Mineral Resources Limited · ASX:MIN
Mineral Resources — Corporate Update (May 2025)
52 slides from Mineral Resources's corporate update, May 27, 2025
Slide 1: Onslow Iron Investor Tour
For personal use only ONSLOW IRON INVESTOR TOUR May 2025
Slide 2: Disclaimer and Important Notices
DISCLAIMER AND IMPORTANT NOTICES For personal use only This presentation should not be considered as an offer or invitation to subscribe for or purchase any securities in Mineral Resources Limited and its subsidiaries (“MinRes” or “Company”) or as an inducement to make an offer or invitation with re
Slide 3: Agenda
AGENDA For personal use only ONSLOW IRON INTRODUCTION 6 MINING SERVICES: MINE-TO-SHIP INFRASTRUCTURE MINING, CRUSHING AND PROCESSING 13 HAULAGE 17 PORT HANDLING 27 TRANSHIPPING 30 MINECO: PROJECT OVERVIEW GEOLOGY, MINERAL RESOURCES AND ORE RESERVE 33 MARKETING AND OFFTAKE 39 FINANCIALS AND STRUCTURE
Slide 4: Incoming Chair Malcolm Bundey
INCOMING CHAIR MALCOLM BUNDEY For personal use only Commenced as independent Non-Executive Director; Chair role from 1 July 2025 30+ years in executive and board roles at ASX-listed, multinational and founder-led companies Immediate focus on new Board appointments, governance and balance sheet ONSLO
Slide 5: Tour Key Personnel and Schedule
TOUR KEY PERSONNEL SCHEDULE ON TOUR For personal use only 5:15am Flight from MinRes Air Perth terminal to Onslow Chris Ellison Managing Director 7:50am Haul road viewing point Mal Bundey Non-Executive Director and Chair-elect 8:00am Visit truck unloading facility, reclaimer shed and transhipper walk
Slide 6: Onslow Iron Introduction
For personal use only ONSLOW IRON INTRODUCTION
Slide 7: About Onslow Iron
ABOUT ONSLOW IRON For personal use only Unlocking billions of tonnes of iron ore in the West Pilbara region 35Mtpa run rate target in September 2026 quarter Offtake 50-75% of MinRes share with Baowu 30+ year mine life1 June 2023: Construction starts May 2024: First ore on ship 1. Target and assumes
Slide 8: History of Onslow Iron
HISTORY OF ONSLOW IRON For personal use only Studied for over a decade with substantial money spent on studies and resource definition 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 Updated R&R Stage 1 PFS Stage 1 DFS DFS Cost Update Statement May-08 Jul-10 Jul-
Slide 9: Onslow Iron After MinRes Involvement
ONSLOW IRON AFTER MINRES INVOLVEMENT MinRes’ internal technical and innovation capabilities enabled it to unlock significant value from a project that was stalled For personal use only in development for over a decade 2021 2022 2023 2024 2025 Updated R&R Updated R&R Statement Statement Sep-23 May-25
Slide 10: People and Wellbeing
PEOPLE AND WELLBEING For personal use only WORKFORCE • 7,000+ employees company-wide • 1,800+ supporting Onslow Iron project • 357 construction haul road crew MINRES AIR • 900+ flights completed • 750+ to/from Ken’s Bore Airport • ~49,000 passengers KEN’S BORE RESORT • 500 accommodation pods occupie
Slide 11: Sustainability at Onslow Iron
SUSTAINABILITY AT ONSLOW IRON For personal use only GAS FIRED POWER STATION Delivered through Ken’s Bore gas pipeline with 55TJ/day capacity 3.8MW SOLAR ARRAY Displacing ~4,900 tonnes of CO2e annually DECARBONISATION FUND Incentivising business to embed decarbonisation projects ONSLOW IRON INVESTOR
Slide 12: Traditional Owner Partnerships
TRADITIONAL OWNER PARTNERSHIPS For personal use only INVESTING IN PARTNERSHIPS More than $66 million spent with Indigenous businesses (FY25 YTD) SUPPORTING BUSINESS GROWTH 50 active Indigenous business suppliers across MinRes operations DELIVERING SHARED VALUE Pursuing joint venture partnerships pro
Slide 13: Mine-to-Ship Infrastructure: Mining, Crushing and Processing
MINE-TO-SHIP INFRASTRUCTURE: MINING, CRUSHING For personal use only AND PROCESSING
Slide 14: Project Supply Chain and Capacity
PROJECT SUPPLY CHAIN AND CAPACITY Installed capacity is more than 35Mtpa nameplate target For personal use only Integrated supply chain STACKING / BRIDGE TRUCK TRUCK TRANSHIPPER MINING CRUSHING STOCKYARD / HAULAGE RECLAIMER TRANSHIPPING LOAD OUT UNLOADER LOADER RECLAIMING IN SHED 3 excavators 3 Next
Slide 15: Mining Capacity
MINING CAPACITY Load and haul metrics For personal use only Loaders Dump TYPE (excavators and trucks wheel loader) QUANTITY 4 16 UTILISATION 80% 80% CAPACITY 68Mtpa 68Mtpa TMM LOM STRIP 0.65 0.65 RATIO CAPACITY 41.2Mtpa 41.2Mtpa ORE ONSLOW IRON INVESTOR TOUR | 15
Slide 16: Crushing, Stacking, Reclaiming and Truck Load Out Capacity
CRUSHING, STACKING, RECLAIMING AND TRUCK For personal use only LOAD OUT CAPACITY 40.9MTPA CRUSHING CAPACITY • 3 x 13.6Mtpa NextGen crushing plants • Modular capability enables bolt on capacity 52MTPA STACKING AND STOCKYARD CAPACITY • 2 independent stackers operating 1 at a time • +2.4Mt stockyard ca
Slide 17: Mine-to-Ship Infrastructure: Haulage
For personal use only MINE-TO-SHIP INFRASTRUCTURE: HAULAGE
Slide 18: Haulage Solution
ONSLOW IRON MinRes haulage fleet growth Post ramp up HAULAGE SOLUTION Jan-25 Jun-25 For personal use only MinRes jumbo road trains 80 37 41 140 91 DESCRIPTION Heavy combination haulage Haulage fleet fleet Prime mover – model and type Kenworth C509 prime mover MinRes jumbo road trains Contractor truc
Slide 19: Haulage Capacity
HAULAGE CAPACITY For personal use only HAULAGE TARGETS Units Drivers Road trains # 140 Payload t 290 Availability % 84% Available road trains # 118 Operating days1 days 330 Utilisation % 81% Cycle time hours 5.5 Cycles per road train # 3.5 per 24 hours Annual capacity Mt 39.6 Trips per day # 414 1.
Slide 20: Haul Road Overview
HAUL ROAD OVERVIEW For personal use only Two-way 150km private haul road from Ken’s Bore to Port of Ashburton Three underpasses at North West Coastal Highway, Onslow Road and Mt Stuart Road 19 roadside condition monitoring stations with service bays every 15km Private cellular network and Wi-Fi to s
Slide 21: Haul Road Original Construction
HAUL ROAD ORIGINAL Flood impact Caused visible wear and deformation (rutting) largely along CONSTRUCTION the outer wheel paths of loaded lanes For personal use only Flooding along MinRes haul road in January 2025 ONSLOW IRON INVESTOR TOUR | 21
Slide 22: Haul Road Upgrade Works
HAUL ROAD Completed upgrades on MinRes haul road UPGRADE WORKS For personal use only Chip seal extension to shoulder Reduces water penetration into pavement Cement stabilisation (including shoulders) Base course cement stabilised to increase water resistance and strengthen pavement 40-50mm of asphal
Slide 23: Haul Road Composition
HAUL ROAD ORIGINAL UPGRADED HAUL ROAD COMPOSITION COMPOSITION HAUL ROAD COMPOSITION For personal use only NORTH WEST COASTAL HIGHWAY ONSLOW IRON INVESTOR TOUR | 23
Slide 24: Haul Road vs Typical Public Road
HAUL ROAD VS TYPICAL PUBLIC ROAD 9m For personal use only TYPICAL PUBLIC ROAD 11m MINRES PRIVATE HAUL ROAD ONSLOW IRON INVESTOR TOUR | 24
Slide 25: Onslow Haul Road Vehicle Frequency vs Typical Public Road
ONSLOW HAUL ROAD VEHICLE FREQUENCY VS TYPICAL PUBLIC ROAD For personal use only MINRES PRIVATE HAUL ROAD GREAT NORTHERN HIGHWAY AT 35MTPA INTO PORT HEDLAND MinRes, general freight, other iron Users MinRes jumbo road trains ore exporters Minutes between heavy vehicles 2.9 2.6 Minutes between other ve
Slide 26: Autonomous Haulage Overview
AUTONOMOUS HAULAGE OVERVIEW Commencing with safety driver following haul road upgrades – targeting complete autonomous transition after 12 months with For personal use only safety drivers (Q4 CY2026) LTE towers - 100% coverage Wi-Fi zones Haul road RCMS Wi-Fi RCMS RCMS RCMS RCMS RCMS Underpass Stati
Slide 27: Mine-to-Ship Infrastructure: Port Handling
MINE-TO-SHIP INFRASTRUCTURE: PORT HANDLING For personal use only
Slide 28: Port and Marine Capacity
PORT AND MARINE CAPACITY For personal use only 41.0Mtpa TRUCK UNLOADER CAPACITY • Four-lane facility; 4-8 mins unloading of MinRes jumbo road trains per lane • Capability to unload into shed or direct to vessel 220kt PORT STORAGE CAPACITY • Automated in load circuit 42.9Mtpa BRIDGE RECLAIMER CAPACIT
Slide 29: Onslow Iron Loading Jetty
ONSLOW IRON LOADING JETTY For personal use only • Specifically designed wharf facility o Positioning dolphin o Automated mooring system o Conventional backup mooring arrangements o Fuel and freshwater bunkering o Finger crane fitted to wharf o Remote controlled gangway from barge • Transhipper is de
Slide 30: Mine-to-Ship Infrastructure: Transhipping
For personal use only MINE-TO-SHIP INFRASTRUCTURE: TRANSHIPPING
Slide 31: Transhipping Solution
ONSLOW IRON TRANSHIPPING SOLUTION For personal use only MinRes transhippers Five fully enclosed TSVs loading ocean going Fleet vessels 40km from port Articulated tug and barge (ATB) Design Connected by articouple system Tugs interchangeable Payload 20Kt payload combination combination Loading rate 8
Slide 32: Shiploading and Transhipping Capacity
SHIPLOADING AND Rationale for transhippers 6 and 7 TRANSHIPPING CAPACITY For personal use only Protect downside and provide future upside TRANSHIPPING INSTALLED CAPACITY • TSV 6 increases capacity to circa 38Mtpa+ at no additional Units 5 TSVs 6 TSVs port capex • TSV 7 ensures sustainability of Oper
Slide 33: Project Overview: Geology, Mineral Resources and Ore Reserve
PROJECT OVERVIEW: GEOLOGY, MINERAL For personal use only RESOURCES AND ORE RESERVE
Slide 34: Onslow Iron Resource
ONSLOW IRON 89% increase in Resources (Mt)1 RESOURCE For personal use only 800 20 744 358 8 ONSLOW IRON PROJECT MINERAL RESOURCE1 600 Classification Cut-off Tonnes Fe SiO2 Al2O3 P LOI (% Fe) (Mt) (%) (%) (%) (%) (%) 394 (36) 400 Measured – - 10.1 57.0 5.7 3.7 0.08 8.4 in-situ Measured – 200 - 7.6 56
Slide 35: Onslow Iron Reserve
ONSLOW IRON ONSLOW IRON PROJECT ORE RESERVE1 RESERVE For personal use only Classification Cut-off Tonnes Fe SiO2 Al2O3 P LOI (% Fe) (Mt) (%) (%) (%) (%) (%) 73% increase in Reserves (Mt)1 400 Proved – - 7.7 57.8 5.3 3.5 0.08 7.9 24 359 in-situ 141 300 Proved – 54.0 7.1 56.3 6.5 4.4 0.05 6.1 stockpil
Slide 36: MinRes Unlocks Stranded Iron Ore in the West Pilbara
MINRES UNLOCKS STRANDED IRON ORE IN THE WEST PILBARA For personal use only REGION Onslow JV resource recently upgraded to 744Mt2 Continued drilling and exploration upside to occur in future years MinRes innovation unlocks potential in large regional deposits previously considered uneconomical Potent
Slide 37: Future Inventory Potential
FUTURE INVENTORY For personal use only POTENTIAL • Cardo Bore East upside potential on the flats • Mineralisation remains open • Drilling under way below the Mesa (flat-topped hill) to extend deposit • Geological insights indicate opportunity of similar extensions regionally • MinRes plans to test t
Slide 38: Wet Processing Test Work Timeline
WET PROCESSING Test work timeline FY25 FY26 FY27 ACTIVITY For personal use only • Since 30 June 2023, 1,056m diamond drilling completed Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 across Ken’s Bore, Upper Cane and Cardo Bore East. Drilling • Test-work program progressed to domain and variability Ken’s Test
Slide 39: Project Overview: Marketing and Offtake
PROJECT OVERVIEW: MARKETING For personal use only AND OFFTAKE
Slide 40: Iron Ore Price Outlook
IRON ORE BROKER CONSENSUS ESTIMATES HAVE CONSISTENTLY UNDERESTIMATED ACTUAL IRON ORE PRICES OVER THE PAST DECADE PRICE For personal use only OUTLOOK Broker Range Wood Mackenzie Prior Broker Consensus Consensus (2023) Consensus (2024) Current Broker Consensus • Iron ore prices rarely fall below Spot
Slide 41: Value-in-Use Cost Curve and Cost Positioning
2030 VALUE-IN-USE GLOBAL IRON ORE CASH COST CURVE COST PROFILE AND (WOODMAC, CFR 62% FE FINES)1,2 For personal use only Q1 Q2 Q3 Q4 POSITIONING US$41/dmt US$56/dmt US$66/dmt 160 140 • The value in use (VIU) cost curve represents a break-even level 120 for each mine accounting for iron content, moist
Slide 42: Product and Discounts
PRODUCT AND IRON ORE PRICE AND PRODUCT DISCOUNT OVER TIME DISCOUNTS 250 Iron Ore (62%, CFR) Discount (58% Fe vs. 62% Fe)1 30.0% For personal use only Low Grade Discount Iron Ore Price (US$/t) 200 25.0% • Onslow Iron is produced from a 20.0% 150 Channel Iron Deposit, allowing 15.0% 100 for a high cal
Slide 43: Financials and Structure
For personal use only FINANCIALS AND STRUCTURE
Slide 44: Structural Overview
STRUCTURAL OVERVIEW For personal use only 1 MINECO – 60.3% MINRES1 2 MINING SERVICES – 100% MINRES 3 ROAD TRUST – 51% MINRES Morgan Stanley Infrastructure Partners (MSIP) 100% 51% 49% 15% Aquila AMCI (IO) Resources Pty Ltd CSI MINING SERVICES2 Road Trust4 CSI awarded Life of Mine contracts by Charge
Slide 45: FOB Costs and Key Drivers
FOB COSTS AND KEY ONSLOW LOM FOB COST DRIVERS1 ($/WMT) DRIVERS For personal use only Quoted Onslow target FOB Cost at 35Mtpa • MinRes provide mining services Road Trust $8 3 1 to the JV under a life-of-mine, Access Charge Mine-to-Ship (MTS) agreement at negotiated fixed rates 2 Charges for Crushing,
Slide 46: MineCo Economics
1 MINECO MINRES ATTRIBUTABLE 57% MINECO EBITDA SENSITIVITY (A$M)1 ECONOMICS For personal use only $1,200M Strong earnings potential from $1,000M commodities earnings $800M KEY ASSUMPTIONS $600M 1,162 Target production 1,053 35Mtpa 945 $400M 836 727 Target FOB Cost $200M MineCo $49/wmt CFR breakeven3
Slide 47: Carry Loan Overview
1 CARRY LOAN KEY PRINCIPLES DESCRIPTION OVERVIEW • Loan covers: For personal use only i. JV partners’ share of JV costs sole funded by MinRes; OVERVIEW ii. losses funded by MinRes during ramp-up period; and iii. any losses funded by MinRes where MinRes continues operations In addition to 57% of Mine
Slide 48: Mining Services Contract Overview
2 MINING CONTRACT OVERVIEW – RHIO JV SERVICES For personal use only LIFE-OF-MINE CONTRACTS • Crushing Services and Mine-to-Ship Services awarded in August 2022 after extensive negotiation (akin to external mining services contracts) Four services totalling 140mtpa • Amendments require unanimous JV c
Slide 49: Road Trust 49% Minority Stake Sell Down
3 ROAD ROAD TRUST – 49% MINORITY STAKE SELL DOWN TRUST KEY PRINCIPLES DESCRIPTION For personal use only • Sale of 49% of stream of cash flows associated with Onslow Iron Haul OVERVIEW Road for up to $1.3B to Morgan Stanley Infrastructure Partners (MSIP)3 • Terms consistent with standard infrastructu
Slide 50: Project Modelling MinRes EBITDA
PROJECT MODELLING MinRes EBITDA For personal use only 1 • Assuming 62% iron ore price of US$100/dmt. Other assumptions per slide 46 MINE CO • Total MineCo EBITDA at spot prices = projected $47.35/wmt $945M • MinRes share of tonnes at nameplate = 20Mtpa 57% MinRes1 • Sustaining capex estimated at ~$2
Slide 51: A Transformational Project
A TRANSFORMATIONAL PROJECT For personal use only UNLOCKED BY MINRES RAMPING-UP PRODUCTION LONG-TERM RETURNS Project brought to life FOOS delivered just Through the cycle, through MinRes innovation 11 months from breaking ground globally competitive project Exemplifies unique Significant progress Und
Slide 52: For personal use only
For personal use only Onslow Office: 1/20 Second Avenue ONSLOW, WA 6710 Perth Office: 20 Walters Drive, OSBORNE PARK, WA 6017 Postal: PO Locked Bag 13, OSBORNE PARK DC, OSBORNE PARK, WA 6916 P +61 8 9329 3600 F +61 8 9329 3601 mineralresources.com.au