Jupiter Mines (JMS) H2 2025 earnings summary

Executive summary

• Achieved record operational and sales performance at Tshipi manganese mine in FY25, with highest-ever mining volumes (15 million bcm), materials processed (3.72 million tonnes), and sales (3.6 million tonnes).

• Group net profit after tax rose to $39.9 million, up from $38.9 million in FY24, with underlying EBITDA of $43.3 million.

• Declared total FY25 dividends of $29.4 million, maintaining a strong track record of shareholder returns.

• Advanced strategic pillars: operational efficiency, growth, ESG, and EV battery market entry.

Financial highlights

• Revenue from marketing fees reached $9.4 million (FY24: $8.1 million).

• Tshipi generated underlying EBITDA of $133.1 million (FY24: $120.0 million).

• Average manganese price achieved was US$4.02/dmtu (FY24: US$3.98/dmtu); production cost increased 4.1% to US$2.30/dmtu.

• Operating cash flows of $72.5 million and free cash flows of $68.3 million; Tshipi ended FY25 with $128.8 million in cash.

• Dividend yield for FY25 was approximately 6% at current share price.

Outlook and guidance

• Manganese demand outlook remains constructive, supported by global infrastructure investment and energy transition.

• Global GDP growth forecast at 3.0–3.1% for CY25–CY26, underpinning medium-term steel and manganese demand.

• Focus for FY26: build on operational achievements, maintain cost competitiveness, and advance EV battery strategy.