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Jupiter Mines
Jupiter Mines (JMS) investor relations material
Jupiter Mines Q2 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q2 2026 earnings summary30 Jan, 2026
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% quarter-over-quarter, 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 from 0.44.
Financial highlights
Sales reached 867,619 tons, up 4% quarter-over-quarter and 27% year-over-year; production was 840,688 tons, up 1% quarter-over-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.
Operating costs were $2.24 USD FOB per dmtu, slightly down quarter-over-quarter and 8% lower year-over-year.
Cash at Tshipi was steady at AUD 137.4 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
Manganese market prices have strengthened, with spot prices rising from $3.36 to $3.68 per dmtu from September to post-quarter end.
Market analysts have revised forecasts upward for the next six months, citing robust downstream demand, low Chinese stockpiles, 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.
Interim dividend decision expected in the next month, following the usual two-step process.
Quantify logistics cost adjustment impact on EBITDA
Impact of alloy oversupply on future ore demand
Rationale for increased inventory and pre-stripping
What sustains current manganese market momentum?
How did Tshipi lower costs despite rand strength?
What value will Exxaro add to Tshipi operations?
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Next Jupiter Mines earnings date
H1 202626 Feb, 2026
Jupiter Mines
Next Jupiter Mines earnings date
H1 202626 Feb, 2026
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Frequently asked questions
Jupiter Mines Limited is an independent mining company headquartered in Perth, Western Australia. The company’s primary focus is on the development and operation of mineral resource properties, specifically manganese deposits. Jupiter Mines holds a 49.9% beneficial interest in Tshipi é Ntle Manganese Mining Proprietary Ltd, which operates the Tshipi Borwa Manganese Mine located in the Kalahari Manganese Field of South Africa. This mine is among the largest and most cost-effective manganese exporters worldwide, having been operational since 2012. The company is headquartered in Perth, Western Australia, and its shares are listed on the ASX.
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