Discl: Held IRL 0.61%

I also opened a starter position on SXE today, pre-deep dive research, to take advantage of the drop in the price in the last 2 days. The technical picture is not as ideal as GNG, but there has been a decent 50% retracement since the 19 Feb 2026 high and I really liked the story after listening to the latest SXE SM interview.

Key points, which form my start point thesis:

1. Data Centre picks and shovel’s play - this is no longer an if demand, but a here-and-now demand
2. Severe shortage of sparkies - there just isn’t enough sparkies to fulfill all the demand out there today
3. Supply of sparkies is an industry issue, but not a SXE issue, as they are seen as the top tier employer in the sparky world
4. Minimal exposure to the mining sector
5. Nice balance sheet, lots of cash, but to be fair, the CFO says some degree of cash funding is required to fund operations.
6. Nice growth share price since Jan 2025, ascending straight 30 deg line to the right - much like DBI, GNG, XRF!

Will progressively move this to a 2.5% position over time.