Juno Minerals Limited (Juno or the Company) is progressing the Mount Mason DSO Hematite Project (the Project), which is a high-grade direct shipping ore (DSO) hematite, near-term project.

The Project is located 130km by road northwest of the town of Menzies, Western Australia.

Contractor Engagement Juno is employing a contracting strategy to minimise upfront capital costs and reduce the development timeline. During the quarter, Juno engaged P1 Australasia (P1) to undertake project and construction management services. Invitations to Tender were issued to market for contract mining services, crushing, access roads construction, and village facilities management.

A site visit was undertaken on 15 July with the mining and road construction contractors, of which some parties are tendering for both packages, and positive feedback was received from all.

All tenders issued are due for submission to Juno by the end of July. Juno also engaged three groups as part of an Early Contractor Involvement (ECI) process for the existing Cassini Village upgrade and expansion from 40 to 100 rooms. This tender also includes the mine non-process infrastructure. These groups also visited Cassini Village over June to assess the camp's current condition for upgrade work required. Requests for Pricing (RFPs) have also been received for site communications, medical services, and survey services.

Project Approvals

Prior to Juno's ownership, the Project was fully permitted. However, with three permits having expired, and with subsequent environmental legislation changes required, these approvals are to be updated and resubmitted. During the quarter, Juno met with the Department of Mines, Industry Relations and Safety (DMIRS) to discuss the Project and approvals status.

The Native Vegetation Clearing Permits (NVCPs) for the Project and the Yunndaga rail siding, and the Works Approval (WA) having expired, are required to be resubmitted for approval. An Autumn flora survey and fauna survey were undertaken under the revised environmental guidelines, with the new data received in early July. Juno's environmental approvals team has subsequently combined the new and previous environmental data into new refreshed documents which will be completed by the end of July.

The two NVCPs and the WA will be submitted in the first week of August so that the assessment process can commence with DMIRS, with the expectation of conditional approval pending the Spring survey data. A Spring flora survey is scheduled to be undertaken in early August, with the report to be submitted as an addendum to the original applications.

Juno also met with the Department of Water and Environmental Regulation (DWER) subsequent to the quarter end, presenting the environmental strategy for the Project including the current Malleefowl management plan, Autumn survey data and plans for dust, noise and waste emissions.

Logistics and Supply

Chain New access roads are required to be constructed to haul the DSO to the Goldfields Highway (GFH), a 28.2km section from the mine site to access the Menzies-Sandstone road, and a 9.3km Menzies bypass road to access the Yunndaga rail siding area requiring a new rail crossing, and a new T-intersection to access the GFH. The location of the GFH intersection has been approved by Main Roads WA, with design work currently underway for both the intersection and the rail crossing.

During the quarter, Juno progressed engagement with the necessary logistics supply chain providers and Southern Ports in relation to access to the Port of Esperance. In order to minimise upfront capital and fast-track to production in the first quarter of 2022, a number of potential options of the supply chain are being progressed to export DSO and to benefit Juno in the longer term.

Existing rail infrastructure south of Menzies to load DSO onto rail is being pursued in the interim, deferring development of the Yunndaga rail siding. Once in production, Juno will assess the development of the Yunndaga rail siding, to minimise road haul and maximise rail haulage.

On 12 May 2021, Juno was admitted to the official list of the ASX, and official quotation of Juno's securities commenced on 14 May 2021. The Company's initial public offering (IPO) raised $3.9 million, and seed capital of $5 million was provided by Jupiter Mines (ASX: JMS).

In accordance with ASX Listing Rule 5.3.4, as the June quarter was in a period covered by a 'Use of Funds' statement in the Replacement Prospectus, below is a comparison of the Company's actual expenditure to 30 June 2021 against the estimated expenditure in the 'Use of Funds' statement and Statement of Commitments in the Company's Pre-Quotation Disclosure on 12 May 2021: Juno ended the June 2021 quarter with $7.84 million in cash and deposits. In accordance with ASX Listing Rule 5.3.5, $39,650 of payments were made to related parties or their associates during the quarter, comprising Executive Director salary, Non-executive Director fees and superannuation.

Contact:

Greg Durack

Tel: + 61(0)8 9346 5599

Email: investorrelations@junominerals.com.au

FORWARD LOOKING STATEMENTS AND IMPORTANT NOTICE

This announcement may contain some references to forecasts, estimates, assumptions and other forwardlooking statements. Although the Company believes that its expectations, estimates and forecast outcomes are based on reasonable assumptions, it can give no assurance that they will be achieved. They may be affected by a variety of variables and changes in underlying assumptions that are subject to risk factors associated with the nature of the business, which could cause actual results to differ materially from those expressed herein. All references to dollars ($) and cents in this announcement are to Australian currency, unless otherwise stated.

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