I have two questions I was hoping those who know could assist...

I have two questions I was hoping those who know could assist with.

1. Does anyone have information on what % of the services EBITDA comes from internal mining operations vs external mining?
- The mining services business is valued on a much higher EBITDA multiple than the upstream mining business. This means MIN has an incentive to shift profits from upstream mining to the services division.
- In an ideal world, all of the services EBITDA comes from low cost, tier 1 miners because it would mean the mines are unlikely to go into C&M, so the revenue stream is resilient and the EBITDA generated is at market pricing.
- At a high level, I guesstimate that 50% of the current $550m EBITDA comes from Min Res owned assets. This is not ideal, as only Onslow (might) be profitable at the moment when fully ramped up and if all of them went into C&M you'd lose half the mining services EBITDA too.
- Does anyone have more information on the split of internal vs external EBITDA and the margin / mt achieved on each?

2. Chris always talks about how Min Res is by far and away the most efficient services provider. Has anyone worked with them and can comment on the operation performance of them and the markets view of them as a contractor?