Fund Manager Summary
The fund managers believe that the outlook for Jupiter Mines Ltd is promising, driven by the current dynamics in the manganese market. They note that Jupiter, as the largest manganese miner on the ASX with a 49.9% ownership of Tshipi, stands to benefit significantly from recent supply constraints. In their opinion, the production halt at GEMCO, which accounted for ~12% of global manganese production, has created a looming supply deficit that is likely to support higher manganese prices. This has already been reflected in a 29% increase in manganese prices over the month, contributing to a 37% rise in JMS shares since their initial investment at $0.23. The fund managers have realized some profits but maintain a favorable view on the short-term commodity price.
Source: Trading View
Commentary From The Managers
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NGE Capital
31 Oct 2025
$0.26
Summary
- NGE Capital sold their investment in Jupiter Mines Limited (ASX:JMS).
- This decision resulted in a net profit of approximately $1 million, which includes dividends received.
- The exit reflects a strategic adjustment in their portfolio management.
- Strong performance metrics influenced the timing of the sale.
- Focus on reallocating capital towards opportunities with higher growth potential.
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Please note: The completeness, accuracy or current status of the investments referenced are not guaranteed.
Commentary From The Managers
NGE Capital
31 Oct 2025
$0.26
- NGE Capital sold their investment in Jupiter Mines Limited (ASX:JMS).
- This decision resulted in a net profit of approximately $1 million, which includes dividends received.
- The exit reflects a strategic adjustment in their portfolio management.
- Strong performance metrics influenced the timing of the sale.
- Focus on reallocating capital towards opportunities with higher growth potential.
Summary
Lanyon Investment Fund
30 Sept 2025
$0.26
- Lanyon Investment Fund bought shares in Jupiter Mines (ASX: JMS).
- JMS owns one of the largest producing manganese mines in the world, ensuring a robust asset base.
- The mine has a 100+ year mine life, indicating long-term production potential.
- The fund manager expects further corporate activity involving the company’s largest shareholder.
Summary
NGE Capital
27 May 2025
$0.19
- Manganese ore producer with a 49.9% interest in the Tshipi Borwa mine in South Africa.
- Manganese is essential for carbon steel production.
- Exxaro Resources has acquired a portfolio of Mn assets from Ntsimbintle Holdings and OM Holdings.
- Exxaro's acquisition includes a 50.1% stake in Tshipi and 19.99% of JMS.
- Transactions are expected to close in early 2026.
- JMS shares are being acquired at ZAR 3.69 per share, a ~119% premium to the undisturbed price of $0.145.
- GEMCO has resumed exports, which is expected to displace higher-cost supply.
- Chinese port stocks are at multi-year lows.
- Due to the Tshipi é Ntle Shareholders Agreement, Exxaro will use equity accounting for its 50.1% holding.
- Investors may not give full credit to Exxaro until the mine is fully owned and consolidated.
- A takeover offer for JMS seems logical, with hints from Exxaro's M&A comments.
- Long-term Mn price expected to be influenced by marginal South African supply transitioning underground.
- Exxaro assumes a long-term price of US$4.20/dmtu.
Summary
Endeavor Asset Management
31 July 2024
$0.25
- Endeavor Asset Management notes that shares in manganese miner Jupiter Mines (JMS) experienced softness due to recent market volatility.
- There was a significant response from South African producers following the South32 Gemco mine outage, leading to increased ore exports from the region.
- Chinese port traders capitalized on higher prices by selling ore inventories, contributing to downward price pressure.
- However, Endeavor Asset Management sees reasonable support for manganese prices moving forward as trading of China port stocks has stabilized.
- South African mines are now operating near full capacity, which may help further stabilize prices.
- JMS presents an attractive investment opportunity, trading at an FY25e EV/EBITDA of 2.5x and offering a strong 14% dividend yield.
- In light of these factors, Endeavor Asset Management continues to hold its position in JMS.
Summary
Paradice Investment Management
30 June 2024
$0.30
- Paradice Investment Management initiated a small position in Jupiter Mines Ltd (JMS) due to recent events affecting S32's GEMCO mine.
- The significant storm has caused infrastructure damage, likely impacting manganese production for a sustained period.
- This disruption is expected to create tailwinds for manganese prices over an extended timeframe.
- JMS is projected to have an attractive free cash flow yield of over 10% from FY24 onwards.
- There is potential for upside in free cash flow due to favorable conditions in the manganese market.
- The company aims to become the largest manganese producer globally and is expanding into the HPMSM market.
- Paradice has partially reduced its overweight position following recent share price strength.
Summary
Endeavor Asset Management
30 Apr 2024
$0.30
- Endeavor Asset Management initiated a position in Jupiter Mines (JMS) at an average price of $0.23 per share.
- Jupiter Mines is the largest manganese miner on the ASX with a 49.9% ownership of Tshipi, a Tier 1 manganese mine.
- In March, the GEMCO mine halted production due to severe weather events, representing ~12% of global manganese production.
- The halt in production created a looming supply deficit which began to drive manganese prices up.
- In April, manganese prices increased by 29%, contributing to a 37% rise in JMS shares from their cost price.
- Endeavor Asset Management booked some profits but continues to hold Jupiter shares due to a favorable outlook on the short-term commodity price.
Summary
Blackwattle Investment Partners
31 Mar 2024
$0.22
- Manganese producer Jupiter Mines (JMS.AX) significantly contributed to fund outperformance.
- Disruption of operations at South 32’s Groote Eylandt manganese mine due to cyclone Megan may increase manganese pricing.
- Tshipi manganese mining operation is likely to benefit from supply issues at Gemco.
- Jupiter holds 49% of Tshipi, featuring one of the longest reserve mine lives of over 100 years.
- JMS has over 20% of its market value in cash, enhancing financial stability.
- Tshipi C1 cash costs are competitive, at $2.00 FOB dmtu (37% grade).
- Anticipated eventual closure of Gemco combined with stable steel demand could increase long-term manganese pricing.
- Renewed JMS board and management show significant alignment with shareholders, suggesting positive outcomes for stakeholders.
Summary
Please note: The completeness, accuracy or current status of the investments referenced are not guaranteed.
ANALYST INSIGHT
Equity Research Analyst
"With a perfect storm brewing in manganese supply, Jupiter Mines appears poised to capitalize on rising prices. As production halts elsewhere tighten the market, JMS could be the dark horse in a race for returns."
Last Updated: 30 Sept 2025
Query The Data
Frequently Asked Questions
Who is investing in Jupiter Mines Ltd (ASX:JMS)?
Fund managers including Endeavor Asset Management, Blackwattle Investment Partners, Paradice Investment Management, NGE Capital and Lanyon Investment Fund have invested in Jupiter Mines Ltd (ASX:JMS).
Why do fund managers invest in Jupiter Mines Ltd?
Fund managers are investing in Jupiter Mines Ltd due to its position as the largest manganese miner on the ASX and its significant stake in the Tshipi manganese mine. Recent disruptions in manganese supply from other major mines have created a favorable market environment, driving manganese prices up by 29% in April 2024. This price increase, coupled with a strong outlook for the commodity, has resulted in substantial gains for investors, prompting continued confidence in Jupiter's potential.
What happened to Jupiter Mines Ltd (ASX:JMS)?
Fund managers, including Lanyon Investment Fund, are investing in Jupiter Mines Ltd (ASX: JMS) due to its ownership of one of the largest producing manganese mines globally, which has a projected lifespan exceeding 100 years. Additionally, there are expectations of upcoming corporate activities involving the company's largest shareholder, indicating potential for growth and strategic developments.