• Tshipi Manganese Mine production and sales in line with expectations
• Tshipi EBITDA decreased 35% due to lower sales volumes
• Manganese ore prices and freight rates increased during the quarter

Jupiter Mines Limited (ASX: JMS) has released its Q1 FY2026 Quarterly Activities Report, providing an update on the performance of its 49.9% owned Tshipi Manganese Mine in South Africa. The September 2025 quarter saw a material increase in mining of graded ore, as well as achievement of planned sales and production targets. Tshipi's EBITDA decreased by 35% compared to the previous quarter, mostly driven by lower sales volumes. Cash increased in line with operating profits and working capital movements, despite the payment of a dividend during the previous quarter. The quarter saw average manganese prices remain in line with the June 2025 quarter, while freight rates increased. Seaborne manganese ore prices strengthened throughout the quarter, with the Fastmarkets manganese ore semi carbonate index (36.5% Mn CIF Tianjin) increasing from US$3.83/dmtu to US$4.04/dmtu. Manganese ore stockpiles at major ports in China remained below historical averages. Crude steel production has continued to face headwinds, with declines in China offset by growth in India. The company has invited shareholders and market participants to join an investor call on 31 October 2025 to discuss the quarterly results.