Mineral Resources Limited · ASX:MIN
Mineral Resources — Shareholder Meeting (November 2023)
40 slides from Mineral Resources's shareholder meeting presentation, Nov 16, 2023
Slide 1: 2023 AGM Presentation
16 November 2023 2023 AGM Presentation Mineral Resources Limited (ASX: MIN) (MinRes or Company) advises that Chair, James McClements, and Managing Director, Chris Ellison, are addressing shareholders at the Annual General Meeting (AGM) at 9:30am AWST today. The AGM can be viewed online using this li
Slide 2: 2023 Annual General Meeting
16 NOVEMBER 2023 2023 ANNUAL GENERAL MEETING | ASXMIN MINERAL RESOURCES LIMITED 2023 ANNUAL GENERAL MEETING LEGACY OF LEADERSHIP
Slide 3: Contents
CONTENTS 2023 AGM BUSINESS UPDATE 2 PEOPLE & WELLBEING 9 MINING SERVICES 16 ENGINEERING & CONSTRUCTION 19 LITHIUM 21 IRON ORE 26 ENERGY 30 DISCLAIMER AND IMPORTANT NOTICES 36
Slide 4: The past 12 months have been the most productive in MinRes' history
1 THE PAST 12 MONTHS HAVE BEEN THE MOST PRODUCTIVE IN MINRES’ HISTORY. Chris Ellison | Managing Director
Slide 5: 2023 AGM Business Update
2 2023 AGM BUSINESS UPDATE
Slide 6: Focused on Delivery
16 NOVEMBER 2023 2023 ANNUAL GENERAL MEETING | 3 FOCUSED ON DELIVERY OPERATIONAL • Maximise potential of lithium portfolio • Launch Onslow Iron — ramp to 35Mtpa • Develop natural gas discoveries FINANCIAL • Maintain balance sheet strength • Continue investing in high-return projects • Recycle capita
Slide 7: Business Pillars
16 NOVEMBER 2023 2023 ANNUAL GENERAL MEETING | 4 BUSINESS PILLARS MINING SERVICES • Leading pit-to-ship mining services provider • Stable, long-term earnings — diversified customers ENGINEERING & CONSTRUCTION • Operating 25 years — experienced in-house team • Fixed price contracting — own all constr
Slide 8: MinRes Key Management
16 NOVEMBER 2023 2023 ANNUAL GENERAL MEETING | 5 MINRES KEY MANAGEMENT CHRIS ELLISON MARK WILSON Managing Director Chief Financial 40+ years Officer experience 30+ years Diversified resources experience and mining services Financial strategy company and growth ENGINEERING & MINING SERVICES LITHIUM I
Slide 9: FY23 Snapshot
16 NOVEMBER 2023 2023 ANNUAL GENERAL MEETING | 6 FY23 REVENUE OPERATING CASH FLOW SNAPSHOT $4.8bn 40% $1.4bn 383% UNDERLYING EBITDA ROIC (After Tax) • Solid performances across all business pillars $1.8bn 71% 6.7% • Investment made in long- CASH TOTAL DIVIDEND PER SHARE life assets with strong econo
Slide 10: Track Record
16 NOVEMBER 2023 2023 ANNUAL GENERAL MEETING | 7 TRACK RETURN ON INVESTED CAPITAL AFTER TAX (ROIC) SINCE LISTING RECORD 60% 50% 40% 30% 4.2x INCREASE IN 20% ENTERPRISE 10% VALUE SINCE 2019 0% -10% 22% 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 AVERAGE ROIC 4 yr R
Slide 11: Growing Our Balance Sheet
16 NOVEMBER 2023 2023 ANNUAL GENERAL MEETING | 8 GROWING INVESTED CAPITAL HAS GROWN 4.1X OUR BALANCE SINCE 2018 Growth 6 SHEET Onslow Iron development 6,000 Bald Hill acquisition 5 PLANNED GROWTH • Stable Mining Services WHY WE BORROW 5,000 income/growth • Lithium expansion Business Growth 4 Growth
Slide 12: People & Wellbeing
9 PEOPLE & WELLBEING “GREAT LEADERSHIP CHARACTERISTICS NEED TO WORK TOGETHER IN HARMONY, INCLUDING HUMILITY, DETERMINATION AND EMOTIONAL INTELLIGENCE.” Andrea Chapman | Executive General Manager People
Slide 13: People and Diversity
16 NOVEMBER 2023 2023 ANNUAL GENERAL MEETING | 10 PEOPLE AND DIVERSITY MinRes workforce 7000+ Female representation 22% Career entry employees 369 Indigenous representation 3.5% Olivia Woodward | Manager People Logistics
Slide 14: Prioritising Safety
16 NOVEMBER 2023 2023 ANNUAL GENERAL MEETING | 11 PRIORITISING INJURY FREQUENCY RATES (INJURIES PER MILLION HOURS WORKED) SAFETY 10.00 1.00 8.00 0.80 Fatality during construction of Onslow Iron project 6.00 0.60 TRIFR LTIFR Total Recordable Injury Frequency Rate (TRIFR) 2.08 4.00 0.40 Workforce enga
Slide 15: Supporting Communities
16 NOVEMBER 2023 2023 ANNUAL GENERAL MEETING | 12 SUPPORTING COMMUNITIES Taxes and royalties paid $444M Australian supplier base 85% WA procurement spend $2.6bn Charitable organisations 123 supported Heath Nelson | General Manager Communities and Heritage
Slide 16: Indigenous Engagement
16 NOVEMBER 2023 2023 ANNUAL GENERAL MEETING | 13 INDIGENOUS ENGAGEMENT Focusing on cultural sensitivity and mutually-beneficial relationships Prioritising business partnerships that contribute to and share in our long- term success Supporting local community programs delivering positive health and
Slide 17: Environmental Responsibility
16 NOVEMBER 2023 2023 ANNUAL GENERAL MEETING | 14 ENVIRONMENTAL RESPONSIBILITY Land under rehabilitation 1217ha High-impact environmental 0 incidents Solar battery system commissioned at 2.1Mw Wonmunna Roadmap to net zero emissions by 2050 Neil Thompson | General Manager Exploration - Energy
Slide 18: Set for Growth
15 SET FOR GROWTH
Slide 19: Mining Services
16 MINING SERVICES “FOR ME, INTEGRITY IS IMPORTANT. IT MEANS YOU VALUE TREATING EVERYONE FAIRLY AND HONESTLY AT ALL TIMES. BE TRUSTWORTHY.” Mike Grey | Chief Executive Mining Services
Slide 20: Mining Services: Our Advantage
16 NOVEMBER 2023 2023 ANNUAL GENERAL MEETING | 17 MINING SERVICES: OUR ADVANTAGE CRUSHING AND PROCESSING PIT-TO-SHIP SUPPLY CHAIN PEOPLE LOGISTICS • Lower dust and noise emissions • Mine planning, technical • BOO camps and services, drill and blast accommodation • Rapid deployment — plug and play •
Slide 21: Mining Services Growth
16 NOVEMBER 2023 2023 ANNUAL GENERAL MEETING | 18 MINING MINING SERVICES VOLUME GROWTH SERVICES Third party projects GROWTH 600 +77% TO FY23 500 Onslow • Foundation of our business Stage 12 — currently operate 26 400 2.0 2.0 mines (external and internal) Lithium 1.8 1.8 growth 300 1.7 • Anticipated
Slide 22: Engineering & Construction
19 ENGINEERING & CONSTRUCTION “GOOD LEADERSHIP REQUIRES COLLABORATION, SUPPORT AND ALLOWING YOUR TEAM THE FREEDOM TO ACHIEVE.” Darren Killeen | Chief Executive Engineering & Construction
Slide 23: Building on Our Success
16 NOVEMBER 2023 2023 ANNUAL GENERAL MEETING | 20 BUILDING ON OUR SUCCESS In-house design, engineering and construction experience spanning 25+ years Delivering high value to clients through world-class innovation and services Expanding size and scope of fabrication workshops Rebecca Gordon | Lead C
Slide 24: Lithium
21 LITHIUM “OVER THE YEARS, MY DESIRE TO UNDERSTAND HOW THINGS WORKED CHANGED TO A DESIRE TO UNDERSTAND HOW PEOPLE WORK AND WHAT DRIVES THEM.” Joshua Thurlow | Chief Executive Lithium
Slide 25: Lithium: Growing Our Presence
16 NOVEMBER 2023 2023 ANNUAL GENERAL MEETING | 22 LITHIUM: GROWING OUR PRESENCE WODGINA MT MARION BALD HILL OWNERSHIP 50% Mineral Resources OWNERSHIP 50% Mineral Resources OWNERSHIP 100% Mineral Resources RESOURCE 217Mt Mineral Resource1 RESOURCE 65Mt Mineral Resource2 RESOURCE 26Mt Mineral Resource
Slide 26: Regional Consolidation Goldfields
16 NOVEMBER 2023 2023 ANNUAL GENERAL MEETING | 23 REGIONAL CONSOLIDATION GOLDFIELDS One of the world’s most prospective lithium regions • Acquire lithium rights • Leverage infrastructure • Add tonnes from near mine tenure STATE ROAD MT MARION JV ACQUISITION TENURE SPARGOVILLE JV NORSEMAN LITHIUM RIG
Slide 27: Lithium Planned Growth
16 NOVEMBER 2023 2023 ANNUAL GENERAL MEETING | 24 LITHIUM LITHIUM PRODUCTION GROWTH PLANNED GROWTH 1200 +183% TO FY23 Wodgina 1000 Train 44 • Anticipated significant Bald Hill3 SC6.0 Eq. Exports (kdmt) growth in the medium term 800 Mt Marion expansion Wodgina Train 32 • Material increase in Reserves
Slide 28: Lithium: Downstream
16 NOVEMBER 2023 2023 ANNUAL GENERAL MEETING | 25 LITHIUM: DOWNSTREAM UPSTREAM FOCUS (NOW) DOWNSTREAM - AUS (STUDYING) DOWNSTREAM - GLOBAL (STUDYING) • Spodumene sales • FEED study close to complete • Asia, US and Europe options explored • Toll treating • Mid-stream production explored • Discussion
Slide 29: Iron Ore
26 IRON ORE “BE GENUINE, CONSISTENT, TRANSPARENT AND HONEST. THESE ARE ALL FUNDAMENTAL FOR BUILDING TRUST THROUGHOUT OUR BUSINESS.” Chris Soccio | Chief Executive Iron Ore
Slide 30: Transition to Low Cost, Long Life
16 NOVEMBER 2023 2023 ANNUAL GENERAL MEETING | 27 TRANSITION TO LOW COST, LONG LIFE YILGARN HUB PILBARA HUB ONSLOW IRON SOUTH WEST CREEK • 100% MinRes owned • 100% MinRes owned • Under construction • South West Creek with • 60.3% MinRes owned3 Hancock/Roy Hill • Koolyanobbing and Parker • Iron Valle
Slide 31: Onslow Iron Progress
16 NOVEMBER 2023 2023 ANNUAL GENERAL MEETING | 28 ONSLOW IRON PROGRESS • Mine pre stripping and bulk earthworks under way Mine • Resort bulk earthworks progressing • Airport operational • Port-side haul road near complete • Private haul road construction Haul Road progressing well • Truck maintenanc
Slide 32: Iron Ore Planned Growth
16 NOVEMBER 2023 2023 ANNUAL GENERAL MEETING | 29 IRON ORE IRON ORE PRODUCTION GROWTH PLANNED GROWTH 45 40 +121% TO FY23 Onslow Stage 12 35 • Transition to low-cost, 30 long-life iron ore operations 25 20 15 10 • First ore targeted 5 June 2024 - FY21 FY22 FY23 FY24 1 RAMP-UP 1. Anticipated growth ba
Slide 33: Energy
30 ENERGY “AUTHENTICITY INSTILLS A SENSE OF TRUST. YOU CANNOT LEAD A TEAM IF PEOPLE DON’T BELIEVE YOUR MESSAGING.” Darren Hardy | Chief Executive Energy
Slide 34: Natural Gas Program: Perth Basin
16 NOVEMBER 2023 2023 ANNUAL GENERAL MEETING | 31 NATURAL GAS PROGRAM PERTH BASIN MAP AREA • ~7,300km2 • Four wells since 2021, three successful • High quality, clean natural gas ~3% CO2 • Located ~15km from WA's main gas pipeline • Targeting production in next 2-3 years ONSLOW IRON PROJECT MINRES E
Slide 35: Natural Gas Program: Carnarvon Basin
16 NOVEMBER 2023 2023 ANNUAL GENERAL MEETING | 32 NATURAL GAS PROGRAM MAP AREA CARNARVON BASIN • ~17,500km2 • Adjacent to Chevron gas fields — highly prospective • 2D and 3D seismic this financial year • Targeting two wells within two years ONSLOW IRON PROJECT MINRES ENERGY PERMIT MINRES IRON ORE PE
Slide 36: Gas Program Development
16 NOVEMBER 2023 2023 ANNUAL GENERAL MEETING | 33 GAS PROGRAM DEVELOPMENT GAS DEVELOPMENT TIMELINE Indicative, subject to approvals and rig availability EXPLORATION • Perth Basin — additional FY24 FY25 FY26 prospective targets • Red Gully well 3 WELLS • Carnarvon Basin — Seismic 2 WELLS PRODUCTION 1
Slide 37: Onshore Domgas Requirement
16 NOVEMBER 2023 2023 ANNUAL GENERAL MEETING | 34 ONSHORE AUSTRALIAN ENERGY MARKET OPERATOR BASE CASE DOMGAS +15% DOMGAS 2026 - 2030, 100% DOMGAS 2030+ REQUIREMENT 1400 STIFLING 1300 INVESTMENT 1200 1100 Stifles investment in additional future 1000 production 900 Increases likelihood 800 2023 2024 2
Slide 38: Foundations for Delivery
16 NOVEMBER 2023 2023 ANNUAL GENERAL MEETING | 35 FOUNDATIONS FOR DELIVERY OPERATIONAL EXCELLENCE MAJOR GROWTH PROJECTS BALANCE SHEET GROWTH COMMITTED TO WORLD CLASS ASSETS DISCIPLINED FINANCIAL SUSTAINABLE BUSINESS Operating in ethical MANAGEMENT Continuous improvement jurisdictions Continuous focu
Slide 39: Disclaimer and Important Notices
16 NOVEMBER 2023 2023 ANNUAL GENERAL MEETING | 36 DISCLAIMER AND IMPORTANT NOTICES This presentation should not be considered as an offer or invitation to subscribe for or These forward-looking statements are based on expectations as at the date of this purchase any securities in Mineral Resources L
Slide 40: Investor Relations
INVESTOR RELATIONS Chris Chong Investor Relations Manager T: +61 8 9315 0213 E: chris.chong@mrl.com.au OFFICE: 20 Walters Drive, Osborne Park, WA 6017 POSTAL: Locked Bag 13, Osborne Park DC, WA 6916 P: +61 8 9329 3600 ASXMIN
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