MIN chart, page-201

Trust this management team & holding medium term, should by most professional reports, yield above average returns next 2-3 years.

Trust some random unqualified retail hotcopper commentary and risk tangible future rewards.

CE has spent the last 2 odd years setting up MinRes to be a long term diversified business outperformer. His modus operandi over past 10 years has been to buy very good assets at lower values, enhance those assets further, and then de-risk the company’s position. I find this attractive as a part owner with my interests aligned to the larger holders - being looked after.

The recent 49% sale of his high priority developed haulage road for $1 billion to an infrastructure fund is just another example, (& one of several over past years). I would not rule out these funds being partly applied to debt reduction (as opposed to 100% applied) with some capital partly returned to shareholders by way of improved or a special dividend.

He has form putting shareholders first. The last dividend was under par as the priority was to deploy capital to resource allocation, including funding transhippers to service Onslow etc. (all on time on budget - a rarity these days)

In this active management team I trust - but A I M O