The Great MinRes Debate: Bull vs Bear

Today’s episode is a conversation on what remains Australia’s most intriguing company, Mineral Resources (aka MinRes).We invite on Moz, who unpacks with us his thesis for investing in the diversified miner after publishing his thesis on Twitter.The detailed discussion goes into the weeds on Mt Marion & Wodgina, the haul road, transhipping and governance to name a few subjects.Moz's Twitter account is @onslowshippingThis interview was recorded on 28.7.2025.

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TIMESTAMPS

(00:00) Introduction, Viral Meme
(02:33) Obsession with Mineral Resources
(05:33) Challenges and Market Perception
(15:48) Transparency and Reporting Issues
(28:10) CEO Chris Ellison's Leadership
(36:48) Chris's Hubris and Capital Allocation
(37:29) Lithium Investments and Market Assumptions
(39:13) Mining Services Business
(39:48) Joint Ventures and Operational Viability
(44:44) Onslow Project and Iron Ore Production
(56:49) Challenges and Risks of the Haul Road
(01:08:46) Expansion Potential and Financial Considerations
(01:16:58) Mining Services Contracts and Lithium Sale
(01:17:35) The Carry Loan
(01:19:47) Liquidity Concerns and Debt Management
(01:24:13) Iron Ore Market and Cost Analysis
(01:27:21) Operational Risks and Project Viability
(01:33:15) Leadership and Future Outlook
(01:34:46) Investment Thesis and Market Sentiment

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Thank you to the mining services businesses that make this content possible:

·       ⁠⁠⁠Grounded⁠⁠⁠ - Infrastructure for remote mining and civil projects Australia wide | Paul Natoli: pn@groundedgroup.com.au

·       ⁠⁠⁠Sandvik Ground Support⁠⁠⁠ – The only ground supportyou’ll ever need

·      ⁠⁠⁠CrossBoundary Energy⁠⁠⁠ – Independent power producer for the global mining industry | tim.taylor@crossboundary.com +61 466 184 943

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