Manganese producers report quarterly sales, production and unit costs alongside price movements. Jupiter Mines Limited (ASX:JMS) released its Q4 FY2026 quarterly activities report for the quarter ended 30 June 2026 on 31 July 2026.

Company overview

Jupiter Mines Limited (ASX:JMS) holds a 49.9% beneficial interest in Tshipi é Ntle Manganese Mining Proprietary Limited, which operates the Tshipi Manganese Mine in South Africa’s Kalahari manganese field. All Tshipi figures in the report are on a 100% basis.

Quarter results

Tshipi sold 943,740 tonnes, up 12% on the previous quarter and down 13% on the prior-year quarter, with FY2026 sales of 3,488,925 tonnes. Production was 966,183 tonnes, up 14% quarter on quarter and 23% on the prior-year quarter. Cost of production was US$2.48 per dmtu FOB, 1% lower than the previous quarter and 5% higher than a year earlier.

EBITDA was A$34.2 million, up 6% on the previous quarter and down 16% on the prior-year quarter, and cash was A$129.4 million, up 0.2%. There were no lost time injuries.

Prices and freight

Average CIF price achieved rose to US$4.95 per dmtu from US$4.35, and the Spot Price at 30 June 2026 was US$4.64, easing to US$4.38 at the end of July. Freight from Port Elizabeth to Tianjin was US$33.80 per tonne at quarter end and US$38.70 by the end of July.

Mining detail

Graded ore mined rose 22% on increased barrier pillar mining, and high-grade ore production rose 16%.

Logistics and sales detail

On-land logistics moved 892,595 tonnes in the quarter, up 3%. Of the 943,740 tonnes sold, 782,869 tonnes were shipped on a CIF basis, 159,800 tonnes on an FOB basis and 1,071 tonnes sold at the mine gate. South African road haulage was again not used, other than the road portion of the Lüderitz channel in Namibia.

Freight rates fell to US$33.80 per tonne at the end of June, from US$36.90 at the start of the quarter, before rising to US$38.70 by the end of July.

Financial and operating tables

Average CIF price achieved for high-grade ore rose to US$4.95 per dmtu from US$4.35 in the prior quarter, and average FOB price to US$4.05 from US$3.66. For FY2026, EBITDA was A$114.6 million and NPAT A$74.8 million, compared with A$40.9 million and A$25.9 million in the Q4 FY2025 quarter. Quarterly NPAT was A$21.4 million.

Mined Volume was 2,990,515 bank cubic metres in the quarter, of which 263,050 was graded ore, and production comprised 820,642 tonnes of high-grade and 145,541 tonnes of low-grade ore. FY2026 production totalled 3,486,441 tonnes.

Year-end position

The report describes the quarter as a good finish to FY2026, with sales and production targets for the year exceeded. Cash at bank of A$129.4 million was after year-end Royalty and tax payments and Working Capital movements.

Sector backdrop

Manganese is mainly used in steelmaking, and prices and freight rates affect margins. Tshipi sells mostly on a CIF basis.

Manganese Demand follows steel production, and prices are quoted per dry metric tonne unit of contained manganese. Freight rates from South African ports to China affect delivered prices.

Because Jupiter’s economic interest is less than half the mine, Jupiter reports Tshipi results on a 100% basis alongside its own interest.

Risks shareholders should weigh

Spot prices fell 6% during July, and freight rates rose. Sales were 13% lower than a year earlier.

Unit costs were 5% higher than a year earlier, and EBITDA was lower than the prior-year quarter.

Jupiter’s economic interest is 49.9% of the figures reported at 100%.

The spot price at the end of July 2026 was 6% below the end of June, though 5% above the four-year average, so price movements are material to earnings.

Tshipi’s cost of production rose 5% year on year.

What’s next

Jupiter held an investor call on 31 July 2026. Shareholders may wish to watch for the next Quarterly Report and manganese price trends.

The company held an investor call on 31 July 2026, and further updates follow its regular reporting schedule.