• Increased sales and production levels at Tshipi Manganese Mine
• Manganese prices improved during the quarter
• Tshipi EBITDA increased by 65% on the previous quarter

Jupiter Mines Limited (ASX: JMS) reported its Q3 FY2025 Quarterly Activities Report, highlighting increased sales and production levels at its 49.9% owned Tshipi Manganese Mine. Tshipi saw sales of 777,229 tonnes, a 14% increase on the previous quarter, and production of 858,152 tonnes, a 15% increase. The cost of production decreased by 15% to US$2.06 per dmtu FOB. Tshipi's EBITDA improved by 65% to A$44.3 million, driven by higher realised manganese prices and increased sales volumes, as well as a decrease in the unit cost of production. Manganese prices improved during the quarter, with the average CIF price achieved increasing by 8% to US$4.03/dmtu. However, the spot price at the end of April 2025 was 10% lower than the average seen during the March 2025 quarter. Logistics volumes increased by 26% for the quarter, with South African road haulage recommencing to meet export demand. Jupiter's cash position decreased slightly during the quarter, after payment of the half-year dividend.

Tshipi is on track to reach 3.4 million tonnes of manganese ore exports for FY2025, in line with its historical average.

Manganese ore prices are expected to face some downward pressure in the near term due to reduced demand from the steel industry and increased supply from major producing regions. However, the long-term outlook for manganese remains positive, driven by its use in steel production and the growing renewable energy sector.