Jupiter Mines Reports Strong Q2 Results, Tshipi Manganese Output Up

Manganese producer sees higher sales, production, and lower costs despite currency headwinds

Jan. 29, 2026 at 9:55pm

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Jupiter Mines (ASX:JMS) reported a 'strong operating result' for the second quarter of fiscal 2026, with higher sales and production at its Tshipi manganese operation and slightly lower unit costs in U.S. dollar terms, despite currency headwinds, management said on the company's December quarter earnings call. Managing Director and CEO Brad Rogers cited increased high-grade ore production, steady cash balances, and supportive market conditions.

Why it matters

Jupiter Mines' Tshipi manganese operation is a key asset for the company, and the strong quarterly results demonstrate its ability to maintain production and profitability despite external challenges like currency fluctuations. The company's performance is closely watched by investors and analysts as an indicator of the broader manganese market.

The details

Rogers said sales and production increased quarter-on-quarter and remained in line with full-year targets. The production mix shifted toward higher-grade ore, with high-grade ore production rising 10% quarter-on-quarter. Operating costs were $2.24 USD FOB per dmtu, slightly better than the prior quarter despite the strengthening South African rand. Mining costs were down 5% quarter-on-quarter, which Rogers attributed to seasonal rain. Market conditions were described as supportive, with rising spot prices for the grade of ore Tshipi sells.

  • Jupiter Mines reported results for the second quarter of fiscal 2026.
  • The company's December quarter earnings call took place in late January 2026.

The players

Brad Rogers

Managing Director and Chief Executive Officer of Jupiter Mines.

Tshipi

Jupiter Mines' flagship manganese operation located in South Africa.

Exxaro

A mining company that is acquiring certain manganese interests from Ntsimbintle Holdings and OM Holdings, and will become a co-investor in Tshipi.

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