Australia · Delayed Price · Currency is AUD Jupiter Mines Earnings Call Transcripts
Fiscal Year 2026
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Q2 FY2026 saw strong sales and production growth, improved unit costs, and steady cash despite FX headwinds. Manganese prices and demand remain robust, with Exxaro set to become the largest shareholder by late February.
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Q1 results were solid, with operational and financial performance in line with targets. EBITDA rose 27% year-over-year, cash reserves increased, and the company remains on track for its 3.4 million ton sales target, supported by stable manganese prices and robust demand.
Fiscal Year 2025
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Record operational and financial results were achieved, with strong dividends and a robust balance sheet. Strategic progress included a major partnership with Exxaro and advancements in battery-grade manganese. All resolutions were put to a poll, with no questions raised by shareholders.
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A leading manganese producer with a century-long mine life, stable costs, and no debt, continues to deliver strong dividends and pursue growth through logistics, ESG, and consolidation. Recent partnership with Exxaro at a premium supports further value creation.
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Record sales and production were achieved for FY2025, with strong cash generation and stable costs despite lower manganese prices. Outlook for FY2026 targets 3.4 million tonnes in sales and production, with minimal capex and continued focus on operational efficiency.
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Exxaro will acquire 50.1% of Tshipi and 19.99% of Jupiter, becoming Jupiter's largest shareholder while maintaining joint control structures. The deal is expected to complete in Q1 2026 and is seen as a positive step for value creation and strategic alignment.
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Sales and production rose sharply, with costs down and profits up 65% sequentially. Manganese prices improved during the quarter but have since moderated, while strong cash generation and ongoing asset consolidation efforts position the company well.
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Operationally strong quarter with record production and intentional inventory build, but earnings and cash generation declined due to weaker manganese prices. Costs remain competitive, and output is expected to moderate in the coming quarter as prices stabilize.
Fiscal Year 2024
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The AGM highlighted strong operational results at Tshipi despite challenging manganese markets, board changes, and a focus on sustainability and strategic growth. Shareholders engaged on remuneration and governance, with notable protest votes on some resolutions.
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A record quarter saw sales up 35% and EBITDA quadruple, driven by higher prices and strong operations. Market volatility persists due to the GEMCO outage, but supportive factors and new demand drivers are emerging.