Mineral Resources Limited · ASX:MIN
Mineral Resources — FY2026 Earnings Presentation
46 slides from Mineral Resources's earnings presentation, Aug 27, 2026
Slide 1: FY26 Full Year Results
FY26 FULL YEAR RESULTS 27 August 2026 | 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 any exchange rates. These forward-looking statements are based on expectations as at the date of this securities in Mineral Resources Limited and its subsidiaries (“MinR
Slide 3: FY26 Record Year
FY26 RECORD YEAR MinRes posts record financial results and reinstates dividends RECORD RECORD REVENUE UNDERLYING EBITDA RETURN TO PROFIT FREE CASH FLOW STRONG FULLY FRANKED FULL YEAR DIVIDEND $6.5B $2.6B $0.8B $0.8B BALANCE SHEET 44% pcp 183% pcp $0.9B pcp 141% pcp Net Debt/ Underlying EBITDA 1.7x $
Slide 4: 20 Years on the ASX
20 YEARS ON THE ASX Mining Services drives growth and enables transition to higher-quality assets – now delivering record earnings A STEP UNDERLYING EBITDA BY SEGMENT1 ($B) CHANGE IN SCALE AND 2.5 Iron Ore Lithium SC6 averaged averaged PORTFOLIO US$155/t US$5,300/t QUALITY Lithium SC6 2.0 Onslow ave
Slide 5: 20 Years Annualised TSR
20 YEARS ANNUALISED TSR MinRes’ vertically integrated operating model has delivered superior total shareholder returns (TSR) since listing MINRES ANNUALISED TSR SINCE LISTING VS CURRENT ASX200 PEERS (% P.A)1 26.3% TSR UP 100x SINCE LISTING 10.2% 10.7% 8.8% MIN-AU Mining services Iron ore Lithium pee
Slide 6: Our Vision and Values
VISION AND VALUES OUR VISION OUR VISION: AND VALUES MINRES WILL BE THE GLOBAL LEADER IN INNOVATIVE RESOURCE PROJECT DESIGN, DELIVERY AND OPERATION CARE MinRes’ vision and values guide our decision-making and outline the behaviours that shape our culture UNITY INTEGRITY and encourage positive relatio
Slide 7: Integrated Business Model: Pace, Execution and Capital Efficiency
INTEGRATED BUSINESS MODEL: PACE, EXECUTION AND CAPITAL EFFICIENCY Mining Services underpins our growth strategy, enabling innovative, high-return projects and Tier 1 partnerships FY26 FULL YEAR RESULTS | 7
Slide 8: Our Strategy
OUR STRATEGY Leverage our unique capabilities to optimise existing assets, grow where we can win and deliver superior returns FY26 FULL YEAR RESULTS | 8
Slide 9: FY26 Capital Allocation
FY26 CAPITAL ALLOCATION Disciplined capital allocation and balance sheet strength enable the recommencement of dividends CAPITAL ALLOCATION FRAMEWORK FY26 OUTCOMES PRIORITIES STRONG BALANCE SHEET OPTIMISING DEBT POSITION SUSTAINING CAPITAL Strong free cash flow generation delivering Bonds refinanced
Slide 10: FY26 ESG
FY26 ESG Significant progress made to deliver long-term, sustainable value for our stakeholders ENVIRONMENT SOCIAL GOVERNANCE TRIFR 7.07 under the Target site new Injury and Illness Four new NEDs – deep Environmental Health, safety Board environmental KPIs Classification industry and financial stewa
Slide 11: FY27 Priorities
FY27 PRIORITIES Growing a strong and more resilient business for our shareholders OPTIMISE AND GROW BALANCE SHEET GOVERNANCE AND SUCCESSION • Achieve FY27 guidance safely • Disciplined financial management • Ongoing COO and leadership development • Continue expanding mining services • Ongoing organi
Slide 12: FY27 Guidance
FY27 GUIDANCE Growing volumes across every operating division – Mining Services, Iron Ore and Lithium IRON ORE LITHIUM Note: Mt Marion and Wodgina volumes based on current MinRes 50% share. POSCO transaction will reduce volume share by 30% at completion.1 ONSLOW IRON PILBARA HUB WODGINA MT MARION BA
Slide 13: FY27 Capex Guidance
FY27 CAPEX GUIDANCE Brownfield-led capital program: maximising returns from existing assets whilst building portfolio resilience Note: Mt Marion and Wodgina capex based on current MinRes 50% share. POSCO transaction will reduce capex share from 50% to 35% at completion.1 RESOURCE SUSTAINING CAPEX2 (
Slide 14: Financial Review
i FY26 Full Year Results FINANCIA REVIEW 2c. ON THE ASX 2006 - 2026
Slide 15: FY26 Profit and Loss
FY26 PROFIT PROFIT AND LOSS ($M) FY26 FY25 VARIANCE VARIANCE % AND LOSS REVENUE 6,461 4,472 1,989 44% Record earnings with strong UNDERLYING EBITDA 2,551 901 1,650 183% performance across all three D&A (928) (758) (170) (22%) key pillars UNDERLYING EBIT 1,623 143 1,480 1,033% REVENUE UNDERLYING EBIT
Slide 16: FY26 Operating Segments
FY26 OPERATING SEGMENTS ($M) MINING SERVICES IRON ORE1 LITHIUM2 OTHER3 CENTRAL INTERSEGMENT4 MINRES GROUP OPERATING FY26 SEGMENTS Revenue Underlying EBITDA 3,113 976 3,592 1,001 1,312 771 62 (14) (189) 4 (1,622) 6 6,461 2,551 Diversified portfolio with higher EBITDA margin 31% 28% 59% (23%) - - 39%
Slide 17: FY26 Underlying EBITDA Analysis
FY26 UNDERLYING EBITDA ANALYSIS Record result driven by strong operational delivery, supplemented by commodity price tailwinds MOVEMENT TOTAL UNDERLYING EBITDA RECONCILIATION ($M) COMMENTARY ($M) ($M) FY25 UNDERLYING EBITDA 901 Lithium volume and FOB cost 292 Higher sales volumes and lower FOB costs
Slide 18: FY26 Cash Flow
FY26 CASH CASH FLOW ($M) FY26 FY25 VARIANCE FLOW UNDERLYING EBITDA Movement in working capital 2,551 901 1,650 Strong free cash flow and cash Onslow carry loan receivable1 430 (291) 721 conversion Repayment of Iron Ore Prepayment (608) (57) (551) Other working capital 54 (580) 634 FREE CASH OPERATIN
Slide 19: FY26 Capex
FY26 CAPEX Delivered in line with guidance SUSTAINING RESOURCE CAPEX ($M) GROWTH DEVELOPMENT DEFERRED FY26 COMMENTS AND EXPLORATION OTHER STRIP Onslow Iron 370 - - - 370 Haul road upgrades, expansion of transhipping and haulage fleet Other contracts 70 - - 117 187 Crushing equipment and mobile fleet
Slide 20: FY26 Balance Sheet
FY26 BALANCE SHEET A materially strengthened balance sheet underpinned by Onslow Iron's ramp-up, disciplined capital allocation and record-low-cost refinancing FY26 FY25 DEBT MATURITY PROFILE (A$B)1 NET DEBT/UNDERLYING EBITDA (x) 1.2 Expected to be redeemed CASH $1.6B $0.4B with proceeds from 8.0 PO
Slide 21: FY26 Net Debt Waterfall
FY26 NET DEBT WATERFALL Net debt significantly reduced by strong operating free cash flow Free cash flow - $849M (6,000) (5,500) (5,350) 2,551 (5,000) (111) 398 (1,111) (4,500) (54) (4,267) $ MILLION (4,000) (3,500) (124) (348) 5 (3,000) (422) 299 (2,500) Net cash from operating activities1 - $2,084
Slide 22: Operations Review
} YEARS ON THE ASX 2006 - 2026
Slide 23: Mining Services Overview
MINING SERVICES OVERVIEW Vertically integrated model delivering record volumes and earnings growth HIGHLIGHTS HAULAGE • Record production FY26 volume 341Mt • Leading operator of jumbo road trains • Record FY26 Underlying EBITDA $976M 32% pcp • 203 jumbo road trains – 55 deployed • Third-party contra
Slide 24: Mining Services Engineering and Construction
MINING SERVICES ENGINEERING AND CONSTRUCTION Harnessing decades of experience to deliver projects with unmatched speed, control and cost efficiency FY26 ACHIEVEMENTS • Onslow Iron – full delivery • Lamb Creek – first shipped ore three months after breaking ground • Wodgina – completed Tailings Stora
Slide 25: Mining Services Production Outlook
MINING SERVICES PRODUCTION OUTLOOK Set for further growth on the back of high-quality projects and strong client relationships PRODUCTION ORDER BOOK BY PRODUCTION ORDER BOOK FY27 VOLUME GUIDANCE2 REMAINING CONTRACT TERM1 BY COMMODITY1 370 – 390Mt Long term build-own-operate contracts One of Australi
Slide 26: Mining Services Premium Business
MINING SERVICES PREMIUM BUSINESS The engine room of the business, proven at scale with strong free cash flow Indicative EBITDA Strong Free Cash Flow with based on FY27 long run sustaining capex guidance at long $1.0B run EBITDA target $2.5/t target of $0.35-0.40/t. Majority 2.2 $2/t1 of assets are i
Slide 27: Iron Ore Overview
IRON ORE OVERVIEW Onslow Iron delivering significant cash at scale – 38Mtpa run-rate achieved and unlocking the West Pilbara region ONSLOW IRON SHIPPED (ATTRIBUTABLE) FOB COST RUN-RATE Resource of 744Mt and Reserve of 19.7M wmt $52/wmt 38Mtpa 359Mt (March 2025)1 146% pcp 17% pcp achieved in Q4 FY26
Slide 28: Iron Ore FY27 Earnings Potential
IRON ORE FY27 IRON ORE UNDERLYING EBITDA EARNINGS POTENTIAL 1.2 SENSITIVITY (A$B)5 Indicative Underlying EBITDA scenario assuming midpoint FY27 volume and cost guidance 1.0 ONSLOW PILBARA KEY ASSUMPTIONS UNITS IRON HUB 0.8 Attributable interest % 57 100 0.6 $1.1B Volumes1 Mt 20.9 10.5 $1.0B Realisat
Slide 29: Lithium Overview
LITHIUM OVERVIEW Optimising brownfield operations with high-return growth options WODGINA SALES (ATTRIBUTABLE) FOB COST THREE TRAINS Resource of 217Mt and Reserve of 165Mt at 317k dmt SC6 $738/ dmt SC6 design capacity of 250ktpa SC6 per train 1.2% Li2O (June 2023)1 48% pcp 13% pcp at 65% recovery MT
Slide 30: Lithium FY27 Earnings Potential
LITHIUM FY27 LITHIUM UNDERLYING EBITDA EARNINGS POTENTIAL 2.5 SENSITIVITY (A$B)1,6 Attributable Underlying EBITDA scenario assuming midpoint FY27 volume and cost guidance 2.0 KEY MT BALD UNITS WODGINA ASSUMPTIONS MARION HILL Attributable 1.5 % 50 512 100 interest1 Volumes3 k dmt SC6 375 220 110 $2.2
Slide 31: Lithium Wodgina Outlook
LITHIUM WODGINA OUTLOOK Stage 3 clean ore from Q2 FY27 enabling consistent recoveries FY27 PRIORITIES FY27 GUIDANCE RECOVERY TARGETS • Running three trains in FY27 Volume (k dmt SC6) Clean ore from Q2 FY27 360-390 expected to improve recoveries • Inventory build of medium-grade 400 ore as Stage 3 de
Slide 32: Lithium Mt Marion Outlook
LITHIUM MT MARION OUTLOOK A transition year to flotation and underground mining FY27 PRIORITIES FY27 GUIDANCE RECOVERY TARGETS • Strip ratio peaks at 17:1 with Volume (k dmt SC6) Flotation in combination with commencement of the next cut Lower volumes from underground ore enables 400 lower recoverie
Slide 33: Lithium Mt Marion Flotation
LITHIUM MT MARION FLOTATION Procurement activities and early works for construction of the flotation plant is well progressed FY26 FY27 FY28 COMMISSIONING AND FID (MAY 2026) CONSTRUCTION AND DEVELOPMENT RAMP-UP Grinding and Fine Screening Concentrate dewatering Water Deslime and Treatment Magnetic S
Slide 34: Lithium Mt Marion Underground
LITHIUM MT MARION UNDERGROUND Underground supports mine life by providing access to additional resources below existing open pits FY26 FY27 FY28 FID (MAY 2026) CONSTRUCTION AND DEVELOPMENT PRODUCTION RAMP-UP Macmahon appointed underground mining contractor Underground stoping to provide up to 40% of
Slide 35: Lithium Bald Hill Outlook
LITHIUM BALD HILL OUTLOOK Ramp-up to full capacity from Q2 FY27 and studying expansion options FY27 PRIORITIES FY27 GUIDANCE • Ramp-up to full capacity of Volume (k dmt SC6) 140k dmt SC6 in Q2 FY27 150 100-120 100 Care and • Drilling campaign planned over maintenance, next 12 months along with 50 re
Slide 36: Energy Outlook
ENERGY OUTLOOK Advancing a conventional gas exploration program in some of the most prospective onshore acreage in Western Australia PERTH BASIN CARNARVON BASIN 5,500km2 landholding 17,500km2 landholding over six tenements • Gas exploration program • Gas exploration program targeting two wells in 1H
Slide 37: Our Investment Proposition
OUR INVESTMENT PROPOSITION World-class mining services business In-house engineering and construction capability Culture of innovation Strong partnerships and clients Diversified portfolio of high-quality assets FY26 FULL YEAR RESULTS | 37
Slide 38: Appendix
FY26 Full Year Results
Slide 39: FY26 Reconciliation of Non-IFRS Information
FY26 RECONCILIATION OF NON-IFRS INFORMATION FY25 FY26 RECONCILIATION OF NON-IFRS FINANCIAL INFORMATION ($M) Tax (expense) Tax (expense) PBT2 NPAT2 PBT NPAT /benefit2 /benefit UNDERLYING RESULTS (170) 58 (112) 1,150 (328) 822 Items excluded from underlying results1: Impairment charges (806) 174 (632)
Slide 40: Mining Services Performance
MINING UNITS 1H25 2H25 FY25 1H26 2H26 FY26 SERVICES PRODUCTION TONNES1 Mwmt 136 144 280 166 174 341 PERFORMANCE Road Trust tonnes2 Mwmt 3.6 9.4 13.0 17.5 16.9 34.4 REVENUE $M 1,716 1,581 3,297 1,542 1,571 3,113 • Record production tonnes of 341Mwmt, up 22% pcp PRODUCTION UNDERLYING EBITDA $M 350 276
Slide 41: Iron Ore Onslow
IRON ORE UNITS 1H25 2H25 FY25 1H26 2H26 FY26 ONSLOW ONSLOW IRON TMM (100%) (Attributable basis, unless otherwise indicated. Volumes are expected to average at MinRes’ 57% direct equity share over the life of the project)1 Mwmt 29.0 26.2 55.2 28.1 33.6 61.7 • Onslow Iron achieved its 35Mtpa Ore mined
Slide 42: Iron Ore Pilbara Hub
IRON ORE UNITS 1H25 2H25 FY25 1H26 2H26 FY26 PILBARA HUB PILBARA HUB TMM (100% basis, unless otherwise indicated) Mwmt 22.0 20.1 42.1 16.7 17.7 34.4 • Successfully transitioned from Ore mined kwmt 5,551 5,427 10,978 3,936 5,068 9,004 Wonmunna to the lower-cost Lamb Produced kwmt 5,183 5,278 10,461 5
Slide 43: Lithium Wodgina
LITHIUM UNITS 1H25 2H25 FY25 1H26 2H26 FY26 WODGINA WODGINA TMM (100%) (50% attributable basis, unless otherwise indicated) M wmt 19.1 20.8 39.9 19.9 19.7 39.6 • Increased volumes and improved Ore mined (100%) k dmt 2,358 2,261 4,619 2,365 2,287 4,652 FY26 FOB costs reflect higher Produced k dmt 105
Slide 44: Lithium Mt Marion
LITHIUM UNITS 1H25 2H25 FY25 1H26 2H26 FY26 MT MARION MT MARION1 TMM (100%) (50% attributable basis, unless otherwise indicated) M wmt 17.7 16.0 33.7 8.1 14.9 23.0 Total spodumene Ore mined (100%) k dmt 1,306 1,685 2,991 2,165 1,583 3,748 • Increased volumes in response to improved market conditions
Slide 45: Glossary
GLOSSARY Gross debt Gross gearing ICMM Total borrowings inclusive of finance lease liabilities Gross debt / (gross debt + equity) International Council on Mining and Metals 1H, 2H, FY First half, second half, full year k Thousand $ Australian dollar Liquidity Cash and undrawn debt facilities US$ Uni
Slide 46: 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