[Ferro-Alloys.com] Earnings call transcript: Jupiter Mines Q4 2025 sees stable production despite cost pressures

Jupiter Mines Ltd (JMS) reported its Q4 2025 earnings, revealing solid production figures but facing some cost pressures. The company achieved record sales for the full financial year, with over 3.6 million tonnes sold. The average realized price decreased by 4% quarter-on-quarter, and unit costs rose by 14% in the same period. Despite these challenges, the company maintained a strong operating cash flow of 119 million and generated 432 million before tax and royalty payments. According to  InvestingPro data, the company maintains a healthy financial position with a current ratio of 2.11, indicating strong liquidity. The stock experienced a slight decline of 1.14%, closing at $0.22, though it has shown impressive YTD returns of 59.19%.

Key Takeaways

• Record sales of 3.6 million tonnes for the year.
• Q4 sales exceeded 1 million tonnes, indicating a strong annual run rate.
• Unit costs increased by 14% quarter-on-quarter.
• Operating cash flow remained strong at 119 million.
• Stock price decreased by 1.14% following the earnings release.

Company Performance

Jupiter Mines reported robust sales figures, achieving record sales of 3.6 million tonnes for the financial year. The Q4 sales alone surpassed 1 million tonnes, reflecting a solid annual run rate. Despite a 4% decrease in the average realized price and a 14% rise in unit costs from the previous quarter, the company demonstrated resilience with strong cash flow generation.

Financial Highlights

• Revenue: Not specified in the earnings call.
• Earnings per share: Not specified in the earnings call.
• Operating cash flow: 119 million for the quarter.
• Cash generation before tax and royalties: 432 million.

Outlook & Guidance

Jupiter Mines is targeting sales and production of 3.4 million tonnes for FY2026, with potential future expansion to 3.9-4.0 million tonnes. The company is considering capital projects such as a connecting conveyor and a potential solar and battery farm, indicating its focus on sustainable growth. The Exxaro transaction is expected to complete by March 2026, pending regulatory approval.

Executive Commentary

CEO Brad Rogers emphasized the company’s focus on maintaining profitability even at lower price points, stating, "Tippi’s focus... is to be focused on unit costs that see us profitable when others aren’t." He also highlighted the company’s stable and reliable operational outcomes, noting, "We’ve seen incredibly stable and reliable outcomes across the board."

Risks and Challenges

• Rising unit costs could impact profit margins if not managed effectively.
• Fluctuating manganese prices may affect revenue and profitability.
• Potential delays in the Exxaro transaction due to regulatory approvals.
• Operational challenges such as increased road haulage due to rail issues.
• Environmental factors, such as pit water, impacting mining volumes.

The earnings call provided insights into Jupiter Mines’ performance and strategic direction, highlighting both achievements and challenges faced by the company.

Full transcript - Jupiter Mines Ltd (JMS) Q4 2025:

Conference Moderator: Good morning, and I would like to welcome everyone to the Jupiter Mines Q4 call. Today, we have Jupiter Managing Director and Chief Executive Officer, Brad Rogers and Chief Financial Officer, Melissa North, to provide a brief update on the 2025 financial year, and then we will open up to questions from callers. Thanks, Brad. Please go ahead.

Brad Rogers, Managing Director and Chief Executive Officer, Jupiter Mines: Thanks, Mel, and good morning, everyone. Thanks for joining the call. For those of you who have had a chance to have a look at the quarterly activities report we released to the ASX this morning, you will see that it summarizes, in particular for the full financial year, an outstanding operational set of outcomes. And I’ll run you through those outcomes both for the quarter and for the full year, on the call today, and then I’ll open the call up for any questions that might be out there. So before I get into the operating outcomes, just briefly on safety, there was unfortunately one minor lost time injury that occurred during the June.

That was a laceration injury that was suffered by a contractor maintenance staff person. It was a minor, laceration. The root cause identified for that injury was around lighting and supervision and corrective actions have been taken. Our TRIFR total recordable injury frequency rate notwithstanding that injury during the quarter remains at 0.38, which was exactly where it was at at the end of the March. Moving on to the key operating performance KPIs that are set out in the quarterly activities report.

Firstly, you’ll note that the sales performance in the quarter was very strong, above a million tonnes of ore sold for the June, obviously equating to more than a 4,000,000 tonne per annum run rate, which is well above trend and well above target. And that contributed to a record sales outcome that was achieved for the full financial year of around 3,600,000 tonnes. Production outcomes, whilst they were slightly lower quarter on quarter, and that was due to some pit in pit water, which impacted both mining volumes and processing volumes for the quarter. But notwithstanding that challenge that was managed through the quarter for the full year, all ore produced through the crushing circuit also achieved a record. So very strong overall for the full year as we finish FY ’25 in terms of both of those two important metrics.

Prices for the quarter, and I’ll give a little bit more, information both on the quarter to quarter movement in manganese prices and then what’s happened subsequent to the quarter moved around during the quarter quite a bit. But if you look at the average realized price for the June compared to the average realized price for the March, it’s about 4% lower in the June than we saw in the March. Subsequent to quarter end, as I’ll explain in a moment, prices have increased from those average levels that we saw through the June. Cost per unit was a bit higher quarter on quarter, and there’s two main factors to be aware of there. The most important one and the key driver of that increase quarter on quarter was the lower high grade ore production out of the mine.

So you had fewer tonnes to amortize the fixed costs over. There were also some year end accruals. So if you look at quarter on quarter, there was an increase in unit costs of 14%. But if you compare it to the prior corresponding period, the June 2024 costs were lower this quarter by about 6% compared to the June 2024. And I think particularly when you’re talking about quarters ending the financial year end and accruals that can be made in those respective quarters, it is important to make the Q4 to Q4 comparison as well as the quarter on quarter comparison.

Earnings were down commensurate with the slightly lower prices and slightly higher, unit cost. But if you look at the trend across the line, it’s pretty clear that there’s a direct correlation to explain what’s going on in terms of earnings. And cash was slightly lower at Tippi. Notwithstanding, there was quite a strong operating cash flow generation during the quarter. We paid our year end taxes and royalties, so that explained the slightly lower cash quarter on quarter.

Cash was slightly lower in Jupiter as well, but that was purely because of normal operating corporate costs. If we move on to mining volumes, as I mentioned a moment ago, water in the pit during the quarter impacted both graded ore mining volumes and also naturally processing volumes with lower feedstock to the processing plant. But overall, if we look at the closeout of the financial year, again, like I’ve mentioned with sales and with production, overall mining volumes for the full financial year achieved a new record in FY ’twenty five. Production exceeded the full year plan and total ore tonnes through the processing plant represented a record for the year. Logistics on quarter was

And obviously, with the higher sales numbers, we were able to use some at port stockpiles to achieve those outcomes, which on the logistics and sales table, you can see again repeats that record achieved both for the quarter and for the full financial year, but logistics were only down slightly. We did up the usage of road haulage during the quarter due to some operational issues affecting volumes on rail. And then finally, if we look at cash, you’ll see in the direct comparison that cash both at at Jupiter and at Tippi, if you’re talking about materiality, was relatively stable. There was a slight reduction at Jupiter because of corporate costs. There was a slight reduction at at Tippi because of 433,000,000 of tax and royalties that are due to be paid at this time of the year outside of that.

There was actually strong generation, 119,000,000 of cash for the quarter and positive cash generation of R432,000,000 prior to the payment of tax and royalties. In terms of what’s going on with the manganese market, I mentioned that there was some movement during the quarter. If you look at the table in the quarterly activities report summarizing the quarter end prices, you can see that the FOB price at the end of the June was $3.2 compared to the FOB price at the end of the March that was $3.62 so about 12% lower quarter to quarter. We had movement within the June where prices went down to as low as $3.5 They’re currently, as you can see today, at $3.27 And those price movements during the quarter were really driven by what was going on on the supply side. The quarter end thirty one March price of $3.62 was enough to encourage an increase in manganese ore supply during the quarter.

Naturally, that drove the manganese price down a bit to a level that saw supply then retreat and prices start to improve again towards the end of the quarter. And subsequent to the quarter, prices have improved a little further, as you can see on the table in our quarterly activities report. And that’s both due to supply side support, but also it’s due to better demand sentiment in China. There’s better futures pricing for alloys, a little bit of hope around infrastructure stimulus. And so for the first time in a while, we’ve seen some nascent, hope on the demand side, whereas manganese prices have otherwise, through this period of time and through the June, being driven by more supply side factors.

Freight rates are relatively low compared to where they’ve been over the last, call it, few years. You’ll see that March to June as summarized in our quarterly activities report, freight rates were relatively stable at around 23 US dollars per, per ton. As I sit today, they’ve increased slightly. That’s due to seasonal factors demand for the same sort of ship that we use for manganese ore shipping from South American grain exports. So that should be a temporary factor, and it’s one that we see, obviously, on a seasonal basis every given year.

If you look at stock at Chinese ports today, relatively stable, thirty June to now, a little bit higher than we saw at the March, 3,600,000 tonnes of manganese ore at stockpile in Chinese ports at the March, 4,300,000 tonnes at the June, and 4,400,000 tonnes today. So those levels, whilst they’ve increased slightly, and that was because of what I mentioned before, an increase in ore supply encouraged by the higher manganese prices that we saw at the end of the March quarter. And so that’s resulted in in June stockpile volumes being slightly higher than they were at the March. Notwithstanding that, it’s still a lot lower than the average we’ve seen over the last five years or so of about 5,900,000 tons. So, although stockpiles have increased slightly, we’re still under, the level of supply that’s been sitting in port on average for the last five years or so.

That FOB price I mentioned a moment ago that we’re sitting at today of $3.27 FOB according to fast markets is slightly lower than the four year average, which is around 2 to $3.34. The four year low is $2.86, and the four year high is $5.55. And so what we’re seeing at the moment, any demand factors, is supply driving manganese prices, and that’s nothing new. That’s been the case for the last few years now. Tippy’s focus is we’re all aware, and it’s been a very successful focus, and we’ve seen it again in FY twenty five is to be focused on unit costs that see us profitable when others aren’t.

And so we’ve seen another demonstration of that during the June where we’ve been able to generate positive earnings and positive operating cash, whereas during that quarter, others have been at their cost support level. And if we do that, we’re not too concerned about prices at this level. We’re able to enjoy prices that move up supported by supply coming out from other suppliers. But again, encouragingly, we have seen some demand factors playing into an increase in the price. We’ll see if that’s sustainable over the coming months or so, but we’re seeing some some better demand sentiment in China over the last few weeks or so.

So in summary, on the activities reported on the volumes and earnings side in particular, very strong operational outcomes for the full year. Q4 saw record sales as well. Mining volumes, production volumes for the quarter were impacted by the in pit water conditions. I wouldn’t be too concerned about that. That’s normal mining challenges.

The focus for Chippy and for the stakeholders, including the distributor include involved in Chippy is to hit the full year numbers, which Chippy has done handsomely, including records in most of the important KPIs. So quarter to quarter, you’re going to have some of these challenges. And if you look at our production and sales and mining volumes quarter on quarter, you’ll see some movement up and down. And and that’s normal in the course of in the course of an activity of mining. But what we’re looking to do is hit our full year numbers.

And so that’s being ticked off again. And if you look at the operating performance for Tippi for the last seven years that Jupiter’s now being listed around its investment in Tippi, you’ll see incredibly stable and reliable outcomes across the board, including operating and financial outcomes. So that’s always been a hallmark of our investment in Chippy, and congratulations has to go to the team there to deliver another fantastic outcome that is in line with expectations and in a couple of important areas actually achieved records for the year. Manganese prices for the quarter slightly decreased on average quarter on quarter, but started to increase towards the end of the June and subsequent two. And Chinese port inventories increased quarter on quarter, but are still well below five year average levels.

Looking forward, we’re seeing a market that on a supply basis is relatively stable at the moment. And the price, although it’s moved up and down a bit, has range traded on supply side factors. Hopefully, we see a continuation of this positivity that’s quite nascent on the demand side, and that’s the sort of thing that would encourage the manganese price to break out of the range trading it’s been in for the last several years, frankly. But for the last several years, notwithstanding, the range trading around supply side cost support, typically because of its positioning on the cost side and because of the very stable and reliable operating outcomes, the lack of debt, etcetera, has enabled Tippi and Jupiter to produce the very strong financial returns that we continue to produce. Outside of the operating outcomes during the quarter, you would have seen post the completion of the quarter, Chippy has announced a million dividend for the second half of the FY ’twenty five financial year.

Jupiter will be announcing its dividend to its shareholders on the August 29 in line with the reporting of our preliminary financial results for the year. And during the quarter, although we’ve discussed it before, just as a reminder, Exxaro announced their agreement to acquire the 50.1% of Chippy that Jupiter doesn’t own to effectively become partner to Jupiter in that existing shareholders agreement. Nothing changes for Jupiter unless there’s a further agreement in terms of our rights and the way that our investment has operated to date At completion of that transaction, which is subject to South African regulatory approvals and so is some months away, Exara will also become a 19.99% of percent shareholder, sorry, of Jupiter by by acquiring that amount from in some Bitly Holdings at a price Jupiter share price that equates to about 32¢ per Jupiter share. So with that, Mel, I’ll just open the call to see if there are any questions having provided a bit of an overview of what I think are the most important points contained within the quarterly activities report.

Conference Moderator: Thank you. Your Question comes from Mark Fuschera with Foster Stop Broking. Please go ahead.

Mark Fuschera, Analyst, Foster Stop Broking: Greg. Congratulations on the quarter. Yeah. Just a question for me on Exxaro. Just obviously, they’ve gotta go through the regulatory approvals, and they’ve guided, I think, quarter if 2026 to complete their transactions.

I was just wondering if you got any sense of how that’s tracking and, you know, whether they’ll they’ll get achieve that timeline or maybe later or earlier? Thanks.

Brad Rogers, Managing Director and Chief Executive Officer, Jupiter Mines: Thanks for the question, Mark. So there are a number of things that Exarra needs to do in order to get some conclusion. It is a binding agreement they have signed subject to those things. And and mostly what they’re looking at in terms of the completion prediction that they have made, which as you said was that they would be completing this transaction in the March of next calendar year. The key thing that they’d be looking at there is the attainment of the competition commission approval, which is a South African competition commission approval.

There are other approvals in addition to that, something called section 11 in particular, which is mines department approval when you’re changing the ownership of a of a mine, but that’s a lot more predictable and formulaic. The competition commission approval typically takes six months. It can be a little bit quicker. It can take a little bit longer. So I I think that their their prediction of the March feels right to me.

It’s a little bit longer than six months, so there’s a possibility that they’ll be able to complete quicker than that. But, obviously, they’re closest to it, and they’re the ones that have made But the critical path to completion will be the competition commission approval, notwithstanding there are other approvals that they need to achieve. They’re they’re typically a little bit faster and a little bit more predictable than that one.

Mark Fuschera, Analyst, Foster Stop Broking: Great. Thanks. And just a final one for me. Would you be providing any, like, formal production guidance or cost guidance for for FY ’26?

Brad Rogers, Managing Director and Chief Executive Officer, Jupiter Mines: So you’ll know, Mark, that we we don’t do that traditionally. However, you can look at our figures where we’re where I think I’ve mentioned before, we are seeking to deliver sales and production for a full year of 3,400,000 tonnes. And if you look at the last seven years, we’ve averaged debt on that. This year has been a little bit higher. We will be looking to deliver 3,400,000 tonnes as a target again.

And to the extent that there’s an opportunity to push that a bit higher because it’s valuable to do that, and that’s obviously been the case this year, then we’ll seek to do that again. But you should be thinking about that 3,400,000 tonnes. We obviously have as part of our strategy the idea that should be at the right point in time should increase its sales and production, and there’s an ability to do that. We’ve got a long life open cast mine. We have infrastructure that’s well designed with headroom capacity.

It’s a relatively straightforward ore body and and mine plan. And so that’s the thought there. In a market that we’re seeing right now where you’re essentially balanced from a supply perspective, there’s a question as to when you should pull the trigger on that. And so that that’s the question for the to be board. There’s a market element to that and a strategy element to that as well as an operational planning element.

So when we are actually planning to pull the trigger on that, we will let the market know. In the meantime, we should be thinking about the historical average that we’ve been targeting and, you know, we’ve we’ve we’ve hit that again this year and a bit better achieving those records. So that’s the type of approach we’ll be taking again. Unit costs, you can see the trend. The the $2.36 we’ve delivered, for this quarter was a bit higher than I was expecting, but that was because of the lower volumes in the main.

There was a little bit of additional cost on unit basis around year end adjustments, but the vast majority of that was driven by the lower tons to amortize the amortize the fixed costs. If you look at the full year, number of about $2.30, that’s about where my gut feel is. It can go a bit higher and a bit lower than that in any given quarter. And again, the important thing for me is not to get too drawn out into, you know, that happen in any given quarter. It’s what we’re seeking to do over the full year.

And for me, absent exchange rate movements, which can actually help or hurt in terms of the reported US dollar per DMTU unit cost, $2.30 for now feels about the right level, and we’ve been both over and under that in the last year. But that’s the that’s the number we’ve delivered for the full financial year.

Mark Fuschera, Analyst, Foster Stop Broking: Great. That’s helpful. Thanks, Brad. That’s Sean.

Conference Moderator: Thank you. Once again, if you wish to ask a question, please press 1 on your telephone and wait for your name to be announced. We’ll now pause a moment to allow for any final questioners to register. Thank you. Your next question comes from Marcus Burns with Sifferior Asset Management.

Please go ahead.

Marcus Burns, Analyst, Sifferior Asset Management: Hi, Brad. How are going? Hi, Marcus. Yeah. Just, like, a quick one on maybe just if you could run us through the the expected CapEx at Chippy for next twelve months or so, that’d be great.

Thank you.

Brad Rogers, Managing Director and Chief Executive Officer, Jupiter Mines: Yeah. So so CapEx for Chibi is de minimis, and that’s not gonna change. It’s been 6 to 8,000,000 in that type of range per annum in terms of Australian dollars. Marcus for the last few years, the there’s there’s nothing that we are planning to do to change that. The reason why it’s so low, there’s a couple of factors there.

One is that you recall that the mining at Chippy is undertaken on an outsourced basis by a contractor. And so any CapEx associated with biggest trucks, etcetera, which can be quite material is in our OpEx line, not in our CapEx line. We also have a relatively, you know, well designed and within its capacity, and fairly straightforward processing flow sheet. And so we don’t see anything in terms of major CapEx, in terms of the crushing circuit, for example. They’re on a maintenance CapEx basis.

And so what you have left over is relatively minor CapEx every year that makes up that 6 to $8,000,000 range, a little bit of workshop CapEx, a little bit of in the last year, we’ve had, for example, putting in new, safety monitoring systems, tracking, etcetera, collision avoidance on, on vehicles at Chippy. So there’s no change there. We obviously have, some growth opportunities looking forward around that that could be more material CapEx. So putting in a connecting conveyor, for example, to remove the haulage fleet, which moves material from our crushing circuit to our train load out fleet. That’s something that has quite an attractive payback, but I don’t think we’ll be pulling the trigger on that in the next financial year.

So in summary, if you look at the type of CapEx that we’ve been spending for the last few years, that should be a general guide to where we’ll be landing for this year.

Marcus Burns, Analyst, Sifferior Asset Management: Okay. What would the CapEx look like for the conveyor? And any sense of savings, or is that a project hasn’t hasn’t gone further yet?

Brad Rogers, Managing Director and Chief Executive Officer, Jupiter Mines: Yeah. So it’s it’s between 20,000,000 and 30,000,000 Australian dollars, Marcus. So, you know, the the major and there’s a payback of around four years on that CapEx, and that’s from removing the the labor, the fuel and the capital that is associated with operating that fleet that rehandles between those two points of the mine. So, you know, it it’s it’s a more meaningful amount of money, but there is an attractive payback, and that’s whilst why it’s in our plans. The reason that the trigger hasn’t been pulled yet is that that conveyor will have to go right down the middle of the mining flow sheet.

And so there’s a bit to think about in terms of how you safely do that in a way that doesn’t disrupt production. And in the last year, where we’ve seen fairly wild gyrations in the manganese price where the the team at site was firstly servicing a high manganese price for a brief period in the in the front end of the financial year and then dealing with the reverse of that through some of the rest of the year. It was kind of decided that we shouldn’t push ahead with that too aggressively given what they were having to manage operationally. So that that’s that’s probably the largest of the capital growth capital items that we’re thinking about, but there’s more scoping work to be done on that this year rather than actually pulling the trigger. We also have a plan to put in place a solar and battery farm.

That doesn’t really move the dial much financially, and that’s something that you would probably best implement on a boom or a boom basis. And so that won’t be Chippy’s own capital. And the reason we haven’t pulled the trigger on that is actually Eskom’s supply of power has become more reliable in the last year or so, and that was a big part of that business case that we’re having to use our own more expensive diesel fired power station because of unreliable supply in proceeding years from Eskom. But that’s not as material in any sense either the capital or the payback as the as the connecting conveyor.

Marcus Burns, Analyst, Sifferior Asset Management: Okay. Thank you. And and just sorry. On the on the potential expansion, I guess, at some point in the cycle

Brad Rogers, Managing Director and Chief Executive Officer, Jupiter Mines: Yep.

Marcus Burns, Analyst, Sifferior Asset Management: Have you given us any number can you give us numbers on that, or is that something that’s sort of under under long term consideration?

Brad Rogers, Managing Director and Chief Executive Officer, Jupiter Mines: So it’ll be in the range of 3.9 to 4,000,000 tonnes, I think, Marcus, is is what we’re looking at. We’ve done the long term mine planning end of that work, and, you know, we understand what would be required in order to move to that sort of volume. In any in any given year where, as I said before in response to the earlier question, targeting about 3,400,000 tons of total oil sales. And in any given year, that’ll be made up by 3,000,000 tons of high grade oil sales or maybe a little bit higher if we can outperform and the remainder is from from lower grade. If we move to 3.9 to four, we’d be looking at 3.5 to 3.6 of higher grade and the remainder from from lower grade.

So that’s the kind of square bracketed plan there. The other decision to be made then is when do you pull the trigger on that? Do you do you do that now? Because and and you don’t worry about any sort of sentiment trade off in the market. We’re putting materially more volume into the market when the market we’re seeing is relatively balanced, or do you wait until there’s some broader market trigger?

For example, when Genco is coming to end of my life, where there will be a gap in the market and an opportunity on a program basis to step in, expand our volume, take more of the market share without seeing a trade off either in sentiment or actual market balance that impacts price negatively. So that second piece, as well as a little bit of greater definition around implementation plans, etcetera, is the remaining work to be done there.

Marcus Burns, Analyst, Sifferior Asset Management: Okay. And and roughly CapEx number around that to to to enable the the mine to handle that?

Brad Rogers, Managing Director and Chief Executive Officer, Jupiter Mines: Mean, you can just put

Marcus Burns, Analyst, Sifferior Asset Management: it, Luke.

Brad Rogers, Managing Director and Chief Executive Officer, Jupiter Mines: Yeah. It it’s it’s there there shouldn’t be much CapEx in that if anything, Marcus, because it the more capital that’s required on the mining side and the contract minor will be bearing the cost of that, and that’ll turn up in our OpEx. But with the higher volume, I wouldn’t expect to see OpEx increase. It should actually decrease. We have enough crushing capacity within our circuit today to be able to support that much volume.

And so, you know, there’s a bit of further work to say, is there a bit of derisking or debottlenecking CapEx in the processing circuit that is to our account since we operate that ourselves. But I you know, it it it’s not much CapEx to do that. It’s more thinking about the implementation planning when’s the right time to do that operationally, when’s the right time to do that from a market perspective rather than thinking it’s something that needs to be funded materially from our CapEx perspective. Obviously, be some working capital investment as you’re ramping up volume, but no straight CapEx.

Marcus Burns, Analyst, Sifferior Asset Management: Okay. And then, sorry, last one for me, Brad, if that’s alright. Just just the amount of cash held at Chippy, which is still still high. Yep. Does that does that like, does that sort of surplus cash or buffer cash position potentially a change once Xarra have got a decent holding and, you know, that that that’s gone through and then they’ve they’ve become the owner of the other half of the mine.

Is that something that can be reconsidered, do you think, at the at the chippy level?

Brad Rogers, Managing Director and Chief Executive Officer, Jupiter Mines: Yeah. So so potentially, Marcus, I’m obviously haven’t had that conversation. It’d be some time away. The amount of cash that is retained at Chibi is obviously a conversation that occurs between the shareholders and also management there. So you can see the sorts of levels that we’ve been relatively stable at and and paying dividends.

But with the new shareholder coming in. And obviously, that is a key part of the investor value proposition for this mine, both for Jupiter. And if you have a look at Exaro’s announcement materials, I think the first page of their value proposition is their proud history of paying dividends that aligns with Chippy’s ability to do the same. So I don’t wanna preempt that discussion, but I think it is something that would obviously be discussed with the new shareholder.

Marcus Burns, Analyst, Sifferior Asset Management: Okay. Excellent. Thank you.

Conference Moderator: Thank you. There are no further questions at this time. I’ll now hand back to Brad for closing remarks.

Brad Rogers, Managing Director and Chief Executive Officer, Jupiter Mines: Thanks, Mel, and thanks, everyone, for joining our call this morning. Hopefully, you found it informative. Full year was really an outstanding one. So hopefully, that’s come through loud and clear. And notwithstanding, manganese prices have been high and low, mostly below average for the year.

It shows the operational strength of the team and the quality of the asset that we’ve been able to deliver the results that we have. So thanks again for your time and for your support. Look forward to talking to you next time.

Conference Moderator: That does conclude our conference for today. Thank you for participating. You may now disconnect.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.

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