Jupiter Mines Limited (JMS) AI Stock Analysis

• Market Cap: AU$589.76M
• Dividend Yield: 5.45%
• Average Volume (3M): 2.01M
• Price to Earnings (P/E): 14.0
• Beta (1Y): 1.28
• Revenue Growth: 16.86%
• EPS Growth: 3.03%
• Country: AU
• Employees: 1
• Sector: Basic Materials
• Sector Strength: 58
• Industry: Industrial Materials
• EPS (TTM): <0.01
• Shares Outstanding: 1,965,850,600
• 10 Day Avg. Volume: 1,683,780
• 30 Day Avg. Volume: 2,007,001
• PEG Ratio: 3.24
• Price to Book (P/B): 0.70
• Price to Sales (P/S): 41.67
• P/FCF Ratio: 521.95
• Enterprise Value/Market Cap: N/A
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: N/A
• 1Y Price Target: AU$0.30
• Price Target Upside: -1.48% Downside
• Rating Consensus: Moderate Buy
• Number of Analyst Covering: 1
• EPS Forecast (FY): 0.02
• Revenue Forecast (FY): AU$4.15M

• Rating: 77 Outperform
• Price Target: AU$0.34 ▲(13.67% Upside)
• Action: Upgraded Date: 10/02/25
• Date: Action: Upgraded 10/02/25

Jupiter Mines Limited scores well due to its strong balance sheet and efficient operations, which are offset by inconsistent revenue and profit growth. The stock's technical indicators are favorable, showing a bullish trend, though caution is advised due to potential overbought conditions. Valuation metrics are attractive, with a reasonable P/E ratio and high dividend yield, making it appealing for income investors.

Positive Factors

Strong balance sheet

Low leverage and a robust equity ratio give Jupiter long-term financial flexibility to withstand commodity cycles, fund distributions from its equity stake, and avoid refinancing risk. This durable capital structure supports consistent shareholder returns and strategic optionality over months.

Operational margins

Sustained strong gross and operating margins indicate efficient production and cost control at the underlying asset level. Durable margins provide a cushion against commodity price swings and support recurring cash flow available for distributions and reinvestment over the medium term.

Direct exposure to producing asset

A clear, concentrated business model—equity ownership in a producing manganese mine—creates a direct link between mine cash generation and Jupiter’s returns. This structural simplicity allows predictable cash receipt mechanics from distributions if production and exports remain steady.

Negative Factors

Volatile profitability

Inconsistent revenue and profit trends reduce predictability of distributable earnings and complicate planning for dividends or capital allocation. Over a multi-month horizon, volatility in margins can weaken investor confidence in earnings stability and hinder long-term planning.

Fluctuating free cash flow

Variability and recent declines in free cash flow imply weaker ability to sustain distributions or fund capex from internal resources. Persistent cashflow swings can necessitate external financing or distribution cuts, raising structural funding risk over the coming quarters.

Single-asset and commodity exposure

Heavy reliance on one mine and on manganese commodity cycles concentrates operational, price, currency and logistics risk. Structural dependence on export logistics and ZAR/USD moves can materially affect cash receipts and makes earnings sensitive to factors outside Jupiter’s control.

Jupiter Mines Limited Business Overview & Revenue Model

Company Description

Jupiter Mines Limited engages in the development and operation of mineral resource properties. It primarily explores for manganese deposits. The company's flagship project is the Tshipi Manganese mine located in South Africa. Jupiter Mines Limited was incorporated in 2003 and is based in Perth, Australia.

How the Company Makes Money

Jupiter Mines Limited generates revenue primarily through the sale of manganese and iron ore. The Tshipi manganese mine is a significant contributor to the company's income, producing high-grade manganese that is sold to steel manufacturers and other industrial customers around the world. Revenue is derived from long-term contracts with customers and spot market sales, which provides a diversified income stream. The company also engages in joint ventures and partnerships that enhance its operational capabilities and market reach, contributing to its overall earnings. Additionally, fluctuations in commodity prices and demand in the steel industry directly influence the revenue generated from its mining operations.

Jupiter Mines Limited Financial Statement Overview

Summary

Jupiter Mines Limited demonstrates strong financial health with a solid balance sheet and efficient operations. However, revenue and profit growth inconsistencies, along with fluctuating cash flows, pose potential risks. The company should focus on stabilizing revenue streams and improving cash flow management to enhance overall financial performance.

Income Statement

Jupiter Mines Limited shows a strong gross profit margin, indicating efficient production and cost management. However, the net profit margin has been volatile, with a significant drop in recent years. Revenue growth has been inconsistent, with periods of decline, which could be a concern for future profitability. The EBIT and EBITDA margins are healthy, suggesting good operational efficiency.

Balance Sheet

The company maintains a solid balance sheet with a low debt-to-equity ratio, indicating strong financial stability and low leverage risk. The return on equity is commendable, reflecting effective use of shareholder funds. The equity ratio is robust, showcasing a strong capital structure with a high proportion of assets financed by equity.

Cash Flow

Cash flow analysis reveals fluctuations in free cash flow growth, with recent negative growth indicating potential cash management challenges. The operating cash flow to net income ratio is generally healthy, but the free cash flow to net income ratio has shown variability, suggesting inconsistencies in cash generation relative to profits.

Breakdown	TTM	Jun 2025	Jun 2024	Feb 2023	Feb 2022	Feb 2021
Income Statement
Total Revenue	9.50M	9.43M	8.07M	8.52M	7.30M	8.20M
Gross Profit	7.00M	3.92M	4.74M	4.84M	3.20M	8.20M
EBITDA	351.05K	1.52M	1.30M	1.03M	2.08M	4.22M
Net Income	76.47M	40.09M	38.87M	46.75M	53.98M	67.52M
Balance Sheet
Total Assets	577.67M	602.41M	593.38M	577.67M	532.73M	556.06M
Cash, Cash Equivalents and Short-Term Investments	49.49M	13.16M	19.06M	27.74M	39.16M	60.62M
Total Debt	504.17K	299.14K	398.14K	504.17K	52.45K	38.40K
Total Liabilities	105.77M	37.16M	50.03M	105.77M	97.41M	96.74M
Stockholders Equity	471.90M	565.25M	543.35M	471.90M	435.32M	459.32M
Cash Flow
Free Cash Flow	49.25M	752.95K	-1.87M	76.39M	1.78K	73.44M
Operating Cash Flow	49.32M	759.12K	-1.86M	76.47M	3.20K	73.44M
Investing Cash Flow	-77.71K	13.03M	12.63M	51.14M	26.61M	70.05M
Financing Cash Flow	-39.34M	-19.71M	-19.67M	-39.34M	-48.97M	-34.35M

Jupiter Mines Limited Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 0.30
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Positive
• MACD: Negative
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For AU:JMS, the sentiment is Positive. The current price of 0.3 is above the 20-day moving average (MA) of 0.29, above the 50-day MA of 0.28, and above the 200-day MA of 0.24, indicating a bullish trend. The MACD of <0.01 indicates Negative momentum. The RSI at 58.13 is Neutral, neither overbought nor oversold. The STOCH value of 54.35 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for AU:JMS.

Jupiter Mines Limited Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
MLX	82 Outperform	$1.27B	12.12	33.38%	―	45.73%	716.15%
JMS	77 Outperform	AU$589.76M	13.95	7.01%	5.45%	16.86%	3.03%
OMH	67 Neutral	AU$198.72M	54.17	-3.24%	1.54%	14.64%	-213.25%
Sector *	61 Neutral	$10.43B	7.12	-0.05%	2.87%	2.86%	-36.73%
SVM	52 Neutral	AU$559.60M	-13.07	-90.12%	―	―	-98.20%
MMI	51 Neutral	AU$433.87M	3.05	145.87%	―	45.56%	―
LOT	48 Neutral	AU$595.26M	-28.63	-7.50%	―	―	51.47%

Jupiter Mines Limited Corporate Events

Jupiter Mines Lifts Half-Year Profit and Delays Dividend Amid Exxaro JV Transition

Jupiter Mines Limited reported steady revenue of A$4.3 million for the half year ended 31 December 2025, unchanged from the prior corresponding period, while profit after tax rose 15.7% to A$16.2 million. Net assets per share increased slightly to A$0.29 from A$0.28, and the accounts for the period have been reviewed.

The Tshipi board has deferred the declaration of the HY2026 interim dividend to a meeting on 12 March 2026, reflecting the imminent completion of Exxaro Resources Limited’s acquisition as Jupiter’s co-investor and joint venture partner at Tshipi. This timing allows the new ownership structure, including Exxaro, to participate in determining and receiving any interim dividend, marking a notable shift in the governance and economic interests of the manganese operation.

The most recent analyst rating on (AU:JMS) stock is a Buy with a A$0.33 price target. To see the full list of analyst forecasts on Jupiter Mines Limited stock, see the AU:JMS Stock Forecast page.

Exxaro to Become Major Shareholder and JV Partner in Jupiter’s Tshipi Manganese Mine

Jupiter Mines has confirmed that Exxaro Resources has satisfied all conditions to acquire a 50.1% interest in the Tshipi Manganese Mine and a 19.99% shareholding in Jupiter, through the purchase of stakes and marketing rights previously held by Ntsimbintle Holdings and OM Holdings. While Exxaro will become a major shareholder and joint venture partner, Jupiter will retain its 49.9% ownership and joint control of Tshipi, with its existing shareholders’ agreement and pro rata marketing rights unchanged, positioning the company to benefit from Exxaro’s South African operational expertise and reinforcing its growth and consolidation strategy in the Kalahari Manganese Field.

The most recent analyst rating on (AU:JMS) stock is a Buy with a A$0.32 price target. To see the full list of analyst forecasts on Jupiter Mines Limited stock, see the AU:JMS Stock Forecast page.

Jupiter Mines’ Tshipi Unit Boosts Output as Manganese Prices Firm but EBITDA Slips

In the December 2025 quarter, Jupiter Mines’ Tshipi operation lifted sales to 867,619 tonnes and production to 840,688 tonnes, with high‑grade output up 10% on the prior quarter and costs edging down to US$2.24 per dmtu FOB, despite headwinds from a stronger South African rand and higher logistics and overheads. Average realised manganese prices improved to US$4.10/dmtu CIF on stronger Chinese consumption and seasonal restocking, and spot prices continued to firm into January 2026, but Tshipi’s quarterly EBITDA fell 19% to A$21.6m and cash slipped 2% to A$137.4m, largely due to foreign exchange movements and half‑year tax and royalty payments, while safety performance deteriorated slightly with two lost-time injuries pushing TRIFR to 0.56.

The most recent analyst rating on (AU:JMS) stock is a Buy with a A$0.32 price target. To see the full list of analyst forecasts on Jupiter Mines Limited stock, see the AU:JMS Stock Forecast page.

Jupiter Mines MD Increases Shareholding as Incentive Rights Vest

Jupiter Mines has reported a change in the shareholding of Managing Director Brad Rogers, who has increased his direct holding in the company following the vesting and exercise of short-term incentive (STI) deferred rights. On 22 December 2025, Rogers converted a total of 1,050,362 rights into fully paid ordinary shares at no cash consideration, reflecting the vesting of FY23 (second tranche) and FY24 (first tranche) STI awards, lifting his shareholding to 6,345,232 shares while leaving a substantial balance of unvested STI and long‑term incentive rights on issue. The transaction underscores the alignment of executive remuneration with shareholder outcomes and indicates continued reliance on equity-based incentives in Jupiter Mines’ governance and remuneration framework.

The most recent analyst rating on (AU:JMS) stock is a Buy with a A$0.29 price target. To see the full list of analyst forecasts on Jupiter Mines Limited stock, see the AU:JMS Stock Forecast page.

Jupiter Mines Seeks ASX Quotation for Additional Ordinary Shares

Jupiter Mines Limited has applied to the ASX for quotation of 1,050,362 new fully paid ordinary shares, to trade under its existing ticker JMS. The additional shares, issued on 22 December 2025 following the exercise or conversion of existing securities, will marginally increase the company’s free float and share base, offering investors slightly expanded exposure to the stock without indicating any immediate change to its underlying operations.

The most recent analyst rating on (AU:JMS) stock is a Buy with a A$0.29 price target. To see the full list of analyst forecasts on Jupiter Mines Limited stock, see the AU:JMS Stock Forecast page.

Jupiter Mines Updates Director’s Interest with New Incentive Plan

Jupiter Mines Limited announced a change in the director’s interest, specifically regarding Brad Rogers, who acquired additional short-term and long-term deferred rights as part of an incentive plan approved by shareholders. This change, effective December 4, 2025, reflects the company’s strategy to align executive interests with shareholder value, potentially impacting the company’s operational focus and stakeholder confidence.

The most recent analyst rating on (AU:JMS) stock is a Buy with a A$0.29 price target. To see the full list of analyst forecasts on Jupiter Mines Limited stock, see the AU:JMS Stock Forecast page.

Jupiter Mines Limited Issues Unquoted Equity Securities for Employee Incentives

Jupiter Mines Limited announced the issuance of unquoted equity securities, specifically 7,594,497 performance rights and 804,292 deferred rights, as part of an employee incentive scheme. This move is aimed at aligning employee interests with company performance, potentially enhancing operational efficiency and stakeholder value.

The most recent analyst rating on (AU:JMS) stock is a Buy with a A$0.29 price target. To see the full list of analyst forecasts on Jupiter Mines Limited stock, see the AU:JMS Stock Forecast page.

Jupiter Mines Issues Unquoted Equity Securities for Employee Incentives

Jupiter Mines Limited announced the issuance of unquoted equity securities, including 7,594,497 performance rights and 804,292 deferred rights, as part of an employee incentive scheme. This move is likely aimed at aligning employee interests with company performance, potentially impacting operational efficiency and stakeholder confidence positively.

The most recent analyst rating on (AU:JMS) stock is a Buy with a A$0.29 price target. To see the full list of analyst forecasts on Jupiter Mines Limited stock, see the AU:JMS Stock Forecast page.