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Jupiter Mines (JMS) investor relations material
Jupiter Mines Q1 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
Q1 operational outcomes were solid and aligned with full-year targets, with costs well controlled despite a strengthening Rand against the USD.
Achieved sales of 837,577 tonnes, aligning with expectations and full-year plan, though down 23% from the previous quarter and 19% year-over-year.
Production reached 829,798 tonnes, up 5% sequentially but 31% lower year-over-year.
EBITDA for the quarter was AUD 26.6 million, down 35% sequentially but up 27% year-over-year, mainly due to lower sales volumes.
Tshipi distributed a ZAR 300 million dividend, which was passed on to shareholders, while still increasing cash reserves.
Financial highlights
Tshipi's EBITDA for the quarter was AUD 26.6 million, down sequentially due to lower sales volumes but up 27% year-over-year.
Net profit after tax (NPAT) was AUD 17.8 million, down from AUD 25.9 million in the previous quarter but up from AUD 13.7 million year-over-year.
Cash at Tshipi increased 9% sequentially to AUD 140.3 million and was 45% higher year-over-year, despite a significant dividend payment.
Average FOB cost of production decreased 4% sequentially to USD 2.27/dmtu, in line with guidance, despite adverse currency movements.
Marketing entity EBITDA was AUD 3.7 million, up from AUD 2.5 million in the previous quarter.
Outlook and guidance
The company remains on track to achieve its 3.4 million tons full-year ore sales target, with operational variability expected but mitigated by planning.
Manganese ore prices remained stable, with the spot price at USD 4.04/dmtu at quarter-end and USD 4.07/dmtu at the end of October 2025.
Wet weather may impact Q2 volumes, but strong Q4 performance is anticipated to offset any shortfalls.
No plans to expand sales to 4 million tons until market conditions improve.
Global steel demand is projected to be flat in 2025 and rise by 1.3% in 2026, with growth in India and developing regions offsetting declines in China.
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