annual report 2018...letter dear shareholders, the financial year ending 28 february 2018 was a year...
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2018ANNUAL REPORT
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DIRECTORSBrian GilbertsonNon-Executive Chairman
Priyank ThapliyalExecutive Director
Paul MurrayNon-Executive Director
Mr Sungwon YoonNon-Executive Director
Andrew BellNon-Executive Director
EXECUTIVESPriyank ThapliyalChief Executive Officer
Melissa NorthCompany Secretary and Chief Financial Officer
PRINCIPAL OFFICELevel 1016 St Georges TerracePerth WA 6000
Telephone: (08) 9346 5500Facsimile: (08) 9481 5933Email: [email protected]
SHARE REGISTRYLINK MARKET SERVICES LIMITEDQV1 Building, Level 12, 250 St Georges Terrace, Perth WA 6000
Telephone: 1300 554 474Fax: (02) 9287 0303Email: [email protected]: www.linkmarketservices.com.au
AUDITORSGRANT THORNTON AUDIT PTY LTD Level 43, 152-158 St Georges Terrace, Perth WA 6000
Telephone: (08) 9480 2000Facsimile: (08) 9322 7787Email: [email protected]: www.grantthornton.com.au
CORPORATE DIRECTORY
Cover photograph: Tshipi é Ntle manganese mine pit
i
ABN 51 105 991 740
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CONTENTS PAGEChairman’s Letter 2
Review of Operations 3
Directors’ Report 12
Remuneration Report (Audited) 16
Corporate Governance Statement 23
Auditor’s Independence Declaration 32
Statement of Consolidated Profit or Loss and Other Comprehensive Income 33
Statement of Consolidated Financial Position 34
Statement of Consolidated Changes in Equity 35
Statement of Consolidated Cash Flows 36
Notes to the Consolidated Financial Statements 37
Directors’ Declaration 64
Independent Auditor’s Report 65
Additional Information For Listed Companies 70
Appendices: JORC Tables 72
1
A N N U A L R E P O R T 2 0 1 8
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CHAIRMAN’S LETTERDear Shareholders,
The financial year ending 28 February 2018 was a year of record performance for Jupiter Mines Limited, culminating in the biggest mining IPO on the ASX of this decade. Trading in our shares started on 18th April, valuing Jupiter at some A$720 million. I record my thanks to the ASX for their assistance and efficiency in getting the IPO done in excellent time; to our advisors and brokers who worked hard towards that outcome; to our pre-IPO shareholders for supporting our strategy and its execution; and above all I welcome our new Australian institutional shareholders to our share register.
Tshipi Borwa in South Africa, of which Jupiter owns 49.9%, is one of the largest, longest-life and lowest-cost manganese exporters globally. Founded on an excellent operating performance, Tshipi sales in the 2018 financial year grew to 3.3 million tonnes into a market of healthy manganese prices. Jupiter’s share of Tshipi’s profit was $94 million, enabling the distribution, with marketing profits, of over $102 million to its shareholders, thus an increase of over 100% on the prior year. Jupiter has now already returned to its shareholders 160% of the initial capital investment. A long mine-life remains to enable further distributions in reasonable markets for many decades to come.
For the foreseeable future, I expect Tshipi to remain the bed-rock of our business. Nevertheless, shareholders will be aware of infrastructure in the Yilgarn region, and particularly at Esperance Port, potentially becoming available with the pending termination of Cliffs operations there. In stronger iron ore markets, that might eventually create opportunities to realise the option value intrinsic in our Mount Ida Magnetite and Mount Mason Hematite Projects. I know of no other iron ore opportunity in the region which even approaches the size of our Mount Ida resources, which size would be needed to utilise the Esperance facilities in the long-term, so to amortise expenditures over an extended period.
I conclude by recording my great gratitude to Mr Priyank Thapliyal, whose enormous contributions to the development of Tshipi and the success of our IPO can hardly be overestimated; and also to Ms Melissa North for her able support to Priyank during this past year.
Yours faithfully,
Jupiter Mines Limited
Brian GilbertsonChairman
Figure 1: Jupiter Board and Management at the Company’s Listing Ceremony, 18 April 2018
Figure 2: CEO Priyank Thapliyal and Chairman Brian Gilbertson ring the ASX bell to start Jupiter trading
2
J U P I T E R M I N E S L I M I T E D
Chairman’s Letter
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REVIEW OF OPERATIONS Jupiter Mines Limited (“Jupiter” or the “Company”) has an interest in two projects: a 49.9% share in Tshipi é Ntle Manganese Mining Proprietary Limited (“Tshipi”), which operates the Tshipi Borwa Manganese mine in South Africa; and in Australia, the Central Yilgarn Iron Project (“CYIP”), which includes the Mount Ida Magnetite Project and Mount Mason Hematite Project.
TSHIPI BORWA MANGANESE MINE The Tshipi Borwa mine is an open-pit manganese mine with an integrated ore processing plant located in the Kalahari Manganese Fields, in the Northern Cape Province of South Africa, which is the largest Manganese bearing geological formation in the world.
During the year, Tshipi produced 3.64mt at an average cost of US$2.09 per dmtu and sold 3.34mt of manganese ore with the average manganese price being US$4.74 per dmtu (37% FOB Port Elizabeth). It is currently operating at a production run-rate of approximately 3.6mtpa, which is estimated to make it the largest single manganese mine in South Africa and one of the five largest manganese exporters globally.
’000
tonn
es
Mar 17 Apr 17 May 17 Jun 17 Jul 17 Aug 17 Sep 17 Oct 17 Nov 17 Dec 17 Jan 18 Feb 18
400
350
300
250
200
150
100
50
0
Production Profile (’000t)
Figure 4: Production profile for 2018 financial year
As the manganese market continued to steadily increase over the year, Tshipi capitalised on this with its favourable position on the global manganese cost curve. After making its first distribution to shareholders in February 2017 of ZAR1 billion, Tshipi made additional distributions of ZAR500 million and ZAR1.1 billion in September 2017 and February 2018 respectively. This signalled the return, in full, of original investment capital to shareholders, as well as the first dividend paid from profits.
Figure 3: Tshipi Manganese Mine Location Map
3Review of Operations
A N N U A L R E P O R T 2 0 1 8
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Set out below is the audited profit and loss statement and balance sheet for Tshipi:
ZAR’000 Year Ended 28 February 2018
Year Ended 28 February 2017
INCOME STATEMENT:Revenue 7,140,808 3,777,213Cost of goods sold (3,982,254) (2,350,432)Gross margin 3,158,554 1,426,781Other income 6,531 3,013Administrative expenses (5,628) (5,280)Impairment of property, plant and equipment / loss on derecognition (20,825) -Other operating expenses (370,363) (93,549)Operating profit 2,768,269 1,330,965Finance income 34,771 19,484Finance expenses (91,034) (111,771)Profit before taxation 2,712,006 1,238,678Taxation (810,537) (347,641)Profit after taxation 1,901,469 891,037
BALANCE SHEET:Current assetsTax receivable - 2,129Royalties prepaid 6,087 -Inventory 382,153 316,117Trade and other receivables 882,016 472,445Cash and cash equivalents 209,562 469,218Total current assets 1,479,818 1,259,909
Non-current assetsProperty, plant and equipment 1,755,374 1,777,861Mineral rights 189,104 194,792Other financial assets 24,972 21,742Deferred stripping activity assets 424,367 290,420Total non-current assets 2,393,817 2,284,815Total assets 3,873,635 3,544,724
Current liabilitiesTax payable 7,372 -Loan from related parties - 929,399Trade and other payables 385,382 474,712Total current liabilities 392,754 1,404,111
Non-current liabilitiesDecommissioning and rehabilitation provision 45,797 32,209Deferred tax 567,234 471,422Total non-current liabilities 613,031 503,631Total liabilities 1,005,785 1,907,742
EquityShare capital and share premium 321,359 321,359Retained earnings 2,429,530 1,198,662Contributed assets reserve 116,961 116,961Total equity 2,867,850 1,636,982Total equity and liabilities 3,873,635 3,544,724
4
J U P I T E R M I N E S L I M I T E D
Review of Operations
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Jupiter commissioned an independent valuation of its stake in Tshipi according to valuation and accounting standards as at 31 December 2017. The preferred valuation of the Jupiter’s investment was concluded to be ZAR6,751 million (approximately $741 million; ZAR:AUD9.11). Under the equity accounting standards which the investment is accounted for, a further revaluation to the $741 million valuation amount is not permitted. Further information on the investment balance is provided at Note 15.
SOUTH AFRICAN MARKETING BRANCHJupiter continued its operations in South Africa marketing its 49.9% of Tshipi manganese ore (“Jupiter SA”). Jupiter SA has been carrying out the sale and export of Jupiter’s share of Tshipi’s manganese ore. For the financial year to 28 February 2018, gross loss of $84,940 was recorded by the marketing branch (gross profit 2017: $9,256,987), and marketing fee income of $10,048,724 (2017: $1,245,317). 2018 revenue and cost of sales relate to final adjustment invoices from 2017.
CENTRAL YILGARN IRON PROJECTSThe Central Yilgarn Iron Project (“CYIP”) area is located 130km by road northwest of the town of Menzies. The CYIP consists of the smaller DSO project (Mount Mason) and the flagship long-life Magnetite Project (Mount Ida).
Both projects are planned around existing infrastructure in the region, including the Leonora to Esperance railway line, and the Port of Esperance. Access to existing infrastructure is becoming available later in the 2018 calendar year, which opens up prospects of these projects.
With iron ore prices remaining unstable and access to infrastructure to be investigated, both the Mount Ida Magnetite Project and Mount Mason Hematite Project remain on care and maintenance.
Jupiter commissioned an independent valuation of its iron ore assets in line with valuation and accounting standards. The valuation recommended the Mount Ida Magnetite Project to be valued at between $3 million and $25 million, and the Mount Mason DSO Hematite Project valued at between $0.3 million and $1 million. Upon further examination, the Board has resolved to adopt valuations of $8.1 million for Mount Ida and $0.6 million for Mount Mason and recognised an impairment of $4.4 million and reversal of impairment of $0.3 million respectively. These amounts have been recognised in Statement of Profit or Loss and Other Comprehensive Income. Further information is provided at Note 14 of the financial statements.
These projects will remain on care and maintenance until economic conditions improve and access to infrastructure is available.
MOUNT IDA MAGNETITE PROJECT
The flagship Mount Ida Magnetite Project has the reserves to be a tier one long-life magnetite mine.
Jupiter suspended work on the Mount Ida Feasibility Study in November 2012, and the project remains on care and maintenance. No work has been undertaken on this project in this financial year.
MOUNT MASON DSO HEMATITE PROJECT
The Mount Mason high-grade hematite mineralisation is located approximately 12km northwest of the Mount Ida Magnetite Project. It has the potential to be a low-cost start-up, near term project with a short payback period. It is envisaged that the proposed Mount Mason Project, upon completion, would lead to mining at the Mount Ida magnetite deposit.
Jupiter suspended optimisation of the Mount Mason Feasibility Study at the end of 2014, and the project remains on care and maintenance. No work has been undertaken on this project in this financial year.
MINERAL RESOURCES AND ORE RESERVES AND COMPETENT PERSONS STATEMENTSTSHIPI MINERAL RESOURCES AND ORE RESERVES
Jupiter reports mineral resources and ore reserves in accordance with the 2012 edition of the Australasian Code for Reporting Exploration Results, Mineral Resources and Ore Reserves (the JORC Code) as required by Chapter 5 of the ASX Listing Rules.
Tshipi is a long mine life and a large JORC Mineral Resource Position. The following tables show the mineral resources and ore reserves of the Tshipi Mine in accordance with the JORC Code (2012) as at 31 December 2017, and comparison to previous year. There have been no material movements between the date of the below statements and the end of the financial year.
Figure 5: CYIP Project Location Map
5Review of Operations
A N N U A L R E P O R T 2 0 1 8
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Tshipi mineral resources (inclusive of ore reserves): Classification Zone Tonnes Mn (%) Fe (%) SG (t/m3 )
Measured
X 19 305 000 31.87 4.81 3.55 Y 9 532 000 22.24 5.74 3.32 Z 9 104 000 32.52 5.78 3.60 M 16 945 000 38.15 4.63 3.76 C 31 982 000 36.40 3.74 3.66 N 13 733 000 35.62 4.87 3.65
Supergene 1 999 000 36.44 4.70 3.49 Total 102 602 000 34.07 4.63 3.61
Indicated
X 37 272 000 31.20 4.91 3.50 Y 6 237 000 23.10 5.45 3.28 Z 16 712 000 31.39 6.33 3.54 M 15 417 000 37.79 5.27 3.74 C 32 957 000 36.69 3.74 3.68 N 10 858 000 34.95 5.46 3.66
Total 119 455 000 33.51 4.91 3.58
Inferred
X 67 955 000 30.92 5.22 3.52 Y 22 730 000 25.41 5.35 3.35 Z 22 802 000 31.39 5.73 3.57 M 43 817 000 34.67 5.10 3.68 C 53 450 000 35.35 4.13 3.66 N 26 726 000 34.43 5.41 3.66
Total 237 483 000 32.52 5.04 3.58 Total Mineral Resource 459 541 000 33.13 4.91 3.59
Tonnes are rounded down to 1 000t Tshipi ore reserves:
Zone Tonne Mn (%) SG (t/m3)
Proved
Z 2 913 000 31.62 3.59 M 12 181 000 38.01 3.77 C 24 379 000 36.47 3.68 N 7 410 000 34.36 3.65
Supergene 766 000 37.03 3.51 Sub-total 47 649 000 36.25 3.69
Probable
Z 3 265 000 32.12 3.56 M 9 230 000 38.20 3.75 C 21 749 000 36.83 3.68 N 4 517 000 33.86 3.65
Sub-total 38 761 000 36.41 3.68 Total Ore Reserve 86 410 000 36.32 3.69
Tonnes are rounded down to 1 000t Figure 6: Mineral resources and ore reserves of the Tshipi Mine in accordance with JORC Code (2012) as at 31 December 2017
Reconciliation of Mineral Resources and Ore Reserves to Previous Statements
Classification Zone Tonnes Mn (%) Fe (%) SG (t/m3)
Measured
X 15 857 000 32 4.76 3.66 Y 8 523 000 22.4 5.54 3.51 Z 7 427 000 32.26 5.81 3.64 M 15 782 000 38.18 4.55 3.71 C 27 446 000 36.41 3.76 3.56 N 9 212 000 35.51 4.94 3.65
Supergene 3 635 000 35.34 5.23 3.52 Total 87 882 000 34.08 4.61 3.55
Indicated
X 20 570 000 31.44 4.77 3.52 Y 4 010 000 22.24 5.42 3.51 Z 9 660 000 31.52 5.97 3.62 M 12 200 000 37.45 5.04 3.69 C 20 600 000 36.82 3.79 3.56 N 7 530 000 34.85 5.24 3.45
Total 74 570 000 33.77 4.78 3.56
Inferred
X 68 360 000 31.08 5.06 3.52 Y 18 410 000 24.18 5.43 3.49 Z 28 800 000 31.4 5.76 3.62 M 51 650 000 35.35 5.06 3.72 C 60 490 000 35.73 4.12 3.5 N 27 550 000 34.37 5.44 3.51
Total 255 260 000 32.94 4.98 3.56 Total Resource 417 712 000 33.33 4.87 3.56 Tonnes are rounded down to 1 000t Figure 7: Previous Mineral Resource Estimate as at 31 December 2016
TSHIPI MINERAL RESOURCES AND ORE RESERVES (CONTINUED)
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J U P I T E R M I N E S L I M I T E D
Review of Operations
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TSHIPI MINERAL RESOURCES AND ORE RESERVES (CONTINUED)
69
Classification Zone Tonnes Mn (%) Fe (%) SG (t/m3)
Measured
X 3 448 000 -0.1 0.0 -0.1 Y 1 009 000 -0.2 0.2 -0.2 Z 1 677 000 0.3 0.0 0.0 M 1 163 000 0.0 0.1 0.0 C 4 536 000 0.0 0.0 0.1 N 4 521 000 0.1 -0.1 0.0
Supergene -1 636 000 1.1 -0.5 0.0 Total 14 720 000 0.0 0.0 0.1
Indicated
X 16 702 000 -0.2 0.1 0.0 Y 2 227 000 0.9 0.0 -0.2 Z 7 052 000 -0.1 0.4 -0.1 M 3 217 000 0.3 0.2 0.0 C 12 357 000 -0.1 0.0 0.1 N 3 328 000 0.1 0.2 0.2
Total 44 885 000 -0.3 0.1 0.0
Inferred
X -405 000 -0.2 0.2 0.0 Y 4 320 000 1.2 -0.1 -0.1 Z -5 998 000 0.0 0.0 -0.1 M -7 833 000 -0.7 0.0 0.0 C -7 040 000 -0.4 0.0 0.2 N -824 000 0.1 0.0 0.2
Total -17 777 000 -0.1 0.0 -0.1 Total Resource 41 829 000 -0.2 0.0 0.0
Tonnes are rounded down to 1 000t
Figure 8: Reconciliation between 31 December 2017 and 31 December 2016 mineral resource estimates
The following is noted with regards to the reconciliation of 31 December 2017 to 31 December 2016 of mineral resources:
� The measured mineral resource has increased by 14.7Mt
� The indicated mineral resource has increased by 44.8Mt
� The inferred mineral resource has decreased by 17.8Mt
Zone Tonne Mn (%) SG
Proved
Z 3 457 000 31.89 3.65 M 11 776 000 38.22 3.72 C 20 814 000 36.46 3.55 N 6 272 000 35.68 3.54
SUPER 2 423 000 34.72 3.48 Sub-total 44 744 000 36.37 3.6
Probable
Z 1 932 000 31.92 3.64 M 4 031 000 38.63 3.69 C 7 821 000 36.98 3.57 N 2 052 000 34.74 3.45
Sub-total 15 838 000 36.49 3.59 Total 60 583 000 36.40 3.60
Figure 9: Previous Ore Reserve as at 31 December 2016
7Review of Operations
A N N U A L R E P O R T 2 0 1 8
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MOUNT IDA MINERAL RESOURCE ESTIMATES (CONTINUED)
Zone Tonnes Mn (%) SG
Proved
Z -544 000 -0.3 -0.06 M 405 000 -0.2 0.05 C 3 565 000 0.0 0.13 N 1 138 000 -1.3 0.11
SUPER -1 657 000 2.3 0.03 Sub-Total 2 905 000 -0.1 0.09
Probable
Z 1 333 000 0.2 -0.08 M 5 199 000 -0.4 0.06 C 13 928 000 -0.2 0.11 N 2 465 000 -0.9 0.20
Sub-Total 22 923 000 -0.1 0.09 Total 25 827 000 -0.1 0.09
Figure 10: Reconciliation between 31 December 2017 and 31 December 2016 ore reserves
The total ore reserves have increased by some 25.8Mt. The majority of this was in the probable category and was a result of inferred mineral resources being upgraded to indicated mineral resources, after the 2017 exploration campaign. Mining depletion during the period was approximately 3.3Mt.
The information in this report and this mineral resources and ore reserves statement with respect of the Tshipi mine that relates to Reporting of Mineral Resources and Ore Reserves estimation is based on and fairly represents information compiled by Mr Stewart Nupen and Mr Jonathan Buckley. Mr Jonathan Buckley is a Fellow of the Southern African Institute of Mining and Metallurgy. Mr Stewart Nupen is a member of the Southern African Institute of Mining and Metallurgy. Mr Nupen and Mr Buckley are employed by Mineral Corporation Consultancy (Pty) Ltd trading as “The Mineral Corporation”. They have sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which being undertaking to qualify as a “Competent Person” as defined in the JORC Code. Mr Buckley and Mr Nupen have approved this mineral resources and ore reserves statement as a whole and each consent to the inclusion in this report of the statements based on their information as provided in the Competent Persons Report dated 31 December 2017, in the form and context in which they appear.
MOUNT IDA MINERAL RESOURCE ESTIMATES
The following tables show the mineral resources estimates of the Mount Ida project in accordance with the JORC Code (2012) as at 7 February 2018. There have been no material between the date of the below statements and the end of the financial year. There have been no material changes since the last mineral resource estimate (ASX Announcements 4 September 2012 and 8 January 2013) therefore no reconciliation is shown.
Central Zone based on Unweathered BIF with a 10% Magnetic Fe block grade cut-off
Zone/ Class Material Tonnes x106 Fe
(%)SiO2(%)
Al2O3(%)
CaO (%)
P(%)
S(%)
LOI (%)
MgO (%)
MnO (%)
Central In situ Total 1,062 30.23 48.47 1.88 2.70 0.07 0.28 -0.56 3.00 0.07Indicated In situ Magnetic 38.45% 25.64 2.64 0.02 0.07 0.01 0.09 -1.14 0.05 0.01
Concentrate 409 66.69 6.86 0.05 0.17 0.01 0.23 -2.97 0.12 0.02
Central In situ Total 169 27.03 51.68 2.40 2.92 0.07 0.31 -0.43 3.33 0.10Inferred In situ Magnetic 32.12% 21.31 2.34 0.02 0.06 0.01 0.10 -0.96 0.05 0.01
Concentrate 54 66.34 7.28 0.05 0.17 0.02 0.32 -2.98 0.15 0.02
Central In situ Total 1,231 29.79 48.91 1.95 2.73 0.07 0.28 -0.54 3.05 0.08Total In situ Magnetic 37.58% 25.05 2.60 0.02 0.06 0.01 0.09 -1.12 0.05 0.01
Concentrate 463 66.65 6.91 0.05 0.17 0.01 0.24 -2.97 0.12 0.02
South and North Zone based on Unweathered BIF with a 10% Magnetic Fe block grade cut-off
Class Material Tonnes x106 Fe(%)
SiO2(%)
Al2O3(%)
CaO (%)
P(%)
S(%)
LOI (%)
MgO (%)
MnO (%)
South In situ Total 567 28.63 49.92 2.35 3.47 0.07 0.36 -0.65 2.76 0.09Inferred In situ Magnetic 34.26% 22.93 2.26 0.02 0.07 0.01 0.17 -1.02 0.05 0.01
Concentrate 194 66.93 6.60 0.06 0.21 0.02 0.50 -2.96 0.14 0.03
North In situ Total 48 31.63 48.82 1.54 2.20 0.07 0.12 -0.84 2.07 0.06Inferred In situ Magnetic 42.36% 28.32 2.97 0.01 0.07 0.01 0.04 -1.32 0.05 0.02
Concentrate 20 66.85 7.02 0.03 0.16 0.02 0.09 -3.11 0.13 0.05
Nth + Sth In situ Total 615 28.86 49.84 2.28 3.37 0.07 0.34 -0.67 2.71 0.09Total In situ Magnetic 34.89% 23.35 2.32 0.02 0.07 0.01 0.16 -1.04 0.05 0.01
Concentrate 214 66.92 6.64 0.05 0.20 0.02 0.46 -2.98 0.14 0.04
Combined Central, South and North Zones based on Unweathered 10% BIF with a Magnetic Fe block grade cut-off
Zone/ Class Material Tonnes x106 Fe
(%)SiO2(%)
Al2O3(%)
CaO (%)
P(%)
S(%)
LOI (%)
MgO (%)
MnO (%)
Central In situ Total 1,062 30.23 48.47 1.88 2.70 0.07 0.28 -0.56 3.00 0.07Indicated In situ Magnetic 38.45% 25.64 2.64 0.02 0.07 0.01 0.09 -1.14 0.05 0.01
Concentrate 408 66.69 6.86 0.05 0.17 0.01 0.23 -2.97 0.12 0.02
Central In situ Total 784 28.47 50.24 2.31 3.28 0.07 0.34 -0.62 2.84 0.09Inferred In situ Magnetic 34.29% 22.91 2.32 0.02 0.07 0.01 0.15 -1.02 0.05 0.01
Concentrate 269 66.81 6.77 0.05 0.20 0.02 0.43 -2.98 0.14 0.03
Central In situ Total 1,846 29.48 49.22 2.06 2.95 0.07 0.30 -0.58 2.94 0.08Total In situ Magnetic 36.68% 24.48 2.50 0.02 0.07 0.01 0.11 -1.09 0.05 0.01
Concentrate 677 66.74 6.83 0.05 0.18 0.01 0.31 -2.97 0.13 0.03
Central Zone based on Unweathered BIF with a 10% Magnetic Fe block grade cut-off
Zone/ Class Material Tonnes x106 Fe
(%)SiO2(%)
Al2O3(%)
CaO (%)
P(%)
S(%)
LOI (%)
MgO (%)
MnO (%)
Central In situ Total 1,062 30.23 48.47 1.88 2.70 0.07 0.28 -0.56 3.00 0.07Indicated In situ Magnetic 38.45% 25.64 2.64 0.02 0.07 0.01 0.09 -1.14 0.05 0.01
Concentrate 409 66.69 6.86 0.05 0.17 0.01 0.23 -2.97 0.12 0.02
Central In situ Total 169 27.03 51.68 2.40 2.92 0.07 0.31 -0.43 3.33 0.10Inferred In situ Magnetic 32.12% 21.31 2.34 0.02 0.06 0.01 0.10 -0.96 0.05 0.01
Concentrate 54 66.34 7.28 0.05 0.17 0.02 0.32 -2.98 0.15 0.02
Central In situ Total 1,231 29.79 48.91 1.95 2.73 0.07 0.28 -0.54 3.05 0.08Total In situ Magnetic 37.58% 25.05 2.60 0.02 0.06 0.01 0.09 -1.12 0.05 0.01
Concentrate 463 66.65 6.91 0.05 0.17 0.01 0.24 -2.97 0.12 0.02
South and North Zone based on Unweathered BIF with a 10% Magnetic Fe block grade cut-off
Class Material Tonnes x106 Fe(%)
SiO2(%)
Al2O3(%)
CaO (%)
P(%)
S(%)
LOI (%)
MgO (%)
MnO (%)
South In situ Total 567 28.63 49.92 2.35 3.47 0.07 0.36 -0.65 2.76 0.09Inferred In situ Magnetic 34.26% 22.93 2.26 0.02 0.07 0.01 0.17 -1.02 0.05 0.01
Concentrate 194 66.93 6.60 0.06 0.21 0.02 0.50 -2.96 0.14 0.03
North In situ Total 48 31.63 48.82 1.54 2.20 0.07 0.12 -0.84 2.07 0.06Inferred In situ Magnetic 42.36% 28.32 2.97 0.01 0.07 0.01 0.04 -1.32 0.05 0.02
Concentrate 20 66.85 7.02 0.03 0.16 0.02 0.09 -3.11 0.13 0.05
Nth + Sth In situ Total 615 28.86 49.84 2.28 3.37 0.07 0.34 -0.67 2.71 0.09Total In situ Magnetic 34.89% 23.35 2.32 0.02 0.07 0.01 0.16 -1.04 0.05 0.01
Concentrate 214 66.92 6.64 0.05 0.20 0.02 0.46 -2.98 0.14 0.04
Combined Central, South and North Zones based on Unweathered 10% BIF with a Magnetic Fe block grade cut-off
Zone/ Class Material Tonnes x106 Fe
(%)SiO2(%)
Al2O3(%)
CaO (%)
P(%)
S(%)
LOI (%)
MgO (%)
MnO (%)
Central In situ Total 1,062 30.23 48.47 1.88 2.70 0.07 0.28 -0.56 3.00 0.07Indicated In situ Magnetic 38.45% 25.64 2.64 0.02 0.07 0.01 0.09 -1.14 0.05 0.01
Concentrate 408 66.69 6.86 0.05 0.17 0.01 0.23 -2.97 0.12 0.02
Central In situ Total 784 28.47 50.24 2.31 3.28 0.07 0.34 -0.62 2.84 0.09Inferred In situ Magnetic 34.29% 22.91 2.32 0.02 0.07 0.01 0.15 -1.02 0.05 0.01
Concentrate 269 66.81 6.77 0.05 0.20 0.02 0.43 -2.98 0.14 0.03
Central In situ Total 1,846 29.48 49.22 2.06 2.95 0.07 0.30 -0.58 2.94 0.08Total In situ Magnetic 36.68% 24.48 2.50 0.02 0.07 0.01 0.11 -1.09 0.05 0.01
Concentrate 677 66.74 6.83 0.05 0.18 0.01 0.31 -2.97 0.13 0.03
8
J U P I T E R M I N E S L I M I T E D
Review of Operations
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Central Zone based on Unweathered BIF with a 10% Magnetic Fe block grade cut-off
Zone/ Class Material Tonnes x106 Fe
(%)SiO2(%)
Al2O3(%)
CaO (%)
P(%)
S(%)
LOI (%)
MgO (%)
MnO (%)
Central In situ Total 1,062 30.23 48.47 1.88 2.70 0.07 0.28 -0.56 3.00 0.07Indicated In situ Magnetic 38.45% 25.64 2.64 0.02 0.07 0.01 0.09 -1.14 0.05 0.01
Concentrate 409 66.69 6.86 0.05 0.17 0.01 0.23 -2.97 0.12 0.02
Central In situ Total 169 27.03 51.68 2.40 2.92 0.07 0.31 -0.43 3.33 0.10Inferred In situ Magnetic 32.12% 21.31 2.34 0.02 0.06 0.01 0.10 -0.96 0.05 0.01
Concentrate 54 66.34 7.28 0.05 0.17 0.02 0.32 -2.98 0.15 0.02
Central In situ Total 1,231 29.79 48.91 1.95 2.73 0.07 0.28 -0.54 3.05 0.08Total In situ Magnetic 37.58% 25.05 2.60 0.02 0.06 0.01 0.09 -1.12 0.05 0.01
Concentrate 463 66.65 6.91 0.05 0.17 0.01 0.24 -2.97 0.12 0.02
South and North Zone based on Unweathered BIF with a 10% Magnetic Fe block grade cut-off
Class Material Tonnes x106 Fe(%)
SiO2(%)
Al2O3(%)
CaO (%)
P(%)
S(%)
LOI (%)
MgO (%)
MnO (%)
South In situ Total 567 28.63 49.92 2.35 3.47 0.07 0.36 -0.65 2.76 0.09Inferred In situ Magnetic 34.26% 22.93 2.26 0.02 0.07 0.01 0.17 -1.02 0.05 0.01
Concentrate 194 66.93 6.60 0.06 0.21 0.02 0.50 -2.96 0.14 0.03
North In situ Total 48 31.63 48.82 1.54 2.20 0.07 0.12 -0.84 2.07 0.06Inferred In situ Magnetic 42.36% 28.32 2.97 0.01 0.07 0.01 0.04 -1.32 0.05 0.02
Concentrate 20 66.85 7.02 0.03 0.16 0.02 0.09 -3.11 0.13 0.05
Nth + Sth In situ Total 615 28.86 49.84 2.28 3.37 0.07 0.34 -0.67 2.71 0.09Total In situ Magnetic 34.89% 23.35 2.32 0.02 0.07 0.01 0.16 -1.04 0.05 0.01
Concentrate 214 66.92 6.64 0.05 0.20 0.02 0.46 -2.98 0.14 0.04
Combined Central, South and North Zones based on Unweathered 10% BIF with a Magnetic Fe block grade cut-off
Zone/ Class Material Tonnes x106 Fe
(%)SiO2(%)
Al2O3(%)
CaO (%)
P(%)
S(%)
LOI (%)
MgO (%)
MnO (%)
Central In situ Total 1,062 30.23 48.47 1.88 2.70 0.07 0.28 -0.56 3.00 0.07Indicated In situ Magnetic 38.45% 25.64 2.64 0.02 0.07 0.01 0.09 -1.14 0.05 0.01
Concentrate 408 66.69 6.86 0.05 0.17 0.01 0.23 -2.97 0.12 0.02
Central In situ Total 784 28.47 50.24 2.31 3.28 0.07 0.34 -0.62 2.84 0.09Inferred In situ Magnetic 34.29% 22.91 2.32 0.02 0.07 0.01 0.15 -1.02 0.05 0.01
Concentrate 269 66.81 6.77 0.05 0.20 0.02 0.43 -2.98 0.14 0.03
Central In situ Total 1,846 29.48 49.22 2.06 2.95 0.07 0.30 -0.58 2.94 0.08Total In situ Magnetic 36.68% 24.48 2.50 0.02 0.07 0.01 0.11 -1.09 0.05 0.01
Concentrate 677 66.74 6.83 0.05 0.18 0.01 0.31 -2.97 0.13 0.03
Figure 11: Mineral resource estimates for Mount Ida in accordance with JORC Code (2012)
MOUNT MASON MINERAL RESOURCE ESTIMATES
The following tables show the mineral resources estimates of the Mount Mason project in accordance with the JORC Code (2012) as at 7 February 2018. There have been no material between the date of the below statements and the end of the financial year. There have been no material changes since the last mineral resource estimate (Mineral Resource Statement 22 December 2011, December 2011 Quarterly Report, released 30 January 2012), therefore no reconciliation is shown.
Classification Tonnes Fe(%)
SiO2(%)
Al2O3(%) P (%) S (%) CaO
(%)MgO(%)
LOI(%)
Measured 4,800,000 60.3 7.37 2.90 0.05 0.01 0.03 0.04 2.63
Indicated 1,080,000 59.4 10.41 3.47 0.06 0.01 0.03 0.05 2.55
Inferred 320,000 58.4 14.10 4.37 0.08 0.01 0.03 0.06 2.88
Total Measured + Indicated 5,900,000 60.1 7.92 3.01 0.05 0.01 0.03 0.04 2.62
Figure 12: Mineral resource estimates Mount Mason in accordance with JORC Code (2012)
The information in this report and this mineral resources and ore reserves statement with respect to the CYIP that relates to mineral resource estimates is based on and fairly represents information compiled by Dr Michael Cunningham and Mr Rodney Brown, who are each Members of the Australasian Institute of Mining and Metallurgy and the Australian Institute of Geoscientists. Dr Cunningham and Mr Brown are employed by SRK Consulting (Australasia Pty Ltd). They have sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which being undertaking to qualify as a “Competent Person” as defined in the JORC Code. Dr Cunningham and Mr Brown have approved this mineral resources and ore reserves statement as a whole and each consent to the inclusion in this report of the statements based on their information as provided in the Independent Geologists Report dated February 2018, in the form and context in which they appear.
SUMMARY OF GOVERNANCE ARRANGEMENTS AND INTERNAL CONTROLS
Mineral Resource and Ore Reserves are estimated by suitably qualified Jupiter or Tshipi personnel or external consultants in accordance with the requirements of the JORC Code, industry standard techniques and internal guidelines for the estimation and reporting of Ore Reserves and Mineral Resources.
All Mineral Resource estimates and supporting documentation are prepared and reviewed by a suitably qualified external Competent Person. All Ore Reserves estimates and supporting documentation are reviewed by a suitably qualified external Competent Person. All Ore Reserve estimates are prepared in conjunction with feasibility studies and Company budgets which consider all material factors. The Mineral Resources and Ore Reserves Statement included in the Annual Report is reviewed by a suitably qualified external Competent Person prior to its inclusion.
9Review of Operations
A N N U A L R E P O R T 2 0 1 8
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1 0
J U P I T E R M I N E S L I M I T E D
Review of Operations
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ANNUAL FINANCIAL REPORT
FOR THE YEAR ENDED
28 FEBRUARY 2018ABN 51 105 991 740 CONSOLIDATED ENTITY
1 1Annual Financial Report
A N N U A L R E P O R T 2 0 1 8
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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) and its wholly owned subsidiaries (together referred to as the Consolidated Entity or Group) for the financial year ended 28 February 2018 and the Independent Auditor’s Report thereon.
DIRECTORSThe Directors of Jupiter at any time during or since the end of the financial year are as follows:
Non-Executive
� Brian Patrick Gilbertson
� Paul Raymond Murray
� Andrew Bell
� Sungwon Yoon
Executive
� Priyank Thapliyal
Additional information is provided below regarding the current Directors.
Brian Patrick Gilbertson BSc (Maths and Physics), BSc (Hons) (Physics), MBL, PMD45
(Chairman; Non-Executive Director; Member of the Remuneration and Nomination Committee, appointed 15 March 2018)
Mr Gilbertson was appointed a Director on 22 June 2010.
Mr Gilbertson has extensive experience in the global natural resources industry. He was Managing Director of Rustenburg Platinum Mines Limited in the 1980’s, a period during which the company gained recognition as the world’s foremost producer of platinum. In the 1990’s, as Executive Chairman of Gencor Limited, he led the restructuring of the South African mining industry into the post-Apartheid era, transforming Gencor Limited into a focused mineral and mining group. During this period he held ultimate responsibility for Impala Platinum Holdings, for Samancor Limited (the world’s largest producer of manganese and chrome ore and alloys) and for Trans-Natal Coal Corporation (a major coal producer and exporter). Important new initiatives included the Hillside and Mozal aluminium smelters, the Columbus stainless steel plant, and the purchase of the international mining assets (Billiton plc) of the Royal Dutch Shell Group.
In 1997, Gencor Limited restructured its non-precious metals interests as Billiton plc. With Mr Gilbertson as Executive Chairman, Billiton plc raised US$1.5 billion in an initial public offering on the LSE, taking the company into the FTSE 100. Separately, Mr Gilbertson worked to merge the gold operations of Gencor and Gold Fields of South Africa, creating Gold Fields Limited, a leader
in the world gold mining industry. He served as its first Chairman until October 1998. In 2001, Billiton plc merged with BHP Limited to create what is widely regarded as the world’s premier resources company, BHP Billiton plc. Mr Gilbertson was appointed its second Chief Executive on 1 July 2002.
In late 2003, Mr Gilbertson led mining group Vedanta Resources plc (Vedanta) to the first primary listing of an Indian company on the London Stock Exchange in the second largest IPO of the year (US$876 million). He served as Chairman of Vedanta until July 2004.
He was appointed President of Sibirsko-Uralskaya Aluminium Company (SUAL), the smaller aluminium producer in Russia and led that company into the US$30 billion merger with RUSAL and the alumina assets of Glencore International A.G., creating the largest aluminium company in the world.
Mr Gilbertson established Pallinghurst Advisors LLP and Pallinghurst (Cayman) GP L.P. during 2005 and 2007 respectively, to develop opportunities on behalf of a group of natural resource investors, which currently a shareholder of Jupiter.
Mr Gilbertson is the non-executive chairman of Pallinghurst Resources Limited, a company listed on the Johannesburg Stock Exchange (JSE: PRL), and is a director of various companies controlled by PRL.
Mr Gilbertson is a British and South African citizen. He has not been a Director of any other ASX listed company in the past three years.
1 2
J U P I T E R M I N E S L I M I T E D
Directors’ Report
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Paul Raymond Murray FFin, CPA
Independent Non-Executive Director; Remuneration Committee Chairman; Audit Committee Chairman
Paul is a founding director of Jupiter Mines Limited and was Chairman at the time of formation in August 2003. Paul was appointed as a Director of the Company on 20 August 2003. He has served continuously since that time as Chairman of both the Audit Committee and the Remuneration and Nomination Committee.
In addition to attending to various statutory duties as required, Paul has a strong record of attendance at Company board and shareholder meetings and contributes to consideration and discussions in respect of matters on the Company’s business papers.
Apart from academic qualifications which are relevant to his roles, Paul has held positions on boards of a number of ASX listed companies. Mining experience includes exploration for and mining of tin in the New England district of NSW and service on the boards of successful Australian oil and gas companies, Basin Oil NL and Reef Oil NL.
Andrew Bell B.A. (Hons), M.A., LLB (Hons)
Independent Non-Executive Director; Audit Committee Member; Remuneration Committee Member
Mr Bell was appointed as a Director of Jupiter on 4 June 2008.
Mr Bell is Chairman of Red Rock Resources plc, and Regency Mines plc, being companies listed on the AIM market of the London Stock Exchange Ltd. He was a natural resources analyst in London in the 1970s, then specialised in investment and investment banking covering the Asia region.
He has been involved in the resource and mining sectors in Asia since the 1990s, and has served on the Boards of a number of listed resource companies.
Sungwon Yoon MBA (Vanderbilt, the US)
Non-Executive Director; Audit Committee Member, appointed 15 March 2018
Mr Yoon was appointed as a Director of Jupiter on 31 March 2016.
Mr Yoon is the Managing Director of POSCO Australia Pty Ltd, a significant shareholder of the Company.
After joining POSCO in 1992, Mr Yoon has focused on steel making raw materials during his career. He has over 25 years’ experience in various roles and responsibilities across POSCO’s raw materials procurement, investment, strategy and transportation. Before assuming the Managing Director role of POSCO Australia in March 2016, Mr Yoon was the General Manager of the POSCO coal procurement group.
Priyank Thapliyal Metallurgical Engineer, B Tech, M Eng, MBA (Western Ontario, Canada)
Executive Director; Chief Executive Officer
Priyank Thapliyal was appointed as a Director of the Company on 4 June 2008.
Priyank joined Sterlite Industries in 2000 and worked alongside Mr Anil Agarwal (owner) to implement the strategies that led to the creation of Vedanta Resources plc, a FTSE 100 company. Vedanta floated on the London Stock Exchange (LSE) in December 2003 and raised USD 870 million in its IPO, in what was the largest mining IPO on the LSE that year, and also the first primary listing of an Indian company on the LSE. The success of the Vedanta IPO was instrumental in other emerging market mining companies seeking LSE listings.
Subsequent to the LSE listing, he led Vedanta’s first major overseas acquisition via the USD 50 million controlling investment in Konkola Copper Mines (KCM) in Zambia in 2004. At the time of his departure in October 2005 to co-found Pallinghurst Advisors LLP, the KCM stake was valued at USD 1 billion and Vedanta had a market capitalisation of USD 7.5 billion.
Priyank has been instrumental in delivering Pallinghurst Advisors LLP’s steel feed strategy via Jupiter. That has led to the creation of the flagship Tshipi Mine, from what was a greenfield project, into one of the largest, long-life and low-cost assets of strategic importance.
Prior to Vedanta, Priyank was a mining and metals investment banker with CIBC World Markets in Toronto Canada, is a qualified Metallurgical Engineer, MBA and former Falconbridge employee.
Mr Thapliyal has not been a Director of any other ASX listed companies in the past three years.
Melissa North B.Com, CA
Company Secretary
Ms Melissa North joined Jupiter Mines in May 2012 as Group Financial Controller and was subsequently appointed CFO and Company Secretary on 15 November 2012.
Prior to joining Jupiter, Ms North held various roles in finance management and business advisory services over almost a decade, including Group Financial Controller positions within the Chime Communications Group (London) and other large media agencies in the United Kingdom. Ms North qualified as a Chartered Accountant in 2004 after extensive work experience at Grant Thornton Perth (now Crowe Horwath).
DIRECTORS (CONTINUED)
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PRINCIPAL ACTIVITIESThe principal activities of Jupiter during the year have been the operation of the Tshipi Manganese Mine in South Africa and the sale of manganese ore.
REVIEW OF FINANCIAL RESULTS AND OPERATIONS The consolidated results of Jupiter for the year ended 28 February 2018 was a profit of $92,205,663 after a $5,584,142 tax expense (2017: profit of $200,099,335 after a $5,619,368 tax expense). Further details of the results of the Consolidated Entity are set out in the accompanying financial statements in this Annual Report.
SIGNIFICANT CHANGES IN THE STATE OF AFFAIRSDuring the year, the Company undertook two equal access share buy-backs in March and December 2017, reducing the issued capital of the Company by 217,312,665 ordinary shares. Refer to Note 19.
Jupiter’s marketing branch commenced the purchase and sale of Jupiter’s share of manganese ore as an agent, recording a marketing commission instead of sales and cost of sales in the Statement of Profit or Loss and Other Comprehensive Income.
DIVIDENDSNo dividends were paid or declared during the year by Jupiter.
FINANCIAL POSITIONAt 28 February 2018, Jupiter held $76,544,487 in cash and cash equivalents (2017: $84,709,260), had a carrying value of investments using the equity method of $385,267,255 (2017: 345,556,557) and carrying value of exploration expenditure of $8,700,000 (2017: $11,632,006).
SIGNIFICANT EVENTS AFTER REPORTING DATEThese financial statements were authorised for issue on 29 May 2018 by Director Brian Gilbertson.
Jupiter undertook an equal access share buy-back, offering to buy-back 5.81% of issued capital for $0.44 per share, comprising a capital portion of $0.23 per share and dividend portion of $0.21 per share. The offer period closed on 19 February 2018. Subsequently on 19 March 2018, 116,182,215 shares were cancelled, and proceeds of $51,120,174 were paid to shareholders.
Jupiter was admitted to the official list of the Australian Securities Exchange on 18 April 2018, following a $240 million Initial Public Offering (“IPO”).
As part of the IPO, a number of shareholders have entered into Voluntary Escrow Deeds under which they have undertaken to the Company not to dispose of any interest in, or to grant any security over, certain Shares held by them on completion of the Offer. Please refer to the Company’s prospectus for full details.
Upon successful listing of Jupiter, Jupiter CEO Priyank Thapliyal was entitled to receive a bonus which is to be satisfied by the issue of 10,650,530 shares (please refer to Remuneration Report for full details). The issue of these shares is to be approved by an ordinary resolution at the Company’s 2018 Annual General Meeting. If not approved, the bonus will be payable in cash equal to the IPO offer price, being $4,260,212.
LIKELY DEVELOPMENTS, BUSINESS STRATEGIES AND PROSPECTSThe operations at the Tshipi Borwa Manganese Mine are expected to continue in a similar manner to present.
The Directors still intend Jupiter to proceed with the development of Jupiter’s Mount Ida Magnetite and Mount Mason DSO Hematite projects should access to infrastructure become available and the projects are economically viable.
OPTIONS AND RIGHTSAs at 28 February 2018, there were nil (28 February 2017: nil) options over unissued shares in the capital of Jupiter. No options were granted during the financial year.
Since 28 February 2018 to the date of this Annual Report, no options have been granted. Nil (28 February 2017: Nil) options lapsed or were vested during the financial year.
ON MARKET BUY-BACKJupiter is not currently conducting an on-market buy-back of any of its shares.
MEETINGS – ATTENDANCE BY DIRECTORSBoard Meetings
The number of Directors’ meetings and the number of meetings attended by each of the Directors of Jupiter during the financial year under review are:
DirectorNumber of meetings held during tenure of
the Director
Number of meetings attended
Brian Gilbertson 4 4
Paul Murray 4 4
Priyank Thapliyal 4 4
Andrew Bell 4 4
Sungwon Yoon 4 4
1 4
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Committee Meetings
The number of committee meetings and the number of meetings attended by each of the Directors of Jupiter during the financial year under review are:
Director Audit Committee meetings attended
Audit Committee meetings held during tenure
Remuneration Committee
meetings attended
Remuneration Committee meetings
held during tenure
Paul Murray 2 2 3 3
Priyank Thapliyal 2 2 3 3
Andrew Bell 2 2 3 3
DIRECTORS’ INTERESTSParticulars of Directors’ interests in securities as at the date of this report are as follows:
Director Ordinary Shares Options over Ordinary Shares
Brian Gilbertson1 - -
Paul Murray 1,199,400 -
Priyank Thapliyal 22,432,728 -
Andrew Bell2 - -
Sungwon Yoon3 - -
1 Brian Gilbertson as the Chairman of Pallinghurst Resources Limited (listed on the JSE and BSX) has a relevant interest in Pallinghurst Steel Feed Dutch (B.V.) (PSF). PSF is the registered owner of 379,948,385 Ordinary Shares in the Company at balance date.
2 Andrew Bell as the Chairman and Director of Red Rock Resources plc has a relevant interest in Red Rock Resources plc (RRR). RRR is the registered owner of 24,657,516 Ordinary Shares in the Company at balance date.
3 Sungwon Yoon is the Managing Director of POSCO Australia Pty Ltd, has a relevant interest in POSCO Australia Pty Ltd (POSCO) and POSCO Australia GP PTY LTD (POSA GP). POSCO is the registered owner of 59,783,270 Ordinary Shares and POSA GP is the registered owner of 291,891,733 shares in the Company at balance date.
Unissued shares under option
Up until the date of this report, there are no further unissued shares under option.
Shares issued during or since the end of the year as a result of exercise
During or since the end of the financial year, the Company did not issue any ordinary shares as a result of the exercise of options.
Contracts with Directors
There are no agreements with any of the Directors other than remuneration agreements.
AUDITOR’S INDEPENDENCE DECLARATIONThe Lead Auditor’s Independence Declaration for the year ended 28 February 2018 has been received and can be found on page 32 of the Annual Report.
MEETINGS – ATTENDANCE BY DIRECTORS (CONTINUED)
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REMUNERATION REPORT (AUDITED)The Directors of Jupiter Mines Limited (the Group) present the Remuneration Report for Non-Executive Directors, Executive Directors and other Key Management Personnel, prepared in accordance with the Corporations Act 2001 and the Corporations Regulations 2001.
The Remuneration Report is set out under the following main headings:
(a) Principles used to determine the nature and amount of remuneration
(b) Details of remuneration
(c) Service agreements
(d) Share-based remuneration; and
(e) Other information
(a)Principlesusedtodeterminethenatureandamountofremuneration
The principles of the Group’s executive strategy and supporting incentive programs and frameworks are:
� to align rewards to business outcomes that deliver value to shareholders
� to drive a high performance culture by setting challenging objectives and rewarding high performing individuals; and
� to ensure remuneration is competitive in the relevant employment market place to support the attraction, motivation and retention of executive talent
Jupiter has structured a remuneration framework that is market competitive and complementary to the reward strategy of the Group.
The Board has established a Remuneration and Nomination Committee which operates in accordance with its charter as approved by the Board and is responsible for determining and reviewing compensation arrangements for the Directors and the Executive Team.
The Committee has engaged independent remuneration consultants to provide any necessary information to assist in the discharge of its responsibilities (refer to the disclosures below).
The remuneration structure that has been adopted by the Group consists of the following components:
� fixed remuneration being annual salary; and
� short term incentives, being employee bonuses.
The Remuneration and Nomination Committee assess the appropriateness of the nature and amount of remuneration on a periodic basis by reference to recent employment market conditions with the overall objective of ensuring maximum stakeholder benefit from the retention of a high quality Board and Executive Team.
The payment of bonuses and other incentive payments are reviewed by the Remuneration and Nomination Committee annually as part of the review of executive remuneration and a recommendation is put to the Board for approval. All bonuses and incentives must be linked to pre-determined performance criteria.
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Short Term Incentive (STI) Jupiter performance measures involve the use of annual performance objectives.
The performance measures have been set after consultation with the Directors and executives and are specifically tailored to the areas where each executive has a level of control. The measures target areas the Board believes hold the greatest potential for expansion and profit.
Use of remuneration consultantsJupiter Mines Limited Remuneration and Nomination Committee employed the services of Aon Hewitt Limited to review and to provide recommendations in respect of the amount and elements of non-executive and executive remuneration, including short-term and long-term incentives.
Under the terms of the engagement, Aon Hewitt provided remuneration recommendations as defined in section 9B of the Corporations Act 2001 and was paid $6,000 for these services.
Aon Hewitt Limited have confirmed that the above recommendations have been made free from undue influence by members of the Group’s key management personnel.
Aon Hewitt Limited was engaged by, and reported directly to, the Chair of the Remuneration and Nomination Committee.
The report containing the remuneration recommendations was provided by Aon Hewitt Limited directly to the chair of the Remuneration and Nomination Committee.
Aon Hewitt Limited was permitted to speak to management throughout the engagement to understand Company processes, practices and other business issues and obtain management perspectives. However, Aon Hewitt Limited was not permitted to provide any advice or recommendations to members of management before advice or recommendations was given to members of the Remuneration and Nomination Committee and not unless Aon Hewitt had approval to do so from members of the Remuneration and Nomination Committee.
As a consequence, the Board is satisfied that the recommendations were made free from undue influence from any members of the key management personnel.
Voting and comments made at the Company’s last Annual General MeetingThe Company did not prepare a Remuneration Report for the previous financial year, therefore was not presented to Shareholders at the last Annual General Meeting.
Consequences of performance on shareholder wealth In considering the Group’s performance and benefits for shareholder wealth, the Board have regard to the following indices in respect of the current financial year and the previous four (4) financial years:
Item 2018 2017 2016 2015 2014
EPS (per share) 0.0434 0.0902 (0.0756) (0.0140) (0.0024)
Dividends (cents per share) - - - - -
Net profit/(loss) after tax ($’000) 92,205,663 200,099,335 (172,396,327) (31,869,576) (5,532,772)
Share of profit/(loss) from Tshipi investment ($’000) 94,040,638 41,474,035 (6,936,157) 18,406,525 8,810,941
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(b)
Det
ails
ofr
emun
erat
ion
Deta
ils o
f the
nat
ure
and
amou
nt o
f eac
h ele
men
t of t
he re
mun
erat
ion
of e
ach
key
man
agem
ent p
erso
nnel
(KM
P) o
f Jup
iter M
ines
Lim
ited
are
show
n in
the
tabl
e be
low
:
Dire
ctor
and
oth
er K
ey
Man
agem
ent P
erso
nnel
Shor
t-te
rm e
mpl
oyee
ben
efits
Post
-em
ploy
men
t be
nefit
s
Long
-ter
m
bene
fits
Shar
e-ba
sed
paym
ents
Empl
oyee
Year
Cas
h sa
lary
an
d fe
esC
ash
bonu
sN
on-
mon
etar
y be
nefit
sSu
pera
nnua
tion
Long
ser
vice
le
ave
Term
inat
ion
bene
fits
Opt
ions
Tota
lPe
rfor
man
ce
base
d %
of
rem
uner
atio
n
Exec
utiv
e D
irect
ors
Priya
nk T
hapl
iyal
2018
-86
3,01
51-
--
--
863,
015
-
Exec
utive
Dire
ctor
and
CEO
2017
--
--
--
--
-
Meli
ssa
North
2018
140,
583
46,8
00-
22,4
86-
--
209,
869
22.3
%
Com
pany
Sec
reta
ry a
nd C
FO20
1711
7,00
0-
-14
,040
--
-13
1,04
0-
Non
-exe
cutiv
e D
irect
ors
Brian
Gilb
erts
on20
1822
,083
1-
--
--
-22
,083
-
Chair
man
; Non
Inde
pend
ent
2017
--
--
--
--
-
Paul
Mur
ray
2018
38,5
00-
--
--
-38
,500
-
Inde
pend
ent D
irect
or20
1733
,000
--
--
--
33,0
00-
Andr
ew B
ell20
1837
,500
--
--
--
37,5
00-
Inde
pend
ent D
irect
or20
1733
,000
--
--
--
33,0
00-
Sung
won
Yoo
n20
189,
5831
--
--
--
--
Non
Inde
pend
ent D
irect
or20
17-
--
--
--
--
2018
Tot
al20
1824
8,24
990
9,81
5-
22,4
86-
--
1,18
0,55
00.
04%
2017
Tot
al20
1718
3,00
0-
-14
,040
--
-19
7,04
0-
1 Th
ese
amou
nts
are
accr
ued
as a
t 28
Febr
uary
201
8 un
der t
he D
irect
ors
rem
uner
atio
n ag
reem
ents
, but
wer
e no
t yet
paid
at b
alanc
e da
te.
The
relat
ive p
ropo
rtion
s of
rem
uner
atio
n th
at a
re lin
ked
to p
erfo
rman
ce a
nd th
ose
that
are
fixe
d ar
e as
follo
ws:
Empl
oyee
Fixe
d re
mun
erat
ion
At ri
sk:
Shor
t-te
rm in
cent
ives
(STI
)At
risk
: O
ptio
ns
Oth
er K
ey M
anag
emen
t Per
sonn
el
Meli
ssa
North
77.7
%22
.3%
-
The
cash
bon
us p
ayab
le to
Priy
ank
Thap
liyal
was
a d
iscre
tiona
ry b
onus
agr
eed
by th
e Bo
ard
upon
Mr T
hapl
iyal s
igni
ng h
is Se
rvice
Agr
eem
ent,
repr
esen
ting
serv
ice fe
es p
ayab
le an
d pa
ymen
t of t
he A
nnua
l Bon
us
(as
defin
ed in
sec
tion
(c))
due
with
rega
rds
to th
e M
arch
201
8 sh
areh
olde
r dist
ribut
ion.
1 8
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(c) Serviceagreements
Remuneration and other terms of employment for the Executive Directors and other key management personnel are formalised in a Service Agreement. The major provisions of the agreements relating to remuneration are set out below:
Priyank Thapliyal – Chief Executive Officer
Subject Provision
Base salary The Executive is entitled to receive an annual salary of £400,000 (with no pension fund or superannuation contributions).
IPO Bonus The Executive is entitled to receive a bonus (IPO Bonus) equal to 1% of the amount by which the indicative market capitalisation of Jupiter determined by the number of Shares on issue at the Prospectus Date (1,948,340,503 Shares) multiplied by the Offer Price, exceeds $353,315,000 (being the pro forma total equity of the Company shown in the Company’s pro forma consolidated statement of financial position in the Replacement Prospectus dated 4 April 2018).
The IPO Bonus shall be satisfied by the issue of Shares at the deemed issue price equal to the Offer Price, subject to and conditional upon Shareholder approval of the issue of bonus Shares in accordance with the requirements of the Listing Rules. It is anticipated that Shareholder approval for the issue of Shares to satisfy the IPO Bonus will be sought at the Company’s next annual general meeting (anticipated to be held in July 2018).
If approval of Shareholders is not obtained for the issue of Shares to satisfy the IPO Bonus, the IPO Bonus is payable in cash.
Annual Bonus The Executive will be entitled to receive a bonus (Annual Bonus) equal to 1% of the value of amounts paid by way of: (i) a dividend; (ii) a distribution, payment or return of capital; or (iii) the acceptance of equal access buy-back offers made to all Shareholders, paid or made by the Company to its Shareholders at any time after the listing date until the date of termination of the Executive’s employment. The Annual Bonus is payable in cash.
Confidentiality The Executive must keep the Company’s confidential information confidential, except in certain circumstances, including where the disclosure is required by law or the Company provides prior written consent.
Termination The Company may terminate the Executive’s employment by giving 6 months’ written notice and payment of an amount equal to 6 months’ salary and the amount of Annual Bonus paid in the 12 months prior to termination.
The Company may make payment in lieu of notice, comprising an amount of up to 12 months’ salary and the amount of Annual Bonus paid in the 12 months prior to termination.
The Company may otherwise terminate the employment immediately for misconduct or other matters that are usual grounds for summary dismissal.
The Executive may terminate the Executive’s employment by giving 6 months’ written notice.
In the event of a change of control (within the meaning of section 50AA of the Corporations Act) and diminution in the duties and responsibilities of the Executive as a chief executive officer of a public listed company, the Executive may elect to terminate the employment and become entitled to receive a payment equal to 12 months’ salary and the amount of Annual Bonus paid in the 12 months prior to termination.
Restrictive covenants
The Executive is subject to post-employment restraints on engaging in a business for the production, purchase, sale or marketing of manganese ore, and soliciting the employees, suppliers or clients of the Company or Tshipi é Ntle. The restraint has potential effect globally for up to 6 months following termination of employment.
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Melissa North – Chief Financial Officer and Company Secretary
Subject Provision
Base salary The Executive is entitled to receive an annual salary of $200,000 and superannuation at a rate of 12% of the annual salary.
Bonus arrangements If the Company is admitted to the official list of ASX, the Executive will become entitled to the payment of a one off cash bonus of an amount to be determined by the Board in its absolute discretion.
Following the end of each financial year commencing after 28 February 2018, and the Executive being employed at the date of release of the Company’s financial statements for the financial year to which the bonus relates, the Executive may be entitled to an annual bonus of an amount to be determined by the Board in its absolute discretion.
Other entitlements The Executive is entitled to a computer and mobile phone allowance, and reimbursement of all out of pocket expenses necessarily incurred by the Chief Financial Officer in the performance of her duties, including expenses relating to entertainment, meals and travelling.
Confidentiality The Executive must keep the Company’s confidential information confidential, except in certain circumstances, including where the disclosure is required by law or the Company provides prior written consent.
Termination The Executive or the Company may terminate the contract by giving 3 months’ written notice. The Company may make payment in lieu of notice.
The Company may otherwise terminate the employment immediately for misconduct or other matters that are usual grounds for summary dismissal.
Restrictive covenants The Executive is subject to post-employment restraints on soliciting the Company’s employees, suppliers or clients. The restraint has potential effect globally for up to 6 months following termination of employment.
(d)Share-basedremuneration
The Company has not granted any share-based remuneration and does not plan to adopt any such remuneration plans.
(e)Bonusesincludedinremuneration
Details of the short-term incentive cash bonuses awarded as remuneration to each key management personnel, the percentage of the available bonus that was paid in the financial year, and the percentage that was forfeited because the person did not meet the service and performance criteria is set out below.
Other Key Management Personnel
Grant date Nature of compensation
Service or performance
criteria
Financial year
related to
Included in remuneration
($)
Percentage vested during
the year
Percentage forfeited
during the year
Priyank Thapliyal 1 1 March 2018 Cash bonus Upon signing of Service Agreement
and successful shareholder
distribution in March 2018
2018 863,015 100% -
Melissa North 13 March 2017 Cash bonus Upon successful completion of
March 2017 share buy-back
2018 46,800 100% -
1 Bonus was accrued as at 28 February 2018 and paid on 6 April 2018.
2 0
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(f) Otherinformation
No options are held by key management personnel for 2018 or 2017.
Shares held by directors and key management personnel The number of ordinary shares in the Company during the 2018 reporting period held by each of the Group’s key management personnel, including their related parties, is set out below:
Director/Employee Balance at start of year
Granted as remuneration
Received on exercise Other changes1 Held at the end of
reporting period
Year ended 28 February 2018
Brian Gilbertson2 421,042,093 - - (41,093,708) 379,948,385
Andrew Bell3 27,324,375 - - (2,666,859) 24,657,516
Sungwon Yoon4 389,710,775 - - (38,035,772) 351,675,003
Paul Murray 1,260,000 - - (60,600) 1,199,400
Priyank Thapliyal 24,858,963 - - (2,426,235) 22,432,728
1 Shares bought back by the Company in March and December 2017.
2 Brian Gilbertson as the Chairman of Pallinghurst Resources Limited (listed on the JSE and BSX) has a relevant interest in Pallinghurst Steel Feed Dutch (B.V.) (PSF). PSF is the registered owner of 379,948,385 Ordinary Shares in the Company at balance date.
3 Andrew Bell as the Chairman and Director of Red Rock Resources plc has a relevant interest in Red Rock Resources plc (RRR). RRR is the registered owner of 24,657,516 Ordinary Shares in the Company at balance date.
4 Sungwon Yoon is the Managing Director of POSCO Australia Pty Ltd, has a relevant interest in POSCO Australia Pty Ltd (POSCO) and POSCO Australia GP PTY LTD (POSA GP). POSCO is the registered owner of 59,783,270 Ordinary Shares and POSA GP is the registered owner of 291,891,733 shares in the Company at balance date.
Other transactions with key management personnelThere were no other material transactions with key management personnel for 2018 or 2017.
End of Audited Remuneration Report
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ENVIRONMENTAL REGULATIONS AND PERFORMANCEJupiter’s operations are subject to general environmental regulation under the laws of the States and Territories of Australia and South Africa. The various exploration interests held by Jupiter impose future environmental obligations for site remediation following sampling and drilling programs.
The Board is aware of these requirements and management is charged with ensuring compliance. The Directors are not aware of any breaches of these environmental regulations and licence obligations during the year.
INDEMNIFICATION AND INSURANCE OF OFFICERS AND AUDITORSSince the end of the previous financial year, Jupiter has paid premiums to insure the Directors and Officers of the Consolidated Entity. Details of the nature of the liabilities covered and the amount of premium paid in respect of Directors’ and Officers’ insurance policies preclude disclosure to third parties.
Jupiter has not paid any premiums in respect of any contract insuring its auditor against a liability incurred in that role as an auditor of Jupiter. In respect of non-audit services, Grant Thornton Audit Pty Ltd, Jupiter’s auditor has the benefit of an indemnity to the extent Grant Thornton Audit Pty Ltd reasonably relies on information provided by Jupiter which is false, misleading or incomplete. No amount has been paid under this indemnity during the financial year ending 28 February 2018 or to the date of this Report.
NON-AUDIT SERVICESThe Board of Directors is satisfied that the provision of non-audit services during the financial year is compatible with the general standard of independence for auditors imposed by the Corporations Act 2001. The Directors are satisfied that the services disclosed below did not compromise the external auditor’s independence for the following reasons:
� all non-audit services are reviewed and approved by the Audit Committee prior to commencement to ensure they do not adversely affect the integrity and objectivity of the auditor; and
� the nature of the services provided does not compromise the general principles relating to auditor independence in accordance with APES 110: Code of Ethics for Professional Accountants set by the Accounting Professional and Ethical Standards Board.
The following fees were paid or payable to Grant Thornton Australia Limited for non-audit services provided during the year ended 28 February 2018:
Taxation services $32,100 (2017: $34,125)
Corporate finance $60,000 (2017: nil)
CORPORATE GOVERNANCEThe Directors aspire to maintain the standards of Corporate Governance appropriate to Jupiter. Jupiter’s Corporate Governance Statement is set out on pages 23 to 31 of this Report.
PROCEEDINGS ON BEHALF OF JUPITERNo person has applied for leave of Court to bring proceedings on behalf of Jupiter or intervene in any proceedings to which Jupiter is a party for the purpose of taking responsibility on behalf of Jupiter for all or any part of those proceedings. Jupiter was not a party to any such proceedings during the year.
The Consolidated Entity was not a party to any such proceedings during the reporting year.
This report is signed in accordance with a resolution of the Board of Directors.
Brian GilbertsonCape Town
29 May 2018
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CORPORATE GOVERNANCE STATEMENTOVERVIEWThe Company’s Board of Directors (Board) is responsible for the overall corporate governance of the Company, and it recognises the need for the highest standards of ethical behaviour and accountability. It is committed to administering its corporate governance structures to promote integrity and responsible decision-making. Accordingly, where appropriate the Company has sought to adopt the ‘Corporate Governance Principles and Recommendations’ (Third Edition) (ASX Recommendations) published by the ASX Corporate Governance Council.
The corporate governance principles and practices adopted by the Company may depart from those generally applicable to ASX-listed companies under ASX Recommendations where the Board considers compliance is not appropriate having regard to the nature and size of the Company’s business and operations.
The Company sets out below its “if not why not” report in relation to those matters of corporate governance where the Company’s practice departs from the ASX Recommendations, to the extent that they are currently applicable to the Company.
This statement is current as at 29 May 2018 and has been approved by the Board.
ASX Corporate Governance Principles and Recommendations
Principle ASX Recommendation Comply Comments
Principle 1 – Lay solid foundation for management and oversight
1.1 A listed entity should disclose:
(a) the respective roles and responsibilities of its board and management; and
(b) those matters expressly reserved to the board and those delegated to management.
Yes Jupiter has adopted a Board Charter that discloses the role and responsibilities of the Board.
Under the Board Charter, the Board is responsible for the overall operation and stewardship of the Company and, in particular, is responsible for:
� oversight of control and accountability systems;
� appointing and removing the Chief Executive Officer, Chief Financial Officer and Company Secretary;
� approving the annual operating budget;
� approving and monitoring the progress of major capital and operating expenditure;
� monitoring compliance with all legal and regulatory obligations;
� reviewing any risk management system (which may be a series of systems established on a per-project basis);
� monitoring any executive officer’s performance; and
� approving and monitoring financial and other reporting to the market, shareholders of the Company (Shareholders), employees and other stakeholders.
A copy of the Board Charter can be found on the Company’s website at www.jupitermines.com/about-us/corporate-governance
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Principle ASX Recommendation Comply Comments
1.2 A listed entity should:
(a) undertake appropriate checks before appointing a person, or putting forward to security holders a candidate for election, as a director; and
(b) provide security holders with all material information in its possession relevant to a decision on whether or not to elect or re-elect a director.
Yes Jupiter conducts background checks of candidates for the position of director of the Company (Director) prior to their appointment or nomination for election by Shareholders, including checks as to good character, experience, education, qualifications, criminal history and bankruptcy.
The Company does not propose to conduct specific checks prior to nominating an existing Director for re-election by Shareholders at a general meeting on the basis that the Company will have already conducted relevant character checks prior to the Director’s initial appointment.
As a matter of practice, Jupiter includes in its notices of meeting a brief biography and other material information in relation to each Director who stands for election or re-election, including relevant qualifications and professional experience of the nominated Director for consideration by Shareholders.
1.3 A listed entity should have a written agreement with each director and senior executive setting out the terms of their appointment.
Yes The Company has entered into an employment contract with Priyank Thapliyal, the Company’s Chief Executive Officer, who is engaged on a full time basis. The Company has also entered into an employment contract with Melissa North, the Company’s Chief Financial Officer and Company Secretary, who is engaged on a full time basis. The Company has entered into letters of engagement with each of its non-executive Directors setting out the key terms and conditions of their engagement.
1.4 The company secretary of a listed entity should be accountable directly to the board, through the chair, on all matters to do with the proper functioning of the board.
Yes The Company Secretary reports directly, and is accountable, to the Board through the Chairman of the Board (Chairman) in relation to all governance matters.
The Company Secretary also advises and supports the Board to implement adopted governance procedures and co-ordinates the circulation of meeting agendas and papers.
1.5 A listed entity should:
(a) have a diversity policy which includes requirements for the board or a relevant committee of the board to set measurable objectives for achieving gender diversity and to assess annually both the objectives and the entity’s progress in achieving them;
(b) disclose that policy or a summary of it; and
(c) disclose as at the end of each reporting period the measurable objectives for achieving gender diversity set by the board or a relevant committee of the board in accordance with the entity’s diversity policy and its progress towards achieving them, and either:
(i) the respective proportions of men and women on the board, in senior executive positions and across the whole organisation (including how the entity has defined “senior executive” for these purposes); or
(ii) if the entity is a “relevant employer” under the Workplace Gender Equality Act, the entity’s most recent “Gender Equality Indicators”, as defined in and published under that Act.
No Given the Company’s main asset is its interest in the Tshipi Borwa Manganese Mine (Tshipi Project), which it holds through its indirect 49.9% interest in Tshipi é Ntle, and Jupiter itself has few employees, Jupiter has not adopted a formal diversity policy at this stage.
The Company has a policy to select the best available officers and staff for each relevant position in a non-discriminatory manner based on merit.
Notwithstanding this, the Board respects and values the benefits that diversity (e.g. gender, age, ethnicity, cultural background, disability and martial/family status etc) brings in relation to expanding the Company’s perspective and thereby improving corporate performance, increasing Shareholder value and maximising the probability of achieving the Company’s objectives.
The Board is committed to developing a diverse workplace where appointments or advancements are made on a fair and equitable basis.
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Principle ASX Recommendation Comply Comments
1.6 A listed entity should:
(a) have and disclose a process for periodically evaluating the performance of the board, its committees and individual directors; and
(b) disclose, in relation to each reporting period, whether a performance evaluation was undertaken in the reporting period in accordance with that process.
Yes The Remuneration and Nomination Committee is responsible for the evaluation of the Board’s performance and its individual Directors.
Jupiter has also adopted in its Board Charter a commitment to review its own performance at intervals considered appropriate by the Chairman. The same performance review mechanism is also present in the Audit Committee and Remuneration and Nomination Committee Charters.
Jupiter will continue to disclose if and when it has conducted any performance evaluations.
1.7 A listed entity should:
(a) have and disclose a process for periodically evaluating the performance of its senior executives; and
(b) disclose, in relation to each reporting period, whether a performance evaluation was undertaken in the reporting period in accordance with that process.
Yes The Board is responsible for monitoring the performance of senior executive officers.
The Board has established policies to ensure that Jupiter remunerates fairly and responsibly. The Company designed its remuneration policy to ensure that the level and composition of remuneration is competitive, reasonable and appropriate to attract and maintain Directors with the requisite skills and experience to guide the Company towards achieving its objectives.
Jupiter will continue to disclose if and when it has conducted any performance evaluations.
Principle 2 – Structure the board to add value
2.1 The board of a listed entity should:
(a) have a nomination committee which:
(i) has at least three members, a majority of whom are independent directors; and
(ii) is chaired by an independent director,
and disclose:
(iii) the charter of the committee;
(iv) the members of the committee; and
(v) as at the end of each reporting period, the number of times the committee met throughout the period and the individual attendances of the members at those meetings; or
(b) if it does not have a nomination committee, disclose that fact and the processes it employs to address board succession issues and to ensure that the board has the appropriate balance of skills, knowledge, experience, independence and diversity to enable it to discharge its duties and responsibilities effectively.
Yes The Board has established a Remuneration and Nomination Committee (RN Committee).
The RN Committee Charter discloses the RN Committee’s role and responsibilities.
The RN Committee presently consists of Paul Murray, Andrew Bell and Brian Gilbertson. Mr Murray and Mr Bell are the Company’s only Directors who are both independent and non-executive. Mr Murray is the chairman of the RN Committee.
Jupiter will continue to disclose at the end of each reporting period the number of times the RN Committee met throughout the relevant period.
The RN Committee Charter is available on Jupiter’s website at www.jupitermines.com/about-us/corporate-governance
2.2 A listed entity should have and disclose a board skills matrix setting out the mix of skills and diversity that the board currently has or is looking to achieve in its membership.
No Jupiter does not currently have a skills or diversity matrix in relation to its Board members. The Board considers that such a matrix is not necessary given the current state of operations.
The RN Committee is presently responsible for ensuring the Directors have the appropriate mix of competencies to enable the Board to discharge its responsibilities effectively.
The Board may adopt such a matrix later as the Company’s operations evolve.
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Principle ASX Recommendation Comply Comments
2.3 A listed entity should disclose:
(a) the names of the directors considered by the board to be independent directors;
(b) if a director has an interest, position, association or relationship of the type described in Box 2.3 but the board is of the opinion that it does not compromise the independence of the director, the nature of the interest, position, association or relationship in question and an explanation of why the board is of that opinion; and
(c) the length of service of each director.
Yes The Board considers that Mr Paul Murray and Mr Andrew Bell are independent Directors because they are free from any business or other relationship with the Company that could materially interfere with, or reasonably be perceived to materially interfere with, the independent exercise of their judgement as Directors.
The Company appointed Mr Murray as a Director on 20 August 2003 and Mr Bell as a Director on 19 May 2008.
2.4 A majority of the board of a listed entity should be independent directors.
No A majority of the Board are not independent Directors. Two of the Board’s five Directors, being Mr Paul Murray and Mr Andrew Bell are considered independent.
The Company does not consider Mr Brian Gilbertson independent because he is the non-executive chairman of, and a shareholder in, Pallinghurst Resources Limited, the ultimate parent company of Pallinghurst Steel Feed (Dutch) B.V., being a substantial Shareholder of the Company.
The Company does not consider Mr Sungwon Yoon independent because he is the managing director of POSCO Australia Pty Ltd, a significant shareholder of Jupiter.
The Company does not consider Mr Priyank Thapliyal independent because Jupiter employs him in an executive capacity, as the Company’s Chief Executive Officer.
The Company believes that the current structure of the Board is the most appropriate given the size and current operations of the Company.
2.5 The chair of the board of a listed entity should be an independent director and, in particular, should not be the same person as the CEO of the entity.
No The Chairman, Mr Brian Gilbertson, is not an independent Director. The Board believes an independent non-executive Chairman is not necessary as Mr Gilbertson’s experience and industry knowledge makes him the most appropriate person to lead the Board at this time.
Mr Priyank Thapliyal is the Chief Executive Officer and is not the Chairman.
2.6 A listed entity should have a program for inducting new directors and provide appropriate professional development opportunities for directors to develop and maintain the skills and knowledge needed to perform their role as directors effectively.
Yes Induction programWhen a Director is appointed, they receive with their appointment letter a copy of the Company’s constitution, corporate governance policies and charters. The contents of this due diligence pack contain sufficient information to allow the new Director to gain an understanding of the rights, duties, responsibilities and role of the Board, Board committees and the executive team.
The Company Secretary arranges for new Directors to undertake an induction program to enable them to gain an understanding of:
� the Company’s operations and the industry sectors in which it operates;
� the Company’s financial, strategic, operational and risk management position;
� their rights, duties and responsibilities; and
� any other relevant information.
As part of this induction program, a new Director will meet with all incumbent Directors (if this has not already taken place).
Director developmentIn order to achieve continuing improvement in Board performance, all Directors are encouraged to undergo continual professional development.
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Principle ASX Recommendation Comply Comments
Principle 3 – Act ethically and responsibly
3.1 A listed entity should have a code of conduct for its directors, senior executives and employees and disclose that code or a summary of it.
Yes The Board believes that the success of Jupiter has been, and will continue to be, enhanced by a strong ethical culture within the organisation.
Jupiter has a Code of Conduct and Ethics (Code) which sets the standards that all Directors, officers, employees, consultants and contractors and all other people representing the Company are expected to comply with in relation to all commercial operations.
The Code also outlines the procedure for reporting any breaches of the Code and the possible disciplinary action the Company may take in respect of any breaches.
In addition to their obligations under the Corporations Act 2001 (Cth) (Corporations Act) in relation to inside information, all Directors, employees and consultants have a duty of confidentiality to Jupiter in relation to confidential information they possess.
In fulfilling their duties, each Director dealing with corporate governance matters may obtain independent professional advice at Jupiter’s expense after consultation with the Chairman.
The Company ensures that all incumbent and new personnel have a copy of the Code. It is also available on Jupiter’s website at www.jupitermines.com/about-us/corporate-governance
Principle 4 – Safeguard integrity in corporate reporting
4.1 The board of a listed entity should:
(a) have an audit committee which:
(i) has at least three members, all of whom are non-executive directors and a majority of whom are independent directors; and
(ii) is chaired by an independent director, who is not the chair of the board,
and disclose:
(iii) the charter of the committee;
(iv) the relevant qualifications and experience of the members of the committee; and
(v) in relation to each reporting period, the number of times the committee met throughout the period and the individual attendances of the members at those meetings; or
(b) if it does not have an audit committee, disclose that fact and the processes it employs that independently verify and safeguard the integrity of its corporate reporting, including the processes for the appointment and removal of the external auditor and the rotation of the audit engagement partner.
Yes The Company has established an Audit Committee to assist the Board in its oversight responsibilities in relation to financial management and reporting, external audit and financial risk management of the Company and safeguarding the independence of the external auditor.
The Audit Committee Charter sets out the functions, operating mechanisms and responsibilities of the Audit Committee.
The Audit Committee presently consists of Paul Murray, Andrew Bell and Sungwon Yoon. Mr Murray and Mr Bell are the Company’s only Directors who are both independent and non-executive. Mr Murray acts as the chairman of the Audit Committee.
The Audit Committee Charter also requires that all committee members have a working familiarity with basic accounting and finance practices and that at least one member have financial expertise.
A copy of the Audit Committee Charter is available on Jupiter’s website at www.jupitermines.com/about-us/corporate-governance
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Principle ASX Recommendation Comply Comments
4.2 The board of a listed entity should, before it approves the entity’s financial statements for a financial period, receive from its CEO and CFO a declaration that, in their opinion, the financial records of the entity have been properly maintained and that the financial statements comply with the appropriate accounting standards and give a true and fair view of the financial position and performance of the entity and that the opinion has been formed on the basis of a sound system of risk management and internal control which is operating effectively.
Yes As a matter of practice, Jupiter obtains declarations from its Chief Executive Officer and Chief Financial Officer substantially in the form referred to in Recommendation 4.2 before approving its financial statements.
4.3 A listed entity that has an AGM should ensure that its external auditor attends its AGM and is available to answer questions from security holders relevant to the audit.
Yes In accordance with the Company’s constitution and the applicable provisions of the Corporations Act, the Company requests its external auditor to attend each annual general meeting and be available to answer shareholder questions about the conduct of the audit and the preparation and content of the auditor’s report.
Principle 5 – Make timely and balanced disclosure
5.1 A listed entity should have a written policy for complying with its continuous disclosure obligations under the Listing Rules and disclose that policy or a summary of it.
Yes Jupiter has adopted a Continuous Disclosure Policy.
Jupiter is a “disclosing entity” pursuant to section 111AR of the Corporations Act and, as such, is required to comply with the continuous disclosure requirements of Chapter 3 of the Listing Rules and section 674 of the Corporations Act.
The Company is committed to observing its disclosure obligations under the Corporations Act and its obligations under the Listing Rules.
The Company will post all announcements provided to ASX on its website.
A copy of the Continuous Disclosure Policy is available on Jupiter’s website at www.jupitermines.com/about-us/corporate-governance
Principle 6 – Respect the rights of security holders
6.1 A listed entity should provide information about itself and its governance to investors via its website.
Yes Information about Jupiter and its corporate governance, including copies of the Company’s various corporate governance policies and charters, are available on its website at www.jupitermines.com/about-us
6.2 A listed entity should design and implement an investor relations program to facilitate effective two-way communication with investors.
Yes Jupiter has adopted a Shareholder Communications Policy to promote effective communication with Shareholders, ensure all relevant information is disseminated to Shareholders effectively and to encourage the participation of Shareholders at Company general meetings.
The Company communicates with Shareholders:
� through releases to the market via the ASX;
� through Jupiter’s website;
� through information provided directly to Shareholders; and
� at general meetings.
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Principle ASX Recommendation Comply Comments
6.3 A listed entity should disclose the policies and processes it has in place to facilitate and encourage participation at meetings of security holders.
Yes Jupiter supports Shareholder participation in general meetings and seeks to provide appropriate mechanisms for such participation, including by ensuring that meetings are held at convenient times and places to encourage Shareholder participation.
In preparing for general meetings, Jupiter drafts the notice of meeting and related explanatory information so that they provide all of the information that is relevant to Shareholders in making decisions on matters to be voted on by them at the meeting. This information is presented clearly and concisely so that it is easy to understand and not ambiguous.
Jupiter uses general meetings as a tool to effectively communicate with Shareholders and allow Shareholders a reasonable opportunity to ask questions of the Board of Directors and to participate in the meeting.
Mechanisms for encouraging and facilitating Shareholder participation are reviewed regularly to encourage the highest level of Shareholder participation.
6.4 A listed entity should give security holders the option to receive communications from, and send communications to, the entity and its security registry electronically.
Yes Jupiter considers that communicating with Shareholders by electronic means is an efficient way to distribute information in a timely and convenient manner.
Jupiter provides new Shareholders with the option to receive communications from Jupiter electronically and encourages them to do so. Existing Shareholders are also encouraged to request communications electronically.
Jupiter will provide all Shareholders that have opted to receive communications electronically with notifications when it uploads an announcement or other communication (including an annual reports and notice of meeting) to the ASX announcements platform.
Principle 7 – Recognise and manage risk
7.1 The board should:
(a) have a committee or committees to oversee risk, each of which:
(i) has at least three members, a majority of whom are independent directors; and
(ii) is chaired by an independent director,
and disclose:
(iii) the charter of the committee;
(iv) the members of the committee; and
(v) as at the end of each reporting period, the number of times the committee met throughout the period and the individual attendances of the members at those meetings; or
(b) if it does not have a risk committee or committees that satisfy (a) above, disclose that fact and the processes it employs for overseeing the entity’s risk management framework.
No Jupiter does not have a separate risk management committee.
The Board as a whole is broadly responsible for risk management, including the review of any risk management system or series of systems that may be implemented by management on a per-project basis. The Audit Committee is responsible for the management of financial risk.
The Board considers that, given the Company’s current scope of operations and the fact that only Mr Thapliyal holds an executive position, efficiencies or other benefits would not be gained by establishing a separate risk management committee at present.
As the Company’s operations evolve, the Board will reconsider the appropriateness of forming a separate risk management committee.
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Principle ASX Recommendation Comply Comments
7.2 The board or a committee of the board should review the entity’s risk management framework at least annually to satisfy itself that it continues to be sound; and disclose, in relation to each reporting period, whether such a review has taken place.
Yes The Board has responsibility for the monitoring of risk management and reviews the Company’s risk management framework on an annual basis to ensure that the framework continues to be effective.
The Company will continue to disclose the outcome of the annual risk management review in its annual reports.
7.3 A listed entity should disclose:
(a) if it has an internal audit function, how the function is structured and what role it performs; or
(b) if it does not have an internal audit function, that fact and the processes it employs for evaluating and continually improving the effectiveness of its risk management and internal control processes.
Yes Jupiter does not currently have an internal audit function. This function is undertaken by relevant staff under the direction of the Board.
The Company has adopted internal control procedures, including the following:
� the Company has authorisation limits in place for expenditure and payments;
� a Director or senior manager must not approve a payment to themselves or a related party, other than standard salary/directors fees in accordance with their Board approved remuneration;
� the Company prepares cash flow forecasts which include materiality thresholds and which are regularly reviewed; and
� the Company regularly reviews its other financial materiality thresholds.
The Board and senior management are charged with evaluating and considering improvements to the Company’s risk management and internal control processes on an ongoing basis.
The Board considers that an internal audit function is not currently necessary given the current size and scope of the Company’s operations.
As the Company’s operations evolve, the Board will reconsider the appropriateness of adopting an internal audit function.
7.4 A listed entity should disclose whether it has any material exposure to economic, environmental and social sustainability risks and, if it does, how it manages or intends to manage those risks.
Yes Jupiter’s primary business is the production and export of manganese via its 49.9% beneficial interest in the Tshipi Project in South Africa. As such, the Company is exposed to the unique risks to which Tshipi é Ntle is exposed. This includes, but is not limited to, the following key risks:
� fluctuations in the price of manganese ore;
� fluctuations in third party contractor costs;
� any reduction in the global demand for steel;
� risks arising from mining operations being concentrated at one mine;
� economic, political or social instability in South Africa may effect operations or profits; and
� a range of other economic, environmental and social sustainability risks faced by all other mining industry companies in an open economy.
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Principle ASX Recommendation Comply Comments
Principle 8 – Remunerate fairly and responsibly
8.1 The board of a listed entity should have a remuneration committee which:
(a) has at least three members, a majority of whom are independent directors;
(b) is chaired by an independent director, and disclose:
(c) the charter of the committee;
(d) the members of the committee; and
(e) as at the end of each reporting period, the number of times the committee met throughout the period and the individual attendances of the members at those meetings.
Yes The Company has established a RN Committee to assist the Board in fulfilling its responsibilities with respect to:
� remuneration policies for non–executive Directors;
� remuneration policies for executive Directors;
� remuneration policies for executive management;
� equity participation;
� human resources policies; and
� any other matters referred to the RN Committee by the Board.
The RN Committee Charter sets out the functions, operating mechanisms and responsibilities of the committee.
The RN Committee presently consists of Paul Murray, Andrew Bell and Brian Gilbertson. Mr Murray and Mr Bell are the Company’s only Directors who are both independent and non-executive. Mr Murray acts as the chairman of the RN Committee.
Jupiter will disclose, at the end of each reporting period, the number of times the committee met throughout the relevant period.
A copy of the RN Committee Charter is available on Jupiter’s website at www.jupitermines.com/about-us/corporate-governance
8.2 A listed entity should separately disclose its policies and practices regarding the remuneration of non-executive directors and the remuneration of executive directors and other senior executives.
Yes Jupiter’s policies and practices regarding the remuneration of executive and non-executive Directors and other senior executives will be set out in the remuneration report contained in Jupiter’s annual report for each financial year.
Furthermore, Jupiter’s remuneration policies and practices are subject to review by the RN Committee, as set out in the Company’s RN Committee Charter.
8.3 A listed entity which has an equity-based remuneration scheme should have a policy on whether participants are permitted to enter into transactions (whether through the use of derivatives or otherwise) which limit the economic risk of participating in the scheme; and disclose that policy or a summary of it.
Yes Jupiter’s Share Trading Policy states the requirements for all Directors, executives, employees, contractors and consultants of the Company dealing in the Company’s Securities.
The policy provides that Directors and senior executives must not at any time enter into a transaction (e.g. writing a call option) that operates or is intended to operate to limit the economic risk of holdings of unvested Jupiter securities under any equity-based remuneration schemes offered by the Company.
A copy of the Share Trading Policy is available on Jupiter’s website at www.jupitermines.com/about-us/corporate-governance
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AUDITOR’S INDEPENDENCE DECLARATION
Central Park, Level 43 152-158 St Georges Terrace Perth WA 6000 Correspondence to: PO Box 7757 Cloisters Square Perth WA 6850 T +61 8 9480 2000 F +61 8 9480 2050 E [email protected] W www.grantthornton.com.au
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Auditor’s Independence Declaration to the Directors of Jupiter Mines Limited
In accordance with the requirements of section 307C of the Corporations Act 2001, as lead auditor for the audit of Jupiter Mines Limited for the year ended 28 February 2018, I declare that, to the best of my knowledge and belief, there have been: a no contraventions of the auditor independence requirements of the Corporations Act 2001 in
relation to the audit; and
b no contraventions of any applicable code of professional conduct in relation to the audit.
GRANT THORNTON AUDIT PTY LTD Chartered Accountants
M J Hillgrove Partner - Audit & Assurance Perth, 30 May 2018
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J U P I T E R M I N E S L I M I T E D
Auditor’s Independence Declaration
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STATEMENT OF CONSOLIDATED PROFIT OR LOSS AND OTHER
COMPREHENSIVE INCOMEFOR THE YEAR ENDED 28 FEBRUARY 2018
Consolidated Group
Note February 2018 $
February 2017 $
Revenue 2 (413,595) 155,555,500
Cost of sales 2 328,655 (146,298,513)
Gross profit (84,940) 9,256,987
Other income 2 10,287,421 1,438,072
Employee benefits expense (1,498,751) (529,667)
Depreciation of property, plant and equipment 11 (287) -
Amortisation of intangible assets 12 (12,244) (13,774)
Administrative expenses (51,795) (52,608)
Other expenses (2,264,161) (1,278,080)
Profit from operations 6,375,243 8,820,930
Share of profit from joint venture entities using the equity method 15 94,040,638 41,474,035
Impairment of exploration and evaluation asset 14 (4,119,418) -
Reversal of impairment of investment in joint venture entities 15 - 143,641,903
Gain on sale of assets held for sale 8 345,447 -
Finance income 282,538 1,250,140
Finance costs (139,845) (473,691)
Foreign exchange gain 1,005,202 11,005,386
Profit before income tax 97,789,805 205,718,703
Income tax expense 3 (5,584,142) (5,619,368)
Net profit attributable to members of parent entity 92,205,663 200,099,335
Other comprehensive income
Items that may subsequently be reclassified to profit or loss:
Available for sale financial assets - current year gains 20 656,408 180,488
Exchange differences on translating foreign operations 20 268,608 -
Other comprehensive income for the period, net of tax 925,016 180,488
Total comprehensive income for the period 93,130,679 200,279,823
Profit for the year attributable to:
Owners of the parent 92,205,663 200,099,335
Total comprehensive attributable to:
Owners of the parent 925,016 180,488
Overall Operations
Basic profit per share 5 0.0434 0.0902
Diluted profit per share 5 0.0434 0.0902
The Statement of Profit or Loss and Other Comprehensive Income should be read in conjunction with the accompanying notes.
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A N N U A L R E P O R T 2 0 1 8
Statement of Consolidated Profit or Loss and Other Comprehensive Income
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STATEMENT OF CONSOLIDATED
FINANCIAL POSITIONAS AT 28 FEBRUARY 2018
Consolidated Group
Note February 2018 $
February 2017 $
ASSETS
Current Assets
Cash and cash equivalents 6 76,544,487 84,709,260
Trade and other receivables 7 45,863,083 9,956,038
Assets held for sale 8 - 2,726,219
Other current assets 13 70,381 26,708,028
Total Current Assets 122,477,951 124,099,545
Non-Current Assets
Available for sale financial assets 9 1,043,702 387,294
Property, plant and equipment 11 6,366 327,015
Intangible assets 12 1,985 7,329
Investments accounted for using the equity method 15 385,267,255 345,556,557
Exploration and evaluation assets 14 8,700,000 11,632,006
Deferred tax asset 3 302,484 488,030
Total Non-Current Assets 395,321,792 358,398,231
TOTAL ASSETS 517,799,743 482,497,776
LIABILITIES
Current Liabilities
Trade and other payables 16 49,007,737 3,517,007
Employee benefits 17 52,447 18,972
Total Current Liabilities 49,060,184 3,535,979
Non-Current Liabilities
Deferred tax liability 3 2,581,865 3,537,977
Total Non-Current Liabilities 2,581,565 3,537,977
TOTAL LIABILITIES 51,642,049 7,073,956
NET ASSETS 466,157,694 475,423,820
EQUITY
Issued capital 19 433,003,602 526,639,293
Reserves 20 1,105,503 180,488
Accumulated profits/(losses) 32,048,589 (51,395,961)
TOTAL EQUITY 466,157,694 475,423,820
The above Statement of Financial Position should be read in conjunction with the accompanying notes.
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Statement of Consolidated Financial Position
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STATEMENT OF CONSOLIDATED
CHANGES IN EQUITYFOR THE YEAR ENDED 28 FEBRUARY 2018
NoteOrdinary
Issued Capital$
Foreign Currency
Translation Reserve
$
Financial Assets
Reserve$
Accumulated (Losses)/
Profits$
Total$
Balance at 1 March 2016 526,639,293 - - (251,495,298) 275,143,995
Profit attributable to members of parent entity - - - 200,099,335 200,099,335
Total other comprehensive income for the year - - 180,488 - 180,488
Total comprehensive income/(loss) for the year - - 180,488 (51,395,961) 475,423,820
Dividends paid or provided for - - - - -
Balance as at 28 February 2017 526,639,293 - 180,488 (51,395,961) 475,423,820
Profit attributable to members of parent entity - - - 92,205,663 92,205,663
Total other comprehensive income for the year - 268,608 656,408 - 925,016
Total comprehensive income for the year - 268,608 656,408 92,205,663 93,130,679
Shares bought back 19 (93,635,691) - - (8,761,112) (102,396,803)
Balance as at 28 February 2018 433,003,602 268,608 836,896 32,048,589 466,157,694
The Statement of Changes in Equity should be read in conjunction with the accompanying notes.
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A N N U A L R E P O R T 2 0 1 8
Statement of Consolidated Changes in Equity
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STATEMENT OF CONSOLIDATED
CASH FLOWSFOR THE YEAR ENDED 28 FEBRUARY 2018
Consolidated Group
Note February 2018 $
February 2017 $
CASH FLOWS FROM OPERATING ACTIVITIES
Payments to suppliers and employees (1,500,317) (1,280,756)
Other income 11,901,390 294,287
Net cash from/(used in) operating activities 24 10,401,073 (266,776)
CASH FLOWS FROM INVESTING ACTIVITIES
Purchase of intangible assets 12 (6,900) (11,606)
Purchase of property, plant and equipment 11 (1,500) -
Sale of motor vehicles - 39,545
Payments for exploration and evaluation of mining reserves (874,927) (873,670)
Sale of assets held for sale 8 3,071,641 -
Dividend received from investments 15 27,744,378 -
Interest received 306,254 719,693
Net cash from/(used in) investing activities 30,238,946 (845,731)
CASH FLOWS FROM FINANCING ACTIVITIES
Share buy-backs 19 (102,396,803) -
Proceeds from loan repayments 52,452,358 48,452,249
Net cash from/(used) in financing activities (49,944,445) 48,452,249
Net increase/(decrease) in cash and cash equivalents held (9,304,452) 47,339,742
Cash and cash equivalents at beginning of financial period 84,709,260 37,369,518
Effect of exchange rates on cash holdings in foreign currencies 1,139,679 -
Cash and cash equivalents at the end of the financial period 76,544,487 84,709,260
The Statement of Cash Flows should be read in conjunction with the accompanying notes.
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Statement of Consolidated Cash Flows
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NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTSFOR THE YEAR ENDED 28 FEBRUARY 2018
NOTE 1: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIESThese consolidated financial statements and notes represent those of Jupiter Mines Limited (“Jupiter”) and its Controlled Entities (the “Consolidated Group” or “Group”).
The separate financial statements of the parent entity, Jupiter Mines Limited, have not been presented within this financial report as permitted by the Corporations Act 2001.
The financial statements were authorised and issued by the Board of Directors on 29 May 2018.
Basis of Preparation
These general purpose financial statements have been prepared in accordance with Australian Accounting Standards, Australian Accounting Interpretations, other authoritative pronouncements of the Australian Accounting Standards Board (AASB) and the Corporations Act 2001.
Australian Accounting Standards set out accounting policies that the AASB has concluded would result in a financial report containing relevant and reliable information about transactions, events and conditions. Compliance with Australian Accounting Standards ensures that the financial statements and notes also comply with International Financial Reporting Standards. Material accounting policies adopted in the preparation of this financial report are presented below and have been consistently applied unless otherwise stated.
The financial report has been prepared on an accruals basis and is based on historical costs, modified, where applicable, by the measurement at fair value of selected non-current assets, financial assets and financial liabilities. All amounts in the financial report have been rounded to the nearest dollar. Tables may not cast in all instances due to rounding.
Jupiter Mines Limited is a for-profit entity for the purpose of preparing the financial statements.
(a)PrinciplesofConsolidation
The Group financial statements consolidate those of the Parent Company and all of its subsidiaries as of 28 February 2018. The parent controls a subsidiary if it is exposed, or has rights, to variable returns from its involvement with the subsidiary and has the ability to affect those returns through its power over the subsidiary. All subsidiaries have a reporting date of 28 February. A list of controlled entities is contained in Note 10 to the financial statements.
In preparing the consolidated financial statements, all inter-Group balances and transactions between entities in the Consolidated Group have been eliminated on consolidation. Accounting policies of subsidiaries have been changed where necessary to ensure consistency with those adopted by the parent entity.
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 acquire, and (c) acquisition-date fair value of any existing equity interest in the acquiree, over the acquisition-date fair values of identifiable net assets. If the fair values of identifiable net assets exceed the sum calculated above, the excess amount (i.e. gain on a bargain purchase) is recognised in profit or loss immediately.
(b)InterestsinJointVentures
The Group acquired an interest in Tshipi é Ntle Manganese Mining Proprietary Limited (“Tshipi”), a joint venture entity, in October 2010. The Group’s accounting policy for joint ventures was considered by the Directors as part of the deliberation on the Tshipi acquisition, and had not been formally considered or articulated previously.
Associates are those entities over which the Group is able to exert significant influence but which are not subsidiaries.
A joint venture is an arrangement that the Group controls jointly with one or more other investors, and over which the Group has rights to a share of the arrangement’s net assets rather than direct rights to underlying assets and obligations for underlying liabilities.
Investments in associates and joint ventures are accounted for using the equity method.
Any goodwill or fair value adjustment attributable to the Group’s share in the associate or joint venture is not recognised separately and is included in the amount recognised as investment.
The carrying amount of the investment in associates and joint ventures is increased or decreased to recognise the Group’s share of the profit or loss and other comprehensive income of the associate and joint venture, adjusted where necessary to ensure consistency with the accounting policies of the Group.
Unrealised gains and losses on transactions between the Group and its associates and joint ventures are eliminated to the extent of the Group’s interest in those entities. Where unrealised losses are eliminated, the underlying asset is also tested for impairment.
3 7Notes to the Consolidated Financial Statements
A N N U A L R E P O R T 2 0 1 8
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(c) IncomeTax
The income tax expense (revenue) for the year comprises current income tax expense (income) and deferred tax expense (income).
Current income tax expense charged to profit or loss is the tax payable on taxable income. Current tax liabilities (assets) are measured at the amounts expected to be paid to (recovered from) the relevant taxation authority.
Deferred income tax expense reflects movements in deferred tax asset and deferred tax liability balances during the year as well unused tax losses.
Current and deferred income tax expense (income) is charged or credited outside profit or loss when the tax relates to items that are recognised outside profit or loss.
Except for business combinations, no deferred income tax is recognised from the initial recognition of an asset or liability, where there is no effect on accounting or taxable profit or loss.
Deferred tax assets and liabilities are calculated at the tax rates that are expected to apply to the year when the asset is realised or the liability is settled and their measurement also reflects the manner in which management expects to recover or settle the carrying amount of the related asset or liability.
Deferred tax assets relating to temporary differences and unused tax losses are recognised only to the extent that it is probable that future taxable profit will be available against which the benefits of the deferred tax asset can be utilised.
Where temporary differences exist in relation to investments in subsidiaries, branches, associates, and joint ventures, deferred tax assets and liabilities are not recognised where the timing of the reversal of the temporary difference can be controlled and it is not probable that the reversal will occur in the foreseeable future.
Current tax assets and liabilities are offset where a legally enforceable right of set-off exists and it is intended that net settlement or simultaneous realisation and settlement of the respective asset and liability will occur. Deferred tax assets and liabilities are offset where: (a) a legally enforceable right of set-off exists; and (b) the deferred tax assets and liabilities relate to income taxes levied by the same taxation authority on either the same taxable entity or different taxable entities where it is intended that net settlement or simultaneous realisation and settlement of the respective asset and liability will occur in future years in which significant amounts of deferred tax assets or liabilities are expected to be recovered or settled.
(d)Property,PlantandEquipment
Each class of property, plant and equipment is carried at cost as indicated less, where applicable, any accumulated depreciation and impairment losses.
Plant and equipment
Plant and equipment are measured on the cost basis.
The carrying amount of plant and equipment is reviewed annually by directors to ensure it is not in excess of the recoverable amount from these assets. The recoverable amount is assessed on the basis of the expected net cash flows that will be received from the asset’s employment and subsequent disposal. The expected net cash flows have been discounted to their present values in determining recoverable amounts.
The cost of fixed assets constructed within the Consolidated Group includes the cost of materials, direct labour, borrowing costs and an appropriate proportion of fixed and variable overheads.
Subsequent costs are included in the asset’s carrying amount or recognised as a separate asset, as appropriate, only when it is probable that future economic benefits associated with the item will flow to the Group and the cost of the item can be measured reliably. All other repairs and maintenance are charged to the Statement of Profit or Loss and Other Comprehensive Income during the financial year in which they are incurred.
Depreciation
The depreciable amount of all fixed assets is depreciated on a straight-line basis over their useful lives to the Consolidated Group commencing from the time the asset is held ready for use.
The depreciation rates used for each class of depreciable assets are:
Class of Fixed Asset Depreciation Rate
Office equipment 33.33%
Furniture & fittings 33.33%
Motor vehicles 12.50%
Leasehold improvements 20.00%
Buildings 10.00%
The assets’ residual values and useful lives are reviewed, and adjusted if appropriate, at each reporting date.
An asset’s carrying amount is written down immediately to its recoverable amount if the asset’s carrying amount is greater than its estimated recoverable amount.
Gains and losses on disposals are determined by comparing proceeds with the carrying amount. These gains and losses are included in the Statement of Profit or Loss and Other Comprehensive Income.
(e)ExplorationandEvaluationExpenditure
The application of the Group’s accounting policy for exploration and evaluation expenditure requires judgment in determining whether it is likely that future economic benefits are likely either from future exploitation or sale or where activities have not reached a stage which permits a reasonable assessment of the existence of reserves. The determination of a Joint Ore Reserves Committee (JORC) resource is itself an estimation process that requires varying degrees of uncertainty depending on sub-classification and these estimates directly impact the point of deferral of exploration and evaluation expenditure. The deferral policy requires management to make certain estimates and assumptions about future events or circumstances, in particular whether an economically viable extraction operation can be established. Estimates and assumptions made may change if new information becomes available. If, after expenditure is capitalised, information becomes available suggesting that the recovery of expenditure is unlikely, the amount capitalised is written off in the Statement of Profit or Loss and Other Comprehensive Income in the year when the new information becomes available.
NOTE 1: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
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Notes to the Consolidated Financial Statements
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(f) Leases
Leases of fixed assets where substantially all the risks and benefits incidental to the ownership of the asset, but not the legal ownership that is transferred to entities in the Consolidated Group, are classified as finance leases.
Finance leases are capitalised by recognising an asset and a liability at the lower of the amounts equal to the fair value of the leased property or the present value of the minimum lease payments, including any guaranteed residual values. Lease payments are allocated between the reduction of the lease liability and the lease interest expense for the year.
Leased assets are depreciated on a straight-line basis over the shorter of their estimated useful lives or the lease term.
Lease payments for operating leases, where substantially all the risks and benefits remain with the lessor, are recognised as expenses in the years in which they are incurred.
Lease incentives under operating leases are recognised as a liability and amortised on a straight-line basis over the lease term.
(g)FinancialAssets
Recognition and initial measurement
Financial assets and financial liabilities are recognised when the entity becomes a party to the contractual provisions to the instrument. For financial assets, this is equivalent to the date that the company commits itself to either the purchase or sale of the asset (i.e. trade date accounting is adopted).
Financial instruments are initially measured at fair value plus transaction costs, except where the instrument is classified “at fair value through profit or loss”, in which case transaction costs are expensed to profit or loss immediately.
Classification and subsequent measurement
Finance instruments are subsequently measured at fair value, amortised cost using the effective interest rate method, or cost.
Amortised cost is the amount at which the financial asset or financial liability is measured at initial recognition less principal repayments and any reduction for impairment, and adjusted for any cumulative amortisation of the difference between that initial amount and the maturity amount calculated using the effective interest method.
Fair value is determined based on current bid prices for all quoted investments. Valuation techniques are applied to determine the fair value for all unlisted securities, including recent arm’s length transactions, reference to similar instruments and option pricing models.
The effective interest method is used to allocate interest income or interest expense over the relevant period and is equivalent to the rate that discounts estimated future cash payments or receipts (including fees, transaction costs and other premiums or discounts) through the expected life (or when this cannot be reliably predicted, the contractual term) of the financial instrument to the net carrying amount of the financial asset or financial liability. Revisions to expected future net cash flows will necessitate an adjustment to the carrying value with a consequential recognition of an income or expense item in profit or loss.
The Group does not designate any interests in subsidiaries, associates or joint venture entities as being subject to the requirements of Accounting Standards specifically applicable to financial instrument
(i) Loans and receivablesLoans and receivables are non-derivative financial assets with fixed or determinable payments that are not quoted in an active market and are subsequently measured at amortised cost.
Loans and receivables are included in current assets, where they are expected to mature within 12 months after the end of the reporting period.
(ii) Held-to-maturity investmentsHeld-to-maturity investments are non-derivative financial assets that have fixed maturities and fixed or determinable payments, and it is the Group’s intention to hold these investments to maturity. They are subsequently measured at amortised cost.
Held-to-maturity investments are included in non-current assets where they are expected to mature within 12 months after the end of the reporting period. All other investments are classified as current assets.
(iii) Available-for-salefinancialassetsAvailable-for-sale financial assets are non-derivative financial assets that are either not suitable to be classified into other categories of financial assets due to their nature, or they are designated as such by management. They comprise investments in the equity of other entities where there is neither a fixed maturity nor fixed or determinable payments.
They are subsequently measured at fair value with changes in such fair value (i.e. gains or losses) recognised in other comprehensive income (except for impairment losses and foreign exchange gains and losses). When the financial asset is derecognised, the cumulative gain or loss pertaining to that asset previously recognised in other comprehensive income is reclassified into profit or loss.
Available-for-sale financial assets are included in current assets where they are expected to be sold within 12 months after the end of the reporting period. All other financial assets are classified as non-current assets.
(iv) Financial liabilitiesNon-derivative financial liabilities (excluding financial guarantees) are subsequently measured at amortised cost.
Impairment of Financial Assets
At the end of each reporting period, the Group assess whether there is objective evidence that a financial asset has been impaired. A financial asset or a group of financial assets is deemed to be impaired if, and only if, there is objective evidence of impairment as a result of one or more events (a “loss event”) having occurred, which has an impact on the estimated future cash flows of the financial asset(s).
In the case of available-for-sale financial assets, a significant or prolonged decline in the market value of the instrument is considered to constitute a loss event. Impairment losses are recognised in profit or loss immediately. Also, any cumulative decline in fair value previously recognised in other comprehensive income is reclassified to profit or loss at this point.
NOTE 1: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
3 9Notes to the Consolidated Financial Statements
A N N U A L R E P O R T 2 0 1 8
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In the case of financial assets carried at amortised cost, loss events may include: indications that the debtors or a group of debtors are experiencing significant financial difficulty, default or delinquency in interest or principal payments; indications that they will enter bankruptcy or other financial reorganisation; and changes in arrears or economic conditions that correlate with defaults.
For financial assets carried at amortised cost (including loans and receivables), a separate allowance account is used to reduce the carrying amount of financial assets impaired by credit losses. After having taken all possible measures of recovery, if management establishes that the carrying amount cannot be recovered by any means, at that point the written-off amounts are charged to the allowance account or the carrying amount of impaired financial assets is reduced directly if no impairment amount was previously recognised in the allowance account.
When the terms of the financial assets that would otherwise have been past due or impaired have been renegotiated, the group recognises the impairment for such financial assets by taking into account the original terms as if the terms have not been renegotiated so that the loss events have occurred are duly considered.
(h)ImpairmentofNon-FinancialAssets
At each reporting date, the Group reviews the carrying values of its tangible and intangible assets to determine whether there is any indication that those assets have been impaired. If such an indication exists, the recoverable amount of the asset, being the higher of the asset’s fair value less costs to sell and value in use, is compared to the asset’s carrying value. Any excess of the asset’s carrying value over its recoverable amount is expensed to the Statement of Profit or Loss and Other Comprehensive Income.
Where it is not possible to estimate the recoverable amount of an individual asset, the Group estimates the recoverable amount of the cash-generating unit to which the asset belongs.
Impairment testing is performed annually for goodwill and intangible assets with indefinite lives.
(i) EmployeeBenefits
Provision is made for the Company’s liability for employee benefits arising from services rendered by employees to reporting date. Employee benefits that are expected to be settled wholly within one year have been measured at the amounts expected to be paid when the liability is settled. Employee benefits payable later than one year have been measured at the present value of the estimated future cash outflows to be made for those benefits. Those cash flows are discounted using market yields on high quality corporate bonds with terms to maturity that match the expected timing of cash flows.
(j) Provisions
Provisions are recognised when the Group has a legal or constructive obligation, as a result of past events, for which it is probable that an outflow of economic benefits will result and that outflow can be reliably measured.
(k)CashandCashEquivalents
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.
(l) TradeandOtherReceivables
Trade receivables, which generally have 30 day terms, are recognised initially at fair value and subsequently measured at amortised cost using the effective interest method, less an allowance for impairment.
Collectability of trade receivables is reviewed on an ongoing basis at an operating unit level. Individual debts that are known to be uncollectible are written off when identified. An impairment provision is recognised when there is objective evidence that the Group will not be able to collect the receivable.
(m)RevenueandOtherIncome
Revenue from the sale of goods is recognised when significant risks and rewards of the saleable product have transferred to the customer. Risks and rewards are considered passed to the customer upon delivery to the customer’s control. This generally occurs when the product is physically transferred onto a vessel.
Revenue from inventory sales is measured at fair value of consideration received/receivable. Revenue is stated after deducting sales taxes, duties and levies.
The price is determined on a provisional basis at the date of sale (cost insurance and freight). Adjustments to the sale price may occur based on variances in the metal or moisture content of the ore up to the date of final pricing. The period between provisional invoicing and final pricing is typically between 2 and 3 months. Accordingly, the fair value of the original revenue and associated receivable is adjusted each reporting period by reference to the best estimate of the actual metal and moisture content. The changes in fair value are recorded as an adjustment to revenue.
Interest revenue is recognised using the effective interest rate method, which, for floating rate financial assets, is the rate inherent in the instrument.
All revenue is stated net of the amount of goods and services tax (GST).
(n)BorrowingCosts
Borrowing costs directly attributable to the acquisition, construction or production of assets that necessarily take a substantial period of time to prepare for their intended use or sale, are added to the cost of those assets, until such time as the assets are substantially ready for their intended use or sale.
All other borrowing costs are recognised in the Statement of Profit or Loss and Other Comprehensive Income in the period in which they are incurred.
(o)GoodsandServicesTax(GST)
Revenues, expenses and assets are recognised net of the amount of GST, except where the amount of GST incurred is not recoverable from the Australian Taxation Office (ATO).
Receivables and payables are stated inclusive of the amount of GST receivable or payable. The net amount of GST recoverable from, or payable to, the ATO is included with other receivables or payables in the statement of financial position.
Cash flows are presented on a gross basis. The GST components of cash flows arising from investing or financing activities which are recoverable from, or payable to, the ATO are presented as operating cash flows included in receipts from customers or payments to suppliers.
NOTE 1: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
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J U P I T E R M I N E S L I M I T E D
Notes to the Consolidated Financial Statements
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(p)TradeandOtherPayables
Trade and other payables are carried at cost and due to their short term nature they are not discounted. They represent liabilities for goods and services provided to the Group prior to the end of the financial period that are unpaid and arise when Jupiter becomes obliged to make future payments in respect of the purchase of these goods and services. The amounts are unsecured and are usually paid within 30 days of recognition.
(q)ComparativeFigures
When required by Accounting Standards, comparative figures have been adjusted to conform to changes in presentation for the current financial period.
(r) CriticalAccountingEstimatesandJudgements
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.
Keyestimates–Impairmentofnon-financialassetsThe Group assesses impairment at each reporting date by evaluating conditions specific to the Group that may lead to impairment of assets. Where an impairment trigger exists, the recoverable amount of the asset is determined.
Key estimates – OptionsThe fair value of services received in return for options granted are measured by reference to the fair value of options granted. The estimate of the fair value of the services received is measured based on the Black Scholes option-pricing model. The contractual life of the options is used as an input into the model. Expectations of early exercise are incorporated into the model as well.
The expected volatility is based on the historic volatility of peer Group entities (calculated on the weighted average remaining life of the share options), adjusted for any expected changes to volatility due to publicly available information.
Key judgements – Exploration and evaluation expenditureThe Group’s accounting policy for exploration and evaluation expenditure results in certain items of expenditure being capitalised for an area of interest where it is considered likely to be recoverable by future exploitation or sale or where the activities have not reached a stage which permits a reasonable assessment of the existence of reserves. This policy requires management to make certain estimates and assumptions as to future events and circumstances, in particular whether an economically viable extraction operation can be established. Any such estimates and assumptions may change as new information becomes available. If, after having capitalised the expenditure under the policy, a judgement is made that recovery of the expenditure is unlikely, the relevant capitalised amount will be written off to the Statement of Profit or Loss and Other Comprehensive Income.
(s) Sharebasedpayments
Under AASB 2 share based payments, the Company is required to determine the fair value of options issued to employees as remuneration and recognise as an expense in the Statement of Profit or Loss and Other Comprehensive Income. This standard is not limited to options and also extends to other forms of equity-based remuneration.
(t) ForeignCurrencyTranslation
(i) Functional and presentation currencyThe functional and presentation currency of Jupiter and its subsidiaries is Australian dollars ($). The presentation and functional currency for the interest in Tshipi and South African marketing branch is the South African Rand.
The results are translated into Australian dollars for disclosure in Jupiter’s consolidated accounts.
Non-monetary items that are measured in terms of historical cost in a foreign currency are translated using the exchange rate as at the initial transaction. Non-monetary items measured at fair value in a foreign currency are translated using the exchange rates at the date when the fair value was determined.
(ii) Translation of interest in Joint Venture functional currency to presentation currency
The results of the South African Joint Venture interest are translated into Australian dollars using an average rate over the period of the transactions. Assets and liabilities are translated at exchange rates prevailing at reporting dates.
NOTE 1: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
4 1Notes to the Consolidated Financial Statements
A N N U A L R E P O R T 2 0 1 8
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(u)
Acc
ount
ing
stan
dard
san
dIn
terp
reta
tion
sis
sued
but
not
yet
eff
ecti
ve
Aust
ralia
n Ac
coun
ting
Stan
dard
s an
d In
terp
reta
tions
that
hav
e re
cent
ly be
en is
sued
or a
men
ded
but a
re n
ot y
et e
ffect
ive a
nd h
ave
not b
een
adop
ted
by th
e G
roup
for t
he a
nnua
l rep
ortin
g pe
riod
endi
ng 2
8 Fe
brua
ry 2
018
are
outlin
ed in
the
tabl
e be
low
:
New
/rev
ised
pr
onou
ncem
ent
Supe
rsed
ed
pron
ounc
emen
tN
atur
e of
cha
nge
Effec
tive
date
(ann
ual r
epor
ting
perio
ds e
ndin
g on
or a
fter…
)
Like
ly im
pact
on
initi
al a
pplic
atio
n
AASB
9 F
inan
cial
Inst
rum
ents
(D
ecem
ber 2
014)
AASB
139
Fin
ancia
l In
stru
men
ts:
Reco
gnitio
n an
d M
easu
rem
ent
AASB
9 in
trodu
ces
new
requ
irem
ents
for t
he c
lassifi
catio
n an
d m
easu
rem
ent
of fi
nanc
ial a
sset
s an
d lia
biliti
es a
nd in
clude
s a
forw
ard-
look
ing
‘exp
ecte
d lo
ss’
impa
irmen
t mod
el an
d a
subs
tant
ially-
chan
ged
appr
oach
to h
edge
acc
ount
ing.
Thes
e re
quire
men
ts im
prov
e an
d sim
plify
the
appr
oach
for c
lassifi
catio
n an
d m
easu
rem
ent o
f fina
ncial
ass
ets
com
pare
d w
ith th
e re
quire
men
ts o
f AAS
B 13
9.
The
main
cha
nges
are
:(a
) Fi
nanc
ial a
sset
s th
at a
re d
ebt i
nstru
men
ts w
ill be
clas
sified
bas
ed o
n: (i)
the
objec
tive
of th
e en
tity’s
bus
ines
s m
odel
for m
anag
ing
the
finan
cial a
sset
s; a
nd
(ii) th
e ch
arac
teris
tics
of th
e co
ntra
ctua
l cas
h flo
ws.
(b)
Allo
ws
an ir
revo
cabl
e ele
ctio
n on
initia
l rec
ogni
tion
to p
rese
nt g
ains
and
loss
es o
n in
vest
men
ts in
equ
ity in
stru
men
ts th
at a
re n
ot h
eld fo
r tra
ding
in
oth
er c
ompr
ehen
sive
inco
me
(inst
ead
of in
pro
fit o
r los
s).
Divid
ends
in
resp
ect o
f the
se in
vest
men
ts th
at a
re a
retu
rn o
n in
vest
men
t can
be
reco
gnise
d in
pro
fit o
r los
s an
d th
ere
is no
impa
irmen
t or r
ecyc
ling
on
disp
osal
of th
e in
stru
men
t.
(c)
Intro
duce
s a
‘fair
valu
e th
roug
h ot
her c
ompr
ehen
sive
inco
me’
mea
sure
men
t ca
tego
ry fo
r par
ticul
ar s
impl
e de
bt in
stru
men
ts.
(d)
Fina
ncial
ass
ets
can
be d
esig
nate
d an
d m
easu
red
at fa
ir va
lue
thro
ugh
profi
t or
loss
at i
nitia
l rec
ogni
tion
if do
ing
so e
limin
ates
or s
igni
fican
tly re
duce
s a
mea
sure
men
t or r
ecog
nitio
n in
cons
isten
cy th
at w
ould
aris
e fro
m m
easu
ring
asse
ts o
r liab
ilities
, or r
ecog
nisin
g th
e ga
ins
and
loss
es o
n th
em, o
n di
ffere
nt
base
s.
1 Ja
nuar
y 20
18Th
e en
tity
is ye
t to
unde
rtake
a d
etail
ed a
sses
smen
t of
the
impa
ct o
f AAS
B 9.
How
ever
, bas
ed o
n th
e en
tity’s
pr
elim
inar
y as
sess
men
t, th
e St
anda
rd is
not
exp
ecte
d to
ha
ve a
mat
erial
impa
ct o
n th
e tra
nsac
tions
and
bala
nces
re
cogn
ised
in th
e fin
ancia
l sta
tem
ents
whe
n it
is fir
st
adop
ted
for t
he y
ear e
ndin
g 28
Feb
ruar
y 20
19.
Consolidated Group
February 2018 $
February 2017 $
NOTE 1: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
4 2
J U P I T E R M I N E S L I M I T E D
Notes to the Consolidated Financial Statements
![Page 45: ANNUAL REPORT 2018...LETTER Dear Shareholders, The financial year ending 28 February 2018 was a year of record performance for Jupiter Mines Limited, culminating in the biggest mining](https://reader035.vdocument.in/reader035/viewer/2022063016/5fd4bba8ea01961fe30ac672/html5/thumbnails/45.jpg)
New
/rev
ised
pr
onou
ncem
ent
Supe
rsed
ed
pron
ounc
emen
tN
atur
e of
cha
nge
Effec
tive
date
(ann
ual r
epor
ting
perio
ds e
ndin
g on
or a
fter …
.)
Like
ly im
pact
on
initi
al a
pplic
atio
n
AASB
9 F
inan
cial
Inst
rum
ents
(D
ecem
ber 2
014)
co
ntin
ued
(as
abov
e)(e
) W
here
the
fair
valu
e op
tion
is us
ed fo
r fina
ncial
liabi
lities
the
chan
ge in
fair
valu
e is
to b
e ac
coun
ted
for a
s fo
llow
s:
�th
e ch
ange
attr
ibut
able
to c
hang
es in
cre
dit r
isk a
re p
rese
nted
in O
ther
Co
mpr
ehen
sive
Inco
me
(‘OCI
’)
�th
e re
main
ing
chan
ge is
pre
sent
ed in
pro
fit o
r los
s
If th
is ap
proa
ch c
reat
es o
r enl
arge
s an
acc
ount
ing
mism
atch
in th
e pr
ofit o
r lo
ss, t
he e
ffect
of t
he c
hang
es in
cre
dit r
isk a
re a
lso p
rese
nted
in p
rofit
or l
oss.
Oth
erw
ise, t
he fo
llow
ing
requ
irem
ents
hav
e ge
nera
lly b
een
carri
ed fo
rwar
d un
chan
ged
from
AAS
B 13
9 in
to A
ASB
9:
�cla
ssific
atio
n an
d m
easu
rem
ent o
f fina
ncial
liabi
lities
; and
�de
reco
gnitio
n re
quire
men
ts fo
r fina
ncial
ass
ets
and
liabi
lities
.
AASB
9 re
quire
men
ts re
gard
ing
hedg
e ac
coun
ting
repr
esen
t a s
ubst
antia
l ov
erha
ul o
f hed
ge a
ccou
ntin
g th
at e
nabl
e en
tities
to b
ette
r refl
ect t
heir
risk
man
agem
ent a
ctivi
ties
in th
e fin
ancia
l sta
tem
ents
.
Furth
erm
ore,
AAS
B 9
intro
duce
s a
new
impa
irmen
t mod
el ba
sed
on e
xpec
ted
cred
it lo
sses
. Th
is m
odel
mak
es u
se o
f mor
e fo
rwar
d-lo
okin
g in
form
atio
n an
d ap
plies
to a
ll fina
ncial
inst
rum
ents
that
are
sub
ject t
o im
pairm
ent a
ccou
ntin
g.
AASB
15
Reve
nue
from
Con
tract
s w
ith
Cust
omer
s
AASB
118
Rev
enue
AASB
111
Co
nstru
ctio
n Co
ntra
cts
Int.
13 C
usto
mer
Lo
yalty
Pro
gram
mes
Int.
15 A
gree
men
ts
for t
he C
onst
ruct
ion
of R
eal E
stat
e
AASB
15:
repl
aces
AAS
B 11
8 Re
venu
e, A
ASB
111
Cons
truct
ion
Cont
ract
s an
d so
me
reve
nue-
relat
ed In
terp
reta
tions
: �
esta
blish
es a
new
reve
nue
reco
gnitio
n m
odel
�ch
ange
s th
e ba
sis fo
r dec
idin
g w
heth
er re
venu
e is
to b
e re
cogn
ised
over
tim
e or
at a
poi
nt in
tim
e
�pr
ovid
es n
ew a
nd m
ore
deta
iled
guid
ance
on
spec
ific to
pics
(e.g
. mul
tiple
elem
ent a
rrang
emen
ts, v
ariab
le pr
icing
, rig
hts
of re
turn
, war
rant
ies a
nd
licen
sing)
�ex
pand
s an
d im
prov
es d
isclo
sure
s ab
out r
even
ue.
1 Ja
nuar
y 20
18Th
e Co
mpa
ny h
as a
nalys
ed th
e ne
w re
venu
e st
anda
rd a
nd
mor
e sp
ecific
ally
the
guid
ance
inclu
ded
in th
e st
anda
rd.
�Th
e So
uth
Afric
an B
ranc
h en
ters
into
sale
s co
ntra
cts
with
ext
erna
l cus
tom
ers
for t
he s
ale o
f man
gane
se o
re
how
ever
Tsh
ipi is
prim
arily
resp
onsib
le fo
r the
pro
duct
ion
of o
re, g
ettin
g th
e or
e to
the
port
and
load
ing
the
ore
on b
oard
a v
esse
l and
ther
efor
e ev
en th
ough
the
Sout
h Af
rican
Bra
nch
ente
rs in
to th
ese
sales
con
tract
s, in
th
eir o
wn
nam
e, w
e do
not
con
sider
the
Bran
ch to
be
prim
arily
resp
onsib
le fo
r ful
fillin
g th
e co
ntra
ct. I
f the
co
ntra
ct w
as n
ot fu
lfilled
and
pen
alties
are
impo
sed
on
the
Sout
h Af
rican
Bra
nch
by th
e cu
stom
ers
then
the
Bran
ch w
ould
impo
se th
ese
pena
lties
on T
ship
i.
NOTE 1: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
4 3Notes to the Consolidated Financial Statements
A N N U A L R E P O R T 2 0 1 8
![Page 46: ANNUAL REPORT 2018...LETTER Dear Shareholders, The financial year ending 28 February 2018 was a year of record performance for Jupiter Mines Limited, culminating in the biggest mining](https://reader035.vdocument.in/reader035/viewer/2022063016/5fd4bba8ea01961fe30ac672/html5/thumbnails/46.jpg)
New
/rev
ised
pr
onou
ncem
ent
Supe
rsed
ed p
rono
unce
men
tN
atur
e of
cha
nge
Effec
tive
date
(a
nnua
l rep
ortin
g pe
riods
end
ing
on
or a
fter …
.)
Like
ly im
pact
on
initi
al a
pplic
atio
n
�W
ith re
gard
s to
inve
ntor
y risk
, the
Sou
th A
frica
n Br
anch
only
take
s fla
sh
title
of th
e go
ods.
Jup
iter M
ines
Limite
d en
ters
into
bac
k-to
-bac
k sa
les
agre
emen
ts w
ith Ts
hipi fo
r the
pur
chas
e of
ore
onc
e th
e So
uth
Afric
an
Bran
ch h
as e
nter
ed in
to a
sale
s co
ntra
ct w
ith a
cus
tom
er. E
ven
thou
gh
the
Sout
h Af
rican
Bra
nch
are
entit
led to
their
por
tion
of Ts
hipi’s
pro
duct
ion
as p
er th
e ta
ke o
r pay
off-
take
agr
eem
ent,
in pr
actic
e th
e So
uth
Afric
an
Bran
ch w
ould
not
be
requ
ired
to p
urch
ase
the
ore
from
Tsip
hi w
ithou
t ha
ving
sold
the
ore
to a
cus
tom
er. T
here
is th
eref
ore
limite
d inv
ento
ry ri
sk
for t
he S
outh
Afri
can
Bran
ch.
�Th
e So
uth
Afric
an B
ranc
h is
rem
uner
ated
with
a c
omm
ission
for e
ach
sale.
�Th
e So
uth
Afric
an B
ranc
h is
only
expo
sed
to lim
ited
cred
it ris
k as
eac
h sa
le w
ith a
third
par
ty c
usto
mer
is m
ade
unde
r a le
tter o
f cre
dit.
Base
d on
the
abov
e fa
ctor
s, th
e Co
mpa
ny d
oes
not e
xpec
t any
sign
ifican
t ch
ange
in th
e m
anne
r in
whic
h re
venu
e is
curre
ntly
reco
gnise
d.
AASB
15
Reve
nue
from
Con
tract
s w
ith C
usto
mer
s co
ntin
ued
Int.
18 T
rans
fer o
f Ass
ets
from
Cus
tom
ers
Int.
131
Reve
nue
– Ba
rter T
rans
actio
ns
Invo
lving
Adv
ertis
ing
Serv
ices
Int.
1042
Sub
scrib
er A
cqui
sitio
n Co
sts
in
the
Telec
omm
unica
tions
Indu
stry
AASB
16
Leas
esAA
SB 1
17 L
ease
s
Int.
4 De
term
inin
g w
heth
er a
n Ar
rang
emen
t con
tain
s a
Leas
e
Int.
115
Ope
ratin
g Le
ases
—Le
ase
Ince
ntive
s
Int.
127
Evalu
atin
g th
e Su
bsta
nce
of
Tran
sact
ions
Invo
lving
the
Lega
l For
m o
f a
Leas
e
AASB
16:
�re
plac
es A
ASB
117
Leas
es a
nd s
ome
lease
-relat
ed In
terp
reta
tions
�re
quire
s all
leas
es to
be
acco
unte
d fo
r ‘o
n-ba
lance
she
et’ b
y les
sees
, oth
er th
an
shor
t-ter
m a
nd lo
w v
alue
asse
t lea
ses
�pr
ovid
es n
ew g
uida
nce
on th
e ap
plica
tion
of th
e de
finitio
n of
leas
e an
d on
sale
and
leas
e ba
ck a
ccou
ntin
g
�lar
gely
reta
ins th
e ex
isting
less
or
acco
untin
g re
quire
men
ts in
AAS
B 11
7
�re
quire
s ne
w a
nd d
iffere
nt d
isclo
sure
s ab
out l
ease
s
1 Ja
nuar
y 20
19Th
e en
tity
is ye
t to
unde
rtake
a d
etail
ed a
sses
smen
t of t
he im
pact
of
AASB
16.
How
ever
, bas
ed o
n th
e en
tity’s
pre
limin
ary
asse
ssm
ent,
the
Stan
dard
is n
ot e
xpec
ted
to h
ave
a m
ater
ial im
pact
on
the
trans
actio
ns
and
balan
ces
reco
gnise
d in
the
finan
cial s
tate
men
ts w
hen
it is
first
ad
opte
d fo
r the
yea
r end
ing
28 F
ebru
ary
2020
.
NOTE 1: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
4 4
J U P I T E R M I N E S L I M I T E D
Notes to the Consolidated Financial Statements
![Page 47: ANNUAL REPORT 2018...LETTER Dear Shareholders, The financial year ending 28 February 2018 was a year of record performance for Jupiter Mines Limited, culminating in the biggest mining](https://reader035.vdocument.in/reader035/viewer/2022063016/5fd4bba8ea01961fe30ac672/html5/thumbnails/47.jpg)
NOTE 2: REVENUE
Consolidated Group
February 2018 $
February 2017 $
Sales revenue (413,595) 155,555,500
Cost of sales 328,655 (146,298,513)
Gross profit (84,940) 9,256,987
Marketing fee income 10,048,724 1,245,317
Other income 238,697 192,755
Other income 10,287,421 1,438,072
Jupiter Mines Limited (External Profit Company) is registered in South Africa for the purpose of the sale and export of Jupiter’s share of Tshipi manganese ore. The negative sales revenue and cost of sales are due to adjustments made at between load port and discharge port. From 1 March 2017, Jupiter earned only a marketing fee on an agency basis, meaning ore is purchased by Jupiter Mines (South Africa) via Jupiter Mines (Australia). Due to this, Trade Receivables and Payables have increased for the reporting period. Please see Segment Reporting Note 23 for further details.
NOTE 3: INCOME TAX EXPENSE AND DEFERRED TAXESThe major components of tax expense and the reconciliation of the expected tax expense based on the domestic effective tax rate of Jupiter Mines at 30% (2017: 30%) and the reported tax expense in the profit or loss are as follows:
Tax expense comprises:
(a) Current tax 6,354,708 2,569,420
Add:
Deferred income tax relating to origination and reversal of temporary differences
� Origination and reversal of timing differences (1,137,146) 350,534
� Utilisation of unused tax losses 398,033 5,421,204
� Recognition of previously unrecognised deferred tax assets - (2,721,790)
� Under/(over) provision in respect of prior years (31,453) -
Tax Expense 5,584,142 5,619,368
(b) Accounting profit before tax 97,789,805 205,718,703
Domestic tax rate for Jupiter Mines Limited at 30% (2017: 30%) 29,336,942 61,715,611
Tax rate differential (1,614,911) (813,141)
Other expenditure not allowed or allowable for income tax purposes 438,261 267,539
Reversal of impairments - (43,092,571)
Deferred Tax Asset losses not brought to account 3,786,681 1,876,450
Recoupment of prior year tax losses not previously brought to account - (5,421,204)
Deferred Tax Asset temporary differences not previously brought to account - 3,072,860
Deferred Tax Asset losses not previously brought to account - (373,446)
Share of profit in equity accounted investments (26,331,379) (11,612,730)
Income tax expense 5,584,142 5,619,368
4 5Notes to the Consolidated Financial Statements
A N N U A L R E P O R T 2 0 1 8
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Deferred taxes arising from temporary differences and unused tax losses can be summarised as follows:
Deferred Tax Assets (Liabilities) Opening balance 1 March 2017
Recognised in Profit and Loss During the
Year
Closing Balance 28 February 2018
Liabilities
Property, plant and equipment (64,201) 75,288 11,087
Exploration (3,472,501) 879,602 (2,592,900)
Other (1,275) 1,223 (52)
Balance as at 28 February 2018 (3,537,977) 956,113 (2,581,865)
Assets
Trade and other receivables 93,397 14,385 107,782
Pension and other employee obligations 5,692 259 5,950
Provisions 12,600 2,850 15,450
Other 2,895 170,406 173,301
Unused tax losses 373,446 (373,446) -
Balance as at 28 February 2018 488,030 (185,546) 302,484
Net Deferred Tax Liabilities (3,049,947) 770,567 (2,279,381)
NOTE 4: AUDITORS’ REMUNERATIONAmounts paid or payable to the auditors of the Company and charged as an expense were:
Consolidated Group
February 2018$
February 2017$
Audit and review of the financial statements
� Auditors of Jupiter Mines Limited 140,262 78,935
� Auditors of subsidiary or related entities 182,798 18,022
Remuneration for audit and review of financial statements 323,060 96,957
Other non-audit services
� Taxation services 32,100 34,125
� Corporate finance 60,000 -
Total other service remuneration 92,100 34,125
Total auditors’ remuneration 415,160 131,082
NOTE 3: INCOME TAX EXPENSE AND DEFERRED TAXES (CONTINUED)
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Notes to the Consolidated Financial Statements
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NOTE 5: EARNINGS PER SHARE AND DIVIDENDSBoth the basic and diluted earnings per share have been calculated using the profit attributable to shareholders of the parent Company (Jupiter Mines Limited):
Reconciliation of earnings to net profit for the year
Net profit 92,205,663 200,099,335
No. No.
Weighted average number of ordinary shares outstanding during the year used in calculating basic EPS and dilutive EPS 2,126,815,701 2,281,835,383
Profit per share $0.0434 $0.0902
NOTE 6: CASH AND CASH EQUIVALENTS
Consolidated Group
February 2018 $
February 2017 $
Cash at bank and in hand 9,375,739 68,981,719
Short-term bank deposits 10,237,361 99,060
Restricted cash 52,766,038 15,628,481
Cash in transit 4,165,349 -
76,544,487 84,709,260
The effective interest rate on short-term bank deposits was 0.34%; (February 2017: 0.14%) the term deposits range between 30 and 90 days.
Restricted cash represents funds that were held in trust for payment of the equal access share buy-back proceeds to shareholders on 19 March 2018. Cash in transit represents an inter-account transfer effected on 28 February 2018 but not cleared until 1 March 2018.
NOTE 7: TRADE AND OTHER RECEIVABLES
Consolidated Group
February 2018 $
February 2017 $
Trade receivables 45,679,877 -
GST and VAT receivables 93,363 10,620
Sundry receivables 89,843 9,945,418
45,863,083 9,956,038
All of the Group’s trade and other receivables have been reviewed for indicators of impairment. It was found that the Group’s exposure to bad debts is not significant. Due to the short term nature of these receivables, their carrying value is assumed to approximate their fair value.
Details regarding the foreign exchange and interest rate risk exposure are disclosed in Note 27.
The majority of trade receivables represent amounts receivable by Jupiter South Africa branch relating to the sale of manganese ore to third party customers. No debtors were recorded in 2017 due to Tshipi conducting sales on behalf of Jupiter whilst it completed the registration of The Company in South Africa. The net receivable for 2017 was disclosed as part of Sundry receivables. Refer to Note 2 for further details.
4 7Notes to the Consolidated Financial Statements
A N N U A L R E P O R T 2 0 1 8
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NOTE 8: ASSETS HELD FOR SALE
Consolidated Group
February 2018 $
February 2017 $
Non-current assets held for sale comprise:
OM Tshipi (S) Pte Limited
� Receivable on exit of joint venture - 2,726,219
Total Assets Held for Sale - 2,726,219
Non-current assets held for sale comprised the receivable due on exit of the OM Tshipi (S) Pte Limited (“OMT”) joint venture, which was completed on 11 April 2017. Jupiter Kalahari S.A. entered into a sale agreement to sell its shares in OMT for US$2,300,000 (approximately $3,071,641). A gain on sale of shares of $345,447 was recognised in the Statement of Profit or Loss and Other Comprehensive Income.
NOTE 9: AVAILABLE FOR SALE FINANCIAL ASSETS
Consolidated Group
February 2018 $
February 2017 $
Listed investments, at fair value
� Shares in listed corporations 1,043,702 387,294
Available-for-sale financial assets consist of investments in ASX listed company’s ordinary shares, and therefore they have no fixed maturity date or coupon rate. The fair value of listed available-for-sale investments has been determined directly by reference to published price quotations in an active market. This resulted in a net gain on revaluation of $656,408 for the 2018 financial year, which was recognised in the Financial Assets Reserve. In the comparative 2017 financial year there was a net gain of $180,488, which was recognised in the Financial Assets Reserve.
NOTE 10: INTERESTS IN SUBSIDIARIES
Percentage Owned (%)*
Controlled entities consolidated Notes Country of Incorporation 2018 2017
Parent Entity:
� Jupiter Mines Limited Australia
Subsidiaries of Jupiter Mines Limited:
� Future Resources Australia Pty Limited Australia 100 100
� Central Yilgarn Pty Limited Australia 100 100
� Broadgold Pty Limited Australia 100 100
� Jupiter Kalahari S.A. (a) Luxembourg 100 100
� Jupiter Mines Limited (Incorporated in Australia) External Profit Company (b) South Africa 100 100
*Percentage of voting power is in proportion to ownership
Principal Activities:(a) During the period all Controlled Entities with the exception of Jupiter Kalahari S.A were dormant.(b) The Company is registered as a South African branch company for the purposes of its manganese ore marketing activities.
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Notes to the Consolidated Financial Statements
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NOTE 11: PROPERTY, PLANT AND EQUIPMENTDetails of the Group’s property, plant and equipment and their carrying amounts are as follows:
Leasehold Improvements
$
Plant and Equipment
$
Furniture and Fittings
$
Total$
Gross carrying amount:
Balance as at 1 March 2017 110,923 3,731,792 195,740 4,038,455
Additions - 1,500 - 1,500
Balance as at 28 February 2018 - 3,733,292 - 4,039,955
Depreciation and impairment:
Balance as at 1 March 2017 (110,923) (3,405,351) (195,740) (3,712,014)
Depreciation - (321,575) - (321,575)
Balance as at 28 February 2018 - 3,726,926 - 4,033,589
Carrying amount as at 28 February 2018 - 6,366 - 6,366
All depreciation and impairment charges are included within depreciation, amortisation and impairment of non-financial assets. Depreciation charges of $321,288 relating to the CYIP assets are capitalised to Exploration and Evaluation Assets. Other depreciation of $287 is expensed to the Statement of Profit or Loss and Other Comprehensive Income.
NOTE 12: INTANGIBLE ASSETSDetail of the Group’s other intangible assets and their carrying amounts are as follows:
Software Licenses $ Total $
Gross carrying amount:
Balance as at 1 March 2017 338,112 338,112
Additions, separately acquired 6,900 6,900
Balance as at 28 February 2018 345,012 345,012
Amortisation and impairment:
Balance as at 1 March 2017 (330,783) (330,783)
Amortisation (12,244) (12,244)
Balance as at 28 February 2018 (343,027) (343,027)
Carrying amount at 28 February 2018 1,985 1,985
Intangible assets have finite useful lives. The current amortisation charges for intangible assets are included under depreciation and amortisation expense per the Statement of Profit or Loss and Other Comprehensive Income. All software is amortised over 3 years.
NOTE 13: OTHER CURRENT ASSETS
Consolidated Group
February 2018 $
February 2017 $
Deposits 70,381 429,396
Loans to related party – Tshipi é Ntle Manganese Mining Proprietary Limited - 26,278,632
70,381 26,708,028
The remaining loans payable by Tshipi were repaid during the year. The loan was held in South African Rand. For terms of related party arrangements refer to Note 26.
Details regarding fair value, foreign exchange risk and interest rate risk is disclosed in Note 27.
The maximum exposure to credit risk at the reporting date is the higher of the carrying value of each class of receivable. No collateral is held as security.
4 9Notes to the Consolidated Financial Statements
A N N U A L R E P O R T 2 0 1 8
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NOTE 14: EXPLORATION AND EVALUATION ASSETS
Consolidated Group
February 2018 $
February 2017 $
Opening Balance 11,632,006 10,384,000
Additions 1,187,412 1,248,006
Impairment (4,119,418) -
Closing Balance 8,700,000 11,632,006
Costs carried forward in respect of the following areas of interest:
� Mount Mason 600,000 296,830
� Mount Ida 8,100,000 11,335,176
8,700,000 11,632,006
Jupiter once again commissioned an independent valuation of its iron ore assets in line with valuation and accounting standards. The valuation recommended the Mount Ida Magnetite Project to be valued at between $3 million and $25 million, and the Mount Mason DSO Hematite Project valued at between $0.3 million and $1 million. Upon further examination, the Board has resolved to adopt valuations of $8.1 million for Mount Ida and $0.6 million for Mount Mason, and recognised an impairment of $4.4 million and reversal of impairment of $0.3 million respectively. These amounts have been recognised in Statement of Profit or Loss and Other Comprehensive Income.
NOTE 15: INVESTMENTS ACCOUNTED FOR USING THE EQUITY METHODSet out below are the Joint Ventures of the Group as at 28 February 2018, in which in the opinion of the Directors, are material to the Group. The entities listed below have share capital consisting solely of ordinary shares, which are held directly by the Group. The country of incorporation or registration is also their principal place of business, and the proportion of the Group’s ownership interest is the same as the proportion of voting rights held. These entities are held through a fully controlled entity, Jupiter Kalahari S.A. The investments are accounted for using the equity method in accordance with AASB 128.
Ownership interest held by the Group
Name of Entity Country of Incorporation 2018 2017 Nature of
RelationshipMeasurement
Method
Tshipi é Ntle Manganese Mining Proprietary Limited South Africa 49.9% 49.9% Joint Venture Joint Venture
OM Tshipi (S) Pte Ltd* Singapore - 33.3% Joint Venture Joint Venture
*See Note 8. Jupiter gave notice to exit the OM Tshipi (S) Pte Ltd joint venture on 1 March 2016 and the exit was completed on 11 April 2017.
Consolidated Group
Summarised Financial Information February 2018$
February 2017$
Tshipi é Ntle Manganese Mining Proprietary Limited
Opening carrying value of joint venture 345,556,557 178,818,142
Decrease of shareholder loan (26,585,562) (18,377,523)
Dividend paid (27,744,378) -
Share of profit using the equity method 94,040,638 41,474,035
Reversal of impairment of carrying value of investment - 143,641,903
385,267,255 345,556,557
OM Tshipi (S) Pte Ltd
Opening carrying value of joint venture - 2,726,219
Share of profit using the equity method - -
Receivable on exit of joint venture transferred to Assets Held for Sale (Note 8) - (2,726,219)
- -
Total investments using the equity method 385,267,255 345,556,557
5 0
J U P I T E R M I N E S L I M I T E D
Notes to the Consolidated Financial Statements
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In accordance with the Group’s accounting policies and processes, the Group performs its impairment testing annually at 28 February. The Board commissioned an independent valuation of the Company’s investment in Tshipi, which provided a preferred valuation of Jupiter’s investment of approximately $741 million as at 31 December 2017, which is above the carrying value of the investment at 28 February 2018. There are no material changes to the value between 31 December 2017 and balance date.
For the previous year end, the Group also commissioned an independent valuation share of its investment which recommended a preferred valuation of the Tshipi Borwa asset to be $889,156,478. The Board therefore resolved to reverse the investment in Tshipi of $143,643,903 that was recorded in the 2016 financial year.
Further details relating to the 2018 valuation are as follows:
(a)Methodology
Impairment is recognised when the carrying amount exceeds the recoverable amount. The recoverable amount being the value in use of the cash-generating unit (“CGU”) has been estimated using the discounted cash flows method based on the Group’s recoverable minerals.
Value in use is estimated based on discounted cash flows using market based commodity price, estimated quantities of recoverable minerals, production levels, operating costs and capital requirements. When Life of Mine (LOM) plans fully utilise the existing mineral resource and the Group have demonstrated an ability to replenish resources, an estimated replenishment rate has been applied to unmined resources.
Estimates of quantities of recoverable minerals, production levels, operating costs and capital requirements are sourced from the Group planning and budgeting process, capacity levels and mining plans for the following year. The 2020 budget and mine plan were developed in the context of the current manganese price environment.
Significant judgements and assumptions are made by the Group to determine value in use. This includes assessing variable key assumptions such as manganese market prices, cost structures, production utilisation and capacity, available minerals and discount rates. Any change in these variable assumptions can cause adverse changes in one or more of the assumptions used to estimate value in use.
(b)KeyAssumptions
Commodity prices
The Tshipi Borwa valuation is particularly sensitive to the manganese price. The independent valuation used information from a range of sources to forecast the manganese price. The manganese price assumptions used was US$4.00 per dry metric tonne unit (“dmtu”) (37% FOB Port Elizabeth) over the life of mine.
Discount rate
The future cash flows of the CGU are discounted by the estimated real after tax weighted average cost of capital (WACC), pursuant to the Capital Asset Pricing Model. This has been estimated based on the Tshipi WACC rate as the Tshipi mining operation is the Group’s primary asset.
Production activity and operating and capital costs
Life of mine production activity and operating and capital cost assumptions are based on the Group’s latest budget, including the five year budget and separately estimated LOM plan. Discounted cash flows include expected cost improvements and sustaining capital requirements. Estimated production is assumed consistent with the capacity of the Tshipi mine taken into account while assuming a constant recovery rate.
Resources and reserves
Resource and Reserve tonnes were based on JORC 2012.
NOTE 16: TRADE AND OTHER PAYABLES
Consolidated Group
February 2018 $
February 2017 $
Trade payables 43,432,749 133,949
Sundry payables and accrued expenses 5,574,988 3,383,058
49,007,737 3,517,007
Due to the short term nature of these payables, their carrying value is assumed to approximate to their fair value. The majority of trade payables represent amounts payable to Tshipi relating to the purchase of manganese ore.
No payables were recorded in 2017 due to Tshipi conducting sales on behalf of Jupiter whilst it completed the registration of the Company in South Africa. The net receivable for 2017 was disclosed as part of Sundry Receivables. Refer to Note 2 for further information.
NOTE 15: INVESTMENTS ACCOUNTED FOR USING THE EQUITY METHOD (CONTINUED)
5 1Notes to the Consolidated Financial Statements
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NOTE 17: CURRENT PROVISIONSAll provisions are considered current. The carrying amounts and movements in the provisions account are as follows:
Carrying amount 1 March 2017 – employee benefits 18,972
Additional provisions 45,612
Amount utilised (4,474)
Reversals (7,663)
Carrying amount 28 February 2018 52,447
Carrying amount 1 March 2016 – employee benefits 42,879
Additional provisions 14,468
Amount utilised (38,375)
Reversals -
Carrying amount 28 February 2017 18,972
NOTE 18: EMPLOYEE REMUNERATIONExpenses recognised for employee benefits are analysed below:
Consolidated Group
February 2018 $
February 2017 $
Employee benefits - expense
Salary and wages 576,805 500,165
Superannuation costs 23,376 25,124
Payroll and other taxes 555 4,378
Bonuses payable 898,015 -
Employee benefits expense 1,498,751 529,667
Bonuses payable relate to payments paid or accrued to the CEO and CFO. Refer to Remuneration Report for further details.
NOTE 19: EQUITYThe share capital of Jupiter Mines consists only of fully paid ordinary shares; the shares do not have a par value. All shares are equally eligible to receive dividends and the repayment of capital and represent one vote at the shareholders’ meeting of Jupiter Mines.
2018 No. Shares
2017 No. Shares
2018 $
2017 $
Shares issued and fully paid:
Beginning of the year 2,281,835,383 2,281,835,383 526,639,293 526,639,293
13 March 2017 share buy-back ($0.5264 per share) (134,190,158) - (70,635,693) -
5 December 2017 share buy-back ($0.2767 per share) (83,122,507) - (22,999,998) -
Total contributed equity at 28 February 2,064,522,718 2,281,835,383 433,003,602 526,639,293
The share buy-back completed on 5 December 2017 comprised a capital portion shown above of $22,999,998, and a dividend portion of $8,761,112, which is shown in the Consolidated Statement of Changes in Equity. Cash paid to shareholders in the buy-back totalled $102,396,803.
5 2
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Notes to the Consolidated Financial Statements
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Capital Management
Management controls the capital of the Group in order to maintain an appropriate debt to equity ratio, provide the shareholders with adequate returns and ensure that the Group can fund its operations and continue as a going concern.
The Group’s debt and capital includes ordinary share capital and financial liabilities, supported by financial assets.
There are no externally imposed capital requirements at balance date.
Management effectively manages the Group’s capital by assessing the Group’s financial risks and adjusting its capital structure in response to changes in these risks and in the market. These responses include the management of debt levels, distributions to shareholders and share issues.
NOTE 20: RESERVES
Consolidated Group
Notes February 2018$
February 2017 $
Financial assets reserve (a) 836,895 180,488
Foreign currency translation reserve (b) 268,608 -
1,105,503 180,488
(a)FinancialAssetReserve
The financial assets reserve records amounts relating to the revaluation of available for sale financial assets. See also Note 9.
(b)Foreigncurrencytranslationreserve
The foreign currency translation reserve relates to the differences arising from the revaluation of the Jupiter South African branch financial statements from South African Rand to Australian Dollars.
NOTE 21: CAPITAL AND LEASING COMMITMENTSThe Group leases an office under an operating lease. The future minimum lease payments are as follows:
Consolidated Group
February 2018 $
February 2017 $
Operating Lease Commitments
Non-cancellable operating leases contracted for but not capitalised in the financial statements
Payable – minimum lease payments
� Not later than 12 months 13,039 51,790
� Between 12 months and 5 years - 13,039
13,039 64,829
This is made up of a non-cancellable lease of 2 years however it can be subleased (with prior consent of Lessor). Amounts include rent, outgoings and cleaning with 4.5% annual rent review increase. It does not take into account reduced guarantees or returned deposits or incentives. Figures based on 3 months (1 March to 31 May 2018) which is the end of the lease. The expense recognised for the operating lease was $54,690 (2017: $314,918). The property lease is non-cancellable for two years, with rent payable monthly in advance.
At balance date a lease extension for a further two years had been requested and was in process of being finalised.
Expenditure Commitments
In order to maintain current rights of tenure to mining tenements, the Company and Group are required to perform minimum work to meet the requirements specified by various State governments. These obligations can be reduced by selective relinquishment of exploration tenure or application for expenditure exemptions. Due to the nature of the Company and Group’s operations in exploring and evaluating areas of interest, it is very difficult to forecast the nature and amount of future expenditure. It is anticipated that expenditure commitments for the next twelve months will be tenement rentals of $484,484 (2017: $473,760) and exploration expenditure of $676,100 (2017: $676,100).
5 3Notes to the Consolidated Financial Statements
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NOTE 22: CONTINGENT LIABILITIES AND ASSETSContingent liabilities
The parent entity has provided guarantees to third parties in relation to the performance and obligations of controlled entities in respect of banking facilities. At reporting date, the value of these guarantees and facilities are $57,884 (2017: $57,884). Total utilised at reporting date was $57,884 (2017: $57,884).
Contingent assets
No contingent assets exist as at 28 February 2018 or 28 February 2017.
NOTE 23: SEGMENT REPORTINGThe Group operates in the mining industry. The Group has identified its operating segments based on the internal reports that are reviewed and used by the chief operating decision makers (the Board of Directors and key management) in assessing performance and determining the allocation of resources.
The Group segments are structured primarily on the basis of its exploration and production interests. These are considered to be the Central Yilgarn Iron Exploration Project (Iron Ore), located in Australia, the producing Tshipi Mine (Manganese) located in South Africa, and Jupiter’s South African branch which carries out the sale of manganese ore. The remaining items of revenue, expenses, assets and liabilities, relate to corporate operations. Any transactions between reportable segments have been offset for these purposes.
Segment information for the reporting period is as follows:
28 February 2018CYIP – Iron Ore
(Australia)$
Jupiter Mines – Manganese (South Africa)
Tshipi – Manganese
(South Africa)$
Total$
Revenue - (413,595) - (413,595)
Cost of sales - 328,655 - 328,655
Other income - 10,048,724 - 10,048,724
Employee benefits expense - (378,143) - (378,143)
Other expenses - (327,381) - (327,381)
Segment operating profit - 9,258,260 - 9,258,260
Share of profit from joint venture entities using the equity method - - 94,040,638 94,040,638
Impairment of exploration and evaluation assets (4,119,418) - - (4,119,418)
Finance costs - (158,204) - (158,204)
Foreign exchange loss (478,321) (478,321)
Total (4,119,418) 8,621,736 94,040,638 98,542,956
Corporate (753,151)
Net profit before tax from continuing operations 97,789,805
Segment assets 8,705,157 49,892,882 385,267,255 443,865,294
Corporate assets 73,934,449
Total assets 517,799,743
Segment liabilities - (44,752,145) - (44,752,145)
Corporate liabilities (6,889,904)
Total liabilities (51,642,049)
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Notes to the Consolidated Financial Statements
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28 February 2017CYIP – Iron
Ore (Australia)$
Jupiter Mines – Manganese (South Africa)
Tshipi – Manganese
(South Africa)$
Total$
Revenue - 155,555,500 - 155,555,500
Cost of sales - (146,298,513) - (146,298,513)
Other income - 1,245,317 - 1,245,317
Employee benefits expense - (266,209) - (266,209)
Other expenses - (147,716) - (147,716)
Segment operating profit - 10,088,379 - 10,088,380
Share of profit from joint venture entities using the equity method - - 41,474,035 41,474,035
Reversal of impairment of investment in joint venture entities - - 143,641,903 143,641,903
Finance costs - (452,912) - (452,912)
Foreign exchange loss - (448,122) - (448,122)
Total - 9,187,346 185,115,938 194,303,284
Corporate 410,034
Foreign exchange gain 11,005,386
Net profit before tax from continuing operations 205,718,703
Segment assets 11,959,025 9,876,666 371,835,189 393,670,880
Corporate assets 88,826,896
Total assets 482,497,776
Segment liabilities - (3,253,863) - (3,253,863)
Corporate liabilities (3,820,093)
Total liabilities (7,073,956)
NOTE 23: SEGMENT REPORTING (CONTINUED)
5 5Notes to the Consolidated Financial Statements
A N N U A L R E P O R T 2 0 1 8
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NOTE 24: RECONCILIATION OF CASH FLOWS FROM OPERATING ACTIVITIES
Consolidated Group
February 2018 $
February 2017 $
Profit after income tax 92,205,663 200,099,335
Adjustments for:
Depreciation and amortisation 12,531 13,774
Impairment of exploration interests 4,119,418 -
Reversal of impairment of investment in joint venture entities - (143,641,903)
Interest accrued and not yet paid (173) (587,961)
Foreign exchange differences (3,286,639) (11,585,162)
Share of profit from joint venture entities using equity method (94,040,638) (41,474,035)
Loss on sale of motor vehicles - 6,998
Assets held for sale 2,726,193 -
Net changes in working capital:
(Increase)/decrease in trade and other receivables (35,070,025) -
(Increase)/decrease in other assets (17,225) (9,872,723)
Increase/(decrease) in trade payables and other creditors 44,521,672 6,798,808
Increase/(decrease) in provisions 863 (23,907)
Increase/(decrease) in deferred tax liability (770,567) -
Net cash from/(used in) operating activities 10,401,073 (266,776)
NOTE 25: EVENTS AFTER THE REPORTING DATEThese financial statements were authorised for issue on 29 May 2018 by Director Brian Gilbertson.
Jupiter undertook an equal access share buy-back, offering to buy-back 5.81% of issued capital. The offer period closed on 19 February 2018. Subsequently on 19 March 2018, 116,182,215 shares were cancelled, and proceeds of $51,120,174 were paid to shareholders.
Jupiter was admitted to the official list of the Australian Securities Exchange on 18 April 2018 following a $240 million Initial Public Offering (“IPO”).
As part of the IPO, a number of shareholders have entered into Voluntary Escrow Deeds under which they have undertaken to the Company not to dispose of any interest in, or to grant any security over, certain Shares held by them on completion of the Offer. Please refer to the Company’s prospectus for full details.
Upon successful listing of Jupiter, Jupiter CEO Priyank Thapliyal was entitled to receive a bonus which is to be satisfied by the issue of 10,650,530 shares (please refer to Remuneration Report for full details). The issue of these shares is to be approved by an ordinary resolution at the Company’s 2018 Annual General Meeting. If not approved, the bonus will be payable in cash equal to the IPO offer price, being $4,260,212.
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Notes to the Consolidated Financial Statements
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NOTE 26: RELATED PARTY TRANSACTIONSThe Group’s related parties include its associates and joint venture, key management and others as described below. In addition.
Unless otherwise stated, none of the transactions incorporate special terms and conditions and no guarantees were given or received. Outstanding balances are usually settled in cash.
Consolidated Group
February 2018 $
February 2017 $
Transactions with key management personnel:
Consulting fees paid to Andrew Bell Consultants, a company in which Mr A Bell has a beneficial interest. 37,500 35,750
Consulting fees paid to Mr P Murray 38,500 33,000
Expenses reimbursed to Pallinghurst Advisors LLP, a company in which Mr B Gilbertson has a beneficial interest. 226,729 31,142
Expenses reimbursed to Pallinghurst GP Limited, a company in which Mr B Gilbertson has a beneficial interest. 44,932 -
Expenses reimbursed to Mr B P Gilbertson. 17,622 -
Expenses reimbursed to Mr P Thapliyal. 103,678 132,895
Transactions with joint ventures:
Loans receivable from Tshipi é Ntle Manganese Mining Proprietary Limited - 26,278,632
Trade amounts receivable from Tshipi é Ntle Manganese Mining Proprietary Limited - 9,876,666
Other amounts receivable from Tshipi é Ntle Manganese Mining Proprietary Limited 24,944 -
Trade amounts payable to Tshipi é Ntle Manganese Mining Proprietary Limited 44,301,527 -
Other amounts payable to Tshipi é Ntle Manganese Mining Proprietary Limited 40,778 -
NOTE 27: FINANCIAL INSTRUMENTSThe Group’s financial instruments consist mainly of deposits with banks, short-term investments, accounts receivable and payable.
The totals for each category of financial instruments, measured in accordance with AASB 139 as detailed in the accounting policies to these financial statements, are as follows:
Consolidated Group
February 2018 $
February 2017 $
Financial Assets
Cash and cash equivalents 76,544,487 84,709,260
Trade and other receivables 45,863,083 9,956,038
Available-for-sale financial assets 1,043,702 387,294
Other current assets 70,381 26,278,632
123,521,653 121,331,224
Financial Liabilities
Trade and other payables 49,007,737 3,517,007
49,007,737 3,517,007
5 7Notes to the Consolidated Financial Statements
A N N U A L R E P O R T 2 0 1 8
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Financial Risk Management Policies
The Directors monitor the Group’s financial risk management policies and exposures and approves financial transactions.
The Directors’ overall risk management strategy seeks to assist the Group in meeting its financial targets, while minimising potential adverse effects on financial performance. Its functions include the review of credit risk policies and future cash flow requirements.
Specific Financial Risk Exposures and Management
The main risks the Group is exposed to through its financial instruments are credit risk, liquidity risk and market risk consisting of interest rate risk, liquidity risk and equity price risk.
(a)CreditRisk
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 ExposuresThe maximum exposure to credit risk by class of recognised financial assets at reporting date, excluding the value of any collateral or other security held, is equivalent to the carrying value and classification of those financial assets (net of any provisions) as presented in the statement of financial position. Credit risk also arises through the provision of financial guarantees, as approved at Board level, given to parties securing the liabilities of certain subsidiaries.
Trade and other receivables that are neither past due or impaired are considered to be of high credit quality. Aggregates of such amounts are as detailed in Note 7.
There are no amounts of collateral held as security in respect of trade and other receivables.
The Group does not have any material credit risk exposure to any single receivable or group of receivables under financial instruments entered into by the Consolidated Group.
Credit risk related to balances with banks and other financial institutions is managed by investing cash with major financial institutions in both cash on deposit and term deposit accounts. Interest rates on major deposits that are re-invested are at a fixed rate on a monthly basis.
(b)Liquidityrisk
Liquidity risk arises from the possibility that the Group might encounter difficulty in settling its debts or otherwise meeting its obligations related to financial liabilities. The Group manages this risk through the following mechanisms:
� preparing forward looking cash flow analysis in relation to its operational, investing and financing activities;
� monitoring undrawn credit facilities;
� obtaining funding from a variety of sources;
� maintaining a reputable credit profile;
� managing credit risk related to financial assets;
� only investing surplus cash with major financial institutions; and comparing the maturity profile of financial liabilities with the realisation profile of financial assets.
The Group has no significant exposure to liquidity risk due to the level of cash and cash equivalents detailed at Note 6. The Group manages liquidity risk by monitoring immediate and forecast cash requirements and ensuring adequate cash reserves are maintained.
NOTE 27: FINANCIAL INSTRUMENTS (CONTINUED)
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The tables below reflect an undiscounted contractual maturity analysis for financial liabilities. Cash flows realised from financial assets reflect management’s expectation as to the timing of realisation. Actual timing may therefore differ from that disclosed. The timing of cash flows presented in the table to settle financial liabilities reflects the earliest contractual settlement dates.
Within 1 Year 1 to 5 Years Over 5 Years Total
2018$
2017$
2018$
2017$
2018$
2017$
2018$
2017$
Consolidated Group
Financial liabilities due for payment
Trade and other payables 49,007,737 3,517,007 - - - - 49,007,737 3,517,007
Total expected outflows 49,007,737 3,517,007 - - - - 49,007,737 3,517,007
Financial assets – cash flows realisable
Cash and cash equivalents 76,544,487 84,709,260 - - - - 76,544,487 84,709,260
Trade and other receivables 45,863,083 9,956,038 - - - - 45,863,083 9,956,038
Assets held or available for sale - - 1,043,702 387,294 - - 1,043,702 387,294
Other current assets 70,381 26,278,632 - - - 70,381 26,278,632
Total anticipated inflows 122,477,951 120,943,930 - - - - 123,521,653 121,331,224
Net (outflow)/inflow on financial instruments 73,470,214 117,426,923 1,043,702 387,294 - - 74,513,916 117,814,217
(c) MarketRisk
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 riskExposure to interest rate risk arises on financial assets and financial liabilities recognised at the end of the reporting period whereby a future change in interest rates will affect future cash flows or the fair value of fixed rate financial instruments. The financial assets and financial liabilities with exposure to interest rate risk are detailed below:
Consolidated Group
February 2018 $
February 2017 $
Financial Assets
Cash and cash equivalents 76,544,487 84,709,260
Other current assets 70,381 26,278,632
Other non-current assets - -
76,614,868 110,987,891
Financial Liabilities
Short term borrowings - -
Long term borrowings - -
The Group is also exposed to earnings volatility on floating rate instruments
NOTE 27: FINANCIAL INSTRUMENTS (CONTINUED)
5 9Notes to the Consolidated Financial Statements
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(ii) Foreign exchange risk Jupiter operates internationally and is exposed to foreign exchange risk arising from various currency exposures primarily with respect to the Australian Dollar and South African Rand. Jupiter’s exposure to currency risk is on cash, trade receivables, and borrowings. Foreign currency risk is the risk of exposure to transactions that are denominated in a currency other than the Australian dollar. The carrying amounts of the Group’s financial assets and liabilities are denominated in two different currencies as set out below:
28 February 2018
AUD ZAR EUR USD Total $
Financial Assets 10,833,965 4,168,497 4,225,713 57,316,312 76,544,487
Other Current Assets - - - - -
(iii) Other price riskPrice risk relates to the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in market prices largely due to demand and supply factors for commodities. As the Group does not derive revenue from sale of products, the effect on profit and equity as a result of changes in the price risk is not considered material. The fair value of the mining projects will be impacted by commodity price changes (predominantly iron ore, nickel and uranium) and could impact future revenues once operational. However, management monitors current and projected commodity prices.
(iv) Summarised sensitivity analysisThe following table summarises the sensitivity of the Jupiter Group’s financial assets and financial liabilities to interest rate risk and foreign exchange risk.
Management have reviewed interest rate and foreign exchange risk and determined the rates applied to be appropriate.
Interest Rate Risk Foreign Exchange Risk
-50 bps +50 bps -10% +10%
28 February 2018 Carrying Amount $ Profit $ Other
Equity $ Profit $ Other Equity $ Profit $ Other
Equity $ Profit $ Other Equity $
Financial Assets
Cash and cash equivalents 74,544,487 (37,272) - 37,272 - - - - -
Receivables 45,863,083 - - - - (4,586,308) - 4,586,308 -
Available-for-sale financial assets 1,043,702 - - - - - - - -
Other current assets 70,381 - - - - - - - -
Financial Liabilities
Trade and other payables 49,007,737 - - - - 4,900,774 - (4,900,774) -
Total increase/(decrease) (37,272) - 37,272 - 314,466 - (314,466) -
NOTE 27: FINANCIAL INSTRUMENTS (CONTINUED)
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Notes to the Consolidated Financial Statements
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(v) F
ixed
Inte
rest
Rat
e M
atur
ing
WAE
IRFl
oatin
g In
tere
st R
ate
With
in Y
ear
1 to
5 Y
ears
Ove
r 5 Y
ears
Non
-Inte
rest
Bea
ring
Tota
l
2018 %
2017
%
2018 $
2017
$20
18 $
2017
$20
18 $
2017
$20
18 $
2017
$20
18 $
2017
$20
18 $
2017
$
Fina
ncia
l Ass
ets:
Cash
and
Dep
osits
0.34
0.14
66,3
65,2
7884
,610
,200
10,1
79,2
0999
,060
--
--
--
76,5
44,4
8784
,709
,260
Rece
ivabl
es-
--
--
--
--
-45
,863
,083
9,95
6,03
845
,863
,083
9,95
6,03
8
Oth
er F
inan
cial A
sset
s-
--
--
--
--
-1,
043,
702
387,
294
1,04
3,70
238
7,29
4
Oth
er C
urre
nt A
sset
s-
--
--
--
--
-70
,381
26,2
78,6
3270
,381
26,2
78,6
32
Oth
er N
on-c
urre
nt A
sset
s-
--
--
--
--
--
44,1
99,3
66-
44,1
99,3
66
Tota
l Fin
anci
al A
sset
s66
,365
,278
84,6
10,2
0010
,179
,209
99,0
60-
--
-46
,977
,166
36,6
21,9
6412
3,52
1,65
312
1,33
1,22
4
Fina
ncia
l Lia
bilit
ies:
Trad
e an
d su
ndry
pay
ables
--
--
--
--
--
49,0
07,7
373,
517,
007
49,0
07,7
373,
517,
007
Tota
l Fin
anci
al L
iabi
litie
s-
--
--
--
-49
,007
,737
3,51
7,00
749
,007
,737
3,51
7,00
7
WAE
IR =
Weig
hted
Ave
rage
Effe
ctive
Inte
rest
Rat
e
NOTE 27: FINANCIAL INSTRUMENTS (CONTINUED)
6 1Notes to the Consolidated Financial Statements
A N N U A L R E P O R T 2 0 1 8
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(d)NetFairValue
The net fair values of cash and cash equivalents and non-interest bearing monetary financial assets and liabilities approximates their carrying value. The net fair value of financial assets and financial liabilities is based upon market prices where a market exists or by discounting the expected future cash flows by the current interest rates for assets and liabilities with similar risk profiles.
Listed equity investments have been valued by reference to market prices prevailing at reporting date.
February 2018 February 2017
Carrying Amount $
Net Fair Value $
Carrying Amount $
Net Fair Value $
Financial Assets
Cash at bank(i) 76,544,487 76,544,487 84,709,260 84,709,260
Trade and other receivables(i) 45,863,083 45,863,083 9,956,038 9,956,038
Assets available for sale(ii) 1,043,702 1,043,702 387,294 387,294
Other current assets 70,381 70,381 26,278,632 26,278,632
Other non-current assets - - - -
123,521,653 123,521,653 121,331,224 121,331,224
Financial Liabilities
Trade and other payables(i) 49,007,737 49,007,737 3,517,007 3,517,007
The fair values in the above table have been determined based on the following methodology:
(i) Cash and cash equivalents, trade and other receivables and trade and other payables are short-term investments in nature whose carrying value is equivalent to fair value. Trade and other payables exclude amounts provided for annual leave which is not considered a financial instrument.
(ii) For listed available-for-sale financial assets, closing quoted bid prices at the end of the reporting period are used. Unlisted available-for-sale financial assets are recorded at cost.
Financial Instruments Measured at Fair ValueThe financial instruments recognised at fair value in the statement of financial position have been analysed and classified using a fair value hierarchy reflecting the significance of the inputs used in making the measurements. The fair value hierarchy consists of the following levels:
� quoted prices in active markets for identical assets or liabilities (Level 1);
� inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly (as prices) or indirectly (derived from prices) (Level 2); and
� inputs for the asset or liability that are not based on observable market data (unobservable inputs) (Level 3).
Group – as at 28 February 2018 Level 1 $
Level 2 $
Level 3 $
Total $
Financial Assets
Assets available for sale 1,043,702 - - 1,043,702
Included in Level 1 of the hierarchy are listed investments. The fair values of these financial assets have been based on the closing quoted bid prices at reporting date, excluding transaction costs.
NOTE 27: FINANCIAL INSTRUMENTS (CONTINUED)
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Notes to the Consolidated Financial Statements
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NOTE 28: PARENT COMPANY INFORMATION
Consolidated Group
February 2018 $
February 2017 $
ASSETS
Current assets 110,281,625 84,794,394
Non-current assets 347,567,100 267,879,275
Total Assets 457,848,725 352,673,650
LIABILITIES
Current liabilities 47,350,621 240,095
Non-current liabilities 2,581,866 3,537,977
Total Liabilities 49,932,487 3,778,072
NET ASSETS 407,916,238 348,895,578
EQUITY
Contributed equity 433,003,602 526,639,293
Financial assets reserve 836,896 180,488
Accumulated losses (25,924,259) (177,924,203)
TOTAL EQUITY 407,916,238 348,895,578
FINANCIAL PERFORMANCE
Profit for the period 6,062,935 159,441,232
Other comprehensive income 656,408 180,488
TOTAL COMPREHENSIVE INCOME 6,719,343 159,621,720
NOTE 29: COMPANY DETAILSThe registered office and principal place of business of Jupiter is:
Jupiter Mines LimitedLevel 1016 St Georges TerracePerth WA 6000
6 3Notes to the Consolidated Financial Statements
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DIRECTORS’ DECLARATIONThe Directors of Jupiter Mines Limited declare that:
1. the financial statements, notes and the additional disclosures included in the Directors Report designated as audited, of the consolidated entity are in accordance with the Corporations Act 2001 including:
(a) complying with Accounting Standards (including the Australian Accounting Interpretations) and the Corporations Regulations 2001; and
(b) give a true and fair view of the financial position as at 28 February 2018 and of the performance for the year ended on that date of the company and consolidated entity;
2. The financial statements and notes also comply with International Financial Reporting Standards as disclosed in Note 1.
3. There are reasonable grounds to believe that Jupiter Mines Limited will be able to pay its debts as and when they become due and payable.
4. This declaration has been made after receiving the declarations required to be made to the Directors in accordance with section 295A of the Corporations Act 2001 for the financial year ended 28 February 2018.
Signed on behalf of the Board of Directors
Brian GilbertsonCape Town
29 May 2018
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Directors’ Declaration
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INDEPENDENT AUDITOR’S REPORT
Central Park, Level 43 152-158 St Georges Terrace Perth WA 6000
Correspondence to: PO Box 7757 Cloisters Square Perth WA 6850
T +61 8 9480 2000 F +61 8 9322 7787 E [email protected] W www.grantthornton.com.au
Independent Auditor’s Report to the Members of Jupiter Mines Limited
Report on the audit of the financial report
Opinion We have audited the financial report of Jupiter Mines Limited (the Company) and its subsidiaries (the Group), which comprises the consolidated statement of financial position as at 28 February 2018, the consolidated statement of profit or loss and other comprehensive income, consolidated statement of changes in equity and consolidated statement of cash flows for the year then ended, and notes to the consolidated financial statements, including a summary of significant accounting policies, and the directors’ declaration.
In our opinion, the accompanying financial report of the Group is in accordance with the Corporations Act 2001, including:
a Giving a true and fair view of the Group’s financial position as at 28 February 2018 and of its performance for the year ended on that date; and
b Complying with Australian Accounting Standards and the Corporations Regulations 2001.
Basis for Opinion We conducted our audit in accordance with Australian Auditing Standards. Our responsibilities under those standards are further described in the Auditor’s Responsibilities for the Audit of the Financial Report section of our report. We are independent of the Group in accordance with the independence requirements of the Corporations Act 2001 and the ethical requirements of the Accounting Professional and Ethical Standards Board’s APES 110 Code of Ethics for Professional Accountants (the Code) that are relevant to our audit of the financial report in Australia. We have also fulfilled our other ethical responsibilities in accordance with the Code. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
GrantThorntonAuditPtyLtdACN130913594a subsidiary or related entity of Grant Thornton Australia Ltd ABN 41 127 556 389
‘Grant Thornton’ refers to the brand under which the Grant Thornton member firms provide assurance, tax and advisory services to their clients and/or refers to one or more member firms, as the context requires. Grant Thornton Australia Ltd is a member firm of Grant Thornton International Ltd (GTIL). GTIL and the member firms are not a worldwide partnership. GTIL and each member firm is a separate legal entity. Services are delivered by the member firms. GTIL does not provide services to clients. GTIL and its member firms are not agents of, and do not obligate one another and are not liable for one another’s acts or omissions. In the Australian context only, the use of the term ‘Grant Thornton’ may refer to Grant Thornton Australia Limited ABN 41 127 556 389 and its Australian subsidiaries and related entities. GTIL is not an Australian related entity to Grant Thornton Australia Limited.
Liability limited by a scheme approved under Professional Standards Legislation.
6 5Independent Audit Report
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INDEPENDENT AUDITOR’S REPORT
Key Audit Matters Key audit matters are those matters that, in our professional judgement, were of most significance in our audit of the financial report of the current period. These matters were addressed in the context of our audit of the financial report as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters.
Key audit matter How our audit addressed the key audit matter Exploration and Evaluation Expenditure (Note 1(e) and Note 14)
As at 28 February 2018 the Group attributed $8,700,000 to exploration and evaluation expenditure comprising of the Mount Mason ($600,000), and Mount Ida ($8,100 000) projects. The Group is required to assess each areas of interest in accordance with AASB 6 Exploration for and Evaluation of Mineral Resources to ensure the carrying value does not exceed its recoverable amount. The process undertaken by management to assess whether there are any impairment triggers in each area of interest involves an element of management judgement. This is a key audit matter due to the nature of the balance and the judgements required in determining the recoverable amounts, including the judgemental nature of the estimates and assumptions used in the impairment analysis.
Our procedures included, amongst others: • Documenting the processes and internal controls
in respect to accounting for additions and around management’s review and assessment of applicability of impairment indicators;
• Obtaining a schedule of areas of interest held by the Group and assessing the Group’s right to tenure over the exploration licences to which exploration expenditure have been capitalised;
• Considering the application of requirements under AASB 6 Exploration for and Evaluation of Mineral Resources in relation to expenditure capitalised during the period;
• Obtaining management’s assessment of impairment considerations and performing the following: - Critically assessing inputs and assumptions in
management’s analysis; - Evaluating compliance with the requirements
of AASB 6; - Engaging the services of an independent
geologist to evaluate management’s assessment of impairment indicators and compare to fair value based on available market information;
- Assessing the competencies of the expert in accordance with ASA 500 as a management’s expert;
- Assessing the competencies of the expert in accordance with ASA 620 Using the work of an Auditors Expert;
- Evaluating the sufficiency of the impairment charge; and
• Assessing the adequacy of related disclosures in Note 1(e) and Note 14.
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Independent Audit Report
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INDEPENDENT AUDITOR’S REPORT
Investments accounted for using the equity method (Note 1(b) and Note 15)
The Group has an investment of $385,267,255 in an unlisted equity investment which has been included the Group’s Consolidated Statement of Financial Position as at 28 February 2018. The Group recognises this investment as a joint venture using the equity method in accordance with AASB 128: Investment in Associates and Joint Ventures. Management assesses the value of this investment annually by engaging an independent expert to consider various valuation techniques such as a discounted cash flow model and comparable sale transactions. This is considered a key audit matter due to the significant judgement involvement in assessing the valuation of the investment.
Our procedures included, amongst others: • Considering the appropriateness of the method
applied by the Group to perform the valuation of the investment utilising the equity method in accordance with the requirements of the accounting standards.
• Procedures included obtaining the key valuation inputs, including the long term manganese price, ore reserves and discount rates and performing the following:
o Critically assessing the inputs and assumptions;
o Engaging the services of an independent geologist to evaluate the assessment made by the management expert;
o Engaging the services of a specialist to evaluate the weight average cost of capital relevant to the South African market;
o Assessing the competencies of the expert in accordance with ASA 500 as a managements expert;
o Assessing the competencies of the experts in accordance with ASA 620 Using the work of an Auditors Expert; and
• Assessing the adequacy of related disclosures in
Note 1(b) and Note 15.
6 7Independent Audit Report
A N N U A L R E P O R T 2 0 1 8
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INDEPENDENT AUDITOR’S REPORT
Marketing Fee and Trade Receivables (Note 1(m), Note 1(l), Note 2 and Note 7)
The Group’s marketing fee income of $10,048,724 is the only revenue being earnt directly by the Group and related receivable of $45,679,877 as at 28 February 2018. The Group's marketing branch earns a marketing fee on an agency basis from the sale and export of Jupiter’s share of the manganese ore. The selling price is determined on a provisional basis at the date of sale. Adjustments to the sale price may occur based on variances in the metal or moisture content of the ore up to the date of final pricing. The period between provisional invoicing and final pricing may range between two and three months. Accordingly, the fair value of the original revenue and associated receivable is adjusted each reporting period by reference to the best estimate of the actual metal and moisture content by management. The changes in fair value are recorded as an adjustment to marketing income. This area is a key audit matter due to revenue being recognised based on management’s estimates.
Our audit procedures to address the matter included, amongst others:
• Considering the assessment of management’s position paper pursuant to the agency agreement and the associated accounting impact;
• Documenting the processes and internal controls in respect of accounting for revenue and other income;
• Obtaining a schedule of the marketing fee and selecting a sample for testing by agreeing the inputs to supporting documentation including bill of lading documentation, quality certificates containing weight, moisture and Manganese content and the contract price;
• Recalculating the marketing fee; • Selecting sales at or near year end to
determine if the revenue recognition has been recorded in the correct period;
• Tracing a sample of outstanding receivables at 28 February 2018 to payments received after yearend. Where any balances remained unpaid, we considered whether they were recoverable by examining the ageing of these items and assessing historic payment terms; and
• Reviewing in detail the changes in presentation and associated note disclosures in the financial statements and assessing that they are in accordance with the applicable Accounting Standards.
Information Other than the Financial Report and Auditor’s Report Thereon The Directors are responsible for the other information. The other information comprises the information included in the Group’s annual report for the year ended 28 February 2018, but does not include the financial report and our auditor’s report thereon. Our opinion on the financial report does not cover the other information and we do not express any form of assurance conclusion thereon. In connection with our audit of the financial report, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial report or our knowledge obtained in the audit or otherwise appears to be materially misstated. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. Responsibilities of the Directors’ for the Financial Report The Directors of the Company are responsible for the preparation of the financial report that gives a true and fair view in accordance with Australian Accounting Standards and the Corporations Act 2001 and for such internal control as the Directors determine is necessary to enable the preparation of the financial report that gives a true and fair view and is free from material misstatement, whether due to fraud or error.
6 8
J U P I T E R M I N E S L I M I T E D
Independent Audit Report
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INDEPENDENT AUDITOR’S REPORT
In preparing the financial report, the Directors are responsible for assessing the Group’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Directors either intend to liquidate the Group or to cease operations, or have no realistic alternative but to do so. Auditor’s Responsibilities for the Audit of the Financial Report Our objectives are to obtain reasonable assurance about whether the financial report as a whole is free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with the Australian Auditing Standards will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of this financial report. A further description of our responsibilities for the audit of the financial report is located at the Auditing and Assurance Standards Board website at: http://www.auasb.gov.au/auditors_responsibilities/ar1.pdf. This description forms part of our auditor’s report. Report on the Remuneration Report Opinion on the Remuneration Report We have audited the Remuneration Report included in pages 16 to 21 of the directors’ report for the year ended 28 February 2018. In our opinion, the Remuneration Report of Jupiter Mines Limited, for the year ended 28 February 2018, complies with section 300A of the Corporations Act 2001. Responsibilities The Directors of the Company are responsible for the preparation and presentation of the Remuneration Report in accordance with section 300A of the Corporations Act 2001. Our responsibility is to express an opinion on the Remuneration Report, based on our audit conducted in accordance with Australian Auditing Standards. GRANT THORNTON AUDIT PTY LTD Chartered Accountants M J Hillgrove Partner – Audit & Assurance Perth, 30 May 2018
6 9Independent Audit Report
A N N U A L R E P O R T 2 0 1 8
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ADDITIONAL INFORMATION FOR LISTED COMPANIESAdditional information required by the ASX listing rules and not disclosed elsewhere in this report is set out below. The information is effective as at 29 May 2018.
Substantial shareholders
Name Number of fully paid ordinary shares % holding
Stichting Pensioenfonds ABP (and its associate Pallinghurst EMG African Queen L.P.) 289,075,945 14.84%
Investec Bank Limited 261,154,529 13.40%
Pallinghurst Steel Feed (Dutch) B.V. 145,845,375 7.49%
POSCO Australia GP Pty Ltd (and its associate POSCO Australia Pty Ltd) 134,992,472 6.93%
HJM Jupiter L.P. 98,263,429 5.04%
Voting rights
Ordinary Shares: On a show of hands, every member present at a meeting in person or by proxy shall have one vote and upon a poll each share shall have one vote.
Distribution of equity security holders
Holding Number of shareholders
Number of shares % of capital
1 – 1,000 97 29,390 0.00%
1,001 – 5,000 488 1,514,557 0.08%
5,001 – 10,000 428 3,586,878 0.18%
10,001 – 100,000 1,182 44,193,071 2.27%
100,001 and over 350 1,899,016,607 97.47%
2,545 1,948,340,503 100%
Shareholders with less than a marketable parcel
As at 29 May 2018, there were 140 shareholders on the register holding less than a marketable parcel ($500) based on the closing market price of $0.345.
Securities subject to voluntary escrow
Escrowed shareholder Number of shares escrowed
Pallinghurst Steel Feed (Dutch) B.V. 145,845,372
POSCO Australia GP Pty Ltd 112,044,320
HJM Jupiter L.P. 98,263,429
FRK Jupiter L.P. 93,406,454
EMG Jupiter L.P. 85,446,062
POSCO Australia Pty Ltd 22,948,152
Priyank Thapliyal 21,129,387
Red Rock Resources plc 18,524,914
Total 597,608,090
7 0
J U P I T E R M I N E S L I M I T E D
Additional Information for ASX Listed Companies
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The Voluntary Escrow Deeds entered into by the Escrowed Shareholders prevent any sale of Shares as follows:
(a) for 50% of the Escrowed Shares, until the date that the Company releases to ASX its audited financial statements for the financial year ending 28 February 2019; and
(b) for the remaining 50% of the Escrowed Shares (the “Escrow Release Condition”):
(i) if the following occurs:
(A) the Company releases to ASX its reviewed financial statements for the half financial year ending 31 August 2018; and
(B) the VWAP of Shares traded on ASX for any 20 consecutive trading days is 20% or more above the IPO Offer Price following release to ASX of the Company’s reviewed financial statements for the half financial year ending 31 August 2018,
until the date that the Escrow Release Condition is satisfied; and
(ii) if the Escrow Release Condition is not satisfied, until the date that the Company announces to ASX its reviewed financial statements for the half financial year ending 31 August 2019.
However, these restrictions do not apply to the sale, transfer, disposal or cancellation (as applicable) of the relevant Escrowed Shares in the following circumstances:
(a) where an Escrowed Shareholder accepts an offer under a takeover bid (as defined in the Corporations Act) in relation to their Shares, provided holders of not less than 50% of the Shares not subject to restrictions then on issue have accepted the takeover bid;
(b) where the Shares of an Escrowed Shareholder are to be transferred or cancelled as part of a merger by way of a scheme of arrangement under Part 5.1 of the Corporations Act; or
(c) where an Escrowed Shareholder elects to dispose of any Escrowed Shares pursuant to a buy-back of Shares or a reduction of capital conducted by the Company.
The Voluntary Escrow Deeds in any event terminate no later than 2 years after the date they were entered into.
The undertakings given by the Escrowed Shareholders under the Voluntary Escrow Deeds may give the Company a “relevant interest” in the Escrowed Shares for the purposes of the Corporations Act. However, the Company has obtained relief from ASIC so that the takeovers provisions of the Corporations Act will not apply to these relevant interests.
Twenty largest shareholders
Shareholder Number of shares held
Percentage (%) of issued shares
1 Investec Bank Limited 261,154,529 13.40%2 Stichting Pensioenfonds ABP 252,648,636 12.97%3 HSBC Custody Nominees (Australia) Limited 157,974,221 8.11%4 Pallinghurst Steel Feed (Dutch) B.V. 145,845,372 7.49%5 POSCO Australia GP Pty Ltd 112,044,320 5.75%6 HJM Jupiter L.P. 98,263,429 5.04%7 FRK Jupiter L.P. 93,406,454 4.79%8 EMG Jupiter L.P. 85,446,062 4.39%9 JP Morgan Nominees Australia Limited 73,434,605 3.77%10 National Nominees Limited 57,354,287 2.94%11 Citicorp Nominees Pty Limited 50,439,341 2.59%12 BNP Paribas Noms Pty Ltd 48,890,683 2.51%13 Pallinghurst EMG African Queen L.P. 36,427,309 1.87%14 Morgan Stanley Australia Securities (Nominee) Pty Limited 30,936,770 1.59%15 UBS Nominees Pty Ltd 29,835,500 1.53%16 BNP Paribas Nominees Pty Ltd 23,328,218 1.20%17 Priyank Thapliyal 23,289,387 1.20%18 POSCO Australia Pty Ltd 22,948,152 1.18%19 HSBC Custody Nominees (Australia) Limited – A/C 2 21,565,549 1.11%20 Red Rock Resources plc 18,524,914 0.95%
TOTAL 1,643,757,738 84.38%
Unissued equity securitiesThere are no unissued equity securities.
Securities exchangeThe Company is listed on the Australian Securities Exchange.
7 1Additional Information for ASX Listed Companies
A N N U A L R E P O R T 2 0 1 8
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APPENDICES: JORC TABLESTSHIPI BORWA JORC TABLE 1
ii
© M
iner
al C
orpo
ratio
n Co
nsul
tanc
y (P
ty)
Ltd
Repo
rt N
o. C
-TM
M-J
UP-
1786
- 1
079,
Apr
il 20
18
Com
pete
nt P
erso
ns R
epor
t on
Tshi
pi é
Ntle
Man
gane
se M
inin
g (P
ty)
Lim
ited‟
s Ts
hipi
Bor
wa
Min
e
Sect
ion
1: S
ampl
ing
Tech
niqu
es a
nd D
ata
Sect
ion
in C
PR
Crite
ria
JOR
C Co
de e
xpla
natio
n Co
mm
enta
ry
Sam
plin
g te
chni
ques
Nat
ure
and
qual
ity o
f sa
mpl
ing
(eg
cut
chan
nels
, ran
dom
chi
ps, o
r sp
ecifi
c sp
ecia
lised
indu
stry
sta
ndar
d m
easu
rem
ent
tool
s ap
prop
riate
to
the
min
eral
s un
der
inve
stig
atio
n, s
uch
as d
own
hole
gam
ma
sond
es, o
r ha
ndhe
ld X
RF
inst
rum
ents
, etc
). T
hese
exa
mpl
es s
houl
d no
t be
tak
en a
s lim
iting
the
bro
ad m
eani
ng o
f sa
mpl
ing.
In
clud
e re
fere
nce
to m
easu
res
take
n to
ens
ure
sam
ple
repr
esen
tivity
and
the
app
ropr
iate
cal
ibra
tion
of a
ny
mea
sure
men
t to
ols
or s
yste
ms
used
. As
pect
s of
the
det
erm
inat
ion
of m
iner
alis
atio
n th
at a
re M
ater
ial t
o th
e Pu
blic
Rep
ort.
In
cas
es w
here
„ind
ustr
y st
anda
rd‟ w
ork
has
been
don
e th
is w
ould
be
rela
tivel
y si
mpl
e (e
g „re
vers
e ci
rcul
atio
n dr
illin
g w
as u
sed
to o
btai
n 1
m s
ampl
es f
rom
whi
ch 3
kg
was
pul
veris
ed t
o pr
oduc
e a
30 g
cha
rge
for
fire
assa
y‟).
In
othe
r ca
ses
mor
e ex
plan
atio
n m
ay b
e re
quire
d, s
uch
as w
here
the
re is
coa
rse
gold
tha
t ha
s in
here
nt s
ampl
ing
prob
lem
s.
Unu
sual
com
mod
ities
or
min
eral
isat
ion
type
s (e
g su
bmar
ine
nodu
les)
may
war
rant
dis
clos
ure
of d
etai
led
info
rmat
ion.
Sect
ion
6.3
Sect
ion
6.4
Dril
ling
tech
niqu
es
Dril
l typ
e (e
g co
re, r
ever
se c
ircul
atio
n, o
pen-
hole
ham
mer
, rot
ary
air
blas
t, a
uger
, Ban
gka,
son
ic, e
tc)
and
deta
ils (
eg
core
dia
met
er, t
riple
or
stan
dard
tub
e, d
epth
of di
amon
d ta
ils, f
ace-
sam
plin
g bi
t or
oth
er t
ype,
whe
ther
cor
e is
or
ient
ed a
nd if
so,
by
wha
t m
etho
d, e
tc).
Se
ctio
n 6.
2
Dril
l sam
ple
reco
very
Met
hod
of r
ecor
ding
and
ass
essi
ng c
ore
and
chip
sam
ple
reco
verie
s an
d re
sults
ass
esse
d.
Mea
sure
s ta
ken
to m
axim
ise
sam
ple
reco
very
and
ens
ure
repr
esen
tativ
e na
ture
of th
e sa
mpl
es.
Whe
ther
a r
elat
ions
hip
exis
ts b
etw
een
sam
ple
reco
very
and
gra
de a
nd w
heth
er s
ampl
e bi
as m
ay h
ave
occu
rred
due
to
pref
eren
tial l
oss/
gain
of fin
e/co
arse
mat
eria
l.
Sect
ion
6.2.
1.4
Logg
ing
Whe
ther
cor
e an
d ch
ip s
ampl
es h
ave
been
geo
logi
cally
and
geo
tech
nica
lly lo
gged
to
a le
vel o
f de
tail
to s
uppo
rt
appr
opria
te M
iner
al R
esou
rce
estim
atio
n, m
inin
g st
udie
s an
d m
etal
lurg
ical
stu
dies
. W
heth
er lo
ggin
g is
qua
litat
ive
or q
uant
itativ
e in
nat
ure.
Cor
e (o
r co
stea
n, c
hann
el, e
tc)
phot
ogra
phy.
Th
e to
tal l
engt
h an
d pe
rcen
tage
of
the
rele
vant
inte
rsec
tions
logg
ed.
Sect
ion
6.2.
1.3
Sub-
sam
plin
g te
chni
ques
and
sa
mpl
e pr
epar
atio
n
If c
ore,
whe
ther
cut
or
saw
n an
d w
heth
er q
uart
er, h
alf or
all
core
tak
en.
If n
on-c
ore,
whe
ther
riff
led,
tub
e sa
mpl
ed, r
otar
y sp
lit, e
tc a
nd w
heth
er s
ampl
ed w
et o
r dr
y.
For
all s
ampl
e ty
pes,
the
nat
ure,
qua
lity
and
appr
opria
tene
ss o
f th
e sa
mpl
e pr
epar
atio
n te
chni
que.
Q
ualit
y co
ntro
l pro
cedu
res
adop
ted
for
all s
ub-s
ampl
ing
stag
es t
o m
axim
ise
repr
esen
tivity
of sa
mpl
es.
Mea
sure
s ta
ken
to e
nsur
e th
at t
he s
ampl
ing
is r
epre
sent
ativ
e of
the
in s
itu m
ater
ial c
olle
cted
, inc
ludi
ng f
or in
stan
ce
resu
lts f
or fi
eld
dupl
icat
e/se
cond
-hal
f sa
mpl
ing.
W
heth
er s
ampl
e si
zes
are
appr
opria
te t
o th
e gr
ain
size
of th
e m
ater
ial b
eing
sam
pled
.
Sect
ion
6.3
Sect
ion
6.4
Qua
lity
of a
ssay
dat
a an
d la
bora
tory
tes
ts
The
natu
re, q
ualit
y an
d ap
prop
riate
ness
of th
e as
sayi
ng a
nd la
bora
tory
pro
cedu
res
used
and
whe
ther
the
tec
hniq
ue is
co
nsid
ered
par
tial o
r to
tal.
For
geop
hysi
cal t
ools
, spe
ctro
met
ers,
han
dhel
d XR
F in
stru
men
ts, e
tc, t
he p
aram
eter
s us
ed in
det
erm
inin
g th
e an
alys
is
incl
udin
g in
stru
men
t m
ake
and
mod
el, r
eadi
ng t
imes
, cal
ibra
tions
fac
tors
app
lied
and
thei
r de
rivat
ion,
etc
. N
atur
e of
qua
lity
cont
rol p
roce
dure
s ad
opte
d (e
g st
anda
rds,
bla
nks,
dup
licat
es, e
xter
nal l
abor
ator
y ch
ecks
) an
d w
heth
er a
ccep
tabl
e le
vels
of ac
cura
cy (
ie la
ck o
f bi
as)
and
prec
isio
n ha
ve b
een
esta
blis
hed.
Sect
ion
6.4
Sect
ion
6.5
Verif
icat
ion
of s
ampl
ing
and
assa
ying
The
verif
icat
ion
of s
igni
fican
t in
ters
ectio
ns b
y ei
ther
inde
pend
ent
or a
ltern
ativ
e co
mpa
ny p
erso
nnel
. Th
e us
e of
tw
inne
d ho
les.
D
ocum
enta
tion
of p
rimar
y da
ta, d
ata
entr
y pr
oced
ures
, dat
a ve
rific
atio
n, d
ata
stor
age
(phy
sica
l and
ele
ctro
nic)
pr
otoc
ols.
D
iscu
ss a
ny a
djus
tmen
t to
ass
ay d
ata.
Sect
ion
6.7
7 2
J U P I T E R M I N E S L I M I T E D
Appendices: JORC Tables
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iii
© M
iner
al C
orpo
ratio
n Co
nsul
tanc
y (P
ty)
Ltd
Repo
rt N
o. C
-TM
M-J
UP-
1786
- 1
079,
Apr
il 20
18
Com
pete
nt P
erso
ns R
epor
t on
Tshi
pi é
Ntle
Man
gane
se M
inin
g (P
ty)
Lim
ited‟
s Ts
hipi
Bor
wa
Min
e
Sect
ion
1: S
ampl
ing
Tech
niqu
es a
nd D
ata
Sect
ion
in C
PR
Crite
ria
JORC
Code
exp
lana
tion
Com
men
tary
Loca
tion
of d
ata
poin
ts
Accu
racy
and
qua
lity
of s
urve
ys u
sed
to lo
cate
dril
l hol
es (
colla
r an
d do
wn-
hole
sur
veys
), t
renc
hes,
min
e w
orki
ngs
and
othe
r lo
catio
ns u
sed
in M
iner
al R
esou
rce
estim
atio
n.
Spec
ifica
tion
of t
he g
rid s
yste
m u
sed.
Q
ualit
y an
d ad
equa
cy o
f to
pogr
aphi
c co
ntro
l.
Sect
ion
6.2.
1.2
Sect
ion
7.2.
1
Dat
a sp
acin
g an
d di
strib
utio
n
Dat
a sp
acin
g fo
r re
port
ing
of E
xplo
ratio
n Res
ults
. W
heth
er t
he d
ata
spac
ing
and
dist
ribut
ion
is s
uffic
ient
to
esta
blis
h th
e de
gree
of ge
olog
ical
and
gra
de c
ontin
uity
ap
prop
riate
for
the
Min
eral
Res
ourc
e an
d O
re R
eser
ve e
stim
atio
n pr
oced
ure(
s) a
nd c
lass
ifica
tions
app
lied.
W
heth
er s
ampl
e co
mpo
sitin
g ha
s be
en a
pplie
d.
Sect
ion
6.2.
1.5
Sect
ion
7.2.
5
Orie
ntat
ion
of d
ata
in r
elat
ion
to g
eolo
gica
l str
uctu
re
Whe
ther
the
orie
ntat
ion
of s
ampl
ing
achi
eves
unb
iase
d sa
mpl
ing
of p
ossi
ble
stru
ctur
es a
nd t
he e
xten
t to
whi
ch t
his
is
know
n, c
onsi
derin
g th
e de
posi
t ty
pe.
If t
he r
elat
ions
hip
betw
een
the
drill
ing
orie
ntat
ion
and
the
orie
ntat
ion
of k
ey m
iner
alis
ed s
truc
ture
s is
con
side
red
to
have
intr
oduc
ed a
sam
plin
g bi
as, t
his
shou
ld b
e as
sess
ed a
nd r
epor
ted
if m
ater
ial.
Sect
ion
6.2.
1.1
Sect
ion
6.2.
1.2
Sam
ple
secu
rity
The
mea
sure
s ta
ken
to e
nsur
e sa
mpl
e se
curit
y.
Sect
ion
6.3.
1.2
and
Sect
ion
6.7
Audi
ts o
r re
view
s Th
e re
sults
of an
y au
dits
or
revi
ews
of s
ampl
ing
tech
niqu
es a
nd d
ata.
Se
ctio
n 25
Sect
ion
2: R
epor
ting
of E
xplo
ratio
n Res
ults
Se
ctio
n in
CPR
Crite
ria
JORC
Code
exp
lana
tion
Com
men
tary
Min
eral
ten
emen
t an
d la
nd
tenu
re s
tatu
s
Type
, ref
eren
ce n
ame/
num
ber,
loca
tion
and
owne
rshi
p in
clud
ing
agre
emen
ts o
r m
ater
ial i
ssue
s w
ith t
hird
par
ties
such
as
join
t ve
ntur
es, p
artn
ersh
ips,
ove
rrid
ing
roya
lties
, nat
ive
title
inte
rest
s, h
isto
rical
site
s, w
ilder
ness
or
natio
nal p
ark
and
envi
ronm
enta
l set
tings
. Th
e se
curit
y of
the
ten
ure
held
at
the
time
of r
epor
ting
alon
g w
ith a
ny k
now
n im
pedi
men
ts t
o ob
tain
ing
a lic
ence
to
oper
ate
in t
he a
rea.
Sect
ion
1.9
Sect
ion
2 Se
ctio
n 3.
1 Se
ctio
n 3.
2 Se
ctio
n 4.
1 Se
ctio
n 4.
3 Se
ctio
n 17
.1
Expl
orat
ion
done
by
othe
r pa
rtie
s Ac
know
ledg
men
t an
d ap
prai
sal o
f ex
plor
atio
n by
oth
er p
artie
s.
Sect
ion
6.1
Sect
ion
6.2
Geo
logy
D
epos
it ty
pe, g
eolo
gica
l set
ting
and
styl
e of
min
eral
isat
ion.
Se
ctio
ns 5
Dril
l hol
e In
form
atio
n
A su
mm
ary
of a
ll in
form
atio
n m
ater
ial t
o th
e un
ders
tand
ing
of t
he e
xplo
ratio
n re
sults
incl
udin
g a
tabu
latio
n of
the
fo
llow
ing
info
rmat
ion
for
all M
ater
ial d
rill h
oles
:
east
ing
and
nort
hing
of th
e dr
ill h
ole
colla
r
elev
atio
n or
RL
(Red
uced
Lev
el –
ele
vatio
n ab
ove
sea
leve
l in
met
res)
of th
e dr
ill h
ole
colla
r
dip
and
azim
uth
of t
he h
ole
do
wn
hole
leng
th a
nd in
terc
eptio
n de
pth
ho
le le
ngth
. If
the
exc
lusi
on o
f th
is in
form
atio
n is
just
ified
on
the
basi
s th
at t
he in
form
atio
n is
not
Mat
eria
l and
thi
s ex
clus
ion
does
no
t de
trac
t fr
om t
he u
nder
stan
ding
of th
e re
port
, the
Com
pete
nt P
erso
n sh
ould
cle
arly
exp
lain
why
thi
s is
the
cas
e.
Sect
ions
6
Sect
ions
6.1
Se
ctio
ns 6
.2
Sect
ions
7.2
.4
The
loca
tion
of d
rillh
oles
is a
dequ
atel
y de
scrib
ed
on p
lans
TSHIPI BORWA JORC TABLE 1 (CONTINUED)
7 3
A N N U A L R E P O R T 2 0 1 8
Appendices: JORC Tables
![Page 76: ANNUAL REPORT 2018...LETTER Dear Shareholders, The financial year ending 28 February 2018 was a year of record performance for Jupiter Mines Limited, culminating in the biggest mining](https://reader035.vdocument.in/reader035/viewer/2022063016/5fd4bba8ea01961fe30ac672/html5/thumbnails/76.jpg)
iv
© M
iner
al C
orpo
ratio
n Co
nsul
tanc
y (P
ty)
Ltd
Repo
rt N
o. C
-TM
M-J
UP-
1786
- 1
079,
Apr
il 20
18
Com
pete
nt P
erso
ns R
epor
t on
Tshi
pi é
Ntle
Man
gane
se M
inin
g (P
ty)
Lim
ited‟
s Ts
hipi
Bor
wa
Min
e
Sect
ion
2: R
epor
ting
of E
xplo
ratio
n Res
ults
Se
ctio
n in
CPR
Crite
ria
JORC
Code
exp
lana
tion
Com
men
tary
Dat
a ag
greg
atio
n m
etho
ds
In r
epor
ting
Expl
orat
ion
Res
ults
, wei
ghtin
g av
erag
ing
tech
niqu
es, m
axim
um a
nd/o
r m
inim
um g
rade
tru
ncat
ions
(eg
cu
ttin
g of
hig
h gr
ades
) an
d cu
t-of
f gr
ades
are
usu
ally
Mat
eria
l and
sho
uld
be s
tate
d.
Whe
re a
ggre
gate
inte
rcep
ts in
corp
orat
e sh
ort
leng
ths
of h
igh
grad
e re
sults
and
long
er le
ngth
s of
low
gra
de r
esul
ts,
the
proc
edur
e us
ed fo
r su
ch a
ggre
gatio
n sh
ould
be
stat
ed a
nd s
ome
typi
cal e
xam
ples
of su
ch a
ggre
gatio
ns s
houl
d be
sh
own
in d
etai
l. Th
e as
sum
ptio
ns u
sed
for
any
repo
rtin
g of
met
al e
quiv
alen
t va
lues
sho
uld
be c
lear
ly s
tate
d.
Sect
ion
7.2.
2 Se
ctio
n 7.
2.5
Sect
ion
7.2.
6 N
ot a
pplic
able
Rel
atio
nshi
p be
twee
n m
iner
alis
atio
n w
idth
s an
d in
terc
ept
leng
ths
Thes
e re
latio
nshi
ps a
re p
artic
ular
ly im
port
ant
in t
he r
epor
ting
of E
xplo
ratio
n Res
ults
. If
the
geo
met
ry o
f th
e m
iner
alis
atio
n w
ith r
espe
ct t
o th
e dr
ill h
ole
angl
e is
kno
wn,
its
natu
re s
houl
d be
rep
orte
d.
If it
is n
ot k
now
n an
d on
ly t
he d
own
hole
leng
ths
are
repo
rted
, the
re s
houl
d be
a c
lear
sta
tem
ent
to t
his
effe
ct (
eg
„dow
n ho
le le
ngth
, tru
e w
idth
not
kno
wn‟
).
Sect
ion
7.2.
5 Se
ctio
n 7.
2.7
Sect
ion
7.2.
10
Dia
gram
s Ap
prop
riate
map
s an
d se
ctio
ns (
with
sca
les)
and
tab
ulat
ions
of in
terc
epts
sho
uld
be in
clud
ed for
any
sig
nific
ant
disc
over
y be
ing
repo
rted
. The
se s
houl
d in
clud
e, b
ut n
ot b
e lim
ited
to a
pla
n vi
ew o
f dr
ill h
ole
colla
r lo
catio
ns a
nd
appr
opria
te s
ectio
nal v
iew
s.
Sect
ion
7.2.
3 Se
ctio
n 7.
2.10
Se
ctio
n 7.
2.11
Se
ctio
n 7.
3 Se
ctio
n 7.
6.4
Bala
nced
rep
ortin
g W
here
com
preh
ensi
ve r
epor
ting
of a
ll Ex
plor
atio
n Res
ults
is n
ot p
ract
icab
le, r
epre
sent
ativ
e re
port
ing
of b
oth
low
and
hi
gh g
rade
s an
d/or
wid
ths
shou
ld b
e pr
actic
ed t
o av
oid
mis
lead
ing
repo
rtin
g of
Exp
lora
tion
Res
ults
. N
ot a
pplic
able
; in
divi
dual
inte
rsec
tions
are
not
re
port
ed
Oth
er s
ubst
antiv
e ex
plor
atio
n da
ta
Oth
er e
xplo
ratio
n da
ta, i
f m
eani
ngfu
l and
mat
eria
l, sh
ould
be
repo
rted
incl
udin
g (b
ut n
ot li
mite
d to
): g
eolo
gica
l ob
serv
atio
ns;
geop
hysi
cal s
urve
y re
sults
; ge
oche
mic
al s
urve
y re
sults
; bu
lk s
ampl
es –
siz
e an
d m
etho
d of
tre
atm
ent;
m
etal
lurg
ical
tes
t re
sults
; bu
lk d
ensi
ty, g
roun
dwat
er, g
eote
chni
cal a
nd r
ock
char
acte
ristic
s; p
oten
tial d
elet
erio
us o
r co
ntam
inat
ing
subs
tanc
es.
Oth
er e
xplo
ratio
n da
ta is
not
mat
eria
l Th
e re
sults
of m
etal
lurg
ical
tes
twor
k is
no
long
er
rele
vant
giv
en t
he o
pera
ting
hist
ory
Furt
her
wor
k
The
natu
re a
nd s
cale
of pl
anne
d fu
rthe
r w
ork
(eg
test
s fo
r la
tera
l ext
ensi
ons
or d
epth
ext
ensi
ons
or la
rge-
scal
e st
ep-
out
drill
ing)
. D
iagr
ams
clea
rly h
ighl
ight
ing
the
area
s of
pos
sibl
e ex
tens
ions
, inc
ludi
ng t
he m
ain
geol
ogic
al in
terp
reta
tions
and
fut
ure
drill
ing
area
s, p
rovi
ded
this
info
rmat
ion
is n
ot c
omm
erci
ally
sen
sitiv
e.
Sect
ion
6.8
The
CP is
not
aw
are
of a
ny m
ater
ial i
nfor
mat
ion
that
has
not
bee
n di
vulg
ed in
thi
s re
port
Sect
ion
3: E
stim
atio
n an
d R
epor
ting
of M
iner
al R
esou
rces
Se
ctio
n in
CPR
Crite
ria
JORC
Code
exp
lana
tion
Com
men
tary
Dat
abas
e in
tegr
ity
Mea
sure
s ta
ken
to e
nsur
e th
at d
ata
has
not
been
cor
rupt
ed b
y, f
or e
xam
ple,
tra
nscr
iptio
n or
key
ing
erro
rs, b
etw
een
its in
itial
col
lect
ion
and
its u
se fo
r M
iner
al R
esou
rce
estim
atio
n pu
rpos
es.
Dat
a va
lidat
ion
proc
edur
es u
sed.
Se
ctio
n 6.
7
Site
vis
its
Com
men
t on
any
site
vis
its u
nder
take
n by
the
Com
pete
nt P
erso
n an
d th
e ou
tcom
e of
tho
se v
isits
. If
no
site
vis
its h
ave
been
und
erta
ken
indi
cate
why
thi
s is
the
cas
e.
Sect
ion
1.2
Sect
ion
6.5
and
Sect
ion
6.7
Sect
ion
8.6
Sect
ion
9.6
Sect
ion
12.7
Se
ctio
n 19
.5
TSHIPI BORWA JORC TABLE 1 (CONTINUED)
7 4
J U P I T E R M I N E S L I M I T E D
Appendices: JORC Tables
![Page 77: ANNUAL REPORT 2018...LETTER Dear Shareholders, The financial year ending 28 February 2018 was a year of record performance for Jupiter Mines Limited, culminating in the biggest mining](https://reader035.vdocument.in/reader035/viewer/2022063016/5fd4bba8ea01961fe30ac672/html5/thumbnails/77.jpg)
v
© M
iner
al C
orpo
ratio
n Co
nsul
tanc
y (P
ty)
Ltd
Repo
rt N
o. C
-TM
M-J
UP-
1786
- 1
079,
Apr
il 20
18
Com
pete
nt P
erso
ns R
epor
t on
Tshi
pi é
Ntle
Man
gane
se M
inin
g (P
ty)
Lim
ited‟
s Ts
hipi
Bor
wa
Min
e
Sect
ion
3: E
stim
atio
n an
d R
epor
ting
of M
iner
al R
esou
rces
Se
ctio
n in
CPR
Crite
ria
JORC
Code
exp
lana
tion
Com
men
tary
Geo
logi
cal i
nter
pret
atio
n
Conf
iden
ce in
(or
con
vers
ely,
the
unc
erta
inty
of )
the
geol
ogic
al in
terp
reta
tion
of t
he m
iner
al d
epos
it.
Nat
ure
of t
he d
ata
used
and
of an
y as
sum
ptio
ns m
ade.
Th
e ef
fect
, if an
y, o
f al
tern
ativ
e in
terp
reta
tions
on
Min
eral
Res
ourc
e es
timat
ion.
Th
e us
e of
geo
logy
in g
uidi
ng a
nd c
ontr
ollin
g M
iner
al R
esou
rce
estim
atio
n.
The
fact
ors
affe
ctin
g co
ntin
uity
bot
h of
gra
de a
nd g
eolo
gy.
Sect
ion
7.1
Sect
ion
7.2.
2 Se
ctio
n 7.
2.3
Dim
ensi
ons
The
exte
nt a
nd v
aria
bilit
y of
the
Min
eral
Res
ourc
e ex
pres
sed
as le
ngth
(al
ong
strik
e or
oth
erw
ise)
, pla
n w
idth
, and
de
pth
belo
w s
urfa
ce t
o th
e up
per
and
low
er li
mits
of th
e M
iner
al R
esou
rce.
Se
ctio
n 7.
2.3
Estim
atio
n an
d m
odel
ling
tech
niqu
es
The
natu
re a
nd a
ppro
pria
tene
ss o
f th
e es
timat
ion
tech
niqu
e(s)
app
lied
and
key
assu
mpt
ions
, inc
ludi
ng t
reat
men
t of
ex
trem
e gr
ade
valu
es, d
omai
ning
, int
erpo
latio
n pa
ram
eter
s an
d m
axim
um d
ista
nce
of e
xtra
pola
tion
from
dat
a po
ints
. If
a c
ompu
ter
assi
sted
est
imat
ion
met
hod
was
cho
sen
incl
ude
a de
scrip
tion
of c
ompu
ter
soft
war
e an
d pa
ram
eter
s us
ed.
The
avai
labi
lity
of c
heck
est
imat
es, p
revi
ous
estim
ates
and
/or
min
e pr
oduc
tion
reco
rds
and
whe
ther
the
Min
eral
Res
ourc
e es
timat
e ta
kes
appr
opria
te a
ccou
nt o
f su
ch d
ata.
Th
e as
sum
ptio
ns m
ade
rega
rdin
g re
cove
ry o
f by
-pro
duct
s.
Estim
atio
n of
del
eter
ious
ele
men
ts o
r ot
her
non-
grad
e va
riabl
es o
f ec
onom
ic s
igni
fican
ce (
eg s
ulph
ur fo
r ac
id m
ine
drai
nage
cha
ract
eris
atio
n).
In t
he c
ase
of b
lock
mod
el in
terp
olat
ion,
the
blo
ck s
ize
in r
elat
ion
to t
he a
vera
ge s
ampl
e sp
acin
g an
d th
e se
arch
em
ploy
ed.
Any
assu
mpt
ions
beh
ind
mod
ellin
g of
sel
ectiv
e m
inin
g un
its.
Any
assu
mpt
ions
abo
ut c
orre
latio
n be
twee
n va
riabl
es.
Des
crip
tion
of h
ow t
he g
eolo
gica
l int
erpr
etat
ion
was
use
d to
con
trol
the
res
ourc
e es
timat
es.
Dis
cuss
ion
of b
asis
for
usi
ng o
r no
t us
ing
grad
e cu
ttin
g or
cap
ping
. Th
e pr
oces
s of
val
idat
ion,
the
che
ckin
g pr
oces
s us
ed, t
he c
ompa
rison
of m
odel
dat
a to
dril
l hol
e da
ta, a
nd u
se o
f re
conc
iliat
ion
data
if a
vaila
ble.
Sect
ion
7.2
Sect
ion
7.3
Sect
ion
7.4
Sect
ion
7.5
Sect
ion
7.6
Sect
ion
7.7
Sect
ion
7.8
Sect
ion
7.9
Sect
ion
7.10
Se
ctio
n 7.
11
Moi
stur
e W
heth
er t
he t
onna
ges
are
estim
ated
on
a dr
y ba
sis
or w
ith n
atur
al m
oist
ure,
and
the
met
hod
of d
eter
min
atio
n of
the
m
oist
ure
cont
ent.
N
ot a
pplic
able
Cut-
off pa
ram
eter
s Th
e ba
sis
of t
he a
dopt
ed c
ut-o
ff g
rade
(s)
or q
ualit
y pa
ram
eter
s ap
plie
d.
Sect
ion
7.2.
2
Min
ing
fact
ors
or a
ssum
ptio
ns
Assu
mpt
ions
mad
e re
gard
ing
poss
ible
min
ing
met
hods
, min
imum
min
ing
dim
ensi
ons
and
inte
rnal
(or
, if ap
plic
able
, ex
tern
al)
min
ing
dilu
tion.
It
is a
lway
s ne
cess
ary
as p
art
of t
he p
roce
ss o
f de
term
inin
g re
ason
able
pro
spec
ts f
or
even
tual
eco
nom
ic e
xtra
ctio
n to
con
side
r po
tent
ial m
inin
g m
etho
ds, b
ut t
he a
ssum
ptio
ns m
ade
rega
rdin
g m
inin
g m
etho
ds a
nd p
aram
eter
s w
hen
estim
atin
g M
iner
al R
esou
rces
may
not
alw
ays
be r
igor
ous.
Whe
re t
his
is t
he c
ase,
thi
s sh
ould
be
repo
rted
with
an
expl
anat
ion
of t
he b
asis
of th
e m
inin
g as
sum
ptio
ns m
ade.
Sect
ions
7.4
.1
Met
allu
rgic
al f
acto
rs o
r as
sum
ptio
ns
The
basi
s fo
r as
sum
ptio
ns o
r pr
edic
tions
reg
ardi
ng m
etal
lurg
ical
am
enab
ility
. It
is a
lway
s ne
cess
ary
as p
art
of t
he
proc
ess
of d
eter
min
ing
reas
onab
le p
rosp
ects
for
eve
ntua
l eco
nom
ic e
xtra
ctio
n to
con
side
r po
tent
ial m
etal
lurg
ical
m
etho
ds, b
ut t
he a
ssum
ptio
ns r
egar
ding
met
allu
rgic
al t
reat
men
t pr
oces
ses
and
para
met
ers
mad
e w
hen
repo
rtin
g M
iner
al R
esou
rces
may
not
alw
ays
be r
igor
ous.
Whe
re t
his
is t
he c
ase,
thi
s sh
ould
be
repo
rted
with
an
expl
anat
ion
of
the
basi
s of
the
met
allu
rgic
al a
ssum
ptio
ns m
ade.
Sect
ions
7.4
.2
Envi
ronm
enta
l fac
tors
or
assu
mpt
ions
Assu
mpt
ions
mad
e re
gard
ing
poss
ible
was
te a
nd p
roce
ss r
esid
ue d
ispo
sal o
ptio
ns. I
t is
alw
ays
nece
ssar
y as
par
t of
the
pr
oces
s of
det
erm
inin
g re
ason
able
pro
spec
ts f
or e
vent
ual e
cono
mic
ext
ract
ion
to c
onsi
der
the
pote
ntia
l env
ironm
enta
l im
pact
s of
the
min
ing
and
proc
essi
ng o
pera
tion.
Whi
le a
t th
is s
tage
the
det
erm
inat
ion
of p
oten
tial e
nviro
nmen
tal
Sect
ion
17
TSHIPI BORWA JORC TABLE 1 (CONTINUED)
7 5
A N N U A L R E P O R T 2 0 1 8
Appendices: JORC Tables
![Page 78: ANNUAL REPORT 2018...LETTER Dear Shareholders, The financial year ending 28 February 2018 was a year of record performance for Jupiter Mines Limited, culminating in the biggest mining](https://reader035.vdocument.in/reader035/viewer/2022063016/5fd4bba8ea01961fe30ac672/html5/thumbnails/78.jpg)
vi
© M
iner
al C
orpo
ratio
n Co
nsul
tanc
y (P
ty)
Ltd
Repo
rt N
o. C
-TM
M-J
UP-
1786
- 1
079,
Apr
il 20
18
Com
pete
nt P
erso
ns R
epor
t on
Tshi
pi é
Ntle
Man
gane
se M
inin
g (P
ty)
Lim
ited‟
s Ts
hipi
Bor
wa
Min
e
Sect
ion
3: E
stim
atio
n an
d R
epor
ting
of M
iner
al R
esou
rces
Se
ctio
n in
CPR
Crite
ria
JORC
Code
exp
lana
tion
Com
men
tary
impa
cts,
par
ticul
arly
for
a g
reen
field
s pr
ojec
t, m
ay n
ot a
lway
s be
wel
l adv
ance
d, t
he s
tatu
s of
ear
ly c
onsi
dera
tion
of
thes
e po
tent
ial e
nviro
nmen
tal i
mpa
cts
shou
ld b
e re
port
ed. W
here
the
se a
spec
ts h
ave
not
been
con
side
red
this
sho
uld
be r
epor
ted
with
an
expl
anat
ion
of t
he e
nviro
nmen
tal a
ssum
ptio
ns m
ade.
Bulk
den
sity
Whe
ther
ass
umed
or
dete
rmin
ed. I
f as
sum
ed, t
he b
asis
for
the
ass
umpt
ions
. If d
eter
min
ed, t
he m
etho
d us
ed, w
heth
er
wet
or
dry,
the
fre
quen
cy o
f th
e m
easu
rem
ents
, the
nat
ure,
siz
e an
d re
pres
enta
tiven
ess
of t
he s
ampl
es.
The
bulk
den
sity
for
bul
k m
ater
ial m
ust
have
bee
n m
easu
red
by m
etho
ds t
hat
adeq
uate
ly a
ccou
nt f
or v
oid
spac
es
(vug
s, p
oros
ity, e
tc),
moi
stur
e an
d di
ffer
ence
s be
twee
n ro
ck a
nd a
ltera
tion
zone
s w
ithin
the
dep
osit.
D
iscu
ss a
ssum
ptio
ns f
or b
ulk
dens
ity e
stim
ates
use
d in
the
eva
luat
ion
proc
ess
of t
he d
iffer
ent
mat
eria
ls.
Sect
ion
6.6
Clas
sific
atio
n
The
basi
s fo
r th
e cl
assi
ficat
ion
of t
he M
iner
al R
esou
rces
into
var
ying
con
fiden
ce c
ateg
orie
s.
Whe
ther
app
ropr
iate
acc
ount
has
bee
n ta
ken
of a
ll re
leva
nt f
acto
rs (
ie r
elat
ive
conf
iden
ce in
ton
nage
/gra
de
estim
atio
ns, r
elia
bilit
y of
inpu
t da
ta, c
onfid
ence
in c
ontin
uity
of ge
olog
y an
d m
etal
val
ues,
qua
lity,
qua
ntity
and
di
strib
utio
n of
the
dat
a).
Whe
ther
the
res
ult
appr
opria
tely
ref
lect
s th
e Co
mpe
tent
Per
son‟
s vi
ew o
f th
e de
posi
t.
Sect
ion
7.6
Sect
ion
7.7
Sect
ion
7.8
Audi
ts o
r re
view
s Th
e re
sults
of an
y au
dits
or
revi
ews
of M
iner
al R
esou
rce
estim
ates
. Se
ctio
n 25
Dis
cuss
ion
of r
elat
ive
accu
racy
/ co
nfid
ence
Whe
re a
ppro
pria
te a
sta
tem
ent
of t
he r
elat
ive
accu
racy
and
con
fiden
ce le
vel i
n th
e M
iner
al R
esou
rce
estim
ate
usin
g an
ap
proa
ch o
r pr
oced
ure
deem
ed a
ppro
pria
te b
y th
e Co
mpe
tent
Per
son.
For
exa
mpl
e, t
he a
pplic
atio
n of
sta
tistic
al o
r ge
osta
tistic
al p
roce
dure
s to
qua
ntify
the
rel
ativ
e ac
cura
cy o
f th
e re
sour
ce w
ithin
sta
ted
conf
iden
ce li
mits
, or,
if s
uch
an
appr
oach
is n
ot d
eem
ed a
ppro
pria
te, a
qua
litat
ive
disc
ussi
on o
f th
e fa
ctor
s th
at c
ould
affe
ct t
he r
elat
ive
accu
racy
and
co
nfid
ence
of th
e es
timat
e.
The
stat
emen
t sh
ould
spe
cify
whe
ther
it r
elat
es t
o gl
obal
or
loca
l est
imat
es, a
nd, i
f lo
cal,
stat
e th
e re
leva
nt t
onna
ges,
w
hich
sho
uld
be r
elev
ant
to t
echn
ical
and
eco
nom
ic e
valu
atio
n. D
ocum
enta
tion
shou
ld in
clud
e as
sum
ptio
ns m
ade
and
the
proc
edur
es u
sed.
Th
ese
stat
emen
ts o
f re
lativ
e ac
cura
cy a
nd c
onfid
ence
of th
e es
timat
e sh
ould
be
com
pare
d w
ith p
rodu
ctio
n da
ta,
whe
re a
vaila
ble.
Sect
ion
7.6.
4 Se
ctio
n 7.
11
Sect
ion
4: E
stim
atio
n an
d Rep
ortin
g of
Ore
Res
erve
s Se
ctio
n in
CPR
Crite
ria
JORC
Code
exp
lana
tion
Com
men
tary
Min
eral
Res
ourc
e es
timat
e fo
r co
nver
sion
to
Ore
Res
erve
s D
escr
iptio
n of
the
Min
eral
Res
ourc
e es
timat
e us
ed a
s a
basi
s fo
r th
e co
nver
sion
to
an O
re R
eser
ve.
Clea
r st
atem
ent
as t
o w
heth
er t
he M
iner
al R
esou
rces
are
rep
orte
d ad
ditio
nal t
o, o
r in
clus
ive
of, t
he O
re R
eser
ves.
Se
ctio
n 7.
9
Site
vis
its
Com
men
t on
any
site
vis
its u
nder
take
n by
the
Com
pete
nt P
erso
n an
d th
e ou
tcom
e of
tho
se v
isits
. If
no
site
vis
its h
ave
been
und
erta
ken
indi
cate
why
thi
s is
the
cas
e.
Sect
ion
8.6
Sect
ion
9.6
Sect
ion
12.7
Se
ctio
n 19
.5
Stud
y st
atus
The
type
and
leve
l of st
udy
unde
rtak
en t
o en
able
Min
eral
Res
ourc
es t
o be
con
vert
ed t
o O
re
Res
erve
s.
The
Code
req
uire
s th
at a
stu
dy t
o at
leas
t Pr
e-Fe
asib
ility
Stu
dy le
vel h
as b
een
unde
rtak
en t
o co
nver
t M
iner
al
Res
ourc
es t
o O
re R
eser
ves.
Suc
h st
udie
s w
ill h
ave
been
car
ried
out
and
will
hav
e de
term
ined
a m
ine
plan
tha
t is
Sect
ion
8.7
Sect
ion
9.7
Sect
ion
10
Sect
ion
11
TSHIPI BORWA JORC TABLE 1 (CONTINUED)
7 6
J U P I T E R M I N E S L I M I T E D
Appendices: JORC Tables
![Page 79: ANNUAL REPORT 2018...LETTER Dear Shareholders, The financial year ending 28 February 2018 was a year of record performance for Jupiter Mines Limited, culminating in the biggest mining](https://reader035.vdocument.in/reader035/viewer/2022063016/5fd4bba8ea01961fe30ac672/html5/thumbnails/79.jpg)
vii
© M
iner
al C
orpo
ratio
n Co
nsul
tanc
y (P
ty)
Ltd
Repo
rt N
o. C
-TM
M-J
UP-
1786
- 1
079,
Apr
il 20
18
Com
pete
nt P
erso
ns R
epor
t on
Tshi
pi é
Ntle
Man
gane
se M
inin
g (P
ty)
Lim
ited‟
s Ts
hipi
Bor
wa
Min
e
Sect
ion
4: E
stim
atio
n an
d Rep
ortin
g of
Ore
Res
erve
s Se
ctio
n in
CPR
Crite
ria
JORC
Code
exp
lana
tion
Com
men
tary
tech
nica
lly a
chie
vabl
e an
d ec
onom
ical
ly v
iabl
e, a
nd t
hat
mat
eria
l Mod
ifyin
g Fa
ctor
s ha
ve b
een
cons
ider
ed.
Sect
ion
12
Cut-
off pa
ram
eter
s Th
e ba
sis
of t
he c
ut-o
ff g
rade
(s)
or q
ualit
y pa
ram
eter
s ap
plie
d.
Sect
ion
23.1
.3.6
Min
ing
fact
ors
or a
ssum
ptio
ns
The
met
hod
and
assu
mpt
ions
use
d as
rep
orte
d in
the
Pre
-Fea
sibi
lity
or F
easi
bilit
y St
udy
to c
onve
rt t
he M
iner
al
Res
ourc
e to
an
Ore
Res
erve
(i.e
. eith
er b
y ap
plic
atio
n of
app
ropr
iate
fac
tors
by
optim
isat
ion
or b
y pr
elim
inar
y or
de
taile
d de
sign
).
The
choi
ce, n
atur
e an
d ap
prop
riate
ness
of th
e se
lect
ed m
inin
g m
etho
d(s)
and
oth
er m
inin
g pa
ram
eter
s in
clud
ing
asso
ciat
ed d
esig
n is
sues
suc
h as
pre
-str
ip, a
cces
s, e
tc.
The
assu
mpt
ions
mad
e re
gard
ing
geot
echn
ical
par
amet
ers
(eg
pit
slop
es, s
tope
siz
es, e
tc),
gra
de c
ontr
ol a
nd p
re-
prod
uctio
n dr
illin
g.
The
maj
or a
ssum
ptio
ns m
ade
and
Min
eral
Res
ourc
e m
odel
use
d fo
r pi
t an
d st
ope
optim
isat
ion
(if a
ppro
pria
te).
Th
e m
inin
g di
lutio
n fa
ctor
s us
ed.
The
min
ing
reco
very
fac
tors
use
d.
Any
min
imum
min
ing
wid
ths
used
. Th
e m
anne
r in
whi
ch I
nfer
red
Min
eral
Res
ourc
es a
re u
tilis
ed in
min
ing
stud
ies
and
the
sens
itivi
ty o
f th
e ou
tcom
e to
th
eir
incl
usio
n.
The
infr
astr
uctu
re r
equi
rem
ents
of
the
sele
cted
min
ing
met
hods
.
Sect
ion
8 Se
ctio
n 9
Sect
ion
10
Sect
ion
11
Sect
ion
11.4
Se
ctio
n 12
Se
ctio
n 23
.1.3
Met
allu
rgic
al f
acto
rs o
r as
sum
ptio
ns
The
met
allu
rgic
al p
roce
ss p
ropo
sed
and
the
appr
opria
tene
ss o
f th
at p
roce
ss t
o th
e st
yle
of m
iner
alis
atio
n.
Whe
ther
the
met
allu
rgic
al p
roce
ss is
wel
l-tes
ted
tech
nolo
gy o
r no
vel i
n na
ture
. Th
e na
ture
, am
ount
and
rep
rese
ntat
iven
ess
of m
etal
lurg
ical
tes
t w
ork
unde
rtak
en, t
he n
atur
e of
the
met
allu
rgic
al
dom
aini
ng a
pplie
d an
d th
e co
rres
pond
ing
met
allu
rgic
al r
ecov
ery
fact
ors
appl
ied.
An
y as
sum
ptio
ns o
r al
low
ance
s m
ade
for
dele
terio
us e
lem
ents
. Th
e ex
iste
nce
of a
ny b
ulk
sam
ple
or p
ilot
scal
e te
st w
ork
and
the
degr
ee t
o w
hich
suc
h sa
mpl
es a
re c
onsi
dere
d re
pres
enta
tive
of t
he o
rebo
dy a
s a
who
le.
For
min
eral
s th
at a
re d
efin
ed b
y a
spec
ifica
tion,
has
the
ore
res
erve
est
imat
ion
been
bas
ed o
n th
e ap
prop
riate
m
iner
alog
y to
mee
t th
e sp
ecifi
catio
ns?
Sect
ion
14
Envi
ronm
enta
l Th
e st
atus
of st
udie
s of
pot
entia
l env
ironm
enta
l im
pact
s of
the
min
ing
and
proc
essi
ng o
pera
tion.
Det
ails
of w
aste
roc
k ch
arac
teris
atio
n an
d th
e co
nsid
erat
ion
of p
oten
tial s
ites,
sta
tus
of d
esig
n op
tions
con
side
red
and,
whe
re a
pplic
able
, th
e st
atus
of ap
prov
als
for
proc
ess
resi
due
stor
age
and
was
te d
umps
sho
uld
be r
epor
ted.
Sect
ion
17
Sect
ion
11
Infr
astr
uctu
re
The
exis
tenc
e of
app
ropr
iate
infr
astr
uctu
re:
avai
labi
lity
of la
nd f
or p
lant
dev
elop
men
t, p
ower
, wat
er, t
rans
port
atio
n (p
artic
ular
ly f
or b
ulk
com
mod
ities
), la
bour
, acc
omm
odat
ion;
or
the
ease
with
whi
ch t
he in
fras
truc
ture
can
be
prov
ided
, or
acc
esse
d.
Sect
ion
13
Sect
ion
15
Sect
ion
16
Cost
s
The
deriv
atio
n of
, or
assu
mpt
ions
mad
e, r
egar
ding
pro
ject
ed c
apita
l cos
ts in
the
stu
dy.
The
met
hodo
logy
use
d to
est
imat
e op
erat
ing
cost
s.
Allo
wan
ces
mad
e fo
r th
e co
nten
t of
del
eter
ious
ele
men
ts.
The
deriv
atio
n of
ass
umpt
ions
mad
e of
met
al o
r co
mm
odity
pric
e(s)
, for
the
prin
cipa
l min
eral
s an
d co
- pr
oduc
ts.
The
sour
ce o
f ex
chan
ge r
ates
use
d in
the
stu
dy.
Der
ivat
ion
of t
rans
port
atio
n ch
arge
s.
The
basi
s fo
r fo
reca
stin
g or
sou
rce
of t
reat
men
t an
d re
finin
g ch
arge
s, p
enal
ties
for
failu
re t
o m
eet
spec
ifica
tion,
etc
. Th
e al
low
ance
s m
ade
for
roya
lties
pay
able
, bot
h G
over
nmen
t an
d pr
ivat
e.
Sect
ion
21
Sect
ion
22
Sect
ion
23.1
.4
TSHIPI BORWA JORC TABLE 1 (CONTINUED)
7 7
A N N U A L R E P O R T 2 0 1 8
Appendices: JORC Tables
![Page 80: ANNUAL REPORT 2018...LETTER Dear Shareholders, The financial year ending 28 February 2018 was a year of record performance for Jupiter Mines Limited, culminating in the biggest mining](https://reader035.vdocument.in/reader035/viewer/2022063016/5fd4bba8ea01961fe30ac672/html5/thumbnails/80.jpg)
viii
© M
iner
al C
orpo
ratio
n Co
nsul
tanc
y (P
ty)
Ltd
Repo
rt N
o. C
-TM
M-J
UP-
1786
- 1
079,
Apr
il 20
18
Com
pete
nt P
erso
ns R
epor
t on
Tshi
pi é
Ntle
Man
gane
se M
inin
g (P
ty)
Lim
ited‟
s Ts
hipi
Bor
wa
Min
e
Sect
ion
4: E
stim
atio
n an
d Rep
ortin
g of
Ore
Res
erve
s Se
ctio
n in
CPR
Crite
ria
JORC
Code
exp
lana
tion
Com
men
tary
Rev
enue
fac
tors
The
deriv
atio
n of
, or
assu
mpt
ions
mad
e re
gard
ing
reve
nue
fact
ors
incl
udin
g he
ad g
rade
, met
al o
r co
mm
odity
pric
e(s)
ex
chan
ge r
ates
, tra
nspo
rtat
ion
and
trea
tmen
t ch
arge
s, p
enal
ties,
net
sm
elte
r re
turn
s, e
tc.
The
deriv
atio
n of
ass
umpt
ions
mad
e of
met
al o
r co
mm
odity
pric
e(s)
, for
the
prin
cipa
l met
als,
min
eral
s an
d co
-pr
oduc
ts.
Sect
ion
20
Sect
ion
23.1
.4
Mar
ket
asse
ssm
ent
The
dem
and,
sup
ply
and
stoc
k si
tuat
ion
for
the
part
icul
ar c
omm
odity
, con
sum
ptio
n tr
ends
and
fac
tors
like
ly t
o af
fect
su
pply
and
dem
and
into
the
fut
ure.
A
cust
omer
and
com
petit
or a
naly
sis
alon
g w
ith t
he id
entif
icat
ion
of li
kely
mar
ket
win
dow
s fo
r th
e pr
oduc
t.
Pric
e an
d vo
lum
e fo
reca
sts
and
the
basi
s fo
r th
ese
fore
cast
s.
For
indu
stria
l min
eral
s th
e cu
stom
er s
peci
ficat
ion,
tes
ting
and
acce
ptan
ce r
equi
rem
ents
prio
r to
a s
uppl
y co
ntra
ct.
Sect
ion
16.4
Se
ctio
n 20
Se
ctio
n 23
.1.4
N
ot a
pplic
able
Econ
omic
Th
e in
puts
to
the
econ
omic
ana
lysi
s to
pro
duce
the
net
pre
sent
val
ue (
NPV
) in
the
stu
dy, t
he s
ourc
e an
d co
nfid
ence
of
thes
e ec
onom
ic in
puts
incl
udin
g es
timat
ed in
flatio
n, d
isco
unt
rate
, etc
. N
PV r
ange
s an
d se
nsiti
vity
to
varia
tions
in t
he s
igni
fican
t as
sum
ptio
ns a
nd in
puts
. Se
ctio
n 23
.1.4
Soci
al
The
stat
us o
f ag
reem
ents
with
key
sta
keho
lder
s an
d m
atte
rs le
adin
g to
soc
ial l
icen
ce t
o op
erat
e.
Sect
ion
18
Oth
er
To t
he e
xten
t re
leva
nt, th
e im
pact
of th
e fo
llow
ing
on t
he p
roje
ct a
nd/o
r on
the
est
imat
ion
and
clas
sific
atio
n of
the
O
re R
eser
ves:
An
y id
entif
ied
mat
eria
l nat
ural
ly o
ccur
ring
risks
. Th
e st
atus
of m
ater
ial l
egal
agr
eem
ents
and
mar
ketin
g ar
rang
emen
ts.
The
stat
us o
f go
vern
men
tal a
gree
men
ts a
nd a
ppro
vals
crit
ical
to
the
viab
ility
of th
e pr
ojec
t, s
uch
as m
iner
al t
enem
ent
stat
us, a
nd g
over
nmen
t an
d st
atut
ory
appr
oval
s. T
here
mus
t be
rea
sona
ble
grou
nds
to e
xpec
t th
at a
ll ne
cess
ary
Gov
ernm
ent
appr
oval
s w
ill b
e re
ceiv
ed w
ithin
the
tim
efra
mes
ant
icip
ated
in t
he P
re-F
easi
bilit
y or
Fea
sibi
lity
stud
y.
Hig
hlig
ht a
nd d
iscu
ss t
he m
ater
ialit
y of
any
unr
esol
ved
mat
ter
that
is d
epen
dent
on
a th
ird p
arty
on
whi
ch e
xtra
ctio
n of
the
res
erve
is c
ontin
gent
.
Sect
ion
23.4
Se
ctio
n 4
Sect
ion
3
Clas
sific
atio
n Th
e ba
sis
for
the
clas
sific
atio
n of
the
Ore
Res
erve
s in
to v
aryi
ng c
onfid
ence
cat
egor
ies.
W
heth
er t
he r
esul
t ap
prop
riate
ly r
efle
cts
the
Com
pete
nt P
erso
n‟s
view
of th
e de
posi
t.
The
prop
ortio
n of
Pro
babl
e O
re R
eser
ves
that
hav
e be
en d
eriv
ed fro
m M
easu
red
Min
eral
Res
ourc
es (
if an
y).
Sect
ion
23
Audi
ts o
r re
view
s Th
e re
sults
of an
y au
dits
or
revi
ews
of O
re R
eser
ve e
stim
ates
. Se
ctio
n 25
Dis
cuss
ion
of r
elat
ive
accu
racy
/ co
nfid
ence
Whe
re a
ppro
pria
te a
sta
tem
ent
of t
he r
elat
ive
accu
racy
and
con
fiden
ce le
vel i
n th
e O
re R
eser
ve e
stim
ate
usin
g an
ap
proa
ch o
r pr
oced
ure
deem
ed a
ppro
pria
te b
y th
e Co
mpe
tent
Per
son.
For
exa
mpl
e, t
he a
pplic
atio
n of
sta
tistic
al o
r ge
osta
tistic
al p
roce
dure
s to
qua
ntify
the
rel
ativ
e ac
cura
cy o
f th
e re
serv
e w
ithin
sta
ted
conf
iden
ce li
mits
, or
, if su
ch a
n ap
proa
ch is
not
dee
med
app
ropr
iate
, a q
ualit
ativ
e di
scus
sion
of th
e fa
ctor
s w
hich
cou
ld a
ffect
the
rel
ativ
e ac
cura
cy
and
conf
iden
ce o
f th
e es
timat
e.
The
stat
emen
t sh
ould
spe
cify
whe
ther
it r
elat
es t
o gl
obal
or
loca
l est
imat
es, a
nd, i
f lo
cal,
stat
e th
e re
leva
nt t
onna
ges,
w
hich
sho
uld
be r
elev
ant
to t
echn
ical
and
eco
nom
ic e
valu
atio
n. D
ocum
enta
tion
shou
ld in
clud
e as
sum
ptio
ns m
ade
and
the
proc
edur
es u
sed.
Ac
cura
cy a
nd c
onfid
ence
dis
cuss
ions
sho
uld
exte
nd t
o sp
ecifi
c di
scus
sion
s of
any
app
lied
Mod
ifyin
g Fa
ctor
s th
at m
ay
have
a m
ater
ial i
mpa
ct o
n O
re R
eser
ve v
iabi
lity,
or
for
whi
ch t
here
are
rem
aini
ng a
reas
of un
cert
aint
y at
the
cur
rent
st
udy
stag
e.
It is
rec
ogni
sed
that
thi
s m
ay n
ot b
e po
ssib
le o
r ap
prop
riate
in a
ll ci
rcum
stan
ces.
The
se s
tate
men
ts o
f re
lativ
e ac
cura
cy a
nd c
onfid
ence
of th
e es
timat
e sh
ould
be
com
pare
d w
ith p
rodu
ctio
n da
ta, w
here
ava
ilabl
e.
Sect
ion
23
Sect
ion
24
TSHIPI BORWA JORC TABLE 1 (CONTINUED)
7 8
J U P I T E R M I N E S L I M I T E D
Appendices: JORC Tables
![Page 81: ANNUAL REPORT 2018...LETTER Dear Shareholders, The financial year ending 28 February 2018 was a year of record performance for Jupiter Mines Limited, culminating in the biggest mining](https://reader035.vdocument.in/reader035/viewer/2022063016/5fd4bba8ea01961fe30ac672/html5/thumbnails/81.jpg)
ix
© M
iner
al C
orpo
ratio
n Co
nsul
tanc
y (P
ty)
Ltd
Repo
rt N
o. C
-TM
M-J
UP-
1786
- 1
079,
Apr
il 20
18
Com
pete
nt P
erso
ns R
epor
t on
Tshi
pi é
Ntle
Man
gane
se M
inin
g (P
ty)
Lim
ited‟
s Ts
hipi
Bor
wa
Min
e
Sect
ion
5: E
stim
atio
n an
d Rep
ortin
g of
Dia
mon
ds a
nd O
ther
Gem
ston
es
Sect
ion
in C
PR
Crite
ria
JORC
Code
exp
lana
tion
Com
men
tary
NO
T AP
PLIC
ABLE
TSHIPI BORWA JORC TABLE 1 (CONTINUED)
7 9
A N N U A L R E P O R T 2 0 1 8
Appendices: JORC Tables
![Page 82: ANNUAL REPORT 2018...LETTER Dear Shareholders, The financial year ending 28 February 2018 was a year of record performance for Jupiter Mines Limited, culminating in the biggest mining](https://reader035.vdocument.in/reader035/viewer/2022063016/5fd4bba8ea01961fe30ac672/html5/thumbnails/82.jpg)
MT MASON JORC TABLE 1SR
K C
onsu
lting
Ap
pend
ix A
-1
CU
NN
/BR
OW
/wul
r Ju
pite
r IG
R T
able
1 fo
r Mt M
ason
and
Mt I
da.d
ocx
23 M
ay 2
018
JOR
C C
ode,
201
2 Ed
ition
– T
able
1
Sect
ion
1 Sa
mpl
ing
Tech
niqu
es a
nd D
ata
Crit
eria
JO
RC
Cod
e ex
plan
atio
n C
omm
enta
ry
Sam
plin
g te
chni
ques
•
Nat
ure
and
qual
ity o
f sam
plin
g (e
.g.
cut c
hann
els,
rand
om c
hips
, or
spec
ific
spec
ialis
ed in
dust
ry s
tand
ard
mea
sure
men
t too
ls a
ppro
pria
te to
th
e m
iner
als
unde
r inv
estig
atio
n,
such
as
dow
nhol
e ga
mm
a so
ndes
, or
hand
held
XR
F in
stru
men
ts, e
tc.).
Th
ese
exam
ples
sho
uld
not b
e ta
ken
as li
miti
ng th
e br
oad
mea
ning
of
sam
plin
g.
• In
clud
e re
fere
nce
to m
easu
res
take
n to
ens
ure
sam
ple
repr
esen
tivity
and
th
e ap
prop
riate
ca l
ibra
tion
of a
ny
mea
sure
men
t too
ls o
r sys
tem
s us
ed.
• As
pect
s of
the
dete
rmin
atio
n of
m
iner
alis
atio
n th
at a
re M
ater
ial t
o th
e Pu
blic
Rep
ort.
• In
cas
es w
here
‘ind
ustry
sta
ndar
d’
wor
k ha
s be
en d
one,
this
wou
ld b
e re
lativ
ely
sim
ple
(e.g
. ‘re
vers
e ci
rcul
atio
n dr
illing
was
use
d to
obt
ain
1 m
sam
ples
from
whi
ch 3
kg
was
pu
lver
ised
to p
rodu
ce a
30
g ch
arge
fo
r fire
ass
ay’).
In o
ther
cas
es, m
ore
expl
anat
ion
may
be
requ
ired,
suc
h as
whe
re th
ere
is c
oars
e go
ld th
at
has
inhe
rent
sam
plin
g pr
oble
ms.
U
nusu
al c
omm
oditi
es o
r m
iner
alis
atio
n ty
pes
(e.g
. sub
mar
ine
nodu
les)
may
war
rant
dis
clos
ure
of
deta
iled
info
rmat
ion.
• Th
e M
t Mas
on R
esou
rce
Estim
ate
com
pris
es s
ever
al d
rill c
ampa
igns
and
var
ious
sam
plin
g pr
ogra
ms
(Err
or!
Ref
eren
ce s
ourc
e no
t fou
nd.)
in m
ain
body
of r
epor
t).
Pe
rcus
sion
sam
plin
g:
• H
oles
dril
led
in 1
978
wer
e no
t use
d in
the
estim
atio
n, b
ut d
escr
iptio
ns fo
r geo
logi
cal p
urpo
ses
wer
e us
ed.
R
C s
ampl
ing:
•
RC
dril
ling
occu
rred
in 2
006
to 2
008
and
2011
. •
The
com
plet
e sa
mpl
e w
as c
olle
cted
and
pas
sed
thro
ugh
a th
ree-
tiere
d Jo
nes
riffle
spl
itter
, pro
duci
ng a
12.
5% a
nd
87.5
% s
plit.
The
12.
5% s
plit
was
col
lect
ed in
a s
ingl
e, p
re-n
umbe
red,
cal
ico
sam
ple
bag
and
the
reje
ct 8
7.5%
spl
it w
as re
tain
ed in
a p
last
ic b
ag.
The
drilli
ng c
ontra
ctor
sup
plie
d th
e la
bour
to c
olle
ct th
e sp
lits
and
plac
e th
em in
the
sam
ple
bags
pro
vide
d. T
he b
ags
wer
e at
tach
ed to
the
resp
ectiv
e sp
litte
r chu
tes
at th
e co
mm
ence
men
t of t
he
sam
ple
inte
rval
. At
the
com
plet
ion
of e
ach
met
re o
f dril
ling,
the
sam
ples
(ret
entio
n an
d ca
lico
bag)
wer
e re
mov
ed
from
the
chut
es a
nd le
ft ad
jace
nt to
the
drill
hole
in ro
ws
of 2
0, i.
e. 2
0 m
leng
th o
f hol
e. T
he c
alic
o ba
g w
as ti
ed
and
secu
red
at th
is s
tage
. Le
ss th
an 1
0 sa
mpl
es w
ere
wet
sam
ples
. Th
e ch
ip s
ize
was
uni
form
ly s
mal
l (<1
0 m
m).
• Ea
rlier
dril
l pro
gram
s (2
006
and
2008
) sam
ples
wer
e co
llect
ed o
n 2
m in
terv
als
or 4
m in
terv
als,
but
then
on
1 m
(2
011)
. •
Whe
n co
llect
ing
the
sam
ples
, the
sam
pler
or g
eolo
gist
cro
ss c
heck
ed th
e sa
mpl
e nu
mbe
rs w
ith th
e ho
le d
epth
s to
en
sure
cor
rect
labe
lling
and
corre
latio
n, in
serte
d ce
rtifie
d re
fere
nce
mat
eria
ls (C
RM
s) a
nd to
ok d
uplic
ates
sam
ples
fo
r QA/
QC
. Sa
mpl
e co
llect
ion
took
pla
ce, a
t mos
t, w
ithin
24
hour
s of
the
hole
bei
n g d
rille
d, b
ut w
as g
ener
ally
ca
rried
out
on
the
sam
e da
y.
• Al
l sam
ples
for s
ubm
issi
on w
ere
plac
ed im
med
iate
ly o
n co
llect
ion
into
larg
e pl
astic
sac
ks (7
- 10
sam
ples
per
sa
ck).
The
sac
k w
as s
eale
d an
d la
belle
d w
ith id
entif
ying
num
bers
and
des
tinat
ion.
The
sac
ks w
ere
subd
ivid
ed
into
lots
of 2
0 sa
cks.
The
pro
gram
pro
duce
d 4
lots
of s
acks
. Al
l sac
ks w
ere
palle
tised
at t
he P
errin
vale
Sta
tion
hom
este
ad a
nd d
ispa
tche
d as
a s
ingl
e ba
tch
by a
cou
rier s
ervi
ce fr
om L
eono
ra to
the
labo
rato
ry in
Per
th.
• N
omin
al s
plit
size
s w
ere
appr
oxim
atel
y 3.
5 kg
.
Dia
mon
d dr
illin
g (D
D) s
ampl
ing:
(201
1)
• Af
ter l
oggi
ng, m
ark-
up, a
nd p
hoto
grap
hing
cor
e (w
et a
nd d
ry),
the
core
(whe
n or
ient
ed) w
as a
ligne
d in
the
core
sa
w s
o th
at it
cut
~2
cm to
the
low
er s
ide
of th
e or
ient
atio
n lin
e (s
ide
oppo
site
to w
here
dow
nhol
e tic
k an
d ot
her
info
rmat
ion
is w
ritte
n).
Onc
e cu
t, th
e ha
lf pi
ece
of s
ampl
e th
at d
oes
not h
ave
info
rmat
ion
writ
ten
on is
bag
ged
in
calic
o an
d se
nt fo
r tes
ting,
whe
reas
the
othe
r hal
f is
repl
aced
in th
e co
re tr
ay.
• C
ore
sam
ples
wer
e te
rmin
ated
at l
ithol
ogic
al b
ound
arie
s an
d sa
mpl
ing
inte
rval
leng
ths
rang
ed fr
om ~
0.1
m to
>1
.2 m
.
8 0
J U P I T E R M I N E S L I M I T E D
Appendices: JORC Tables
![Page 83: ANNUAL REPORT 2018...LETTER Dear Shareholders, The financial year ending 28 February 2018 was a year of record performance for Jupiter Mines Limited, culminating in the biggest mining](https://reader035.vdocument.in/reader035/viewer/2022063016/5fd4bba8ea01961fe30ac672/html5/thumbnails/83.jpg)
SRK
Con
sulti
ng
Appe
ndix
A-2
CU
NN
/BR
OW
/wul
r Ju
pite
r IG
R T
able
1 fo
r Mt M
ason
and
Mt I
da.d
ocx
23 M
ay 2
018
Crit
eria
JO
RC
Cod
e ex
plan
atio
n C
omm
enta
ry
Add
ition
al d
rillin
g:
• An
add
ition
al 4
PQ
dia
mon
d ho
les
wer
e dr
illed
in 2
012
for g
eote
chni
cal p
urpo
ses
only
and
SR
K is
not
aw
are
of a
ny
sam
plin
g or
ass
ayin
g as
soci
ated
with
thes
e ge
otec
hnic
al d
rill h
oles
.
Dril
ling
tech
niqu
es
• D
rill t
ype
(e.g
. cor
e, re
vers
e ci
rcul
atio
n, o
pen -
hole
ham
mer
, rot
ary
air b
last
, aug
er, B
angk
a, s
onic
, etc
.) an
d de
tails
(e.g
. cor
e di
amet
er, t
riple
or
sta
ndar
d tu
be, d
epth
of d
iam
ond
tails
, fac
e-sa
mpl
ing
bit o
r oth
er ty
pe,
whe
ther
cor
e is
orie
nted
and
if s
o, b
y w
hat m
etho
d, e
tc.).
• Fo
r RC
: A U
nim
og-m
ount
ed In
gers
oll-R
and
mod
el H
R2
drill
was
set
up
with
825
cfm
@ 4
00 p
si a
ir co
mpr
esso
r op
erat
ing
a 12
0 m
m R
C h
amm
er.
• Fo
r DD
: Ter
ra D
rillin
g, a
Kal
goor
lie b
ased
con
tract
or, u
sed
a Te
rra R
ig 1
fitte
d w
ith H
Q3
and
PQ3
corin
g eq
uipm
ent.
Dril
l sam
ple
reco
very
•
Met
hod
of re
cord
ing
and
asse
ssin
g co
re a
nd c
hip
sam
ple
reco
verie
s an
d re
sults
ass
esse
d.
• M
easu
res
take
n to
max
imis
e sa
mpl
e re
cove
ry a
nd e
nsur
e re
pres
enta
tive
natu
re o
f the
sam
ples
. •
Whe
ther
a re
latio
nshi
p ex
ists
be
twee
n sa
mpl
e re
cove
ry a
nd g
rade
an
d w
heth
er s
ampl
e bi
as m
ay h
ave
occu
rred
due
to p
refe
rent
ial l
oss/
gain
of
fine
/coa
rse
mat
eria
l.
• Fo
r the
pre
-201
1 dr
ill pr
ogra
ms,
no
reco
rds
of d
rill c
hip
reco
very
wer
e ke
pt.
How
ever
, it i
s no
ted
that
two
hole
s ha
ve s
ectio
ns w
here
no
sam
ples
wer
e co
llect
ed a
nd a
ccor
ding
to in
form
atio
n pr
ovid
ed b
y Ju
pite
r, th
is w
as d
ue to
“d
rille
r erro
r”. J
upite
r re -
sam
pled
hol
es 0
8MM
RC
001
and
08M
MR
C00
2 fro
m th
e re
tent
ion
half
core
and
thes
e as
say
resu
lts w
ere
used
in th
e re
sour
ce e
stim
ates
.
RC
•
The
hole
s w
ere
drille
d w
ith a
ll sa
mpl
es b
eing
col
lect
ed v
ia th
e R
C s
yste
m.
A m
inor
am
ount
of b
ypas
s fro
m th
e st
uffin
g bo
x at
the
colla
r occ
urre
d.
Dus
t rej
ectio
n fro
m th
e cy
clon
e w
as m
inim
ised
by
care
ful u
se o
f wat
er in
ject
ion
whi
le d
rillin
g. S
ome
hole
s re
quire
d th
e us
e of
a fo
amin
g ag
ent t
o as
sist
in li
fting
cut
tings
and
mai
ntai
ning
hol
e w
all
stab
ility.
Onl
y m
inor
am
ount
s of
wat
er w
ere
inte
rsec
ted
in th
e ho
les
and
only
a fe
w s
ampl
es w
ere
colle
cted
in a
w
et s
tate
. Th
e co
mpl
ete
indi
vidu
al s
ampl
e w
ere
not w
eigh
ed, b
ut a
ll sa
mpl
e re
ject
was
col
lect
ed in
rete
ntio
n ba
gs
stor
ed a
t the
dril
l site
in a
seq
uent
ial m
anne
r, in
the
even
t tha
t fur
ther
sam
plin
g be
war
rant
ed.
• Ea
ch m
etre
of R
C d
rillin
g w
as re
pres
ente
d by
a g
reen
bag
of r
esid
ual s
ampl
e, a
long
with
a p
rimar
y an
d a
dupl
icat
e sa
mpl
e in
a s
epar
ate
calic
o ba
g. T
he R
C ri
gs u
sed
for t
his
prog
ram
wer
e fit
ted
with
the
equi
vale
nt c
one
split
ters
se
tup
to d
istri
bute
sam
plin
g m
ater
ial a
s fo
llow
s:
- A
37.5
% re
pres
enta
tive
sam
ple
into
the
gree
n ba
g
- A
12.5
% re
pres
enta
tive
sam
ple
into
the
prim
ary
calic
o ba
g
- A
12.5
% re
pres
enta
tive
sam
ple
into
the
dupl
icat
e ca
lico
bag
-
A 37
.5%
repr
esen
tativ
e w
aste
sam
ple,
dis
char
ged
onto
the
grou
nd
• Th
e on
site
geo
logi
st a
lway
s ch
ecke
d fo
r an
unev
en d
istri
butio
n of
sam
ple
acco
rdin
g to
the
abov
e pe
rcen
tage
s.
• Th
e fo
llow
ing
key
info
rmat
ion
on fi
eld
sam
ple
qual
ity fo
r RC
dril
ling
was
reco
rded
on
the
‘Sam
plin
g’ s
heet
: -
Sam
plin
g m
oist
ure
(cla
ssifi
ed a
s W
et, M
oist
or D
ry)
- Sa
mpl
e re
cove
ry (c
lass
ified
as
<50%
, 50%
-70%
, 70%
-90%
, 90%
-100
% o
r >10
0%).
• It
was
the
resp
onsi
bilit
y of
the
geol
ogis
t ass
igne
d to
rig
supe
rvis
ion
and
logg
ing
of a
hol
e to
reco
rd th
is in
form
atio
n.
The
reco
very
per
cent
ages
wer
e es
timat
ed fr
om th
e co
nten
ts o
f the
resi
dual
sam
ple
in th
e gr
een
bag.
MT MASON JORC TABLE 1 (CONTINUED)
8 1
A N N U A L R E P O R T 2 0 1 8
Appendices: JORC Tables
![Page 84: ANNUAL REPORT 2018...LETTER Dear Shareholders, The financial year ending 28 February 2018 was a year of record performance for Jupiter Mines Limited, culminating in the biggest mining](https://reader035.vdocument.in/reader035/viewer/2022063016/5fd4bba8ea01961fe30ac672/html5/thumbnails/84.jpg)
MT MASON JORC TABLE 1 (CONTINUED)
SRK
Con
sulti
ng
Appe
ndix
A-3
CU
NN
/BR
OW
/wul
r Ju
pite
r IG
R T
able
1 fo
r Mt M
ason
and
Mt I
da.d
ocx
23 M
ay 2
018
Crit
eria
JO
RC
Cod
e ex
plan
atio
n C
omm
enta
ry
DD
•
Trip
le tu
bing
was
use
d to
max
imis
e re
cove
ry.
• Fo
r mea
surin
g co
re lo
ss, t
wo
met
hods
wer
e us
ed.
The
first
met
hod
was
don
e du
ring
the
1 m
mar
king
pro
cess
, to
avoi
d du
plic
atin
g w
ork
and
to e
nsur
e ag
reem
ent b
etw
een
the
met
hods
. Th
is in
volv
es re
cord
ing
the
follo
win
g da
ta
for e
ach
drill
run:
-
Dep
th F
rom
(met
res)
-
Dep
th T
o (m
etre
s)
- Ac
tual
cor
e m
easu
rem
ent (
met
res)
. •
This
dat
a is
reco
rded
on
the
‘DH
Rec
over
y’ s
heet
of t
he lo
ggin
g fil
e, fr
om w
hich
a n
umbe
r of a
dditi
onal
fiel
ds w
ere
calc
ulat
ed, i
nclu
ding
‘Rec
over
y’ a
nd ‘C
ore
Loss
’.
• Th
e se
cond
met
hod
of re
cord
ing
core
loss
was
with
in th
e Li
thol
ogy
log
itsel
f. E
very
sec
tion
of c
ore
loss
was
re
cord
ed a
s a
sepa
rate
inte
rval
in th
e lit
holo
gy lo
g, a
nd a
ll fie
lds
left
empt
y ap
art f
rom
‘Lith
code
’ in
whi
ch ‘C
/L’ w
as
ente
red.
For
exa
mpl
e, g
iven
an
inte
rval
(0 -
2 m
) with
con
sist
ent g
eolo
gy o
f Ban
ded
Iron
– H
emat
ite (B
IH),
but w
ith
an in
terv
al o
f cor
e lo
ss b
etw
een
1.2
m a
nd 1
.4 m
, thr
ee s
epar
ate
inte
rval
s w
ere
reco
rded
as
follo
ws:
-
0 - 1
.2 m
= B
IH, a
long
with
its
desc
riptiv
e fie
lds
-
1.2
- 1.4
m =
C/L
-
1.4
- 2.0
m =
BIH
, alo
ng w
ith it
s de
scrip
tive
field
s.
• Th
ere
is n
o re
latio
nshi
p be
twee
n sa
mpl
e re
cove
ry a
nd g
rade
.
Logg
ing
• W
heth
er c
ore
and
chip
sam
ples
hav
e be
en g
eolo
gica
lly a
nd g
eote
chni
cally
lo
gged
to a
leve
l of d
etai
l to
supp
ort
appr
opria
te M
iner
al R
esou
rce
estim
atio
n, m
inin
g st
udie
s an
d m
etal
lurg
ical
stu
dies
. •
Whe
ther
logg
ing
is q
ualit
ativ
e or
qu
antit
ativ
e in
nat
ure.
Cor
e (o
r co
stea
n, c
hann
el, e
tc.)
phot
ogra
phy.
•
The
tota
l len
gth
and
perc
enta
ge o
f th
e re
leva
nt in
ters
ectio
ns lo
gged
.
• R
C lo
ggin
g is
bas
ed o
n de
scrip
tions
of d
rill c
hip
sam
ples
. Lo
ggin
g w
as c
arrie
d ou
t by
seve
ral g
eolo
gist
s ov
er th
e va
rious
dril
ling
cam
paig
ns.
Jupi
ter i
ntro
duce
d a
com
pany
logg
ing
sche
ma,
com
men
cing
with
the
2008
dril
ling
prog
ram
. Th
is s
chem
a ha
d so
me
inco
nsis
tenc
ies
with
the
prev
ious
sch
ema.
For
the
purp
ose
of th
is re
sour
ce
estim
atio
n up
date
, the
lith
olog
ical
sum
mar
y lo
gs w
ere
sim
plifi
ed in
ac c
orda
nce
with
the
sche
ma
used
in th
e in
itial
20
06 a
nd 2
007
drilli
ng p
rogr
ams.
The
lith
olog
ical
ass
ignm
ents
app
lied
cons
ider
ed th
e w
hole
rock
ass
ay
info
rmat
ion.
Thi
s w
as p
artic
ular
ly im
porta
nt in
loca
ting
shal
ey u
nits
. A
digi
tal c
olou
r pho
togr
aph
of c
hip
tray(
s) fo
r ea
ch h
ole
was
take
n. E
ach
inte
rval
was
des
crib
ed in
term
s of
rock
type
, wea
ther
ing
and
colo
ur.
Thes
e re
cord
s w
ere
ente
red
onto
pap
er lo
gs a
nd th
en in
to a
n M
S Ac
cess
dat
abas
e.
• Th
e w
eath
erin
g st
age
– H
ighl
y W
eath
ered
(HW
), M
ediu
m W
eath
ered
and
Fre
sh (F
R) –
was
als
o lo
gged
, with
the
base
of H
W a
nd to
p of
FR
cor
resp
ondi
ng to
‘bas
e of
com
plet
e ox
idat
ion’
and
‘top
of f
resh
rock
’ res
pect
ivel
y.
• Lo
ggin
g of
DD
and
RC
in 2
011
incl
uded
reco
rdin
g of
lith
ocod
e, c
olou
r, ch
ip s
hape
, gra
in s
ize,
har
dnes
s, te
xtur
e,
min
eral
ogy,
wea
ther
ing,
and
sam
ple
moi
stur
e.
• H
andh
eld
Nito
n XR
F an
d m
agne
tic s
usce
ptib
ility
data
wer
e co
llect
ed fo
r the
201
1 dr
ill sa
mpl
es.
Dat
a w
ere
digi
tally
ca
ptur
ed in
a fi
eld
Toug
hboo
k™ c
ompu
ter.
A c
ombi
natio
n of
the
geol
ogic
al lo
gs, X
RF
and
mag
netic
sus
cept
ibilit
y da
ta w
as th
en u
sed
to s
elec
t sam
ple
inte
rval
s to
be
sent
to th
e la
bora
tory
for t
estin
g.
8 2
J U P I T E R M I N E S L I M I T E D
Appendices: JORC Tables
![Page 85: ANNUAL REPORT 2018...LETTER Dear Shareholders, The financial year ending 28 February 2018 was a year of record performance for Jupiter Mines Limited, culminating in the biggest mining](https://reader035.vdocument.in/reader035/viewer/2022063016/5fd4bba8ea01961fe30ac672/html5/thumbnails/85.jpg)
MT MASON JORC TABLE 1 (CONTINUED)
SRK
Con
sulti
ng
Appe
ndix
A-4
CU
NN
/BR
OW
/wul
r Ju
pite
r IG
R T
able
1 fo
r Mt M
ason
and
Mt I
da.d
ocx
23 M
ay 2
018
Crit
eria
JO
RC
Cod
e ex
plan
atio
n C
omm
enta
ry
Sub-
sam
plin
g te
chni
ques
an
d sa
mpl
e pr
epar
atio
n
• If
core
, whe
ther
cut
or s
awn
and
whe
ther
qua
rter,
half
or a
ll co
re
take
n.
• If
non-
core
, whe
ther
riffl
ed, t
ube
sam
pled
, rot
ary
split
, etc
. and
w
heth
er s
ampl
ed w
et o
r dry
. •
For a
ll sa
mpl
e ty
pes,
the
natu
re,
qual
ity a
nd a
ppro
pria
tene
ss o
f the
sa
mpl
e pr
epar
atio
n te
chni
que.
•
Qua
lity
cont
rol p
roce
dure
s ad
opte
d fo
r all
sub -
sam
plin
g st
ages
to
max
imis
e re
pres
entiv
ity o
f sam
ples
. •
Mea
sure
s ta
ken
to e
nsur
e th
at th
e sa
mpl
ing
is re
pres
enta
tive
of th
e in
si
tu m
ater
ial c
olle
cted
, inc
ludi
ng fo
r in
stan
ce re
sults
for f
ield
du
plic
ate/
seco
nd-h
alf s
ampl
ing.
•
Whe
ther
sam
ple
size
s ar
e ap
prop
riate
to th
e gr
ain
size
of t
he
mat
eria
l bei
ng s
ampl
ed.
• Ea
ch d
rill h
ole
had
a su
b-sa
mpl
e ta
ken
for e
ach
1 m
inte
rval
that
was
reta
ined
in a
num
bere
d an
d la
belle
d ch
ip
tray.
•
RC
sam
ples
wer
e lo
gged
and
sam
pled
by
wet
-sie
ving
. D
D c
ore
was
firs
t mar
ked
up a
nd o
rient
ed p
rior t
o be
ing
cut
in h
alf u
sing
a d
rill s
aw.
• D
urin
g th
e 20
08 R
C s
ampl
ing,
a d
uplic
ate
sam
ple
was
take
n fro
m th
e dr
ill cu
tting
s at
a fr
eque
ncy
of 1
in 3
0. T
hese
sa
mpl
es w
ere
subj
ect t
o th
e sa
me
proc
essi
ng a
nd a
ssay
ing
met
hods
as
norm
al s
ampl
es.
Late
r, a
field
spl
it du
plic
ate
sam
ple
was
take
n at
a ra
te o
f 1 in
20
sam
ples
. Th
e du
plic
ate
was
take
n fro
m th
e re
tent
ion
bag
usin
g th
e sp
ear m
etho
d. A
site
sta
ndar
d w
as a
lso
incl
uded
at a
rate
of 1
in 2
0 sa
mpl
es.
• Th
ree
iron
ore
CR
Ms
wer
e us
ed in
the
2008
cam
paig
n at
a m
inim
um ra
te o
f one
per
dril
l hol
e.
• C
RM
s an
d D
uplic
ates
wer
e al
so u
sed
in th
e 20
06 a
nd 2
007
cam
paig
n at
a ra
te o
f 1 in
20.
•
Prio
r to
2011
, no
blan
k sa
mpl
es w
ere
subm
itted
. •
For 2
011
sam
plin
g, a
sui
te o
f six
iron
ore
CR
Ms
(sou
rced
from
Geo
stat
s La
bora
torie
s) w
ere
used
. C
RM
s an
d D
uplic
ates
wer
e in
serte
d in
to th
e sa
mpl
e st
ream
at a
rate
of 1
in 2
5.
• Sa
mpl
e si
zes
in re
latio
n to
gra
in s
ize
wer
e ap
prop
riate
for M
iner
al R
esou
rce
estim
atio
n pu
rpos
es.
Qua
lity
of
assa
y da
ta
and
labo
rato
ry
test
s
• Th
e na
ture
, qua
lity
and
appr
opria
tene
ss o
f the
ass
ayin
g an
d la
bora
tory
pro
cedu
res
used
and
w
heth
er th
e te
chni
que
is c
onsi
dere
d pa
rtial
or t
otal
. •
For g
eoph
ysic
al to
ols,
sp
ectro
met
ers,
han
dhel
d XR
F in
stru
men
ts, e
tc.,
the
para
met
ers
used
in d
eter
min
ing
the
anal
ysis
in
clud
ing
inst
rum
ent m
ake
and
mod
el, r
eadi
ng ti
mes
, cal
ibra
tions
fa
ctor
s ap
plie
d an
d th
eir d
eriv
atio
n,
etc.
•
Nat
ure
of q
ualit
y co
ntro
l pro
cedu
res
adop
ted
(e.g
. sta
ndar
ds, b
lank
s,
dupl
icat
es, e
xter
nal l
abor
ator
y ch
ecks
) and
whe
ther
acc
epta
ble
leve
ls o
f acc
urac
y (i.
e. la
ck o
f bia
s)
and
prec
isio
n ha
ve b
een
esta
blis
hed.
• Fr
om 2
006,
ALS
Che
mex
, a N
ATA-
accr
edite
d la
bora
tory
in P
erth
, whi
ch h
as a
com
preh
ensi
ve in
tern
al Q
A/Q
C
syst
em, w
as u
sed.
On
prov
idin
g th
e as
say
resu
lts, t
he la
bora
tory
sim
ulta
neou
sly
prov
ides
the
resu
lts o
f its
inte
rnal
Q
A/Q
C.
• W
h ole
rock
det
erm
inat
ions
wer
e m
ade
usin
g XR
F te
chni
ques
on
a fu
sed
disk
of t
he s
ampl
e.
• Bo
th la
bora
tory
-inse
rted
and
clie
nt-in
serte
d Q
A/Q
C m
ater
ial r
esul
ts a
re c
heck
ed to
ens
ure
they
fall
with
in th
e re
quire
d co
ntro
l lim
its fo
r the
pro
ject
. In
the
case
of t
h e M
t Mas
on s
tudy
, the
lim
it is
thre
e st
anda
rd d
evia
tions
(3
SD) f
rom
the
acce
pted
val
ue fo
r the
CR
Ms.
•
Tabl
e 4-
3 (in
mai
n bo
dy o
f rep
ort)
sum
mar
ises
the
QA/
QC
revi
ews
for e
ach
cam
paig
n.
Q
A/Q
C 2
011
• D
ata
qual
ity fo
r the
201
1 dr
illing
cam
paig
n w
as a
sses
sed
by S
tew
art (
2011
) of D
extra
l Geo
logi
cal S
ervi
ces,
and
by
Bino
ir (2
011)
of S
RK.
A to
tal o
f 67
field
sta
ndar
ds a
nd 8
0 fie
ld d
uplic
ates
wer
e su
bmitt
ed.
No
blan
ks w
ere
subm
itted
. Th
e st
anda
rds
used
are
sum
mar
ised
in th
e fo
llow
ing
tabl
e.
8 3
A N N U A L R E P O R T 2 0 1 8
Appendices: JORC Tables
![Page 86: ANNUAL REPORT 2018...LETTER Dear Shareholders, The financial year ending 28 February 2018 was a year of record performance for Jupiter Mines Limited, culminating in the biggest mining](https://reader035.vdocument.in/reader035/viewer/2022063016/5fd4bba8ea01961fe30ac672/html5/thumbnails/86.jpg)
MT MASON JORC TABLE 1 (CONTINUED)
SRK
Con
sulti
ng
Appe
ndix
A-5
CU
NN
/BR
OW
/wul
r Ju
pite
r IG
R T
able
1 fo
r Mt M
ason
and
Mt I
da.d
ocx
23 M
ay 2
018
Crit
eria
JO
RC
Cod
e ex
plan
atio
n C
omm
enta
ry
•
Five
sta
ndar
ds w
ere
foun
d to
be
the
resu
lt of
fiel
d sw
aps
and
wer
e co
rrect
ed in
the
data
base
•
Stan
dard
s re
turn
ing
valu
es o
utsi
de o
f 3SD
of t
he m
ean
for a
spe
cific
ele
men
t wer
e co
nsid
ered
to h
ave
faile
d.
Indi
vidu
al s
tand
ards
con
tain
ing
mor
e th
an th
ree
fail e
d el
emen
ts (o
ut o
f Al 2O
3, Fe
, SiO
2, P
and
LOI)
wer
e co
nsid
ered
a fa
iled
stan
dard
. Ba
sed
on th
ese
crite
ria, 9
6% o
f the
sta
ndar
ds p
asse
d. T
his
incl
uded
resu
lts fr
om
GIO
P-01
4, w
hich
had
an
80%
failu
re ra
te.
The
use
of th
is s
tand
ard
was
dis
cont
inue
d du
e to
its
poor
per
form
ance
an
d it
was
sub
sequ
ently
rem
oved
from
the
data
base
. R
emov
al o
f GIO
P-01
4 fro
m th
e da
tase
t sub
sequ
ently
re
sulte
d in
a 1
00%
pas
s ra
te fo
r sta
ndar
ds.
• Fi
eld
dupl
icat
es w
ere
incl
uded
in s
ampl
e su
bmis
sion
s to
mon
itor f
ield
sam
plin
g pr
actic
es.
The
perfo
rman
ce o
f fie
ld
dupl
icat
es w
as m
easu
red
usin
g R
elat
ive
Paire
d D
iffer
ence
Plo
ts, S
catte
r Plo
ts a
nd Q
-Q P
lots
. A
sing
le d
ata
entry
er
ror w
as fo
und
and
corre
cted
prio
r to
the
revi
ew.
Scat
ter p
lots
for a
ll el
emen
ts s
how
ed re
gres
sion
coe
ffici
ents
>0
.95.
Fe
assa
ys h
ad a
regr
essi
on c
oeffi
cien
t of 0
.99,
with
94%
of d
ata
fallin
g w
ithin
10%
of t
he e
xpec
ted
valu
e.
Both
SiO
2 an
d Al
2O3 h
ad a
regr
essi
on c
oeffi
cien
t of 0
.99,
with
79%
and
74%
of d
ata
fallin
g w
ithin
10%
of t
he
expe
cted
val
ue re
spec
tivel
y. P
and
LO
I sho
wed
a lo
wer
rate
of r
epea
tabi
lity,
with
70%
and
69%
of t
he d
ata
fallin
g w
ithin
10%
of t
he e
xpec
ted
valu
es.
Q-Q
plo
ts in
dica
te th
at m
ost e
lem
ents
sho
w n
o si
gnifi
cant
bia
s be
twee
n th
e or
igin
al a
nd th
e du
plic
ate
sam
ple,
whi
ch s
ugge
sts
that
the
labo
rato
ry’s
cal
ibra
tion
is a
ccur
ate.
Rel
ativ
e pa
ired
diffe
renc
e pl
ots
high
light
ed th
e ca
libra
tion
varia
nce
betw
een
Fe a
nd th
e ot
her f
our m
ajor
ele
men
ts, w
ith F
e ha
ving
th
e gr
eate
st a
mou
nt o
f bia
s, b
ut d
ispl
ayin
g th
e le
ast a
mou
nt o
f spr
ead.
Fe
had
a bi
as to
war
ds th
e or
igin
al s
ampl
e at
val
ues
clos
e to
the
low
er d
etec
tion
limit,
with
the
bias
tren
ding
tow
ards
the
dupl
icat
e at
hig
her v
alue
s. A
l 2O3
disp
lays
the
grea
test
am
ount
of s
prea
d, s
ugge
stin
g th
at th
e ca
libra
tion
of th
e XR
F in
stru
men
t was
not
opt
imis
ed fo
r Al
2O3.
Tw
o du
plic
ates
faile
d fo
ur o
f the
five
ana
lyse
s an
d ar
e co
nsid
ered
faile
d du
plic
ates
. JM
S008
00 a
ppea
rs to
be
a d
uplic
ate
of J
MS0
0798
, and
may
be
the
resu
lt of
an
acci
dent
al fi
eld
swap
, alth
ough
this
is n
ot c
oncl
usiv
e as
so
me
anal
yses
do
not e
xact
ly m
atch
the
orig
inal
sam
ple
JMS0
0798
. JM
0130
0 ap
pear
s to
mat
ch J
MS0
1305
and
m
ay b
e th
e re
sult
of a
labo
rato
ry s
wap
dur
ing
sam
ple
prep
arat
ion.
Stan
dard
A
l 2O3%
Fe
(%)
SiO
2 (%
) P%
LO
I (%
) Su
pplie
r So
urce
M
ater
ial
Cer
tific
atio
n A
ssay
M
etho
d
GIO
P-01
4 3.
56
61.4
0 5.
27
0.04
0 2.
35
Geo
stat
s M
urch
ison
4
Labs
XR
F
GIO
P-01
5 4.
06
50.7
0 20
.10
0.03
0 1.
31
Geo
stat
s M
urch
ison
4
Labs
XR
F
GIO
P-01
7 3.
28
58.5
0 6.
13
0.06
0 6.
20
Geo
stat
s Pi
lbar
a 4
Labs
XR
F
GIO
P-06
4 2.
56
56.3
2 8.
03
0.03
7 5.
53
Geo
stat
s Pi
lbar
a 5
Labs
XR
F
GIO
P-07
8 2.
48
57.8
3 5.
02
0.04
0 8.
97
Geo
stat
s Pi
lbar
a 5
Labs
XR
F
GIO
P-09
0 1.
63
65.6
2 2.
44
0.15
9 1.
25
Geo
stat
s Pi
lbar
a 5
Labs
XR
F
8 4
J U P I T E R M I N E S L I M I T E D
Appendices: JORC Tables
![Page 87: ANNUAL REPORT 2018...LETTER Dear Shareholders, The financial year ending 28 February 2018 was a year of record performance for Jupiter Mines Limited, culminating in the biggest mining](https://reader035.vdocument.in/reader035/viewer/2022063016/5fd4bba8ea01961fe30ac672/html5/thumbnails/87.jpg)
MT MASON JORC TABLE 1 (CONTINUED)
SRK
Con
sulti
ng
Appe
ndix
A-6
CU
NN
/BR
OW
/wul
r Ju
pite
r IG
R T
able
1 fo
r Mt M
ason
and
Mt I
da.d
ocx
23 M
ay 2
018
Crit
eria
JO
RC
Cod
e ex
plan
atio
n C
omm
enta
ry
QA
/QC
200
8 •
QA/
QC
pro
toco
ls w
ere
revi
ewed
by
Milt
on (2
009)
. N
o sa
mpl
es w
ere
flagg
ed a
s ha
ving
faile
d Q
A/Q
C a
nd a
ll da
ta
was
inco
rpor
ated
in th
e Fe
brua
ry 2
009
Infe
rred
Min
eral
Res
ourc
e es
timat
e.
• Th
ree
iron
ore
stan
dard
s w
ere
used
– G
IOP8
, 15
and
17 –
and
con
trol c
harts
sho
w a
ssay
ed v
alue
s ag
ains
t ex
pect
ed v
alue
and
lim
its o
f 2SD
. Al
l sam
ples
, exc
ept o
ne, f
ell w
ithin
acc
epta
ble
limits
. •
Fiel
d du
plic
ate
sam
ples
wer
e co
llect
ed a
t a fr
eque
ncy
of 1
in 3
0 fro
m R
C c
hip
sam
ples
. Th
ese
sam
ples
wer
e su
bjec
ted
to th
e sa
me
proc
essi
ng a
nd a
ssay
ing
met
hods
as
norm
al s
ampl
es.
The
regr
essi
on a
naly
sis
indi
cate
s th
at th
e pr
ecis
ion
of th
e re
sults
is w
ithin
acc
epta
ble
leve
ls.
Q
A/Q
C 2
007
• Q
A/Q
C p
roto
cols
are
brie
fly re
view
ed b
y M
ilton
(200
7).
No
sam
ples
wer
e fla
gged
as
havi
ng fa
iled
QA/
QC
and
all
data
was
inco
rpor
ated
into
the
Oct
ober
200
7 In
ferre
d M
iner
al R
esou
rce
estim
ate.
QA/
QC
con
sist
ed o
f fie
ld
dupl
icat
es a
nd s
tand
ard
refe
renc
e m
ater
ials
. O
n pr
ovid
ing
the
assa
y re
sults
, the
labo
rato
ry s
imul
tane
ousl
y pr
ovid
ed th
e re
sults
of i
ts in
tern
al Q
A/Q
C.
Both
labo
rato
ry-in
serte
d an
d Ju
pite
r-ins
erte
d Q
A/Q
C m
ater
ial r
esul
ts
wer
e ch
ecke
d by
Jup
iter t
o en
sure
they
fell
with
in th
e re
quire
d co
ntro
l lim
its o
f 3SD
from
the
expe
cted
val
ue.
QA/
QC
resu
lts w
ere
revi
ewed
gra
phic
ally
in a
tim
e se
quen
ce b
y Ju
pite
r to
iden
tify
any
syst
emic
bia
s. D
uplic
ate
sam
ples
wer
e re
view
ed to
pro
vide
insi
ght i
nto
sam
plin
g pr
oces
ses
and
iden
tify
any
hom
ogen
eity
issu
es.
Q
A/Q
C 2
006
• Ju
pite
r’s c
ontra
ct d
atab
ase
adm
inis
trato
r, rO
REd
ata,
sup
plie
d SR
K w
ith a
ssay
resu
lts a
nd c
ontro
l cha
rts fo
r st
anda
rds
as w
ell a
s re
sults
for d
uplic
ate
anal
ysis
. St
anda
rds
wer
e co
nsid
ered
to h
ave
faile
d w
hen
fallin
g ou
tsid
e 3S
D fr
om th
e ex
pect
ed v
alue
. Le
ss th
an 2
% o
f ass
ayed
sta
ndar
ds fe
ll ou
tsid
e of
con
trol l
imits
. •
Dup
licat
es w
ere
cons
ider
ed to
hav
e fa
iled
if th
e di
ffere
nce
betw
een
orig
inal
and
dup
licat
e as
says
was
>20
%.
Of
the
18 d
uplic
ate
sam
ples
, one
dup
licat
e ha
d an
Fe
assa
y fa
lling
outs
ide
the
20%
lim
it an
d a
furth
er th
ree
dupl
icat
es
had
SiO
2 and
/or A
l 2O3 a
ssay
s fa
lling
outs
ide
of th
e 20
% li
mit.
•
Ove
rall,
SR
K is
sat
isfie
d th
at a
ccep
tabl
e le
vels
of a
ccur
acy
and
prec
isio
n ha
ve b
een
esta
blis
hed
for M
iner
al
Res
ourc
e es
timat
ion
purp
oses
.
Verif
icat
ion
of
sam
plin
g an
d as
sayi
ng
• Th
e ve
rific
atio
n of
sig
nific
ant
inte
rsec
tions
by
eith
er in
depe
nden
t or
alte
rnat
ive
com
pany
per
sonn
el.
• Th
e us
e of
twin
ned
hole
s.
• D
ocum
enta
tion
of p
rimar
y da
ta, d
ata
entry
pro
cedu
res,
dat
a ve
rific
atio
n,
data
sto
rage
(phy
sica
l and
el
ectro
nic)
pro
toco
ls.
• D
iscu
ss a
ny a
djus
tmen
t to
assa
y da
ta.
• Th
e di
gita
l dat
a is
hel
d in
an
MS
Acce
ss d
atab
ase.
Dat
a us
ed in
this
est
imat
ion
wer
e co
llect
ed b
y Ju
pite
r and
pr
ovid
ed to
SR
K in
MS
Acce
ss fo
rmat
(Mt M
ason
_201
1120
8.m
db).
• H
ardc
opy
and
digi
tal d
ata
was
sup
plie
d by
the
labo
rato
ry a
nd fi
led
as p
roje
ct fi
les
and
elec
troni
cally
with
all
prev
ious
pro
ject
dat
a.
• Sa
mpl
es c
olle
cted
pre
-200
9 th
at s
how
ed e
cono
mic
gra
des
of m
iner
alis
atio
n w
ere
subm
itted
to a
sec
ond
labo
rato
ry
for a
naly
sis.
The
resu
lts o
f the
se a
naly
ses
verif
ied
the
orig
inal
ass
ays.
•
All a
ctiv
ities
rela
ting
to s
ampl
ing
and
assa
ying
hav
e be
en c
arrie
d ou
t by
qual
ified
, pro
fess
iona
l ind
epen
dent
pe
rson
(s) o
r com
pani
es n
ot re
late
d to
Jup
iter,
but c
ontra
cted
to c
ompl
ete
spec
ific
task
s. N
o ot
her s
peci
fic
inde
pend
ent v
erifi
catio
n ha
s be
en u
nder
take
n.
• SR
K w
as s
uppl
ied
orig
inal
ass
ay s
heet
s fo
r 201
1 dr
illing
and
sam
plin
g pr
ogra
m o
nly.
•
The
use
of tw
inne
d ho
les
to v
erify
dat
a ha
s no
t bee
n do
ne.
8 5
A N N U A L R E P O R T 2 0 1 8
Appendices: JORC Tables
![Page 88: ANNUAL REPORT 2018...LETTER Dear Shareholders, The financial year ending 28 February 2018 was a year of record performance for Jupiter Mines Limited, culminating in the biggest mining](https://reader035.vdocument.in/reader035/viewer/2022063016/5fd4bba8ea01961fe30ac672/html5/thumbnails/88.jpg)
MT MASON JORC TABLE 1 (CONTINUED)
SRK
Con
sulti
ng
Appe
ndix
A-7
CU
NN
/BR
OW
/wul
r Ju
pite
r IG
R T
able
1 fo
r Mt M
ason
and
Mt I
da.d
ocx
23 M
ay 2
018
Crit
eria
JO
RC
Cod
e ex
plan
atio
n C
omm
enta
ry
• N
o ad
just
men
ts to
the
assa
y da
ta h
ave
been
mad
e.
Loca
tion
of
data
poi
nts
• Ac
cura
cy a
nd q
ualit
y of
sur
veys
use
d to
loca
te d
rill h
oles
(col
lar a
nd d
own -
hole
sur
veys
), tre
nche
s, m
ine
wor
king
s an
d ot
her l
ocat
ions
use
d in
M
iner
al R
esou
rce
estim
atio
n.
• Sp
ecifi
catio
n of
the
grid
sys
tem
use
d.
• Q
ualit
y an
d ad
equa
cy o
f top
ogra
phic
co
ntro
l.
• Th
e co
llar p
ositi
ons
for d
rill h
oles
dril
led
in 1
978
wer
e pi
cked
up
with
a h
andh
eld
GPS
. •
Jupi
ter e
ngag
ed a
lice
nsed
sur
veyo
r, D
ave
Hey
hoe,
dur
ing
Dec
embe
r 200
8 to
pic
k up
all
drill
hole
col
lars
, ge
ogra
phic
al fe
atur
es (t
rack
s an
d su
rvey
poi
nts)
and
to c
arry
out
a g
ridde
d su
rvey
to p
rovi
de A
ustra
lian
Hei
ght
Dat
um d
ata
for a
mor
e de
taile
d co
ntou
r pla
n of
the
area
. •
Dril
l hol
e co
llars
for t
he 2
011
cam
paig
n w
ere
surv
eyed
usi
ng d
iffer
entia
l Rea
l Tim
e Ki
nem
atic
s D
iffer
entia
l GPS
, w
ith a
n el
evat
ion
accu
racy
of 1
.5 m
. •
All c
oord
inat
es w
ere
reco
rded
in U
TM, G
DA
94 z
one
51 s
yste
ms.
Dat
a sp
acin
g an
d di
strib
utio
n
• D
ata
spac
ing
for r
epor
ting
of
Expl
orat
ion
Res
ults
. •
Whe
ther
the
data
spa
cing
and
di
strib
utio
n is
suf
ficie
nt to
est
ablis
h th
e de
gree
of g
eolo
gica
l and
gra
de
cont
inui
ty a
ppro
pria
te fo
r the
Min
eral
R
esou
rce
and
Ore
Res
erve
es
timat
ion
proc
edur
e(s)
and
cl
assi
ficat
ions
app
lied.
•
Whe
ther
sam
ple
com
posi
ting
has
been
app
lied.
• Th
e fir
st d
rillin
g ca
mpa
ign
by J
upite
r was
des
igne
d to
clo
se o
ff th
e M
t Mas
on m
iner
alis
atio
n to
the
north
and
eas
t, an
d to
test
sev
eral
targ
ets
prev
ious
ly re
cogn
ised
in p
relim
inar
y m
appi
ng b
y W
alsh
(200
6).
The
spac
ing
and
loca
tion
of th
e ho
les
wer
e la
rgel
y re
stric
ted
to e
xist
ing
track
s or
are
as th
at h
ad b
een
inve
stig
ated
by
a bo
tani
st a
nd
appr
oved
for m
inim
al c
lear
ing
by th
e D
epar
tmen
t of E
nviro
nmen
t and
Con
serv
atio
n (D
EC).
The
gen
eral
ly fl
at to
m
oder
ate
east
or w
est d
ippi
ng n
atur
e of
the
mai
n po
tent
ial u
nits
ena
bled
the
use
of v
ertic
al d
rillin
g fo
r eva
luat
ing
the
exte
nt o
f min
eral
isat
ion.
Thi
s al
so s
impl
ified
the
clea
ring
requ
irem
ents
and
the
type
of d
rill r
ig th
at c
an b
e us
ed.
The
spac
ing
of th
e ta
rget
dril
l hol
es w
ere
not d
esig
ned
to a
dher
e to
a re
gula
r grid
, but
veg
etat
ion
clea
ring
cond
ition
s.
• Th
e dr
illing
test
ing
of M
t Mas
on w
as la
rgel
y co
nstra
ined
by
envi
ronm
enta
l con
side
ratio
ns a
nd w
as in
itial
ly re
stric
ted
to o
ld tr
acks
and
cle
ared
are
as.
The
2008
pro
gram
was
furth
er re
stric
ted
by fa
una
(Mal
leef
owl)
cons
ider
atio
ns.
This
has
resu
lted
in a
pat
tern
of d
rillin
g th
at is
not
ent
irely
a re
gula
r grid
pat
tern
, but
is lo
osel
y a
50 m
by
50 m
pa
ttern
. •
All d
rillin
g pr
e-20
11 w
as v
ertic
al, a
nd s
ampl
ing
thro
ugh
min
eral
isat
ion
has
been
on
1 m
leng
ths.
•
A to
tal o
f 43
incl
ined
hol
es w
ere
drille
d in
201
1.
• 2
m c
ompo
site
s w
ere
take
n in
som
e ar
eas
of lo
w g
rade
or u
nmin
eral
ised
mat
eria
ls.
Hol
es th
at in
ters
ecte
d si
gnifi
cant
are
as o
f unm
iner
alis
ed ro
ck w
ere
not s
ampl
ed.
• N
o sa
mpl
e co
mpo
sitin
g w
as u
nder
take
n.
Orie
ntat
ion
of
data
in
rela
tion
to
geol
ogic
al
stru
ctur
e
• W
heth
er th
e or
ient
atio
n of
sam
plin
g ac
hiev
es u
nbia
sed
sam
plin
g of
po
ssib
le s
truct
ures
and
the
exte
nt to
w
hich
this
is k
now
n, c
onsi
derin
g th
e de
posi
t typ
e.
• If
the
rela
tions
hip
betw
een
the
drilli
ng
orie
ntat
ion
and
the
orie
ntat
ion
of k
ey
min
eral
ised
stru
ctur
es is
con
side
red
to h
ave
intro
duce
d a
sam
plin
g bi
as,
this
sho
uld
be a
sses
sed
and
repo
rted
if m
ater
ial.
• Su
rface
map
ping
and
dril
ling
resu
lts in
dica
te a
stro
ng s
trike
dire
ctio
n co
ntro
l with
min
eral
isat
ion
exte
ndin
g do
wn
dip.
Whi
le th
e ve
rtica
l dril
l hol
e or
ient
atio
n fo
r pre
-201
1 dr
illing
was
ade
quat
e fo
r Inf
erre
d M
iner
al R
esou
rce
estim
atio
n, in
ord
er to
incr
ease
cla
ssifi
catio
n an
d co
nfid
ence
of m
iner
alis
atio
n, h
oles
in th
e 20
11 c
ampa
ign
wer
e dr
illed
near
orth
ogon
al to
nor
th-n
orth
wes
t stri
ke a
nd s
hallo
w to
mod
erat
e di
ps o
f 20°
to 6
0° to
the
east
. •
A to
tal o
f 43
hole
s ha
ve d
ownh
ole
surv
eys,
and
20
incl
ined
hol
es d
o no
t. T
he d
ownh
ole
surv
ey d
ata
was
revi
ewed
an
d th
e de
viat
ion
in b
oth
bear
ing
and
dip
inve
stig
ated
. Th
e ch
ange
in b
earin
g an
d di
p is
rela
tivel
y sm
all f
or
incl
ined
hol
es; t
he c
hang
e in
bea
ring
is s
igni
fican
t for
ver
tical
hol
es, a
lthou
gh th
e ch
ange
s in
dip
rem
ain
smal
l.
This
is to
be
expe
cted
for v
ertic
al h
oles
whe
re a
ver
y sm
all d
efle
ctio
n ca
n re
sult
in a
sig
nific
ant c
hang
e in
bea
ring.
•
Whi
le v
ertic
al d
rillin
g m
ay h
ave
intro
duce
d so
me
sam
plin
g bi
as, m
ost o
f the
incl
ined
hol
es w
ere
drille
d w
est-
sout
hwes
t, ne
ar o
rthog
onal
to th
e no
rth-n
orth
wes
t stri
ke o
f BIF
uni
ts, a
nd a
t dip
s of
bet
wee
n 85
° an
d 50
° fro
m th
e ho
rizon
tal.
Min
eral
ised
uni
ts h
ave
shal
low
to m
oder
ate
dips
of 2
0° to
60°
to th
e ea
st.
8 6
J U P I T E R M I N E S L I M I T E D
Appendices: JORC Tables
![Page 89: ANNUAL REPORT 2018...LETTER Dear Shareholders, The financial year ending 28 February 2018 was a year of record performance for Jupiter Mines Limited, culminating in the biggest mining](https://reader035.vdocument.in/reader035/viewer/2022063016/5fd4bba8ea01961fe30ac672/html5/thumbnails/89.jpg)
MT MASON JORC TABLE 1 (CONTINUED)
SRK
Con
sulti
ng
Appe
ndix
A-8
CU
NN
/BR
OW
/wul
r Ju
pite
r IG
R T
able
1 fo
r Mt M
ason
and
Mt I
da.d
ocx
23 M
ay 2
018
Crit
eria
JO
RC
Cod
e ex
plan
atio
n C
omm
enta
ry
• O
vera
ll, s
ampl
ing
bias
is m
inim
al a
nd is
take
n in
to a
ccou
nt in
the
clas
sific
atio
n of
the
Min
eral
Res
ourc
e es
timat
e.
Sam
ple
secu
rity
• Th
e m
easu
res
take
n to
ens
ure
sam
ple
secu
rity.
•
Littl
e is
kno
wn
abou
t sam
ple
secu
rity
pre-
2011
. Fo
r the
201
1 ca
mpa
ign,
fiel
d te
chni
cian
s w
ere
resp
onsi
ble
for
ensu
ring
that
the
sam
ples
wer
e ta
ken
from
the
corre
ct p
iece
of c
ore
and
from
the
corre
ct in
terv
als,
and
that
the
core
was
sam
pled
exa
ctly
to th
e in
terv
al m
arks
. C
ost c
ode
and
hole
num
bers
wer
e no
t ann
otat
ed o
n th
e ite
ms
to
be s
ent t
o th
e la
bora
tory
and
all
deta
ils w
ere
writ
ten
on th
e co
pies
of t
he s
ubm
issi
on s
heet
s re
tain
ed b
y Ju
pite
r.
Indi
vidu
al s
ampl
es w
ere
plac
ed in
pol
y -w
eave
bag
s, s
ecur
ed w
ith c
able
ties
and
shi
pped
to th
e la
bora
tory
for
anal
ysis
. A
reco
rd o
f all
sam
ples
shi
pped
was
reta
ined
by
the
geol
ogis
t sen
ding
the
sam
ple
ship
men
t. S
ampl
e su
bmis
sion
she
ets
wer
e fil
led
out b
y th
e ge
olog
ist b
y cr
eatin
g a
sam
ple
subm
issi
on n
umbe
r. Th
e sh
eet w
as c
opie
d an
d th
e ho
le ID
in th
e ‘In
tern
al U
se O
nly’
box
was
fille
d in
. T h
e sh
eet w
as th
en p
lace
d in
a p
last
ic s
leev
e an
d in
the
sam
ple
subm
issi
ons
fold
er, r
eady
for t
he n
ext c
ourie
r pic
k-up
.
Audi
ts o
r re
view
s •
The
resu
lts o
f any
aud
its o
r rev
iew
s of
sam
plin
g te
chni
ques
and
dat
a.
• SR
K co
nduc
ted
a th
orou
gh re
view
of d
rillin
g ‘S
tand
ard
Ope
ratin
g Pr
oced
ures
’, an
d ‘S
ampl
ing
and
QA/
QC
Pr
otoc
ols’
prio
r to
the
2011
dril
l cam
paig
n.
• N
o in
depe
nden
t aud
it or
revi
ew o
f sam
plin
g te
chni
ques
and
dat
a ha
s be
en u
nder
take
n.
8 7
A N N U A L R E P O R T 2 0 1 8
Appendices: JORC Tables
![Page 90: ANNUAL REPORT 2018...LETTER Dear Shareholders, The financial year ending 28 February 2018 was a year of record performance for Jupiter Mines Limited, culminating in the biggest mining](https://reader035.vdocument.in/reader035/viewer/2022063016/5fd4bba8ea01961fe30ac672/html5/thumbnails/90.jpg)
MT MASON JORC TABLE 1 (CONTINUED)
SRK
Con
sulti
ng
Appe
ndix
A-9
CU
NN
/BR
OW
/wul
r Ju
pite
r IG
R T
able
1 fo
r Mt M
ason
and
Mt I
da.d
ocx
23 M
ay 2
018
Sect
ion
2 R
epor
ting
of E
xplo
ratio
n R
esul
ts
(Crit
eria
list
ed in
Sec
tion
1 al
so a
pply
to th
is s
ectio
n.)
Crit
eria
JO
RC
Cod
e ex
plan
atio
n C
omm
enta
ry
Min
eral
te
nem
ent a
nd
land
tenu
re
stat
us
• Ty
pe, r
efer
ence
nam
e/nu
mbe
r, lo
catio
n an
d ow
ners
hip
incl
udin
g ag
reem
ents
or m
ater
ial i
ssue
s w
ith
third
par
ties
such
as
join
t ven
ture
s,
partn
ersh
ips,
ove
rridi
ng ro
yalti
es,
nativ
e tit
le in
tere
sts,
his
toric
al s
ites,
w
ilder
ness
or n
atio
nal p
ark
and
envi
ronm
enta
l set
tings
. •
The
secu
rity
of th
e te
nure
hel
d at
the
time
of re
porti
ng a
long
with
any
kn
own
impe
dim
ents
to o
btai
ning
a
licen
ce to
ope
rat e
in th
e ar
ea.
• Th
e m
ain
depo
sit f
alls
with
in M
inin
g Le
ase
M29
/408
whi
ch is
who
lly o
wne
d by
Jup
iter M
ines
Lim
ited,
was
gra
nted
on
25
Nov
embe
r 201
1 an
d ex
pire
s on
24
Nov
embe
r 203
2. T
he te
nem
ent i
s bo
unde
d by
Haw
thor
n R
esou
rces
’ te
nem
ent E
29/5
10 (E
xplo
ratio
n) to
the
north
and
the
Jupi
ter t
enem
ent G
29/0
22 (G
ener
al) t
o th
e so
uth.
•
The
Mt M
ason
tene
men
t is
with
in th
e bu
ffer z
one
of a
Prio
rity
Ecol
ogic
al C
omm
unity
, com
mon
ly k
now
n as
the
Band
ed Ir
on F
orm
atio
n (B
IF).
How
ever
, cle
arin
g of
the
mai
n na
tive
vege
tatio
n ty
pe re
quire
d fo
r the
pro
ject
is
estim
ated
to b
e <0
.5%
of p
re-E
urop
ean
exte
nt a
nd th
eref
ore
cons
ider
ed in
sign
ifica
nt in
the
Mur
chis
on B
iore
gion
re
gion
al c
onte
xt.
• Th
e m
ain
envi
ronm
enta
l ris
k fo
r the
pro
ject
rela
tes
to n
atio
nally
sig
nific
ant t
hrea
tene
d sp
ecie
s; p
redo
min
antly
M
alle
efow
l. A
lthou
gh th
ere
is c
urre
ntly
unl
ikel
y to
be
any
dire
ct im
pact
to th
is s
peci
es, t
he p
roje
ct w
ill be
refe
rred
for a
sses
smen
t und
er th
e E
PB
C A
ct fo
r pot
entia
l im
pact
s, a
nd s
ubse
quen
t man
agem
ent c
ondi
tions
will
need
to b
e im
plem
ente
d.
Expl
orat
ion
done
by
othe
r pa
rties
• Ac
know
ledg
men
t and
app
rais
al o
f ex
plor
atio
n by
oth
er p
artie
s.
• Th
e ex
iste
nce
of a
dep
osit
of h
emat
ite a
t Mt M
ason
has
bee
n kn
own
sinc
e 19
12 w
hen
H W
B T
albo
t dis
cove
red
it.
Talb
ot re
fers
to th
e m
iner
alis
atio
n in
GSW
A Bu
lletin
45
as “a
larg
e m
ass
of fi
ne ir
on o
re”.
Supe
rfici
al e
xplo
ratio
n fo
r iro
n or
e an
d pi
gmen
t has
occ
urre
d si
nce
then
. •
The
Geo
logi
cal S
urve
y of
Wes
tern
Aus
tralia
libr
ary
files
pro
vide
som
e in
form
atio
n on
the
grad
es a
nd to
nnag
es o
f lo
w p
hosp
horu
s he
mat
it e s
uita
ble
for s
teel
mak
ing,
incl
udin
g th
e de
tails
of f
ive
surfa
ce s
ampl
es w
hich
gav
e a
com
posi
te g
rade
of 6
2.8%
Fe,
with
0.0
42%
P.
• In
197
8, K
algo
orlie
Sou
ther
n G
oldm
ines
sur
veye
d a
grid
, cut
som
e ac
cess
trac
ks, m
appe
d pa
rt of
Mt M
ason
and
dr
illed
20 s
hallo
w p
ercu
ssio
n ho
les
for i
ron
pigm
ent.
No
quan
titat
ive
anal
yses
for i
ron
wer
e re
cord
ed fo
r the
se
hole
s, b
ut g
ener
al d
escr
iptio
ns o
f the
cut
tings
wer
e re
cord
ed.
• J
F W
alsh
car
ried
out s
urfa
ce m
appi
ng a
nd s
ampl
ing
of M
t Mas
on in
Apr
il 20
05, w
hich
resu
lted
in a
n es
timat
e of
th
e po
tent
ial f
or ir
on o
re a
nd a
pla
n fo
r fur
ther
wor
k on
the
tene
men
t com
pris
ing
a re
view
of a
eria
l pho
togr
aphy
and
m
agne
tic s
urve
ys, a
n en
viro
nmen
tal s
urve
y an
d dr
illing
. •
A re
sour
ce e
stim
ate
was
com
plet
ed in
Aug
ust 2
006
on th
e fir
st n
ine
hole
s dr
illed
into
the
depo
sit.
Base
d on
the
RC
pr
ogra
m o
f dril
l tes
ting
and
the
map
ped
outc
rop
of h
emat
ite m
iner
alis
atio
n, a
n In
ferre
d M
iner
al R
esou
rce
estim
ate
was
com
plet
ed. I
nter
sect
ion
wid
ths
used
in th
e ca
lcul
atio
ns w
ere
base
d on
>55
% F
e cu
t -off.
A 3
D m
odel
of t
he
>55%
Fe,
bas
ed o
n a
set o
f cro
ss s
ectio
n in
terp
reta
tions
link
ing
the
surfa
ce h
emat
ite e
xpre
ssio
n, w
as m
ade.
The
55
% F
e m
iner
alis
atio
n sh
ape
was
then
use
d in
a b
lock
mod
el w
hich
had
a c
ell s
ize
of 1
0 m
nor
th s
outh
, 5 m
eas
t w
est a
nd 2
m v
erti c
ally
. Th
e or
e sh
ape
was
use
d to
con
stra
in a
n es
timat
e of
the
grad
es u
sing
an
inve
rse
dist
ance
to
the
pow
er o
f 2 m
etho
ds, s
pher
ical
, pla
nar s
earc
h ou
t to
60 m
radi
us.
An a
vera
ge d
ensi
ty o
f 3.5
t/m
3 was
use
d to
es
timat
e to
nnag
e. O
n th
is b
asis
, the
Mt M
ason
Infe
rred
Min
eral
Res
ourc
e w
as e
stim
ated
.
8 8
J U P I T E R M I N E S L I M I T E D
Appendices: JORC Tables
![Page 91: ANNUAL REPORT 2018...LETTER Dear Shareholders, The financial year ending 28 February 2018 was a year of record performance for Jupiter Mines Limited, culminating in the biggest mining](https://reader035.vdocument.in/reader035/viewer/2022063016/5fd4bba8ea01961fe30ac672/html5/thumbnails/91.jpg)
MT MASON JORC TABLE 1 (CONTINUED)
SRK
Con
sulti
ng
Appe
ndix
A-1
0
CU
NN
/BR
OW
/wul
r Ju
pite
r IG
R T
able
1 fo
r Mt M
ason
and
Mt I
da.d
ocx
23 M
ay 2
018
Crit
eria
JO
RC
Cod
e ex
plan
atio
n C
omm
enta
ry
• D
urin
g Ju
ly 2
007,
a s
econ
d dr
illing
pro
gram
was
car
ried
out a
t Mt M
ason
and
pot
entia
l oth
er m
iner
alis
ed ta
rget
s.
This
pro
gram
of 1
2 ho
les
test
ed th
e du
e ea
st d
ownd
ip a
nd to
the
north
stri
ke e
xten
t of t
he h
emat
ite m
iner
alis
atio
n,
as w
ell a
s so
me
BIF
targ
ets.
In O
ctob
er 2
007,
Har
droc
k M
inin
g C
onsu
ltant
s co
mpl
eted
a M
iner
al R
esou
rce
estim
ate
in a
ccor
danc
e w
ith th
e JO
RC
Cod
e (2
004)
, usi
ng th
is n
ew d
ata.
The
reso
urce
rem
aine
d op
en b
oth
to th
e no
rthea
st a
nd s
outh
afte
r the
pro
gram
. •
An u
pdat
e to
the
Min
eral
Res
ourc
e w
as e
stim
ated
by
Har
droc
k M
inin
g C
onsu
ltant
s (in
acc
orda
nce
with
the
JOR
C
Cod
e (2
004)
, bas
ed o
n fu
rther
dril
ling
in 2
008.
•
SRK
used
furth
er d
rillin
g (R
C a
nd D
D) t
o re
port
an u
pdat
ed M
iner
al R
esou
rce
in F
ebru
ary
2012
in a
ccor
danc
e w
ith
the
JOR
C C
ode
(200
4).
Geo
logy
•
Dep
osit
type
, geo
logi
cal s
ettin
g an
d st
yle
of m
iner
alis
atio
n.
• Th
e M
t Mas
on ir
on o
re d
epos
it oc
curs
with
in th
e M
t Ida
Gre
enst
one
Belt.
The
Ida
Faul
t for
ms
a pr
omin
ent
stru
ctur
al fe
atur
e of
the
Mt I
da G
reen
ston
e Be
lt an
d m
arks
the
boun
dary
bet
wee
n th
e So
uthe
rn C
ross
and
Eas
tern
G
oldf
ield
s G
rani
te–G
reen
ston
e Te
rrane
s.
• Th
e M
t Mas
on a
rea
was
map
ped
in d
etai
l by
Jack
Wal
sh (2
005)
. Th
is m
appi
ng re
cogn
ised
out
crop
ping
mas
sive
he
mat
ite, “
shal
y he
mat
ite” z
ones
, iro
n-ric
h BI
F, ir
on-p
oor B
IF a
nd “C
anga
” ore
s th
at fo
rm th
e pr
omin
ent M
t Mas
on
hill
and
imm
edia
tely
sur
roun
ding
are
as.
This
type
of d
epos
it is
like
thos
e in
the
Kool
yano
bbin
g an
d M
t Win
darli
ng
area
s to
the
sout
h an
d w
est o
f Mt M
ason
. •
Und
erly
ing
rock
s of
the
leas
e ar
ea a
re A
rche
an in
age
and
are
con
side
red
part
of th
e M
ulga
bbie
For
mat
ion.
Th
e m
ain
units
out
crop
ping
in th
e ar
ea a
re B
IF w
ith m
inor
ass
ocia
ted
shal
es a
nd ra
re c
hert
band
s. B
asal
ts a
nd
dole
rites
out
crop
alo
ng th
e ce
ntra
l are
a of
the
leas
e on
the
wes
tern
sid
e of
the
mai
n sc
arp,
gra
nite
s in
the
sout
hwes
t cor
ner o
f the
leas
e ar
e ty
pica
lly o
verla
in b
y a
sand
pla
in.
• BI
F un
its s
trike
NN
W a
nd d
ip to
war
ds th
e ea
st a
t ang
les
of 2
0° to
60°
. BI
F un
its a
t Mt M
ason
are
cut
by
a W
NW
-st
rikin
g fa
ult d
ippi
ng a
t 80°
tow
ards
the
north
. A
dist
inct
zon
e of
bre
ccia
tion
and
quar
tz v
eini
ng a
ssoc
iate
d w
ith th
is
faul
t cro
ss-c
uts
the
BIF
units
. W
eath
erin
g as
soci
ated
with
this
faul
t res
ulte
d in
a s
ubst
antia
l bod
y of
mas
sive
to
bedd
ed h
emat
ite.
The
hem
atite
bod
y ou
tcro
ps o
ver a
n ap
prox
imat
e st
rike
leng
th o
f 600
m a
nd w
idth
of 1
50 m
. At
the
sout
h en
d of
the
hem
atite
bod
y, a
noth
er N
NW
stri
ke fa
ult m
ay c
ut th
e BI
F, a
lthou
gh fi
eld
evid
ence
is n
ot
stro
ng.
SRK
inte
rpre
ted
this
iden
tifie
d fa
ult a
s an
alte
ratio
n bo
unda
ry w
ith m
inor
dis
plac
emen
t. •
Hem
atite
min
eral
isat
ion
is b
elie
ved
to h
ave
form
ed b
y en
richm
ent o
f the
iron
con
tent
of B
IF a
nd a
ltera
tion
of
mag
netit
e to
hem
atite
by
the
pass
age
of ir
on-ri
ch w
ater
thro
ugh
the
syst
em.
Enric
hmen
t is
loca
lised
and
littl
e is
kn
own
abou
t its
con
trols
. H
emat
isat
ion
gene
rally
app
ears
to b
e bo
unde
d by
sha
le u
nits
whi
ch th
emse
lves
in s
ome
case
s ar
e pa
rtial
ly m
iner
alis
ed.
Faul
ts a
nd fo
ldin
g ha
ve b
een
iden
tifie
d as
pos
sibl
e im
porta
nt c
ontro
ls in
flui
d flo
w.
The
boun
dary
bet
wee
n “h
emat
ised
” and
BIF
uni
ts c
an b
e sh
arp
(ove
r 1 m
) or g
rada
tiona
l (se
vera
l met
res)
. G
ener
ally
, the
who
le m
iner
alis
ed s
eque
nce
dips
bet
wee
n 50
° an
d 60
° to
the
east
. Th
e ba
se o
f the
hem
atis
ed B
IF
over
lies
undi
ffere
ntia
ted
dole
rite
and
maf
ic ro
cks.
The
re is
re-c
emen
ted
hem
atite
rubb
le te
rmed
“Can
ga” d
epos
it do
wns
lope
of M
t Mas
on, w
hils
t the
nor
ther
n po
rtion
of t
he d
epos
it is
cov
ered
by
sedi
men
ts.
8 9
A N N U A L R E P O R T 2 0 1 8
Appendices: JORC Tables
![Page 92: ANNUAL REPORT 2018...LETTER Dear Shareholders, The financial year ending 28 February 2018 was a year of record performance for Jupiter Mines Limited, culminating in the biggest mining](https://reader035.vdocument.in/reader035/viewer/2022063016/5fd4bba8ea01961fe30ac672/html5/thumbnails/92.jpg)
MT MASON JORC TABLE 1 (CONTINUED)
SRK
Con
sulti
ng
Appe
ndix
A-1
1
CU
NN
/BR
OW
/wul
r Ju
pite
r IG
R T
able
1 fo
r Mt M
ason
and
Mt I
da.d
ocx
23 M
ay 2
018
Crit
eria
JO
RC
Cod
e ex
plan
atio
n C
omm
enta
ry
Dril
l hol
e In
form
atio
n •
A su
mm
ary
of a
ll in
form
atio
n m
ater
ial
to th
e un
ders
tand
ing
of th
e ex
plor
atio
n re
sults
incl
udin
g a
tabu
latio
n of
the
follo
win
g in
form
atio
n fo
r all
Mat
eria
l dril
l hol
es:
• ea
stin
g an
d no
rthin
g of
the
drill
hole
co
llar
• el
evat
ion
or R
L (R
educ
ed L
evel
–
elev
atio
n ab
ove
sea
leve
l in
met
res)
of
the
drill
hole
col
lar
• di
p an
d az
imut
h of
the
hole
•
dow
nhol
e le
ngth
and
inte
rcep
tion
dept
h •
hole
leng
th.
• If
the
excl
usio
n of
this
info
rmat
ion
is
just
ified
on
the
basi
s th
at th
e in
form
atio
n is
not
Mat
eria
l and
this
ex
clus
ion
does
not
det
ract
from
the
unde
rsta
ndin
g of
the
repo
rt, th
e C
ompe
tent
Per
son
shou
ld c
lear
ly
expl
ain
why
this
is th
e ca
se.
• N
o ne
w E
xplo
ratio
n R
esul
ts a
re re
porte
d. T
his
repo
rt re
late
s to
Min
eral
Res
ourc
es o
nly.
Dat
a ag
greg
atio
n m
etho
ds
• In
repo
rting
Exp
lora
tion
Res
ults
, w
eigh
ting
aver
agin
g te
chni
ques
, m
axim
um a
nd/o
r min
imum
gra
de
trunc
atio
ns (e
.g. c
uttin
g of
hig
h gr
ades
) and
cut
-off
grad
es a
re
usua
lly M
ater
ial a
nd s
houl
d be
st
ated
. •
Whe
re a
ggre
gate
inte
rcep
ts
inco
rpor
ate
shor
t len
gths
of h
igh
grad
e re
sults
and
long
er le
ngth
s of
lo
w g
rade
resu
lts, t
he p
roce
dure
us
ed fo
r suc
h ag
greg
atio
n sh
ould
be
stat
ed a
nd s
ome
typi
cal e
xam
ples
of
such
agg
rega
tions
sho
uld
be s
how
n in
det
ail.
• Th
e as
sum
ptio
ns u
sed
for a
ny
repo
rting
of m
etal
equ
ival
ent v
alue
s sh
ould
be
clea
rly s
tate
d.
• N
o ne
w E
xplo
ratio
n R
esul
ts a
re re
porte
d. T
his
repo
rt re
late
s to
Min
eral
Res
ourc
es o
nly.
9 0
J U P I T E R M I N E S L I M I T E D
Appendices: JORC Tables
![Page 93: ANNUAL REPORT 2018...LETTER Dear Shareholders, The financial year ending 28 February 2018 was a year of record performance for Jupiter Mines Limited, culminating in the biggest mining](https://reader035.vdocument.in/reader035/viewer/2022063016/5fd4bba8ea01961fe30ac672/html5/thumbnails/93.jpg)
MT MASON JORC TABLE 1 (CONTINUED)
SRK
Con
sulti
ng
Appe
ndix
A-1
2
CU
NN
/BR
OW
/wul
r Ju
pite
r IG
R T
able
1 fo
r Mt M
ason
and
Mt I
da.d
ocx
23 M
ay 2
018
Crit
eria
JO
RC
Cod
e ex
plan
atio
n C
omm
enta
ry
Rel
atio
nshi
p be
twee
n m
iner
alis
atio
n w
idth
s an
d in
terc
ept
leng
ths
• Th
ese
rela
tions
hips
are
par
ticul
arly
im
porta
nt in
the
repo
rting
of
Expl
orat
ion
Res
ults
. •
If th
e ge
omet
ry o
f the
min
eral
isat
ion
with
resp
ect t
o th
e dr
ill ho
le a
ngle
is
know
n, it
s na
ture
sho
uld
be re
porte
d.
• If
it is
not
kno
wn
and
only
the
dow
nhol
e le
ngth
s ar
e re
porte
d, th
ere
shou
ld b
e a
clea
r sta
tem
ent t
o th
is
effe
ct (e
.g. ‘
dow
n ho
le le
ngth
, tru
e w
idth
not
kno
wn’
).
• N
o ne
w E
xplo
ratio
n R
esul
ts a
re re
porte
d. T
his
repo
rt re
late
s to
Min
eral
Res
ourc
es o
nly.
Dia
gram
s •
Appr
opria
te m
aps
and
sect
ions
(with
sc
ales
) and
tabu
latio
ns o
f int
erce
pts
shou
ld b
e in
clud
ed fo
r any
sig
nific
ant
disc
over
y be
ing
repo
rted
Thes
e sh
ould
incl
ude,
but
not
be
limite
d to
a
plan
vie
w o
f dril
l hol
e co
llar l
ocat
ions
an
d ap
prop
riate
sec
tiona
l vie
ws.
• N
o ne
w E
xplo
ratio
n R
esul
ts a
re re
porte
d. T
his
repo
rt re
late
s to
Min
eral
Res
ourc
es o
nly.
Bala
nced
re
porti
ng
• W
here
com
preh
ensi
ve re
porti
ng o
f al
l Exp
lora
tion
Res
ults
is n
ot
prac
ticab
le, r
epre
sent
ativ
e re
porti
ng
of b
oth
low
and
hig
h gr
ades
and
/or
wid
ths
shou
ld b
e pr
actic
ed to
avo
id
mis
lead
ing
repo
rting
of E
xplo
ratio
n R
esul
ts.
• N
o ne
w E
xplo
ratio
n R
esul
ts a
re re
porte
d. T
his
repo
rt re
late
s to
Min
eral
Res
ourc
es o
nly.
Oth
er
subs
tant
ive
expl
orat
ion
data
• O
ther
exp
lora
tion
data
, if m
eani
ngfu
l an
d m
ater
ial,
shou
ld b
e re
porte
d in
clud
ing
(but
not
lim
ited
to):
geol
ogic
al o
bser
vatio
ns; g
eoph
ysic
al
surv
ey re
sults
; geo
chem
ical
sur
vey
resu
lts; b
ulk
sam
ples
– s
ize
and
met
hod
of tr
eatm
ent;
met
allu
rgic
al
test
resu
lts; b
ulk
dens
ity,
grou
ndw
ater
, geo
tech
nica
l and
rock
ch
arac
teris
tics;
pot
entia
l del
eter
ious
or
con
tam
inat
ing
subs
tanc
es.
• N
o ne
w E
xplo
ratio
n R
esul
ts a
re re
porte
d. T
his
repo
rt re
late
s to
Min
eral
Res
ourc
es o
nly.
9 1
A N N U A L R E P O R T 2 0 1 8
Appendices: JORC Tables
![Page 94: ANNUAL REPORT 2018...LETTER Dear Shareholders, The financial year ending 28 February 2018 was a year of record performance for Jupiter Mines Limited, culminating in the biggest mining](https://reader035.vdocument.in/reader035/viewer/2022063016/5fd4bba8ea01961fe30ac672/html5/thumbnails/94.jpg)
MT MASON JORC TABLE 1 (CONTINUED)
SRK
Con
sulti
ng
Appe
ndix
A-1
3
CU
NN
/BR
OW
/wul
r Ju
pite
r IG
R T
able
1 fo
r Mt M
ason
and
Mt I
da.d
ocx
23 M
ay 2
018
Crit
eria
JO
RC
Cod
e ex
plan
atio
n C
omm
enta
ry
Furth
er w
ork
• Th
e na
ture
and
sca
le o
f pla
nned
fu
rther
wor
k (e
.g. t
ests
for l
ater
al
exte
nsio
ns o
r dep
th e
xten
sion
s or
la
rge-
scal
e st
ep-o
ut d
rillin
g).
• D
iagr
ams
clea
rly h
ighl
ight
ing
the
area
s of
pos
sibl
e ex
tens
ions
, in
clud
ing
the
mai
n ge
olog
ical
in
terp
reta
tions
and
futu
re d
rillin
g ar
eas,
pro
vide
d th
is in
form
atio
n is
no
t com
mer
cial
ly s
ensi
tive.
• N
o ne
w E
xplo
ratio
n R
esul
ts a
re re
porte
d. T
his
repo
rt re
late
s to
Min
eral
Res
ourc
es o
nly.
9 2
J U P I T E R M I N E S L I M I T E D
Appendices: JORC Tables
![Page 95: ANNUAL REPORT 2018...LETTER Dear Shareholders, The financial year ending 28 February 2018 was a year of record performance for Jupiter Mines Limited, culminating in the biggest mining](https://reader035.vdocument.in/reader035/viewer/2022063016/5fd4bba8ea01961fe30ac672/html5/thumbnails/95.jpg)
MT MASON JORC TABLE 1 (CONTINUED)
SRK
Con
sulti
ng
Appe
ndix
A-1
4
CU
NN
/BR
OW
/wul
r Ju
pite
r IG
R T
able
1 fo
r Mt M
ason
and
Mt I
da.d
ocx
23 M
ay 2
018
Sect
ion
3 Es
timat
ion
and
Rep
ortin
g of
Min
eral
Res
ourc
es
(Crit
eria
list
ed in
sec
tion
1, a
nd w
here
rele
vant
in s
ectio
n 2,
als
o ap
ply
to th
is s
ectio
n.)
Crit
eria
JO
RC
Cod
e ex
plan
atio
n C
omm
enta
ry
Dat
abas
e in
tegr
ity
• M
easu
res
take
n to
ens
ure
that
da
ta h
as n
ot b
een
corru
pted
by,
fo
r exa
mpl
e, tr
ansc
riptio
n or
ke
ying
erro
rs, b
etw
een
its in
itial
co
llect
ion
and
its u
se fo
r Min
eral
R
esou
rce
estim
atio
n pu
rpos
es.
• D
ata
valid
atio
n pr
oced
ures
use
d.
• Ju
pite
r too
k re
spon
sibi
lity
for d
ata
colle
ctio
n an
d su
pplie
d th
e da
taba
se fo
r Mt M
ason
to S
RK
in M
S Ac
cess
form
at (M
t M
ason
_201
1120
8.m
db).
The
cut
-off
date
for a
ll da
ta is
8 D
ecem
ber 2
011.
A s
umm
ary
of th
e da
taba
se ta
bles
is
show
n be
low
: Tabl
e D
escr
iptio
n R
ecor
ds
Col
lar
Col
lar c
oord
inat
e da
ta fo
r dril
l hol
es
111
Assa
y D
rill h
ole
XRF
assa
y da
ta
(incl
udin
g 11
51 S
G v
ia p
ycno
met
er a
nd 2
11 S
G b
ulk
mea
sure
men
ts)
4,54
7
Surv
ey
Dow
nhol
e su
rvey
dat
a (g
yro
and
colla
r) 66
9
MM
_Lith
o Li
thol
ogy
code
s 3,
015
MM
_Bul
k_D
ensi
ty
Bulk
den
sity
dat
a fo
r BH
ID 1
1MM
DH
028
22
MM
_Nito
n_Fi
eld_
Mag
sus
Han
dhel
d XR
F re
adin
gs (i
nclu
ding
806
fiel
d m
agne
tic s
usce
ptib
ility
read
ings
) 2,
416
MM
_RQ
D_C
orel
oss
RQ
D n
umbe
rs a
nd re
cord
ed c
ore
loss
1,
618
•
SRK
revi
ewed
and
val
idat
ed th
e da
taba
se, n
otin
g a
smal
l num
ber o
f erro
rs.
Thes
e va
lidat
ion
erro
rs a
nd c
orre
ctiv
e ac
tion
take
n (E
rror
! Ref
eren
ce s
ourc
e no
t fou
nd. i
n m
ain
body
of r
epor
t).
Hol
e-ID
Va
lidat
ion
erro
r St
atus
08R
CM
M01
9 08
RC
MM
020
11M
MR
C00
9 11
MM
DH
016
11M
MD
H02
9
Plan
ned,
but
not
dril
led
Hol
es re
mov
ed fr
om d
atab
ase
11M
MD
H02
5 11
MM
DH
026
11M
MD
H02
8
Inco
rrect
col
lar c
o-or
dina
tes
in c
olla
r tab
le
Hol
e re
mov
ed fr
om d
atab
ase
9 3
A N N U A L R E P O R T 2 0 1 8
Appendices: JORC Tables
![Page 96: ANNUAL REPORT 2018...LETTER Dear Shareholders, The financial year ending 28 February 2018 was a year of record performance for Jupiter Mines Limited, culminating in the biggest mining](https://reader035.vdocument.in/reader035/viewer/2022063016/5fd4bba8ea01961fe30ac672/html5/thumbnails/96.jpg)
MT MASON JORC TABLE 1 (CONTINUED)
SRK
Con
sulti
ng
Appe
ndix
A-1
5
CU
NN
/BR
OW
/wul
r Ju
pite
r IG
R T
able
1 fo
r Mt M
ason
and
Mt I
da.d
ocx
23 M
ay 2
018
Crit
eria
JO
RC
Cod
e ex
plan
atio
n C
omm
enta
ry
Hol
e-ID
Va
lidat
ion
erro
r St
atus
MM
RC
107
MM
RC
117
08R
CM
M01
2 08
RC
MM
013
11M
MD
H02
4 11
MM
DH
026
11M
MD
H02
8
Blan
k re
cord
s in
ass
ay ta
ble
Rec
ords
rem
oved
from
dat
abas
e
•
SRK
is s
atis
fied
that
the
Min
eral
Res
ourc
e St
atem
ent i
s ba
sed
on a
n ap
prop
riate
ly c
ompr
ehen
sive
pro
cess
of
chec
king
by
Jupi
ter.
SR
K di
d no
t det
ect a
ny o
bvio
us e
rrors
.
Site
vis
its
• C
omm
ent o
n an
y si
te v
isits
un
derta
ken
by th
e C
ompe
tent
Pe
rson
and
the
outc
ome
of th
ose
visi
ts.
• If
no s
ite v
isits
hav
e be
en
unde
rtake
n in
dica
te w
hy th
is is
th
e ca
se.
• Se
vera
l SR
K co
nsul
tant
s vi
site
d si
te fr
om 2
010
to 2
012.
The
Com
pete
nt P
erso
n co
nduc
ted
map
ping
and
a Q
A/Q
C
site
vis
it to
the
adja
cent
Mt I
da d
epos
it. J
upite
r inf
orm
ed S
RK
that
no
addi
tiona
l exp
lora
tion
has
been
con
duct
ed a
t M
t Mas
on s
ince
rele
ase
of th
e pr
evio
us M
iner
al R
esou
rce
estim
ate
in F
ebru
ary
2012
. Th
eref
ore,
no
site
vis
it to
Mt
Mas
on h
as b
een
unde
rtake
n by
SR
K si
nce
Nov
embe
r 201
1.
Geo
logi
cal
inte
rpre
tatio
n •
Con
fiden
ce in
(or c
onve
rsel
y, th
e un
certa
inty
of)
the
geol
ogic
al
inte
rpre
tatio
n of
the
min
eral
de
posi
t. •
Nat
ure
of th
e da
ta u
sed
and
of
any
assu
mpt
ions
mad
e.
• Th
e ef
fect
, if a
ny, o
f alte
rnat
ive
inte
rpre
tatio
ns o
n M
iner
al
Res
ourc
e es
timat
ion.
•
The
use
of g
eolo
gy in
gui
ding
an
d co
ntro
lling
Min
eral
Res
ourc
e es
timat
ion.
•
The
fact
ors
affe
ctin
g co
ntin
uity
bo
th o
f gra
de a
nd g
eolo
gy.
• SR
K co
nstru
cted
a 3
D g
eolo
gy m
odel
whi
ch fo
rms
one
of th
e in
puts
to th
e M
iner
al R
esou
rce
bloc
k m
odel
. Th
e ge
olog
ical
mod
el c
aptu
res
the
geol
ogy
at a
sca
le a
ppro
pria
te fo
r the
ant
icip
ated
larg
e to
nnag
e bu
lk m
inin
g, a
nd ta
kes
the
geol
ogic
ally
via
ble
scal
es o
f min
ing
sele
ctiv
ity in
to c
onsi
dera
tion:
-
Nor
th Z
one:
Thi
s is
the
mai
n D
SO h
emat
ite b
ody
and
is s
truct
ural
ly c
onst
rain
ed b
y a
NN
E tre
ndin
g fa
ult t
o th
e w
est a
nd a
n N
E tre
ndin
g al
tera
tion
boun
dary
to th
e ea
st.
- So
uth
Zone
: Pr
edom
inan
tly u
nalte
red
BIF
with
“poc
kets
” of h
igh-
grad
e he
mat
ite g
ener
ally
clo
se to
sur
face
. -
Can
ga:
Det
rital
dep
osit
form
ed b
y th
e w
eath
erin
g an
d tra
nspo
rtatio
n of
und
erly
ing
Nor
th Z
one
and
Sout
h Zo
ne
units
, whi
ch c
onta
ins
elev
ated
iron
pro
xim
al to
Nor
th Z
one
units
, but
is g
ener
ally
hig
h in
det
rital
ele
men
ts.
- In
tern
al w
aste
: Fou
r int
erna
l sha
le u
nits
with
in th
e N
orth
and
Sou
th z
ones
term
ed W
aste
A, B
, C a
nd E
. -
Exte
rnal
was
te:
Und
iffer
entia
ted
was
te m
ater
ial o
utsi
de o
f the
Nor
th a
nd S
outh
zon
es.
• Th
ere
is a
hig
h co
nfid
ence
leve
l in
the
geol
ogic
al in
terp
reta
tion
of th
e m
iner
al d
epos
it. I
t is
wel
l mod
elle
d fro
m lo
ggin
g co
des
and
the
geol
ogic
al m
odel
ler c
ondu
cted
a 3
-day
site
vis
it w
hich
add
ress
ed a
nd re
ctifi
ed s
ome
inco
nsis
tenc
ies
in
logg
ing
and
field
mag
netic
sus
cept
ibilit
y da
ta.
• Th
ere
appe
ars
to b
e lim
ited
scop
e fo
r alte
rnat
ive
inte
rpre
tatio
ns.
It is
con
side
red
unlik
ely
that
alte
rnat
ive
inte
rpre
tatio
ns w
ould
hav
e a
subs
tant
ial i
mpa
ct o
n th
e M
iner
al R
esou
rce
estim
ate,
due
to th
e ge
ner a
lly c
lose
spa
cing
of
the
data
poi
nts
and
the
tabu
lar n
atur
e of
the
BIF
units
.
9 4
J U P I T E R M I N E S L I M I T E D
Appendices: JORC Tables
![Page 97: ANNUAL REPORT 2018...LETTER Dear Shareholders, The financial year ending 28 February 2018 was a year of record performance for Jupiter Mines Limited, culminating in the biggest mining](https://reader035.vdocument.in/reader035/viewer/2022063016/5fd4bba8ea01961fe30ac672/html5/thumbnails/97.jpg)
MT MASON JORC TABLE 1 (CONTINUED)
SRK
Con
sulti
ng
Appe
ndix
A-1
6
CU
NN
/BR
OW
/wul
r Ju
pite
r IG
R T
able
1 fo
r Mt M
ason
and
Mt I
da.d
ocx
23 M
ay 2
018
Crit
eria
JO
RC
Cod
e ex
plan
atio
n C
omm
enta
ry
• H
emat
isat
ion
gene
rally
app
ears
to b
e bo
unde
d by
sha
le u
nits
whi
ch th
emse
lves
, in
som
e ca
ses,
are
par
tially
m
iner
alis
ed.
Faul
ts a
nd fo
ldin
g ha
ve b
een
iden
tifie
d as
pos
sibl
e im
porta
nt c
ontro
ls in
flui
d flo
w.
The
boun
dary
be
twee
n “h
emat
ised
” and
BIF
uni
ts c
an b
e sh
arp
(ove
r 1 m
) or g
rada
tiona
l (se
vera
l met
res)
. G
ener
ally
, the
who
le
min
eral
ised
seq
uenc
e di
ps b
etw
een
50º a
nd 6
0º to
the
east
. Th
e ba
se o
f the
hem
atis
ed B
IF o
verli
es u
ndiff
eren
tiate
d do
lerit
e an
d m
afic
rock
s.
• Th
e m
iner
alis
ed z
ones
wer
e tre
ated
hav
ing
hard
bou
ndar
ies
durin
g gr
ade
estim
atio
n, w
hile
the
oxid
atio
n bo
unda
ries
wer
e tre
ated
as
soft
boun
darie
s, d
ue to
thei
r gra
datio
nal n
atur
e.
• Th
e m
ajor
fact
or a
ffect
ing
the
cont
inui
ty o
f bot
h gr
ade
and
geol
ogy
is fa
ultin
g. M
iner
alis
atio
n is
bou
nded
in th
e no
rth
by a
maj
or W
NW
faul
t dip
ping
80°
tow
ards
the
north
. A
dist
inct
zon
e of
bre
ccia
tion
and
quar
tz v
eini
ng a
ssoc
iate
d w
ith th
is fa
ult c
ross
-cut
s th
e BI
F un
its.
Wea
ther
ing
asso
ciat
ed w
ith th
is fa
ult r
esul
ted
in a
sub
stan
tial b
ody
of m
assi
ve
to b
edde
d he
mat
ite.
Min
eral
isat
ion
is b
ound
ed in
the
sout
h by
NN
W s
triki
ng fa
ult.
BIF
uni
ts s
trike
NN
W a
nd d
ip
tow
ards
the
east
at a
ngle
s of
20°
to 6
0°. T
hese
faul
t sur
face
s w
ere
treat
e d a
s ha
rd b
ound
arie
s du
ring
estim
atio
n.
Dim
ensi
ons
• Th
e ex
tent
and
var
iabi
lity
of th
e M
iner
al R
esou
rce
expr
esse
d as
le
ngth
(alo
ng s
trike
or
othe
rwis
e), p
lan
wid
th, a
nd d
epth
be
low
sur
face
to th
e up
per a
nd
low
er li
mits
of t
he M
iner
al
Res
ourc
e.
• Th
e he
mat
ite b
ody
outc
rops
ove
r an
appr
oxim
ate
strik
e le
ngth
of 6
00 m
and
wid
th o
f 150
m.
The
dept
h of
the
oreb
ody
was
mod
elle
d do
wn
to 3
50 m
RL
or a
ppro
xim
atel
y 20
0 m
ver
tical
relie
f. •
Boun
dary
ana
lysi
s w
as c
arrie
d ou
t to
dete
rmin
e th
e na
ture
of g
eolo
gica
l bou
ndar
ies.
Sof
t bou
ndar
ies
rang
ing
betw
een
1 m
and
3 m
wer
e ap
plie
d to
all
boun
darie
s, w
ith th
e ex
cept
ion
of th
e bo
ttom
con
tact
of t
he C
anga
, and
m
ajor
faul
ts b
ound
ing
the
Nor
th a
nd S
outh
zon
es.
• A
sum
mar
y of
app
lied
boun
darie
s is
giv
en in
in m
ain
body
of r
epor
t.
Estim
atio
n an
d m
odel
ling
tech
niqu
es
• Th
e na
ture
and
app
ropr
iate
ness
of
the
estim
atio
n te
chni
que(
s)
appl
ied
and
key
assu
mpt
ions
, in
clud
ing
treat
men
t of e
xtre
me
grad
e va
lues
, dom
aini
ng,
inte
rpol
atio
n pa
ram
eter
s an
d m
axim
um d
ista
nce
of
extra
pola
tion
from
dat
a p o
ints
. If
a co
mpu
ter a
ssis
ted
estim
atio
n m
etho
d w
as c
hose
n, in
clud
e a
desc
riptio
n of
com
pute
r sof
twar
e an
d pa
ram
eter
s us
ed.
• Th
e av
aila
bilit
y of
che
ck
estim
ates
, pre
viou
s es
timat
es
and/
or m
ine
prod
uctio
n re
cord
s an
d w
heth
er th
e M
iner
al
Res
ourc
e es
timat
e ta
kes
appr
opria
te a
ccou
nt o
f suc
h da
ta.
• Th
e as
sum
ptio
ns m
ade
rega
rdin
g re
cove
ry o
f by -
prod
ucts
.
• Es
timat
es w
are
carri
ed fo
r all
dom
ains
for:
- G
rade
s of
Fe,
SiO
2, Al
2O3,
P, C
aO, M
gO, S
and
LO
I -
Den
sity
•
Estim
atio
n m
etho
ds in
clud
ed:
- O
rdin
ary
Krig
ing
(OK)
, whi
ch w
as u
sed
for a
ll N
orth
and
Sou
th z
ones
for F
e, S
iO2 a
nd A
l 2O3 g
rade
s -
Inve
rse
dist
ance
squ
ared
, use
d in
Can
ga a
nd W
aste
dom
ains
as
wel
l as
for P
, CaO
, MgO
, S a
nd L
OI g
rade
s w
ithin
Nor
th a
nd S
outh
zon
es, a
nd D
ensi
ty.
• In
und
erta
king
the
OK
estim
ates
, blo
cks
size
, dis
cret
isat
ion,
num
ber o
f sam
ples
and
sea
rche
s w
ere
optim
ised
for F
e so
that
blo
cks
in th
e be
st d
rille
d ar
eas
will
have
an
unbi
ased
est
imat
e, i.
e. th
e sl
ope
of re
gres
sion
Z|Z
* is
clos
e to
1.
The
met
hod
follo
ws
that
set
out
by
Vann
et a
l (20
03).
The
resu
lts o
f the
Krig
ing
neig
hbou
rhoo
d an
alys
is w
ere
appl
ied
to o
ther
Krig
ed g
rade
s.
• Th
e pr
edom
inan
t ass
ay s
ampl
e le
ngth
was
1 m
and
the
flagg
ed d
ata
was
com
posi
ted
to 1
m le
ngth
s us
ing
the
geol
ogic
al d
omai
ns to
con
trol t
he c
ompo
sitin
g. D
omai
ning
was
des
crib
ed in
the
sect
ion
on g
eolo
gica
l int
erpr
etat
ion.
Ba
sic
stat
istic
s be
twee
n co
mpo
site
d an
d un
com
posi
ted
data
com
pare
d w
ell,
indi
catin
g th
e se
lect
ed c
ompo
site
leng
th
to b
e ap
prop
riate
. •
To o
ptim
ise
bloc
k si
ze, a
ser
ies
of d
iffer
ent b
lock
siz
es w
ere
Krig
ed a
nd th
e re
sults
of a
sin
gle
wel
l-inf
orm
ed b
lock
an
d po
orly
info
rmed
blo
ck re
view
ed.
A pa
rent
blo
ck s
ize
of 2
5 (X
) x 2
5 (Y
) x 6
(Z) w
as s
elec
ted.
•
To o
ptim
ise
the
num
ber o
f dis
cret
isat
ion
poin
ts, b
lock
s w
ere
Krig
ed w
ith a
ser
ies
of d
iffer
ent d
iscr
etis
atio
n po
ints
and
th
e re
sults
of a
sin
gle
wel
l -inf
orm
ed b
lock
and
a p
oorly
info
rmed
blo
ck re
view
ed.
A di
scre
tisat
ion
of 3
(X) x
3 (Y
) x 3
(Z
) was
sel
ecte
d.
9 5
A N N U A L R E P O R T 2 0 1 8
Appendices: JORC Tables
![Page 98: ANNUAL REPORT 2018...LETTER Dear Shareholders, The financial year ending 28 February 2018 was a year of record performance for Jupiter Mines Limited, culminating in the biggest mining](https://reader035.vdocument.in/reader035/viewer/2022063016/5fd4bba8ea01961fe30ac672/html5/thumbnails/98.jpg)
MT MASON JORC TABLE 1 (CONTINUED)
SRK
Con
sulti
ng
Appe
ndix
A-1
7
CU
NN
/BR
OW
/wul
r Ju
pite
r IG
R T
able
1 fo
r Mt M
ason
and
Mt I
da.d
ocx
23 M
ay 2
018
Crit
eria
JO
RC
Cod
e ex
plan
atio
n C
omm
enta
ry
• Es
timat
ion
of d
elet
erio
us
elem
ents
or o
ther
non
-gra
de
varia
bles
of e
cono
mic
si
gnifi
canc
e (e
.g. s
ulph
ur fo
r aci
d m
ine
drai
nage
cha
ract
eris
atio
n).
• In
the
case
of b
lock
mod
el
inte
rpol
atio
n, th
e bl
ock
size
in
rela
tion
to th
e av
erag
e sa
mpl
e sp
acin
g an
d th
e se
arch
em
ploy
ed.
• An
y as
sum
ptio
ns b
ehin
d m
odel
ling
of s
elec
tive
min
ing
units
. •
Any
assu
mpt
ions
abo
ut
corre
latio
n be
twee
n va
riabl
es.
• D
escr
iptio
n of
how
the
geol
ogic
al
inte
rpre
tatio
n w
as u
sed
to c
ontro
l th
e re
sour
ce e
stim
ates
. •
Dis
cuss
ion
of b
asis
for u
sing
or
not u
sing
gra
de c
uttin
g or
ca
ppin
g.
• Th
e pr
oces
s of
val
idat
ion,
the
chec
king
pro
cess
use
d, th
e co
mpa
rison
of m
odel
dat
a to
dril
l ho
le d
ata,
and
use
of
reco
ncilia
tion
data
if a
vaila
ble.
• To
opt
imis
e th
e nu
mbe
r of s
ampl
es in
form
ing
a si
ngle
blo
ck, a
ser
ies
of K
rigin
g es
timat
ions
wer
e ru
n w
ith a
var
iabl
e nu
mbe
r of s
ampl
es a
nd th
e re
sults
of a
sin
gle
wel
l -inf
orm
ed b
lock
and
a p
oorly
info
rmed
blo
ck re
view
ed.
A m
axim
um
num
ber o
f 30
sam
ples
wer
e se
lect
ed fo
r Fe
in th
e N
orth
Zon
e, S
iO2 i
n bo
th N
orth
and
Sou
th z
ones
and
Al 2O
3 in
the
Nor
th Z
one.
A m
axim
um n
umbe
r of 5
0 sa
mpl
es w
ere
sele
cted
for F
e an
d 60
for A
l 2O3 i
n th
e So
uth
Zone
. •
A nu
mbe
r of K
rigin
g es
timat
ions
eac
h w
ith d
iffer
ent s
earc
h di
stan
ces
wer
e ru
n to
opt
imis
e th
e se
arch
vol
umes
. Th
e re
sults
of a
sin
gle
wel
l -inf
orm
ed b
lock
and
a p
oorly
info
rmed
blo
ck w
ere
revi
ewed
, and
the
sele
cted
sea
rche
s ar
e su
mm
aris
ed b
elow
:
Dom
ain
Varia
ble
Sear
ch d
ista
nce
Krig
ing
effic
ienc
y Sl
ope
of R
egre
ssio
n Su
m n
egat
ive
K
rigin
g w
eigh
ts
1 2
3 W
ell
info
rmed
Po
orly
in
form
ed
Wel
l in
form
ed
Poor
ly
info
rmed
W
ell
info
rmed
Po
orly
in
form
ed
31
Fe
90
50
30
86.5
5 -1
2.48
0.
99
0.40
2.
0 0.
0 31
Si
O2
130
50
30
91.4
8 18
.63
1.00
0.
64
2.8
5.5
31
Al2O
3 80
50
20
83
.89
-1.0
9 1.
00
0.49
0.
9 0.
0 32
Fe
18
0 90
40
84
.46
45.6
4 0.
99
0.91
0.
5 0.
9 32
Si
O2
200
110
60
92.0
2 57
.99
0.99
0.
94
0.4
1.4
32
Al2O
3 12
0 60
30
81
.18
3.59
0.
99
0.56
0.
2 0.
0
• A
sub-
cell
mod
el w
as c
onst
ruct
ed w
ith e
ach
sub-
cell
cont
aini
ng th
e sa
me
geol
ogic
al, d
ensi
ty a
nd g
rade
sub
-dom
ain
as th
e fla
gged
dril
l hol
e da
ta.
The
bloc
k m
odel
par
amet
ers
are
defin
ed in
mai
n bo
dy o
f rep
ort.
• Es
timat
ion
was
per
form
ed u
sing
Dat
amin
e™ s
oftw
are
and
chec
ked
usin
g Is
atis
™ s
oftw
are.
A n
umbe
r of K
rigin
g es
timat
ions
eac
h w
ith d
iffer
ent s
earc
h di
stan
ces
wer
e ru
n to
opt
imis
e th
e se
arch
vol
umes
.
• A
thre
e-pa
ss s
earc
h st
rate
gy w
as u
sed,
with
a d
iscr
etis
atio
n of
3 b
y 3
by 3
, and
var
iabl
e ra
dii d
epen
ding
on
the
elem
ent b
eing
est
imat
ed a
nd th
e do
mai
n.
- Fo
r Fe
estim
atio
n in
the
mai
n BI
F do
mai
n, th
e fir
st s
earc
h us
ed a
n in
itial
radi
us o
f 180
x 9
0 x
40 m
. Fo
r Fe
estim
atio
n in
the
enric
hed
BIF
dom
ain
(Nor
th z
one,
adj
acen
t maj
or fa
ult),
the
first
sea
rch
used
an
initi
al ra
dius
of
90 x
50
x 30
m.
The
seco
nd a
nd th
ird p
asse
s us
ed a
mul
tiplie
d fa
ctor
of 2
(dou
ble)
and
5 re
spec
tivel
y.
A m
inim
um o
f 10
and
max
imum
of 3
0 co
mpo
site
s w
as u
sed
for a
ll se
arch
pas
ses
-
The
sear
ch e
llipso
id s
trike
s at
300
° an
d di
ps 2
0° to
war
d th
e ea
st.
• A
num
ber o
f pre
viou
s es
timat
es w
ere
gene
rate
d by
Har
droc
k M
inin
g C
onsu
ltant
s (p
re-2
011)
and
SR
K in
201
2 (J
OR
C
Cod
e, 2
004
editi
on).
The
new
est
imat
es ta
ke th
ese
earli
er e
stim
ates
into
acc
ount
. N
o m
inin
g ha
s ta
ken
plac
e an
d ac
cord
ingl
y th
ere
are
no p
rodu
ctio
n re
cord
s fo
r use
in re
conc
iliatio
n.
• M
t Mas
on is
con
side
red
prim
arily
a h
emat
ite (D
SO) p
roje
ct, w
ith A
l 2O3,
CaO
, LO
I, M
gO, P
, S a
nd S
iO2 a
s by
-pr
oduc
ts. A
lthou
gh n
o m
etal
lurg
ical
test
wor
k ha
s be
en d
one,
Pro
Met
Eng
inee
rs c
ondu
cted
a s
tudy
bas
ed o
n its
in
tern
al d
atab
ase
and
prev
ious
exp
erie
nce
with
this
sty
le o
f min
eral
isat
ion.
Pro
Met
con
clud
ed th
at te
stw
ork
wou
ld b
e re
quire
d to
inve
stig
ate
the
met
allu
rgic
al c
hara
cter
istic
s an
d vi
abilit
y of
pro
cess
ing.
9 6
J U P I T E R M I N E S L I M I T E D
Appendices: JORC Tables
![Page 99: ANNUAL REPORT 2018...LETTER Dear Shareholders, The financial year ending 28 February 2018 was a year of record performance for Jupiter Mines Limited, culminating in the biggest mining](https://reader035.vdocument.in/reader035/viewer/2022063016/5fd4bba8ea01961fe30ac672/html5/thumbnails/99.jpg)
MT MASON JORC TABLE 1 (CONTINUED)
SRK
Con
sulti
ng
Appe
ndix
A-1
8
CU
NN
/BR
OW
/wul
r Ju
pite
r IG
R T
able
1 fo
r Mt M
ason
and
Mt I
da.d
ocx
23 M
ay 2
018
Crit
eria
JO
RC
Cod
e ex
plan
atio
n C
omm
enta
ry
• A
stro
ng c
orre
latio
n ex
ists
bet
wee
n Fe
2O3 a
nd S
iO2,
mod
erat
e be
twee
n Fe
2O3 a
nd A
l 2O3 a
nd C
aO, a
nd w
eak
with
all
othe
r ele
men
ts.
No
assu
mpt
ions
rega
rdin
g co
rrela
tion
betw
een
varia
bles
wer
e m
ade
durin
g es
timat
ion,
and
eac
h el
emen
t was
est
imat
ed in
depe
nden
tly.
• A
desc
riptio
n of
how
the
geol
ogic
al in
terp
reta
tion
was
use
d to
con
trol t
he re
sour
ce e
stim
atio
n w
as g
iven
in th
e se
ctio
n on
geo
logi
cal i
nter
pret
atio
n.
• N
o gr
ade
cutti
ng o
r cap
ping
was
app
lied
beca
use
the
grad
e di
strib
utio
ns a
re n
ot s
trong
ly s
kew
ed, a
s in
dica
ted
by
rela
tivel
y lo
w c
oeffi
cien
ts o
f var
iatio
n.
• Th
e qu
ality
of e
stim
ates
was
val
idat
ed b
y se
vera
l met
hodo
logi
es:
- Th
e nu
mbe
r of n
egat
ive
Krig
wei
ghts
, Krig
ing
effic
ienc
y an
d sl
ope
of re
gres
sion
of t
he e
stim
atio
n w
as re
view
ed
and
foun
d to
be
satis
fact
ory.
-
The
bloc
k m
odel
was
vis
ually
val
idat
ed in
cro
ss s
ectio
ns a
s w
ell a
s sw
ath
plot
s of
the
mea
n co
mpo
site
sam
ple
grad
e vs
blo
ck m
odel
gra
de b
y no
rthin
g an
d el
evat
ion.
The
se p
lots
wer
e co
nstru
cted
for t
he N
orth
and
Sou
th
zone
s as
wel
l as
the
Can
ga d
omai
n, a
nd in
mos
t cas
es s
how
ed a
goo
d co
rrel a
tion
betw
een
sam
ple
grad
es a
nd
estim
ated
blo
ck g
rade
s.
- N
o re
conc
iliatio
n da
ta is
ava
ilabl
e be
caus
e no
min
ing
has
take
n pl
ace.
Moi
stur
e •
Whe
ther
the
tonn
ages
are
es
timat
ed o
n a
dry
basi
s or
with
na
tura
l moi
stur
e, a
nd th
e m
etho
d of
det
erm
inat
ion
of th
e m
oist
ure
cont
ent.
• To
nnag
es a
re e
stim
ated
on
a dr
y ba
sis,
and
moi
stur
e co
nten
t has
not
bee
n de
term
ined
.
Cut
-off
para
met
ers
• Th
e ba
sis
of th
e ad
opte
d cu
t-off
grad
e(s)
or q
ualit
y pa
ram
eter
s ap
plie
d.
• Th
e M
t Mas
on M
iner
al R
esou
rce
estim
ate
is re
porte
d at
a c
ut-o
ff gr
ade
of F
e >5
5%.
• Th
e cu
t-off
grad
e w
as c
hose
n on
the
basi
s of
pro
vidi
ng re
ason
able
pro
spec
ts fo
r eve
ntua
l eco
nom
ic e
xtra
ctio
n gi
ven
a m
ultit
ude
of fa
ctor
s, in
clud
ing
mod
ellin
g by
Pro
Met
Eng
inee
rs, l
ong
term
mar
ket p
rices
, and
min
ing
and
proc
essi
ng
cost
s.
• SR
K an
d th
e C
ompe
tent
Per
son
have
ele
cted
to m
aint
ain
a cu
t-off
of F
e >5
5% fo
r con
sist
ency
with
the
prev
ious
es
timat
es a
nd to
mai
ntai
n a
cons
erva
tive
basi
s fo
r the
cur
rent
est
imat
e.
9 7
A N N U A L R E P O R T 2 0 1 8
Appendices: JORC Tables
![Page 100: ANNUAL REPORT 2018...LETTER Dear Shareholders, The financial year ending 28 February 2018 was a year of record performance for Jupiter Mines Limited, culminating in the biggest mining](https://reader035.vdocument.in/reader035/viewer/2022063016/5fd4bba8ea01961fe30ac672/html5/thumbnails/100.jpg)
MT MASON JORC TABLE 1 (CONTINUED)
SRK
Con
sulti
ng
Appe
ndix
A-1
9
CU
NN
/BR
OW
/wul
r Ju
pite
r IG
R T
able
1 fo
r Mt M
ason
and
Mt I
da.d
ocx
23 M
ay 2
018
Crit
eria
JO
RC
Cod
e ex
plan
atio
n C
omm
enta
ry
Min
ing
fact
ors
or
assu
mpt
ions
• As
sum
ptio
ns m
ade
rega
rdin
g po
ssib
le m
inin
g m
etho
ds,
min
imum
min
ing
dim
ensi
ons
and
inte
rnal
(or,
if ap
plic
able
, ex
tern
al) m
inin
g di
lutio
n. It
is
alw
ays
nece
ssar
y as
par
t of t
he
proc
ess
of d
eter
min
ing
reas
onab
le p
rosp
ects
for
even
tual
eco
nom
ic e
xtra
ctio
n to
co
nsid
er p
oten
tial m
inin
g m
etho
ds, b
ut th
e as
sum
ptio
ns
mad
e re
gard
ing
min
ing
met
hods
an
d pa
ram
eter
s w
hen
estim
atin
g M
iner
al R
esou
rces
may
not
al
way
s be
rigo
rous
. Whe
re th
is is
th
e ca
se, t
his
shou
ld b
e re
porte
d w
ith a
n ex
plan
atio
n of
the
basi
s of
the
min
ing
assu
mpt
ions
mad
e.
• Th
e pr
opos
ed m
inin
g m
etho
d is
cur
rent
ly a
ssum
ed to
be
all o
pen
pit.
The
est
imat
es in
clud
e al
low
ance
for m
inin
g di
lutio
n in
that
the
pare
nt b
lock
siz
e is
25
x 25
x 3
m a
nd it
may
be
poss
ible
to m
ine
the
reso
urce
s m
ore
sele
ctiv
ely
than
this
. •
Inte
rnal
was
te a
t >55
% F
e is
loca
ted
in a
sin
gle
was
te b
and
with
thic
knes
s <3
m a
nd is
ass
umed
not
to b
e se
lect
ivel
y m
inea
ble.
Int
erna
l was
te c
ontri
bute
s le
ss th
an 0
.5%
tonn
es to
the
over
all r
esou
rce.
Met
allu
rgic
al
fact
ors
or
assu
mpt
ions
• Th
e ba
sis
for a
ssum
ptio
ns o
r pr
edic
tions
rega
rdin
g m
etal
lurg
ical
am
enab
ility.
It is
al
way
s ne
cess
ary
as p
art o
f the
pr
oces
s of
det
erm
inin
g re
ason
able
pro
spec
ts fo
r ev
entu
al e
cono
mic
ext
ract
ion
to
cons
ider
pot
entia
l met
allu
rgic
al
met
hods
, but
the
assu
mpt
ions
re
gard
ing
met
allu
rgic
al tr
eatm
ent
proc
esse
s an
d pa
ram
eter
s m
ade
whe
n re
porti
ng M
iner
al
Res
ourc
es m
ay n
ot a
lway
s be
rig
orou
s. W
here
this
is th
e ca
se,
this
sho
uld
be re
porte
d w
ith a
n ex
plan
atio
n of
the
basi
s of
the
met
allu
rgic
al a
ssum
ptio
ns m
ade.
• O
re p
roce
ssin
g te
stw
ork
was
con
duct
ed o
n th
ree
PQ d
iam
ond
drill
core
sam
ples
to d
eter
min
e w
heth
er h
ighl
y m
iner
alis
ed s
ectio
ns re
quire
d be
nefic
iatio
n an
d if
so, t
o w
hat e
xten
t, to
mee
t a p
rodu
ct s
peci
ficat
ion
of h
igh
iron
and
low
silic
a an
d al
umin
a an
d to
con
duct
dro
p te
sts
on a
ntic
ipat
ed “a
s m
ined
” cor
e sa
mpl
e le
ngth
s to
det
erm
ine
a lu
mp
fines
ratio
. •
The
feed
gra
de is
exp
ecte
d to
be
59.9
% F
e an
d sh
ould
incr
ease
to 6
1.8%
Fe
afte
r rem
oval
of t
he L
OI –
this
val
ue
indi
cate
s th
e le
vel o
f irre
duci
ble
impu
ritie
s in
the
ore
– no
min
ally
9%
, whi
ch is
not
con
side
red
unre
ason
able
. •
The
prop
osal
is to
pro
duce
two
prod
ucts
– lu
mp
and
fines
. Te
stw
ork
show
ed th
at b
oth
lum
p an
d fin
es m
eet t
he
crite
ria fo
r DSO
with
out b
enef
icia
tion.
9 8
J U P I T E R M I N E S L I M I T E D
Appendices: JORC Tables
![Page 101: ANNUAL REPORT 2018...LETTER Dear Shareholders, The financial year ending 28 February 2018 was a year of record performance for Jupiter Mines Limited, culminating in the biggest mining](https://reader035.vdocument.in/reader035/viewer/2022063016/5fd4bba8ea01961fe30ac672/html5/thumbnails/101.jpg)
MT MASON JORC TABLE 1 (CONTINUED)
SRK
Con
sulti
ng
Appe
ndix
A-2
0
CU
NN
/BR
OW
/wul
r Ju
pite
r IG
R T
able
1 fo
r Mt M
ason
and
Mt I
da.d
ocx
23 M
ay 2
018
Crit
eria
JO
RC
Cod
e ex
plan
atio
n C
omm
enta
ry
Envi
ronm
enta
l fa
ctor
s or
as
sum
ptio
ns
• As
sum
ptio
ns m
ade
rega
rdin
g po
ssib
le w
aste
and
pro
cess
re
sidu
e di
spos
al o
ptio
ns. I
t is
alw
ays
nece
ssar
y as
par
t of t
he
proc
ess
of d
eter
min
ing
reas
onab
le p
rosp
ects
for
even
tual
eco
nom
ic e
xtra
ctio
n to
co
nsid
er th
e po
tent
ial
envi
ronm
enta
l im
pact
s of
the
min
ing
and
proc
essi
ng o
pera
tion.
W
hile
at t
his
stag
e th
e de
term
inat
ion
of p
oten
tial
envi
ronm
enta
l im
pact
s,
parti
cula
rly fo
r a g
reen
field
s pr
ojec
t, m
ay n
ot a
lway
s be
wel
l ad
vanc
ed, t
he s
tatu
s of
ear
ly
cons
ider
atio
n of
thes
e po
tent
ial
envi
ronm
enta
l im
pact
s sh
ould
be
repo
rted.
Whe
re th
ese
aspe
cts
have
not
bee
n co
nsid
e red
this
sh
ould
be
repo
rted
with
an
expl
anat
ion
of th
e en
viro
nmen
tal
assu
mpt
ions
mad
e.
• Fl
ora
and
vege
tatio
n su
rvey
s es
tabl
ishe
d th
at th
e co
nditi
on o
f the
veg
etat
ion
in th
e pr
opos
ed d
istu
rban
ce a
rea
is
over
all v
ery
good
to e
xcel
lent
and
no
decl
ared
rare
flor
a or
thre
aten
ed e
colo
gica
l com
mun
ities
wer
e re
cord
ed in
the
area
•
The
prop
osed
cle
arin
g of
veg
etat
ion
will
resu
lt in
the
loss
of s
ome
indi
vidu
als
from
the
loca
l are
a; h
owev
er, t
he im
pact
w
ill no
t be
grea
t eno
ugh
to re
mov
e w
hole
com
mun
ities
or p
opul
atio
ns.
Mos
t of t
he s
peci
es a
nd c
omm
uniti
es
reco
rded
dur
ing
this
sur
vey
are
wid
espr
ead
thro
ugho
ut th
e M
urch
ison
Bio
regi
on a
nd th
eref
ore
the
loss
of a
sm
all
prop
ortio
n fro
m th
is a
rea
will
not b
e si
gnifi
cant
. •
Area
s w
here
the
poss
ible
new
Dro
sera
sp.
are
kno
wn
to o
ccur
sho
uld
be a
void
ed u
ntil
bette
r sam
ple
mat
eria
l can
be
colle
cted
and
pro
vide
d to
the
WAH
ERB,
for i
dent
ifica
tion
and
dete
rmin
atio
n of
its
cons
erva
tion
stat
us.
• Th
e fo
llow
ing
gene
ric re
com
men
datio
ns a
rise
from
the
flora
sur
vey:
-
Any
dist
urba
nce/
cle
arin
g m
ust b
e m
inim
ised
in e
xten
t to
redu
ce th
e lo
ss o
f ind
ivid
uals
and
impa
ct o
n po
pula
tions
-
Wee
d co
ntro
l mea
sure
s m
ust b
e im
plem
ente
d an
d fo
llow
ed d
urin
g an
d af
ter c
onst
ruct
ion
activ
ities
-
A re
habi
litat
ion
plan
sho
uld
be d
evel
oped
so
that
are
as a
re p
rogr
essi
vely
reha
bilit
ated
as
soon
as
they
are
no
long
er re
quire
d;
- D
rivin
g re
stric
tions
sho
uld
be im
plem
ente
d, e
nsur
ing
that
off-
road
driv
ing
is m
inim
ised
-
All s
taff
shou
ld b
e ed
ucat
ed o
n th
e im
porta
nce
of fi
re p
reve
ntio
n, a
nd e
quip
men
t pro
vide
d fo
r use
in th
e ev
ent o
f fir
e.
• In
term
s of
sub
terra
nean
faun
a, th
e lik
elih
ood
of s
tygo
faun
a w
ithin
the
Mt M
ason
pro
ject
are
a is
low
due
to th
e fe
w
inst
ance
s of
wat
er in
ters
ectio
n. T
rogl
ofau
na, o
n th
e ot
her h
and,
hav
e th
e po
tent
ial t
o oc
cur i
n th
e BI
F ra
nges
and
he
nce
shou
ld b
e su
rvey
ed a
ccor
ding
the
EPA
Gui
danc
e St
atem
ent N
o. 5
4A
• Th
e di
strib
utio
n of
the
Fede
rally
-list
ed M
alle
efow
l occ
urs
over
the
proj
ect a
rea
and
this
rare
spe
cies
may
stil
l occ
ur
with
in th
e ha
bita
ts p
rese
nt (O
utba
ck E
colo
gy S
ervi
ces,
200
7). T
wo
Mal
leef
owl m
ound
s ha
ve re
cent
ly b
een
reco
rded
w
ithin
the
proj
ect a
rea.
For
min
ing
appr
oval
s, a
full
verte
brat
e fa
una
surv
ey w
ould
be
requ
ired,
bas
ed o
n th
e Le
vel 2
Su
rvey
des
crib
ed in
EPA
(200
4).
• Su
lphi
de c
onte
nt is
low
, so
acid
min
e dr
aina
ge is
unl
ikel
y to
be
a si
gnifi
cant
pro
blem
. •
Ove
rall,
Jup
iter h
as u
nder
take
n a
num
ber o
f env
ironm
enta
l bas
elin
e st
udie
s in
ord
er to
sup
port
the
appr
oval
s pr
oces
s. S
tudi
es a
nd c
omm
unic
atio
n w
ith re
gula
tors
dem
onst
rate
d th
at e
nviro
nmen
tal i
mpa
cts
will
be m
anag
ed to
le
gisl
ativ
e re
quire
men
ts.
9 9
A N N U A L R E P O R T 2 0 1 8
Appendices: JORC Tables
![Page 102: ANNUAL REPORT 2018...LETTER Dear Shareholders, The financial year ending 28 February 2018 was a year of record performance for Jupiter Mines Limited, culminating in the biggest mining](https://reader035.vdocument.in/reader035/viewer/2022063016/5fd4bba8ea01961fe30ac672/html5/thumbnails/102.jpg)
MT MASON JORC TABLE 1 (CONTINUED)
SRK
Con
sulti
ng
Appe
ndix
A-2
1
CU
NN
/BR
OW
/wul
r Ju
pite
r IG
R T
able
1 fo
r Mt M
ason
and
Mt I
da.d
ocx
23 M
ay 2
018
Crit
eria
JO
RC
Cod
e ex
plan
atio
n C
omm
enta
ry
Bulk
den
sity
•
Whe
ther
ass
umed
or
dete
rmin
ed. I
f ass
umed
, the
ba
sis
for t
he a
ssum
ptio
ns. I
f de
term
ined
, the
met
hod
used
, w
heth
er w
et o
r dry
, the
fre
quen
cy o
f the
mea
sure
men
ts,
the
natu
re, s
ize
and
repr
esen
tativ
enes
s of
the
sam
ples
. •
The
bulk
den
sity
for b
ulk
mat
eria
l m
ust h
ave
been
mea
sure
d by
m
etho
ds th
at a
dequ
atel
y ac
coun
t fo
r voi
d sp
aces
(vug
s, p
oros
ity,
etc.
), m
oist
ure
and
diffe
renc
es
betw
een
rock
and
alte
ratio
n zo
nes
with
in th
e de
posi
t. •
Dis
cuss
ass
umpt
ions
for b
ulk
dens
ity e
stim
a tes
use
d in
the
eval
uatio
n pr
oces
s of
the
diffe
rent
mat
eria
ls.
• Fo
r the
pur
pose
of t
he M
iner
al R
esou
rce
estim
ate,
the
bulk
den
sitie
s in
the
assa
y ta
ble
wer
e us
ed to
est
imat
e in
situ
bu
lk d
ensi
ties
for t
he M
t Mas
on d
epos
it. A
tota
l of 2
4 di
amon
d dr
ill ho
les
wer
e sa
mpl
ed fo
r bul
k de
nsity
de
term
inat
ions
. Al
l bul
k de
nsiti
es w
ere
calc
ulat
ed u
sing
a d
ispl
aced
wat
er te
chni
que.
Bul
k de
nsity
sam
ple
leng
ths
rang
ed fr
om 0
.1 m
to 1
.4 m
, with
the
aver
age
inte
rval
bei
ng 0
.7 m
. •
Due
to th
e lim
ited
num
ber o
f bul
k de
nsity
dat
a po
ints
in th
e in
tern
al a
nd e
xter
nal w
aste
uni
ts, t
hese
wer
e co
mbi
ned
into
an
exte
rnal
was
te d
omai
n an
d an
inte
rnal
was
te d
omai
n fo
r the
pur
pose
of e
stim
atin
g de
nsiti
es.
The
dens
ity
stat
istic
s fo
r the
five
den
sity
dom
ains
are
sho
wn
belo
w:
Den
sity
dom
ain
Cou
nt
Min
M
ax
Mea
n Va
r SD
Exte
rnal
was
te
41
1.97
4.
09
3.22
0.
31
0.56
Inte
rnal
was
te
11
2.38
3.
59
3.04
0.
18
0.43
Can
ga
10
3.38
3.
83
3.60
0.
02
0.14
Nor
th Z
one
28
3.19
4.
71
4.21
0.
16
0.40
Sout
h Zo
ne
34
3.01
4.
07
3.54
0.
08
0.28
•
Dry
bul
k de
nsity
at M
t Mas
on is
prim
arily
con
trolle
d by
the
conc
entra
tion
of h
eavy
min
eral
s (h
emat
ite, g
oeth
ite).
In
situ
den
sity
mea
sure
men
ts w
ere
inte
rpol
ated
to g
ive
each
blo
ck a
den
sity
est
imat
e:
- A
thre
e-pa
ss s
earc
h sp
hero
id w
ith d
iam
eter
of 1
00 m
was
use
d fo
r den
sity
inte
rpol
atio
n (In
vers
e D
ista
nce)
usi
ng
the
five
dom
ains
. Th
e se
cond
pas
s us
ed d
oubl
e th
e di
stan
ce o
f the
firs
t, an
d th
e th
ird u
sed
a m
ultip
lied
fact
or o
f 8
and
7 fo
r dom
ains
1 to
3 a
nd 4
to 5
resp
ectiv
ely.
•
Den
sity
inte
rpol
ated
val
ues
wer
e us
ed to
est
imat
e to
nnag
e in
the
reso
urce
mod
els.
1 0 0
J U P I T E R M I N E S L I M I T E D
Appendices: JORC Tables
![Page 103: ANNUAL REPORT 2018...LETTER Dear Shareholders, The financial year ending 28 February 2018 was a year of record performance for Jupiter Mines Limited, culminating in the biggest mining](https://reader035.vdocument.in/reader035/viewer/2022063016/5fd4bba8ea01961fe30ac672/html5/thumbnails/103.jpg)
MT MASON JORC TABLE 1 (CONTINUED)
SRK
Con
sulti
ng
Appe
ndix
A-2
2
CU
NN
/BR
OW
/wul
r Ju
pite
r IG
R T
able
1 fo
r Mt M
ason
and
Mt I
da.d
ocx
23 M
ay 2
018
Crit
eria
JO
RC
Cod
e ex
plan
atio
n C
omm
enta
ry
Cla
ssifi
catio
n •
The
basi
s fo
r the
cla
ssifi
catio
n of
th
e M
iner
al R
esou
rces
into
va
ryin
g co
nfid
ence
cat
egor
ies.
•
Whe
ther
app
ropr
iate
acc
ount
ha
s be
en ta
ken
of a
ll re
leva
nt
fact
ors
(i.e.
rela
tive
conf
iden
ce in
to
nnag
e/gr
ade
esti m
atio
ns,
relia
bilit
y of
inpu
t dat
a,
conf
iden
ce in
con
tinui
ty o
f ge
olog
y an
d m
etal
val
ues,
qu
ality
, qua
ntity
and
dis
tribu
tion
of th
e da
ta).
• W
heth
er th
e re
sult
appr
opria
tely
re
flect
s th
e C
ompe
tent
Per
son’
s vi
ew o
f the
dep
osit.
• Th
e cl
assi
ficat
ion
of th
e M
iner
al R
esou
rce
is b
ased
on
the
follo
win
g fa
ctor
s:
- Q
ualit
y of
the
estim
ate
(Krig
ing
effic
ienc
y an
d sl
ope
of r
egre
ssio
n)
- D
ata
qual
ity (d
ata
qual
ity is
rea
sona
ble
thro
ugho
ut th
e de
posi
t) -
Dat
a qu
antit
y (d
rill d
ensi
ty)
- G
eolo
gica
l con
tinui
ty (g
eolo
gica
l con
tinui
ty is
wel
l est
ablis
hed
from
sur
face
map
ping
and
dril
ling)
-
Gra
de c
ontin
uity
(var
iogr
ams
for
Fe, S
iO2
and
Al 2O
3 sh
ow a
low
nug
get a
nd lo
ng r
ange
s in
dica
ting
good
gra
de
cont
inui
ty).
• A
s ge
olog
ical
con
tinui
ty is
wel
l est
ablis
hed
and
data
qua
lity
reas
onab
le, t
he g
rade
est
imat
ion
para
met
ers
wer
e us
ed to
cl
assi
fy th
e de
posi
t. •
Cla
ssifi
catio
n of
eac
h bl
ock
in th
e M
iner
al R
esou
rce
mod
el w
as b
ased
on:
-
Slo
pe o
f reg
ress
ion
- K
rigin
g ef
ficie
ncy
- N
umbe
r of
sam
ples
use
d to
est
imat
e th
e bl
ock
- S
earc
h vo
lum
e in
whi
ch th
e bl
ock
was
est
imat
ed.
• A
qua
lity
fact
or w
as a
ssig
ned
to e
ach
of th
ree
varia
bles
, Fe,
SiO
2 an
d A
l 2O3,
for
each
of t
he th
ree
min
eral
ised
dom
ains
–
Nor
th, S
outh
and
Can
ga.
The
qual
ity fa
ctor
was
det
erm
ined
by
sum
min
g th
e nu
mbe
r of
poi
nts
assi
gned
to th
e sl
ope
of
regr
essi
on, K
rigin
g ef
ficie
ncy,
num
ber
of s
ampl
es a
nd th
e se
arch
vol
ume
for
each
of t
he e
stim
ated
gra
de v
aria
bles
. Th
e fin
al b
lock
qua
lity
fact
or c
onst
itute
d th
e m
ean
of th
e th
ree
indi
vidu
al q
ualit
y fa
ctor
s.
• Th
e bl
ock
qual
ity fa
ctor
s w
ere
revi
ewed
aga
inst
dat
a qu
ality
and
qua
ntity
, geo
logi
cal c
ontin
uity
and
gra
de c
ontin
uity
an
d th
e M
iner
al R
esou
rce
clas
sifie
d as
sho
wn
belo
w.
Mat
eria
l M
easu
red
Indi
cate
d In
ferr
ed
Can
ga
- >4
>1
Nor
th Z
one
>9
>5
>2
Sout
h Zo
ne
>9
>5
>2
Inte
rnal
Was
te
>4.4
>3
.5
>0
•
The
resu
lts o
f the
cla
ssifi
catio
n st
rate
gy w
ere
visu
ally
revi
ewed
and
dee
med
app
ropr
iate
. In
tern
al w
aste
was
incl
uded
in
the
clas
sific
atio
n, a
s it
is S
RK’
s op
inio
n th
at s
ome
of th
is m
ater
ial w
ill no
t be
sele
ctiv
ely
min
eabl
e.
• Th
e re
porte
d M
iner
al R
esou
rces
app
ropr
iate
ly re
flect
the
Com
pete
nt P
erso
n’s
view
of t
he M
t Mas
on d
epos
it.
Audi
ts o
r re
view
s •
The
resu
lts o
f any
aud
its o
r re
view
s of
Min
eral
Res
ourc
e es
timat
es.
• In
tern
al S
RK
peer
revi
ew h
as b
een
unde
rtake
n an
d no
mat
eria
l iss
ues
wer
e id
entif
ied.
1 0 1
A N N U A L R E P O R T 2 0 1 8
Appendices: JORC Tables
![Page 104: ANNUAL REPORT 2018...LETTER Dear Shareholders, The financial year ending 28 February 2018 was a year of record performance for Jupiter Mines Limited, culminating in the biggest mining](https://reader035.vdocument.in/reader035/viewer/2022063016/5fd4bba8ea01961fe30ac672/html5/thumbnails/104.jpg)
MT MASON JORC TABLE 1 (CONTINUED)
SRK
Con
sulti
ng
Appe
ndix
A-2
3
CU
NN
/BR
OW
/wul
r Ju
pite
r IG
R T
able
1 fo
r Mt M
ason
and
Mt I
da.d
ocx
23 M
ay 2
018
Crit
eria
JO
RC
Cod
e ex
plan
atio
n C
omm
enta
ry
Dis
cuss
ion
of
rela
tive
accu
racy
/ co
nfid
ence
• W
here
app
ropr
iate
, a s
tate
men
t of
the
rela
tive
accu
racy
and
co
nfid
ence
leve
l in
the
Min
eral
R
esou
rce
estim
ate
usin
g an
ap
proa
ch o
r pro
cedu
re d
eem
ed
appr
opria
te b
y th
e C
ompe
tent
Pe
rson
. For
exa
mpl
e, th
e ap
plic
atio
n of
sta
tistic
al o
r ge
osta
tistic
al p
roce
dure
s to
qu
antif
y th
e re
lativ
e ac
cura
cy o
f th
e re
sour
ce w
ithin
sta
ted
conf
iden
ce li
mits
, or,
if su
ch a
n ap
proa
ch is
not
dee
med
ap
prop
riate
, a q
ualit
ativ
e di
scus
sion
of t
he fa
ctor
s th
at
coul
d af
fect
the
rela
tive
accu
racy
an
d co
nfid
ence
of t
he e
stim
ate.
•
The
stat
emen
t sho
uld
spec
ify
whe
ther
it re
late
s to
glo
bal o
r lo
cal e
stim
ates
, and
, if l
ocal
, st
ate
the
rele
vant
tonn
ages
, w
hich
sho
uld
be re
leva
nt to
te
chni
cal a
nd e
cono
mic
ev
alua
tion.
Doc
umen
tatio
n sh
ould
incl
ude
assu
mpt
ions
m
ade
and
the
proc
edur
es u
sed.
•
Thes
e st
atem
ents
of r
elat
ive
accu
racy
and
con
fiden
ce o
f the
es
timat
e sh
ould
be
com
pare
d w
ith p
rodu
ctio
n da
ta, w
here
av
aila
ble.
• Th
e re
lativ
e ac
cura
cy a
nd c
onfid
ence
leve
l in
the
Min
eral
Res
ourc
e es
timat
e ar
e co
nsid
ered
to b
e in
line
with
the
gene
rally
acc
epte
d ac
cura
cy a
nd c
onfid
ence
of t
he n
omin
ated
Min
eral
Res
ourc
e ca
tego
ries.
Thi
s ha
s be
en
dete
rmin
ed o
n a
quan
titat
ive
and,
to a
less
er e
xten
t, a
qual
itativ
e ba
sis,
and
is b
ased
on
the
Com
pete
nt P
erso
n’s
expe
rienc
e w
ith s
imila
r BIF
dep
osits
in A
ustra
lia a
nd A
sia.
The
fact
ors
that
cou
ld a
ffect
the
rela
tive
accu
racy
and
co
nfid
ence
of t
he e
stim
ate
incl
ude:
-
The
com
plet
enes
s an
d ac
cura
cy o
f the
dat
abas
e, p
artic
ular
ly h
oles
mis
sing
dow
nhol
e su
rvey
s, a
nd
- Th
e ac
cura
cy o
f the
his
toric
ass
ay m
etho
ds
• Th
e C
ompe
tent
Per
son
is o
f the
opi
nion
that
the
scop
e fo
r var
iatio
ns is
min
imal
, and
if a
ny, t
he im
pact
on
the
Min
eral
R
esou
rce
estim
ate
is u
nlik
ely
to b
e si
gnifi
cant
. •
The
estim
ate
is lo
cal i
n th
e se
nse
that
it is
spe
cific
to s
ub-c
ell a
nd p
aren
t mod
el b
lock
s of
a s
ize
cons
ider
ed
appr
opria
te fo
r loc
al g
rade
est
imat
ion.
•
The
tonn
ages
rele
vant
to te
chni
cal a
nd e
cono
mic
ana
lysi
s ar
e th
ose
clas
sifie
d as
Mea
sure
d an
d In
dica
ted
Min
eral
R
esou
rces
. •
No
prod
uctio
n da
ta is
ava
ilabl
e as
the
depo
sit c
urre
ntly
rem
ains
unm
ined
.
1 0 2
J U P I T E R M I N E S L I M I T E D
Appendices: JORC Tables
![Page 105: ANNUAL REPORT 2018...LETTER Dear Shareholders, The financial year ending 28 February 2018 was a year of record performance for Jupiter Mines Limited, culminating in the biggest mining](https://reader035.vdocument.in/reader035/viewer/2022063016/5fd4bba8ea01961fe30ac672/html5/thumbnails/105.jpg)
SR
K C
on
su
ltin
g
Ap
pe
nd
ix B
CU
NN
/BR
OW
/wulr
Jupiter IG
R T
able
1 for M
t M
ason a
nd M
t Id
a.d
ocx
23 M
ay 2
018
Sect
ion
1 Sa
mpl
ing
Tech
niqu
es a
nd D
ata
Crit
eria
JO
RC
Cod
e ex
plan
atio
n C
omm
enta
ry
Sa
mp
lin
g
tech
niq
ue
s
Na
ture
an
d q
ua
lity
of
sa
mp
lin
g (
e.g
. cu
t ch
an
ne
ls,
ra
nd
om
ch
ips,
or s
pe
cific
sp
ecia
lise
d in
du
str
y
sta
nd
ard
me
asu
re
me
nt
too
ls a
pp
ro
pria
te t
o t
he
min
era
ls u
nd
er in
ve
stig
atio
n,
su
ch
as d
ow
n h
ole
ga
mm
a s
on
de
s,
or h
an
dh
eld
XR
F in
str
um
en
ts,
etc
.).
Th
ese
exa
mp
les s
ho
uld
no
t b
e t
ake
n a
s lim
itin
g t
he
bro
ad
me
an
ing
of
sa
mp
lin
g.
Inclu
de
re
fere
nce
to
me
asu
re
s t
ake
n t
o e
nsu
re
sa
mp
le r
ep
re
se
ntivity a
nd
th
e a
pp
ro
pria
te c
alib
ra
tio
n
of
an
y m
ea
su
re
me
nt
too
ls o
r s
yste
ms u
se
d.
Asp
ects
of
the
de
term
ina
tio
n o
f m
ine
ra
lisa
tio
n t
ha
t
are
Ma
teria
l to
th
e P
ub
lic R
ep
ort.
In c
ase
s w
he
re
‘in
du
str
y s
tan
da
rd
’ w
ork h
as b
ee
n
do
ne
th
is w
ou
ld b
e r
ela
tive
ly s
imp
le (
e.g
. ‘r
eve
rse
cir
cu
latio
n d
rillin
g w
as u
se
d t
o o
bta
in 1
m s
am
ple
s
fro
m w
hic
h 3
kg
wa
s p
ulv
eris
ed
to
pro
du
ce
a 3
0 g
ch
arg
e f
or f
ire
assa
y’)
. In
oth
er c
ase
s m
ore
exp
lan
atio
n m
ay b
e r
eq
uir
ed
, su
ch
as w
he
re
th
ere
is
co
arse
go
ld t
ha
t h
as in
he
re
nt
sa
mp
lin
g p
ro
ble
ms.
Un
usu
al co
mm
od
itie
s o
r m
ine
ra
lisa
tio
n t
yp
es (
e.g
.
su
bm
arin
e n
od
ule
s) m
ay w
arra
nt
dis
clo
su
re
of
de
taile
d in
form
atio
n.
Th
e d
ata
se
ts u
se
d f
or t
he
Mt
Ida
Min
era
l R
eso
urce
estim
atio
n w
ere
de
riv
ed
fro
m d
rillin
g p
ro
gra
ms c
on
du
cte
d
by J
up
ite
r M
inin
g L
imite
d (
Ju
pite
r) f
ro
m 2
00
7 t
o 2
01
2.
Th
e p
ro
gra
mm
es in
clu
de
d b
oth
re
ve
rse
cir
cu
latio
n
(R
C) a
nd
dia
mo
nd
co
re
(D
DH
) d
rillin
g.
Th
e d
ata
ba
se
th
at
Ju
pite
r c
om
pile
d f
or t
he
stu
dy c
on
tain
s 4
59
drill h
ole
s,
co
mp
ris
ing
42
5 R
C h
ole
s e
qu
atin
g
to 8
9,1
89
m o
f d
rillin
g,
an
d 3
4 D
DH
ho
les,
eq
ua
tin
g t
o 1
0,1
19
m o
f d
rillin
g.
Ove
r 9
5%
of
the
RC
sa
mp
les w
ere
co
lle
cte
d a
t 1
m in
terva
ls,
with
th
e r
em
ain
de
r c
olle
cte
d o
ve
r 2
m o
r 4
m
inte
rva
ls.
Fo
r e
ach
in
terva
l, a
sp
lit
typ
ica
lly w
eig
hin
g 3
.5 k
g w
as c
olle
cte
d v
ia a
co
ne
sp
litt
er f
itte
d t
o t
he
rig
’s
cyclo
ne
un
de
rflo
w.
Th
e d
iam
on
d c
ore
sa
mp
les w
ere
usu
ally t
erm
ina
ted
at
lith
olo
gic
al b
ou
nd
arie
s.
With
in
ind
ivid
ua
l g
eo
log
ica
l zo
ne
s,
the
sa
mp
les w
ere
co
lle
cte
d o
n a
ra
ng
e o
f in
terva
l le
ng
ths u
p t
o 7
m,
with
th
e
ma
jority o
n n
om
ina
l le
ng
ths o
f 3
m,
4
m,
an
d 5
m,
Sa
mp
le p
re
pa
ra
tio
n a
nd
la
bo
ra
tory t
estw
ork w
as p
erfo
rm
ed
by A
LS
Pe
rth
an
d B
ure
au
Ve
rita
s P
erth
. S
am
ple
pre
pa
ra
tio
n in
clu
de
d o
ve
n-d
ryin
g,
co
arse
cru
sh
ing
, riffle
sp
litt
ing
, a
nd
pu
lve
ris
ing
. A
20
g s
plit
wa
s p
ulv
eris
ed
to p
80
25
µm
an
d s
ub
mitte
d f
or D
avis
Tu
be
te
stin
g.
He
ad
gra
de
an
d c
on
ce
ntr
ate
gra
de
an
aly
se
s w
ere
co
nd
ucte
d u
sin
g f
use
d-b
ea
d X
RF
fo
r m
ajo
r o
xid
es a
nd
th
erm
og
ra
vim
etr
ic a
na
lysis
(1
00
0 C
) f
or L
OI.
Drillin
g
tech
niq
ue
s
Drill ty
pe
(e
.g.
co
re
, re
ve
rse
cir
cu
latio
n,
op
en
-h
ole
ha
mm
er,
ro
tary a
ir b
last,
au
ge
r,
Ba
ng
ka
, so
nic
, e
tc.)
an
d d
eta
ils (
e.g
. co
re
dia
me
ter,
trip
le o
r s
tan
da
rd
tub
e,
de
pth
of
dia
mo
nd
ta
ils,
face
-sa
mp
lin
g b
it o
r
oth
er t
yp
e,
wh
eth
er c
ore
is o
rie
nte
d a
nd
if
so
, b
y
wh
at
me
tho
d,
etc
.).
Th
e d
ata
use
d f
or r
eso
urce
estim
atio
n w
ere
de
riv
ed
fro
m s
am
ple
s c
olle
cte
d u
sin
g R
C a
nd
Dia
mo
nd
co
re
drill
rig
s.
Se
ve
ra
l d
iffe
re
nt
RC
rig
s w
ere
use
d f
or t
he
va
rio
us p
ro
gra
ms,
bu
t m
ost
RC
rig
s w
ere
fitte
d w
ith
12
0 m
m
face
-sa
mp
lin
g b
utt
on
bits,
with
th
e s
am
ple
s c
olle
cte
d v
ia r
ig-m
ou
nte
d c
on
e s
plitt
ers.
Th
e d
iam
on
d c
ore
rig
s
we
re
eq
uip
pe
d w
ith
HQ
3 c
orin
g e
qu
ipm
en
t.
So
me
PQ
3 h
ole
s w
ere
als
o d
rille
d f
or m
eta
llu
rg
ica
l a
nd
ge
ote
ch
nic
al e
va
lua
tio
n.
Drill sa
mp
le
re
co
ve
ry
Me
tho
d o
f re
co
rd
ing
an
d a
sse
ssin
g c
ore
an
d c
hip
sa
mp
le r
eco
ve
rie
s a
nd
re
su
lts a
sse
sse
d.
Me
asu
re
s t
ake
n t
o m
axim
ise
sa
mp
le r
eco
ve
ry a
nd
en
su
re
re
pre
se
nta
tive
na
ture
of
the
sa
mp
les.
Wh
eth
er a
re
latio
nsh
ip e
xis
ts b
etw
ee
n s
am
ple
re
co
ve
ry a
nd
gra
de
an
d w
he
the
r s
am
ple
bia
s m
ay
ha
ve
occu
rre
d d
ue
to
pre
fere
ntia
l lo
ss/g
ain
of
fin
e/
co
arse
ma
teria
l.
Co
re
re
co
ve
ry e
stim
ate
s w
ere
pe
rfo
rm
ed
an
d r
eco
rd
ed
du
rin
g lo
gg
ing
. J
up
ite
r e
mp
loye
d e
xp
erie
nce
d
pro
ject
ge
olo
gis
ts t
o s
up
ervis
e t
he
RC
an
d d
iam
on
d d
rillin
g p
ro
gra
ms,
an
d b
est
ind
ustr
y p
ra
ctice
s,
pe
rta
inin
g
to d
rill co
ntr
ol a
nd
sa
mp
le e
xtr
actio
n,
are
un
de
rsto
od
to
ha
ve
be
en
co
nd
ucte
d.
Ho
we
ve
r,
no
qu
an
tita
tive
sa
mp
le r
eco
ve
ry d
ata
we
re
co
lle
cte
d.
Ju
pite
r p
lan
ne
d t
o a
sse
ss w
he
the
r p
re
fere
ntia
l m
ate
ria
l lo
ss m
ay h
ave
occu
rre
d b
y c
om
pa
rin
g t
he
DD
H a
nd
RC
da
ta.
Th
is d
ata
wa
s n
ot
co
mp
lete
d a
t th
e t
ime
of
pro
ject
term
ina
tio
n.
Th
is u
nce
rta
inty
ha
s b
ee
n c
on
sid
ere
d w
he
n a
ssig
nin
g r
eso
urce
cla
ssific
atio
ns t
o t
he
estim
ate
s.
MT IDA JORC TABLE 1
1 0 3
A N N U A L R E P O R T 2 0 1 8
Appendices: JORC Tables
![Page 106: ANNUAL REPORT 2018...LETTER Dear Shareholders, The financial year ending 28 February 2018 was a year of record performance for Jupiter Mines Limited, culminating in the biggest mining](https://reader035.vdocument.in/reader035/viewer/2022063016/5fd4bba8ea01961fe30ac672/html5/thumbnails/106.jpg)
MT IDA JORC TABLE 1 (CONTINUED)
SR
K C
on
su
ltin
g
Ap
pe
nd
ix B
CU
NN
/BR
OW
/wulr
Jupiter IG
R T
able
1 for M
t M
ason a
nd M
t Id
a.d
ocx
23 M
ay 2
018
Crit
eria
JO
RC
Cod
e ex
plan
atio
n C
omm
enta
ry
Lo
gg
ing
W
he
the
r c
ore
an
d c
hip
sa
mp
les h
ave
be
en
ge
olo
gic
ally a
nd
ge
ote
ch
nic
ally lo
gg
ed
to
a le
ve
l o
f
de
tail t
o s
up
po
rt
ap
pro
pria
te M
ine
ra
l R
eso
urce
estim
atio
n,
min
ing
stu
die
s a
nd
me
tallu
rg
ica
l stu
die
s.
Wh
eth
er lo
gg
ing
is q
ua
lita
tive
or q
ua
ntita
tive
in
na
ture
. C
ore
(o
r c
oste
an
, ch
an
ne
l, e
tc.)
ph
oto
gra
ph
y.
Th
e t
ota
l le
ng
th a
nd
pe
rce
nta
ge
of
the
re
leva
nt
inte
rse
ctio
ns lo
gg
ed
.
All d
rill h
ole
s u
se
d f
or r
eso
urce
estim
atio
n w
ere
ge
olo
gic
ally lo
gg
ed
to
a le
ve
l o
f d
eta
il d
ee
me
d s
uff
icie
nt
to
en
ab
le t
he
de
lin
ea
tio
n o
f g
eo
log
ica
l d
om
ain
s a
pp
ro
pria
te t
o s
up
po
rt
Min
era
l R
eso
urce
estim
atio
n a
nd
cla
ssific
atio
n.
RC
sa
mp
le lo
gg
ing
wa
s p
erfo
rm
ed
on
we
t-sie
ve
d c
hip
s c
olle
cte
d f
ro
m e
ach
in
terva
l, w
ith
lith
olo
gy,
co
lou
r,
an
d w
ea
the
rin
g in
form
atio
n r
eco
rd
ed
. H
an
dh
eld
XR
F a
nd
ma
gn
etic s
usce
ptib
ility d
ata
we
re
als
o c
olle
cte
d
for s
om
e p
ro
gra
ms.
Th
ese
re
su
lts w
ere
use
d t
o a
ssis
t w
ith
ge
olo
gic
al in
terp
re
tatio
n,
bu
t w
ere
no
t u
se
d
dir
ectly f
or r
eso
urce
estim
atio
n.
G
eo
tech
nic
al lo
gg
ing
wa
s p
erfo
rm
ed
on
so
me
of
the
dia
mo
nd
co
re
sa
mp
les.
All d
iam
on
d a
nd
RC
in
terva
ls w
ere
ge
olo
gic
ally lo
gg
ed
. T
he
lo
gg
ing
da
tase
ts c
om
pris
e a
mix
of
qu
alita
tive
an
d q
ua
ntita
tive
da
ta.
Th
e c
ore
sa
mp
les a
nd
th
e s
ieve
d r
ock c
hip
sp
ecim
en
s w
ere
ph
oto
gra
ph
ed
fo
r m
ost
pro
gra
ms.
Su
b-sa
mp
lin
g
tech
niq
ue
s
an
d s
am
ple
pre
pa
ra
tio
n
If c
ore
, w
he
the
r c
ut
or s
aw
n a
nd
wh
eth
er q
ua
rte
r,
ha
lf o
r a
ll c
ore
ta
ke
n.
If n
on
-co
re
, w
he
the
r r
iffle
d,
tub
e s
am
ple
d,
ro
tary s
plit,
etc
. a
nd
wh
eth
er s
am
ple
d w
et
or d
ry.
Fo
r a
ll s
am
ple
typ
es,
the
na
ture
, q
ua
lity
an
d
ap
pro
pria
ten
ess o
f th
e s
am
ple
pre
pa
ra
tio
n
tech
niq
ue
.
Qu
ality
co
ntr
ol p
ro
ce
du
re
s a
do
pte
d f
or a
ll s
ub
-
sa
mp
lin
g s
tag
es t
o m
axim
ise
re
pre
se
ntivity o
f
sa
mp
les.
Me
asu
re
s t
ake
n t
o e
nsu
re
th
at
the
sa
mp
lin
g is
re
pre
se
nta
tive
of
the
in
situ
ma
teria
l co
lle
cte
d,
inclu
din
g f
or in
sta
nce
re
su
lts f
or f
ield
du
plica
te/s
eco
nd
-h
alf s
am
plin
g.
Wh
eth
er s
am
ple
siz
es a
re
ap
pro
pria
te t
o t
he
gra
in
siz
e o
f th
e m
ate
ria
l b
ein
g s
am
ple
d.
Mo
st
of
the
RC
sa
mp
les w
ere
co
lle
cte
d o
ve
r 1
m in
terva
ls.
T
he
en
tire
sa
mp
le f
ro
m e
ach
in
terva
l w
as
pa
sse
d t
hro
ug
h a
co
ne
sp
litt
er m
ou
nte
d t
o t
he
cyclo
ne
un
de
rflo
w,
with
a 3
.5 k
g s
plit
take
n a
s t
he
prim
ary
sa
mp
le.
Sa
mp
le p
re
pa
ra
tio
n in
clu
de
d o
ve
n-d
ryin
g,
co
arse
cru
sh
ing
, riffle
sp
litt
ing
, a
nd
pu
lve
ris
ing
. A
20
g
sp
lit
wa
s p
ulv
eris
ed
to
p8
0 –
25
um
an
d s
ub
mitte
d f
or D
avis
Tu
be
Re
co
ve
ry t
estin
g.
Qu
ality
co
ntr
ol fie
ld p
ro
ce
du
re
s in
clu
de
d t
he
co
lle
ctio
n a
nd
in
se
rtio
n o
f fie
ld d
up
lica
tes (
~1
in
40
),
an
d c
oa
rse
cru
sh
ed
bla
nks.
SR
K is n
ot
aw
are
of
an
y s
tud
ies t
ha
t m
ay h
ave
be
en
co
nd
ucte
d t
o d
em
on
str
ate
th
e s
uita
bility o
f th
e s
am
ple
cru
sh
an
d s
plit
siz
e c
om
bin
atio
ns.
Ho
we
ve
r,
the
fie
ld d
up
lica
te d
ata
se
ts d
o n
ot
ind
ica
te s
ign
i fic
an
t b
ias o
r
pre
cis
ion
issu
es.
Th
e c
ore
sa
mp
les u
se
d f
or r
eso
urce
estim
atio
n w
ere
ge
olo
gic
ally lo
gg
ed
an
d p
ho
tog
ra
ph
ed
, w
ith
ha
lf-co
re
sa
mp
les s
ub
mitte
d f
or la
bo
ra
tory t
estin
g.
Co
re
re
co
ve
ry e
stim
ate
s w
ere
in
clu
de
d in
th
e lo
gg
ing
da
ta.
1 0 4
J U P I T E R M I N E S L I M I T E D
Appendices: JORC Tables
![Page 107: ANNUAL REPORT 2018...LETTER Dear Shareholders, The financial year ending 28 February 2018 was a year of record performance for Jupiter Mines Limited, culminating in the biggest mining](https://reader035.vdocument.in/reader035/viewer/2022063016/5fd4bba8ea01961fe30ac672/html5/thumbnails/107.jpg)
MT IDA JORC TABLE 1 (CONTINUED)
SR
K C
on
su
ltin
g
Ap
pe
nd
ix B
CU
NN
/BR
OW
/wulr
Jupiter IG
R T
able
1 for M
t M
ason a
nd M
t Id
a.d
ocx
23 M
ay 2
018
Crit
eria
JO
RC
Cod
e ex
plan
atio
n C
omm
enta
ry
Qu
ality
of
assa
y d
ata
an
d la
bo
ra
tory
tests
Th
e n
atu
re
, q
ua
lity
an
d a
pp
ro
pria
ten
ess o
f th
e
assa
yin
g a
nd
la
bo
ra
tory p
ro
ce
du
re
s u
se
d a
nd
wh
eth
er t
he
te
ch
niq
ue
is c
on
sid
ere
d p
artia
l o
r t
ota
l.
Fo
r g
eo
ph
ysic
al to
ols
, sp
ectr
om
ete
rs,
ha
nd
he
ld X
RF
instr
um
en
ts,
etc
., t
he
pa
ra
me
ters u
se
d in
de
term
inin
g
the
an
aly
sis
in
clu
din
g in
str
um
en
t m
ake
an
d m
od
el,
re
ad
ing
tim
es,
ca
lib
ra
tio
ns f
acto
rs a
pp
lie
d a
nd
th
eir
de
riv
atio
n,
etc
.
Na
ture
of
qu
ality
co
ntr
ol p
ro
ce
du
re
s a
do
pte
d (
e.g
.
sta
nd
ard
s,
bla
nks,
du
plica
tes,
exte
rn
al la
bo
ra
tory
ch
ecks) a
nd
wh
eth
er a
cce
pta
ble
le
ve
ls o
f a
ccu
ra
cy
(i.e
. la
ck o
f b
ias) a
nd
pre
cis
ion
ha
ve
be
en
esta
blish
ed
.
Ge
och
em
ica
l a
na
lyse
s w
ere
pe
rfo
rm
ed
on
sp
lits
ta
ke
n f
ro
m b
oth
th
e f
ull s
am
ple
an
d f
ro
m t
he
DT
co
nce
ntr
ate
. M
ajo
r o
xid
e d
ete
rm
ina
tio
n w
as c
on
du
cte
d u
si n
g f
use
d-b
ea
d X
RF
, a
nd
in
clu
de
d t
he
fo
llo
win
g
an
aly
tica
l su
ite
: A
l 2O
3,
Ca
O,
Fe
, M
gO
, M
nO
, P
, S
, a
nd
SiO
2.
LO
I w
as d
ete
rm
ine
d u
sin
g t
he
rm
og
ra
vim
etr
ic
an
aly
sis
an
d r
ep
orte
d a
t 1
00
0 °
C.
Ma
ss r
eco
ve
ry w
as b
ase
d o
n d
ry D
TR
sa
mp
le w
eig
hts
.
In a
dd
itio
n t
o t
he
fie
ld Q
A/
QC
pro
ce
du
re
s d
escrib
ed
ab
ove
, sta
nd
ard
s,
lab
ora
tory r
ep
ea
ts,
an
d in
de
pe
nd
en
t
lab
ora
tory c
he
cks w
ere
use
d f
or q
ua
lity
co
ntr
ol.
Th
e Q
A/
QC
da
ta d
id n
ot
ind
ica
te s
ign
ific
an
t is
su
es w
ith
th
e
lab
ora
tory t
estw
ork.
Ve
rific
atio
n o
f
sa
mp
lin
g a
nd
assa
yin
g
Th
e v
erific
atio
n o
f sig
nific
an
t in
terse
ctio
ns b
y e
ith
er
ind
ep
en
de
nt
or a
lte
rn
ative
co
mp
an
y p
erso
nn
el.
Th
e u
se
of
twin
ne
d h
ole
s.
Do
cu
me
nta
tio
n o
f p
rim
ary d
ata
, d
ata
en
try
pro
ce
du
re
s,
da
ta v
erific
atio
n,
da
ta s
tora
ge
(p
hysic
al
an
d e
lectr
on
ic) p
ro
toco
ls.
Dis
cu
ss a
ny a
dju
stm
en
t to
assa
y d
ata
.
Bo
th J
up
ite
r a
nd
SR
K p
erso
nn
el co
mp
are
d t
he
assa
y d
ata
to
th
e g
eo
log
ica
l lo
gs a
nd
sa
mp
le d
ata
. G
ive
n t
he
na
ture
of
the
min
era
lisa
tio
n a
nd
th
e g
en
era
l u
nifo
rm
ity o
f g
ra
de
dis
trib
utio
ns w
ith
in t
he
BIF
un
its,
the
re
so
urce
estim
ate
s a
re
no
t co
nsid
ere
d t
o b
e s
en
sitiv
e t
o t
he
re
su
lts f
or in
div
idu
al sa
mp
le in
terva
ls.
SR
K is n
ot
aw
are
of
an
y h
ole
s t
ha
t m
ay h
ave
be
en
drille
d e
xp
re
ssly
fo
r h
ole
tw
inn
ing
pu
rp
ose
s.
Ju
pite
r’s
drill d
ata
we
re
sto
re
d in
an
acQ
uir
e d
ata
ba
se
, w
hic
h w
as m
an
ag
ed
by t
he
co
mp
an
y’s
da
tab
ase
ad
min
istr
ato
r.
An
au
dit o
f th
e d
ata
ba
se
co
nte
nt
an
d p
ro
ce
du
re
s w
as c
on
du
cte
d b
y a
n in
de
pe
nd
en
t
co
nsu
lta
nt
in 2
01
2,
with
no
sig
nific
an
t is
su
es r
ep
orte
d.
Ju
pite
r p
ro
vid
ed
th
e s
urve
y a
nd
drill h
ole
lo
gg
ing
da
ta t
o S
RK
in
Acce
ss d
ata
ba
se
fo
rm
at.
T
he
orig
ina
l
lab
ora
tory c
ertifica
tes w
ere
als
o p
ro
vid
ed
as lo
cke
d P
DF
s.
SR
K im
po
rte
d t
he
file
s in
to D
ata
min
e S
tud
io f
or
me
rg
ing
an
d v
alid
atio
n,
wh
ich
in
clu
de
d n
um
eric
al ra
ng
e c
he
cks o
n s
urve
y a
nd
in
terva
l d
ata
, a
nd
vis
ua
l
ch
ecks.
All a
ssa
y d
ata
we
re
acce
pte
d in
to t
he
da
tab
ase
as s
up
plie
d b
y t
he
la
bo
ra
tory,
with
no
ad
justm
en
ts a
pp
lie
d.
Lo
ca
tio
n o
f
da
ta p
oin
ts
Accu
ra
cy a
nd
qu
ality
of
su
rve
ys u
se
d t
o lo
ca
te d
rill
ho
les (
co
lla
r a
nd
do
wn
-h
ole
su
rve
ys),
tre
nch
es,
min
e
wo
rkin
gs a
nd
oth
er lo
ca
tio
ns u
se
d in
Min
era
l
Re
so
urce
estim
atio
n.
Sp
ecific
atio
n o
f th
e g
rid
syste
m u
se
d.
Qu
ality
an
d a
de
qu
acy o
f to
po
gra
ph
ic c
on
tro
l.
All s
urve
y d
ata
are
re
po
rte
d a
cco
rd
ing
to
MG
A9
4 Z
on
e 5
1 w
ith
ele
va
tio
ns b
ase
d o
n A
HD
.
Th
e t
op
og
ra
ph
ic s
urfa
ce
da
ta f
or t
he
Mt
Ida
re
gio
n w
ere
co
lle
cte
d f
ro
m a
LiD
AR
su
rve
y c
on
du
cte
d b
y F
ug
ro
fro
m 6
to
11
Au
gu
st
20
11
. T
he
da
ta w
ere
pro
vid
ed
as a
5 m
grid
de
d d
igita
l e
leva
tio
n m
od
el, w
ith
a r
ep
orte
d
ho
riz
on
tal a
ccu
ra
cy o
f 0
.5 m
an
d v
ertica
l a
ccu
ra
cy o
f 0
.13
m
Th
e d
rill h
ole
co
lla
rs f
or t
he
20
07
an
d 2
00
8 c
am
pa
ign
s w
ere
su
rve
ye
d w
ith
a h
an
dh
eld
Ga
rm
in 6
0 G
PS
. T
he
ho
riz
on
tal a
ccu
ra
cy w
as r
ep
orte
d t
o b
e a
pp
ro
xim
ate
ly 5
m,
bu
t th
e v
ertica
l a
ccu
ra
cy w
as n
ot
sta
ted
. J
up
ite
r
ad
vis
ed
th
at
the
drill h
ole
co
lla
rs f
or t
he
20
09
an
d 2
01
0 c
am
pa
ign
s w
ere
su
rve
ye
d u
sin
g d
iffe
re
ntia
l G
PS
, b
ut
the
accu
ra
cy is n
ot
kn
ow
n.
Th
e d
rill h
ole
co
lla
rs f
or t
he
20
11
an
d 2
01
2 c
am
pa
ign
s w
ere
su
rve
ye
d u
sin
g R
TK
DG
PS
, w
ith
an
ele
va
tio
n a
ccu
ra
cy o
f 1
.5 m
(d
atu
m a
ccu
ra
cy).
Do
wn
ho
le s
urve
y d
ata
are
ava
ila
ble
fo
r a
pp
ro
xim
ate
ly 6
0%
of
the
ho
les.
No
do
wn
ho
le s
urve
ys w
ere
un
de
rta
ke
n f
or t
he
20
07
an
d 2
00
8 d
rillin
g,
an
d o
nly
on
e (
1) h
ole
wa
s s
urve
ye
d in
20
09
. A
to
tal o
f se
ve
n (
7)
ho
les w
ere
su
rve
ye
d in
20
10
, b
ut
Ju
pite
r a
dvis
ed
th
at
the
da
ta f
or s
om
e o
f th
ese
ma
y n
ot
be
re
lia
ble
.
1 0 5
A N N U A L R E P O R T 2 0 1 8
Appendices: JORC Tables
![Page 108: ANNUAL REPORT 2018...LETTER Dear Shareholders, The financial year ending 28 February 2018 was a year of record performance for Jupiter Mines Limited, culminating in the biggest mining](https://reader035.vdocument.in/reader035/viewer/2022063016/5fd4bba8ea01961fe30ac672/html5/thumbnails/108.jpg)
SR
K C
on
su
ltin
g
Ap
pe
nd
ix B
CU
NN
/BR
OW
/wulr
Jupiter IG
R T
able
1 for M
t M
ason a
nd M
t Id
a.d
ocx
23 M
ay 2
018
Crit
eria
JO
RC
Cod
e ex
plan
atio
n C
omm
enta
ry
Ap
pro
xim
ate
ly 9
0%
of
the
20
11
ho
les a
nd
70
% o
f th
e 2
01
2 h
ole
s w
ere
su
rve
ye
d u
sin
g g
yro
sco
pic
eq
uip
me
nt,
with
re
ad
ing
s c
olle
cte
d e
ve
ry 5
- 1
0 m
.
Da
ta s
pa
cin
g
an
d
dis
trib
utio
n
Da
ta s
pa
cin
g f
or r
ep
ortin
g o
f E
xp
lora
tio
n R
esu
lts.
Wh
eth
er t
he
da
ta s
pa
cin
g a
nd
dis
trib
utio
n is
su
ffic
ien
t to
esta
blish
th
e d
eg
re
e o
f g
eo
log
ica
l a
nd
gra
de
co
ntin
uity a
pp
ro
pria
te f
or t
he
Min
era
l R
eso
urce
an
d O
re
Re
se
rve
estim
atio
n p
ro
ce
du
re
(s) a
nd
cla
ssific
atio
ns a
pp
lie
d.
Wh
eth
er s
am
ple
co
mp
ositin
g h
as b
ee
n a
pp
lie
d.
Th
e d
rillin
g w
as p
erfo
rm
ed
on
se
ctio
n lin
es o
rie
nte
d a
pp
ro
xim
ate
ly p
ara
lle
l to
th
e M
GA
94
grid
. A
no
min
al
drill sp
acin
g o
f 1
00
m x
10
0 m
wa
s u
se
d in
th
e C
en
tra
l zo
ne
, a
nd
a n
om
ina
l sp
acin
g o
f 2
00
m x
20
0 m
in
th
e
No
rth
an
d S
ou
th z
on
es.
Th
e s
pa
cin
g is g
en
era
lly u
nifo
rm
in
th
e C
en
tra
l zo
ne
, b
ut
irre
gu
lar in
pa
rts
of
the
No
rth
an
d S
ou
th z
on
e.
Th
e v
ario
gra
ph
y in
dic
ate
gra
de
co
ntin
uity u
p t
o s
eve
ra
l h
un
dre
d m
etr
es,
with
80
% o
f th
e t
ota
l sill u
su
ally
re
ach
ed
with
in 3
00
m.
Th
e m
ajo
rity o
f th
e s
am
ple
s w
ere
co
lle
cte
d o
n 1
m in
terva
ls.
Fo
r g
ra
de
estim
atio
n,
the
sa
mp
les w
ere
co
mp
osite
d t
o 5
m d
ow
nh
ole
in
terva
ls,
with
co
mp
osite
s t
erm
ina
ted
at
lith
olo
gic
al b
ou
nd
arie
s.
Orie
nta
tio
n o
f
da
ta in
re
latio
n t
o
ge
olo
gic
al
str
uctu
re
Wh
eth
er t
he
orie
nta
tio
n o
f sa
mp
lin
g a
ch
ieve
s
un
bia
se
d s
am
plin
g o
f p
ossib
le s
tru
ctu
re
s a
nd
th
e
exte
nt
to w
hic
h t
his
is k
no
wn
, co
nsid
erin
g t
he
de
po
sit
typ
e.
If t
he
re
latio
nsh
ip b
etw
ee
n t
he
drillin
g o
rie
nta
tio
n a
nd
the
orie
nta
tio
n o
f ke
y m
ine
ra
lise
d s
tru
ctu
re
s is
co
nsid
ere
d t
o h
ave
in
tro
du
ce
d a
sa
mp
lin
g b
ias,
this
sh
ou
ld b
e a
sse
sse
d a
nd
re
po
rte
d if
ma
teria
l.
All o
f th
e R
C d
rill h
ole
s a
re
ve
rtica
l.
Mo
st
of
the
dia
mo
nd
ho
les a
re
an
gle
d b
etw
ee
n 6
0° -
7
0°.
Th
e m
ajo
rity
of
dia
mo
nd
ho
les a
re
orie
nte
d t
o t
he
we
st,
with
se
ve
ra
l o
rie
nte
d e
ast,
an
d a
fe
w t
o t
he
no
rth
an
d t
he
so
uth
.
Th
e B
IF u
nits d
ip a
t a
sh
allo
w a
ng
le t
o e
ast,
me
an
ing
th
at
the
ma
jority o
f th
e h
ole
s in
terse
ct
the
min
era
lise
d
zo
ne
at
clo
se
to
pe
rp
en
dic
ula
r.
Sa
mp
le
se
cu
rity
Th
e m
ea
su
re
s t
ake
n t
o e
nsu
re
sa
mp
le s
ecu
rity.
Th
e d
rillin
g p
ro
gra
ms w
ere
pe
rfo
rm
ed
un
de
r t
he
su
pe
rvis
ion
of
Ju
pite
r e
mp
loye
es w
ho
re
tain
ed
re
sp
on
sib
ility
for t
he
sa
mp
le s
ecu
rity u
p u
ntil d
esp
atc
h t
o t
he
la
bo
ra
tory.
On
arriv
al, t
he
la
bo
ra
tory c
he
cke
d t
he
sa
mp
les a
ga
inst
the
su
bm
issio
n f
orm
s.
Assa
y r
esu
lts w
ere
pro
vid
ed
ele
ctr
on
ica
lly in
CS
V f
orm
at,
an
d la
bo
ra
tory c
ertifica
tes w
ere
pro
vid
ed
in
lo
cke
d P
DF
fo
rm
at.
Au
dits o
r
re
vie
ws
Th
e r
esu
lts o
f a
ny a
ud
its o
r r
evie
ws o
f sa
mp
lin
g
tech
niq
ue
s a
nd
da
ta.
Ju
pite
r c
om
mis
sio
ne
d a
n in
de
pe
nd
en
t co
nsu
lta
nt
to a
ud
it t
he
la
bo
ra
tory Q
A/
QC
pro
ce
du
re
s,
de
nsity
de
term
ina
tio
n,
an
d t
he
Ju
pite
r d
ata
ba
se
in
20
12
. S
RK
is n
ot
aw
are
of
an
y o
the
r a
ud
its o
f th
e f
ield
pro
ce
du
re
s o
r d
ata
th
at
ma
y h
ave
be
en
co
nd
ucte
d.
MT IDA JORC TABLE 1 (CONTINUED)
1 0 6
J U P I T E R M I N E S L I M I T E D
Appendices: JORC Tables
![Page 109: ANNUAL REPORT 2018...LETTER Dear Shareholders, The financial year ending 28 February 2018 was a year of record performance for Jupiter Mines Limited, culminating in the biggest mining](https://reader035.vdocument.in/reader035/viewer/2022063016/5fd4bba8ea01961fe30ac672/html5/thumbnails/109.jpg)
SR
K C
on
su
ltin
g
Ap
pe
nd
ix B
CU
NN
/BR
OW
/wulr
Jupiter IG
R T
able
1 for M
t M
ason a
nd M
t Id
a.d
ocx
23 M
ay 2
018
Sect
ion
2 R
epor
ting
of E
xplo
ratio
n R
esul
ts
Crit
eria
JO
RC
Cod
e ex
plan
atio
n C
omm
enta
ry
Min
era
l
ten
em
en
t a
nd
lan
d t
en
ure
sta
tus
Typ
e,
re
fere
nce
na
me
/nu
mb
er,
loca
tio
n a
nd
ow
ne
rsh
ip in
clu
din
g a
gre
em
en
ts o
r m
ate
ria
l is
su
es
with
th
ird
pa
rtie
s s
uch
as jo
int
ve
ntu
re
s,
pa
rtn
ersh
ips,
ove
rrid
ing
ro
ya
ltie
s,
na
tive
title
inte
re
sts
, h
isto
ric
al site
s,
wild
ern
ess o
r n
atio
na
l p
ark
an
d e
nvir
on
me
nt a
l se
ttin
gs.
Th
e s
ecu
rity o
f th
e t
en
ure
he
ld a
t th
e t
ime
of
re
po
rtin
g a
lon
g w
ith
an
y k
no
wn
im
pe
dim
en
ts t
o
ob
tain
ing
a lic
en
ce
to
op
era
te in
th
e a
re
a.
Th
e m
ain
de
po
sit f
alls w
ith
in M
inin
g L
ea
se
M2
9/4
14
wh
ich
is w
ho
lly o
wn
ed
by J
up
ite
r M
ine
s L
imite
d,
wa
s
gra
nte
d o
n 1
1 J
an
ua
ry 2
01
1 a
nd
exp
ire
s o
n 2
4 N
ove
mb
er 2
03
2.
Exp
lora
tio
n
do
ne
by o
the
r
pa
rtie
s
Ackn
ow
led
gm
en
t a
nd
ap
pra
isa
l o
f e
xp
lora
tio
n b
y
oth
er p
artie
s.
Th
e d
ata
se
ts p
ro
vid
ed
to
SR
K w
ere
so
urce
d f
ro
m d
rillin
g p
ro
gra
ms c
on
du
cte
d b
y J
up
ite
r f
ro
m 2
00
7 t
hro
ug
h
to 2
01
2.
Ju
pite
r a
dvis
ed
th
at
no
fie
ld w
ork h
as b
ee
n c
on
du
cte
d s
ince
20
12
.
SR
K is n
ot
aw
are
of
an
y s
ign
ific
an
t e
xp
lora
tio
n p
ro
gra
ms c
on
du
cte
d b
y o
the
r p
artie
s p
rio
r t
o J
up
ite
r’s
invo
lve
me
nt
in 2
00
7,
or o
f th
e e
xis
ten
ce
of
oth
er d
ata
se
ts t
ha
t m
ay b
e d
ire
ctly r
ele
va
nt
to t
he
Mt
Ida
Min
era
l
Re
so
urce
estim
ate
s d
escrib
ed
in
th
e r
ep
ort.
Ge
olo
gy
De
po
sit t
yp
e,
ge
olo
gic
al se
ttin
g a
nd
sty
le o
f
min
era
lisa
tio
n.
Th
e M
t Id
a iro
n d
ep
osit is lo
ca
ted
in
th
e Y
ilg
arn
re
gio
n o
f W
este
rn
Au
str
alia
, a
pp
ro
xim
ate
ly 1
00
km
no
rth
we
st
of
Me
nzie
s.
Th
e d
ep
osit is h
oste
d w
ith
in t
he
Mt
Ida
Gre
en
sto
ne
Be
lt,
with
fin
e-g
ra
ine
d m
ag
ne
tite
min
era
lisa
tio
n o
ccu
rrin
g in
a s
erie
s o
f su
b-p
ara
lle
l fo
lde
d b
an
de
d iro
n f
orm
atio
n (
BIF
) u
nits t
ha
t a
re
inte
rla
ye
re
d w
ith
me
tam
orp
ho
se
d m
afics.
Th
e B
IFs f
orm
a p
ro
min
en
t sca
rp
alo
ng
th
e w
este
rn
ed
ge
of
the
de
po
sit,
an
d d
ip s
ha
llo
wly
to
th
e e
ast.
Drill h
ole
Info
rm
atio
n
A s
um
ma
ry o
f a
ll in
form
atio
n m
ate
ria
l to
th
e
un
de
rsta
nd
ing
of
the
exp
lora
tio
n r
esu
lts in
clu
din
g a
tab
ula
tio
n o
f th
e f
ollo
win
g in
form
atio
n f
or a
ll M
ate
ria
l
drill h
ole
s:
• E
astin
g a
nd
no
rth
ing
of
the
drill h
ole
co
lla
r
• E
leva
tio
n o
r R
L (
Re
du
ce
d L
eve
l –
ele
va
tio
n
ab
ove
se
a le
ve
l in
me
tre
s) o
f th
e d
rill h
ole
co
lla
r
• D
ip a
nd
azim
uth
of
the
ho
le
• D
ow
n h
ole
le
ng
th a
nd
in
terce
ptio
n d
ep
th
• H
ole
le
ng
th.
If t
he
exclu
sio
n o
f th
is in
form
atio
n is ju
stifie
d o
n t
he
ba
sis
th
at
the
in
form
atio
n is n
ot
Ma
teria
l a
nd
th
is
exclu
sio
n d
oe
s n
ot
de
tra
ct
fro
m t
he
un
de
rsta
nd
ing
of
the
re
po
rt,
th
e C
om
pe
ten
t P
erso
n s
ho
uld
cle
arly
exp
lain
wh
y t
his
is t
he
ca
se
.
No
exp
lora
tio
n r
esu
lts a
re
re
po
rte
d f
or t
his
stu
dy.
MT IDA JORC TABLE 1 (CONTINUED)
1 0 7
A N N U A L R E P O R T 2 0 1 8
Appendices: JORC Tables
![Page 110: ANNUAL REPORT 2018...LETTER Dear Shareholders, The financial year ending 28 February 2018 was a year of record performance for Jupiter Mines Limited, culminating in the biggest mining](https://reader035.vdocument.in/reader035/viewer/2022063016/5fd4bba8ea01961fe30ac672/html5/thumbnails/110.jpg)
SR
K C
on
su
ltin
g
Ap
pe
nd
ix B
CU
NN
/BR
OW
/wulr
Jupiter IG
R T
able
1 for M
t M
ason a
nd M
t Id
a.d
ocx
23 M
ay 2
018
Crit
eria
JO
RC
Cod
e ex
plan
atio
n C
omm
enta
ry
Da
ta
ag
gre
ga
tio
n
me
tho
ds
In r
ep
ortin
g E
xp
lora
tio
n R
esu
lts,
we
igh
tin
g
ave
ra
gin
g t
ech
niq
ue
s,
ma
xim
um
an
d/o
r m
inim
um
gra
de
tru
nca
tio
ns (
e.g
. cu
ttin
g o
f h
igh
gra
de
s) a
nd
cu
t -o
ff g
ra
de
s a
re
usu
ally M
ate
ria
l a
nd
sh
ou
ld b
e
sta
ted
.
Wh
ere
ag
gre
ga
te in
terce
pts
in
co
rp
ora
te s
ho
rt
len
gth
s o
f h
igh
gra
de
re
su
lts a
nd
lo
ng
er le
ng
ths o
f
low
gra
de
re
su
lts,
the
pro
ce
du
re
use
d f
or s
uch
ag
gre
ga
tio
n s
ho
uld
be
sta
ted
an
d s
om
e t
yp
ica
l
exa
mp
les o
f su
ch
ag
gre
ga
tio
ns s
ho
uld
be
sh
ow
n in
de
tail.
Th
e a
ssu
mp
tio
ns u
se
d f
or a
ny r
ep
ortin
g o
f m
eta
l
eq
uiv
ale
nt
va
lue
s s
ho
uld
be
cle
arly
sta
ted
.
No
exp
lora
tio
n r
esu
lts a
re
re
po
rte
d f
or t
his
stu
dy.
Re
latio
nsh
ip
be
twe
en
min
era
lisa
tio
n
wid
ths a
nd
inte
rce
pt
len
gth
s
Th
ese
re
latio
nsh
ips a
re
pa
rticu
larly
im
po
rta
nt
in t
he
re
po
rtin
g o
f E
xp
lora
tio
n R
esu
lts.
If t
he
ge
om
etr
y o
f th
e m
ine
ra
lisa
tio
n w
ith
re
sp
ect
to
the
drill h
ole
an
gle
is k
no
wn
, its n
atu
re
sh
ou
ld b
e
re
po
rte
d.
If it
is n
ot
kn
ow
n a
nd
on
ly t
he
do
wn
ho
le le
ng
ths a
re
re
po
rte
d,
the
re
sh
ou
ld b
e a
cle
ar s
tate
me
nt
to t
his
eff
ect
(e
.g.
‘do
wn
ho
le le
ng
th,
tru
e w
idth
no
t kn
ow
n’)
.
No
exp
lora
tio
n r
esu
lts a
re
re
po
rte
d f
or t
his
stu
dy.
Dia
gra
ms
Ap
pro
pria
te m
ap
s a
nd
se
ctio
ns (
with
sca
les) a
nd
tab
ula
tio
ns o
f in
terce
pts
sh
ou
ld b
e in
clu
de
d f
or a
ny
sig
nific
an
t d
isco
ve
ry b
ein
g r
ep
orte
d T
he
se
sh
ou
ld
inclu
de
, b
ut
no
t b
e lim
ite
d t
o a
pla
n v
iew
of
drill h
ole
co
lla
r lo
ca
tio
ns a
nd
ap
pro
pria
te s
ectio
na
l vie
ws.
No
exp
lora
tio
n r
esu
lts a
re
re
po
rte
d f
or t
his
stu
dy.
Ba
lan
ce
d
re
po
rtin
g
Wh
ere
co
mp
re
he
nsiv
e r
ep
ortin
g o
f a
ll E
xp
lora
tio
n
Re
su
lts is n
ot
pra
ctica
ble
, re
pre
se
nta
tive
re
po
rtin
g o
f
bo
th lo
w a
nd
hig
h g
ra
de
s a
nd
/or w
idth
s s
ho
uld
be
pra
ctice
d t
o a
vo
id m
isle
ad
ing
re
po
rtin
g o
f
Exp
lora
tio
n R
esu
lts.
No
exp
lora
tio
n r
esu
lts a
re
re
po
rte
d f
or t
his
stu
dy.
Oth
er
su
bsta
ntive
exp
lora
tio
n
da
ta
Oth
er e
xp
lora
tio
n d
ata
, if m
ea
nin
gfu
l a
nd
ma
teria
l,
sh
ou
ld b
e r
ep
orte
d in
clu
din
g (
bu
t n
ot
lim
ite
d t
o):
ge
olo
gic
al o
bse
rva
tio
ns;
ge
op
hysic
al su
rve
y r
esu
lts;
ge
och
em
ica
l su
rve
y r
esu
lts;
bu
lk s
am
ple
s –
siz
e a
nd
me
tho
d o
f tr
ea
tme
nt;
me
tallu
rg
ica
l te
st
re
su
lts;
bu
lk
de
nsity,
gro
un
dw
ate
r,
ge
ote
ch
nic
al a
nd
ro
ck
SR
K is n
ot
aw
are
of
an
y m
ate
ria
l e
xp
lora
tio
n d
ata
se
ts t
ha
t a
re
ad
ditio
na
l to
th
ose
use
d in
th
e M
ine
ra
l
Re
so
urce
estim
ate
s.
MT IDA JORC TABLE 1 (CONTINUED)
1 0 8
J U P I T E R M I N E S L I M I T E D
Appendices: JORC Tables
![Page 111: ANNUAL REPORT 2018...LETTER Dear Shareholders, The financial year ending 28 February 2018 was a year of record performance for Jupiter Mines Limited, culminating in the biggest mining](https://reader035.vdocument.in/reader035/viewer/2022063016/5fd4bba8ea01961fe30ac672/html5/thumbnails/111.jpg)
SR
K C
on
su
ltin
g
Ap
pe
nd
ix B
CU
NN
/BR
OW
/wulr
Jupiter IG
R T
able
1 for M
t M
ason a
nd M
t Id
a.d
ocx
23 M
ay 2
018
Crit
eria
JO
RC
Cod
e ex
plan
atio
n C
omm
enta
ry
ch
ara
cte
ris
tics;
po
ten
tia
l d
ele
terio
us o
r
co
nta
min
atin
g s
ub
sta
nce
s.
Fu
rth
er w
ork
Th
e n
atu
re
an
d s
ca
le o
f p
lan
ne
d f
urth
er w
ork (
e.g
.
tests
fo
r la
tera
l e
xte
nsio
ns o
r d
ep
th e
xte
nsio
ns o
r
larg
e-sca
le s
tep
-o
ut
drillin
g).
Dia
gra
ms c
lea
rly
hig
hlig
htin
g t
he
are
as o
f p
ossib
le
exte
nsio
ns,
inclu
din
g t
he
ma
in g
eo
log
ica
l
inte
rp
re
tatio
ns a
nd
fu
ture
drillin
g a
re
as,
pro
vid
ed
th
is
info
rm
atio
n is n
ot
co
mm
ercia
lly s
en
sitiv
e.
SR
K is n
ot
aw
are
of
pla
ns t
ha
t Ju
pite
r m
ay h
ave
fo
r f
urth
er e
xp
lora
tio
n w
ork in
th
e p
ro
ject
are
a.
MT IDA JORC TABLE 1 (CONTINUED)
1 0 9
A N N U A L R E P O R T 2 0 1 8
Appendices: JORC Tables
![Page 112: ANNUAL REPORT 2018...LETTER Dear Shareholders, The financial year ending 28 February 2018 was a year of record performance for Jupiter Mines Limited, culminating in the biggest mining](https://reader035.vdocument.in/reader035/viewer/2022063016/5fd4bba8ea01961fe30ac672/html5/thumbnails/112.jpg)
SR
K C
on
su
ltin
g
Ap
pe
nd
ix B
CU
NN
/BR
OW
/wulr
Jupiter IG
R T
able
1 for M
t M
ason a
nd M
t Id
a.d
ocx
23 M
ay 2
018
Sect
ion
3 Es
timat
ion
and
Rep
ortin
g of
Min
eral
Res
ourc
es
Crit
eria
JO
RC
Cod
e ex
plan
atio
n C
omm
enta
ry
Da
tab
ase
inte
grity
• M
ea
su
re
s t
ake
n t
o e
nsu
re
th
at
da
ta h
as n
ot
be
en
co
rru
pte
d b
y,
for e
xa
mp
le,
tra
nscrip
tio
n o
r
ke
yin
g e
rro
rs,
be
twe
en
its
in
itia
l co
lle
ctio
n a
nd
its
use
fo
r M
ine
ra
l R
eso
urce
estim
atio
n p
urp
ose
s.
• D
ata
va
lid
atio
n p
ro
ce
du
re
s u
se
d.
Th
e a
ssa
y a
nd
su
rve
y d
ata
we
re
pro
vid
ed
to
Ju
pite
r in
ele
ctr
on
ic f
orm
an
d im
po
rte
d in
to t
he
Ju
pite
r a
cQ
uir
e
exp
lora
tio
n d
ata
ba
se
. T
he
da
tab
ase
wa
s a
ud
ite
d b
y a
n in
de
pe
nd
en
t co
nsu
lta
nt
in 2
01
2.
Th
e d
ata
we
re
pro
vid
ed
to
SR
K in
an
Acce
ss d
ata
ba
se
. S
RK
im
po
rte
d t
he
file
s in
to D
ata
min
e S
tud
io f
or m
erg
ing
an
d
va
lid
atio
n,
wh
ich
in
clu
de
d n
um
eric
al ra
ng
e c
he
cks o
n s
urve
y a
nd
in
terva
l d
ata
, lib
ra
ry c
od
e lis
ts,
an
d v
isu
al
ch
ecks.
Sp
ot
ch
ecks w
ere
co
nd
ucte
d a
ga
inst
the
la
bo
ra
tory c
ertifica
tes.
Site
vis
its
• C
om
me
nt
on
an
y s
ite
vis
its u
nd
erta
ke
n b
y t
he
Co
mp
ete
nt
Pe
rso
n a
nd
th
e o
utc
om
e o
f th
ose
vis
its.
• If
no
site
vis
its h
ave
be
en
un
de
rta
ke
n in
dic
ate
wh
y t
his
is t
he
ca
se
.
A s
ite
vis
it w
as c
on
du
cte
d b
y S
RK
Co
nsu
lta
nt,
Mic
ha
el C
un
nin
gh
am
, o
n 1
3 –
17
Ap
ril 2
01
2.
Th
e v
isit
inclu
de
d t
he
in
sp
ectio
n o
f th
e g
eo
log
y (
inclu
din
g s
om
e t
ra
ve
rse
ma
pp
ing
),
the
sp
ot
ch
eckin
g o
f R
C c
hip
an
d
co
re
lo
gg
ing
, a
nd
th
e s
po
t ch
eckin
g o
f co
lla
r c
oo
rd
ina
tes.
A s
ite
vis
it w
as c
on
du
cte
d b
y R
od
Bro
wn
, S
RK
Co
nsu
lta
nt
an
d t
he
Co
mp
ete
nt
Pe
rso
n f
or M
ine
ra
l R
eso
urce
sig
n-o
ff) o
n 4
– 5
Octo
be
r 2
01
2.
Th
e v
isit in
clu
de
d a
n e
xa
min
atio
n o
f th
e lo
ca
l g
eo
log
y a
nd
drill sa
mp
les,
an
in
sp
ectio
n o
f th
e R
C a
nd
co
re
sa
mp
les,
an
d d
iscu
ssio
ns w
ith
site
pe
rso
nn
el o
n f
ield
pro
ce
du
re
s.
Ge
olo
gic
al
inte
rp
re
tatio
n
• C
on
fid
en
ce
in
(o
r c
on
ve
rse
ly,
the
un
ce
rta
inty
of)
the
ge
olo
gic
al in
terp
re
tatio
n o
f th
e m
ine
ra
l
de
po
sit.
• N
atu
re
of
the
da
ta u
se
d a
nd
of
an
y a
ssu
mp
tio
ns
ma
de
.
• T
he
eff
ect,
if
an
y,
of
alte
rn
ative
in
terp
re
tatio
ns o
n
Min
era
l R
eso
urce
estim
atio
n.
• T
he
use
of
ge
olo
gy in
gu
idin
g a
nd
co
ntr
ollin
g
Min
era
l R
eso
urce
estim
atio
n.
• T
he
fa
cto
rs a
ffe
ctin
g c
on
tin
uity b
oth
of
gra
de
an
d
ge
olo
gy.
Th
e g
eo
log
ica
l in
terp
re
tatio
n is c
on
sid
ere
d c
on
sis
ten
t w
ith
da
tase
ts a
nd
fie
ld o
bse
rva
tio
ns,
as w
ell a
s w
ith
the
bro
ad
ly a
cce
pte
d u
nd
ersta
nd
ing
with
in t
he
min
ing
co
mm
un
ity o
f th
e r
eg
ion
al g
eo
log
y.
Th
e
inte
rp
re
tatio
n,
wh
ich
in
clu
de
s t
he
de
lin
ea
tio
n o
f se
ve
ra
l su
b-p
ara
lle
l B
IF le
nse
s,
wa
s p
re
pa
re
d u
sin
g a
co
mb
ina
tio
n o
f g
eo
log
ica
l lo
gg
ing
an
d g
eo
ch
em
ica
l d
ata
, a
s w
ell a
s s
urfa
ce
ma
pp
ing
an
d g
eo
ph
ysic
al d
ata
.
Th
e B
IF le
nse
s h
ave
be
en
use
d a
s e
stim
atio
n d
om
ain
s.
Th
e d
om
ain
bo
un
da
rie
s a
re
cle
arly
de
fin
ed
in
th
e
ge
och
em
ica
l d
ata
se
ts,
an
d d
om
ain
ge
om
etr
y is r
ela
tive
ly p
re
dic
tab
le.
Th
e le
nse
s w
ere
in
terp
re
ted
in
cro
ss-se
ctio
n a
nd
lin
ke
d t
o f
orm
wir
efr
am
e s
olid
s.
In
pla
ce
s,
the
alte
rn
atin
g
BIF
an
d m
afic z
on
es a
re
re
lative
ly t
hin
, a
nd
th
e lin
kin
g o
f a
lte
rn
ative
drill in
terce
pts
co
uld
re
su
lt in
eq
ua
lly
pla
usib
le in
terp
re
tatio
ns.
Ho
we
ve
r,
it is c
on
sid
ere
d t
ha
t th
is w
ou
ld n
ot
re
su
lt in
sig
nific
an
t to
nn
ag
e o
r g
ra
de
diffe
re
nce
s.
Dim
en
sio
ns
• T
he
exte
nt
an
d v
aria
bility o
f th
e M
ine
ra
l
Re
so
urce
exp
re
sse
d a
s le
ng
th (
alo
ng
str
ike
or
oth
erw
ise
),
pla
n w
idth
, a
nd
de
pth
be
low
su
rfa
ce
to t
he
up
pe
r a
nd
lo
we
r lim
its o
f th
e M
ine
ra
l
Re
so
urce
.
Th
e m
ine
ra
lisa
tio
n h
as b
ee
n d
efin
ed
ove
r a
str
ike
exte
nt
of
ap
pro
xim
ate
ly 7
km
. E
xp
lora
tio
n a
nd
re
so
urce
de
lin
ea
tio
n in
itia
lly f
ocu
sse
d o
n t
he
ce
ntr
al p
art
of
the
de
po
sit,
with
a la
ter f
ocu
s o
n t
he
so
uth
an
d n
orth
exte
nsio
ns.
Th
is t
imin
g a
nd
fo
cu
s r
esu
lte
d in
th
e p
re
pa
ra
tio
n o
f se
pa
ra
te m
od
els
fo
r s
ou
th,
ce
ntr
al a
nd
no
rth
pa
rts
of
the
de
po
sit.
Th
e z
on
e b
ou
nd
arie
s d
o n
ot
re
fle
ct
an
y s
pe
cific
ch
an
ge
s in
th
e g
eo
log
y.
Th
e d
efin
ed
min
era
lisa
tio
n in
th
e S
ou
th z
on
e e
xte
nd
s f
or a
pp
ro
xim
ate
ly 3
km
alo
ng
str
ike
an
d is o
ve
r 1
km
wid
e.
Re
so
urce
s h
ave
be
en
de
fin
ed
in
se
ve
n (
7) s
ha
llo
w-d
ipp
ing
an
d s
ub
-p
ara
lle
l B
IF u
nits.
Th
e a
ve
ra
ge
un
it t
hic
kn
ess is a
pp
ro
xim
ate
ly 2
5 m
, a
nd
th
e d
ee
pe
st
inte
rse
ctio
n is a
pp
ro
xim
ate
ly 3
40 m
be
low
th
e
su
rfa
ce
.
Th
e d
efin
ed
min
era
lisa
tio
n in
th
e N
orth
zo
ne
ha
s b
ee
n id
en
tifie
d o
ve
r a
str
ike
exte
nt
of
ap
pro
xim
ate
ly 1
km
an
d a
wid
th e
xce
ed
ing
60
0 m
. R
eso
urce
s h
ave
be
en
de
fin
ed
in
a s
ing
le B
IF u
nit o
nly
(o
the
r B
IF u
nits h
ave
be
en
id
en
tifie
d in
th
e r
eg
ion
, b
ut
the
y h
ave
be
en
in
terse
cte
d b
y in
su
ffic
ien
t d
rill h
ole
s f
or r
eso
urce
de
lin
ea
tio
n).
Th
e a
ve
ra
ge
un
it t
hic
kn
ess is a
pp
ro
xim
ate
ly 4
0 m
, a
nd
th
e d
ee
pe
st
inte
rse
ctio
n is
ap
pro
xim
ate
ly 2
50
m b
elo
w t
he
su
rfa
ce
.
MT IDA JORC TABLE 1 (CONTINUED)
1 1 0
J U P I T E R M I N E S L I M I T E D
Appendices: JORC Tables
![Page 113: ANNUAL REPORT 2018...LETTER Dear Shareholders, The financial year ending 28 February 2018 was a year of record performance for Jupiter Mines Limited, culminating in the biggest mining](https://reader035.vdocument.in/reader035/viewer/2022063016/5fd4bba8ea01961fe30ac672/html5/thumbnails/113.jpg)
SR
K C
on
su
ltin
g
Ap
pe
nd
ix B
CU
NN
/BR
OW
/wulr
Jupiter IG
R T
able
1 for M
t M
ason a
nd M
t Id
a.d
ocx
23 M
ay 2
018
Crit
eria
JO
RC
Cod
e ex
plan
atio
n C
omm
enta
ry
Th
e d
efin
ed
min
era
lisa
tio
n in
th
e C
en
tra
l zo
ne
exte
nd
s f
or a
pp
ro
xim
ate
ly 3
km
alo
ng
str
ike
an
d is o
ve
r
1.5
km
wid
e.
Re
so
urce
s h
ave
be
en
de
fin
ed
in
ele
ve
n (
11
) s
ha
llo
w-d
ipp
ing
an
d s
ub
-p
ara
lle
l B
IF u
nits,
with
the
de
ep
est
be
ing
ap
pro
xim
ate
ly 3
40
m b
elo
w t
he
su
rfa
ce
. T
he
ave
ra
ge
un
it t
hic
kn
ess is a
pp
ro
xim
ate
ly
40
m;
ho
we
ve
r,
in p
lace
s,
inte
rce
pts
exce
ed
ing
10
0 m
ha
ve
be
en
en
co
un
tere
d.
Estim
atio
n
an
d m
od
ellin
g
tech
niq
ue
s
• T
he
na
ture
an
d a
pp
ro
pria
ten
ess o
f th
e
estim
atio
n t
ech
niq
ue
(s) a
pp
lie
d a
nd
ke
y
assu
mp
tio
ns,
inclu
din
g t
re
atm
en
t o
f e
xtr
em
e
gra
de
va
lue
s,
do
ma
inin
g,
inte
rp
ola
tio
n
pa
ra
me
ters a
nd
ma
xim
um
dis
tan
ce
of
extr
ap
ola
tio
n f
ro
m d
ata
po
ints
. If
a c
om
pu
ter
assis
ted
estim
atio
n m
eth
od
wa
s c
ho
se
n in
clu
de
a d
escrip
tio
n o
f co
mp
ute
r s
oft
wa
re
an
d
pa
ra
me
ters u
se
d.
• T
he
ava
ila
bility o
f ch
eck e
stim
ate
s,
pre
vio
us
estim
ate
s a
nd
/or m
ine
pro
du
ctio
n r
eco
rd
s a
nd
wh
eth
er t
he
Min
era
l R
eso
urce
estim
ate
ta
ke
s
ap
pro
pria
te a
cco
un
t o
f su
ch
da
ta.
• T
he
assu
mp
tio
ns m
ad
e r
eg
ard
ing
re
co
ve
ry o
f
by-p
ro
du
cts
.
• E
stim
atio
n o
f d
ele
terio
us e
lem
en
ts o
r o
the
r n
on
-
gra
de
va
ria
ble
s o
f e
co
no
mic
sig
nific
an
ce
(e
g
su
lph
ur f
or a
cid
min
e d
ra
ina
ge
ch
ara
cte
ris
atio
n).
• In
th
e c
ase
of
blo
ck m
od
el in
terp
ola
tio
n,
the
blo
ck s
ize
in
re
latio
n t
o t
he
ave
ra
ge
sa
mp
le
sp
acin
g a
nd
th
e s
ea
rch
em
pl o
ye
d.
• A
ny a
ssu
mp
tio
ns b
eh
ind
mo
de
llin
g o
f se
lective
min
ing
un
its.
• A
ny a
ssu
mp
tio
ns a
bo
ut
co
rre
latio
n b
etw
ee
n
va
ria
ble
s.
• D
escrip
tio
n o
f h
ow
th
e g
eo
log
ica
l in
terp
re
tatio
n
wa
s u
se
d t
o c
on
tro
l th
e r
eso
urce
estim
ate
s.
• D
iscu
ssio
n o
f b
asis
fo
r u
sin
g o
r n
ot
usin
g g
ra
de
cu
ttin
g o
r c
ap
pin
g.
• T
he
pro
ce
ss o
f va
lid
atio
n,
the
ch
eckin
g p
ro
ce
ss
use
d,
the
co
mp
aris
on
of
mo
de
l d
ata
to
drill h
ole
da
ta,
an
d u
se
of
re
co
ncilia
tio
n d
ata
if
ava
ila
ble
.
Th
e M
ine
ra
l R
eso
urce
estim
ate
s w
ere
pre
pa
re
d u
sin
g c
on
ve
ntio
na
l b
lock m
od
ellin
g a
nd
ge
osta
tistica
l
estim
atio
n t
ech
niq
ue
s.
Th
e d
ata
asse
ssm
en
t a
nd
mo
de
l p
re
pa
ra
tio
n w
as p
rim
arily c
om
ple
ted
usin
g
Da
tam
ine
Stu
dio
®,
an
d S
up
ervis
or®
so
ftw
are
.
Th
e m
od
el fo
r t
he
Ce
ntr
al zo
ne
wa
s c
om
ple
ted
in
Au
gu
st
20
12
. T
he
mo
de
l w
as u
pd
ate
d in
De
ce
mb
er 2
01
2
to in
clu
de
th
e S
ou
th a
nd
No
rth
zo
ne
s.
Ho
we
ve
r,
be
ca
use
th
ere
wa
s m
inim
al n
ew
da
ta in
th
e v
icin
ity o
f
Ce
ntr
al zo
ne
, a
nd
he
nce
min
ima
l ch
an
ge
to
th
e m
od
el, t
he
Ce
ntr
al Z
on
e r
eso
urce
estim
ate
s w
ere
no
t
re
sta
ted
.
Krig
ing
ne
igh
bo
urh
oo
d a
na
lyse
s (
KN
A) s
tud
ies w
ere
use
d t
o a
sse
ss a
ra
ng
e o
f p
are
nt
ce
ll d
ime
nsio
ns,
an
d
a s
ize
of
50
m x
50
m x
5 m
(X
YZ
) w
as c
on
sid
ere
d a
pp
ro
pria
te g
ive
n t
he
drill sp
acin
g,
gra
de
co
ntin
uity
ch
ara
cte
ris
tics,
an
d t
he
exp
ecte
d m
inin
g m
eth
od
. S
ub
ce
llin
g w
as in
vo
ke
d t
o e
na
ble
th
e B
IF w
ire
fra
me
vo
lum
es t
o b
e a
ccu
ra
tely
re
pro
du
ce
d.
Th
e m
ajo
rity o
f th
e o
rig
ina
l sa
mp
les w
ere
co
lle
cte
d o
n 1
m in
terva
ls,
an
d t
he
se
we
re
co
mp
osite
d t
o 5
m
inte
rva
ls w
ith
in e
ach
estim
atio
n d
om
ain
. P
ro
ba
bility p
lots
we
re
use
d t
o a
sse
ss f
or o
utlie
r v
alu
es,
an
d g
ra
de
cu
ttin
g w
as n
ot
co
nsid
ere
d n
ece
ssa
ry.
Th
e d
iscre
tise
d p
are
nt
ce
ll g
ra
de
s w
ere
estim
ate
d u
sin
g o
rd
ina
ry b
lock k
rig
ing
. T
he
do
ma
in w
ire
fra
me
s
we
re
use
d a
s h
ard
bo
un
da
ry e
stim
atio
n c
on
str
ain
ts.
Se
arch
orie
nta
tio
ns a
nd
we
igh
tin
g f
acto
rs w
ere
de
riv
ed
fro
m v
ario
gra
ph
ic s
tud
ies.
A m
ultip
le-p
ass e
stim
atio
n s
tra
teg
y w
as in
vo
ke
d,
with
KN
A u
se
d t
o
assis
t w
ith
th
e s
ele
ctio
n o
f se
arch
dis
tan
ce
s a
nd
sa
mp
le n
um
be
r c
on
str
ain
ts.
Extr
ap
ola
tio
n w
as lim
ite
d t
o
ap
pro
xim
ate
ly h
alf t
he
no
min
al d
rill sp
acin
g.
Th
e e
xtr
ap
ola
tio
n d
ista
nce
wa
s a
pp
ro
xim
ate
ly 7
5 m
in
th
e
Ce
ntr
al zo
ne
, a
nd
10
0 m
in
th
e N
orth
an
d S
ou
th z
on
es.
Th
e m
od
el g
ra
de
s w
ere
estim
ate
d u
sin
g b
oth
th
e D
TC
(D
avis
Tu
be
Co
nce
ntr
ate
) a
nd
he
ad
gra
de
da
ta.
Be
ca
use
th
e D
TC
re
su
lts h
ave
va
ria
ble
sa
mp
le s
up
po
rt
(m
ass r
eco
ve
ry),
a n
ew
se
t o
f va
ria
ble
s w
as
ca
lcu
late
d f
or e
ach
co
mp
osite
to
fa
cilita
te t
he
in
clu
sio
n o
f co
nce
ntr
ate
gra
de
s in
to t
he
mo
de
l. T
he
se
va
ria
ble
s r
ep
re
se
nt
the
in
situ
gra
de
of
the
ma
teria
l th
at
is e
xp
ecte
d t
o r
ep
ort
to t
he
ma
gn
etic f
ra
ctio
n.
Ce
lls t
ha
t d
id n
ot
re
ce
ive
an
in
terp
ola
ted
gra
de
we
re
assig
ne
d d
efa
ult g
ra
de
s e
qu
iva
len
t to
th
e c
om
po
site
gra
de
ave
ra
ge
s f
or t
he
do
ma
in
Mo
de
l va
lid
atio
n in
clu
de
d:
• V
isu
al co
mp
aris
on
s b
etw
ee
n t
he
in
pu
t sa
mp
le a
nd
estim
ate
d m
od
el g
ra
de
s
• G
lob
al a
nd
lo
ca
l sta
tistica
l co
mp
aris
on
s b
etw
ee
n t
he
sa
mp
le a
nd
mo
de
l d
ata
• A
n a
sse
ssm
en
t o
f e
stim
atio
n p
erfo
rm
an
ce
me
asu
re
s.
MT IDA JORC TABLE 1 (CONTINUED)
1 1 1
A N N U A L R E P O R T 2 0 1 8
Appendices: JORC Tables
![Page 114: ANNUAL REPORT 2018...LETTER Dear Shareholders, The financial year ending 28 February 2018 was a year of record performance for Jupiter Mines Limited, culminating in the biggest mining](https://reader035.vdocument.in/reader035/viewer/2022063016/5fd4bba8ea01961fe30ac672/html5/thumbnails/114.jpg)
SR
K C
on
su
ltin
g
Ap
pe
nd
ix B
CU
NN
/BR
OW
/wulr
Jupiter IG
R T
able
1 for M
t M
ason a
nd M
t Id
a.d
ocx
23 M
ay 2
018
Crit
eria
JO
RC
Cod
e ex
plan
atio
n C
omm
enta
ry
Mo
istu
re
•
Wh
eth
er t
he
to
nn
ag
es a
re
estim
ate
d o
n a
dry
ba
sis
or w
ith
na
tura
l m
ois
ture
, a
nd
th
e m
eth
od
of
de
term
ina
tio
n o
f th
e m
ois
ture
co
nte
nt.
Th
e r
eso
urce
estim
ate
s a
re
exp
re
sse
d o
n a
dry t
on
na
ge
ba
sis
, a
nd
in
situ
mo
istu
re
co
nte
nt
ha
s n
ot
be
en
estim
ate
d.
A d
escrip
tio
n o
f d
en
sity d
ata
is p
re
se
nte
d b
elo
w.
Cu
t-o
ff
pa
ra
me
ters
• T
he
ba
sis
of
the
ad
op
ted
cu
t-o
ff g
ra
de
(s) o
r
qu
ality
pa
ra
me
ters a
pp
lie
d.
A c
ut-
off
gra
de
of
10
% M
ag
ne
tic F
e h
as b
ee
n u
se
d f
or r
eso
urce
re
po
rtin
g (
this
is t
he
in
situ
Fe
gra
de
of
the
ma
teria
l th
at
is e
xp
ecte
d t
o r
ep
ort
to t
he
ma
gn
etic c
on
ce
ntr
ate
).
Th
is c
ut -
off
gra
de
cle
arly
dis
crim
ina
tes
be
twe
en
BIF
an
d m
afic m
ate
ria
l, a
nd
th
e p
re
lim
ina
ry m
eta
llu
rg
ica
l te
stw
ork in
dic
ate
s t
ha
t th
ere
is a
re
aso
na
ble
le
ve
l o
f co
nfid
en
ce
th
at
a m
arke
tab
le c
on
ce
ntr
ate
ca
n b
e p
ro
du
ce
d f
ro
m t
he
BIF
ma
teria
l.
A g
ra
de
-to
nn
ag
e a
sse
ssm
en
t in
dic
ate
s m
inim
al ch
an
ge
to
ma
ss r
eco
ve
ry o
r c
on
ce
ntr
ate
gra
de
s if
the
cu
t-
off
gra
de
is in
cre
ase
d t
o 2
0%
.
Min
ing
fa
cto
rs
or
assu
mp
tio
ns
• A
ssu
mp
tio
ns m
ad
e r
eg
ard
ing
po
ssib
le m
inin
g
me
tho
ds,
min
imu
m m
inin
g d
ime
nsio
ns a
nd
inte
rn
al (o
r,
if a
pp
lica
ble
, e
xte
rn
al)
min
ing
dilu
tio
n.
It is a
lwa
ys n
ece
ssa
ry a
s p
art
of
the
pro
ce
ss o
f d
ete
rm
inin
g r
ea
so
na
ble
pro
sp
ects
fo
r
eve
ntu
al e
co
no
mic
extr
actio
n t
o c
on
sid
er
po
ten
tia
l m
inin
g m
eth
od
s,
bu
t th
e a
ssu
mp
tio
ns
ma
de
re
ga
rd
ing
min
ing
me
tho
ds a
nd
pa
ra
me
ters
wh
en
estim
atin
g M
ine
ra
l R
eso
urce
s m
ay n
ot
alw
ays b
e r
igo
ro
us.
Wh
ere
th
is is t
he
ca
se
, th
is
sh
ou
ld b
e r
ep
orte
d w
ith
an
exp
lan
atio
n o
f th
e
ba
sis
of
the
min
ing
assu
mp
tio
ns m
ad
e.
Pre
lim
ina
ry m
inin
g s
tud
ies in
dic
ate
th
at
ore
will like
ly b
e e
xtr
acte
d u
sin
g c
on
ve
ntio
na
l se
lective
op
en
pit
min
ing
me
tho
ds,
wh
ich
in
clu
de
s h
yd
ra
ulic e
xca
va
tor m
inin
g,
an
d d
um
p t
ru
ck h
au
lag
e.
M
inin
g d
ilu
tio
n
assu
mp
tio
ns h
ave
no
t b
ee
n f
acto
re
d in
to t
he
re
so
urce
estim
ate
s.
Me
tallu
rg
ica
l
facto
rs o
r
assu
mp
tio
ns
• T
he
ba
sis
fo
r a
ssu
mp
tio
ns o
r p
re
dic
tio
ns
re
ga
rd
ing
me
tallu
rg
ica
l a
me
na
bility.
It is a
lwa
ys
ne
ce
ssa
ry a
s p
art
of
the
pro
ce
ss o
f d
ete
rm
inin
g
re
aso
na
ble
pro
sp
ects
fo
r e
ve
ntu
al e
co
no
mic
extr
actio
n t
o c
on
sid
er p
ote
ntia
l m
eta
llu
rg
ica
l
me
tho
ds,
bu
t th
e a
ssu
mp
tio
ns r
eg
ard
ing
me
tallu
rg
ica
l tr
ea
tme
nt
pro
ce
sse
s a
nd
pa
ra
me
ters m
ad
e w
he
n r
ep
ortin
g M
ine
ra
l
Re
so
urce
s m
ay n
ot
alw
ays b
e r
igo
ro
us.
Wh
ere
this
is t
he
ca
se
, th
is s
ho
uld
be
re
po
rte
d w
ith
an
exp
lan
atio
n o
f th
e b
asis
of
the
me
tallu
rg
ica
l
assu
mp
tio
ns m
ad
e.
It is p
ro
po
se
d t
ha
t th
e M
t Id
a m
ate
ria
l w
ill b
e u
se
d a
s f
ee
dsto
ck f
or t
he
pro
du
ctio
n o
f a
ma
gn
etite
co
nce
ntr
ate
. P
re
lim
ina
ry m
eta
llu
rg
ica
l te
stw
ork c
om
mis
sio
ne
d b
y J
up
ite
r in
dic
ate
s t
ha
t th
ere
is a
re
aso
na
ble
le
ve
l o
f co
nfid
en
ce
in
th
e a
me
na
bility o
f th
e M
t Id
a m
ate
ria
l to
pro
ce
ssin
g u
sin
g c
on
ve
ntio
na
l
grin
din
g a
nd
ma
gn
etic s
ep
ara
tio
n t
ech
niq
ue
s.
T
he
pre
lim
ina
ry m
eta
llu
rg
ica
l te
st
re
su
lts a
nd
th
e D
TR
re
su
lts in
dic
ate
acce
pta
ble
ma
ss r
eco
ve
rie
s,
an
d a
cce
pta
ble
le
ve
ls o
f F
e a
nd
co
nta
min
an
ts in
th
e
co
nce
ntr
ate
.
MT IDA JORC TABLE 1 (CONTINUED)
1 1 2
J U P I T E R M I N E S L I M I T E D
Appendices: JORC Tables
![Page 115: ANNUAL REPORT 2018...LETTER Dear Shareholders, The financial year ending 28 February 2018 was a year of record performance for Jupiter Mines Limited, culminating in the biggest mining](https://reader035.vdocument.in/reader035/viewer/2022063016/5fd4bba8ea01961fe30ac672/html5/thumbnails/115.jpg)
SR
K C
on
su
ltin
g
Ap
pe
nd
ix B
CU
NN
/BR
OW
/wulr
Jupiter IG
R T
able
1 for M
t M
ason a
nd M
t Id
a.d
ocx
23 M
ay 2
018
Crit
eria
JO
RC
Cod
e ex
plan
atio
n C
omm
enta
ry
En
vir
on
me
nta
l
facto
rs o
r
assu
mp
tio
ns
• A
ssu
mp
tio
ns m
ad
e r
eg
ard
ing
po
ssib
le w
aste
an
d p
ro
ce
ss r
esid
ue
dis
po
sa
l o
ptio
ns.
It is
alw
ays n
ece
ssa
ry a
s p
art
of
the
pro
ce
ss o
f
de
term
inin
g r
ea
so
na
ble
pro
sp
ects
fo
r e
ve
ntu
al
eco
no
mic
extr
actio
n t
o c
on
sid
er t
he
po
ten
tia
l
en
vir
on
me
nta
l im
pa
cts
of
the
min
ing
an
d
pro
ce
ssin
g o
pe
ra
tio
n.
Wh
ile
at
this
sta
ge
th
e
de
term
ina
tio
n o
f p
ote
ntia
l e
nvir
on
me
nta
l
imp
acts
, p
articu
larly
fo
r a
gre
en
fie
lds p
ro
ject,
ma
y n
ot
alw
ays b
e w
ell a
dva
nce
d,
the
sta
tus o
f
ea
rly
co
nsid
era
tio
n o
f th
ese
po
ten
tia
l
en
vir
on
me
nta
l im
pa
cts
sh
ou
ld b
e r
ep
orte
d.
Wh
ere
th
ese
asp
ects
ha
ve
no
t b
ee
n c
on
sid
ere
d
this
sh
ou
ld b
e r
ep
orte
d w
ith
an
exp
lan
atio
n o
f
the
en
vir
on
me
nta
l a
ssu
mp
tio
ns m
ad
e.
It is a
nticip
ate
d t
ha
t m
ate
ria
l in
clu
de
d in
th
e r
eso
urce
will b
e m
ine
d u
nd
er t
he
re
leva
nt
en
vir
on
me
nta
l
pe
rm
ittin
g,
wh
ich
will b
e d
efin
ed
as a
pa
rt
su
bse
qu
en
t stu
die
s.
Th
e c
ha
ra
cte
ris
atio
n o
f co
nta
min
atio
n p
ote
ntia
l is
exp
ecte
d t
o b
e c
om
ple
ted
du
rin
g a
PF
S o
r D
FS
an
d
facto
re
d in
to w
aste
ro
ck s
tora
ge
de
sig
n.
Th
e M
ou
nt
Ida
ma
gn
etite
de
po
sits o
ccu
r in
a g
eo
log
ica
l se
ttin
g t
ha
t is
lik
ely
to
co
nta
in a
sb
estifo
rm
min
era
ls.
Fib
ro
us m
ate
ria
l h
as b
ee
n o
bse
rve
d in
so
me
co
re
sa
mp
les,
an
d is e
xp
ecte
d t
o b
e p
re
se
nt
as f
ine
-g
ra
ine
d
actin
olite
in
th
e m
afic w
aste
un
its,
as w
ell a
s c
oa
rse
r- g
ra
ine
d m
ate
ria
l in
millim
etr
e w
idth
ve
ins a
lon
g jo
int
an
d f
au
lt p
lan
es.
In
20
12
, Ju
pite
r s
ub
mitte
d 3
24
sa
mp
les f
or X
RD
/SE
M a
na
lyse
s;
ho
we
ve
r,
SR
K is
un
aw
are
of
wh
eth
er t
his
stu
dy w
as c
om
ple
ted
prio
r t
o p
ro
ject
term
ina
tio
n.
Bu
lk d
en
sity
• W
he
the
r a
ssu
me
d o
r d
ete
rm
ine
d.
If a
ssu
me
d,
the
ba
sis
fo
r t
he
assu
mp
tio
ns.
If d
ete
rm
ine
d,
the
me
tho
d u
se
d,
wh
eth
er w
et
or d
ry,
the
fre
qu
en
cy
of
the
me
asu
re
me
nts
, th
e n
atu
re
, siz
e a
nd
re
pre
se
nta
tive
ne
ss o
f th
e s
am
ple
s.
• T
he
bu
lk d
en
sity f
or b
ulk
ma
teria
l m
ust
ha
ve
be
en
me
asu
re
d b
y m
eth
od
s t
ha
t a
de
qu
ate
ly
acco
un
t fo
r v
oid
sp
ace
s (
vu
gs,
po
ro
sity,
etc
.),
mo
istu
re
an
d d
iffe
re
nce
s b
etw
ee
n r
ock a
nd
alte
ra
tio
n z
on
es w
ith
in t
he
de
po
sit.
• D
iscu
ss a
ssu
mp
tio
ns f
or b
ulk
de
nsity e
stim
ate
s
use
d in
th
e e
va
lua
tio
n p
ro
ce
ss o
f th
e d
iffe
re
nt
ma
teria
ls.
Th
e d
en
sity d
ata
se
ts w
ere
de
riv
ed
fro
m b
ulk
de
nsity m
ea
su
re
me
nts
acq
uir
ed
fro
m d
ow
nh
ole
ge
op
hysic
al
log
gin
g,
as w
ell a
s f
ro
m w
ate
r im
me
rsio
n la
bo
ra
tory t
ests
co
nd
ucte
d o
n c
ore
sa
mp
les.
Th
e g
eo
ph
ysic
al
log
gin
g d
ata
se
t co
nta
ine
d a
to
tal o
f 2
09
,62
6 m
ea
su
re
me
nts
acq
uir
ed
fro
m 9
3 d
rill h
ole
s.
Th
e la
bo
ra
tory
da
tase
t co
nta
ine
d a
to
tal o
f 1
,73
3 r
esu
lts a
cq
uir
ed
fro
m 2
2 h
ole
s.
A s
tro
ng
co
rre
latio
n w
as o
bse
rve
d b
etw
ee
n d
en
sity a
nd
to
tal F
e.
A r
eg
re
ssio
n e
qu
atio
n d
eriv
ed
fro
m t
his
co
rre
latio
n w
as u
se
d t
o e
stim
ate
th
e d
en
sity f
or e
ach
ce
ll f
ro
m t
he
estim
ate
d F
e g
ra
de
. T
he
me
an
mo
de
l
de
nsity is a
pp
ro
xim
ate
ly 3
.6 t
/m3.
A d
eta
ile
d c
om
pa
ris
on
of
the
de
nsity d
ata
acq
uir
ed
fro
m d
ow
nh
ole
ge
op
hysic
al su
rve
ys w
ith
th
e w
ate
r
imm
ersio
n t
est
da
ta h
ad
no
t b
ee
n c
om
ple
ted
at
the
tim
e o
f p
ro
ject
term
ina
tio
n.
Th
is h
as b
ee
n t
ake
n in
to
co
nsid
era
tio
n w
he
n a
ssig
nin
g c
lassific
atio
ns t
o t
he
re
so
urce
estim
ate
s.
MT IDA JORC TABLE 1 (CONTINUED)
1 1 3
A N N U A L R E P O R T 2 0 1 8
Appendices: JORC Tables
![Page 116: ANNUAL REPORT 2018...LETTER Dear Shareholders, The financial year ending 28 February 2018 was a year of record performance for Jupiter Mines Limited, culminating in the biggest mining](https://reader035.vdocument.in/reader035/viewer/2022063016/5fd4bba8ea01961fe30ac672/html5/thumbnails/116.jpg)
MT IDA JORC TABLE 1 (CONTINUED)
SR
K C
on
su
ltin
g
Ap
pe
nd
ix B
CU
NN
/BR
OW
/wulr
Jupiter IG
R T
able
1 for M
t M
ason a
nd M
t Id
a.d
ocx
23 M
ay 2
018
Crit
eria
JO
RC
Cod
e ex
plan
atio
n C
omm
enta
ry
Cla
ssific
atio
n
• T
he
ba
sis
fo
r t
he
cla
ssific
atio
n o
f th
e M
ine
ra
l
Re
so
urce
s in
to v
aryin
g c
on
fid
en
ce
ca
teg
orie
s.
• W
he
the
r a
pp
ro
pria
te a
cco
un
t h
as b
ee
n t
ake
n o
f
all r
ele
va
nt
facto
rs (
i.e
. re
lative
co
nfid
en
ce
in
ton
na
ge
/gra
de
estim
atio
ns,
re
lia
bility o
f in
pu
t
da
ta,
co
nfid
en
ce
in
co
ntin
uity o
f g
eo
log
y a
nd
me
tal va
lue
s,
qu
ality
, q
ua
ntity
an
d d
istr
ibu
tio
n o
f
the
da
ta).
• W
he
the
r t
he
re
su
lt a
pp
ro
pria
tely
re
fle
cts
th
e
Co
mp
ete
nt
Pe
rso
n’s
vie
w o
f th
e d
ep
osit.
Th
e r
eso
urce
cla
ssific
atio
ns h
ave
be
en
ap
plie
d b
ase
d o
n a
co
nsid
era
tio
n o
f th
e c
on
fid
en
ce
in
th
e
ge
olo
gic
al in
terp
re
tatio
n,
the
qu
ality
an
d q
ua
ntity
of
the
in
pu
t d
ata
, th
e c
on
fid
en
ce
in
th
e e
stim
atio
n
tech
niq
ue
, a
nd
th
e lik
ely
eco
no
mic
via
bility o
f th
e m
ate
ria
l.
Of
the
se
, d
rill sp
acin
g a
nd
da
ta q
ua
lity
are
co
nsid
ere
d t
o b
e t
he
co
ntr
ollin
g f
acto
rs o
n c
lassific
atio
n.
Th
e a
ve
ra
ge
drill sp
acin
g in
Ce
ntr
al zo
ne
is a
pp
ro
xim
ate
ly 1
00
m w
ith
a u
nifo
rm
co
ve
ra
ge
ap
art
fro
m in
th
e
pe
rip
he
ra
l a
re
as.
A n
om
ina
l d
rill sp
acin
g o
f 2
00
m h
as b
ee
n u
se
d in
th
e S
ou
th a
nd
No
rth
zo
ne
, h
ow
eve
r
the
co
ve
ra
ge
is q
uie
t ir
re
gu
lar.
Ge
olo
gic
al co
ntin
uity a
pp
ea
rs t
o b
e w
ell d
efin
ed
in
th
e 1
00
m s
pa
ce
d d
ata
,
an
d t
he
va
rio
gra
ph
y in
dic
ate
s u
se
ful g
ra
de
co
ntin
uity r
an
ge
s o
f a
t le
ast
30
0 m
.
A s
ign
ific
an
t a
mo
un
t o
f q
ua
lity
assu
ra
nce
da
ta h
as b
ee
n c
olle
cte
d;
ho
we
ve
r,
at
the
tim
e o
f th
e s
tud
y
term
ina
tio
n a
t th
e e
nd
of
20
12
, a
de
taile
d a
sse
ssm
en
t h
ad
no
t b
ee
n c
om
ple
ted
. A
pre
lim
ina
ry a
sse
ssm
en
t
did
no
t in
dic
ate
an
y s
ign
ific
an
t is
su
es w
ith
th
e r
elia
bility o
f th
e d
ata
fo
r r
eso
urce
estim
atio
n.
Ba
se
d o
n t
he
ab
ove
co
nsid
era
tio
ns,
a c
lassific
atio
n o
f In
dic
ate
d R
eso
urce
ha
s b
ee
n a
ssig
ne
d t
o t
he
Ce
ntr
al zo
ne
estim
ate
s in
th
e r
eg
ion
s w
ith
un
ifo
rm
drill co
ve
ra
ge
. A
cla
ssific
atio
n o
f In
ferre
d h
as b
ee
n
assig
ne
d t
o r
em
ain
ing
Ce
ntr
al, S
ou
th,
an
d N
orth
zo
ne
estim
ate
s
On
ly m
ate
ria
l in
terp
re
ted
as B
IF h
as b
ee
n a
ssig
ne
d a
re
so
urce
cla
ssific
atio
n a
nd
in
clu
de
d in
th
e r
eso
urce
inve
nto
ry.
Au
dits o
r
re
vie
ws
• T
he
re
su
lts o
f a
ny a
ud
its o
r r
evie
ws o
f M
ine
ra
l
Re
so
urce
estim
ate
s.
SR
K is n
ot
aw
are
of
an
y in
de
pe
nd
en
t a
ud
its o
r r
evie
ws h
ave
be
en
co
nd
ucte
d o
n t
he
mo
st
re
ce
nt re
so
urce
estim
ate
s.
Dis
cu
ssio
n o
f
re
lative
accu
ra
cy/
co
nfid
en
ce
• W
he
re
ap
pro
pria
te a
sta
tem
en
t o
f th
e r
ela
tive
accu
ra
cy a
nd
co
nfid
en
ce
le
ve
l in
th
e M
ine
ra
l
Re
so
urce
estim
ate
usin
g a
n a
pp
ro
ach
or
pro
ce
du
re
de
em
ed
ap
pro
pria
te b
y t
he
Co
mp
ete
nt
Pe
rso
n.
Fo
r e
xa
mp
le,
the
ap
plica
tio
n
of
sta
tistica
l o
r g
eo
sta
tistica
l p
ro
ce
du
re
s t
o
qu
an
tify
th
e r
ela
tive
accu
ra
cy o
f th
e r
eso
urce
with
in s
tate
d c
on
fid
en
ce
lim
its,
or,
if s
uch
an
ap
pro
ach
is n
ot
de
em
ed
ap
pro
pria
te,
a
qu
alita
tive
dis
cu
ssio
n o
f th
e f
acto
rs t
ha
t co
uld
aff
ect
the
re
lative
accu
ra
cy a
nd
co
nfid
en
ce
of
the
estim
ate
.
• T
he
sta
tem
en
t sh
ou
ld s
pe
cify w
he
the
r it
re
late
s
to g
lob
al o
r lo
ca
l e
stim
ate
s,
an
d,
if lo
ca
l, s
tate
the
re
leva
nt
ton
na
ge
s,
wh
ich
sh
ou
ld b
e r
ele
va
nt
to t
ech
nic
al a
nd
eco
no
mic
eva
lua
tio
n.
Do
cu
me
nta
tio
n s
ho
uld
in
clu
de
assu
mp
tio
ns
ma
de
an
d t
he
pro
ce
du
re
s u
se
d.
Th
e r
eso
urce
estim
ate
s h
ave
be
en
pre
pa
re
d a
nd
cla
ssifie
d in
acco
rd
an
ce
with
th
e g
uid
elin
es t
ha
t
acco
mp
an
y t
he
JO
RC
Co
de
(2
01
2),
an
d n
o a
tte
mp
ts h
ave
be
en
ma
de
to
fu
rth
er q
ua
ntify
th
e u
nce
rta
inty
in
the
estim
ate
s.
A d
eta
ile
d c
om
pila
tio
n o
f th
e q
ua
lity
assu
ra
nce
da
ta h
as n
ot
ye
t b
ee
n c
om
ple
ted
, a
lth
ou
gh
th
e p
re
lim
ina
ry
asse
ssm
en
t d
id n
ot
hig
hlig
ht
an
y s
ign
ific
an
t co
nce
rn
s w
ith
th
e d
ata
. T
o d
ate
, n
o w
ork h
as b
ee
n c
om
ple
ted
to in
ve
stig
ate
th
e lik
elih
oo
d o
f g
ra
de
bia
s d
ue
to
po
ssib
le p
re
fere
ntia
l m
ate
ria
l lo
ss in
th
e R
C s
am
ple
s.
A d
eta
ile
d c
om
pa
ris
on
of
the
de
nsitie
s d
eriv
ed
fro
m d
ow
nh
ole
ge
op
hysic
al lo
gg
ing
ag
ain
st
oth
er d
en
sity
test
pro
ce
du
re
s h
as n
ot
ye
t b
ee
n c
om
ple
ted
.
In N
ove
mb
er 2
01
2,
the
su
rve
yin
g c
on
tra
cto
r id
en
tifie
d a
n e
leva
tio
n d
iscre
pa
ncy o
f 1
m in
th
e s
urve
y d
ata
.
Th
is w
as c
on
sid
ere
d t
o h
ave
min
ima
l im
pa
ct
on
th
e r
eso
urce
estim
ate
s a
nd
cla
ssific
atio
n,
an
d n
o
ad
justm
en
ts w
ere
ap
plie
d.
Th
e r
eso
urce
qu
an
titie
s s
ho
uld
be
co
nsid
ere
d a
s r
eg
ion
al o
r g
lob
al e
stim
ate
s o
nly
. T
he a
cco
mp
an
yin
g
mo
de
ls a
re
co
nsid
ere
d s
uita
ble
to
su
pp
ort
min
e p
lan
nin
g s
tud
ies,
bu
t a
re
no
t co
nsid
ere
d s
uita
ble
fo
r
pro
du
ctio
n p
lan
nin
g,
or s
tud
ies t
ha
t p
lace
sig
nific
an
t re
lia
nce
up
on
th
e lo
ca
l e
stim
ate
s.
1 1 4
J U P I T E R M I N E S L I M I T E D
Appendices: JORC Tables
![Page 117: ANNUAL REPORT 2018...LETTER Dear Shareholders, The financial year ending 28 February 2018 was a year of record performance for Jupiter Mines Limited, culminating in the biggest mining](https://reader035.vdocument.in/reader035/viewer/2022063016/5fd4bba8ea01961fe30ac672/html5/thumbnails/117.jpg)
MT IDA JORC TABLE 1 (CONTINUED)
SR
K C
on
su
ltin
g
Ap
pe
nd
ix B
CU
NN
/BR
OW
/wulr
Jupiter IG
R T
able
1 for M
t M
ason a
nd M
t Id
a.d
ocx
23 M
ay 2
018
Crit
eria
JO
RC
Cod
e ex
plan
atio
n C
omm
enta
ry
• T
he
se
sta
tem
en
ts o
f re
lative
accu
ra
cy a
nd
co
nfid
en
ce
of
the
estim
ate
sh
ou
ld b
e c
om
pa
re
d
with
pro
du
ctio
n d
ata
, w
he
re
ava
ila
ble
.
1 1 5
A N N U A L R E P O R T 2 0 1 8
Appendices: JORC Tables
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This page has been left intentionally.
1 1 6
J U P I T E R M I N E S L I M I T E D
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