Ann: Update on Tshipi Operations and South Africa Lockdown, page-19

Hi @weetyrs

I base my 15c on a few factors:
- the market has historically valued JMS on very short term factors only, and not taken into account the longer term picture
- I'm very bullish on JMS long term and have been a LT holder previously with decent parcels
- In 5 years time, I would be surprised if this isn't a 80c + share
- the market previously valued it at 25c when macro factors were much better than they are now
- Why am I bearish now?
- I am expecting a much bigger shock to rock equity markets as a result of COVID and pre- existing market conditions (way overvalued, too much debt globally)
- there will be a significant economic slowdown which will reduce demand for manganese
- there is reasonable political risk in South Africa. the uncertainty there is already factored into the price, but they risk is greater in poor global economic climate
- current capital spend and lower manganese price (when compared historically) will lead to a few lower dividends.

I don't expect it to be at 15c for a long time, and I'll buy hack in when it is there. I do think it has further to fall from current levels.

In then. meantime, I think Australian gold miners represent better value and that is where I'm mostly invested.

Blatant up-rampers also annoy me, and I've seen a few here lately.