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Jupiter Mines Limited
(Sydney:JMS)
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Rating:69Neutral
Price Target:
AU$0.29
▲(11.54% Upside)
Action:Downgraded
Date:08/04/26
The score is primarily supported by a very conservative balance sheet and reasonable valuation with a solid dividend yield. Offsetting this, operating performance and cash conversion have been volatile and technical indicators show modestly weak/neutral momentum with the price slightly below major moving averages.
Positive Factors
Very conservative balance sheet
Extremely low leverage gives Jupiter substantial financial flexibility to withstand commodity cycles, fund sustaining capital, and prioritize distributions. This reduces solvency risk, supports long-term access to capital, and increases resilience to mining downturns, benefiting investors over a multi-month horizon.
Negative Factors
Uneven cash generation
Material swings in operating cash flow undermine predictability of dividends and make planning for sustaining capital or distributions difficult. Variability suggests working-capital timing, grade or pricing sensitivity at the JV, raising execution and liquidity risk over multiple quarters.
Read all positive and negative factors
Positive Factors
Negative Factors
Very conservative balance sheet
Extremely low leverage gives Jupiter substantial financial flexibility to withstand commodity cycles, fund sustaining capital, and prioritize distributions. This reduces solvency risk, supports long-term access to capital, and increases resilience to mining downturns, benefiting investors over a multi-month horizon.
Read all positive factors
Jupiter Mines Limited (JMS) vs. iShares MSCI Australia ETF (EWA)
Market Cap
AU$520.95M
Dividend Yield4.79%
Average Volume (3M)2.01M
Price to Earnings (P/E)12.3
Beta (1Y)1.16
Revenue Growth-0.46%
EPS Growth-0.92%
CountryAU
Employees1
SectorBasic Materials
Sector Strength58
IndustryIndustrial Materials
Share Statistics
EPS (TTM)0.02
Shares Outstanding1,965,850,600
10 Day Avg. Volume1,683,780
30 Day Avg. Volume2,007,001
Financial Highlights & Ratios
PEG Ratio3.80
Price to Book (P/B)0.95
Price to Sales (P/S)57.82
P/FCF Ratio38.64
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)0.02
Revenue Forecast (FY)AU$8.30M
Jupiter Mines Limited Business Overview & Revenue Model
Company Description
Jupiter Mines Limited is a company focused on the management and expansion of mining assets. Its primary endeavor involves the exploration and extraction of manganese deposits. A significant cornerstone of its operations is the Tshipi Manganese mi...
How the Company Makes Money
Jupiter Mines makes money primarily through its equity interest in the Tshipi Borwa manganese operation (held via a joint venture structure). The mine sells manganese ore to customers (typically via export markets), generating operating cash flow;...
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
68
Positive
Balance Sheet
92
Very Positive
Cash Flow
63
Positive
| Breakdown | Dec 2025 | Jun 2025 | Jun 2024 | Feb 2023 | Feb 2022 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 9.35M | 9.43M | 8.07M | 8.52M | 7.30M |
| Gross Profit | 7.32M | 3.92M | 4.74M | 4.84M | 3.20M |
| EBITDA | 1.61M | 1.52M | 1.30M | 1.03M | 2.08M |
| Net Income | 41.67M | 40.09M | 38.87M | 46.75M | 53.98M |
Balance Sheet | |||||
| Total Assets | 609.09M | 602.41M | 593.38M | 547.48M | 532.73M |
| Cash, Cash Equivalents and Short-Term Investments | 11.43M | 13.16M | 19.06M | 27.74M | 39.16M |
| Total Debt | 244.93K | 299.14K | 398.14K | 477.73K | 52.45K |
| Total Liabilities | 41.69M | 37.16M | 50.03M | 105.77M | 97.41M |
| Stockholders Equity | 567.41M | 565.25M | 543.35M | 471.90M | 435.32M |
Cash Flow | |||||
| Free Cash Flow | 13.99M | 752.95K | -1.87M | 76.39M | 1.78K |
| Operating Cash Flow | 14.00M | 759.12K | -1.86M | 76.47M | 881.23K |
| Investing Cash Flow | 12.62M | 13.03M | 12.63M | 51.14M | 26.61M |
| Financing Cash Flow | -29.55M | -19.71M | -19.67M | -39.34M | -48.97M |
Jupiter Mines Limited Technical Analysis
Negative
0.26
Price Trends
0.27
Negative
0.27
Negative
0.27
Negative
Market Momentum
>-0.01
Negative
46.34
Neutral
50.00
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For AU:JMS, the sentiment is Negative. The current price of 0.26 is below the 20-day moving average (MA) of 0.27, below the 50-day MA of 0.27, and below the 200-day MA of 0.27, indicating a bearish trend. The MACD of >-0.01 indicates Negative momentum. The RSI at 46.34 is Neutral, neither overbought nor oversold. The STOCH value of 50.00 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative 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 |
|---|---|---|---|---|---|---|---|
69 Neutral | AU$520.95M | 12.33 | 7.47% | 4.79% | -0.46% | -0.92% | |
69 Neutral | AU$162.03M | 3.47 | 4.27% | ― | -8.25% | -20.36% | |
61 Neutral | $10.43B | 7.12 | -0.05% | 2.87% | 2.86% | -36.73% | |
59 Neutral | AU$49.59M | -87.73 | -2.00% | ― | 104.42% | ― | |
58 Neutral | AU$294.81M | 17.95 | 17.97% | 3.85% | ― | -89.84% | |
43 Neutral | AU$171.97M | 45.16 | 0.63% | 1.54% | -0.53% | -77.84% |
* Basic Materials Sector Average
AU:JMS
Jupiter Mines Limited
0.27
0.05
24.41%
AU:GRR
Grange Resources Limited
0.15
-0.05
-25.64%
AU:RHI
Red Hill Iron Limited
4.65
1.39
42.68%
AU:LCY
Legacy Iron Ore Ltd
0.01
0.00
0.00%
AU:OMH
OM Holdings Ltd.
0.23
-0.06
-20.77%
Jupiter Mines Limited Corporate Events
Jupiter Mines Ends FY2026 Strong as Tshipi Manganese Output and Sales Beat Expectations
Jul 30, 2026
Jupiter Mines reported a strong finish to FY2026 at its Tshipi Manganese Mine, with quarterly sales rising 12 percent and production up 14 percent versus the prior quarter. Full-year sales reached 3.49 million tonnes, slightly above historical exp...
Jupiter Mines Director Trims Stake to Cover Tax from Vested Rights
May 12, 2026
Jupiter Mines has disclosed that director Brad Rogers sold a total of 1 million fully paid ordinary shares in the company on the ASX between 6 and 12 May 2026. The disposals, executed in multiple tranches at aggregate consideration of around A$269...
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.