• Increased sales and production volumes
• Lower cost of production despite headwinds
• Tshipi EBITDA decreased due to foreign exchange impacts

Jupiter Mines Ltd (ASX: JMS) reported an increase in sales and production volumes for the Q2 FY2026 quarter. Sales volumes increased by 4% and production volumes increased by 1% compared to the previous quarter. The cost of production decreased by 1% to US$2.24 per dmtu FOB, an 8% decrease compared to the prior corresponding period. This was mainly due to marginally lower realised mining cost and royalties, partially offset by higher logistics and overhead costs. Tshipi EBITDA decreased by 19% compared to the previous quarter, mainly driven by foreign exchange movements as the South African Rand strengthened against both the US Dollar and the Australian Dollar. Cash decreased slightly after half-yearly tax and royalty payments. Manganese ore prices showed a steady upward trend through the quarter, with seaborne and portside prices for high-grade oxide ore increasing more dramatically compared to semi carbonate manganese ore prices. Manganese ore demand outside of China continued existing trends, with volumes exported into India continuing to grow and partially offsetting weakness in Europe.

The company expects the performance of the South African Rand to remain closely linked to global financial conditions, commodity price trends, and shifts in investor risk appetite. While supportive external factors may continue to provide periods of strength, ongoing domestic structural and political challenges are likely to contribute to volatility and limit sustained appreciation.