Jupiter Mines (JMS) Q4 2024 TU earnings summary

Executive summary

• Achieved a record or near-record quarter with sales volumes up 35% quarter-on-quarter, reaching 1,065,343 tonnes in Q4 and 3,547,654 tonnes for the full year, exceeding guidance and historical averages.

• Production rose 22% on the March quarter to 913,961 tonnes, with full-year production at 3,465,499 tonnes.

• Manganese ore prices surged 56% in the quarter due to GEMCO supply disruptions, peaking at US$4.82/dmtu before moderating post-quarter.

• Profitability improved significantly, driving higher royalty rates and increased production costs.

• Strong site execution and logistics supported elevated sales and operational performance.

Financial highlights

• Realized prices were 24% higher than the March quarter, with average CIF price at US$4.42/dmtu and FOB price at US$3.53/dmtu.

• Q4 EBITDA was A$60.4 million, up from A$15.5 million in Q3; NPAT was A$38.7 million, up from A$10.4 million.

• EBITDA increased by approximately AUD 140 million quarter-on-quarter, in line with price sensitivity guidance.

• Operating costs rose to $2.50 per dmtu, mainly due to higher royalties and one-off items, a 13% increase from Q3.

• Cash at Tshipi increased to ZAR 775 million in the June quarter, with cash at bank for Tshipi at A$82.2 million at quarter end.

Outlook and guidance

• Manganese ore prices have moderated post-quarter, with 36.5% Mn ore at US$3.62/dmtu by end-July, down 25% from end-June.

• Market faces ongoing volatility due to supply increases from South Africa and weak steel demand in China.

• Port and logistics constraints in South Africa may limit further export growth in the near term.

• Supportive factors for manganese prices include low Chinese stockpiles and high-grade price resilience.

• New Chinese rebar standards may increase future manganese demand, though no impact seen yet.