Slide 1: Morgans Insto Roundtable
MORGANS INSTO ROUNDTABLE For personal use only June 2026
Slide 2: Disclaimer - Forward Looking Statements
This release contains certain forward looking statements, including in relation to possible or assumed future performance, costs, dividends, rates, prices, revenue, potential growth of MLG Oz Limited, industry growth or other trend projections. Such forward looking statements are based on numerous a
Slide 3: Strong Revenue Growth, Improving Share Price Performance
CONTINUING TO EXPERIENCE IMPROVING SHARE STRONG REVENUE GROWTH PRICE PERFORMANCE Pro Forma1 Revenue MLG Share Price For personal use only $540.4m $468.6m 22.2% CAGR $375.2m $286.8m $254.0m $199.6m $205.1m $132.7m FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25 1. Pro Forma revenue offsets fuel tax credits a
Slide 4: Strong Financial Performance in the First Half
STRONG FINANCIAL PERFORMANCE IN THE FIRST HALF Pro Forma Operating Performance 1H 2026 1H 2025 Variance Revenue1 $284.6m $268.6m +6.0% EBITDA2 $36.5m $29.3m +24.5% EBITDA2 Margin 12.8% 10.9% +17.4% For personal use only EBIT2 $14.0m $8.7m +60.9% NPAT2 $7.8m $4.1m +90.2% NTA/Share $1.06 $1.02 +3.9% G
Slide 5: EBITDA Margins Continue to Strengthen
EBITDA MARGINS CONTINUE TO STRENGTHEN Pro Forma EBITDA Margins 13.5% 12.8% 1. 12.8% For personal use only 10.9% 10.9% 9.7% 9.0% H1-2023 H2-2023 H1-2024 H2-2024 H1-2025 H2-2025 H1-2026 Pro Forma Adjustments: 1. Excludes $750K fine for safety incident in 2022 5 MORGANS INSTITUTIONAL ROUND TABLE
Slide 6: Fuel Exposure Is Well Understood
FUEL EXPOSURE IS WELL UNDERSTOOD SUPPLY RISK PRICE RISK 1. 75% of fuel is supplied by clients 1. Higher fuel costs 1. largely mitigated through immediate rise and fall 2. All clients have expressed comfort in adjustments current supply sources 2. Fuel levy immediately applied to 3. MLG sourced fuel
Slide 7: Revenue Is Primarily Driven from the Gold Sector
Iron Ore, REVENUE IS PRIMARILY DRIVEN FY2025 5.3% Nickel, Revenue 0.7% FROM THE GOLD SECTOR Gold, 94.0% For personal use only Key Highlights Gold Price at historical highs Greater demand for volume - driven by high gold prices CLIENTS Gold Processing Capacity Highly constrained outside of producers
Slide 8: Providing Critical Infrastructure to Mineral Processing
PROVIDING CRITICAL INFRASTRUCTURE TO MINERAL PROCESSING Road maintenance Mine planning and design Tailings storage facility lifts Drill and blast services Rehabilitation work Ore extraction and removal Bulk earthworks Mine Mine For personal use only Contract crushing mobile plant Cli
Slide 9: Our Significant Footprint
For personal use only OUR SIGNIFICANT FOOTPRINT 9 MORGANS INSTITUTIONAL ROUND TABLE
Slide 10: Focused on Sustaining Strong Growth in Underlying Profit
FOCUSED ON SUSTAINING STRONG GROWTH IN UNDERLYING PROFIT Pro Forma EBIT $23.4m $20.2m For personal use only 38.8% CAGR $14.0m $11.7m $8.7m 1. 2. FY 2022 FY 2023 FY 2024 FY 2025 HY 2026 Pro Forma Adjustments: 1. Excludes $7.0m loss on sale of high-capacity crushing plants 2. Excludes $750K fine for s
Slide 11: Debt Funding Well Controlled – Gearing Reducing as Profit Rises
DEBT FUNDING WELL CONTROLLED – GEARING REDUCING AS PROFIT RISES Key Highlights $75.0m 2.50 Net Debt $61.3m 2.00 $60.0m For personal use only Gearing Ratio declining 0.84x 1.50 $45.0m Average Net Debt 1.00 (FY22 to FY26) $60.5m $30.0m 0.50 Net Assets $153.5m $15.0m 0.00 H1 FY22 H2 FY22 H1 FY23 H2 FY2
Slide 12: Service Quality and Consistency Continues to Drive Client Demand
SERVICE QUALITY AND CONSISTENCY CONTINUES TO DRIVE CLIENT DEMAND Gold market continues to experience historical high prices which in turn is driving greater demand for MLG services. Our focus continues to be on the long-term sustainability of our profit margins. For personal use only Second half of
Slide 13: Thank You
HEAD OFFICE A 10 Yindi Way Kalgoorlie, Western Australia P (08) 9021 1011 CORPORATE OFFICE A Level 6, 905 Hay Street Perth, Western Australia P (08) 9022 7746 EMAIL For personal use only info@mlgoz.com.au WEBSITE mlgoz.com.au ABN & ASX ABN 53 102 642 366 ASX MLG THANK YOU
Slide 14: Appendix - HY2026 Financial Results
For personal use only APPENDIX 14 HY2026 FINANCIAL RESULTS
Slide 15: Large and Diverse Fleet
LARGE AND DIVERSE FLEET $216.6M For personal use only PROPERTY, PLANT AND EQUIPMENT (as at 31 December 2025) 15 MORGANS INSTITUTIONAL ROUND TABLE
Slide 16: Our Timeline
OUR TIMELINE Construction and Build, own, operate commissioning of fixed First sand quarry First hard rock quarry First contract-crushing fixed plant crusher at plant at Fortescue MLG founded by operation – 8 Mile established Tarmoola contract awarded to Fortescue Christmas Construction of Tails Dam
Slide 17: Contract Terms
CONTRACT • Must provide a “service” • No commitment to minimum tonnes TERMS • Fixed and variable rates • Client retains “termination for convenience” rights For personal use only • Capital payout terms for early termination (specific contracts) SCOPE OF SCHEDULE WORKS OF RATES STANDARD COMMERCIAL RI
Slide 18: Historic Financial Performance – Pro Forma
HISTORIC FINANCIAL PERFORMANCE – PRO FORMA1 Pro Pro Pro Pro Pro Forma Forma Forma Forma Forma Statutory Statutory Statutory Statutory Statutory $000’s Notes HY26 FY25 FY25H2 FY25H1 FY24 FY24H2 FY24H1 FY23 FY23H2 FY23H1 FY22 FY22H2 FY22H1 Revenue Mine Site Services and Bulk Haulage 1 261,795 494,886