Jupiter Mines Limited (AU:JMS)
ASX:JMS
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Jupiter Mines Limited
(Sydney:JMS)
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Rating:77Outperform
Price Target:
AU$0.31
▲(11.43% Upside)
Action:UpgradedDate: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 provide durable financial resilience. A strong capital structure reduces refinancing risk, supports capacity to fund capital requirements or sustain distributions through commodity cycles, and preserves strategic optionality for 2-6 months and beyond.
Negative Factors
Inconsistent revenue growth
Material declines and inconsistency in revenue undermine predictability of earnings and dividends. Over a multi-month horizon, volatile top-line performance complicates planning, can force cuts to distributions or deferment of investment, and increases execution risk in downturns.
Read all positive and negative factors
Positive Factors
Negative Factors
Strong balance sheet
Low leverage and a robust equity ratio provide durable financial resilience. A strong capital structure reduces refinancing risk, supports capacity to fund capital requirements or sustain distributions through commodity cycles, and preserves strategic optionality for 2-6 months and beyond.
Read all positive factors
Jupiter Mines Limited (JMS) vs. iShares MSCI Australia ETF (EWA)
Market Cap
AU$540.61M
Dividend Yield5.45%
Average Volume (3M)2.01M
Price to Earnings (P/E)9.8
Beta (1Y)1.27
Revenue Growth16.86%
EPS Growth3.03%
CountryAU
Employees1
SectorBasic Materials
Sector Strength58
IndustryIndustrial Materials
Share Statistics
EPS (TTM)<0.01
Shares Outstanding1,965,850,600
10 Day Avg. Volume1,683,780
30 Day Avg. Volume2,007,001
Financial Highlights & Ratios
PEG Ratio3.24
Price to Book (P/B)0.70
Price to Sales (P/S)41.67
P/FCF Ratio521.95
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
AU$0.32Price Target Upside14.29% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering1
EPS Forecast (FY)0.02
Revenue Forecast (FY)AU$4.15M
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...
How the Company Makes Money
Jupiter Mines makes money primarily through its attributable share of earnings and cash distributions from its interest in the Tshipi Borwa Manganese Mine (via its ownership stake in the operating/holding structure for Tshipi). Tshipi generates re...
Jupiter Mines Limited Earnings Call Summary
Earnings Call Date:Feb 26, 2026
(Q2-2026)
| % Change Since: |
Next Earnings Date:Aug 28, 2026
Earnings Call Sentiment Positive
The call highlighted a strong operating quarter with higher sales, rising production (notably higher-grade ore), controlled unit costs (USD 2.24/dmtu), healthy cash (Tshipi ~AUD 137M), improving manganese prices and supportive market indicators (Chinese port stockpiles ~4.4Mt, freight in a favorable range). Strategic news that Exxaro will become a major shareholder and co-investor at Tshipi was presented as value-accretive. Key negatives were a 19% quarter-on-quarter EBITDA decline driven by FX losses, two minor lost-time injuries, and a temporary 5% mining reduction from seasonal rain. On balance, operational and market strengths and the strategic investor entry outweigh the transitory financial and operational headwinds.Positive Updates
Strong Sales and Production
Sales of 867,619 tonnes in the quarter (+4% quarter-on-quarter, +27% year-on-year). Production of 840,688 tonnes (≈+1% quarter-on-quarter, +13% year-on-year), with a pivot to higher-quality ore supporting future sales mix.
Negative Updates
EBITDA Decline Due to FX
Tshipi's EBITDA declined 19% quarter-on-quarter, primarily driven by foreign-exchange losses from a strengthening rand. Management noted the underlying USD EBITDA dollars remain within the normal trading range for the asset.
Read all updates
Q2-2026 Updates
Positive
Negative
Strong Sales and Production
Sales of 867,619 tonnes in the quarter (+4% quarter-on-quarter, +27% year-on-year). Production of 840,688 tonnes (≈+1% quarter-on-quarter, +13% year-on-year), with a pivot to higher-quality ore supporting future sales mix.
Read all positive updates
Company Guidance
Management reiterated that results were in line with full‑year targets, reporting Q2 sales of 867,619 t (↑4% qoq, ↑27% yoy) and production of 840,688 t (≈+1% qoq, ↑13% yoy) with high‑grade ore production +10% qoq; unit costs were ~US$2.24 FOB per dmtu (slightly down qoq despite a stronger ZAR), average realised prices +6% qoq and spot FOB for Tshipi grade ~US$3.68/dmtu (30‑Sep US$3.36, 31‑Dec US$3.46), freight ~US$23.40–25/t (trading US$23.5–26/t), Chinese port stockpiles ~4.4 Mt (vs five‑year pre‑period average ~5.8 Mt), EBITDA was down 19% qoq largely from FX losses, cash at Tshipi ~AUD137m at 31‑Dec (−2% qoq after semi‑annual tax/royalty payments) while Jupiter cash was steady, mining volumes were ~5% down qoq (seasonal rain) with land logistics flat, an interim dividend decision is expected next month, and Exxaro’s acquisition (to take a 19.99% stake in Jupiter at ZAR3.69/share, ≈A$0.33 vs Jupiter trading ~A$0.285) is expected to complete on or before 27 Feb.Jupiter Mines Limited Financial Statement Overview
Summary
Income Statement
72
Positive
Balance Sheet
85
Very Positive
Cash Flow
65
Positive
| 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
Positive
0.28
Price Trends
0.28
Negative
0.27
Positive
0.25
Positive
Market Momentum
<0.01
Negative
51.73
Neutral
72.22
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 0.28 is above the 20-day moving average (MA) of 0.27, above the 50-day MA of 0.28, and above the 200-day MA of 0.25, indicating a neutral trend. The MACD of <0.01 indicates Negative momentum. The RSI at 51.73 is Neutral, neither overbought nor oversold. The STOCH value of 72.22 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
UnderperformOutperform
Sector (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
77 Outperform | AU$540.61M | 9.80 | 7.23% | 5.45% | 16.86% | 3.03% | |
62 Neutral | AU$208.32M | 7.08 | 4.27% | ― | -13.54% | -56.86% | |
61 Neutral | $10.43B | 7.12 | -0.05% | 2.87% | 2.86% | -36.73% | |
58 Neutral | AU$314.72M | 7.29 | 17.97% | 2.13% | ― | -94.07% | |
49 Neutral | AU$582.05M | -18.79 | -179.67% | ― | -100.00% | -6.00% | |
44 Neutral | AU$69.42M | -8.96 | -47.87% | ― | 94.53% | 63.16% | |
41 Neutral | AU$210.19M | 82.73 | -0.58% | 1.54% | 14.64% | -213.25% |
* Basic Materials Sector Average
AU:JMS
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Jupiter Mines Limited Corporate Events
Jupiter Mines Provides Investor Update with Standard Disclaimers
Mar 19, 2026
Jupiter Mines Limited has issued a company update in connection with its participation in the Euroz Hartleys Institutional Investor Conference, outlining information provided to institutional investors about the business. The release primarily con...
Jupiter Mines Declares FY2026 Interim Dividend Backed by Tshipi Cash Flows
Mar 15, 2026
Jupiter Mines Limited has declared an unfranked interim dividend of A$0.0055 per share for the period ended 31 December 2025, with a record date of 23 March 2026 and payment on 2 April 2026. The payout reflects continued cash generation from its T...
Jupiter Mines Declares Interim Dividend for Half-Year to December 2025
Mar 15, 2026
Jupiter Mines Limited has declared a fully paid dividend of A$0.0055 per ordinary share, relating to the six‑month period ended 31 December 2025. The stock will trade ex‑dividend on 20 March 2026, with a record date of 23 March and pay...
Exxaro Becomes Major Jupiter Mines Shareholder and Tshipi JV Partner
Mar 2, 2026
Jupiter Mines Limited has confirmed that Exxaro Resources has completed the acquisition of a 50.1% interest in the Tshipi Manganese Mine and a 19.99% shareholding in Jupiter, buying Jupiter shares from Ntsimbintle Holdings at ZAR 3.69 per share. J...
Jupiter Mines Lifts Half-Year Profit and Delays Dividend Amid Exxaro JV Transition
Feb 27, 2026
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...
Exxaro to Become Major Shareholder and JV Partner in Jupiter’s Tshipi Manganese Mine
Jan 30, 2026
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 Nt...
Jupiter Mines’ Tshipi Unit Boosts Output as Manganese Prices Firm but EBITDA Slips
Jan 29, 2026
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 he...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.