JUPITER MINES LIMITED. — Annual Report 2021

Apr 21, 2021

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ASX Market Announcements ASX Limited 4[th] Floor

20 Bridge Street SYDNEY NSW 2000

22 April 2021

APPENDIX 4E – PRELIMINARY FINAL REPORT

Jupiter Mines Limited (ASX: JMS) (“Jupiter”, or the “Company”, and together with its subsidiaries, the “Group”) is pleased to provide the Group’s Appendix 4E Preliminary Final Report for the year ended 28 February 2021. This report is based on a draft financial report for the year ended 28 February 2021 which is in the process of being audited.

GROUP HIGHLIGHTS	FY2021($’000)	FY2020($’000)
Share of net profit from Jupiter’s 49.9% stake in Tshipi é Ntle Manganese Mining (Proprietary)Limited(“Tshipi”)	62,937	98,191
Consolidatedprofit before tax and impairment adjustments	67,155	103,926
Consolidated netprofit after tax	67,519	95,119
Consolidated cashposition	60,622	29,285
Distributions declared and/orpaid to Jupiter shareholders	58,770	93,052
Basic earnings($ per share)	0.0346	0.0486
Basic earnings before tax($per share)	0.0343	0.0531
TSHIPI HIGHLIGHTS(100% BASIS)	FY2021	FY2020
Sales(mt)	3.42	3.41
Production(mt)	3.35	3.41
Average FOB cost/tonne(US$ /dmtu)	2.04	2.14
Average CIFprice achieved(US$ /dmtu – highgrade lumpy)	4.19	4.86
Revenue net of realisation costs(ZAR m)	5,761	6,308
Earnings before interest, tax, depreciation and amortisation (“EBITDA”) (ZAR m)	2,393	3,150
Netprofit after tax(ZAR m)	1,463	1,976
Net cash from operatingactivities(ZAR m)	1,173	2,363
Cash returned to Tshipi shareholders(ZAR m)	1,430	2,015
JUPITER SOUTH AFRICA(MARKETING BRANCH)	FY2021	FY2020
Revenue(ZAR m)	95.1	104.0
Grossprofit(ZAR m)	95.1	104.0
EBITDA(ZAR m)	89.4	76.9
Netprofit after tax(ZAR m)	64.6	56.3

Yours sincerely

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Priyank Thapliyal Director & Chief Executive Officer

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JUPITER MINES LIMITED PRELIMINARY FINAL REPORT APPENDIX 4E

RESULTS FOR ANNOUNCEMENT TO THE MARKET FOR THE YEAR ENDED 28 FEBRUARY 2021 (PREVIOUS CORRESPONDING PERIOD YEAR ENDED 29 FEBRUARY 2020)

Name of Entity ABN	Jupiter Mines Limited 51 105 991 740
1. Details of current and prior reporting period Current Period Prior Period	1 March 2020 to 28 February 2021 1 March 2019 to 29 February2020
2. Results for announcement to the market	% Movement FY2021$ FY 2020$ Down 21% to 8,202,796 10,358,857 Down 29% to 67,519,400 95,118,503 Down 29% to 67,519,400 95,118,503 Total amount per security $ Franked amount per security $ $0.01 Nil $0.02 Nil
2.1 Revenue from ordinary activities
2.2 Profit for the year
2.3 Net profit for the year attributable to owners of the Company 2.4 Dividend distributions
 Interim dividend
 Final dividend
2.5 Record date for determining entitlements to the dividend
	The Board resolved to pay a final dividend of $0.02 per security (unfranked) for the financial year ended 28 February 2021 (payment date 21 May 2021).
	7 May 2021
3. Consolidated statement of profit or loss and other comprehensive income	Refer Appendix 1
4. Consolidated statement of financial position	Refer Appendix 2
5. Consolidated statement of changes in equity	Refer Appendix 3
6. Consolidated statement of cash flows	Refer Appendix 4
7. Details of dividends or distributions	Refer Note 10

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	Current Period $ Prior Period $ 0.23 0.22
8. Net asset backing per security
9. Control gained over entities during the period	N/A
10. Details of associate and joint venture entities	Refer Note 7
11. Other significant information	See below and Notes
12. Accounting Standards used by foreign entities	International Financial Reporting Standards
13. Commentary on the result for the period	See below
14. Status of audit or review	This report is based on accounts that are in the process of being audited
15. Dispute or qualification – accounts not yet audited	N/A
16. Qualifications of audit/review	N/A

Commentary on Results

Tshipi produced and exported 3.35 and 3.42 million tonnes, respectively, during FY2021 (FY2020: 3.41 million tonnes produced and exported), despite the restrictions and uncertainties surrounding the COVID19 pandemic. Even despite these conditions, Tshipi achieved its second highest export volumes recorded. Tshipi ended FY2021 as the largest exporter of manganese ore from South Africa, based on export data collected by Tshipi.

Global manganese prices however remained depressed, following sharp declines at the end of FY2020 which were further compounded by the COVID-19 pandemic. Manganese prices averaged US$3.83 (per dmtu, Metal Bulletin 37% FOB Port Elizabeth) (FY2020: US$4.18).

Despite many challenges during the year, both Jupiter and Tshipi remained cash positive and profitable. Tshipi’s performance resulted in the distribution of dividends to its shareholders totalling approximately ZAR1.43 billion. Jupiter in turn has declared dividends yielding 10.1%, with a payout ratio of over 94% of Tshipi dividends and marketing profits received.

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APPENDIX 1

UNAUDITED PRELIMINARY CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME FOR THE YEAR ENDED 28 FEBRUARY 2021

NOTE Revenue 2 Gross profit Other income 2 Employee benefits expense Depreciation of property, plant and equipment Amortisation of intangibles Administration expenses Other expenses Profit from operations Share of profit from joint venture entities using the equity method 7 Finance income Finance costs Foreign exchange gain/(loss) Profit before income tax Income tax expense 12 Profit for the year from continued operations Loss for the year from discontinued operations 13 Net profit attributable to members of parent entity Other comprehensive income Items that may be subsequently transferred to profit or loss: Translation of foreign currency financial statements Items not to be reclassified to profit or loss in subsequent periods: Change in the fair value of equity instruments carried at fair value through other comprehensive income (“FVOCI”) Other comprehensive loss for the period, net of tax Total comprehensive income for the period Overall operations Basic and diluted earnings per share from continued operations Basic and diluted earnings per share from discontinued operations	FY2021 FY2020
	$ $
	8,202,796 10,358,857
	8,202,796 10,358,857 592,071 660,096 (2,163,753) (2,533,112) (2,581) (2,427) (3,085) (4,086) (136,383) (77,905) (2,233,204) (4,264,161)
	4,255,861 4,137,262
	62,937,155 98,191,396 247,034 1,188,810 (3,693) (476,780) (281,327) 885,403
	67,155,030 103,926,091 643,041 (8,807,588)
	67,798,071 95,118,503 (278,671) -
	67,519,400 95,118,503
	(400,378) (18,314) 462,601 (217,535)
	62,223 (235,849)
	67,581,623 94,882,654
	0.0346 0.0486 (0.0001) -

The Consolidated Statement of Profit or Loss and Other Comprehensive Income is to be read in conjunction with the notes to the consolidated financial statements.

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APPENDIX 2 UNAUDITED PRELIMINARY CONSOLIDATED STATEMENT OF FINANCIAL POSITION FOR THE YEAR ENDED 28 FEBRUARY 2021

NOTE ASSETS CURRENT ASSETS Cash and cash equivalents 3 Trade and other receivables 4 Assets included in disposal group held for distribution 13 Other current assets Total current assets NON-CURRENT ASSETS Equity instruments at fair value through other comprehensive income Property, plant and equipment Intangible assets Investments using the equity method 7 Exploration and evaluation assets 6 Deferred tax asset 12 Total non-current assets TOTAL ASSETS LIABILITIES CURRENT LIABILITIES Trade and other payables 8 Employee benefits Total current liabilities NON-CURRENT LIABILITIES Deferred tax liability 12 Total non-current liabilities TOTAL LIABILITIES NET ASSETS EQUITY Issued capital 9 Reserves Accumulated profits TOTAL EQUITY	FY2021 FY2020
	$ $
	60,622,311 29,285,067 46,171,674 40,357,267 17,430,884 - 57,884 57,884
	124,282,753 69,700,218
	43,120 329,528 3,857 4,721 46 3,131 430,593,793 437,601,406 - 11,774,238 1,131,537 633,417
	431,772,353 450,346,441
	556,055,106 520,046,659
	42,462,258 37,619,369 302,486 218,029
	42,764,744 37,837,398
	53,974,718 56,192,897
	53,974,718 56,192,897
	96,739,462 94,030,295
	459,315,644 426,016,364
	410,435,400 410,435,400 (470,835) 62,604 49,351,079 15,518,360
	459,315,644 426,016,364

The Consolidated Statement of Financial Position is to be read in conjunction with the notes to the consolidated financial statements.

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APPENDIX 3

UNAUDITED PRELIMINARY CONSOLIDATED STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 28 FEBRUARY 2021

	NOTE	ISSUED CAPITAL $	FOREIGN CURRENCY TRANSLATION RESERVE $	EQUITY INSTRUMENTS AT FVOCI RESERVE $	ACCUMULATED PROFIT/(LOSS) $	TOTAL $
Balance at 1 March 2019		410,435,400	(41,804)	340,257	(1,240,502)	409,493,351
Profit attributable to
members of parent entity		-	-	-	95,118,503	95,118,503
Total other comprehensive income/(loss) for the period		-	(18,314)	(217,535)	-	(235,849)
Total comprehensive income/(loss) for the period		-	(18,314)	(217,535)	95,118,503	94,882,654
Dividends paid/declared	10	-	-	-	(78,359,641)	(78,359,641)
Balance at 29 February 2020		410,435,400	(60,118)	122,722	15,518,360	426,016,364
Profit attributable to
members of parent entity		-	-	-	67,519,400	67,519,400
Total other comprehensive income/(loss) for the period		-	(400,378)	462,601	-	62,223
Total comprehensive income/(loss) for the period		-	(400,378)	462,601	67,519,400	67,581,623
Dividends paid/declared	10	-	-	-	(34,282,343)	(34,282,343)
Transfer of fair value reserve
of equity instruments		-	-	(595,662)	595,662	-
designated at FVOCI
Balance at 28 February 2021		410,435,400	(460,496)	(10,339)	49,351,079	459,315,644

During FY2021, the Group sold its equity interest in GWR Group Limited. The fair value on the date of sale is $749,008 and the accumulated gain recognised in OCI of $595,662 was transferred to retained earnings.

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APPENDIX 4

UNAUDITED PRELIMINARY CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 28 FEBRUARY 2021

NOTE CASH FLOWS FROM OPERATING ACTIVITIES Payments to suppliers and employees Receipts from customers Income taxes paid Net cash used in discontinued operations Net cash used in operating activities CASH FLOWS FROM INVESTING ACTIVITIES Purchase of property, plant and equipment Payments for exploration and evaluation of mining reserves Proceeds from sale of financial assets Dividend received 7 Interest received Net cash used in discontinued operations Net cash from investing activities CASH FLOWS FROM FINANCING ACTIVITIES Dividend paid 10 Net cash used in discontinued operations Net cash used in financing activities Net decrease in cash and cash equivalents held Cash and cash equivalents at beginning of financial period Effect of exchange rates on cash holdings in foreign currencies Cash and cash equivalents at the end of the financial period 14	FY2021 $ FY2020 $
	(3,068,629) (12,825,698) 8,500,819 14,190,076 (2,230,436) (2,692,358) (5,698) -
	3,196,056 (1,327,980)
	(1,717) (2,184) - (974,238) 749,008 - 69,944,768 83,431,732 297,548 1,158,123 (941,783) -
	70,047,824 83,613,433
	(34,282,345) (127,334,417) (65,948) -
	(34,348,293) (127,334,417)
	38,895,587 (45,048,964) 29,285,067 72,848,680 (2,558,342) 1,485,351
	65,622,312 29,285,067

The Consolidated Statement of Cash Flows should be read in conjunction with the notes to the consolidated financial statements.

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NOTES TO THE UNAUDITED PRELIMINARY CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 28 FEBRUARY 2021

NOTE 1: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

These consolidated financial statements and notes represent those of Jupiter Mines Limited (“Jupiter”) and its Controlled Entities (the “Consolidated Group” or the “Group”).

Basis of preparation

The financial information included in this document for the financial year ended 28 February 2021 is unaudited. The financial information does not constitute the Jupiter Group’s (the Group) full financial statements for the year ended 28 February 2021, which will be approved by the Board, reported on by the auditors and filed with the Australian Securities Exchange. The Group’s full financial statements will be prepared in accordance with the requirements of the Corporations Act 2001, Australian Accounting Standards and other authoritative pronouncements of the Australian Accounting Standards Board.

The unaudited financial information set out on pages 4 to 7 for the year ended 28 February 2021 has been prepared on the basis of accounting policies and methods of computation consistent with those applied in the 29 February 2020 financial statements contained within the Annual Report of the Group.

As required, and unless otherwise stated, comparative statutory financial information for the Group has been presented for the 2020 financial year.

All amounts are expressed in Australian dollars unless otherwise stated. The Group’s presentation currency is Australian dollars. The functional currency of the majority of its operations is South African rand.

Comparative figures have been prepared on the same basis as the current period figures.

NOTE 2: REVENUE

NOTE 2: REVENUE
Marketing fee revenue Gross margin Other income Other income	FY2021 $ FY2020 $
	8,202,796 10,358,857
	8,202,796 10,358,857
	592,071 660,096
	592,071 660,096

Jupiter’s marketing branch in South Africa carries out the sale of manganese ore of Jupiter’s share of Tshipi’s manganese ore as the agent only and earns a 3% marketing fee commission on ore sales.

NOTE 3: CASH AND CASH EQUIVALENTS

Cash at bank and in hand Short-term bank deposits	FY2021 $ FY2020 $
	52,189,018 10,011,113 8,433,293 19,273,954
	60,622,311 29,285,067

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NOTES TO THE UNAUDITED PRELIMINARY CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 28 FEBRUARY 2021 (continued)

NOTE 4: TRADE AND OTHER RECEIVABLES

NOTE 4: TRADE AND OTHER RECEIVABLES
Trade receivables GST and VAT receivable Income tax refundable Sundry receivables	FY2021 $ FY2020 $
	44,796,789 39,329,578 206,696 166,333 76,212 - 1,091,977 861,356
	46,171,674 40,357,267

NOTE 5: CONTROLLED ENTITIES

	Country of	% owned	% owned
Controlled entities consolidated	Incorporation	FY2021	FY2020
Parent Entity:
Jupiter Mines Limited	Australia
Subsidiaries of Jupiter Mines Limited:
Future Resources Australia Pty Limited	Australia	100	100
Central Yilgarn Iron Pty Limited	Australia	100	100
Broadgold Corporation Pty Limited	Australia	100	100
Jupiter Kalahari Pty Ltd	Australia	100	100
Juno Minerals Limited	Australia	100	-
Jupiter Mines Limited (Incorporated in Australia)
External Profit Company (“Jupiter South African	South Africa	100	100
Branch)

During the year all Controlled Entities, with the exception of Jupiter Kalahari Pty Ltd, Juno Minerals and Jupiter South African Branch, were dormant.

NOTE 6: EXPLORATION AND EVALUATION ASSETS

Opening balance Additions Assets reclassified to discontinued operations (note 13) Closing balance Costs carried forward in respect of the following areas of interest: - Mount Mason - Mount Ida Closing balance	11,774,238 10,800,000 941,783 974,238 (12,716,021) -
	- 11,774,238
	- 927,829 - 10,846,409
	- 11,774,238

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NOTES TO THE UNAUDITED PRELIMINARY CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 28 FEBRUARY 2021 (continued)

NOTE 7: INVESTMENTS USING THE EQUITY METHOD

Set out below is the Joint Venture held by the Group as at 28 February 2021, in which in the opinion of the Directors, are material to the Group. The entity listed below has share capital consisting solely of ordinary shares, which are held directly by the Group. The country of incorporation or registration is also their principal place of business, and the proportion of the Group’s ownership interest is the same as the proportion of voting rights held. Interest in this entity is held through a fully controlled entity, Jupiter Kalahari Pty Ltd.

Name of Entity Country of Incorporation % held FY2021 % held FY2020 Nature of Relationship Measurement Method	Name of Entity Country of Incorporation % held FY2021 % held FY2020 Nature of Relationship Measurement Method
Tshipi é Ntle Manganese Mining (Proprietary) Limited South Africa 49.9	49.9 Joint Venture Joint Venture
Summarised Financial Information Tshipi é Ntle Manganese Mining (Proprietary) Limited Opening carrying value of joint venture Share of profit using the equity method Dividend paid Total investments using the equity method NOTE 8: TRADE AND OTHER PAYABLES Trade payables Income tax payable Sundry payables and accrued expenses NOTE 9: SHARE CAPITAL Ordinary shares at the beginning of the reporting period At reporting date Ordinary shares at the beginning of the reporting period At reporting date
	FY2021 $ FY2020 $
	437,601,406 422,841,742 62,937,155 98,191,396 (69,944,768) (83,431,732)
	430,593,793 437,601,406
	FY2021 $ FY2020 $
	41,679,440 36,501,106 - 80,967 782,818 1,037,296
	42,462,258 37,619,369
	FY2021 $ FY2020 $
	410,435,400 410,435,400
	410,435,400 410,435,400
	FY2021 Number of Shares FY2020 Number of Shares
	1,958,991,033 1,958,991,033
	1,958,991,033 1,958,991,033

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NOTES TO THE UNAUDITED PRELIMINARY CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 28 FEBRUARY 2021 (continued)

NOTE 10: DIVIDENDS

Dividends declared and paid during the year:  Unfranked final dividend ($0.0075 per share, wholly conduit foreign income; declared 29 April 2020, paid 21 May 2020)  Unfranked interim dividend ($0.01 per share, wholly conduit foreign income; declared 28 October 2020, paid 18 November 2020)  Unfranked interim dividend ($0.04 per share, wholly conduit foreign income; declared 31 October 2019, paid 21 November 2019)	FY2021 $ FY2020 $
	14,692,433 - 19,589,910 - - 78,359,641
	34,282,343 78,359,641

Subsequent to year end, Jupiter declared a final unfranked dividend for FY2021 of $0.02 per share, of wholly conduit foreign income, totalling $39,179,821. The dividend will be paid on 21 May 2021.

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NOTES TO THE UNAUDITED PRELIMINARY CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 28 FEBRUARY 2021 (continued)

NOTE 11: SEGMENT REPORTING

The Group operates in the mining industry. The Group has identified its operating segments based on internal reports that are reviewed and used by the chief operating decision makers (the Board of Directors and key management) in assessing performance and determining the allocation of resources.

The Group’s segments are structured primarily based on its exploration and production interests. These are considered to be the Central Yilgarn Iron Ore Project (Iron Ore), which is located in Australia, the producing Tshipi mine (Manganese) which is located in South Africa, and Jupiter’s South African branch which carries the sale of Jupiter’s share of manganese ore. Information is not readily available for allocating the remaining items of revenue, expenses, assets and liabilities, or these items are not considered part of the core operations of any segment. Any transactions between reportable segments have been offset for these purposes.

		Jupiter Mines –	Tshipi –
	CYIP – Iron Ore	Manganese	Manganese
28 February 2021	(Australia) $	(South Africa) $	(South Africa) $	Total $
Marketing fee revenue	-	8,202,796	-	8,202,796
Employee benefits	-	(223,917)	-	(223,917)
Other expenses	-	(265,711)	-	(265,711)
Loss from discontinued operations	(278,671)	-	-	(278,671)
Segment operating profit	(278,671)	7,713,168	-	7,434,497
Share of profit from joint venture entities using the equity method	-		62,937,155	62,937,155
Finance costs	-	14,599	-	14,599
Foreign exchangegain	-	(101,482)	-	(101,482)
Total	(278,671)	7,626,284	62,937,155	70,284,768
Corporate				(3,129,738)
Netprofit before tax from operations				66,876,362
Segment assets	-	47,583,423	430,593,793	478,177,216
Segment assets from discontinued	17,430,884	-	-	17,430,884
operations
Corporate assets				60,447,006
Total assets				556,055,106
Segment liabilities	-	(41,770,184)	-	(41,770,184)
Corporate liabilities				(54,969,278)
Total liabilities				(96,739,462)

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NOTES TO THE UNAUDITED PRELIMINARY CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 28 FEBRUARY 2021 (continued)

NOTE 11: SEGMENT REPORTING (continued)

		Jupiter Mines –
	CYIP – Iron Ore	Manganese	Tshipi – Manganese
29 February 2020	(Australia) $	(South Africa) $	(South Africa) $	Total $
Marketing fee revenue	-	10,358,857	-	10,358,857
Employee benefits	-	(450,610)	-	(450,610)
Other expenses	-	(2,221,107)	-	(2,221,107)
Segment operating profit	-	7,687,140	-	7,687,140
Share of profit from joint
venture entities using the	-	-	98,191,396	98,191,396
equity method
Finance costs	-	(471,447)	-	(471,447)
Foreign exchangegain	-	611,549	-	611,549
Total	-	7,827,242	98,191,396	106,018,638
Corporate	-			(2,092,546)
Netprofit before tax from	continuing operations			103,926,092
Segment assets	11,774,238	43,056,258	437,601,406	492,431,902
Corporate assets				27,614,757
Total assets				520,046,659
Segment liabilities	-	(40,305,240)	-	(40,305,240)
Corporate liabilities				(53,725,055)
Total liabilities				(94,030,295)

NOTE 12: INCOME TAX EXPENSE AND DEFERRED TAXES

The major components of tax expense and the reconciliation of the expected tax expense based on the domestic effective tax rate of Jupiter Mines at 30% (2020: 30%) and the reported tax expense in the profit and loss are as follows:

Tax expense comprises: (a) Current tax Current tax in respect of prior years Deferred income tax relating to origination and reversal of temporary differences  Origination and reversal of timing differences  Recognition of deferred tax asset losses  Under/(over) provision in respect of prior years Tax (benefit)/expense	FY2021 $ FY2020 $
	2,073,305 2,291,414 - 758,253 (1,984,776) 4,447,465 (735,720) - 4,150 1,310,456
	(643,041) 8,807,588

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NOTES TO THE UNAUDITED PRELIMINARY CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 28 FEBRUARY 2021 (continued)

NOTE 12: INCOME TAX EXPENSE AND DEFERRED TAXES (continued)

(b) Accounting profit before tax Domestic tax rate for Jupiter Mines Limited (30%) Tax rate differential Other expenditure not allowed or allowable for income tax purposes Under provision in respect of prior years Share of profit in equity accounted investments Income tax (benefit)/expense	FY2021 $ FY2020 $ 66,876,362 103,926,091 20,062,909 31,177,827 (152,809) (158,024) 426,142 748,594 4,150 2,068,710 (20,983,433) (25,029,519) (643,041) 8,807,588

Deferred taxes arising from temporary differences and unused tax losses can be summarised as follows:

Deferred Tax Assets (Liabilities)	Opening Balance 1 March 2020 Recognised in Profit and Loss During the Year Closing Balance 28 February 2021
Liabilities Property, plant and equipment Exploration and discontinued operations Other Investments using the equity method Balance as at 28 February 2021 Assets Property, plant and equipment Pension and other employee obligations Trade and other receivables Other Tax losses Balance as at 28 February 2021 Net Deferred Tax Liabilities	9,695 (9,695) - (3,515,171) (282,535) (3,797,706) (409,360) 408,126 (1,234) (52,278,061) 2,102,283 (50,175,778)
	(56,192,897) 2,218,179 (53,974,718)
	- 3,057 3,057 57,879 25,259 83,138 - 12,602 12,602 27,657 (6,143) 21,514 547,881 463,345 1,011,226
	633,417 498,120 1,131,537
	(55,559,480) 2,716,299 (52,843,181)

NOTE 13: DISPOSAL GROUP CLASSIFIED AS HELD FOR DISTRIBUTION TO OWNERS AND DISCONTINUED OPERATIONS

During the financial year, Jupiter Mines announce the demerger and initial public offering of its Central Yilgarn Iron Ore assets through the newly created company, Juno Minerals Limited. Consequently, assets and liabilities allocable to the assets were classified as a disposal group. Revenue and expenses, gains and losses relating to the discontinuation of this subgroup have been eliminated from profit or loss from the Group’s continuing operations and are shown as a single line item in the statement of profit or loss.

Operating loss until the date of disposal and the profit or loss from re-measurement and disposal of assets and liabilities classified as disposal group held for distribution to owners are summarised as follows:

Stock market listing expense Loss for the year from discontinued operations	FY2021 $ FY2020 $ (278,671) - (278,671) -

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NOTES TO THE UNAUDITED PRELIMINARY CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 28 FEBRUARY 2021 (continued)

NOTE 13: DISPOSAL GROUP CLASSIFIED AS HELD FOR DISTRIBUTION TO OWNERS AND DISCONTINUED OPERATIONS (continued)

The carrying amounts of assets and liabilities in this disposal group are summarised as follows:

Non-current assets Exploration and evaluation assets Current assets Cash Other Assets classified as held for distribution	FY2021 $ FY2020 $
	12,716,021 - 5,000,000 - (285,137) -
	17,430,884 -

NOTE 14: RECONCILIATION TO CASH

The differences in the amounts for the net increase in cash and cash equivalents, and in the closing balance of cash and cash equivalents, is due to cash and cash equivalents of $5,000,000, related to the disposal group, which are included within the single line item Assets in disposal groups classified as held for distribution to owners in the Statement of Financial Position.

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Preliminary Final Report 15
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