Jupiter Mines (JMS) Q4 2025 earnings summary

Executive summary

• Achieved record annual sales and production for FY2025, with over 3.6 million tonnes sold and processed, surpassing targets and historical averages.

• Q4 sales rose 40% sequentially and 2% year-over-year, while Q4 production was 787,905 tonnes, down 8% sequentially and 14% year-over-year, but full-year production set a new record.

• Operational performance remained strong despite challenges such as in-pit water affecting quarterly mining and processing volumes.

• Safety performance was stable, with a TRIFA/TRIFR of 0.38 and only one minor lost time injury reported.

• Exxaro Resources agreed to acquire a 50.1% stake in Tshipi, with Jupiter retaining 49.9%, pending regulatory approval.

Financial highlights

• Earnings and EBITDA declined quarter-on-quarter due to lower manganese prices and higher unit costs, but remained positive.

• Q4 EBITDA was A$40.9m and NPAT was A$25.9m, both down from Q3; full-year EBITDA was A$133.1m and NPAT A$85.1m.

• Operating cash flow was strong, with R519 million generated in the quarter and R432 million prior to tax and royalty payments.

• Cash balances at both Jupiter and Tshipi were relatively stable, with reductions mainly due to tax, royalties, and normal corporate costs.

• Dividend of ZAR 300m paid during the quarter.

Outlook and guidance

• Targeting FY2026 sales and production of 3.4 million tonnes, consistent with the seven-year historical average.

• Unit costs expected to remain around $2.30 per DMTU for the full year, with some quarterly variability.

• Capex at Tshipi projected to remain low at $6–$8 million AUD per year, with no major projects planned in the near term.

• Manganese ore prices showed improvement post-quarter, with spot price at end-July up 4% from June.

• Anticipation of macroeconomic stimulus in China expected to support demand and prices.