Mineral Resources Limited · ASX:MIN
Mineral Resources — Shareholder Meeting (November 2025)
30 slides from Mineral Resources's shareholder meeting presentation, Nov 20, 2025
Slide 1: 2025 Annual General Meeting presentation
20 November 2025 2025 Annual General Meeting presentation Mineral Resources Limited (ASX: MIN) (MinRes or company) is pleased to release the presentation which will be used by Chair Malcolm Bundey and Managing Director Chris Ellison at the 2025 Annual General Meeting today. ENDS This announcement da
Slide 2: Mineral Resources Limited 2025 Annual General Meeting
2025 ANNUAL GENERAL MEETING | ASXMIN For personal use only MINERAL RESOURCES LIMITED 2025 ANNUAL GENERAL MEETING
Slide 3: Contents
ASX ONLY 2025 ANNUAL GENERAL MEETING | ASXMIN For personal use only CONTENTS 2025 AGM CHAIR UPDATE 3 FOCUS AREAS PROGRESS SUMMARY 14 OUR STRATEGY 15 2025 AGM BUSINESS UPDATE 16 OPERATIONAL OUTLOOK 21
Slide 4: 2025 AGM Chair Update
2025 ANNUAL GENERAL MEETING | ASXMIN For personal use only 2025 AGM CHAIR UPDATE 3
Slide 5: Focus Areas
2025 ANNUAL GENERAL MEETING | ASXMIN FOCUS AREAS For personal use only Three immediate priorities identified, with significant positive progress achieved against each 1. ROBUST GOVERNANCE 2. FULL DELIVERY OF ONSLOW IRON 3. STRONGER BALANCE SHEET 4
Slide 6: Robust Governance: Board Renewal
1. ROBUST GOVERNANCE 2025 ANNUAL GENERAL MEETING | ASXMIN BOARD RENEWAL For personal use only Five new directors appointed NEW FOR ELECTION Significant Board renewal including Malcolm Bundey Chris Ellison MNZM Xi Xi Colleen Hayward AM a new Chair and four Independent Independent Managing Director In
Slide 7: Related Party Transactions
1. ROBUST GOVERNANCE 2025 ANNUAL GENERAL MEETING | ASXMIN RELATED PARTY TRANSACTIONS For personal use only Increased transparency with most transactions now ended ITEM STATUS Lease rentals Ended in March 2025 Recoupment of costs incurred Ended in May 2025 Purchase of catering supplies Ended in Octob
Slide 8: External Governance Review
1. ROBUST GOVERNANCE 2025 ANNUAL GENERAL MEETING | ASXMIN EXTERNAL GOVERNANCE REVIEW For personal use only REVIEW KWM REVIEW POSITIVES IDENTIFIED RECOMMENDATIONS Significant board renewal focusing on ⎻ Continue to progress updated policies and governance skills (five new NEDs including Chair) proced
Slide 9: External Governance Review: Leadership Culture Assessment
1. ROBUST GOVERNANCE 2025 ANNUAL GENERAL MEETING | ASXMIN EXTERNAL GOVERNANCE REVIEW For personal use only REVIEW LEADERSHIP CULTURE ASSESSMENT LEADERSHIP ASSESSMENT IDENTIFIED IMPROVEMENT AREAS (INC. PROGRESS TO DATE) Completed with senior MinRes leaders Strong capability of our people ⎻ Board dyna
Slide 10: Leadership Succession Approach
1. ROBUST GOVERNANCE 2025 ANNUAL GENERAL MEETING | ASXMIN LEADERSHIP SUCCESSION APPROACH For personal use only Must be a coordinated and professional process, not an event, in the best interests of the company and shareholders • Prior succession work is not current and a broader-based holistic plan
Slide 11: Onslow Iron Delivery
2. FULL DELIVERY OF ONSLOW IRON 2025 ANNUAL GENERAL MEETING | ASXMIN ONSLOW IRON DELIVERY For personal use only Facilitated a strong operational focus for the business Innovative supply chain proven Reached 35Mtpa nameplate August 2025 $200 million contingency payment from Morgan Stanley Infrastruct
Slide 12: Stronger Balance Sheet: Indicative Deleveraging Path
3. STRONGER BALANCE SHEET 2025 ANNUAL GENERAL MEETING | ASXMIN STRONGER INDICATIVE DELEVERAGING PATH TO TARGET RANGE FOUNDATION For personal use only FOR SUSTAINABLE GROWTH Organic and inorganic initiatives progressing well ORGANIC DELEVERAGING • Onslow Iron cash flow positive ONSLOW ONSLOW ONLINE;
Slide 13: Capital Allocation Model
3. STRONGER BALANCE SHEET 2025 ANNUAL GENERAL MEETING | ASXMIN CAPITAL ALLOCATION MODEL For personal use only Board and management have aligned and approved a capital allocation model for MinRes with the following focus: EXCESS CASH ORGANIC GROWTH • Near-term: Reduce debt and > 20% ROIC (post-tax, c
Slide 14: Disciplined Financial Framework
3. STRONGER BALANCE SHEET 2025 ANNUAL GENERAL MEETING | ASXMIN DISCIPLINED FINANCIAL FRAMEWORK For personal use only Board reviewed and updated financial guardrails, capital allocation and returns METRIC CURRENT POLICY PRIOR POLICY MINIMUM LIQUIDITY Increased liquidity buffers to $1 billion (with at
Slide 15: Focus Areas Progress Summary
2025 ANNUAL GENERAL MEETING | ASXMIN FOCUS AREAS PROGRESS SUMMARY For personal use only Significant progress in six months supporting a great business to create sustainable value for shareholders 1. ROBUST GOVERNANCE 2. FULL DELIVERY OF ONSLOW IRON 3. STRONGER BALANCE SHEET Five new high-quality NED
Slide 16: Our Strategy
2025 ANNUAL GENERAL MEETING | ASXMIN OUR STRATEGY By strengthening governance and our balance sheet, For personal use only MinRes is well positioned to leverage our core strengths to drive growth and progress our vision be a leading resources project developer with long-term, high-quality mining ser
Slide 17: 2025 AGM Business Update: Voting and Questions
2025 ANNUAL GENERAL MEETING | ASXMIN ONLINE PHYSICAL For personal use only QUESTIONS ATTENDEES • 2025 AGM When the poll is open, scan the QR code on your attendance card with your • BUSINESS mobile device Accept the Terms & Conditions • • UPDATE To vote, select either For, Against or Abstain You wil
Slide 18: Period of Achievement
2025 ANNUAL GENERAL MEETING | ASXMIN PERIOD OF ACHIEVEMENT For personal use only One of the most significant operational periods in our history Delivery of Onslow Iron and ramp-up to nameplate capacity Record Mining Services volumes with further growth forecast in FY26 Reducing costs and improving p
Slide 19: Looking After Our People
2025 ANNUAL GENERAL MEETING | ASXMIN LOOKING AFTER OUR PEOPLE For personal use only SAFETY AND WELLBEING • Remains company priority • TRIFR 3.351 – expected to reduce • In-house mental health service DIVERSITY2 • 6,800 workforce • 22.1% female representation • 3.6% Indigenous representation • 200+ a
Slide 20: Onslow Iron Shipping Ramp-up to Nameplate Capacity
2025 ANNUAL GENERAL MEETING | ASXMIN ONSLOW IRON ONSLOW IRON SHIPPING RAMP-UP TO NAMEPLATE CAPACITY RAMP-UP TO 35MTPA (since first ore on ship) 10Mt For personal use only Achieved 35Mtpa run-rate 9Mt MINING 8Mt • Three NextGen crushers operating • 100Mt TMM since project first broke ground 7Mt • Str
Slide 21: Unique Business Model
2025 ANNUAL GENERAL MEETING | ASXMIN UNIQUE BUSINESS MODEL RECYCLED CAPITAL For personal use only MinRes internal capability 1. Unlocks innovative resources projects Proven ability to unlock 2. Earns equity in commodity assets significant value across world- 3. Secures non-cyclical annuity-style ear
Slide 22: Operational Outlook
2025 ANNUAL GENERAL MEETING | ASXMIN PHYSICAL For personal use only ATTENDEES • To vote, select either For, Against or Abstain • You will see a vote confirmation OPERATIONAL • To change or cancel your vote “click here to change your vote” at any time until the OUTLOOK poll is closed 21
Slide 23: Mining Services
2025 ANNUAL GENERAL MEETING | ASXMIN MINING Onslow Iron accelerates growth SERVICES For personal use only $800M $2.5/t 2.2 $700M 2.1 Strong recurring earnings growth accelerated 1.9 1.9 1.9 $2.0/t by Onslow Iron $600M 1.7 1.7 % $500M 22 GR $1.5/t CA EBITDA Innovative build, own, operate mining $400M
Slide 24: Iron Ore
2025 ANNUAL GENERAL MEETING | ASXMIN IRON ORE For personal use only Foundation commodity with continuing transition to lower-cost, longer-life operations in the Pilbara ONSLOW IRON PILBARA HUB Sustain nameplate production and pursue Prioritising lower-cost production across two mines opportunities t
Slide 25: Lithium
2025 ANNUAL GENERAL MEETING | ASXMIN LITHIUM For personal use only Continuing to optimise mine plans and process plants to lower costs and maintain operational flexibility MT MARION WODGINA Studying flotation to improve recoveries and Ongoing pit development through 2H FY26 for produce a single SC5
Slide 26: Energy
ENERGY For personal use only Advancing exploration program in highly prospective regions in Western Australia PERTH BASIN | 5,500km2 landholding over six tenements • Planning three gas exploration wells in FY26 - North Erregulla-3 Sidetrack, Ventoux-1, Aubisque-1 CARNARVON BASIN | 17,500km2 landhold
Slide 27: Business Priorities
2025 ANNUAL GENERAL MEETING | ASXMIN BUSINESS PRIORITIES For personal use only Continuing to build a stronger and more resilient business PEOPLE, SAFETY AND COMMUNITY BALANCE SHEET OPERATIONS Continued focus on safety Delever to target of below performance and injury prevention 2.0x Net Debt to EBIT
Slide 28: Glossary of Terms
2025 ANNUAL GENERAL MEETING | ASXMIN GLOSSARY OF TERMS For personal use only 1H, 2H, FY First half, second half, full year K Thousand $ Australian dollar Li Lithium US$ United States dollar M Million B Billion MSIP Morgan Stanley Infrastructure Partners CAGR Compound annual growth rate Net debt/(cas
Slide 29: Disclaimer and Important Notices
2025 ANNUAL GENERAL MEETING | ASXMIN DISCLAIMER AND IMPORTANT NOTICES For personal use only This presentation should not be considered as an offer or invitation to subscribe for or purchase These forward-looking statements are based on expectations as at the date of this presentation. any securities
Slide 30: Investor Relations
2025 ANNUAL GENERAL MEETING | ASXMIN For personal use only INVESTOR RELATIONS Chris Chong General Manager Investor Relations 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 reception@mrl.co
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