The market (and many here apparently), don't seem to understand...

The market (and many here apparently), don't seem to understand that the parent company is still minting money at current manganese ore prices, and will very likely have around $150m in the bank by the end of the year. Provided there is not a complete crash in the commodity price, then the parent company Tsipi will likely pay a dividend to Jupiter of around $40m to $50m, and that means at least a 2 cent dividend paid to Jupiter shareholders early next year (or another earlier date if the Tsipi board pays a special dividend outside normal reporting dates).

In reference to Macquarie report, I agree that Jupiter being worth 35+ cents or more, but I think 5.9 cents in dividends for fy25 is a little ambitious, a 2.5 to 4 cents per share distribution is more likely. (again, only if commodity price doesn't tank further.

One thing to note, if the 35% grade manganese ore prices crash towards $2, then less mines will continue producing and investing... so this forces supply out of the market and this in turn starts to force the ore prices back up naturally. I can't see the ore price going much below $2.60-80 area for very long.