Positive Manganese data, page-8

Australian law has a number of protections for minorities.
If a bidder wants to delist, they can do a takeover bid (need 90% of votes), or a scheme of arrangement (need 75% of votes). In a Scheme, the bidders cannot vote. So if the South Africans and AMCI want to take us private for cheap, they'd still need our vote.

Similarly, a risk could be that the South Africans sell us one of their SA mines at a very high valuation in return for a lot of JMS shares. This would be a related party transaction, and they would need shareholders' approval, and the related party cannot vote. So we are protected too.

Let's also remember that AMCI, and its owners Hans Mende and Fritz Kundrun own 32.6% of JMS. They don't have any other financial interests in Tshipi. So my view is they remained aligned with JMS minorities and have no interest in seeing value leaking to Ntsimbintle.