Ann: Jupiter Declares Interim Dividend, page-23

Offering my 2-cents only and not necessarily disagreeing with you in the majority of your points.

Jupiter currently owns 49% of Tshipi Mines with the rest belonging to a 'somehow' local entity. The cost of production is also on the lowest quartile among Manganese producers. In my option, the 70%-payout policy is acceptable and allows some funds to be kept for an eventual growth opportunity.

In terms of growth:
- I believe that it won't be in our interest for Jupiter to seek opportunities to buy Manganese mines or participation in other Manganese mines with a cost of production greater than Tshipi. I also believe that it is very unlikely that mines with lower cost of production than Tshipi are readily available unless a significant premium is offered which makes the option of buying new Manganese mines not appealing whatsoever.
- I believe that there are benefits in having a majority/equal LOCAL partner with Tshipi as sovereign risk is paramount here and so far the relationship seems to be going well. There may be potential for some type of equity-swap deal but I am unsure how the local authorities would react to it. Probably, keeping the Status Quo is an acceptable approach.
- Higher rates of Manganese are always welcome and it is terrific if they can be sold at a premium to battery manufacturers or others but let's be honest in acknowledging that the battery market is tiny in comparison with the steel-making market. I do question how much of a difference it will bring to Tshipi (and Jupiter) bottom line if that strategy is pursued.

In my opinion, the natural path for growth would be always through Tshipi by expanding its production and logistic capabilities and literally, selling more tonnage of ore. From memory, the ore body is huge and mining life is 100+ years. I confess that I am not sure what is the current bottle neck but Jupiter may need funds to 'share' its part of the CAPEX to expand production.
I would also consider buying into another material - copper maybe - in a different geography with the single purpose of diversifying the earnings and reducing the risk but I am not sure if the current Team has the contacts to carry out such a deal.

The share price has obviously not performed well which is cause for concern but the underlying assets are decent and I am happy to hold for the foreseeable future.

Happy to hear opposing views!