Jupiter Mines Limited (JMS.AX) Earnings Call Transcript & Summary

Good afternoon everybody. My name is Ian Murray, as Chair of Jupiter Mines. It is my pleasure to welcome you to the company's 2025 Annual General Meeting. I would like to begin by acknowledging Whadjuk, their Elders, past, present and emerging. I also extend my acknowledgment to the local communities of the Northern Cape in South Africa, where the Tshipi manganese mine is located. We recognize their cultural heritage and longstanding relationship with those lands. I extend a warm welcome to our shareholders who are joining us both online and in person. I am joined in person today by my fellow, Nonexecutive Directors, Scott Winter and Sally Langer, with Kiho Han joining us online from Sydney. We are also joined by our Managing Director, Brad Rogers, our Company Secretary and Chief Financial Officer, Melissa North, Kate Noone from MUFG, who's still outside at the reception desk as our share registry representative, and Graham Hogg and Sharon Inglis from our auditors, KPMG. I am privileged to provide you with an update of our business. The 2025 financial year was a record-breaking one for the Tshipi manganese mine, achieving record operational and sales results. This enabled Jupiter to continue its track record of outstanding returns for shareholders. Jupiter declared a total dividend of $0.015 per share in financial year '25, which included a final dividend of $0.0075 per share. Tshipi delivered its highest-ever mining volumes during the year, totaling 15 million bank cubic metres, BCMs. The mine processed 3.72 million tons of material and exported 3.6 million tons of manganese ore, setting new records for both of these. Group net profit after tax increased to $39.9 million, up from $38.9 million in the financial year '24. Jupiter’'s share of profit from Tshipi of $42.5 million and manganese ore marketing fees of $9.4 million. Since listing in 2018, Jupiter has declared $425 million in cumulative dividends, equivalent to $0.22 per share. The total dividends paid for financial year '25 represents a yield of around 6% at Jupiter’'s current share price. Since listing over 7 years ago, our company has returned dividends totaling more than 80% of its current market capitalization, demonstrating the sustained value of the Tshipi operation, which has more than 100 years of mine life remaining. The 2025 financial year marked the midpoint of the company's 5-year strategy following its release in March 2023. Meaningful progress has been achieved across all four pillars, including optimizing logistics at Tshipi and strengthening sustainability performance. This is further evidenced by Tshipi achieving Level 1 Broad-Based Black Economic Empowerment status or B-BBEE. Level 1 is the highest level we can achieve. This B-BBEE national policy framework designed to promote the inclusion and participation of previously disadvantaged South Africans in the economy. This outcome builds on Tshipi's strong ESG performance over many years. The operation is now one of the highest-rated B-BBEE performers in the Kalahari Manganese Field, joining only one other miner in the region to have attained -- to have achieved Level 1. Our EV Batteries Strategy pillar also advanced during the year, with progress made on the potential to produce high purity manganese sulphate monohydrate, HPMSM, from Tshipi's stockpiled low-grade manganese ore. This material contains around 30% [indiscernible] manganese, which is materially higher than the other in-situ ore grades of most battery-grade manganese aspirants globally, who typically have manganese ore grades in the 10% to 20%. A pilot plant constructed in South Africa during the year successfully replicated commercial conditions and confirmed the robustness of Jupiter’'s proprietary flow sheet. In addition to EV applications, the technology has potential relevance to other emerging opportunities, such as stationary storage, or robotics and drones. Progress on this pillar of our strategy remains aligned with market readiness and pricing signals. Ongoing engagement with major EV manufacturers is guiding investment decisions and the timing of subsequent study phases. Exxaro Resources announced during June 2025 quarter -- Exxaro Resources' announcement during the June 2025 quarter was an important development for Jupiter and provided further validation of our strategy in action. Exxaro's binding agreement to acquire 50.1% interest in Tshipi and 19.99% interest in Jupiter represents a strong endorsement both Tshipi and our company. The valuation placed on these interests is grounded in the robust fundamentals of Tshipi, which is one of the world’'s largest and lowest-cost manganese mines. The Board is supportive of the transaction, which is expected to complete early in the new calendar year. Exxaro brings industry experience with strong alignment with our strategic direction, which creates a platform for future collaboration. We see a clear pathway working with Exxaro to strengthen South Africa's manganese sector and to pursue opportunities that unlock value for shareholders. I would like to take this opportunity to thank Ntsimbintle Holdings for its partnership with us and support since Tshipi's establishment and for the instrumental role it played in developing the Tshipi mine into a world-class operation that it is today. During the year, we welcomed 2 new independent Nonexecutive Directors on to our Board. Sally Langer who joined us just over a year ago and Kiho Han in April 2025. Sally has over 25 years of professional services and resources experience and has already made a valuable contribution to Jupiter in her first year on the Board. Kiho is Managing Director of POSCO Australia and, as a shareholder representative, brings extensive experience across raw materials, coal and investment. Also want to take a moment to thank those Board members who retired during the year, Patrick Murphy, in September 2024, Peter North in November 2024, and Ben Kim in April 2025. I acknowledge their significant contributions and on behalf of the company, thank them and wish them well for the future. These changes reflect an orderly renewal of the Board and ensure we maintain the right balance of skills and experience to support the next phase of Jupiter’'s strategy. Before I hand over, I would like to acknowledge and thank Managing Director, Brad Rogers, our Company Secretary and CFO, Melissa North, the Jupiter team and the Tshipi management team for their hard work and dedication over the past year. I thank my fellow Directors for continuing dedication to the company’'s interests, and on behalf of the Board, I also thank our shareholders, stakeholders, partners and our communities for their continued support. As we look ahead to building on the strong foundations we have established, we remain committed to delivering long-term sustainable value for our shareholders. [Audio Gap] corporate representatives are entitled to ask questions and vote. All other attendees are welcome as observers. Shareholders attending the meeting online will be able to cast their vote and ask questions online. Prior to voting, questions will be taken for each resolution. Shareholders present here today can raise their yellow or blue shareholder cards to ask a question. Those shareholders online can click on the Ask-Question button. Please select the resolution to which your question relates or general business. I intend to vote all proxies given to me as Chair in favor of the resolutions 1 through to 6, where I am directed and permitted to do so. Finally, after all discussions and before the poll vote is taken, in which they have been directed will be displayed. These figures will be as at the closing time for receipt of proxies, which was at 3:00 p.m. Australia Western Standard Time on the 24th of November 2025. The resolutions will be voted on by a poll, which will be conducted at the end of the meeting. The Notice of Meeting was sent to shareholders on 24th of October 2025. If there are no objections, I propose the Notice of Meeting to be taken as read. The annual report for the financial year ended 30 June 2025 contains the directors' report, the financial report and the independent auditor's report. The financial statements for both have been approved by the directors and audited by KPMG. As required by Section 317 of the Corporations Act, these reports are tabled. I now invite your questions or comments on the financial report. Mr. Graham Hogg, a partner from our auditor, KPMG, is also available to answer any specific questions you may have. Please note, only shareholders of Jupiter Mines can ask questions or make comments at this time. Please note, all questions will be addressed firstly from the floor and then from the online portal. Are there any questions from the floor? There are no questions on the floor. So Melissa, any questions online?

No.

Thank you. No questions online. I'll now move on to the resolutions. So Resolution 1, the correct one up there. Resolution 1 is an ordinary resolution and advisory vote on the adoption of the remuneration report for the financial year ending 30 June 2025 as included on the screen and in the notice. The directors recommend shareholders vote in favor of this resolution. I note the resolution is advisory only. However, the Board will consider the outcome of the vote when reviewing Jupiter's remuneration policies. Also note that shareholders who are members of Jupiter's key management personnel may not vote on this resolution. Are there any questions? Firstly, in the room? No questions in the room. Anything online, Mel? Please now select either for, against or abstain for Resolution 1 on your voting card. Resolution 2 is an ordinary resolution concerning the reelection of myself as Director of the company as included on the screen and in the notice. I will ask fellow director, Scott Winter, to take the chair for this part of the meeting. Thanks, Scott.

Okay. Thanks, Ian. The directors other than Mr. Murray recommend shareholders vote in favor of this resolution. I would now like to invite Mr. Murray to address the meeting.

Thank you. So yes, I'm up for reelection. I've been a Director for 3 years. I joined the Board 2022 as a nonexecutive and then took over as Chairman once I freed myself of other commitments. My background is I'm a chartered accountant, but moved into the mining industry in the mid-1990s. I obviously have the South African background, which was crucial in getting me the role on the Board and as Chair. And obviously, I've had over 20 years -- close to 30 years' experience now in the mining sector. So I'm available for reelection, put myself forward for reelection. I haven't missed a Board meeting. We run a very good Board at Jupiter, and I stand there on behalf of shareholders. Thank you.

Are there any questions from the floor? Any questions online?

No.

Thank you very much. Please now select either for, against or abstain for resolution 2 on the voting card. Over to you, Ian.

Thanks, Scott. Resolution 3 -- Resolution 3 is an ordinary resolution concerning the election of Director Kiho Han as included on the screen and in the notice. The directors other than Mr. Han recommend shareholders vote in favor of this resolution. As Mr. Han has been unable to join us today, we will now play a prerecorded address from Mr. Han.

Good afternoon, shareholders. My name is Kiho Han, and I serve as the Head of POSCO Australia in Sydney. It's a privilege to speak with you today as a Nonexecutive Director of Jupiter Mines. I have spent almost 25 years with POSCO, working across raw materials and strategy, investment and procurement. I also spent 3 years in Perth, managing POSCO's investment [indiscernible] iron ore project. Before moving to Sydney this year, I led POSCO's green iron HBI investment project, working closely with Australian government and industry partners. As I joined the Jupiter Board, my commitment is clear to act independently on behalf of all shareholders and to support the strong governance, transparency and focused strategic direction. Tshipi is a highly strategic manganese asset with a significant long-term potential. I look forward to contributing to a Board culture, built on integrity and long-term thinking. Thank you for the opportunity to serve.

Thank you, Mr. Han, who's also online. Are there any questions from shareholders firstly in the room? No. Mel, any questions online? Thank you. Please now select either for, against or abstain for Resolution 3 on the voting card. Resolution 4 is an ordinary resolution to approve the issue of short-term performance rights to Mr. Brad Rogers, Chief Executive Officer and Managing Director, as included on the screen and in the notice. The directors other than Mr. Rogers recommend shareholders vote in favor of this resolution. Are there any questions in the room? No. Mel, anything online? Nothing. Thank you. Please now select either for, against or abstain for Resolution #4 on the voting card. Resolution 5 is an ordinary resolution to approve the issue of long-term performance rights to Brad Rogers, Chief Executive Officer and Managing Director, as included on the screen and in the notice. The directors other than Mr. Rogers, recommend shareholders vote in favor of this resolution. Are there any questions? Any questions in the room? No. Mel, anything online? No. Please now select either for, against or abstain for this resolution on your voting card. Resolution 6 is a special resolution to approve the renewal of the proportional takeover provisions in the company's constitution as included on the screen and in the notice. The directors recommend shareholders vote in favor of this resolution. Are there any questions? Anything in the room? No. Anything online? Please now select either for, against or abstain, for this resolution on the voting card. It has now come to the end of the formal part of the meeting. Please place your voting cards. These yellow things. Place your voting cards in the ballot box circulating in the room. If everyone has submitted their voting cards, I will declare the poll closed. I'll wait for Kate just to finish doing the rounds. Shareholders participating via the virtual meeting website should ensure their votes are submitted prior to the end of the countdown shown at the top of your screen. The results will be announced to the ASX after the conclusion of this meeting. Have we got them all, Kate? Good. [Voting]

Thank you. This has now come to the end of the formal part of the meeting. Please place your voting cards in the ballot box circulating in the room -- sorry, I've read that one already. Thank you, ladies and gentlemen. I will now invite Jupiter's Managing Director and CEO, Brad Rogers, to update shareholders on the activities of the company. We will then be open to questions after that presentation. Thanks, Brad.

Well, thanks, Ian, and thanks also for everyone in the room here in Perth and listening online. As usual, I'm going to give a bit of an update and overview of the financial year just closed on which we're reporting today. I'll move into a bit of an update on where the manganese market is up to and also how we're progressing with respect to our strategy and outline what we are focused on for the financial year now commenced. At the end of that, as Ian said, we'll have some time for questions. So the year just completed FY '25 continued an outstanding track record of consistency from Tshipi, and you can see that on the page here. The chart on the top left-hand corner shows you that in respect of the target that Tshipi is seeking to achieve, 3.4 million tonnes per annum of manganese ore sold and produced to support that ongoing sales level. We've achieved that every year, and we achieved it, in fact, slightly beat it, in the financial year just closed. The ESG track record, as you've seen, if you've reviewed our sustainability reporting is outstanding. And shown there is Tshipi's safety performance benchmarked against the Australian surface mining average. And you can see that Tshipi has consistently outperformed that benchmark and I've shown you previously, outperformed large Anglo American miners as well. Costs in the financial year just completed were $2.30. I'll come to how we're tracking post financial year-end in a moment. But also, you can see there all the way back to the time of Jupiter's IPO, a very consistent and efficient track record on costs at Tshipi, and that places us very well with respect to the manganese price. As you can see there, notwithstanding we've been through a period where manganese prices have been somewhat muted. Tshipi has continued to pay profits, has generated cash and paid dividends to Jupiter and the other shareholders. And that's resulted in, as we've shown this chart before, an outstanding Jupiter dividend payment track record, so much so, as Ian said a moment ago, that since IPO, we've paid a cumulative $0.22 per share to Jupiter shareholders based on that outstanding operating track record. And that's a material part of our capitalization today of our market cap today, notwithstanding Tshipi has more than 100 years of mine life remaining at current sales track record. The year has started off well. So now what I'm showing you is the September quarter just reported from Tshipi. And you can see on many of those same metrics, sales is on track with 1 quarter out of the way for that full year target of 3.4 million tonnes. Operating costs were actually slightly lower than the average for last year. And that's a particularly good outcome considering the rand strengthened against the dollar in that quarter. So to improve on our full year for last year, given that fact was particularly impressive. Manganese prices, and I'll show you a bit more detail on the manganese market in a moment, have been very stable since about May of this year at levels around about 4-year average levels. And for Tshipi, given the cost I showed you a moment ago, that's a pretty happy place to be. And I'll explain why the manganese market is in that fairly stable pattern in a moment. And then Tshipi cash, and again, this is 30 September number is sitting at slightly above average levels. And that's a combination of all of those other metrics that I've just shown you, strong sales, cost in check, and manganese prices at relatively favorable levels from a Tshipi perspective, have all resulted in cash at the level you can see on the page there. Jupiter's share price, we keep showing this, and it's important that we do, given stable sales, low costs, the main driver of profit and cash at Tshipi and therefore, dividends and value at Jupiter is the manganese price. So we are correlated to that price. The other data point that I'm showing you there is the price that Exxaro has agreed to buy 19.99% of Jupiter, which we expect and they expect to close in the March quarter of next calendar year at $0.32 a share. So notwithstanding our share price has risen, as you can see on the page there, since the announcement of that transaction, there is still a bit of a disconnect. And so the point that we make to prospective investors in Jupiter is there's really good value proposition in investing in Jupiter. There's an established mine with runs on the board, very long mine life ahead of it, low cost, no debt at Tshipi, no debt at Jupiter, pure exposure to the manganese price that has some volatility, but Tshipi makes money at the bottom end of that manganese price cycle. And then there's been a major event in the life of Tshipi and in the life of Jupiter in that deal between Exxaro and Ntsimbintle, which has priced effectively the equity of Jupiter at a higher level than the share price today. And so we think that represents in some, a fairly transparent and strong value proposition for those thinking of investing in Jupiter. In terms of what we said at the AGM last year, reliable operations continuing at Tshipi. We've just shown you that, that's certainly been the case in FY '25, strategic execution. There has been progress made in FY '25 in respect of each of the 4 of our strategy, and I'll come to further detail on that in a moment, and profile consolidation. So this was about telling that great story more broadly in order to bring in more investment to support the share price. Since last year, our share price is 83% higher than it was last year. And also average volume traded has increased from what used to be about 1 million shares a day to almost 5 million shares a day. And so that's all good for the value of and the prospects of investing in Jupiter. So ticks against all 3 of those. And then in a moment, I'll come to what we're doing in the current financial year, so that we can report back on that next year. Now on to the market. And obviously, an important driver of manganese ore since it mostly goes into the making of steel is looking at what's going to happen at the end of the production chain, what's the drag through from long steel production in particular since -- since -- that is the main driver is -- this is a forecast I showed you from CRU last year and they were wrong. The reason that they were wrong this year was tariffs. They were forecasting slight [Audio Gap] But you can see there, driven in particular by the world ex China. CRU are forecasting as most people are that China continues to gradually shrink over time. But that net growth is being forecast on the basis of an expectation of the rest of the world. India is in there, but there's good growth in other parts of the world as well. And so that's framing the demand side ultimately for what's happening in manganese ore production. Really, what we're seeing at the moment, though, is manganese ore prices being supported by what's happening on the supply side. The demand side has been fairly stable for some time now actually recently, but also back to, say, 2021, 2022. And so what's important to understand in that context is what's happening on the supply side. And so I've shown you in graph 1 on that chart, the global supply of manganese ore annualized by month this calendar year. And on the bottom chart, the blue line is the manganese price. The orange bars are volume, millions of tonnes of manganese ore in stockpile in China. Manganese ore predominantly is focused on export to China. And so the amount of manganese ore and stockpile at port in China is a really important leading indicator. So from those 2 charts, you can make out [Audio Gap] interrupted production from that mine last year. There was an expectation that the manganese market may tip into oversupply. That hasn't happened. That mine is now back in the market and demand has eaten that ore up. There's things going on elsewhere on the supply side that are contributing to that. But you can also see that even though supply in the top chart has gone up in July, August, September, for example, that has also not negatively impacted the manganese price, which has been slightly increasing through that period of time. So what's happening there is downstream demand is actually quite robust, more robust than people expected, such that all of that supply fluctuation, GEMCO coming back on some high levels of supply out of South Africa in July, August, September, has been consumed by the market and hasn't negatively impacted prices. Summing all of that up, I've shown you a chart here, which is consensus forecast for the manganese price for the first 6 months of next calendar year, compared to the spot price. All of these prices are U.S. dollar per dmtu FOB prices for the grade of manganese ore that we produce, 36.5%. You can see the spot price is $3.39 today, which is slightly above 4-year average levels, which is $3.36, but very close to it. And you can see that although there's naturally a range there between the minimum and the maximum of that analyst forecast consensus group, the average is $3.33. So forecasters are expecting that this market that we've seen since May of this year is going to be maintained for this next period of time. For Tshipi, given the costs I've just shown you, $2.27 for the September quarter just finished, that's just fine. For others, that's not fine. And that's why there is a balanced market because others that are higher cost than Tshipi are not making a lot of money there. And so it's regulating the manganese market at around about that price. In terms of our strategy, these 4 pillars will be familiar to all of you, no doubt. The first pillar pertains to business improvement, so ongoing cost efficiency, and there are a number of initiatives that we're focused on at Tshipi. In that regard, we are also focused on targeted growth in 2 areas, targeting the right level of higher, but sustainably higher and profitably higher output from Tshipi. And that's a question of capacity and what the right level is, but also what the right market timing is. And then there is an M&A on a targeted basis initiative underway in that part of our strategy as well. The third part of our strategy is around sustainability, both in terms of communicating the great sustainability outcomes at Tshipi, but also focusing on initiatives that can be prosecuted that have both a sustainability case and also a business case. And the fourth [indiscernible] referred to a moment ago is in relation to taking low-grade ore that we're already producing from Tshipi and at the right time in the future, turning that low-grade ore into battery-grade manganese. I've shown you this chart before, but I think it is important to just come back to what were the foundation principles upon which that strategy was set to make sure that it's still relevant today. And although there's a lot of detail on this Page 27, the punchline is it's still relevant. The context is still true. We don't see a need to adjust the strategy in respect of all of those important strategic assumptions. Ian has already mentioned, and it's called out in my presentation earlier on, the development that occurred in May of this year, where Exxaro agreed to acquire 19.99% of Jupiter, 50.1% of Tshipi and also a number of other manganese interests from Ntsimbintle Holdings is an important development for Tshipi. It's also an important development for Jupiter's strategy. Exxaro shares with Jupiter the vision of consolidation in the Kalahari, and that is obviously why they have made those investments. We see this as a clarification of an opportunity to work with Exxaro in order to prosecute our own strategy. The detail of that is obviously confidential, but we see this as consistent with the strategy that we had announced and is underway, and we welcome working with Exxaro in prosecution of value for both groups of shareholders. And so in summary, we're making progress in the year just finished in respect of all of the elements of that strategy I've just shown you. We continue to prosecute progress in all of the elements of that strategy. And I've called out on this page, Page 29, some of the important developments that have occurred in the year past. We have seen on the fittest in the field, which is again is focused on cost improvement, some very encouraging developments in South African logistics. We continue to have very good engagement with Transnet around a variety of improvements. We have locked in a long-term rail agreement to lock in the current capacity that we have with Transnet for a longer-than-usual period of time. We continue to be focused on the Lüderitz channel to market through Namibia, and we're making good progress there. So there's lots going on in that respect. From an industry leadership perspective, obviously, the M&A elements of that particular strategy are confidential, but work continues in that regard. And we've done a lot of work in the year just completed on the other part of this limb of the strategy on determining what we think would be the right higher level of production out of Tshipi. And the second part of bottoming that strategy out is when is the right time in the market to execute that plan. And so a lot of long-term mine planning has been done, and that benefits short-term value opportunities as well as longer-term related strategies. From an ESG perspective, the feasibility study for the solar power project is complete. And again, that project is about now planning for execution when is the right time in terms of execution on site and also in the market in terms of cost inputs to most valuably execute that particular strategy. And recently, we achieved Tier 1 or Level 1 Broad-Based Black Economic Empowerment, and we're one of the very few mines in the Kalahari Manganese field to achieve that. So that's a result of some great work that has been ongoing at the mine in order to achieve that outcome. We continue to work in a really targeted way in respect of the fourth limb of our which is about taking low-grade ore and at some future point in time, potentially turning it into battery-grade manganese. So in the last year, the focus of that work has been around continuing to refine the flow sheet. We have a small lab-scale pilot plant that you can see on the page there on Page 29, which is enabling us to produce batches of material that we can share with potential customers for validation, but it also enables us to continue to work on quality improvement and cost improvement. The other part of our work in that area is around ongoing discussions with battery makers, [indiscernible] makers, with car makers so that we can start to form relationships, but also so that we can inform our study. And a key part of what we need to understand there is when will this market be in a position that it can underwrite volume and price in the way that makes this business case derisked in an acceptable way. We know that we can produce the material. We know and we believe that there's a market there, but this is a very immature market that's going to continue to scale and grow. And so the focus in this part of our work is around talking to customers and building an understanding of this market together and ultimately forming a view of derisking those key value drivers around volume and risk -- volume and price rather for the material once produced. So in summary, Tshipi continues to be an outstanding business, and we think Jupiter and our support of the mine and our continuing work around the strategy that I've just outlined continues to be a compelling value proposition that you can see summarized on the page here. Tshipi is absolutely a reliable operation. It's steady, stable, low cost, no debt, long mine life, really a rare asset, and that includes performing well and generating cash through the bottom of the cycle with a long way to go and pure leverage to the manganese price through the investment in Jupiter, continuing dividends because of that set of facts and price upside. There is notwithstanding we've been through a balanced market, and we still are because of supply side concentration and disruption of supply, there has been in the last few years, and there will continue to be spikes in the manganese price. And that provides opportunities where Jupiter's share price being correlated to the manganese price will continue to track and provide investment opportunities as well. And then there's outstanding strategic upside here off the back of our investment in this proven steady, very valuable asset. Jupiter has a strategy to present upside as we look forward in a really targeted way, and we're making progress in respect of all elements of that strategy. So for this current financial year then, as you might expect, given the track record and given the value that's been created already, what we're focused on is continuing that outstanding track record. Safety production sales outcomes in line with our performance demonstrated over the last 7 years. We have sought to produce 3.4 million tonnes of manganese ore at Tshipi. That is what's occurred. Last year was slightly above that. We will keep looking for opportunities in the market where we can slightly outperform that target. But we're not trying to grow year-on-year at the moment because we're a large producer in a stable market. At some point in the future, we will step up to a higher level of volume. But for this year, we're looking to continue that really established track record that places Tshipi as the third or fourth largest manganese mine in the world. Costs and returns, again, a really well-established track record around efficient costs. And that's important in any market, but it's particularly important in a market where you've got stable manganese prices, which present for Tshipi, given our level of cost production, a nice margin. And that gives us cost leadership where other manganese producers with higher costs will have to withdraw production from the market, and that's what provides price stability in a market like this. So continuing to focus on costs in the way that we've already demonstrated and then returns to Jupiter shareholders based on that production and cost performance continues to be a focus. And then growth. We're a little over halfway through our 5-year strategy. We're making very good progress in the background. We see the developments that have occurred, and we welcome Exxaro in as consistent with our growth strategy. And so we're focused on material progress in that pillar in the coming 6 to 7 months remaining in FY '26. So hopefully, that's been useful as an overview of Jupiter's performance of the manganese market and on what we're focused on next year based on our progress on strategy. I'll now pause, and I think we have a time for questions in.

Mel, any questions online, sorry any questions in the room first of all? None. Any questions online?

No questions online, but there is a question submitted by our shareholder. It seems [indiscernible] all your presentations, you've always talked about past dividends in relation to the current share growth. But you failed to mention that you have received [indiscernible] the dividend to [indiscernible] share not the current price, the price back then, which was substantially higher than it is now. So a lot [indiscernible] the dividend has been offset by a loss in the share price [indiscernible]. I know you [indiscernible] the question is why we do this [indiscernible] .

Yes, I can answer that. So thank you for the question. You've seen in the presentation that I just gave how we talk about Jupiter and our dividend performance, which we think is very strong. So there are 2 ways that we do that, and they were both demonstrated in the presentation that I just gave. One is showing the yield in every year. So we show the dividend paid in that year relative to the average share price for that year, which shows the yield for that particular year. The other way we do it is show cumulative dividends since we IPO-ed this business, and it's $0.22 per share today. I think what the question is alluding to is if you bought a share in Jupiter at $0.35, sometime after our IPO, then the yield would be different, and that is true. But we're showing the dividend performance in a transparent and truthful way. We can't obviously account for every share price that every investor has paid. If you bought at $0.13, your dividend yield would be higher than we showed on average, for example. If you bought higher, then it will be lower. This mine is very tethered to the manganese price. We've shown that even when manganese prices are low, the mine performs profitably and generates cash. It's also got a long time to go. And we believe over time, as we've seen even in the last few years that manganese prices will move up and down. And there is really great exposure on a low-risk basis given the absence of debt at both Tshipi and Jupiter to the manganese price. So hopefully, that answers the question. I think the question is getting at someone who has bought a share in Jupiter and doesn't agree that the yield we show correlates with the yield for their particular share price. We obviously can't show everyone's yields for everyone's share price. I don't think that that's deceptive. I think the way that we show our dividends is pretty easy to understand and compute.

Any other questions?

No.

Thank you, everybody. Thanks for joining us either online or in person, and have a very good rest of your Wednesday. Cheers.