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Highlights
- JMS’s Q3FY25 EBITDA surged by 185.81% YoY, while net profit after tax rose by 172.12% YoY.
- JMS targets FY25 manganese ore sales of 3.4–3.5 Mt, backed by stable production and pricing.
- JMS is advancing its HPMSM project to tap into EV battery market growth.
Jupiter Mines Ltd (ASX:JMS) is an Australian independent mining company focused on manganese exploration and production through its interest in Tshipi e Ntle Manganese Mining Proprietary Ltd, a major manganese operation.
In the third quarter of the financial year 2025 (Q3FY25), the company’s EBITDA surged by 185.81% YoY and 65% QoQ to AUD 44.30 million, while net profit after tax rose by 172.12% YoY to AUD 28.30 million, driven by higher prices, increased sales volumes, and lower costs. Cash at bank increased by 85.63% YoY to AUD 130.50 million in Q3FY25, although slightly down from AUD 70.30 million in the previous quarter due to interim dividend payments.
During the latest quarter, the company’s Tshipi recorded manganese ore production of 858,152 tonnes, reflecting a 15% increase from the previous quarter. Sales from Tshipi for the quarter stood at 777,229 tonnes, down 2% from the previous corresponding period.
Business Update
In May 2025, JMS inked a binding agreement with Exxaro Resources, a South African diversified mining company, for the sale of a 50.1% interest in the Tshipi Manganese Mine and a 19.99% shareholding in Jupiter, pending South African regulatory approvals. Following the transaction, Exxaro will become Jupiter’s largest shareholder, holding nearly 20%, while Jupiter retains 49.9% ownership and joint control of Tshipi operations.
On 13 May 2025, OM Holdings Limited sold its 26% stake in Ntsimbintle Mining, which holds a 50.1% stake in Tshipi é Ntle Manganese Mining, to Exxaro for USD 101.4 million. This deal gives Exxaro an effective 13% interest in Tshipi, one of the world’s largest manganese mines.
Company Outlook
JMS plans to maintain Q3FY25 momentum in the fourth quarter, with targeted sales of nearly 3.4–3.5 million tonnes of manganese ore, supported by operational efficiency and strong margins. The company remains cautious of price volatility, though stable demand from key markets like China and a positive price outlook are expected to support earnings. Global steel production, a key driver of manganese demand, is expected to recover in 2025.
Strategically, JMS is progressing its High Purity Manganese Sulphate Monohydrate (HPMSM) project to support the growing EV battery market and is ready to scale investment as conditions improve. New partnerships, such as the Exxaro deal, are expected to improve JMS’s position in the Kalahari Manganese Field.
Top 10 Shareholders of JMS
The top 10 shareholders of JMS collectively account for 64.53% of the company’s total shareholding, with Ntsimbintle Holdings (Pty) Ltd and Exxaro Resources Ltd holding the largest individual stakes at 20.87% and 19.99%, respectively.
Stock Information
The stock price has increased by approximately 2.43 % over the past month and 55.55% over the last six months. The stock has a 52-week high and 52-week low of AUD 0.275 (recorded on 17 July 2024) and AUD 0.13 (9 April 2025), respectively.
On 10 July 2025, JMS’s shares closed at AUD 0.21 per share.
Support and Resistance Summary
Note 1: Past performance is not a reliable indicator of future performance.
Note 2: The reference data for all price data, currency, technical indicators, support, and resistance levels is 10 July 2025. The reference data in this report has been partly sourced from EODHD/Others.
Technical Indicators Defined
Support: A level at which the stock prices tend to find support if they are falling, and a downtrend may take a pause backed by demand or buying interest. Support 1 refers to the nearby support level for the stock and if the price breaches the level, then Support 2 may act as the crucial support level for the stock.
Resistance: A level at which the stock prices tend to find resistance when they are rising, and an uptrend may take a pause due to profit booking or selling interest. Resistance 1 refers to the nearby resistance level for the stock and if the price surpasses the level, then Resistance 2 may act as the crucial resistance level for the stock.
Disclaimer
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