Ann: Jupiter Declares Interim Dividend, page-18

Reading a lot of comments here that are missing a lot of context / knowledge on the financials and business in general.

- Jupiter is purely a shareholder of the Tsipi mining company, so the EBITA or NPAT in Jupiters financials does not show you the actual business picture at the Tsipi mine. Some of you here are missing the fact that Tsipi spent a fair bit of money this last 12 months (Capex), this combined with lower manganese sales volumes impacted it's ability to pay out a large dividend, and thus Jupiter received a very small cash payment from Tsipi during the latest period. Obviously a lower manganese price didn't help either, but it's not the only reason the profit and cash flow is much lower over the period.

- The current board really has nothing to do with the old board, just because the old board / ceo got kicked out by activist shareholders, this does not mean the new board has to play ball and do what those shareholders originally wanted. There is a large camp of shareholders happy to receive dividends and let the business do what it does best.

- The real risk I see is that Jupiter shares get too cheap and Tsipi or another company try to buy the entire 50% share at a cheap price, something similar just happened with Alumina (Alcoa USA buying/merging with Alumina).

- What matters more than NPAT is cashflow and cash at bank, and Tsipi is a cash generating machine when it's not spending money on improving the mining operation, even at low manganese ore prices.

- Only real way the share price can get back to 30-40 cents if/when manganese ore price eventually goes higher, it may be 5-10 years, but in the mean time you collect 1.5 to 3+ cents a year total in dividends and that's a great return. If you re-invest those dividends back into Jupiter shares, the long term returns could be very sound indeed.

Plenty of people talking the Jupiter stock down here, or some just growing impatient and I understand that, but in my eyes, the Tsipi mine is a great business, a simple operation, no debt, great staff, and low capex.

Hope this helps