Jupiter Mines (JMS) Q2 2026 TU earnings summary

Executive summary

• Q2 FY2026 delivered strong operating results with sales up 4% quarter-on-quarter and 27% year-over-year to 867,619 tons, and production up 1% quarter-on-quarter and 13% year-over-year to 840,688 tons.

• High-grade ore production increased 10% sequentially, while low-grade output fell 33%, supporting a favorable sales mix.

• Unit costs in USD improved slightly despite a strengthening rand, and cash levels remained healthy after semi-annual tax and royalty payments.

• EBITDA declined 19% quarter-on-quarter to A$21.6m, mainly due to FX losses from the stronger rand.

• Two minor lost time injuries occurred, both soft tissue lower leg injuries, with mitigations implemented; TRIFR increased to 0.56.

Financial highlights

• Sales reached 867,619 tons, up 4% from the previous quarter and 27% year-over-year; production was 840,688 tons, up 1% quarter-on-quarter and 13% year-over-year.

• Average CIF price for high-grade lumpy ore was US$4.10/dmtu, up from US$3.86/dmtu in Q1 FY2026; average realized prices for manganese ore rose 6% quarter-on-quarter.

• Operating costs were $2.24 USD FOB per dmtu, slightly down quarter-on-quarter and 8% year-over-year.

• Cash at Tshipi was steady at AUD 137 million, down 2% from the previous quarter after tax and royalty payments.

• Marketing entity EBITDA was A$2.0m, with NPAT of A$1.4m for the quarter.

Outlook and guidance

• Interim dividend decision for 31 December will be made in the next month, following the usual two-step process.

• Market conditions remain supportive post-quarter, with strong manganese prices, stable stockpiles, and favorable freight rates.

• Most market forecasts for the next six months have been revised upwards, reflecting robust demand and supportive FX trends.

• Manganese prices expected to remain supported by seasonal restocking in China and robust alloy production.

• Freight rates decreased by 6% post quarter-end, potentially supporting margins.