Jupiter Mines Limited (JMS) AI Stock Analysis

• Market Cap: AU$540.61M
• Dividend Yield: 5.45%
• Average Volume (3M): 2.01M
• Price to Earnings (P/E): 13.5
• Beta (1Y): 1.31
• 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$0.29
• Price Target Upside: 2.50% Upside
• Rating Consensus: Moderate Buy
• Number of Analyst Covering: 1
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 77 Outperform
• Price Target: AU$0.32 ▲(15.36% Upside)

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

Balance Sheet Strength

Low leverage and a robust equity ratio give Jupiter durable financial flexibility. This reduces refinancing and solvency risk through commodity cycles, supports capacity to sustain dividend distributions and fund opportunistic capex or working capital without stressing liquidity.

Cash Distribution Model

Holding an equity stake in an established manganese producer provides a streamlined, asset-light income model. Long-term, predictable distributions (subject to Tshipi performance) reduce operational complexity and let Jupiter focus on capital allocation and shareholder returns.

Operational Margin Quality

Healthy gross and operating margins indicate efficient mining and cost control at the operating partner level. Sustained margin cushions improve resilience to lower prices or higher input costs and support consistent cash available for distributions over time.

Negative Factors

Revenue Growth Volatility

Inconsistent revenue and profit growth undermines earnings predictability, complicating annual distribution planning. For an investor reliant on partner payouts, variability hampers forecasting for capital allocation and raises the risk premium on future cash returns.

Free Cash Flow Variability

Recent negative free cash flow and historical volatility weaken the company’s ability to sustain dividends or fund reinvestment without drawing reserves. Persistent FCF variability can force cutbacks, asset sales, or reliance on balance-sheet buffers during downturns.

Concentration / Commodity Risk

Heavy reliance on a single equity interest in Tshipi and manganese markets concentrates operational, price and currency risk. Structural shocks to manganese demand, export logistics or ZAR/USD moves can materially swing earnings and distributions with limited diversification to offset them.

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	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 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: 0.28
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Positive
• MACD: Positive
• 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 0.28 is below the 20-day moving average (MA) of 0.28, above the 50-day MA of 0.27, and above the 200-day MA of 0.23, indicating a neutral trend. The MACD of <0.01 indicates Positive momentum. The RSI at 51.98 is Neutral, neither overbought nor oversold. The STOCH value of 33.33 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	78 Outperform	AU$1.16B	7.88	33.38%	―	45.73%	716.15%
JMS	77 Outperform	AU$540.61M	13.48	7.01%	5.45%	16.86%	3.03%
OMH	67 Neutral	AU$221.65M	-10.57	-3.24%	1.54%	14.64%	-213.25%
Sector *	61 Neutral	$10.43B	7.12	-0.05%	2.87%	2.86%	-36.73%
LOT	55 Neutral	AU$720.69M	-35.03	-7.50%	―	―	51.47%
SVM	52 Neutral	AU$452.86M	-10.57	-90.12%	―	―	-98.20%
MMI	51 Neutral	AU$409.42M	2.99	145.87%	―	45.56%	―

Jupiter Mines Limited Corporate Events

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.

Jupiter Mines Limited AGM Results: All Resolutions Passed

Jupiter Mines Limited announced the results of its Annual General Meeting, where all resolutions were passed by a poll. Key decisions included the adoption of the FY25 remuneration report, re-election and confirmation of non-executive directors, and approval of short-term and long-term incentive performance rights for the CEO. The renewal of the proportional takeover provision was also approved, indicating strong shareholder support for the company’s strategic direction.

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’s FY25 Annual General Meeting Highlights

Jupiter Mines Limited held its Annual General Meeting on November 26, 2025, in Perth. The presentation provided during the meeting was for informational purposes and emphasized that it should not be considered complete or relied upon as investment advice. It highlighted that the information is subject to change and does not account for individual investment objectives or financial situations. The presentation also contained forward-looking statements, which are subject to uncertainties and risks that could affect the company’s future performance.

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 Reports Record Year and Strategic Advancements

Jupiter Mines Limited reported a record-breaking financial year in 2025 for its Tshipi manganese mine, achieving the highest-ever mining volumes and sales, leading to an increased net profit after tax of $39.9 million. The company declared a total dividend of 1.5 cents per share for FY25, reflecting a yield of around 6 percent. Jupiter Mines is advancing its five-year strategy, with significant progress in sustainability and logistics optimization, and has achieved Level 1 B-BBEE status. Additionally, the company is exploring the potential to produce high-purity manganese sulphate monohydrate for EV batteries, with successful pilot plant results. A strategic agreement with Exxaro Resources to acquire a significant interest in Tshipi and Jupiter Mines further validates the company’s strong market position and future growth prospects.

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 Provides Company Update at Macquarie WA Forum

Jupiter Mines Limited has released a presentation at the Macquarie WA Forum in Perth, providing an update on the company’s current status. The presentation is intended for informational purposes and does not constitute investment advice. It highlights that the information is subject to change and includes disclaimers regarding the accuracy and completeness of the data presented. The company emphasizes that the presentation may contain forward-looking statements that are subject to uncertainties and risks, which could lead to different actual outcomes.

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.