Jupiter Mines (JMS) Q4 2026 earnings summary

Executive summary

• Achieved strong sales and production in Q4 FY2026, both increasing quarter-on-quarter and exceeding full-year targets.

• No lost time injuries reported; safety metrics remained stable with a TRIFR of 0.37.

• High-grade ore production and sales mix supported a positive outlook.

• EBITDA for Tshipi was A$34.2m in Q4 (6% increase QoQ, 16% decrease YoY); NPAT was A$21.4m.

Financial highlights

• Sold 943,740 tonnes of manganese ore in Q4, up 12% from the prior quarter, with full-year sales of 3,488,925 tonnes, exceeding the 3.4 million tonne target.

• Production reached 966,183 tonnes in Q4 (14% increase QoQ, 23% increase YoY), with a 3.9 million tonne per annum run rate.

• Average CIF price achieved in Q4 was US$4.95/dmtu, up from US$4.35/dmtu in Q3.

• Average FOB cost of production was US$2.48/dmtu, a 1% decrease QoQ and 5% increase YoY, maintaining a strong cost position versus peers.

• Tshipi’s cash at bank at quarter end was A$129.4m, stable after tax and royalty payments; Jupiter’s cash down AUD 2.6 million due to interim dividend payment.

Outlook and guidance

• Strong production and high-grade ore mix set up a positive start for the new financial year.

• Expectation to maintain the 3.4 million tonne sales target for the coming year.

• Manganese ore market expected to balance near term as supply moderates and prices remain above historical averages.

• Dividend announcement expected at the end of August with preliminary financial accounts.

• Rand expected to remain range-bound, with commodity prices and global risk sentiment as key drivers.