Jupiter Mines (JMS) Q3 2025 earnings summary

Executive summary

• Sales increased 14% and production rose 15% sequentially, keeping the company on track for its 3.4 million ton annual target.

• EBITDA rose 65% quarter-over-quarter to A$44.3m, driven by higher manganese prices, increased sales, and lower production costs.

• Realized manganese prices were up 8% quarter-on-quarter, while cost of production fell 15%, leading to a 65% increase in both EBITDA and NPAT compared to the prior quarter.

• Despite wet weather, mining volumes remained strong compared to the same quarter last year, with high-grade ore processing up 15%.

• Cash position marginally decreased due to interim dividend payment, but underlying operations generated positive net cash.

Financial highlights

• Sales: 777,229 tonnes, up 14% sequentially, down 2% year-over-year.

• Production: 858,152 tonnes, up 15% sequentially, up 14% year-over-year.

• Operating cash generation was strong at ZAR 564 million, with net cash of ZAR 147 million after adjusting for a ZAR 300 million interim dividend.

• Cash at bank: A$130.5m at quarter end, down 8% from previous quarter.

• Profitability and cash generation exceeded expectations, with strong operational performance.

Outlook and guidance

• Year-to-date sales on track to reach 3.4 million tonnes exported for FY2025, consistent with historical averages.

• The company expects to maintain lower-than-average unit costs into the June quarter due to favorable mining conditions.

• Manganese prices softened at the end of Q3 and into Q4 FY2025, with spot prices at end-April 2025 down 10% from Q3 average.

• IMF revised global growth projections for 2025 to 2.8%, citing heightened uncertainty and tariff risks.

• The reintroduction of GEMCO supply is considered priced into the current market.