Zunaid Moti’s public criticisms of Mike Miller and Mantengu Mining Limited (JSE: MTU) have persisted for 18 months, with the Johannesburg Stock Exchange (JSE) consistently defending its processes as robust. Moti has described Miller’s concerns as baseless, while the JSE has emphasized no direct staff involvement in any irregularities. However, a BizNews report on November 18, 2025, has brought forward leaked emails and voice recordings that align with Mantengu’s early alerts, suggesting those initial concerns about share volatility deserved more immediate attention. This development prompts a closer look at how the sequence of events unfolded, from overlooked communications to accumulating evidence that now casts the timeline in a different light.
Mantengu’s operational focus includes reviving chrome assets at Langpan and Meerust, which contributed to a H1 2024 net profit of R2.96 million on 33,000 tons of concentrate. Production doubled in the following months, supported by a R500 million equity facility from GEM Global Yield. These steps positioned the company amid small-cap challenges, emphasizing sustainable models in Limpopo and North West Province.
The share price decline from post-relisting highs to cents prompted Chairman Alistair Collins to email JSE CEO Leila Fourie on April 22, 2024. Collins noted “suspected share manipulation” affecting funding and requested a meeting to foster “positive corporate relationships.” The email received no response, leaving the concerns unaddressed.
What the Early Communications Revealed
In January 29, 2025, Miller emailed FSCA investigator Gerhard van Deventer, stressing the need for ex-CFO Ulrich Bester’s IT equipment and full trade data. Miller highlighted discrepancies between STRATE registers and Bloomberg reports of a Chinese consortium holding a controlling stake. The FSCA probe that ensued covered only nine months (June 2023 to February 2024) and examined just Mantengu-flagged trades, with no proactive JSE referrals included.
Leaked emails, some appearing from accounts linked to JSE figures, include directives like “do something… their share price is stabilising” and “queue the second wave only if MM shows movement.” Voice recordings analyzed by experts capture discussions about pressuring parties to “back off,” with references to Zunaid Moti. Allan Thomson’s expert opinion from Dreadnought Capital describes patterns consistent with naked shorting and nominee concealment.
How the Evidence Began to Align
The Hawks’ October 8, 2024, letter to Mantengu sought input on Liberty Coal’s Blue Ridge bid, questioning the role of shelf company PBNJ Trading. SJ Trent’s forensic report dated September 29, 2025, analyzed leaked electronic images and confirmed consistent metadata patterns across the material.
The JSE’s November 21, 2025, letter to Miller regarding his CA(SA) designation noted membership lapsed in 2016, despite qualification in 2008. A June 6, 2025, letter from Webber Wentzel to DMA Law demanded criminal complaint details, while DMA’s June 20 response affirmed no intent to discredit the JSE but prioritized Mantengu’s interests.
For readers, connecting the dots emerged when viewing Collins’s unanswered April 2024 email alongside Miller’s January 2025 plea, then the leaked emails, voice recordings, Thomson opinion, and Hawks inquiries. Moti’s attacks and JSE’s procedural focus preceded this alignment, suggesting the early alerts had substance that warranted timely review.
Broader Implications for Small-Cap Markets
Mantengu projects 148 cents FY2025 EPS, with Blue Ridge from Sibanye-Stillwater offering R1.5 billion in tailings cash flow and R3.2 billion tax benefits. The board, chaired by Jonas Tshikundamalema with Magen Naidoo, Alistair Collins, and Shamim Mansoor, maintains compliance focus.
A BizNews examination of similar cases notes oversight scope limitations. As probes expand, including international elements, these details highlight the importance of comprehensive data access in investigations. For junior miners, the case illustrates how persistent documentation can eventually clarify overlooked signals.
Mantengu’s approach to empowerment and asset revival continues, with Blue Ridge approvals pending. The developments underscore the need for balanced regulatory engagement to support sector growth.
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