Ann: Africa Down Under Presentation, page-8

there needs to be a major market dynamic shift/event that gets it to a more sustainable FOB of above $3.50 USD otherwise we will remain at this very ordinary valuation market cap..

Which will take at least 6 years according to the presentation Demand will outpace supply by 2030.
All they seem to be doing is chasing their own tail by lowering production cost which in turn lowers Mn price. Only beneficiaries are the buyers, not the miners / producers.
On the upside there is the chance that some Mn mines will go offline or scale back as long as price < $3 FOB.