Jupiter Mines Q1 FY2025 Overview

Jupiter Mines (ASX:JMS) has announced its Q1 FY2025 Quarterly Activities Report, ending 30 September 2024. The report showcases a 33% production increase at the Tshipi Manganese Mine, a 3% decrease in sales, and a notable reduction in manganese ore prices due to global market conditions. Despite these challenges, the mine achieved record production in August, focusing on stockpile building ahead of the rainy season.

Jupiter Mines Q1 FY2025 Summary and Outlook

Jupiter Mines Limited's Q1 FY2025 report highlights substantial production increases but decreased sales and lower manganese prices. The Tshipi Manganese Mine increased production by 33% while sales dropped 3% from the previous quarter. Lower global steel demand and increased supply led to a 34% decline in manganese prices. Financially, Tshipi reported EBITDA of A$21.0 million and NPAT of A$13.7 million, both reduced due to falling prices. The company's strategic focus remains on managing costs and maintaining production levels amidst market volatility. Looking forward, a potential reduction in South African manganese supply might stabilize prices in Q2 FY2025, while expected global steel demand recovery in 2025 could positively influence manganese demand. Jupiter is committed to shareholder returns and leveraging manganese's role in renewable energy.

Executive Commentary on Q1 FY2025 Performance

Tshipi achieved record production in August 2024, allowing us to build stockpiles ahead of the rainy season. The decrease in manganese prices was driven by reduced global steel demand and increased supply, particularly from South Africa.