• Lower sales and production levels in Q2 FY2025 after elevated levels in previous quarter
• Tshipi EBITDA improved by 28% on previous quarter due to lower costs and foreign exchange gain
• Manganese prices expected to be impacted by supply-side factors in the short term

Jupiter Mines Limited (ASX: JMS) reported its Q2 FY2025 Quarterly Activities Report, which showed lower sales and production levels at the Tshipi Manganese Mine compared to the previous quarter. Sales volumes decreased by 34% to 683,090 tonnes, while production decreased by 39% to 745,167 tonnes. However, year-to-date sales and production remained in line with historical averages. The decrease in volumes was due to reduced on-land logistics in line with lower manganese prices during the quarter. Tshipi's EBITDA improved by 28% to A$26.9 million, and net profit after tax increased to A$17.2 million, due to a combination of lower logistics costs, overheads, and a foreign exchange gain, which more than offset the impact of lower manganese prices and volumes. The manganese market outlook is expected to be driven by supply-side factors in the short term, with seaborne shipments and port stocks in China decreasing. Manganese ore prices are expected to be closely correlated with supply in the absence of significant changes in global demand.

Tshipi's full year FY2025 sales are expected to reach 3.4 million tonnes, in line with historical average levels.

The manganese market outlook is expected to be driven by supply-side factors in the short term, with seaborne shipments and port stocks in China decreasing. Manganese ore prices are expected to be closely correlated with supply in the absence of significant changes in global demand.