Jupiter Gold and Silver Strategy – Responsible Investment Charter

This Charter sets out what we believe are the key Environmental, Social and Governance (ESG) attributes of well-run mining companies and how they are integrated into our investment decisions. We believe that when companies effectively manage these factors, they increase the likelihood of creating long-term sustainable value for shareholders, while potentially contributing to improved stakeholder outcomes. In assessing this within our investment universe, primarily in markets such as the Americas and Australia, we apply a materiality driven approach focused on the ESG issues most likely to influence long term value, risk and returns.

Governance and Transparency

Good corporate governance reflects a company’s commitment to acting in the best interests of its stakeholders and is the foundation of creating long-term shareholder value.

• We view the principles of the UN Global Compact (UNGC)¹ as a baseline of responsible corporate behaviour.
• We expect boards to follow strong corporate governance standards, with clear ownership structures, appropriate independence, effective oversight and incentives aligned with long term performance.
• While governance standards may vary by company size and jurisdiction, they should strengthen as companies grow and mature.
• We favour tax practices that reflect economic reality, supported by country-by-country reporting, transparency on payments to governments and disclosure of beneficial ownership.
• We expect companies to have robust controls and policies in place to combat bribery and corruption.

Environmental Risks and Impacts

By their nature, mining companies are exposed to environmental risks and impacts. We believe companies are stewards of the environments in which they operate and should minimise their impacts throughout the life of their projects.

• We expect companies to plan appropriately for environmental risks so that effective controls and mitigations can be implemented.
• We believe companies should minimise their GHG emissions and maximise their energy efficiency where possible and transition towards lower-carbon technologies when economically viable, in line with the principles of a Just Transition.
• We consider tailings storage management as central to responsible mining and expect companies to align with industry best practice standards for both hazardous and non-hazardous waste.
• We expect companies to aim for best-practice standards in protecting biodiversity and the ecosystems in which they operate, striving towards “net gain”² where possible.
• Our investee companies should carefully manage and plan their use of water resources, particularly in areas of water stress, supported by clear metrics and transparent reporting.
• We believe companies should ensure that appropriate remediation programmes are in place once mining has finished.

Social Performance

A key aspect of a mining company’s viability relates to its social licence to operate. Companies should be respectful of communities and cultures and actively work to protect cultural heritage, even where this may conflict with commercial interests. In this context, consideration of Free Prior Informed Consent (FPIC) is important. Greater long-term stability and reduced risk may be achieved when heritage is protected and financial interests are aligned between the company, governments and local communities.

Mining operations often involve hazardous working conditions. We believe companies should provide safe working environments and strive to achieve “zero harm”³ across their workforces by embedding a safety-first culture and ensuring workers are well trained and aware of risks. We also recognise that strong labour relations are crucial to operational continuity, as poor practices can lead to workforce disruptions and financial impacts, particularly in remote regions.

Company Disclosure and Engagement

To enable effective assessment, companies should provide a sufficiently detailed level of disclosure on their approach to, and performance against, these ESG topics. While we recognise that smaller companies may have limited resources, we also highlight the significant capital market benefits of managing and mitigating key operational risks and evidencing this through data collection and robust disclosure. For larger companies, more detailed disclosures are encouraged to enable performance to be evaluated against stated management objectives.

Where disclosure is insufficient to support our analysis, we will seek to engage with management and the board to address questions and offer constructive suggestions for improvement. Where we have concerns that risks are not being sufficiently managed, and particularly where such risks are not adequately reflected in market valuations, we may choose to reduce our position or exit our holding entirely.

Footnotes

¹The Ten Principles | UN Global Compact

²Definitions for Biodiversity and Environment Net Gain | UKGBC

³ICMM - Fatality Prevention

Strategy Risks:

• Currency (FX) Risk - The Strategy can be exposed to different currencies and movements in foreign exchange rates can cause the value of investments to fall as well as rise.
• Pricing risk - Price movements in financial assets mean the value of assets can fall as well as rise, with this risk typically amplified in more volatile market conditions.
• Commodity prices risk - the strategy's investments are concentrated in natural resource companies and may be subject to a greater degree of risk and volatility than a strategy following a more diversified strategy. Silver tends to outperform gold in a rising gold price environment and it tends to underperform gold when sentiment moves against the sector.
• Market Concentration Risk (Sector) -The strategy's mining company investments may be exposed to jurisdictions where it is possible that regulation and other government action may negatively impact the value of the investments in the strategy. For example, a local government may increase taxes or royalty payments, impose stricter environmental standards and even in some more extreme cases take a stake in or even control of mines.
•  Derivative risk - the Strategy may use derivatives to generate returns as well as to reduce costs and/or the overall risk of the Strategy. Using derivatives can involve a higher level of risk. A small movement in the price of an underlying investment may result in a disproportionately large movement in the price of the derivative investment.
• Liquidity risk - Some investments may be hard to value or sell at a desired time and price. In extreme circumstances this may affect the Strategy's ability to meet redemption requests upon demand.
• Counterparty Default Risk - The risk of losses due to the default of a counterparty on a derivatives contract or a custodian that is safeguarding the strategy's assets.
• Smaller Companies risk - The Strategy invests in smaller companies, which can be less liquid than investments in larger companies and can have fewer resources than larger companies to cope with unexpected adverse events. In less favourable market conditions these companies may therefore underperform larger companies and the strategy may under-perform strategies that invest predominantly in larger companies.

For a more detailed explanation of risks, please refer to the "Risk Factors" section of the prospectus.

Important information

Marketing communication.

This document is information only and is not investment advice. We recommend you discuss any investment decision with a financial adviser, particularly if you are unsure whether an investment is suitable. Jupiter is unable to provide investment advice. The views expressed are those of the author(s) at the time of preparation, are not necessarily those of Jupiter as a whole and may be subject to change. An investment is designed to be held over a longer-term. <<If the share class has an initial charge add:>> Initial charges may have a significant impact on returns if the investment is withdrawn in the shorter term. Every effort is made to ensure the accuracy of any information provided but no assurances or warranties are given. Forecasts are an estimate of future performance based on evidence from the past on how the value of this investment varies, and/or current market conditions. Forecasts are not a reliable prediction of future returns. What you will get will vary depending on how the market performs and how long you keep the investment/product. [Company/Holding/Stock] examples are for illustrative purposes only and are not a recommendation to buy or sell. This document may include ESG-related content which reflects Jupiter’s current policies and frameworks and may evolve over time. No part of this document may be reproduced in any manner without the prior permission of Jupiter.