Manganese prices have recently rebounded, with the 37% price increasing ~20% from US$3.18/dmtu in December to ~US$3.84/dmtu currently. However, the JMS share price has lagged and remains near all time lows. We expect a return to the correlation and a recovery in the JMS share price in the near-term. An additional positive catalyst is the resumption of dividend, which we forecast to return at the half year results in February. There are also further catalysts from updates on the Tshipi consolidation and further Kalahari Manganese Field M&A. We maintain our A$0.27/sh price target and reiterate our BUY recommendation
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