Financial Data and Key Metrics Changes - The company reported a revenue driven by higher traded volumes and average selling prices, although offset by lower alloy volumes and weaker prices, particularly in ferrosilicon [7] - EBITDA for 2025 was approximately USD 19.1 million, a significant decrease from USD 46.6 million in 2024 [7][13] - The company recorded a loss per share of 1.25 US cents for 2025 [8] Business Line Data and Key Metrics Changes - Manganese ore remains a core product, with procurement for internal consumption and sales to third parties, primarily exporting to China [5] - The Sarawak plant produces manganese and silicon alloys, which are critical in steelmaking, with a focus on maintaining higher average selling prices for manganese alloys [12] - The Butu Creek manganese mine in Australia has ceased production since December 2021 and is currently under care and maintenance [4][11] Market Data and Key Metrics Changes - Ferrosilicon prices have decreased by approximately 10.4% year-on-year compared to 2024, with a downward trend observed since December 2024 [10] - Silicon manganese prices have remained stable, indicating strong support from stable manganese ore prices [10] - The company expects manganese alloy prices to remain firm throughout the rest of 2025 and into early 2026 [11] Company Strategy and Development Direction - The company focuses on sustainability initiatives, including repurposing byproducts to support a circular economy and maintaining ISO certifications [15][16] - The company aims to lower its debt profile, with a declining gearing ratio and successful refinancing of project finance loans [13][14] - The competitive edge is supported by access to affordable renewable energy and a strong customer base [17][18] Management Comments on Operating Environment and Future Outlook - Management acknowledges the challenges in the ferrosilicon market due to increased competition and weaker downstream demand [9] - The company is actively monitoring the implementation of a carbon tax in Malaysia, which may impact production costs in the ferroalloy sector [20] - The operational stability and cash flow reflect the company's resilience during cyclical lows [14] Other Important Information - The company has repurposed silica manganese slag for road pavements and ground leveling work within the smelter complex [15] - The Sarawak operations remain strong, with two ferrosilicon furnaces completing major maintenance [12] Q&A Session Summary Question: Impact of carbon levy on ferroalloy sector - Management is awaiting further details on the carbon tax framework and its potential impact on operations in Sarawak [20] Question: Tariffs on export of ferrosilicon and manganese alloys - The US does not apply reciprocal tariffs on manganese alloys, while ferrosilicon is subject to tariffs, with Malaysia having a 19% rate compared to 50% for Brazil and India [21][22] Question: Hedging policy on ferroalloy prices - The company does not have any hedging policies on ferroalloy prices due to the lack of an international futures market [25] Question: Contribution of manganese supply from Chippy and Briar - Chippy's manganese ore supply is primarily traded to China, with limited logistical efficiency for Sarawak production, while Briar is still under exploration with no current production [27][28]