Ann: Jupiter welcomes Exxaro as prospective partner & shareholder, page-4

Jupiter Mines Limited (ASX:JMS) (Jupiter or the Company) notes the announcement by Exxaro Resources Limited
(JSE:EXX) (Exxaro), on the Johannesburg Stock Exchange (JSE), on 13 May 2025 , that it has entered into a binding
agreement to acquire various manganese mining investments in South Africa, including a 50.1% ownership interest in
the Tshipi Manganese Mine (Tshipi) and a 19.99% shareholding in Jupiter (Tshipi Transaction). Exxaro is a diversified
mining company listed on the JSE. More information on Exxaro is provided below.
Under the Tshipi Transaction, Exxaro will acquire Ntsimbintle Holdings (Pty) Ltd’s (NH) 37.1% interest in Tshipi, OM
Holdings Limited’s (OMH) 13.0% interest in Tshipi and NH and OMH’s Tshipi marketing rights (equating to the right to
market 50.1% of Tshipi’s ore sales), once all relevant approvals have been obtained.
Exxaro will also acquire 392,012,248 fully paid ordinary shares in Jupiter from NH, at a price of ZAR 3.69 per share
(equating to A$0.317 per share at an exchange rate of 11.63 ZAR to 1 AUD). Following this transaction, Exxaro is
expected to hold a 19.99% interest in Jupiter and replace NH as Jupiter’s largest shareholder.
The Tshipi Transaction is subject to certain conditions, including the receipt of regulatory approvals in South Africa.

Full ann available on Commsec etc.