Jupiter Mines' (ASX:JMS) fiscal first quarter was "reasonable," with production consistent with the mine plan and the realized price remaining in line with the previous quarter, according to an Oct. 31 note by Euroz Hartleys.

The company reported production of 829,798 tonnes from the Tshipi manganese mine in South Africa in the September quarter, down 31% year over year, and it sold 837,577 tonnes, down 19% year-over-year.

The research firm noted that the company reported Tshipi earnings before interest, tax, depreciation, and amortization of AU$26.6 million, a 35% decrease from the prior quarter, attributable to lower sales volumes while realised manganese prices remain broadly in line with the previous quarter.

Euroz Hartleys maintained a buy rating on Jupiter Mines, with a price target of AU$0.29 under review.

The company's shares rose nearly 3% in recent Monday trade.