Mineral Resources Limited · ASX:MIN
Mineral Resources — Investor Presentation (May 2026)
46 slides from Mineral Resources's investor presentation, May 19, 2026
Slide 1: Lithium Investor Tour
For personal use only LITHIUM INVESTOR TOUR WODGINA | 19 MAY 2026 ASXMIN
Slide 2: Disclaimer & Important Notices
DISCLAIMER & IMPORTANT NOTICES For personal use only This presentation should not be considered as an offer or invitation to subscribe for or purchase ASX Listing Rule 5.23 statement any securities in Mineral Resources Limited and its subsidiaries (“MinRes” or “Company”) or as an The Ore Reserves an
Slide 3: Contents
CONTENTS For personal use only Introduction 4 Wodgina 17 Mt Marion 28 Bald Hill 40 WODGINA INVESTOR TOUR | 3
Slide 4: Acknowledgement of Country
For personal use only ACKNOWLEDGEMENT OF COUNTRY We respectfully acknowledge the Traditional Custodians of the land on which we meet today and pay our respects to Elders past and present. Mineral Resources is committed to honouring Aboriginal and Torres Strait Islander peoples unique cultural and sp
Slide 5: Key Tour Personnel and Tour Schedule
KEY TOUR PERSONNEL TOUR SCHEDULE For personal use only 6:10am Check-in at MinRes Air Perth terminal 6:40am Welcome and overview of facilities PRESENTING PRESENTING Mal Bundey Chris Ellison Darren Killeen 7:00am MinRes Air flight from Perth to Wodgina Independent Managing Director Chief Operating Non
Slide 6: Company Snapshot and FY26 YTD Highlights
COMPANY SNAPSHOT FY26 YTD HIGHLIGHTS OPERATIONAL EXECUTION For personal use only A leading diversified resources company with • FY26 guidance upgraded across multiple extensive operations in mining services and divisions Mining Services tracking to record volumes commodities across Western Australia
Slide 7: People & Wellbeing
PEOPLE & WELLBEING Attracting top talent with safe and supportive For personal use only environments and industry-leading facilities MinRes Air • Flexibility and comfort • 97% on-time performance • Four aircraft servicing Wodgina, Ken’s Bore, Newman and Kalgoorlie Industry-leading FIFO accommodation
Slide 8: Lithium Sustainability
LITHIUM SUSTAINABILITY For personal use only Committed to driving positive long-term change Energy diversity Working with Traditional Owners Partnering with community • Multi-year partnerships with community • Diversified energy sources – 30% lower • Supporting Aboriginal employment and organisation
Slide 9: Lithium Near Term
LITHIUM NEAR TERM For personal use only Optimise existing assets and utilise capabilities for future expansion Optimisation Operational performance Underground mining readiness Brownfield expansion Assess low risk growth opportunities Near mine resource growth Leverage existing infrastructure and re
Slide 10: MinRes Lithium
CE slide MINRES LITHIUM Globally significant lithium producer For personal use only Global Tier 1 partnerships Operator of three hard rock lithium mines in a low-risk mining jurisdiction 100% unencumbered volumes – all shipments sold at spot prices High-return brownfield growth options being assesse
Slide 11: Mining Services Business Model
MINING SERVICES BUSINESS MODEL Leading provider of pit-to-ship mining services for MinRes and external clients For personal use only Integrated build-own-operate infrastructure supply chain Contract FLOTATION PORT MINING CRUSHING PROCESSING HAULAGE TRANSHIPPING # services1 life (proposed) SERVICES T
Slide 12: Lithium Growth History
LITHIUM GROWTH HISTORY 15+ years building a world-class lithium production platform with Tier-1 partnerships For personal use only 2010 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 MinRes farm-in Wodgina MinRes increases Construction of Wodgina restarts Wodgina Wodgina and Mt Marion First shipm
Slide 13: Recent History
RECENT HISTORY For personal use only Operational improvements across Wodgina and Mt Marion, with lithium prices recovering strongly Sep 2024 Dec 2024 Mar 2025 Jun 2025 Sep 2025 Dec 2025 Mar 2026 • Lower-volume, • Bald Hill placed • Wodgina plant • High intensity • HICs • FY26 volume • FY26 volume hi
Slide 14: Growth
GROWTH Attributable (kt SC6) 800 POST-POSCO 75 700 For personal use only POSCO’s 30% interest 140 113 600 MinRes retains significant exposure to lithium 500 140 210 volume growth post the POSCO partnership deal 400 220 175 POSCO to acquire a 30% interest 300 (15% underlying) in Wodgina and Mt Marion
Slide 15: Lithium Economics
LITHIUM ECONOMICS Attributable (post-POSCO) indicative EBITDA sensitivity (A$M)1,2 For personal use only MinRes lithium earnings at various price points 1,800 1,600 Key assumptions Units Wodgina Mt Marion Bald Hill 1,400 Attributable interest % 35% 35% 100% 1,200 (post POSCO) Attributable installed
Slide 16: Mineral Resources & Ore Reserves
MINERAL RESOURCES & ORE RESERVES For personal use only Mineral Resources Ore Reserve Mt %Li Mt %Li Mt Marion1 66 1.4 Mt Marion4 36 1.4 Wodgina2 217 1.2 Wodgina5 165 1.2 Bald Hill3 58 0.9 Total 201 1.2 Total 342 1.2 1. Reported on 21 February 2024 with an effective date of 31 January 2024. Includes O
Slide 17: Wodgina
For personal use only WODGINA
Slide 18: Wodgina Overview
WODGINA WODGINA OVERVIEW For personal use only MinRes (50%) and Albemarle (50%) Ownership unincorporated JV MinRes operator and LOM mining Operation services contractor 120km south of Port Hedland, Location Western Australia Resource of 217Mt and Resource Reserve of 165Mt at 1.2% Li2O & Reserves (Se
Slide 19: Wodgina Operations Overview
WODGINA OPERATIONS OVERVIEW For personal use only MINING PROCESSING INFRASTRUCTURE EXPLORATION • LOM strip ratio – 3.5:1 • Three processing trains • 900 room camp • Resource open at depth - Max capacity of 1.8Mtpa • Open-cut mining • Gas-fired 48MW power station • Numerous untested targets on per tr
Slide 20: Wodgina Site Layout
WODGINA WODGINA SITE LAYOUT For personal use only kilometres 0 0.5 1.0 2.0 IMAGE NEEDED Crushing circuit Beneficiation plant Atlas Southern Basin TSF Workshop Village WODGINA INVESTOR TOUR | 20
Slide 21: Wodgina Mining: Pit Design
WODGINA MINING Wodgina - long-section A - A' +/- 5m Looking NW PIT DESIGN For personal use only Progressing open pit mining through Stages 3 to 5 450m Pegmatites thickening as Stage 3 and 4 pits progress 450m Orebody thickens with depth, improving mining conditions through to Stage 5 Final pit depth
Slide 22: Wodgina Mining Stripping
WODGINA Stage 4 progressing 200 MINING STRIPPING 9.8 For personal use only 7.5 Stage 3 clean ore 150 reached in Q2 100 Strip ratio to reduce towards 3.5 LOM average of 3.5 times 50 0 Since July 2023: Stage 2 and 3 FY24 FY25 FY26 FY27 FY28 LOM cutbacks largely completed (over 100Mt TMM) Deferred stri
Slide 23: Wodgina Processing: Feed Quality & Recovery Rates
WODGINA PROCESSING Feed composition and grade 2.0% FEED QUALITY & For personal use only 1.5% 1.0% 0.5% RECOVERY RATES 0.0% Recovery rates expected to be consistently at 70% FY24 FY25 1H26 2H26 Medium term in the medium term with clean ore from Stage 3 High grade clean ore Low grade clean ore Contact
Slide 24: Wodgina Processing Flow
WODGINA WODGINA PROCESSING For personal use only Open pit Crushed ore FLOW mining ROM Ore crusher stockpile WHIMS LIMS Deslime Grinding Processing PROCESS THREE feed TRAINS Flotation hopper Crusher capacity 5.6Mtpa Fine tailings Ta Ta Filter plant bagging TSF Processing capacity 5.4Mtpa Tantalum to
Slide 25: Wodgina Brownfields Growth Optionality
WODGINA BROWNFIELDS GROWTH Train 1 Train 2 Train 3 OPTIONALITY For personal use only Assessing options to expand Wodgina capacity, subject to market conditions Upgrade existing Construct Train 4 proposed 3 trains train 4 location Business case Increase capacity by 30% Increase capacity by 30% Status
Slide 26: Wodgina Outlook
WODGINA 30% expansion (at 70% recovery target) ~1,070 WODGINA OUTLOOK For personal use only Three trains Production growing and costs falling — Wodgina (at designed 65% recovery) getting bigger and better ~750 560 Expect higher production and lower FOB cost over the medium term due to: FY26 guidance
Slide 27: Wodgina Geology Exploration Potential
WODGINA WODGINA LEGEND GEOLOGY EXPLORATION Granite For personal use only Sediment Mafic POTENTIAL Mafic-ultramafic mixed Ultramafic Mt Cassiterite Pit Outline Unmapped granite Substantial tenure largely unexplored, Unmapped greenstone Shear Zones including five high priority targets nearby Focused o
Slide 28: Mt Marion
For personal use only MT MARION
Slide 29: Mt Marion Overview
MT MARION MT MARION OVERVIEW For personal use only MinRes (50%) and Ganfeng (50%) joint Ownership venture Project operated by MinRes under a Operation life-of-mine Mining Services Agreement Location 40km south-west of Kalgoorlie, WA Resource of 66Mt (February 2024) and Resource Reserve of 36Mt at 1.
Slide 30: Mt Marion Operations Overview
MT MARION OPERATIONS OVERVIEW For personal use only MINING PROCESSING INFRASTRUCTURE EXPLORATION • LOM open pit strip ratio – 8.5:1 • 3.5Mtpa plant • 500 room village • 75% of tenure still unexplored • Open-cut mining - Four stage crushing circuit • Water bore field CURRENT - 12 drill and blast rigs
Slide 31: Mt Marion Site Layout
MT MARION SITE LAYOUT DETAIL FROM INSET Mobile Maintenance For personal use only Workshop Diesel power generation ROM and crushing Heavy vehicle go-line Tailings storage Crushed ore stockpile DMS circuit Underground Warehouse Office WODGINA INVESTOR TOUR | 31
Slide 32: Mt Marion Mining Overview
MT MARION MINING OVERVIEW For personal use only Multiple open pits and underground options provide ore supply flexibility Northern pits provide ore through to FY33 C3 complete, C2 mined in FY27 then converted to Central tailings storage Underground Portal South pit commences FY28 to FY34 Underground
Slide 33: Mt Marion Mining Stripping
MT MARION MINING STRIPPING For personal use only Strip ratio peaks over coming years before normalising to LOM average 8.5x as underground ore supplements open pit supply at 40% FY24-25: C3 and N9 stripping complete Low-cost, low-production 200 FY25-26: mine plan Low-cost and low-production mine pla
Slide 34: Mt Marion Processing: Recovery Rates
MT MARION PROCESSING Feed composition and grade 2.0% RECOVERY RATES For personal use only 1.5% 1.0% Recovery expected to increase from 60% to 70% 0.5% with flotation 0.0% FY24 FY25 1H26 2H26 Medium term High grade clean ore Low grade clean ore Achieved 60% recovery in 1H26 through increased utilisat
Slide 35: Mt Marion Processing Flow
MT MARION MT MARION Open pit mining PROCESSING Crushed ore For personal use only ROM Ore crusher stockpile FLOW UG mining (proposed) Processing feed hopper PROCESS CURRENT Dense medium Regrind separation circuits Crushing capacity 3.5Mtpa Processing capacity 3.5Mtpa Waste stockpile Spodumene storage
Slide 36: Mt Marion Brownfields Growth Optionality
MT MARION BROWNFIELDS GROWTH OPTIONALITY For personal use only 850m Decision on flotation and underground 600m development expected in Q1 FY27 • Extend mine life by 6 years • Recovery improves from ~60% to 70% Business case 450m • Capacity up from 500kt to 600kt SC6 (100%) • Single grade SC5 product
Slide 37: Mt Marion Outlook
MT MARION MT MARION SC6 capacity 600 OUTLOOK ~500 For personal use only 431 Capacity and product grade increasing 1 Capacity expected to increase 20% to 600k FY26 guidance midpoint Current capacity Potential capacity with float and underground dmt SC6 with flotation and underground development Produ
Slide 38: Mt Marion Exploration Resource Potential
MT MARION EXPLORATION RESOURCE POTENTIAL Mt Marion has potential to significantly expand its resource base underground For personal use only Hamptons North Central Central Pods South Pit and Kambalda West Legend LOM pit designs UG designs Resources Unclassified 3-5 yr exploration targets 5-7 yr expl
Slide 39: Mt Marion Exploration Resource Potential
MT MARION EXPLORATION RESOURCE POTENTIAL For personal use only Eastern Trends Drilling focused on growing underground targets Li Pegmatite identified below North, Central and South pits North Pit Drilling to date has intersected pegmatite mineralisation below the pits, identifying a ‘feeder’ system
Slide 40: Bald Hill
For personal use only BALD HILL
Slide 41: Bald Hill Overview
BALD HILL BALD HILL OVERVIEW For personal use only Ownership 100% MinRes owned MinRes operated under a life-of-mine Operation Mining Services Agreement 50km south-east of Kambalda Location in the Goldfields region Status Restart announced Resource of 58Mt at 0.94% Li2O Resource (November 2024) WODGI
Slide 42: Bald Hill Operations Overview
BALD HILL OPERATIONS OVERVIEW For personal use only CURRENT STATE MINING PROCESSING INFRASTRUCTURE EXPLORATION • Restart announced • 1.2Mtpa plant • 250 room camp • Additional resource potential • Open-cut mining ⎻ Dense media separation • Private haul road to highway across tenure - 7 drill and bla
Slide 43: Bald Hill Restart Plan
BALD HILL BALD HILL RESTART PLAN For personal use only First ore on ship Q1 FY27 Timeline Ramp up to full capacity Q2 FY27 Restart cost $20M Installed capacity 140k dmt SC6 per year Product grade 5.1% 150 10.0 9.5 100 50 Care and maintenance - 1 FY24 FY25 FY26 FY27 FY28 Deferred strip ($M) (RHS) Str
Slide 44: Bald Hill Processing Flow
BALD HILL BALD HILL Open pit mining PROCESSING For personal use only Crushed ore ROM Ore crusher stockpile FLOW Processing feed hopper Dense medium separation circuits Gravity circuits Waste stockpile Coarse tailings Tailings Storage Tantalum Middling stockpile Fine tailings concentrate Spodumene co
Slide 45: Glossary of Terms
GLOSSARY OF TERMS For personal use only 1H, 2H, FY First half, second half, full year Km kilometres $ Australian dollar KWM King & Wood Mallesons US$ United States dollar L/T Long-term AISC All-in Sustaining Cost, includes CIF cost and sustaining capex Li Lithium B Billion Li2O Lithium oxide CAGR Co
Slide 46: For personal use only
For personal use only OFFICE: 20 Walters Drive, Osborne Park, WA 6017 POSTAL: Locked Bag 13, Osborne Park DC, WA 6916 P +61 8 9329 3600 mineralresources.com.au