Jupiter Mines (JMS) Q3 2026 TU earnings summary

Executive summary

• Achieved a strong operational quarter with sales and production in line with expectations and full-year targets, with no lost time injuries and TRIFR improving to 0.37.

• Sales reached 839,989 tonnes (up 8% YoY), and production was 849,772 tonnes (up 1% QoQ), supporting the annual target of 3.4 million tonnes.

• EBITDA rose 49% quarter-on-quarter, driven by higher manganese prices.

• Cash decreased 6% due to interim dividend payment, while operating cash flow increased 27–29% sequentially.

Financial highlights

• Tshipi EBITDA: A$32.2m (up 49% QoQ); NPAT: A$21.0m (up from A$14.6m in Q2 FY2026).

• Cash at bank: A$129.2m (down from A$137.4m in Q2 FY2026).

• Average CIF manganese price rose to $4.35/dmtu from $4.10/dmtu last quarter, ending at $5.16/dmtu.

• Unit costs increased from $2.24 to $2.50/dmtu, mainly due to FX movements; underlying rand costs remained stable.

• Sales: 839,989 tonnes (down 3% QoQ, up 8% YoY); Production: 849,772 tonnes (up 1% QoQ, down 1% YoY).

Outlook and guidance

• Operations and logistics are set up for a strong June quarter, with sales and production expected to remain in line with targets.

• Manganese prices expected to remain volatile, influenced by Middle East conflict and energy costs.

• Freight and diesel costs likely to stay elevated in the short term.

• No operational continuity risks foreseen; full-year sales and production targets remain on track.

• Management expects continued robust demand and healthy margins if current market conditions persist.