,335)
Net decrease in cash and cash equivalents held
(8,905,106)
(21,595,180)
Cash and cash equivalents at beginning of financial year
27,735,492
49,486,940
Effect of exchange rates on cash holdings in foreign currencies
227,971
(156,268)
Cash and cash equivalents at the end of the financial year
6
19,058,357
27,735,492
The Consolidated Statement of Cash Flows should be read in conjunction with the accompanying notes.
86
JUPITER MINES
Notes to the Consolidated Financial Statements
For the Year Ended 30 June 2024
Note 1: Summary of material 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 principal activities of Jupiter during the year have been investment in
the Tshipi manganese mine in South Africa and the sale of manganese ore.
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. Basic parent entity financial information has
been disclosed in Note 21.
The financial statements were authorised and issued by the Board of
Directors on 30 September 2024.
Foreign currency translation
(i) Functional and presentation currency
The Group’s consolidated financial statements are presented in Australian
Dollars ($), which is also the parent company’s functional currency. The
functional currency for the interest in Tshipi is the South African Rand (ZAR).
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
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.
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 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 its subsidiaries as of 30 June 2024. 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 30 June. A list
of controlled entities is contained in Note 8 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.
Business combinations
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 acquiree, 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, a joint venture entity, in October
2010.
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 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,
is reduced for any dividends received, and 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.
87
2024 ANNUAL REPORT
(c) Income tax
The income tax expense (revenue) for the period 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 period as well as 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 period 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 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.
The cost of fixed assets constructed within the Consolidated Group includes
the cost of materials, direct labour, borrowing costs and any directly
attributable overhead expenditure.
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 period 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
Leasehold improvements
20.00%
Furniture and fittings
33.33%
Plant and equipment:
Motor vehicles
12.50%
Equipment
33.33%
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) Financial instruments
Financial assets and financial liabilities are recognised when the Group
becomes a party to the contractual provisions of the financial instrument.
Financial assets are derecognised when the contractual rights to the cash
flows from the financial asset expire, or when the financial asset and
substantially all the risks and rewards are transferred.
A financial liability is derecognised when it is extinguished, discharged,
cancelled or expires.
88
JUPITER MINES
Note 1: Summary of material accounting policies (continued)
Classification and initial measurement of financial assets
Financial assets are classified according to their business model and the
characteristics of their contractual cash flows. Except for those trade
receivables that do not contain a significant financing component and are
measured at the transaction price in accordance with AASB 15, all financial
assets are initially measured at fair value adjusted for transaction costs
(where applicable).
Subsequent measurement of financial assets
For the purpose of subsequent measurement, financial assets, other than
those designated and effective as hedging instruments, are classified into
the following two categories:
•
Financial assets at amortised cost
•
Equity instruments at fair value through other comprehensive income
(Equity FVOCI).
All income and expenses relating to financial assets that are recognised
in profit or loss are presented within finance costs, finance income or
other financial items, except for impairment of trade receivables which is
presented within other expenses.
Financial assets at amortised cost
Financial assets with contractual cash flows representing solely payments
of principal and interest and held within a business model of ‘hold to
collect’ contractual cash flows are accounted for at amortised cost
using the effective interest method. The Group’s trade and most other
receivables fall into this category of financial instruments as well as bonds
that were previously classified as held-to-maturity under AASB 139.
Equity instruments at fair value through other comprehensive
income
Investments in equity instruments that are not held for trading are eligible
for an irrevocable election at inception to be measured at FVOCI. Under
this category, subsequent movements in fair value are recognised in other
comprehensive income and are never reclassified to profit or loss. Dividend
income is taken to profit or loss unless the dividend clearly represents
return of capital.
Trade and other receivables
The Group makes use of a simplified approach in accounting for trade and
other receivables and records the loss allowance at the amount equal
to the expected lifetime credit losses. In using this practical expedient,
the Group uses its historical experience, external indicators and forward-
looking information to calculate the expected credit losses. Trade
receivables from customers are mostly covered under irrevocable letters
of credit. These letters of credit are typically valid for between 90 – 120
days from recognition of the receivable resulting in debtors outstanding
greater than 120 days. The final revenue and associated trade receivable
is dependent on the metal and moisture content of the shipped ore on
arrival at the discharge port, which results in trade receivables balances
being outstanding for this time period. Letters of credit provide sufficient
certainty that the receivable will be settled and as such no provision for
doubtful debts is created at this point.
Financial assets at fair value through other comprehensive
income
The Group recognises 12 months expected credit losses for financial assets
at FVOCI. As most of these instruments have a high credit rating, the
likelihood of default is deemed to be small. However, at each reporting
date the Group assesses whether there has been a significant increase in
the credit risk of the instrument.
In assessing these risks, the Group relies on readily available information
such as the credit ratings issued by the major credit rating agencies for
the respective asset. The Group only holds simple financial instruments
for which specific credit ratings are usually available. In the unlikely event
that there is no or only little information on factors influencing the ratings
of the asset available, the Group would aggregate similar instruments into
a portfolio to assess on this basis whether there has been a significant
increase in credit risk.
In addition, the Group considers other indicators such as adverse changes
in business, economic or financial conditions that could affect the
borrower’s ability to meet its debt obligation or unexpected changes in the
borrowers operating results.
Should any of these indicators imply a significant increase in the
instrument’s credit risk, the Group recognises for this instrument or class of
instruments the lifetime expected credit losses.
Classification and measurement of financial liabilities
The Group’s financial liabilities include only trade and other payables.
Financial liabilities are initially measured at fair value, and, where
applicable, adjusted for transaction costs unless the Group designated a
financial liability at fair value through profit or loss.
Subsequently, financial liabilities are measured at amortised cost using the
effective interest method.
All interest-related charges and, if applicable, changes in an instrument’s
fair value that are reported in profit or loss are included within finance
costs or finance income.
(f) 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.
(g) Employee benefits
Provisions are 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.
89
2024 ANNUAL REPORT
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.
(h) 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.
(i) Cash and cash equivalents
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.
(j) Trade and other receivables
Trade receivables from customers are mostly covered under irrevocable
letters of credit. These letters of credit are typically valid for between
90 – 120 days from recognition of the receivable resulting in debtors
outstanding greater than 120 days. The final revenue and associated trade
receivable is dependent on the metal and moisture content of the shipped
ore on arrival at the discharge port, which results in trade receivables
balances being outstanding for this time period. Letters of credit provide
sufficient certainty that the receivable will be settled and as such no
provision for doubtful debts is created at this point.
(k) Revenue and other income
AASB 15 Revenue from Contracts with Customers outlines a single
comprehensive model of accounting for revenue arising from contracts
with customers. The core principle is that an entity recognises revenue
based on a five-step model to reflect the transfer of goods or services,
measured at the amount to which the Branch expects to be entitled to in
exchange for those goods or services.
The application of the five-step model in AASB 15 requires the exercise
of judgement, considering all facts and circumstances relevant to each
contract - the relevant judgements have been disclosed in Note 1(p). The
standard also provides guidance on the accounting treatment of costs
attributable to fulfilling the contract, as well as the incremental costs of
obtaining the contract.
In terms of AASB 15, the Company identifies each separate performance
obligation contained in the contract and allocates a portion of the contract
revenue to each performance obligation. Revenue is then only recognised
on the satisfaction of each of the relevant performance obligations.
Revenue from contracts with customers is recognised when control is
transferred to the customer.
Interest revenue is recognised using the effective interest rate method,
which, for floating rate financial assets, is the rate inherent in the
instrument.
Full details are provided in Note 2.
All revenue is stated net of the amount of goods and services and value
added taxes..
(l) Goods and Services Tax (GST) and Value Added Tax (VAT)
Revenues, expenses and assets are recognised net of the amount of GST
(Australia) or VAT (South Africa), except where the amount of GST/VAT
incurred is not recoverable from the Australian Taxation Office (ATO) or
South African Revenue Service (SARS).
Receivables and payables are stated inclusive of the amount of GST/VAT
receivable or payable. The net amount of GST/VAT recoverable from, or
payable to, the ATO/SARS is included with other receivables or payables in
the statement of financial position.
Cash flows are presented on a gross basis. The GST/VAT components of cash
flows arising from investing or financing activities that are recoverable
from, or payable to, the ATO/SARS are presented as operating cash flows
included in receipts from customers or payments to suppliers.
(m) Trade and other payables
Trade and other payables are carried at amortised cost and, due to their
short term nature, 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 mainly relate to the purchase of manganese ore from Tshipi.
These are unsecured and are usually paid within two to three months of
recognition. Please refer to Note 2.
(n) Comparative figures
When required by Accounting Standards, comparative figures have been
adjusted to conform to changes in presentation for the current financial
period.
(o) 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.
90
JUPITER MINES
Note 1: Summary of material accounting policies (continued)
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.
An impairment is recognised for the amount by which the assets’ carrying
amount exceeds its recoverable amount. The recoverable amount is
the higher of fair value, reflecting market conditions, such as cost of
production, commodity prices, and Mineral Resources and Ore Reserves,
and its value-in-use, based on an internal discounted cash flow evaluation.
Key judgements – revenue from contracts with customers
The Jupiter Mines Limited (External Profit Company) (SA Branch) acted as
an agent for all sales contracts entered into during the period.
The revenue and associated trade receivables and trade payables balances
are calculated based on management’s best estimate of the metal and
moisture content of the ore shipped to customers. Extensive sampling
and surveying is performed prior to shipment in an effort to ensure the
accuracy of these estimations. Due to the inherent limitations of sampling
and the method of transport, variances in the metal and moisture content
measured on arrival at the discharge port may be different from those
estimated by management on the date of the sale. Variances in the metal
and moisture content of the shipped ore on arrival at the discharge port
will have an impact on the profitability of the SA Branch.
Revenue is recognised when the performance obligation is satisfied. The
performance obligation of the SA Branch is considered to be satisfied when
control passes from Tshipi to the customer. Control passes to the customer
when the ore passes over the rail of the vessel (bill of lading date), this is
when the customer has the obligation to pay for the goods transferred and
when risk and rewards of ownership are transferred to the customer.
(p) Equity (share capital)
Ordinary shares are classified as equity. Issued and paid up capital is
recognised at the fair value of the consideration received by the Group. Any
transaction costs arising on the issue of ordinary shares are recognised
directly in equity as a reduction of the share proceeds received.
Basic earnings per share
Basic earnings per share is determined by dividing the operating profit/
(loss) after income tax by the weighted average number of ordinary shares
outstanding during the financial period.
Diluted earnings per share
Diluted earnings per share adjusts the amounts used in the determination
of basic earnings per share by taking into account unpaid amounts on
ordinary shares and any reduction in earnings per share that will probably
arise from the exercise of options outstanding during the financial period.
(q) Leases
The Group considers whether a contract is, or contains a lease. A lease
is defined as ‘a contract, or part of a contract, that conveys the right to
use an asset (the underlying asset) for a period of time in exchange for
consideration’. To apply this definition the Group assesses whether the
contract meets three key evaluations which are whether:
•
The contract contains an identified asset, which is either explicitly
identified in the contract or implicitly specified by being identified at
the time the asset is made available to the Group;
•
The Group has the right to obtain substantially all of the economic
benefits from use of the identified asset throughout the period of use,
considering its rights within the defined scope of the contract; and
•
The Group has the right to direct the use of the identified asset
throughout the period of use. The Group assess whether it has the
right to direct ‘how and for what purpose’ the asset is used throughout
the period of use.
Changes in accounting policy
The Group has adopted Deferred Tax related to Assets and Liabilities
arising from a Single Transaction (Amendments to IAS 12) from 1 January
2023. The amendments narrow the scope of the initial recognition
exemption to exclude transactions that give rise to equal and offsetting
temporary differences – e.g. leases and decommissioning liabilities. For
leases and decommissioning liabilities, an entity is required to recognise
the associated deferred tax assets and liabilities from the beginning of
the earliest comparative period presented, with any cumulative effect
recognised as an adjustment to retained earnings or other components
of equity at that date. For all other transactions, an entity applies the
amendments to transactions that occur on or after the beginning of the
earliest period presented.
The amendment has had no impact on the Groups accounting treatment
for deferred taxes or opening retained earnings as at 1 January 2022.
Measurement and recognition of leases
At lease commencement date, the Group recognises a right-of-use asset
and a lease liability on the balance sheet.
The right-of-use asset is measured at cost, which is made up of the initial
measurement of the lease liability, and any direct costs incurred by the
Group, an estimate of any costs to dismantle and remove the asset at the
end of the lease, and any lease payments made in advance of the lease
commencement date (net of any incentives received).
The Group depreciates the right-of-use assets on a straight-line basis from
the lease commencement date to the earlier of the end of the useful life
of the right-of-use asset or the end of the lease term.
The Group also assesses the right-of-use asset for impairment when such
indicators exist. At the commencement date, the Group measures the lease
liability at the present value of the lease payments unpaid at the date,
discounted using the interest rate implicit in the lease if that rate is readily
available or the Group’s incremental borrowing rate.
Lease payments included in the measurement of the lease liability
are made up of fixed payments (including in substance fixed), variable
payments based on an index or rate, amounts expected to be payable
under a residual value guarantee and payments arising from options
reasonably certain to be exercised.
Subsequent to initial measurement, the liability will be reduced for
payments made and increased for interest. It is remeasured to reflect any
reassessment or modification, or if there are changes in in-substance fixed
payments.
91
2024 ANNUAL REPORT
(r) Share-based Payments
Equity-settled share-based compensation benefits are provided to
employees.
Equity-settled transactions are awards of shares, or options over shares
that are provided to employees in exchange for the rendering of services.
The cost of equity-settled transactions are measured at fair value on grant
date. Fair value is independently determined using the Monte Carlo option
pricing model that takes into account the exercise price, the term of the
option, the impact of dilution, the share price at grant date and expected
price volatility of the underlying share, the expected dividend yield and the
risk free interest rate for the term of the option, together with non-vesting
conditions that do not determine whether the entity receives the services
that entitle the employees to receive payment. No account is taken of any
other vesting conditions.
The cost of equity-settled transactions are recognised as an expense with
a corresponding increase in equity over the vesting period. The cumulative
charge to profit or loss is calculated based on the grant date fair value
of the award, the best estimate of the number of awards that are likely
to vest and the expired portion of the vesting amount. The amount
recognised in profit or loss for the period is the cumulative amount
calculated at each reporting date less amounts already recognised in
previous periods.
If equity-settled awards are modified, as a minimum an expense is
recognised as if the modification has not been made. An additional
expense is recognised, over the remaining vesting period, for any
modification that increases the total fair value of the share-based
compensation benefit as at the date of modification.
If the non-vesting condition is within the control of the entity or employee,
the failure to satisfy the condition is treated as a cancellation. If the
condition is not within the control of the entity or employee and is not
satisfied during the vesting period, any remaining expense for the award
is recognised over the remaining vesting period, unless the reward is
forfeited.
If equity-settled awards are cancelled, it is treated as if it has vested
on the date of cancellation, and any remaining expense is recognised
immediately. If a new replacement award is substituted for the cancelled
award, the cancelled and new award is treated as if they were a
modification.
New and amended Accounting Standards and Interpretations
for current year
The following new accounting standards and interpretations have been
published and are effective for the year ended 30 June 2024:
•
Amendments to IAS 1 and IAS 8 – Disclosure of Accounting Policies and
Definition of Accounting Estimates; and
•
Amendments to IAS 12 – Deferred Tax related to Assets and Liabilities
arising from a Single Transaction
The Group has reviewed these amendments and concluded that none have
a material impact on the Group.
New Accounting Standards not yet effective
The following new accounting standards and interpretations have been
published but are not yet effective for the year ended 30 June 2024:
•
Amendments to IAS 1 – Classification of Liabilities as Current or Non-
current;
•
Amendments to IFRS 10 and IAS 28 – Sale or Contribution of Assets
between an Investor and its Associate or Joint Venture;
•
Amendments to IFRS 16 – Lease Liability in a Sale and Leaseback; and
•
Amendments to IAS 21 – The Lack of Exchangeability;
The Group has reviewed these amendments and improvements, and does
not expect them to have a material impact on the Group.
92
JUPITER MINES
Once the final metal and moisture content is determined on finalisation
of the sales transaction, typically between two and four months later, the
marketing fee income initially recognised is adjusted subsequently. At the
reporting period, the fair value of the original marketing fee income and
associated receivable is adjusted by reference to the best estimate of the
actual metal and moisture content. The changes in fair value are recorded
as an adjustment to marketing fee income.
On the bill of lading date, there is no uncertainty regarding Jupiter’s
entitlement to the marketing fee as their responsibilities under the
marketing fee arrangement have been performed and they have an
unconditional right to the marketing fee on this date. The marketing fee
amount receivable will only be adjusted for the final metal and moisture
content, as stated above. Jupiter invoices Tshipi for the marketing fee once
the final metal and moisture content can be determined and the customer
has paid Tshipi for the final invoice. The payment is typically three months
after the marketing fee income was first recognised and the contract is
therefore considered to be short term in nature.
Other Income
Jupiter receives a management fee from Tshipi for its Directors services on
the Tshipi board.
Note 2: Revenue and other income
Consolidated Group
June 2024
(12 months)
June 2023
(4 months)
$
$
Marketing fee revenue
8,069,813
2,840,827
Gross profit
8,069,813
2,840,827
Other income
742,873
301,903
Other income
742,873
301,903
Sale of manganese ore
The SA Branch is registered in South Africa for the purpose of the sale and
export of Jupiter’s share of Tshipi manganese ore.
Given the SA Branch only takes control of the goods momentarily before
control passes to the customer as well as the limited risks which the SA
Branch assumes, the SA Branch is considered to be acting in an agency
capacity.
The nature of the SA Branch’s contracts is to arrange for the goods
(manganese ore) to be provided by another party (Tshipi) and therefore
the SA Branch is acting in an agency capacity, facilitating the sale between
Tshipi and the customer.
Marketing fee income
The SA Branch receives a fixed commission on each sale based on the FOB
selling price. The amount and timing of revenue to be recognised from
marketing fee income under AASB 15 was considered below against the
five step model:
•
There is a contract with Tshipi, for each parcel sold, which entitles the
SA Branch to receive the commission. The contract has commercial
substance and both parties are committed to performing their
obligations;
•
The performance obligation for the SA Branch in respect to each sale is
that the SA Branch needs to facilitate the sale between the customer
and Tshipi;
•
The transaction price can be determined as it is calculated as a fixed
percentage of the FOB selling price;
•
There is only one performance obligation in the contract and therefore
the whole transaction price has been allocated to this performance
obligation;
•
Revenue is recognised at a point in time when the performance
obligation is satisfied. The performance obligation of the SA Branch
is considered to be satisfied when control passes from Tshipi to the
customer. Control passes to the customer when the ore passes over
the rail of the vessel (bill of lading date), this is when the customer
has the obligation to pay for the goods transferred and when risk and
rewards of ownership are transferred to the customer.
Marketing fee income is determined based on the final metal and
moisture content at the discharge port. On the bill of lading date, the
provisional marketing fee income is recognised based on the load port
metal and moisture content which is considered to be the best estimate.
93
2024 ANNUAL REPORT
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 at 30% (30
June 2023: 30%) and the reported tax expense in the profit or loss are as follows:
Consolidated Group
June 2024
(12 months)
June 2023
(4 months)
(Restated)*
$
$
Tax expense comprises:
(a) Current tax
2,025,596
779,782
Add (subtract):
Current tax in respect of prior periods
(143,856)
-
Deferred income tax relating to origination and reversal of temporary differences:
-
Origination and reversal of temporary differences
1,453,899
1,123,847
-
Over provision in respect of prior periods
(25,335)
-
Income tax expense
3,310,304
1,903,629
(b) Accounting profit before tax
42,183,921
22,980,239
Domestic tax rate for Jupiter at 30% (30 June 2023: 30%)
12,655,176
6,894,072
Non-assessable share of equity accounted profit
(12,005,349)
(6,811,219)
South African 5% withholding tax on undistributed movement in equity accounted investments
1,425,952
1,135,203
Tax rate differential
(224,579)
(86,660)
Other expenditure not allowed or allowable for income tax purposes
1,382,822
589,731
Deferred tax asset losses not brought to account
245,473
182,502
Under provision in respect of prior years
(169,191)
-
Income tax expense
3,310,304
1,903,629
94
JUPITER MINES
Note 3: Income tax expense and deferred taxes (continued)
Deferred taxes arising from temporary differences and unused tax losses can be summarised as follows:
Deferred tax assets/(liabilities)
Opening balance
1 July 2023
(Restated)*
Recognised in
Profit and Loss
During the Year
Closing Balance
30 June 2024
$
$
$
Liabilities
Right of use asset
(134,155)
25,528
(108,627)
Investments using the equity method
(12,391,242)
(1,425,951)
(13,817,193)
Balance as at 30 June 2024
(12,525,397)
(1,400,423)
(13,925,820)
Assets
Property, plant and equipment
2,564
-
2,564
Pension and other employee obligations
33,826
8,563
42,389
Provisions
41,449
(52)
41,397
Other
16,727
(8,977)
7,750
Lease liability
117,416
(27,673)
89,743
Balance as at 30 June 2024
211,982
(28,139)
183,843
Net deferred tax liabilities
(12,313,415)
(1,428,562)
(13,741,977)
*Refer Note 26
Note 4: Other expenses
Consolidated Group
June 2024
(12 months)
June 2023
(4 months)
$
$
Insurance expense
1,072,961
352,456
Consultancy fees
275,056
156,840
Professional fees
433,059
115,319
Directors’ fees
366,878
122,486
Regulatory fees
202,808
50,987
Other costs
679,060
494,330
3,029,822
1,292,418
95
2024 ANNUAL REPORT
Note 5: Earnings per share
Both the basic and diluted earnings per share have been calculated using the profit attributable to shareholders of the Parent Company.
Reconciliation of earnings to net profit for the period:
Consolidated Group
June 2024
(12 months)
June 2023
(4 months)
(Restated)*
$
$
Net profit
38,873,617
21,076,610
No.
No.
Weighted average number of ordinary shares outstanding during the period used in calculating basic
EPS
1,959,334,947
1,958,991,033
Effects of dilution from:
Share options
1,000,000
1,156,164
Weighted average number of ordinary shares adjusted for the effect of dilution
1,960,334,947
1,960,147,197
Earnings per share
$0.0198
$0.0108
Note 6: Cash and cash equivalents
Consolidated Group
June 2024
June 2023
$
$
Cash at bank and on hand
9,879,158
18,967,432
Short-term bank deposits
9,179,199
8,768,060
19,058,357
27,735,492
The effective interest rate on short-term bank deposits was 4.58% (30 June 2023: 4.19%) for a term of 30 days.
*Refer Note 26
96
JUPITER MINES
Note 7: Trade and other receivables
Consolidated Group
June 2024
June 2023
$
$
Trade receivables
37,121,437
12,281,852
GST and VAT receivables
219,946
280,938
Sundry receivables
1,810,910
403,524
39,152,293
12,966,314
All of the Group’s trade and other receivables have been assessed for credit loss.. 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 20.
The majority of trade receivables represent amounts receivable by Jupiter South Africa branch relating to the sale of manganese ore to third party
customers. Refer to Note 2 for further details.
Note 8: Interests in subsidiaries
Percentage Owned (%)
Controlled entities consolidated
Country of Incorporation
June 2024
June 2023
Parent Entity:
-
Jupiter Mines Limited
Australia
Subsidiaries of Jupiter Mines Limited:
-
Jupiter Kalahari Pty Limited
Australia
100
100
-
Jupiter Mines Limited (Incorporated in Australia) External Profit
Company
South Africa
100
100
97
2024 ANNUAL REPORT
Note 9: Property, plant and equipment
Details of the Group’s property, plant and equipment and their carrying amounts are as follows:
Gross carrying amount
Leasehold
improvements
Plant and
equipment
Furniture and
fittings
Total
$
$
$
$
Balance as at 1 July 2023
48,508
21,522
18,042
88,072
Additions
-
8,815
-
8,815
Balance as at 30 June 2024
48,508
30,337
18,042
96,887
Depreciation and impairment
Balance as at 1 July 2023
(5,953)
(5,107)
(3,367)
(14,427)
Depreciation
(9,728)
(8,011)
(6,031)
(23,770)
Balance as at 30 June 2024
(15,681)
(13,118)
(9,398)
(38,197)
Carrying amount as at 30 June 2024
32,827
17,219
8,644
58,690
Gross carrying amount
Leasehold
improvements
Plant and
equipment
Furniture and
fittings
Total
$
$
$
$
Balance as at 1 March 2023
47,844
18,422
14,056
80,322
Additions
664
3,100
3,986
7,750
Balance as at 30 June 2023
48,508
21,522
18,042
88,072
Depreciation and impairment
Balance as at 1 March 2023
(2,744)
(3,049)
(1,568)
(7,361)
Depreciation
(3,209)
(2,058)
(1,799)
(7,066)
Balance as at 30 June 2023
(5,953)
(5,107)
(3,367)
(14,427)
Carrying amount as at 30 June 2023
42,555
16,415
14,675
73,645
98
JUPITER MINES
Note 10: Investments accounted for using the equity method
Set out below is the Joint Venture held by the Group as at 30 June 2024, in which the opinion of the Directors, are material to the Group. The entity listed
below has 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. Interest in this entity
is held through a fully controlled entity, Jupiter Kalahari Pty Ltd.
Name of Entity
Country of
incorporation
June 2024
June 2023
Nature of
relationship
Measurement
method
Tshipi é Ntle Manganese Mining (Proprietary)
Limited
South Africa
49.9%
49.9%
Joint Venture
Joint Venture
Summarised financial information
June 2024
June 2023
$
$
Tshipi é Ntle Manganese Mining (Proprietary) Limited
Opening carrying value of joint venture
505,825,336
483,121,273
Share of profit using the equity method
40,017,828
22,704,063
Dividend paid
(11,498,811)
-
Total investments using the equity method
534,344,353
505,825,336
Current assets (a)
267,806,316
231,198,966
Non-current assets
390,721,156
315,052,764
Total assets
658,527,472
546,251,730
Current liabilities (b)
83,740,021
56,933,859
Non-current liabilities
105,897,379
89,554,208
Total liabilities
189,637,400
146,488,067
Net assets
468,890,072
399,763,663
a) Includes cash and cash equivalents
82,157,688
111,050,316
b) Includes financial liabilities (excluding trade and other payables)
14,278,885
6,958,261
Summarised financial information
June 2024
(12 months)
June 2023
(4 months)
$
$
Revenue
631,573,106
223,854,381
Profit for the year/period
80,196,028
45,499,134
Depreciation and amortisation (includes deferred stripping amortisation)
89,154,282
22,132,973
Tax expense
30,747,775
16,867,126
In accordance with the Group’s accounting policies and processes, the Group performs impairment testing annually at 30 June. The Board has considered in
depth its Tshipi investment with regards to impairments indicators under AASB 136 and both internal and external sources of information. The Board does
not believe any indicators exist.
99
2024 ANNUAL REPORT
Note 11: Trade and other payables
Consolidated Group
June 2024
June 2023
$
$
Trade payables
35,120,450
9,280,096
Income tax payable
3,247
791,471
Sundry payables and accrued expenses
373,643
527,359
35,497,340
10,598,926
Due to the short term nature of these payables, their carrying value approximates their fair value.
The majority of trade payables represent amounts payable to Tshipi relating to the purchase of manganese ore. Refer to Note 2 for further information.
Note 12: Employee remuneration
Expenses recognised for employee benefits are presented below:
Consolidated Group
June 2024
(12 months)
June 2023
(4 months)
$
$
Salary and wages
2,084,093
566,671
Superannuation costs
101,032
29,636
Payroll and other taxes
99,353
32,155
Share based payments (refer note 25)
246,920
53,883
Employee benefits expense
2,531,398
682,345
Note 13: Issued capital
The share capital of Jupiter 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.
June 2024
June 2023
June 2024
June 2023
No. Shares
No. Shares
$
$
Shares issued and fully paid:
Beginning of the year/period
1,958,991,033
1,958,991,033
383,677,676
383,677,676
Issue of shares to director ($0.17 per share)
514,286
-
90,000
Issue of shares to director ($0.20 per share)
500,000
-
100,000
Total contributed equity
1,960,005,319
1,958,991,033
383,867,676
383,677,676
100
JUPITER MINES
Note 14: Reserves
Foreign Currency
Translation
Reserve
Equity
Instruments at
FVOCI Reserve
Share Based
Payment Reserve
Total
$
$
$
$
Balance at 1 March 2023
(1,151,737)
5,693
94,296
(1,051,748)
Exchange difference on translation of foreign operations
(212,569)
-
-
(212,569)
Fair value gain on equity instruments designated at FVOCI
-
(1,287)
-
(1,287)
Share based payments
-
-
53,883
53,883
Balance as at 30 June 2023
(1,364,306)
4,406
148,179
(1,211,721)
Exchange difference on translation of foreign operations
106,220
-
-
106,220
Fair value gain on equity instruments designated at FVOCI
(433)
(433)
Share based payments
-
-
56,920
56,920
Balance as at 30 June 2024
(1,258,086)
3,973
205,099
(1,049,014)
Note 15: 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 $214,697 (30 June 2023: $214,697). Total utilised at reporting date was $214,697 (30
June 2023: $214,697).
Contingent assets
No contingent assets exist as at 30 June 2024 or 30 June 2023.
Note 16: Segment reporting
The Group operates in the mining industry. The Group has identified its reportable 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’s reportable segments are structured primarily based on its manganese ore marketing business and production interests investment in an
equity accounted investment, which are managed separately. These are considered to be Tshipi (Manganese) which is located in South Africa, and Jupiter’s
South African branch which carries the sale of Jupiter’s share of manganese ore.
Information necessary for the allocation of remaining revenue, expenses, assets, and liabilities is not deemed integral to the core operations of any
segment, and relate generally to corporate overheads. Additionally, any transactions between reportable segments have been eliminated for these
purposes.
Information related to each reportable segment is set out below. Segment profit/(loss) before tax is used to measure performance because the Board
and management believes that this information is most relevant in evaluating the results of the respective segments.
101
2024 ANNUAL REPORT
30 June 2024 (12 months)
Jupiter – manganese
(South Africa)
Tshipi – manganese
(South Africa)
Total
$
$
$
Marketing fee revenue
8,069,813
-
8,069,813
Employee benefits expense
(437,537)
-
(437,537)
Other expenses
(369,089)
-
(369,089)
Segment operating profit
7,263,187
-
7,263,187
Share of profit from joint venture entities using the equity method
-
40,017,828
40,017,828
Finance costs
(1,355)
-
(1,355)
Foreign exchange gain
(73,092)
-
(73,092)
Total
7,188,740
40,017,828
47,206,568
Corporate
-
-
(5,022,647)
Net profit before tax
-
-
42,183,921
Segment assets
40,722,549
534,344,353
575,066,902
Corporate assets
-
-
18,312,034
Total assets
-
-
593,378,936
Segment liabilities
(35,129,078)
-
(35,129,078)
Corporate liabilities
-
-
(14,903,448)
Total liabilities
-
-
(50,032,526)
30 June 2023 (4 months)
Jupiter – manganese
(South Africa)
Tshipi – manganese
(South Africa)
Total
$
$
$
Marketing fee revenue
2,840,827
-
2,840,827
Employee benefits expense
(72,575)
-
(72,575)
Other expenses
(127,605)
-
(127,605)
Segment operating profit
2,640,647
-
2,640,647
Share of profit from joint venture entities using the equity method
-
22,704,063
22,704,063
Finance costs
(2,323)
-
(2,323)
Foreign exchange gain
136,607
-
136,607
Total
2,774,931
22,704,063
25,478,994
Corporate
(2,498,755)
Net profit before tax
22,980,239
Segment assets
16,313,020
505,825,336
522,138,356
Corporate assets*
25,341,340
Total assets*
547,479,696
Segment liabilities
(9,845,523)
-
(9,845,523)
Corporate liabilities*
(13,919,034)
Total liabilities*
(23,764,557)
*Refer Note 26
102
JUPITER MINES
Note 16: Segment reporting (continued)
Geographical information
The geographical information below analyses Group revenue and non-current assets by location. Revenue is primarily presented by the geographical
destination of the product and non-current assets are presented by the geographical location of the operations.
Revenue from external customers
Non-current assets
June 2024
June 2023
June 2024
June 2023
South Africa
-
-
534,344,353
505,825,336
Australia
-
-
420,779
520,828
China
4,659,201
1,914,252
-
-
India
2,892,046
859,648
-
-
Europe
328,910
-
-
-
Malaysia
189,656
66,927
-
-
Unallocated Assets*
-
-
188,457
217,029
Total
8,069,813
2,840,827
534,953,589
506,563,193
* comprises other financial assets and deferred tax assets
Major customer
Revenue from two customers (TFY2023: two customers) of the Group represented $4,394,626 (TFY2023: $1,479,000) of the Group’s total revenue.
Note 17: Reconciliation of cash flows from operating activities
Consolidated Group
June 2024
(12 months)
June 2023
(4 months
(Restated)*
$
$
Profit after income tax
38,873,617
21,076,610
Adjustments for:
-
Depreciation and amortisation
115,215
50,694
-
Interest income
(1,142,145)
(448,502)
-
Foreign exchange differences
(121,751)
(56,299)
-
Share of profit from joint venture entities using equity method
(40,017,828)
(22,704,064)
-
Share based payments
246,920
53,883
-
Right of use asset adjustment
(6,351)
-
Net changes in working capital:
-
(Increase)/decrease in trade and other receivables
(26,185,979)
30,824,698
-
Increase /(decrease) in trade payables and other creditors
24,898,414
(28,457,023)
-
Increase in provisions
48,724
34,560
-
Increase in deferred tax liability
1,400,423
1,122,115
-
Decrease in deferred tax asset
28,139
1,732
Net cash (used in)/from operating activities
(1,862,602)
1,498,404
*Refer Note 26
103
2024 ANNUAL REPORT
Note 18: Events after the reporting date
On 29 August 2024, the Board declared a final dividend for the year ended 30 June 2024 of $0.0025 per ordinary share, paid on 20 September 2024.
Non-Executive Director Patrick Murphy retired from the Board of Jupiter on 13 September 2024. On the same day, Jupiter appointed Sally Langer as a Non-Executive Director.
Note 19: Related party transactions
The Group’s related parties include its associates and joint venture, key management and others as described below.
Unless otherwise stated, none of the transactions incorporate special terms and conditions and no guarantees were given or received. Outstanding balances are settled in cash.
Consolidated Group
June 2024
(12 months)
June 2023
(4 months)
$
$
Transactions with key management personnel:
-
Director fees paid to Matakana Investments, a company in which Mr P North has a beneficial interest
62,167
21,000
-
Director fees to AMCI Investments Pty Ltd, a company in which Mr P Murphy has a beneficial interest
57,500
19,167
-
Director fees paid to POSCO Australia, a company in which Mr B Kim has a beneficial interest
58,333
19,167
-
Director fees paid to Mr I Murray
128,378
42,986
-
Director fees paid to Mr S Winter
60,500
23,017
-
Consultancy fees paid to Mr S Winter
8,550
-
-
Salaries including bonuses
1,252,536
346,685
-
Superannuation and equivalents
66,816
22,111
Total short term employee benefits
1,694,780
494,133
-
Long service leave
8,700
1,319
-
Share based payments
246,920
53,883
Total transactions with key management personnel
1,950,400
549,335
Consolidated Group
June 2024
(12 months)
June 2023
(4 months)
$
$
Expenditure reimbursement to key management personnel
-
Expenses reimbursed to Mr S Winter
369
321
-
Expenses reimbursed to Mr B Rogers
21,518
13,953
-
Expenses reimbursed to Ms M North
410
-
-
Expenses reimbursed to Ikan Consulting Pty Ltd, a company in which Mr I Murray has a beneficial
interest
6,287
2,305
Total expenditure reimbursed
28,584
16,579
Outstanding balances with joint ventures:
-
Trade amounts receivable from Tshipi é Ntle Manganese Mining (Proprietary) Limited
(Marketing, management fee and other fees)
3,646,830
3,369,269
-
Trade amounts payable to Tshipi é Ntle Manganese Mining (Proprietary) Limited
(Purchases and other charges)
33,368,436
7,859,511
Transactions with joint ventures:
-
Management fees received from Tshipi é Ntle Manganese Mining (Proprietary) Limited
648,906
211,374
104
JUPITER MINES
Note 20: Financial instruments
The Group’s financial instruments consist mainly of deposits with banks, short-term investments, accounts receivable and payables.
The totals for each category of financial instruments, measured in accordance with AASB 9 as detailed in the accounting policies to these financial
statements, are as follows:
Consolidated Group
June 2024
(12 months)
June 2023
(4 months)
$
$
Financial assets
Cash and cash equivalents
19,058,357
27,735,492
Trade and other receivables
38,875,201
12,592,603
Equity instruments at FVOCI
4,614
5,047
Other current assets
214,697
214,697
58,152,869
40,547,839
Financial liabilities
Trade and other payables
35,497,340
10,598,926
Lease liability
398,136
477,728
35,895,476
11,076,654
Financial risk management policies
The Directors monitor the Group’s financial risk management policies and
exposures and approve 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.
105
2024 ANNUAL REPORT
(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 in Note 6. The Group manages
liquidity risk by monitoring immediate and forecast cash requirements and
ensuring adequate cash reserves are maintained.
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
June
2024
June
2023
June
2024
June
2023
June
2024
June
2023
June
2024
June
2023
$
$
$
$
$
$
Financial liabilities
Trade and other payables
35,497,340
10,598,926
-
-
-
-
35,497,340
10,598,926
Lease liability
127,396
121,826
329,301
448,747
-
-
456,697
570,573
Total expected outflows
35,624,736
10,720,752
329,301
448,747
-
-
35,954,037
11,169,499
Financial assets
Cash and cash equivalents
19,058,357
27,735,492
-
-
-
-
19,058,357
27,735,492
Trade and other receivables
38,875,201
12,592,603
-
-
-
-
38,875,201
12,592,603
Equity instruments at FVOCI
-
-
4,614
5,047
-
-
4,614
5,047
Other current assets
214,697
214,697
-
-
-
-
214,697
214,697
Total expected inflows
58,148,255
40,542,792
4,614
5,047
-
-
58,152,869
40,547,839
Net inflow on financial
instruments
22,523,519
29,822,040
(324,687)
(443,700)
-
-
22,198,832
29,378,340
(c) Market risk
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 with exposure to
interest rate risk are detailed below (no financial liabilities recognised at
the end of the period):
106
JUPITER MINES
Consolidated Group
June 2024
June 2023
$
$
Financial assets
Cash and cash equivalents
19,058,357
27,735,492
Other current assets
214,697
214,697
19,273,054
27,950,189
(ii) Foreign exchange risk
Jupiter operates internationally and is exposed to foreign exchange risk arising from various currency exposures primarily with respect to the US Dollar and
South African Rand. Jupiter’s exposure to currency risk is on cash, trade receivables and trade payables.
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 three different currencies as set out below:
30 June 2024
AUD
ZAR
USD
Total $
Cash and cash equivalents
16,316,708
2,211,154
530,495
19,058,357
Trade and other receivables
257,622
113,658
38,503,921
38,875,201
Trade and other payables
(224,004)
(331,720)
(34,941,616)
(35,497,340)
(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 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 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.
Note 20: Financial instruments (continued)
107
2024 ANNUAL REPORT
30 June 2024
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
$
$
$
$
$
$
$
$
$
Financial assets
Cash and cash equivalents
19,058,357
(95,292)
-
95,292
-
-
-
-
-
Trade and other receivables
38,875,201
-
-
-
-
(3,887,520)
-
3,887,520
-
Equity instruments at FVOCI
4,614
-
-
-
-
-
-
-
-
Other current assets
214,697
-
-
-
-
-
-
-
-
Financial liabilities
Trade and other payables
35,497,340
-
-
-
-
3,549,734
-
(3,549,734)
-
Total (decrease)/increase
(95,292)
-
95,292
-
(337,786)
-
337,786
-
30 June 2023
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
$
$
$
$
$
$
$
$
$
Financial assets
Cash and cash equivalents
27,735,492
(138,677)
-
138,677
-
-
-
-
Trade and other receivables
12,592,603
-
-
-
-
(1,259,260)
-
1,259,260
-
Equity instruments at FVOCI
5,047
-
-
-
-
-
-
-
-
Other current assets
214,697
-
-
-
-
-
-
-
-
Financial liabilities
Trade and other payables
10,598,926
-
-
-
-
1,059,893
-
(1,059,893)
-
Total (decrease)/increase
(138,677)
-
138,677
-
(199,367)
-
199,367
-
(v) Fixed interest rate maturing
WAEIR1
Floating interest rate
Within year
1 to 5 years
Over 5 years
Non-interest bearing
Total
June 2024
June 2023
June 2024
June 2023
June 2024
June 2023
June 2024
June 2023
June 2024
June 2023
June 2024
June 2023
June 2024
June 2023
%
%
$
$
$
$
$
$
$
$
$
$
$
$
Financial assets:
Cash and cash equivalents
4.84
3.5
9,879,158
18,967,432
9,179,199
8,768,060
-
-
-
-
-
-
19,058,357
27,735,492
Trade and other receivables
-
-
-
-
-
-
-
-
-
-
38,875,201
12,592,603
38,875,201
12,592,603
Other financial assets
-
-
-
-
-
-
-
-
-
-
4,614
5,047
4,614
5,047
Other current assets
-
-
-
-
-
-
-
-
-
-
214,697
214,697
214,697
214,697
Total Financial Assets
-
-
9,879,158
18,967,432
9,179,199
8,768,060
-
-
-
-
39,094,512
12,812,347
58,152,869
40,547,839
Financial liabilities:
-
-
-
-
-
-
-
-
-
-
35,497,340
10,598,926
35,497,340
10,598,926
Trade and other payables
-
-
-
-
-
-
-
-
-
-
35,497,340
10,598,926
35,497,340
10,598,926
1. Weighted average effective interest rate
Note 20: Financial instruments (continued)
109
2024 ANNUAL REPORT
(d) Net fair value
The net fair values of cash and cash equivalents and non-interest bearing monetary financial assets and liabilities approximate 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.
June 2024
June 2023
Carrying amount
Net fair value
Carrying amount
Net fair value
$
$
$
$
Financial assets
Cash and cash equivalents
19,058,357
19,058,357
27,735,492
27,735,492
Trade and other receivables
38,875,201
38,875,201
12,592,603
12,592,603
Equity instruments at FVOCI
4,614
4,614
5,047
5,047
Other current assets
214,697
214,697
214,697
214,697
58,152,869
58,152,869
40,547,839
40,547,839
Financial liabilities
Trade and other payables
35,497,340
35,497,340
10,598,926
10,598,926
(e) Categories
The carrying amounts of financial assets and financial liabilities in each category are as follows:
June 2024
Amortised cost
FVOCI
$
$
Financial assets
Cash and cash equivalents
19,058,357
-
Trade and other receivables
38,875,201
-
Equity instruments at FVOCI
-
4,614
Other current assets
214,697
-
58,148,255
4,614
Financial liabilities
Trade and other payables
35,497,340
-
35,497,340
-
110
JUPITER MINES
June 2023
Amortised cost
FVOCI
$
$
Financial assets
Cash and cash equivalents
27,735,492
-
Trade and other receivables
12,592,603
-
Equity instruments at FVOCI
-
5,047
Other current assets
214,697
-
40,542,792
5,047
Financial liabilities
Trade and other payables
10,598,926
-
10,598,926
-
Note 21: Parent company information
Consolidated Group
June 2024
June 2023
(Restated)*
$
$
ASSETS
Current assets
50,365,310
31,989,546
Non-current assets
490,599,931
465,692,264
TOTAL ASSETS
540,965,241
497,681,810
LIABILITIES
Current liabilities
33,931,405
8,977,020
Non-current liabilities
30,539,870
25,343,651
TOTAL LIABILITIES
64,471,275
34,320,671
NET ASSETS
476,493,966
463,361,139
EQUITY
Contributed equity
383,867,676
383,677,676
Financial assets reserve
1,680,875
1,624,389
Accumulated profits
90,945,415
78,059,074
TOTAL EQUITY
476,493,966
463,361,139
FINANCIAL PERFORMANCE
Profit/(loss) for the year/period
18,670,096
(4,312,742)
Other comprehensive loss
(433)
(1,287)
TOTAL COMPREHENSIVE INCOME/(LOSS)
18,669,663
(4,314,029)
The parent company commitments are reflected in Note 15.
* The parent company wrote back $458,976 in tax losses as part of the restatement. Refer to further information at Note 26.
Note 20: Financial instruments (continued)
111
2024 ANNUAL REPORT
Note 22: Dividends
Consolidated Group
June 2024
June 2023
$
$
Dividends declared during the period:
Unfranked final dividend ($0.012 per share, wholly conduit foreign income; declared 28 April 2023,
paid 19 May 2023)
-
23,507,892
Unfranked interim dividend ($0.01 per share, wholly conduit foreign income; declared 29 February
2024, paid 21 March 2024)
19,595,053
-
19,595,053
23,507,892
Note 23: Auditors’ remuneration
Amounts paid or payable to the auditors of the Company and charged as an expense were:
Consolidated Group
June 2024
June 2023
$
$
Audit and review of the financial statements
-
Auditors of Jupiter: Grant Thornton
34,189
88,051
-
Auditors of Jupiter: KPMG
167,535
-
-
Auditors of subsidiary or related entities
10,886
10,210
Remuneration for audit and review of financial statements
212,610
98,261
Other non-audit services
-
Taxation and other services
-
8,764
Total other service remuneration
-
8,764
Total auditors’ remuneration
212,610
107,025
Note 24: Leases
The Company has a five year lease agreement for office premises at 220 St Georges Terrace, Perth, WA, which commenced on 1 December 2022..
June 2024
June 2023
$
$
Lease liabilities
Current
98,992
86,339
Non-current
299,144
391,389
Total lease liabilities
398,136
477,728
112
JUPITER MINES
The future minimum lease payments arising under the Company’s lease contract at the end of the reporting period are as follows:
Recognised in
30 June 2024
Within 1 Year
1-5 Years
Total
$
$
$
Lease payments
127,396
329,301
456,697
Finance charges
(28,404)
(30,157)
(58,561)
Net present value
98,992
299,144
398,136
June 2024
June 2023
$
$
Right of use asset
Right of use assets - at cost
523,532
523,532
Add addition / revaluation
6,351
-
Less opening accumulated depreciation
(76,349)
(32,721)
Less depreciation for the year/period
(91,445)
(43,628)
Carrying amount of right of use assets
362,089
447,183
Note 25: Share-based payments
Share options
Set out below is a summary of unlisted options outstanding at 30 June 2024.
Vested
Unvested
Issue Date
Expiry date
Exercise price
Fair value per
unit
Total fair value
(Cents)
(Cents)
$
Unlisted options
-
1,000,000
01/08/2022
25/07/2025
-
0.046
46,200
The vesting conditions of the unlisted options are as follows:
-
500,000 options vesting upon Company share price achieving 30-day volume-weighted average price (VWAP) of greater than $0.40; and
-
500,000 options vesting upon Company share price achieving 30-day VWAP of greater than $0.50.
The share options have the below key inputs which are utilised in the pricing model. The Company has determined the fair value of its options awarded
using the Monte Carlo pricing model.
Options
granted
Grant date
Expiry date
Fair value of
option at grant
date
Exercise price
Risk free rate
Expected
volatility
Value of
options
granted
Amount of
expense
recognised
during the
period
$
(Cents)
(Cents)
$
1,000,000
01/08/2022
25/07/2025
0.046
-
2.68%
51.88%
46,200
15,400
Total:
46,200
15,400
Note 24: Leases (continued)
113
2024 ANNUAL REPORT
Rights to ordinary shares
Set out below is a summary of rights to fully paid ordinary shares and key inputs at 30 June 2024.
The Company has determined the fair value of the rights awarded using the closing Company share price on the date the rights were granted.
ID
Grant date
No. granted
Vesting date
Expiry date
Fair value per right
at award date
Total fair value of
rights
No. vested during
the period
Amount of expense
recognised
during the period
Performance conditions
$
$
$
DR1
01/08/2022
500,000
31/07/2023
-
0.195
97,500
500,000
10,627
Employed by Company at vesting date
DR2
01/08/2022
500,000
31/07/2024
-
0.195
97,500
-
48,750
Employed by Company at vesting date
DR3
30/11/2023
536,442
22/12/2024
-
0.175
93,877
-
54,762
Employed by Company at vesting date
DR4
30/11/2023
536,442
22/12/2024
-
0.175
93,877
-
27,381
Employed by Company at vesting date
Total
2,072,884
382,754
500,000
141,520
On 30 November 2023, Mr Winter received 514,286 fully paid ordinary shares in the company.
Ordinary shares
Ordinary shares awarded
Award date
Fair value of shares at
award date
Amount of expense
recognised during the period
$
$
514,286
30/11/2023
0.175
90,000
90,000
114
JUPITER MINES
Note 26: Restatement of prior period balances
The Company has historically been recognising a deferred tax liability (at the Australian company tax rate of 30%) on any future sale of its investment in
Tshipi under AASB 112: Income Taxes. During the year, the Company determined that the deferred tax liability and income tax expense were overstated, and
the rate of tax to be applied is 5%, being the South African withholding tax on undistributed profit from its investment in Tshipi.
Additionally the Company had recognised tax losses in Australia which were not probable of being recoverable, overstating the deferred tax asset and
income tax benefits. The necessary adjustments have been made by restating each of the affected financial statement line items for prior periods. The
following tables summarise the impact on the Consolidated Financial Statements.
i. Consolidated Statement of Financial Position
Impact of correction
1 March 2023
As previously reported
Adjustments
As restated
$
$
$
Deferred tax assets
490,186
(276,472)
213,714
Other assets
577,184,028
-
577,184,028
Total assets
577,674,214
(276,472)
577,397,742
Deferred tax liabilities
66,081,265
(54,677,983)
11,403,282
Other liabilities
39,688,066
-
39,688,066
Total liabilities
105,769,331
(54,677,983)
51,091,348
Accumulated profits
89,278,955
54,401,511
143,680,466
Other equity
382,625,928
-
382,625,928
Total equity
471,904,883
54,401,511
526,306,394
30 June 2023
As previously reported
Adjustments
As restated
$
$
$
Deferred tax assets
670,958
(458,976)
211,982
Other assets
547,267,714
-
547,267,714
Total assets
547,938,672
(458,976)
547,479,696
Deferred tax liabilities
72,879,396
(60,353,999)
12,525,397
Other liabilities
11,239,160
-
11,239,160
Total liabilities
84,118,556
(60,353,999)
23,764,557
Accumulated profits
81,354,161
59,895,023
141,249,184
Other equity
382,465,955
-
382,465,955
Total equity
463,820,116
59,895,023
523,715,139
115
2024 ANNUAL REPORT
ii. Consolidated Statement of Profit or Loss and Other Comprehensive Income
Impact of correction
For the period ended 30 June 2023
As previously reported
Adjustments
As restated
$
$
$
Profit before tax
22,980,239
-
22,980,239
Income tax expense
(7,397,141)
5,493,512
(1,903,629)
Profit after tax
15,583,098
5,493,512
21,076,610
Other comprehensive loss
(213,856)
-
(213,856)
Total comprehensive profit
15,369,242
5,493,512
20,862,754
Basic and diluted earnings per share
0.0080
0.0028
0.0108
There is no impact on the total operating, investing or financing cash flows for the period ended 30 June 2023.
116
JUPITER MINES
As at 30 June 2024
The following table provides a list of all entities included in the Group’s consolidated financial statements, prepared in accordance with the requirements
of section 295(3A) of the Corporations Act. The ownership interest is only disclosed for those entities which are a body corporate, representing the direct
and indirect percentage share capital owned by the Company.
Entity name
Legal structure
Country of
incorporation
Country of tax
residency
Ownership
interest %
Jupiter Mines Limited1
Body Corporate
Australia
Australia
100
Jupiter Kalahari Pty Ltd
Body Corporate
Australia
Australia
100
1 Jupiter Mines Limited is incorporated in Australia and has a registered branch in South Africa. The branch operations have tax obligations in South Africa under the South Africa Income Tax 1962.
Key assumptions and judgments
Determination of Tax Residency
Section 295 (3A) of the Corporation Acts 2001 requires that the tax residency of each entity which is included in the Consolidated Entity Disclosure
Statement (CEDS) be disclosed. In the context of an entity which was an Australian resident, “Australian resident” has the meaning provided in the Income
Tax Assessment Act 1997. The determination of tax residency involves judgment as the determination of tax residency is highly fact dependent and there
are currently several different interpretations that could be adopted, and which could give rise to a different conclusion on residency.
In determining tax residency, the consolidated entity has applied the following interpretations:
•
Australian tax residency
The consolidated entity has applied current legislation and judicial precedent, including having regard to the Commissioner of Taxation’s public
guidance in Tax Ruling TR 2018/5.
•
Foreign tax residency
The consolidated entity has applied current legislation and where available judicial precedent in the determination of foreign tax residency.
Branch (permanent establishments)
Foreign branch of Australian subsidiaries are not separate level entities and therefore do not have a separate residency for Australian tax purposes.
Generally, the Australian subsidiary that the branch is a part of will be the relevant tax resident, rather than the branch operations. Additional disclosures
on the tax status of Australian subsidiaries having a foreign branch with a taxable presence in that jurisdiction have been provided where relevant.
Consolidated entity disclosure statement
117
2024 ANNUAL REPORT
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 30 June 2024 and of the performance for the period ended on that date of the 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 period ended 30 June 2024.
5. The consolidated entity disclosure statement set out on page 116 of the Annual Report, as required by Section 295(3A) of the Corporations Act, is true
and correct.
Signed on behalf of the Board of Directors
Brad Rogers
Managing Director
30 September 2024
Directors’ Declaration
118
JUPITER MINES
Auditor’s Reports
119
2024 ANNUAL REPORT
KPMG, an Australian partnership and a member firm of the KPMG global organisation of independent member firms affiliated
with KPMG International Limited, a private English company limited by guarantee. All rights reserved. The KPMG name and
logo are trademarks used under license by the independent member firms of the KPMG global organisation. Liability limited by
a scheme approved under Professional Standards Legislation.
Lead Auditor’s Independence Declaration under
Section 307C of the Corporations Act 2001
To the Directors of Jupiter Mines Limited
I declare that, to the best of my knowledge and belief, in relation to the audit of Jupiter Mines Limited
for the financial year ended 30 June 2024 there have been:
i.
No contraventions of the auditor independence requirements as set out in the
Corporations Act 2001 in relation to the audit; and
ii.
No contraventions of any applicable code of professional conduct in relation to the audit.
KPMG
Graham Hogg
Partner
Perth
30 September 2024
120
JUPITER MINES
KPMG, an Australian partnership and a member firm of the KPMG global organisation of independent member firms affiliated
with KPMG International Limited, a private English company limited by guarantee. All rights reserved. The KPMG name and
logo are trademarks used under license by the independent member firms of the KPMG global organisation. Liability limited by
a scheme approved under Professional Standards Legislation.
Independent Auditor’s Report
To the shareholders 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).
In our opinion, the accompanying Financial
Report of the Company gives a true and
fair view, including of the Group’s
financial position as at 30 June 2024 and
of its financial performance for the year
then ended, in accordance with the
Corporations Act 2001, in compliance with
Australian Accounting Standards and the
Corporations Regulations 2001.
The Financial Report comprises:
• Consolidated Statement of Financial Position as at
30 June 2024
• 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
• Consolidated entity disclosure statement and
accompanying basis of preparation as at 30 June 2024
• Notes, including material accounting policies
• Directors’ Declaration.
The Group consists of the Company and the entities it
controlled at the year end or from time to time during the
financial year.
Basis for opinion
We conducted our audit in accordance with Australian Auditing Standards. We believe that the audit
evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
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 Corporations Act 2001 and the ethical
requirements of the Accounting Professional and Ethical Standards Board’s APES 110 Code of Ethics for
Professional Accountants (including Independence Standards) (the Code) that are relevant to our audit of
the Financial Report in Australia. We have fulfilled our other ethical responsibilities in accordance with
these requirements.
121
2024 ANNUAL 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.
This matter was 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 this matter.
Accounting for equity accounted investment
(Investments accounted for using the equity method AUD 534.3 million, share of profit from joint
venture entities using the equity method AUD 40.0 million)
Refer to Notes 1(b) and 10 to the Financial Report
The key audit matter
How the matter was addressed in our audit
Accounting for equity accounted investment is
a key audit matter due to the size of the
balances to the Group’s Financial Statements
associated with its investment in Tshipi é Ntle
Manganese Mining (Proprietary) Limited joint
venture (JV) using the equity method, and the
judgement and significant audit effort we
applied in assessing the:
•
Group’s determination of accounting
treatment for the investment in joint
venture. Depending on the legal,
governance and business arrangements,
the method of accounting under accounting
standard requirements may result in
different outcomes for the Group, so is a
fundamental basis for reporting;
•
Group’s assessment of impairment
indicators for the investment in JV using
accounting standard requirements. We
focussed on market conditions such as
current and future expected manganese
pricing movements, and those specific to
the JV;
•
Recording of revenues and expenses by the
JV given their contribution to the Group’s
share of profit in the joint venture recorded
by the Group.
Our procedures included:
Accounting for equity method investment
•
Evaluating the appropriateness of the Group’s
accounting treatment for the investment in Tshipi
é Ntle Manganese Mining (Proprietary) Limited
joint venture using the equity method against the
criteria in the accounting standard and key terms
in the underlying memorandum of incorporation
and shareholder agreement.
Assessment of impairment indicators
•
Evaluating the approach of the Group’s
assessment of impairment indicators against the
requirements of the accounting standards.
•
Challenging the Group’s assessment of
impairment indicators using our knowledge of the
JV, industry experience, and current and
expected future market conditions including
manganese pricing movements. We used
published reports of industry commentators to
inform our challenge and assessment.
•
Using the amount of the Group's proportional
ownership of the net assets of the JV, we
compared this to the investment amount
recorded by the Group. We evaluated the
difference for indicators of impairment, in
particular for evidence of the Group's recorded
value no longer representing value of the
underlying JV, using net assets as a proxy.
122
JUPITER MINES
Recording of revenues and expenses by the joint
venture and share of profit
•
Evaluating the appropriateness of the JV’s key
accounting policies against the requirements of
the accounting standards, against the Group’s
policies and our understanding of the JV’s
business.
• For a sample of revenue transactions recorded by
the JV during the year, we checked the revenue
recorded to underlying documentation including
signed sales contracts, bill of lading, evidence of
manganese content and bank statements.
•
For a sample of expense transactions recorded by
the JV during the year, we assessed the
expenses recorded, including to underlying
documentation such as supplier invoices.
•
Recalculating the share or profit from JV using
the Group’s ownership % from underlying
shareholder agreement and the profit recorded by
the JV and comparing this to the share of profit
recorded by the Group at the year end.
•
Evaluating the appropriateness of the disclosures
in the Financial Report, using our understanding
obtained from our testing and against the
requirements of the accounting standards.
Emphasis of matter – Restatement of comparative balances
We draw attention to Note 26 to the Financial Report, which describes the restatement of prior period
balances relating to the Group’s overstatement of deferred tax assets, liabilities and income tax and
disclosed as comparatives in this Financial Report. Our opinion is not modified in respect of this matter.
The Financial Report of Jupiter Mines Limited for the year ended 30 June 2023 was audited by another
auditor who issued an unmodified opinion on that Financial Report on 28 September 2023.
Other Information
Other Information is financial and non-financial information in Jupiter Mines Limited’s annual report
which is provided in addition to the Financial Report and the Auditor’s Report. The Directors are
responsible for the Other Information.
Our opinion on the Financial Report does not cover the Other Information and, accordingly, we do not
express an audit opinion or any form of assurance conclusion thereon, with the exception of the
Remuneration Report and our related assurance opinion.
123
2024 ANNUAL REPORT
In connection with our audit of the Financial Report, our responsibility is to read the Other Information. In
doing so, we 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.
We are required to report if we conclude that there is a material misstatement of this Other Information,
and based on the work we have performed on the Other Information that we obtained prior to the date
of this Auditor’s Report we have nothing to report.
Responsibilities of the Directors for the Financial Report
The Directors are responsible for:
•
preparing the Financial Report in accordance with the Corporations Act 2001, including giving a true
and fair view of the financial position and performance of the Group, and in compliance with
Australian Accounting Standards and the Corporations Regulations 2001
•
implementing necessary internal control to enable the preparation of a Financial Report in
accordance with the Corporations Act 2001, including giving a true and fair view of the financial
position and performance of the Group, and that is free from material misstatement, whether due to
fraud or error
•
assessing the Group and Company’s ability to continue as a going concern and whether the use of
the going concern basis of accounting is appropriate. This includes disclosing, as applicable, matters
related to going concern and using the going concern basis of accounting unless they either intend
to liquidate the Group and Company or to cease operations, or have no realistic alternative but to do
so.
Auditor’s responsibilities for the audit of the Financial Report
Our objective is:
•
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 Australian Auditing Standards will always detect a material misstatement when it
exists.
Misstatements can arise from fraud or error. They 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 the 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:
https://www.auasb.gov.au/admin/file/content102/c3/ar1_2020.pdf This description forms part of our
Auditor’s Report.
124
JUPITER MINES
Report on the Remuneration Report
Opinion
In our opinion, the Remuneration Report of Jupiter
Mines Limited for the year ended 30 June 2024,
complies with Section 300A of the Corporations
Act 2001.
Emphasis of matter – Restatement of certain
comparative balances
We draw attention to section 6 of the
Remuneration Report, which describes the effect
of the restatement of share-based payments and
cash bonus as comparatives.
Our opinion is not modified in respect of this
matter.
The Remuneration Report of Jupiter Mines Limited
for the year ended 30 June 2023 was audited by
another auditor who issued an unmodified opinion
on that Remuneration Report on 28 September
2023.
Directors’ 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 responsibilities
We have audited the Remuneration Report
included in pages 71 to 80 of the Directors’ report
for the year ended 30 June 2024.
Our responsibility is to express an opinion on the
Remuneration Report, based on our audit
conducted in accordance with Australian Auditing
Standards.
KPMG
Graham Hogg
Partner
Perth
30 September 2024
125
2024 ANNUAL REPORT
Additional Information
for Listed Companies
126
JUPITER MINES
In accordance with ASX Listing Rule 4.10, the following information is provided as at 30 August 2024.
Corporate Governance Statement
The Company’s Corporate Governance Statement is available on the Company’s website at https://www.jupitermines.com/about-us/corporate-governance.
Substantial Shareholders
The Company has the following Substantial Shareholders as at 30 August 2024. The holdings are as per the Substantial Holder notices lodged with ASX and
reflect the percentage of voting rights of each Substantial Holder and not necessarily their actual holding in the Company.
Number of Holders in each class of equity security and the voting rights attached
Name
Number of fully paid
ordinary shares
% holding
Date of Form
603 or 604
Ntsimbintle Holdings (Pty) Ltd
389,917,2251
20.88
16 April 2021
Safika Resources (Pty) Ltd
389,917,2251
20.88
16 April 2021
Hans J. Mende
110,113,429
5.62
22 May 2024
POSCO Australia GP Pty Ltd
(and its associate POSCO Australia Pty Ltd)
134,992,472
6.89
19 April 2018
Holder
No. of options
Exercise price
Expiry date
Vesting conditions
Brad Rogers
500,000
Nil
25 July 2025
When Company's share price achieves a 30 day VWAP of greater than $0.40.
Brad Rogers
500,000
Nil
25 July 2025
When Company's share price achieves a 30 day VWAP of greater than $0.50.
1 Ntsimbintle Holdings (Pty) Ltd and its associate Safika Holdings (Pty) Ltd total holding is 409,350,796 (20.88%) however the movement in shares was less than 1% and therefore a Form 604 was not lodged.
Performance Rights
There is one holder of unlisted performance rights, being Managing Director and Chief Executive Officer Brad Rogers. There are no voting rights attaching
to the performance rights.
A total of 1,072,884 performance rights are on issue. If exercised, the performance rights will convert into 1,072,884 ordinary shares.
The performance rights have the following exercise prices and vesting dates:
Holder
No. of rights
Exercise price
Vesting date
Brad Rogers
536,442
Nil
22 December 2024
Brad Rogers
536,442
Nil
22 December 2025
Ordinary Shares
There are 1,960,505,319 holders of ordinary shares. Each shareholder is entitled to one vote per share.
In accordance with the Company’s Constitution, on a show of hands every member present in person or by proxy or attorney or duly authorised
representative has one vote for every fully paid ordinary share held.
Options
There is one holder of unlisted options, being Managing Director and Chief Executive Officer Brad Rogers. There are no voting rights attaching to the
options.
A total of 1,000,000 options are on issue. If exercised, the options will convert into 1,000,000 ordinary shares.
The options have the following exercise prices, vesting conditions and expiry dates:
127
2024 ANNUAL REPORT
Distribution of listed equity security holders
Holding
Number of shareholders
Number of shares
% of capital
1 – 1,000
200
44,107
0.00
1,001 – 5,000
999
3,087,521
0.16
5,001 – 10,000
755
6,232,507
0.32
10,001 – 100,000
2,075
77,148,973
3.94
100,001 and over
585
1,873,477,925
95.59
Marketable parcels
As at 30 August 2024 there were 631 shareholders on the register holding less than a marketable parcel ($500) based on the closing market price of $0.185.
Twenty largest shareholders
Shareholder
Number of shares held
% of issued capital
1
Ntsimbintle Holdings (Pty) Ltd
409,350,796
20.88
2
Citicorp Nominees Pty Limited
254,012,444
12.96
3
J P Morgan Nominees Australia Pty Limited
202,926,437
10.35
4
HSBC Custody Nominees (Australia) Limited
143,357,015
7.31
5
POSCO Australia GP Pty Ltd
112,044,320
5.72
6
HSBC Custody Nominees (Australia) Limited
91,914,710
4.69
7
BNP Paribas Noms Pty Ltd
90,583,337
4.62
8
BNP Paribas Nominees Pty Ltd
84,905,134
4.33
9
Jwalpa Limited
67,032,038
3.42
10
Mr Kenneth Joseph Hall
29,500,000
1.50
11
POSCO Australia Pty Ltd
22,948,152
1.17
12
Washington H Soul Pattinson And Company Limited
20,500,000
1.05
13
Warbont Nominees Pty Ltd
20,440,147
1.04
14
Cockcroft Holdings Limited
20,329,839
1.04
15
UBS Nominees Pty Ltd
14,352,345
0.73
16
NGE Capital Limited
14,301,418
0.73
17
Palm Beach Nominees Pty Limited
11,314,953
0.58
18
Treasury Services Group Pty Ltd
9,615,513
0.49
19
Neweconomy Com Au Nominees Pty Limited <900 Account>
8,516,055
0.43
20
E-Tech Capital Pty Ltd
7,506,285
0.38
Restricted securities
There are 514,286 restricted securities subject to voluntary escrow on issue as at 30 August 2024. The escrow period ends on 22 December 2024.
Securities exchange
The Company is listed on the Australian Securities Exchange.
128
JUPITER MINES
128
JUPITER MINES
Directors
Ian Murray
Non-Executive Chair; Independent
Scott Winter
Non-Executive Director; Independent
Peter North
Non-Executive Director; Non-Independent
Bo Sung (Ben) Kim
Non-Executive Director; Non-Independent
Sally Langer
Non-Executive Director; Independent
Brad Rogers
Managing Director
Executives
Brad Rogers
Chief Executive Officer
Melissa North
Chief Financial Officer and Company Secretary
Principal and Registered Office
Level 8
220 St Georges Terrace
Perth WA 6000
Telephone:
+61 8 9346 5500
Email:
info@jupitermines.com
Share Registry
Link Market Services Limited
QV1 Building, Level 12
250 St Georges Terrace
Perth WA 6000
Telephone:
+61 1300 554 474
Fax:
+61 2 9287 0303
Email:
registrars@linkmarketservices.com.au
Website:
www.linkmarketservices.com.au
Auditors
KPMG
235 St Georges Terrace
Perth WA 6000
Telephone:
+61 8 9263 7171
Fax:
+61 8 9263 7129
Website:
www.kpmg.com.au
Corporate
Directory
Australian Business Number
51 105 991 740
129
2024 ANNUAL REPORT 129
2024 ANNUAL REPORT
130
2024 ANNUAL REPORT 130
2024 ANNUAL REPORT
Level 8, 220 St Georges Terrace
Perth, Western Australia, 6000
+61 8 9346 5500
jupitermines.com