Despite depressed manganese prices in the half, Tshipi and JMS continue to be cash flow positive. The financial results were largely in line with our expectations. A key positive was the resumption of the dividend which was 50% higher than our forecasts. There are also further catalysts from updates on the Tshipi consolidation and further Kalahari Manganese Field M&A, in addition to JMS resuming correlation with a recovering manganese price. We maintain our A$0.27/sh price target and our BUY recommendation.
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