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2026-11-06
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Jupiter Mines Limited

Producer · Manganese · ZA · AU Rating locked: sign in to view v8.1 · jms-20261102t225756-full
Last 2026-11-06
A$0.245
1D
—
1M
—
YTD
—
1Y
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Upside
Locked: sign in to view
Mkt cap
A$481.6M
EV
A$472.1M
Cash
A$9.7M
Debt
A$0

Funding, performance and ownership

Financials & Capital

As of 2026-09-30
Cash A$9.7M2025-09-30: 140,300,000 A$2025-12-31: 137,400,000 A$2026-03-31: 129,200,000 A$2026-06-30: 129,400,000 A$2026-09-30: 86,200,000 A$ Self Funding
Debt A$0 Net cash A$9.7M
Basic shares 2B 2026-06-30
Runway Self Funding Jupiter has no debt and receives Tshipi distributions; runway is not meaningful because quarterly corporate and marketing cash flows are positive after Tshipi dividends.

Liquidity

Financial position

Jupiter corporate cash is A$9.7m at 30 September 2026 (Q1 FY27 report, p.7) after paying the A$14.5m final dividend; Tshipi cash of A$43.0m attributable to Jupiter (49.9% of A$86.2m) sits in the equity-accounted investment. No committed funding or facilities are disclosed. Liquidity depends on Tshipi distributions.

Capital structure

Ownership and dilution

Ordinary shares
2B
Fully diluted
2B

Ordinary shares rose from 1,961,041,761 (30 June 2025) to 1,965,850,551 (30 June 2026), an increase of 4,808,790 from director rights exercised and FY26 director share issues (AR note 13). No unlisted options were outstanding at 30 June 2026 (AR p.145); performance rights total 18,003,961 (AR p.113). The AR states 1,965,850,551 ordinary shares on issue (p.156).

Security classes1
ClassTypeQuantityStrikeExpiry
Performance and service rights outstanding under the incentive plan (FY24 to FY26 grants, treated as dilutive)Performance Right18MA$0—

Actuals and forecasts

Financial statements

Reported years only; our forecasts are available to subscribers
AUDUnitTrendFY25AFY26A
Operations
Tshipi production (100%, ore)t—3,486,441
Tshipi sales (100%, ore)t—3,488,925
Unit costs
Average FOB cost of production (100%)USD/dmtuFY25: 2.30 USD/dmtuFY26: 2.40 USD/dmtu2.302.40
Profit and loss
Revenue (marketing fee income, Jupiter consolidated)AUDmFY25: 9,430,131 AUDFY26: 9,264,793 AUD9.49.3
Share of Tshipi profit after tax (49.9%)AUDmFY25: 42,485,000 AUDFY26: 37,327,000 AUD42.537.3
Marketing fee less corporate costs (EBITDA-level residual)AUDmFY25: 815,000 AUDFY26: 2,973,000 AUD0.83.0
Underlying EBITDA (company definition, after JV share)AUDmFY25: 43,300,000 AUDFY26: 40,300,000 AUD43.340.3
Net profit attributable to ownersAUDmFY25: 39,950,000 AUDFY26: 37,690,000 AUD40.037.7
Cash flow
Operating cash flow (Jupiter, excludes Tshipi dividends)AUDmFY25: 759,000 AUDFY26: 1,088,000 AUD0.81.1
Dividends received from Tshipi (investing)AUDmFY25: 12,303,000 AUDFY26: 20,245,000 AUD12.320.2
Capital expenditure (Jupiter)AUDmFY25: 6,168 AUDFY26: 6,532 AUD0.00.0
Operating cash flow plus Tshipi dividendsAUDmFY25: 13,062,000 AUDFY26: 21,333,000 AUD13.121.3
Free cash flow to Jupiter (inflows less capex)AUDmFY25: 13,055,832 AUDFY26: 21,326,468 AUD13.121.3
Balance sheet
Cash (Jupiter, balance date)AUDmFY25: 13,157,000 AUDFY26: 9,274,000 AUD13.29.3
Debt (borrowings)AUDm0.00.0
Net debt / (net cash)AUDmFY25: -13,157,000 AUDFY26: -9,274,000 AUD(13.2)(9.3)
Book equityAUDmFY25: 565,249,000 AUDFY26: 578,302,000 AUD565.2578.3
Per share
Ordinary shares on issue (year end)m sharesFY25: 1,961,041,761 sharesFY26: 1,965,850,551 shares1,961.01,965.9
Earnings per shareAUD/shareFY25: 0.02 AUD/shareFY26: 0.02 AUD/share0.020.02
Dividends per share declaredAUD/shareFY25: 0.01 AUD/shareFY26: 0.01 AUD/share0.010.01
Multiples and ratios
EV / EBITDA (x, current EV)xFY25: 11.13 xFY26: 11.96 x11.112.0
P / E (x, current market cap)xFY25: 12.30 xFY26: 13.04 x12.313.0
FCF yield (current market cap)%FY25: 0.03 fractionFY26: 0.04 fraction2.7%4.3%
EBITDA margin%FY25: 4.59 fractionFY26: 4.35 fraction459.2%435.0%
Net debt / EBITDA (x)xFY25: -0.30 xFY26: -0.23 x(0.3)(0.2)

KPI history

Operating metrics · Tshipi é Ntle manganese mine (Tshipi Borwa, Kalahari Manganese Field)

Tshipi production (100%, ore tonnes) shown
0270,531541,062811,5941,082,125Q1 FY26: 829,798 tQ1 FY26Q2 FY26: 840,688 tQ2 FY26Q3 FY26: 849,772 tQ3 FY26Q4 FY26: 966,183 tQ4 FY26Q1 FY27: 823,800 tQ1 FY27
MetricUnitTrendQ1 FY26Q2 FY26Q3 FY26Q4 FY26Q1 FY27
Tshipi production (100%, ore tonnes)tQ1 FY26: 829,798 tQ2 FY26: 840,688 tQ3 FY26: 849,772 tQ4 FY26: 966,183 tQ1 FY27: 823,800 t829,798840,688849,772966,183823,800
Tshipi EBITDA (100%)AUDQ1 FY26: 26,600,000 AUDQ2 FY26: 21,600,000 AUDQ3 FY26: 32,200,000 AUDQ4 FY26: 34,200,000 AUDQ1 FY27: 22,500,000 AUD26,600,00021,600,00032,200,00034,200,00022,500,000
Tshipi average FOB cost of productionUSD/dmtuQ1 FY26: 2.27 USD/dmtuQ2 FY26: 2.24 USD/dmtuQ3 FY26: 2.50 USD/dmtuQ4 FY26: 2.48 USD/dmtuQ1 FY27: 2.51 USD/dmtu2.272.242.502.482.51
Tshipi cash at bank (100%)AUDQ1 FY26: 140,300,000 AUDQ2 FY26: 137,400,000 AUDQ3 FY26: 129,200,000 AUDQ4 FY26: 129,400,000 AUDQ1 FY27: 86,200,000 AUD140,300,000137,400,000129,200,000129,400,00086,200,000
Operating metric source table27
MetricProjectPeriodPeriod typeValueStatus
Tshipi production (100%, ore tonnes)Tshipi MineQ1 FY26Quarter829,798 tReported
Tshipi EBITDA (100%)Tshipi MineQ1 FY26Quarter26,600,000 AUDReported
Tshipi average FOB cost of productionTshipi MineQ1 FY26Quarter2.27 USD/dmtuReported
Tshipi cash at bank (100%)Tshipi MineQ1 FY26Point In Time140,300,000 AUDReported
Tshipi production (100%, ore tonnes)Tshipi MineQ2 FY26Quarter840,688 tReported
Tshipi EBITDA (100%)Tshipi MineQ2 FY26Quarter21,600,000 AUDReported
Tshipi average FOB cost of productionTshipi MineQ2 FY26Quarter2.24 USD/dmtuReported
Tshipi cash at bank (100%)Tshipi MineQ2 FY26Point In Time137,400,000 AUDReported
Tshipi production (100%, ore tonnes)Tshipi MineQ3 FY26Quarter849,772 tReported
Tshipi EBITDA (100%)Tshipi MineQ3 FY26Quarter32,200,000 AUDReported
Tshipi average FOB cost of productionTshipi MineQ3 FY26Quarter2.5 USD/dmtuReported
Tshipi cash at bank (100%)Tshipi MineQ3 FY26Point In Time129,200,000 AUDReported
Tshipi production (100%, ore tonnes)Tshipi MineQ4 FY26Quarter966,183 tReported
Tshipi EBITDA (100%)Tshipi MineQ4 FY26Quarter34,200,000 AUDReported
Tshipi average FOB cost of productionTshipi MineQ4 FY26Quarter2.48 USD/dmtuReported
Tshipi cash at bank (100%)Tshipi MineQ4 FY26Point In Time129,400,000 AUDReported
Tshipi production (100%, ore tonnes)Tshipi MineQ1 FY27Quarter823,800 tReported
Tshipi EBITDA (100%)Tshipi MineQ1 FY27Quarter22,500,000 AUDReported
Tshipi average FOB cost of productionTshipi MineQ1 FY27Quarter2.51 USD/dmtuReported
Tshipi cash at bank (100%)Tshipi MineQ1 FY27Point In Time86,200,000 AUDReported
Tshipi production FY26 (100%)Tshipi MineFY26Year3,486,441 tReported
Tshipi sales FY26 (100%)Tshipi MineFY26Year3,488,925 tReported
Tshipi average CIF price achieved FY26 (high-grade lumpy)Tshipi MineFY26Year4.38 USD/dmtuReported
Tshipi underlying EBITDA FY26 (100%)Tshipi MineFY26Year114,600,000 AUDReported
Tshipi free cash flow FY26 (100%)Tshipi MineFY26Year40,700,000 AUDReported
Jupiter marketing fee revenue FY26Jupiter MarketingFY26Year9,264,793 AUDReported
Tshipi plant flowsheet capacity (bottleneck stage, tonnes per annum)Tshipi Mine2026-09-02Point In Time3,600,000 tReported
Company guidance1
MetricProjectPeriodLowHighStatus
Production Target (Remuneration Hurdle, Mtpa)tshipi-mineFY2855 MtpaCurrent

Capital history

Capital events

2 events · newest first
DateEventAmountSharesPriceStatusTerms
2026-09-18Ann. 2026-08-28DividendA$14.5M——Completed—
2026-04-02Ann. 2026-03-16DividendA$10.8M——Completed—

Contracts and ownership

Material economic arrangements These are deals that can affect sales, costs, funding or ownership. An arrangement marked “Included in valuation” may already be built into a project estimate or the bridge to shareholder value. A separate amount is shown only when one can be estimated; do not add it again.

Complete As Disclosed · as of 2026-10-30

Arrangements disclosed in the 2026 Annual Report, the Exxaro transaction announcements and the Q1 FY27 quarterly: Tshipi joint venture and shareholders agreement, Jupiter marketing rights, the Exxaro shareholding in Jupiter, and the Transnet MECA3 logistics framework. No royalty, stream or hedge disclosed for Jupiter.

Jupiter holds 49.9% of Tshipi with joint control; Exxaro replaced Ntsimbintle Holdings and OM Holdings (50.1% combined) on 2 March 2026. Tshipi board has four Exxaro and three Jupiter directors.

Joint Venture · Active
Counterparties
Exxaro Resources Limited (50.1% of Tshipi)
Applies to
Tshipi é Ntle manganese mine (Tshipi Borwa, Kalahari Manganese Field) · Manganese
Economic direction
Mixed
Period
Dates not stated
Key terms
Jupiter economic interest in Tshipi: 49.9 %
Joint control and Tshipi Shareholders Agreement: unchanged
How it affects our valuation

No valuation treatment is available for this arrangement.

Jupiter markets its 49.9% share of Tshipi ore and earns a fee; the rights were unaffected by the Exxaro transaction, and Exxaro took over the 50.1% marketing rights previously held by NH and OMH.

Other · Active
Counterparties
Tshipi
Applies to
Jupiter marketing branch and corporate cost base · Manganese
Economic direction
Benefit
Period
Dates not stated
Key terms
Marketing fee income FY26: 9,264,793 AUD
Sales marketed by Jupiter (Q1 FY27, 49.9% share): 453,769 t
How it affects our valuation

No valuation treatment is available for this arrangement.

Exxaro is the largest Jupiter shareholder and does not intend to seek a board seat at this time; the shareholding changes the register and liquidity, not the cash flows.

Strategic Partnership · Active
Counterparties
Exxaro Resources Limited (19.99% of Jupiter)
Applies to
Company-wide · Manganese
Economic direction
Mixed
Period
From 2026-03-02; no end date stated
Key terms
Exxaro holding in Jupiter: 19.99 %
How it affects our valuation

No valuation treatment is available for this arrangement.

Long-term Transnet rail and port allocation framework that replaces annual allocations; supports volumes and reduces logistics cost uncertainty; its cost effects are inside the calibrated Tshipi cost base.

Other · Active
Counterparties
Transnet · manganese producers in the KMF
Applies to
Tshipi é Ntle manganese mine (Tshipi Borwa, Kalahari Manganese Field) · Manganese
Economic direction
Benefit
Period
From 2026-02-27; no end date stated
Key terms
Rail and port allocation certainty: 10 years
How it affects our valuation

No valuation treatment is available for this arrangement.