Jupiter Mines (JMS) H2 2025 earnings summary

Executive summary

• Achieved record operational and sales performance at the Tshipi manganese mine, with mining volumes reaching 15 million bcm and sales of 3.6 million tonnes, the highest in the mine's history.

• 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, equating to a yield of approximately 6% at the current share price.

• Advanced strategic initiatives, including a pilot plant for high-purity manganese sulphate monohydrate (HPMSM) and progress in the EV battery market.

• Exxaro Resources entered a binding agreement to acquire a 50.1% interest in Tshipi and a 19.99% interest in the company, supporting future growth.

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); cost of production increased 4.1% to US$2.30/dmtu.

• Operating cash flows of $72.5 million and free cash flows of $68.3 million; year-end cash balance of $128.8 million.

• Dividends declared since listing total $425 million, or 22 cents per share.

Outlook and guidance

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

• India expected to drive strong manganese demand through infrastructure investment; China’s growth underpinned by exports and government projects.

• Focus remains on operational efficiency, cost competitiveness, and advancing battery-grade manganese initiatives.