Mineral Resources Limited · ASX:MIN
Mineral Resources — Merger or Acquisition (December 2022)
17 slides from Mineral Resources's merger presentation, Dec 16, 2022
Slide 1: Off Market Takeover Offer Norwest Energy
OFF MARKET TAKEOVER OFFER NORWEST ENERGY 16 December 2022 ASX:MIN
Slide 2: Our success has always been driven by identifying and capitalising on new opportunities
OUR SUCCESS HAS ALWAYS BEEN DRIVEN BY IDENTIFYING AND CAPITALISING ON NEW OPPORTUNITIES 2
Slide 3: Overview of Takeover Offer for Norwest Energy
• Mineral Resources (ASX: MIN) (MinRes) Offer is one (1) fully Off-market paid ordinary share in MinRes for every 1,367 Norwest Energy takeover Offer (ASX: NWE) (Norwest) Shares (Offer) Implied Offer • The Implied Offer Price of $0.06 per Norwest Share represents price an equity value for Norwest of
Slide 4: Gas Program and Ongoing Growth
GAS PROGRAM AND ONGOING GROWTH Lockyer Deep-1 well test update Lockyer Deep-1 exceeds pre-drill expectations MIN NWE Lockyer Deep1 gas discovery 1000 Commenced gas exploration drilling in the Perth Basin 800 Expanded gas exploration footprint (rebased to 100) Share price Became substantial 600 holde
Slide 5: Track Record Snapshot
TRACK RETURN ON INVESTED CAPITAL AFTER TAX (ROIC) SINCE LISTING RECORD 60% 50% SNAPSHOT 40% 30% TSR GROWTH – 20% SECOND HIGHEST IN ASX 200 35% PA 10% 0% SINCE LISTING -10% 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 UNDERLYING EBITDA $7.4 bn Annual ROIC 4yr Rollin
Slide 6: Strong Growth Trajectory (3-5 Years)
STRONG GROWTH TRAJECTORY (3-5 YEARS) • Electrification of mining & • Own lithium hydroxide • Producing Onslow Iron at • Deliver cleaner, lower cost & haulage fleet conversion export capacity of 35Mtpa2 reliable energy for operations • Double volumes • Target 118ktpa hydroxide • Develop Yilgarn magne
Slide 7: Gas is Critical to Powering Our Clean Energy Transition
Renewables Gas Fuel Mix Diesel GAS IS CRITICAL TO POWERING 50% reduction by 2035 OUR CLEAN Greenhouse Gas Emissions2 ENERGY Power Generation TRANSITION Pit-to-Port Mining Equipment 2025 2030 2035 2040 Financial Year Power Generation Pit-to-Port Mining Equipment 2°C Emissions Pathway. 1.5°C Emissions
Slide 8: Western Australian Gas Market
WESTERN AUSTRALIAN BASE SCENARIO FORECAST SUPPLY DEMAND BALANCE 2023 TO 2032 GAS MARKET 1400 1200 DOMESTIC DEMAND 1000 REMAINS STRONG 800 TJ/day WITH GROWTH POTENTIAL 600 400 200 0 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 Potential gas supply Domestic gas demand Source: AEMO Gas Statement o
Slide 9: Perth Basin
PERTH BASIN OUR LONG-TERM PRESENCE CONTINUES TO LEVERAGE NEW AND EXISTING OPPORTUNITIES $100M capital expenditure for exploration across Perth and Carnarvon Basins Six well program and resource appraisal progressing over the coming 24 months Strengthening Energy expertise MinRes planning for product
Slide 10: Lockyer Deep 1
LOCKYER DEEP 1 POTENTIALLY ONE OF AUSTRALIA’S LARGEST ONSHORE GAS DISCOVERIES Excellent conventional reservoir quality and well deliverability Instantaneous maximum gas flow rate 117 mmscf/d Low impurities Less than 4% CO2 Proximity to major infrastructure 15km from Dampier to Bunbury Natural Gas Pi
Slide 11: Gas Program Timeline
GAS PROGRAM TIMELINE INDICATIVE DEVELOPMENT STAGES Subject to approvals FY23 FY24 FY25 PERTH BASIN Two wells Three wells Planned production LOCKYER FIELD PERTH BASIN One well Planned production OTHER CARNARVON Two wells BASIN 11
Slide 12: Scrip Offer Track Record
SCRIP OFFER TRACK RECORD Polaris Metals acquisition | 1,837% TSR | 26% pa TSR1 MIN $7.05/sh 100.0 Mesa Minerals acquisition | 1,529% TSR | 25% pa TSR2 90.0 MIN $8.31/sh 80.0 Atlas Iron offer | 465% TSR | 49% pa TSR3 MIN $17.20/sh 70.0 60.0 AWE offer | 426% TSR | 44% pa TSR4 A$ / sh 50.0 MIN $18.48/s
Slide 13: Significant Value Generation Returns from Previous Acquisition Targets
Polaris Metals Mesa Minerals $19,370 $16,286 Realised growth Successful offer 1,837% 1,529% return return SIGNIFICANT VALUE $1000 $1000 GENERATION 12 year return 12 year return RETURNS GENERATED AWE Atlas Iron OR UNREALISED FROM PREVIOUS $5,263 $5,654 Unrealised growth ACQUISITION TARGETS Unsuccessf
Slide 14: Opportunity Awaits
Placeholder – JPM/GT to complete and reflect with Offer statement OPPORTUNITY AWAITS Attractive value and premium for Norwest Shares Become a shareholder in a leading ASX-listed company with proven shareholder returns and enhanced liquidity Benefit from Lockyer Deep ownership consolidation and
Slide 15: Any Questions?
ANY QUESTIONS? XD HesotRes
Slide 16: Disclaimer
DISCLAIMER This presentation should not be considered as an offer or invitation to subscribe for or purchase any securities in the Company or as an inducement to make an offer or invitation with respect to those securities. No agreement to subscribe for securities in the Company will be entered into
Slide 17: Mineral Resources Investor Relations
MINERAL RESOURCES INVESTOR RELATIONS Chris Chong Investor Relations Manager T: +61 89315 0213 E: chris.;chong@mrl.com.au OFFICE: 20 Walters Drive, Osbome Park, WA 6017 POSTAL: Locked Bag 13, Osborne Park DC, WA 6916 P +61 8 9329 3600 F +61 8 9329 3601 www.mineralresources.com.au ASX:MIN
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