Mineral Resources Limited · ASX:MIN
Mineral Resources — FY2025 Earnings Presentation
51 slides from Mineral Resources's earnings presentation, Aug 28, 2025
Slide 1: FY25 Full Year Results
FY25 FULL YEAR RESULTS 27 August 2025 ASXMIN
Slide 2: Disclaimer and Important Notices
DISCLAIMER AND IMPORTANT NOTICES This presentation should not be considered as an offer or invitation to subscribe for or purchase Forward looking statements any securities in Mineral Resources Limited and its subsidiaries (“MinRes” or “Company”) or as an This presentation contains forecasts and for
Slide 3: FY25 Summary
FY25 SUMMARY MINING SERVICES AND INFRASTRUCTURE $737M EBITDA – up 34% pcp Onslow Iron progress laying foundations for Record production volumes growth and balance sheet strength Three new contracts Six renewals $4.5bn REVENUE 1H: $2.3bn 2H: $2.2bn Strong Onslow Iron ramp-up towards 35Mtpa nameplate
Slide 4: Our Vision and Values
OUR VISION Shaping our future growth and behaviours that will drive AND VALUES sustained success for our people and stakeholders OUR VISION AND VALUES OUR VISION: CARE We’re committed to the safety and wellbeing of our people, MINRES WILL BE THE GLOBAL LEADER IN INNOVATIVE genuine partnership with c
Slide 5: Our Strategy
OUR STRATEGY UNIQUE BUSINESS MODEL Progress our vision to be the leading resources MINRES INTERNAL CAPABILITY project developer with long-term quality mining 1. Unlocks innovative resources projects 2. Earns equity in commodity assets services and infrastructure earnings 3. Secures non-cyclical annu
Slide 6: FY25 People
FY25 PEOPLE TOTAL RECORDABLE INJURY Committed to making MinRes a safe and supportive FREQUENCY RATE (TRIFR) place to work PER MILLION HOURS WORKED SAFETY 4 Increase impacted 3.71 • TRIFR impacted by intensive by Onslow Iron construction activity at Onslow Iron 3.5 construction workforce • TRIFR expe
Slide 7: FY25 Sustainability
FY25 SUSTAINABILITY Prioritising responsible operations and supporting stronger communities ENVIRONMENT SOCIAL $6 million+ contributed to more than Decarbonisation fund launched – 100 corporate partners and community incentivising low-carbon projects organisations ~23% reduction in Scope 1 and 2 min
Slide 8: MinRes Board
MINRES BOARD Recent appointments • Malcolm Bundey (Chair from 1 July 2025) • Lawrie Tremaine (7 July 2025) Malcolm Bundey Chris Ellison MNZM Xi Xi Zimi Meka • Ross Carroll (7 July 2025) Independent Managing Director Independent Independent Non-Executive Chair Appointed: Feb 2006 Non-Executive Direct
Slide 9: Corporate Governance
CORPORATE GOVERNANCE Refreshed Board and strengthened governance to support long-term sustainable growth BOARD RENEWAL AND RELATED PARTY GOVERNANCE UPLIFT SUCCESSION PLANNING TRANSACTIONS • Committed to strong Board • King & Wood Mallesons reviewing • Leased properties independence governance framew
Slide 10: Financial Review
FY25 FULL YEAR RESULTS FINANCIAL REVIEW
Slide 11: FY25 Underlying Profit and Loss
FY25 UNDERLYING PROFIT $4.5bn AND LOSS REVENUE 15% pcp UNDERLYING PROFIT AND LOSS ($M) FY25 FY24 VARIANCE VARIANCE % UNDERLYING Revenue 4,472 5,278 (806) (15%) $0.9bn 15% pcp EBITDA Underlying EBITDA 901 1,057 (156) (15%) Mining Services 737 550 187 34% • Record Mining Services earnings Iron Ore 252
Slide 12: Impairments Excluded from Underlying Results
IMPAIRMENTS BALD HILL EXCLUDED FROM • • Transitioned to C&M in 1H25 Idle asset status, resulting in impairment UNDERLYING RESULTS 1 RDG • Voluntary administrators appointed to RDG PRE-TAX IMPAIRMENT ($M) 1H25 2H25 FY25 • MinRes holds 64.31% of the issued shares in RDG • Focused on obtaining best out
Slide 13: FY25 Underlying EBITDA Reconciliation
FY25 UNDERLYING EBITDA RECONCILIATION UNDERLYING EBITDA RECONCILIATION ($M) MOVEMENT TOTAL COMMENTARY FY24 Underlying EBITDA 1,057 Lithium volume and FOB Cost (76) FOB Cost impacted by lower recoveries and write-down of low-grade stockpiles at Mt Marion Iron Ore volume and FOB Cost 30 Onslow ramp-up
Slide 14: FY25 Cash Flow
FY25 CASH CASH FLOW ($M) FY25 FY24 VARIANCE FLOW Underlying EBITDA 901 1,057 (156) Movement in working capital - Onslow carry loan receivable1 (291) (417) 126 $1.9bn CAPEX OUTFLOW - Other working capital Operating cash flow before interest and tax (637) (27) 1,269 1,909 (1,906) (1,936) Net interest
Slide 15: FY25 Capex
FY25 CAPEX Disclosed on a similar basis as FY26 Capex guidance for comparative purposes1 RESOURCE SUSTAINING DEVELOPMENT CAPEX2 ($M) GROWTH DEFERRED FY25 COMMENTS AND OTHER EXPLORATION STRIP Growth: spend in 1H25 to progress underground development, which has Mt Marion 24 13 70 16 123 since been def
Slide 16: FY25 Balance Sheet
FY25 BALANCE SHEET ($M) FY25 FY24 VARIANCE BALANCE Inventories 586 607 (21) Trade and other receivables1 840 1,027 (187) SHEET Trade and other payables2 (1,225) (1,784) 559 Other (237) (313) 77 Net working capital (35) (463) 427 Financial assets and equity accounted investments 184 249 (65) $0.4bn C
Slide 17: FY25 Net Debt Waterfall
FY25 NET DEBT WATERFALL Net cash from operating activities1 Net investing activities2 = ($475M) = ($174M) (3,000) (3,500) (4,000) Carry loan (291) (4,500) (4,428) 901 (928) Exploration (92) $ million (5,000) (453) 5 Sustaining (408) (390) (46) (5,500) (76) (5,349) (149) Growth (1,408) (6,000) (6,500
Slide 18: Balance Sheet Considerations
BALANCE SHEET HIGH QUALITY MINING SERVICES EARNINGS CONSIDERATIONS • Annuity-like revenue streams • Long-life order book from life-of-mine contracts • High quality relationships with blue-chip clients • Onslow underpins mining services growth CREDIT METRICS FY25 FY24 Cash $0.4bn $0.9bn TRANSFORMED I
Slide 19: Debt Maturity Profile and Overview
DEBT MATURITY DEBT MATURITY PROFILE1 PROFILE AND 2.0 $800M RCF due Jun-27 OVERVIEW 1.8 US$625M due May-30 US$1,100M due Oct-28 1.6 US$625M due Nov-27 CAPITAL MANAGEMENT OVERVIEW US$700M due May-27 1.4 • Strong liquidity in excess of $1.1bn • No significant maturities prior to mid-2027 1.2 • Supporti
Slide 20: Capital Allocation Framework
CAPITAL ALLOCATION EXCESS CASH FRAMEWORK PRIORITIES ORGANIC GROWTH > 20% ROIC Key focus of refreshed Board: STRONG BALANCE SHEET Long term < 2.0x Debt/EBITDA • Financial policies and target capital Actively recycling capital structure INORGANIC GROWTH > 20% ROIC • Allocation of priorities and growth
Slide 21: FY26 Guidance
FY26 GUIDANCE IRON ORE LITHIUM ONSLOW IRON PILBARA HUB MT MARION WODGINA MinRes Share 57%1 100% 51%2 50% Spodumene Spodumene Product All Fines 25% Lump Grade 4.1% Grade 5.5% Volume 17.1 to 18.8Mt 160 to 180k dmt 220 to 240k dmt 9.0 to 10.0Mt (attributable basis) (30.0 to 33.0Mt; 100% Basis) (SC6 equ
Slide 22: FY26 Capex Guidance
FY26 CAPEX GUIDANCE SUSTAINING RESOURCE CAPEX1 ($M) GROWTH DEVELOPMENT DEFERRED FY26 COMMENTS AND EXPLORATION OTHER STRIP Mt Marion 5 5 30 10 50 Deferred stripping significantly reduced based on optimised mine plan Wodgina - 5 95 30 130 Advancing Stage 3 pit. Sustaining Other primarily Tailings Stor
Slide 23: Operational Overview and Outlook
FY25 FULL YEAR RESULTS OPERATIONAL OVERVIEW AND OUTLOOK
Slide 24: Mining Services FY25
MINING SERVICES FY25 Stable growth engine underpinned by record volumes and Onslow Iron delivery CRUSHING AND MARINE AND HIGHLIGHTS MINING SERVICES TRANSPORTATION PROCESSING PORT HANDLING WORLD’S LEADING LEADING OPERATOR LARGEST AUSTRALIAN- RECORD PRODUCTION OPEN PIT FULL-SERVICE CRUSHING OF JUMBO R
Slide 25: Mining Services Outlook
MINING Onslow Iron accelerates growth SERVICES $800M 2.2 $2.5/t OUTLOOK $700M 1.9 1.9 1.9 2.1 $2.0/t Strong recurring earnings $600M 1.7 1.7 growth accelerated by $500M Onslow Iron $1.5/t EBITDA $400M Innovative build, own, operate mining services business in $1.0/t $300M strong growth period $200M
Slide 26: Mining Services Outlook
MINING SERVICES OUTLOOK Proven performance and long-term partnerships are driving sustainable growth ORDER BOOK BY FY26 VOLUME GUIDANCE LENGTH OF CONTRACT1 305 – 325 Mt 5% 8% 18% 86% 82% 1 – 5 yrs 11 - 15 yrs Internal 6 - 10 yrs >15 yrs Third party negotiated Only two contracts lost to competitors o
Slide 27: Mining Services Innovation
MINING SERVICES INNOVATION CRUSHING AND PROCESSING Track record of industry-leading innovation for MinRes and external clients • NextGen3 modular crushers • Up to 15Mtpa and studying new designs • 29 plants JUMBO ROAD TRAINS NEXTGEN 2 First road train to Modular crushing plant HAULAGE 2015 exceed 32
Slide 28: Engineering & Construction
ENGINEERING & ONSLOW IRON HAUL ROAD CONSTRUCTION PROGRESS1 CONSTRUCTION In-house expertise provides unmatched speed, control and cost efficiency FY26 CONSTRUCTION PROJECTS • Haul Road upgrade to be completed mid-September • Onslow Iron satellite deposit infrastructure – Upper Cane • Lamb Creek devel
Slide 29: Iron Ore FY25
IRON ORE FY25 Onslow Iron ramp-up and Yilgarn sale have supported our transition to lower-cost, longer-life operations ONSLOW IRON PILBARA HUB YILGARN HUB First full year of production Shipped Shipped 16M wmt (100%) 9.7Mt 2.4Mt Shipped FOB Cost Production ceased 14M wmt (100%), 8M wmt (57%) $76/wmt
Slide 30: Onslow Iron Outlook
ONSLOW IRON MONTHLY SHIPPING RAMP-UP ONSLOW IRON ~35Mtpa run-rate OUTLOOK 3.0Mt in August1 Achieved 35Mtpa nameplate 2.6Mt capacity in Q1 FY26 2.5Mt FY26 guidance 2.0Mt • 30.0-33.0Mt (100%) • FOB Cost of $54-59/wmt Cyclone season 1.5Mt Transhipper 6 expected commissioning June 2026 – 1.0Mt increases
Slide 31: Onslow Iron Earnings
ONSLOW IRON MINRES ATTRIBUTABLE 57% EBITDA SENSITIVITY (A$M) EARNINGS $1,800M $1,600M 1,162 Expected to generate significant $1,400M 1,053 free cash flow through the cycle 945 $1,200M 836 727 KEY ASSUMPTIONS $1,000M Target shipped – 35Mtpa $800M MineCo CFR breakeven4 $600M Target FOB Cost – $49/wmt
Slide 32: Pilbara Hub Outlook
PILBARA HUB OUTLOOK Maiden Reserve demonstrates ongoing mine life LAMB CREEK DEVELOPMENT • Incorporated into supply chain to blend with Iron Valley • Supports 10Mtpa for next five years at similar cost profile • Construction expected Q2 FY26 – target first ore Q3 FY26 ESTIMATED CAPITAL EXPENDITURE O
Slide 33: Lithium FY25
LITHIUM FY25 Focus on reducing cost and optimising performance to navigate challenging price environment MT MARION WODGINA BALD HILL Shipped Shipped Shipped 203k dmt SC6 eq 214k dmt SC6 eq 60k dmt SC6 eq 7% pcp 6% pcp FOB Cost FOB Cost Care and maintenance $902/dmt SC6 eq $849/dmt SC6 eq November 20
Slide 34: Lithium Mt Marion Outlook
LITHIUM MT MARION OUTLOOK Optimising mine plan to lower costs and maintain operational flexibility FY26 PRIORITIES FY26 GUIDANCE RECOVERY TARGETS Volume k dmt SC6 Flotation • Flotation study well advanced – 200 (16%) circuit to improve recoveries and 203kt 80% SC5-only 3.5% optionality to produce a
Slide 35: Lithium Wodgina Outlook
LITHIUM WODGINA OUTLOOK Ongoing optimisation expected to see recoveries improve, strip ratio fall, and costs reduce FY26 PRIORITIES FY26 GUIDANCE RECOVERY TARGETS Volume k dmt SC6 Plant • Continued pit development 300 Improvements through second half of FY26 for 7% 80% Consistent 3.5% 200 240kt fres
Slide 36: Energy FY25
ENERGY FY25 Delivering value from exploration success REALISING VALUE Strategic transaction with Hancock for Perth and Carnarvon basin assets • $780M cash from 100% sale of Lockyer and North Erregulla gas discoveries • 50/50 joint venture for remaining exploration tenements FURTHER POTENTIAL VALUE A
Slide 37: Energy Outlook
ENERGY OUTLOOK Advancing exploration program in highly prospective WA basins PERTH BASIN | 5,500km2 landholding over six tenements • Appraising Lockyer 6 and Erregulla oil linked to Hancock transaction (up to $94M consideration) • Planning three gas exploration wells in FY26 o Gingin Brook-1, Ventou
Slide 38: Business Priorities
BUSINESS PRIORITIES Building a stronger and more resilient business GOVERNANCE BALANCE SHEET OPERATIONS Disciplined financial Operate Onslow Iron Board renewal management at 35Mtpa Delever to target leverage Managing costs and quality Succession planning < 2.0x EBITDA across the business Capital all
Slide 39: Appendix
FY25 FULL YEAR RESULTS APPENDIX
Slide 40: Company Snapshot
COMPANY SNAPSHOT A leading diversified resources company with extensive operations in mining services and commodities across Western Australia MINING SERVICES Innovative pit-to-ship mining services, capital infrastructure and operational expertise ENGINEERING AND CONSTRUCTION In-house design, engine
Slide 41: FY25 Reconciliation of Non-IFRS Information
FY25 RECONCILIATION OF NON-IFRS INFORMATION FY25 FY24 RECONCILIATION OF NON-IFRS FINANCIAL INFORMATION ($M) Tax (expense) Tax (expense) PBT1 NPAT2 PBT1 NPAT2 /benefit2 /benefit2 Underlying results (170) 58 (112) 225 (67) 158 Items excluded from underlying results1: Impairment charges (806) 174 (632)
Slide 42: FY25 Capex
FY25 CAPEX Stated on same basis as initial FY25 Capex guidance RESOURCE CAPEX1 ($M) GROWTH DEVELOPMENT SUSTAINING FY25 COMMENTS AND EXPLORATION Lithium 61 19 259 339 Sustaining includes deferred strip of $221M Growth includes capitalised operating costs during ramp up of Iron Ore 128 19 120 267 $126
Slide 43: FY25 Operating Segments
FY25 FY24 FY25 OPERATING Underlying Underlying Revenue Margin D&A Revenue Margin D&A SEGMENTS ($M) EBITDA EBITDA OPERATING Mining Services 3,297 737 22% (405) 3,380 550 16% (219) SEGMENTS Iron Ore1 2,334 252 11% (157) 2,578 394 15% (198) • Mining Services growth driven by Onslow ramp-up Lithium2 601
Slide 44: Mining Services Performance
1H25 2H25 FY25 1H24 2H24 FY24 Production Tonnes1 Mwmt 136 144 280 139 130 269 MINING Road Trust Tonnes2 Mwmt 3.6 9.5 13.0 - - - SERVICES PERFORMANCE Revenue $M 1,716 1,581 3,297 1,452 1,928 3,380 Production Underlying EBITDA $M 350 276 626 262 292 555 • FY25 Production and Road Trust Construction Un
Slide 45: Iron Ore Onslow
ONSLOW (Attributable basis, unless otherwise indicated. Attributable volumes are UNITS 1H25 2H25 FY25 1H24 2H24 FY24 expected to average at MinRes’ 57% direct equity share over the life of the project)1 TMM2 (100%) Mwmt 29.0 26.2 55.2 5.2 21.9 27.2 Ore mined (100%) kwmt 9,494 13,730 23,223 - 868 868
Slide 46: Pilbara Hub
PILBARA HUB (100% attributable basis, unless UNITS 1H25 2H25 FY25 1H24 2H24 FY24 otherwise indicated) TMM Mwmt 22.0 20.1 42.1 21.4 17.2 38.6 Ore mined kwmt 5,551 5,427 10,978 5,277 4,478 9,755 Produced kwmt 5,183 5,278 10,461 5,307 4,229 9,536 IRON ORE PILBARA HUB Shipped kwmt 4,884 4,809 9,693 4,98
Slide 47: Mt Marion
MT MARION1 (50% attributable basis, unless UNITS 1H25 2H25 FY25 1H24 2H24 FY24 otherwise indicated) TMM (100%) M wmt 17.7 16.0 33.7 24.6 20.4 45.0 LITHIUM Ore mined (100%) k dmt 1,306 1,685 2,991 2,048 1,792 3,840 Produced k dmt 125 132 257 147 181 328 MT MARION Shipped SC6 k dmt 100 103 203 99 119
Slide 48: Wodgina
WODGINA1 (50% attributable basis from 18 October UNITS 1H25 2H25 FY25 1H24 2H24 FY24 2023, unless otherwise indicated) TMM (100%) M wmt 19.1 20.8 39.9 24.2 24.1 48.3 Ore mined (100%) k dmt 2,358 2,261 4,619 1,910 2,453 4,363 LITHIUM Produced k dmt 105 146 251 101 111 212 Total Spodumene Shipped SC6
Slide 49: Bond Overview
BOND OVERVIEW $110.0 TRADING LEVELS1 Liberation Day prompts market sell-off $105.0 $104.44 $103.57 $101.66 $100.0 $100.13 $95.0 $90.0 $85.0 Oct-23 Jan-24 Apr-24 Jul-24 Nov-24 Feb-25 May-25 Aug-25 8.125% Notes Due May-27 8.000% Notes Due Nov-27 9.250% Notes Due Oct-28 8.500% Notes Due May-30 SIZE (US
Slide 50: Glossary of Terms
GLOSSARY OF TERMS 1H, 2H, FY First half, second half, full year LTIFR Lost time injury frequency rate as a 12-month rolling average $ Australian dollar M Million US$ United States dollar MSIP Morgan Stanley Infrastructure Partners bn Billion Net debt/(cash) Gross debt less cash and cash equivalents
Slide 51: OFFICE: 20 Walters Drive, Osborne Park, WA 6017 POSTAL: Locked Bag 13,
OFFICE: 20 Walters Drive, Osborne Park, WA 6017 POSTAL: Locked Bag 13, Osborne Park DC, WA 6916 P +61 8 9329 3600 www.mineralresources.com.au