This report is an updated version of the report published on 15 July 2025 at 2:31 PM AEST.

Jupiter Mines Ltd (ASX: JMS)

JMS is an independent mining company based in Australia. The company primarily focuses on the exploration and operation of manganese deposits. Its flagship project involves manganese mining, and it operates through its interest in Tshipi e Ntle Manganese Mining Proprietary Ltd (Tshipi), which is a significant manganese mining operation.

Recommendation Rationale – SELL at AUD 0.2250

• Financial Highlights: For Q3FY25, JMS’s Tshipi Manganese Mine segment reported total sales of 777,229 tonnes, which is a 1.59% YoY decrease compared to 789,788 tonnes in Q3FY24. The primary reason for this decline was the absence of mine gate sales during the period. Furthermore, the company's cash position saw a reduction; cash at bank as of 31 March 2025, was AUD 130.50mn, reflecting a 7.71% QoQ decrease from AUD 141.40mn as of 31 December 2024. This decrease was largely influenced by an interim dividend payment.
• Trading Near the Resistance: JMS stock has surpassed its R1 level recommended on 09 July 2025. Therefore, share price can face resistance at the current levels.
• Overvalued Multiples: On a forward 12-month basis – key trading multiples (EV/Sales, EV/EBITDA, Price/Earnings, Price/Cash Flow) are higher than median of the Basic Materials Sector.
• Market Risk: Revenue is directly sensitive to global manganese prices, which fluctuate due to demand-supply dynamics and production costs.
• Technical Commentary: JMS is currently in a short-term rally; however, the stock is approaching a resistance level defined by its previous peak, suggesting that upward momentum may soon stall. Notably, the 14-period Relative Strength Index (RSI) is exhibiting a bearish divergence. While prices are climbing, momentum is failing to confirm the move. This divergence often precedes trend reversals or short-term corrections. The proximity to overhead resistance, combined with weakening momentum, increases the probability of a pullback.

JMS’s Daily Price Chart

Given its current trading levels, recent rally in the share price, and risks associated, it is prudent to sell the stock at the current levels. Hence, a ‘Sell’ recommendation is given on the stock at the current market price of AUD 0.2250, as of 15 July 2025 at 2:00 PM AEST.

Markets are trading in a highly volatile zone currently due to certain macro-economic issues and geopolitical issues prevailing geopolitical tensions. Therefore, it is prudent to follow a cautious approach while investing.

Note 1: Past performance is neither an indicator nor a guarantee of future performance.

Note 2: The reference date for all price data, currency, technical indicators, support, and resistance levels is 15 July 2025. The reference data in this report has been partly sourced from REFINITIV.

Note 3: Investment decisions should be made depending on an individual's appetite for upside potential, risks, holding duration, and any previous holdings. An 'Exit' from the stock can be considered if the Target Price mentioned as per the Valuation and or the technical levels provided has been achieved and is subject to the factors discussed above.

Note 4: Kalkine reports are prepared based on the stock prices captured either from REFINITIV or Trading View. Typically, REFINITIV or Trading View may reflect stock prices with a delay which could be a lag of 25-30 minutes. There can be no assurance that future results or events will be consistent with the information provided in the report. The information is subject to change without any prior notice.

Note 5: Dividend Yield may vary as per the stock price movement. 

Technical Indicators Defined: -

Support: A level at which the stock prices tend to find support if they are falling, and downtrend may take a pause backed by demand or buying interest.

Resistance: A level at which the stock prices tend to find resistance when they are rising, and uptrend may take a pause due to profit booking or selling interest.

Stop-loss: In general, it is a level to protect further losses in case of any unfavourable movement in the stock prices.