The beaming Irish smile of Willie Mullins was contagious after Max Dynamite's second placing in the Melbourne Cup.

Mullins was saddling his third runner in Australia's great race and went within a half-length of winning, finishing second to Prince Of Penzance.

"It was a terrific run, possibly not the luckiest run, but it's a horse race and that's what happens in horse racing," Mullins said.

"We are very, very happy with the result."

The trainer's first trip to Australia with Holy Orders didn't end well when finishing 17th behind Makybe Diva in 2003 before Simenon finished fourth two years ago behind Fiorente.

Purchased with a hurdling career in mind, Max Dynamite has become a class handicapper on the flat in England, running second in the Northumberland Plate in June then winning the Lonsdale Cup at York in August.

Mullins said getting so close has whetted his appetite and is keen to come back again next year.

Max Dynamite was given a top ride by Frankie Dettori who had the gelding placed midfield on the fence in the run.

Racing to the turn he edged off the fence but was held up for a run switching to the outside, eventually finding clear room but was unable to peg back the winner.

But Mullins said the story of the race was the win of Michelle Payne on Prince Of Penzance.

"It's a great result for racing the world over," he said.

"But we're delighted with our horse's effort."