A quick summary of why the clowns shorting Mins are stuffed

I thought i'd write another quick summary of why the clowns that are short MINs are stuffed.

We haven't heard from Jerry, Ryster, Steelthe One, for a while. My guess is we won't be hearing from them again as they'll be too busy looking for a new job, looking for a new hedge fund to blow up with their errant nonsense etc. ..... Anyway

A quick summary of the reasons the shorts are stuffed:
- Onslow is currently operating at 35 m t pa, and at this rate generates over $1 bn of free cash flow a year;

- The manager of Onslow mining Mike Grey says there is "no risk at all" to Onslow continuing to do 35 m t pa, and the project is just beginning to "hit its straps". Imagine what they'll do with the Haul Rd complete, and triple trucks increased to 140 from 90.

- MIns currently trades on a price to free cash flow multiple of 3.8 in Fy 26 and 3.1 in Fy 27, it generates 78% of its euqity value in free cash in the next 3 years.
- since listing Mins has returned to shareholders 39.1 pa, so the free cash flow is going to be allocated by one of the all time greats, with ROIC much > WACC, further adding value to MINs. This aspect is really important for the longet term $100 + upside to the business.
- Mins have done 34.2 m tonnes per annum since June 6, with the 5 th transhipper operating at 40%. When that transhipper runs at proper capacity, expected shortly, transhipper capacity rises to 39 m t pa, immediately.

- I have previously shown the 5 transhipper capacity in good weather is likely to be 44 m t pa, 4 transhippers did 8 cycles in 39.33 hours over the weekend.

- Mins will be expected to do a simple expansion of Onslow to 50 m t pa by June next year for may be $100 m to $200 m total cap ex, adding 40% to Onslow earnings and over $200 m per annum to the mining services earnings regardless of commodity prices

- Over the next week expect MIns to announce, it has beaten the mid point of the June shipping guidance by 12%, shipping 2.74 m tonnes versus midpoint guidance of 2.45 m tonnes, and beating the high point (2.6 m tonnes), by 5%.

- Expect Mins to average 40 m tonnes pa at Onslow from Septmeber to December this year, once the Haul rd upgrade is complete.

I just want to again say my thank you to all those clowns who have shorted MINs recently and allowed us to acquire a lot of stock at a $14 to $22 range. You will have made us a lot of money, and we are forever greatful.

By shorting Mins you are betting against the best analytical minds and Australian fund managers in the business, eg L1, Chris Kortis, Fischer etc, and a company that is in the very top of the ASX (0.5%) of companies for overall performance, with big, well healed, and powerful friends such as Baowu Steel and Gina Reinhart

Dekka