JMS 1QFY25 result highlighted a strong operational performance with higher-than-expected production and shipments, while costs benefitted from scale and a higher proportion of volumes being railed. However, realised pricing continued to be under pressure suppressing earnings from Tshipi. Despite depressed manganese prices and a working capital build, Tshipi continued to generate cash in the period. There are catalysts from a recovery in manganese prices and updates on the Tshipi consolidation and further Kalahari Manganese Field M&A. We lower our price target 10% to A$0.27/sh and reiterate our BUY recommendation, although we note Mn price headwinds in the near-term.
To access the full report please log in under the Client Area at the bottom of this page.
Argonaut’s Client Area allows you to view delayed share prices, access Argonaut’s wealth of Research as well as create custom portfolios and set up company watch lists.
If you would like to access our research please contact us to create an account.
