Manganese price have been weak in 2QFY25 and we have downgraded our near and medium term forecasts, however prices have started to rebound and we expect a 20% rebound in FY26 which is a key near-term catalyst. Given weak 2Q pricing we expect a subdued quarterly result, however we highlight that Tshipi is cashflow neutral at these prices and has a strong balance sheet which could see the resumption of the dividend at the 1H result which would be a key catalyst. 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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