Ann: Tshipi Completes Expansion Concept Study, page-9

Jupiter Mines announced that the concept study into the expansion of the Tshipi Borwa Manganese Mine has been completed. A comprehensive feasibility study will commence shortly. The feasibility study will be based on a production profile of 4.5Mt a 50% increase on the current 3Mt production level. Production profiles in excess of the Base Case Scenario were explored as part of the concept study, however the infrastructure required is less complex, will involve a shorter timeframe to implement, has a lower capital requirement, there is less reliance on road transport and the legal requirements are more favourable from a timing perspective for the Base Case Scenario.