Jupiter Mines Limited has released its Q3 FY2025 Quarterly Activities Report, outlining strong performance improvements from its 49.9% stake in the Tshipi é Ntle Manganese Mining Proprietary Limited operation in South Africa’s Kalahari manganese field. During the quarter ending 31 March 2025, the Tshipi mine achieved sales of 777,229 tonnes—a 14% increase from the previous quarter—while production rose to 858,152 tonnes, marking a 15% increase over the prior period. The strategic extraction from a new pit area contributed to a reduced unit production cost of US$2.06 per dmtu (a 15% decline quarter-on-quarter), bolstered by a favorable stripping ratio and a weakening local currency against the US Dollar. The operations report highlighted that earnings before interest, tax, and depreciation (EBITDA) improved markedly, with Tshipi posting A$44.3 million, a 65% rise compared to the previous quarter, and a net profit after tax of A$28.3 million. The improvement was driven by enhanced manganese prices, with average realized CIF prices rising to US$4.03 per dmtu during the quarter, reflecting an 8% increase versus the December 2024 quarter average. Freight rates also saw modest improvements, with the Port Elizabeth to Tianjin rate coming in at US$23.70 per tonne. However, the spot price dipped to US$3.87 per dmtu at the end of April, a 10% decrease from the quarterly average. Operationally, Tshipi managed increased on-land logistics volumes and resumed South African road haulage to meet export demand, even as stockpile levels grew throughout the quarter due to seasonal fluctuations from heavy rains. The safety performance noted one lost time injury this period and a slight rise in the recordable injury frequency rate. Meanwhile, the marketing segment recorded sales of 379,409 tonnes at an average CIF price of US$4.14 per dmtu, further contributing to the overall financial profile. From a liquidity perspective, Jupiter Mines Limited experienced a marginal decrease in cash balances due to the half-year dividend payment, despite Tshipi generating positive net cash movement if the dividend is excluded, an outcome driven partly by an increase in inventory and working capital. Broader market commentary reflected stable demand factors, though global factors such as tariff uncertainties, a mild downturn in steel production, and revised lower global growth projections by the International Monetary Fund have added a layer of caution to market sentiment. The bullish perspective centers on improved production metrics, cost efficiencies, and strong EBITDA increases, along with supportive market fundamentals such as declining Chinese manganese ore stockpiles and modest freight rate improvements. Conversely, bearish elements include reductions in cash post-dividend, the slight increase in operational safety incidents, and potential headwinds from softer demand in the downstream manganese alloy sector and broader global economic uncertainties. Overall, the report presents a mixed picture, where operational gains and favorable cost trends counterbalance emerging market challenges in the near term.