MIN +6.97% had a rare day in the sun (from a very low base) on the back of a broker upgrade from JP Morgan (moved to Buy & $41 PT), plus an update on corporate governance changes. They announced a raft of measures around related party transactions and obtaining personal benefit on the company dime (including MinRes staff working on MD Chris Ellison’s $30m yacht), all things that should have been in place already. The board said an investigation found nothing new we should be worried about, and Ellison has paid a $3.8m financial penalty to the company + agreed to give another $5m to an unnamed charity.
They say they are well underway finding a new Chair with an announcement due in the June quarter, with the new Chair charged with finding a new MD to replace Chris.
A net positive update though weakness across Lithium markets remains a concern, partially offset by resilience in Iron Ore.
MM remains patiently long MIN
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