Shorters beware the FY24 Annual Report next month will be full of good news and can
only go something like this
Mining Services
Everything continues to go to plan with Onslow - it’s on time and on budget currently at
12mtpa and will hit 17 mtpa by December and easily hit 35 mtpa by June next year.
As of now we are cashflow positive on every tonne of Iron Ore we sell from here on.
Haul road is as good as finished - we are just painting the white lines in the middle of
the road now - so job done!
Haul road sale went as planned and we have now banked 1.1B –shout out to Morgans
for putting that to bed.
Dividends on hold until next year as our priority is to pay debt down during this mega
growth stage – but plenty of dividends are coming the following years so please be
patient – I got this - it’s all good.
I kept a bit for fuel money for the chopper – hope you are all ok with that – so I can keep
working for you 24/7 while you sleep – not that I’ve heard any complaints – so thank
you for that.
Yilgarn Hub will soon be turned off as announced months ago so very soon we will stop
the bleeding there – so all good.
Workers from the Yilgarn hub are being relocated to Onslow - living in the new triple the
normal size resort style quarters – I heard there so big one of the boys has sublet a room
- so everyone is happy living the dream.
Couple of the boys have volunteered to stay behind to pick up any rubbish and plant
some trees – shout out to Mick & Macca - good stuff!
Crushing & Services
We are still on target to do a 1 Billion this financial year so it’s just rinse & repeat
growing bigger every quarter.
Commissioned a couple new crushing plants – so crushing it!
Bought a truckload of trucks.
And we are shipping in another transhipper.
In a nutshell - all contracts renewed & more added – again!
Energy
Perth Basin
We found a lot of gas and we have a few interested parties to choose from that want to
do a JV with us – so we are just culling the candidates to see who is the best fit for
MINres.
Albo & I discussed a gas deal over dinner one night a few months back – so all good
there.
Carnarvon Basin
Sinking a couple drill bits into the ground there as well to get a better picture to see
what’s there – so be ready for a pleasant surprise here too.
MINres Gas coming to a town near you very soon!
Lithium
Prices are levelling out and will soon pick up now that the higher cost producers around
the world who only have lithium for an income stream have gone into care &
maintenance – and because we are not a one trick pony - no problem.
EV sales still increasing every year so demand will catch up to supply eventually
Summary
We sold half a road for 1.1 Billion now - plus 200K next June when we hit 35 mtpa
By June next year our Iron Ore sales will be a Billion a year – plus increase every year
after that as we continue to ramp up to 80 mtpa
Mining Services on track to do a Billion a year – plus also increasing every year after that
I mean it’s like everywhere I look I see a Billion dollars
Plus a gas deal still to be done very soon – could be worth around a Billion as it stands or
in the Billions if developed with a JV partner on a 50/50 basis
See you all next year
(20min delay)