Juno Minerals Quarterly Activities Report - Q2 2024

Mount Mason DSO Hematite Project

The Mount Mason Project, a high-grade direct shipping ore (DSO) hematite project, is progressing well. Located 130km by road northwest of Menzies, Western Australia, the project is fully approved for development. Juno has extended its Non-Binding Memorandum of Understanding (MOU) with Southern Ports Authority (SPA) for another year to secure a 1.5mtpa capacity allocation at Esperance Port.

Juno received updated Non-Binding Indicative Track Pricing from Arc Infrastructure Pty Ltd for 1.35mtpa capacity rail track access into Esperance Port. This completes the logistics supply chain requirements to facilitate the development of the Mount Mason Project. Minor works at Esperance Port to facilitate shed space are being designed and quoted.

Logistics and Supply Chain

The 85% design level on both the rail crossing and siding has been completed, with guidelines and requirements from Arc incorporated and submitted for review. Initial comments have been received, and the design was forwarded to the Public Transport Authority for further comments.

Juno initially planned to develop the Yunndaga Rail Siding to reduce road haul distance but has revised the strategy to truck to Kalgoorlie initially, reducing the timeline to execute the project and commence production. This will also reduce initial start-up capital.

DSO Marketing

Juno will re-engage with major metal traders to sell the DSO produced from the Mount Mason Project. The project plans to produce at 1.35mtpa, and secured hedging is required to ensure continued and profitable operations.

Mount Ida Magnetite Project

The Mount Ida Project is a large and significant project with the potential to become a long-life magnetite mine. Juno is seeking a substantial partner to complete the Feasibility Study and develop the project.

Mount Ida Lithium Prospect

The Mount Ida Lithium Prospect has been evaluated through soil sampling and drilling. Although no significant intersections of lithium were encountered, a geological review has been conducted to generate drill positions to test for spodumene pegmatites at depth. The objective is to apply for Government co-funding under the Exploration Incentive Scheme to drill two 430-meter diamond holes.

Corporate and Financials

Juno ended the quarter with $2,408,565 in cash and deposits. Payments to related parties during the quarter totaled $99,375, comprising Executive Director salary, Non-executive Director fees, and superannuation. Exploration and evaluation expenditure for the quarter totaled $1,021,817.