Slide 1: FY26 Half Year Results
FY26 HALF YEAR RESULTS 20 February 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 ASX Listing Rule 5.23 statement any securities in Mineral Resources Limited and its subsidiaries (“MinRes” or “Company”) or as an The Ore Reserves and Mineral Resources
Slide 3: Our Vision, Strategy and Values
OUR VISION OUR STRATEGY AND VALUES SHORT TERM Lay the foundations for the future Transition to low-cost, long-life assets OUR VISION • Sustain Onslow Iron at nameplate MinRes will be the global leader CARE in innovative resource project • Implement best-practice governance design, delivery and opera
Slide 4: 1H26 Summary
1H26 SUMMARY MINING SERVICES AND INFRASTRUCTURE Record $488M EBITDA – up 29% pcp Operational excellence delivering record Record production volumes earnings and a stronger balance sheet Three contract renewals Two new contracts REVENUE $3.1B 33% pcp Onslow haul road upgrade complete Enabling unconst
Slide 5: Governance Update
GOVERNANCE UPDATE Good progress made on key commitments to improve corporate governance GOVERNANCE UPLIFT RELATED PARTY TRANSACTIONS CULTURE AND LEADERSHIP • Overwhelming support for all 2025 • Increased transparency with most • Culture review progressing via AGM resolutions, including election tran
Slide 6: 1H26 People
1H26 PEOPLE Attracting top talent with safe and supportive environments and industry-leading facilities SAFETY • TRIFR (2.93) improved 21% from FY25 as Onslow Iron transitioned to steady state • Enhanced Critical Risk Management • New psychosocial team and framework DIVERSITY • 22.2% female represen
Slide 7: 1H26 Sustainability
1H26 SUSTAINABILITY Prioritising responsible operations and supporting stronger communities ENVIRONMENT SOCIAL 96% compliance for site $3M+ contributed to 50+ corporate partners environmental KPIs and community organisations Transitioned to gas-powered $31M+ spent with 50+ Aboriginal operations at P
Slide 8: Financial Performance
FY26 HALF YEAR RESULTS FINANCIAL PERFORMANCE
Slide 9: 1H26 Profit and Loss
1H26 PROFIT AND LOSS REVENUE Record earnings with strong performance across all three key pillars $3.1B 33% pcp UNDERLYING PROFIT AND LOSS ($M) 1H26 1H25 VARIANCE VARIANCE % Revenue 3,052 2,290 762 33% UNDERLYING Underlying EBITDA 1,167 302 865 286% $1.2B EBITDA Mining Services 488 379 109 29% 286%
Slide 10: 1H26 Underlying EBITDA Reconciliation
1H26 UNDERLYING EBITDA RECONCILIATION Earnings increase driven primarily by excellent operational performance UNDERLYING EBITDA RECONCILIATION ($M) MOVEMENT TOTAL COMMENTARY 1H25 Underlying EBITDA 302 Lithium volume and FOB cost 117 Increased sales and lower FOB cost, driven by higher recoveries CON
Slide 11: 1H26 Cash Flow
1H26 CASH FLOW CASH FLOW ($M) Underlying EBITDA 1H26 1,167 1H25 VARIANCE 302 865 Movement in working capital Significant free cash flow generated from - Onslow Iron carry loan receivable1 213 (320) 533 Onslow Iron operating at nameplate - Iron Ore prepayment liability (107) - (107) - Other working c
Slide 12: 1H26 Capex
1H26 CAPEX RESOURCE SUSTAINING CAPEX ($M) GROWTH DEVELOPMENT AND DEFERRED 1H26 COMMENTS EXPLORATION OTHER STRIP Low deferred stripping due to mine plan, expected to increase with Mt Marion 1 3 6 2 12 transition to northern pits Wodgina 1 2 63 14 80 Deferred strip in advancing Stage 3 pit. Other: Tai
Slide 13: 1H26 Balance Sheet
1H26 BALANCE SHEET ($M) 1H26 FY25 VARIANCE BALANCE Inventories 597 586 11 Trade and other receivables1 886 840 46 SHEET Trade and other payables2 (1,016) (1,225) 209 Other (241) (237) (4) Net working capital 226 (35) 261 Accelerated deleveraging and Financial assets and equity accounted investments
Slide 14: 1H26 Net Debt Waterfall
1H26 NET DEBT WATERFALL Net debt significantly reduced by strong free cash flow (6,000) Growth Sustaining Exploration (20) Free cash flow = $293M (38) (120) Onslow (220) (302) (196) (5,500) (5,349) (320) (420) (353) (5,000) (4,878) (17) 277 (58) $ million 101 (124) (4,500) (91) 5 (587) (201) (4,000)
Slide 15: Balance Sheet Considerations
BALANCE SHEET 7.0 CLEAR PATH TO TARGET LEVERAGE RANGE 6.0 5.9x Net Debt / Underlying EBITDA (x) CONSIDERATIONS 5.0 4.0 4.2x Pro-forma 2.1x with POSCO proceeds Rapid organic deleveraging underway with imminent 2.8x 3.0 POSCO transaction to accelerate deleveraging 2.0 TARGET OF CREDIT METRICS 1H26 FY2
Slide 16: Capital Allocation Framework
CAPITAL ALLOCATION FRAMEWORK Board and management have aligned and approved a capital allocation model which balances sustainable growth in a capital-intensive industry and shareholder returns PRIORITIES EXCESS CASH ORGANIC GROWTH STRONG BALANCE SHEET > 20% ROIC (post-tax, consensus pricing) < 2.0x
Slide 17: 1H26 Summary and FY26 Guidance
1H26 SUMMARY AND FY26 GUIDANCE Guidance reaffirmed, incorporating Q2 upgrades to lithium volumes and Onslow Iron FOB cost at lower end of range IRON ORE LITHIUM ONSLOW IRON PILBARA HUB WODGINA MT MARION MinRes Share 57%1 100% 50% 51%2 Product All Fines 25% Lump 5.5% grade 4.1% grade 9.8M wmt 1H26 vo
Slide 18: Operational Overview and Outlook
FY26 HALF YEAR RESULTS OPERATIONAL OVERVIEW AND OUTLOOK
Slide 19: Mining Services 1H26
MINING SERVICES 1H26 Record volumes and earnings underpinned by external clients and Onslow Iron growth CRUSHING AND MARINE AND HIGHLIGHTS MINING SERVICES HAULAGE PROCESSING PORT HANDLING ONE OF THE LARGEST LARGEST AUSTRALIAN- RECORD HALF OPEN PIT MINING FULL-SERVICE LEADING OPERATOR CRUSHING OWNED
Slide 20: Mining Services Outlook
MINING Pro-forma earnings at 38Mtpa Onslow SERVICES Iron run rate with transhippers 6 & 7 (included in FY26 capex) OUTLOOK $900M $800M 1.9 1.9 1.9 2.1 2.2 2.1 $2.5/t $700M $2.0/t Strong growth pathway 1.7 1.7 projected to continue $600M $1.5/t $500M $400M Focus on driving growth at $1.0/t Onslow Iro
Slide 21: Mining Services Outlook
MINING SERVICES OUTLOOK Proven performance and long-term partnerships are driving sustainable growth Majority of earnings backed by rates negotiated Long term build-own-operate contracts with third-parties and indexed annually ORDER BOOK BY FY26 VOLUME GUIDANCE 2 REMAINING CONTRACT TERM1 305 – 325 M
Slide 22: Iron Ore 1H26
IRON ORE 1H26 Onslow Iron ramp-up and development of Lamb Creek supporting our transition to lower-cost, longer-life operations ONSLOW IRON PILBARA HUB Shipped Shipped 9.8M wmt (attributable) 5.1M wmt 290% pcp 5% pcp FOB Cost FOB Cost $52/wmt $81/wmt 32% pcp 9% pcp Steady-state operations at namepla
Slide 23: Onslow Iron Outlook
ONSLOW IRON INDICATIVE ATTRIBUTABLE 57% MINECO EBITDA SENSITIVITY (A$M)3 OUTLOOK $1,200M +100 +91 1,171 Transhippers 6 (Jun-26) and 7 $1,000M +81 1,059 (Aug-26) expected to increase +72 947 capacity to 38Mtpa $800M +62 834 $600M 722 KEY ASSUMPTIONS FOB Cost1 $50/wmt LOM target (real) $400M Moisture2
Slide 24: Iron Ore Outlook
IRON ORE WOODMAC 2030 VALUE-IN-USE GLOBAL IRON ORE CASH COST CURVE OUTLOOK 160 (CFR 61% FE FINES)1,2 Onslow Iron sits comfortably 140 Over the past decade, iron ore prices saw cost in the middle of the global curve support at the 95th percentile on average, cash cost curve 120 which implies US$97/t
Slide 25: Lithium 1H26
LITHIUM 1H26 Strong half with improved plant performance, feed quality and recoveries leading to upgraded guidance WODGINA MT MARION BALD HILL Sold Sold 164k dmt SC6 122k dmt SC6 62% pcp 5% pcp Care and maintenance FOB cost FOB cost since November 2024 $726/dmt SC6 $805/dmt SC6 28% pcp 25% pcp Evalu
Slide 26: Lithium Wodgina Outlook
LITHIUM WODGINA OUTLOOK Advancing pit development towards higher grade, lower strip-ratio fresh ore to support all three processing trains RESOURCES AND RESERVES RECOVERY TARGETS FY26 PRIORITIES Resource of 217Mt and Consistent • Continue pit development fresh feed Reserve of 165Mt at 1.2% Li2O1 80%
Slide 27: Lithium Mt Marion Outlook
LITHIUM MT MARION OUTLOOK Increasing throughput while advancing studies on restarting underground works and adding a flotation plant RESOURCES AND RESERVES RECOVERY TARGETS FY26 PRIORITIES Resources of 66Mt and Flotation • Ramp-up throughput and circuit Reserve of 36Mt at 1.4% Li2O1 80% SC5-only 3.5
Slide 28: Lithium Outlook
LITHIUM OUTLOOK 800 FY26 ATTRIBUTABLE VOLUME (SC6 kt) MinRes will remain one of ASX’s largest lithium 700 businesses POSCO’s 30% interest 600 MinRes’ current attributable installed 500 capacity post-POSCO interest is ~565kt SC6 400 300 POSCO to acquire a 30% interest (15% at an underlying level) in
Slide 29: Energy 1H26 and Outlook
ENERGY 1H26 AND OUTLOOK Advancing exploration program in highly prospective WA basins PERTH BASIN | 5,500km2 landholding over six tenements • Purchase price adjustment of $41M from Hancock on Lockyer 6 received October 2025 • Planning three gas exploration wells in 2H26: - North Erregulla-3 Sidetrac
Slide 30: Investment Proposition and Business Priorities
INVESTMENT BUSINESS PRIORITIES PROPOSITION OPERATIONAL EXECUTION • Maintaining safe and supportive environment Leverage our core strengths to drive growth and • Growing Onslow Iron capacity with the arrival of TSV 6 and 7 progress our vision to be a leading resources • Continuing to grow Mining Serv
Slide 31: Appendix
FY26 HALF YEAR RESULTS APPENDIX
Slide 32: Company Snapshot
COMPANY SNAPSHOT A leading diversified resources company with extensive operations in mining services and commodities across Western Australia MINING SERVICES Innovative pit-to-ship mining services, capital infrastructure and operational expertise ENGINEERING AND CONSTRUCTION In-house design, engine
Slide 33: 1H26 Reconciliation of Non-IFRS Information
1H26 RECONCILIATION OF NON-IFRS INFORMATION 1H25 1H26 RECONCILIATION OF NON-IFRS FINANCIAL INFORMATION ($M) Tax (expense) Tax (expense) PBT1 NPAT2 PBT1 NPAT2 /benefit2 /benefit2 Underlying results (282) 86 (196) 468 (126) 343 Items excluded from underlying results1: Impairment charges (503) 151 (352
Slide 34: 1H26 Operating Segments
1H26 1H25 1H26 OPERATING OPERATING Revenue Underlying EBITDA D&A Revenue Underlying EBITDA D&A SEGMENTS SEGMENTS ($M) EBITDA margin EBITDA margin Mining Services 1,716 379 22% (170) 1,542 488 32% (254) • Mining Services growth driven by Onslow Iron ramp-up and new Iron Ore1 1,108 (9) (1%) (97) 1,872
Slide 35: Mining Services Performance
1H24 2H24 1H25 2H25 1H26 MINING Production Tonnes1 Mwmt 139 130 136 144 166 SERVICES PERFORMANCE Road Trust Tonnes2 Mwmt - - 3.6 9.4 17.5 Revenue $M 1,452 1,928 1,716 1,581 1,542 Production Underlying EBITDA $M 262 292 350 276 347 • Record volumes, up 23% pcp Construction Underlying EBITDA $M (8) 4
Slide 36: Iron Ore Onslow Iron
IRON ORE ONSLOW IRON (Attributable basis, unless otherwise indicated. Attributable UNITS 1H25 2H25 1H26 ONSLOW IRON volumes are expected to average at MinRes’ 57% direct equity share over the life of the project)1 TMM2 (100%) Mwmt 29.0 26.2 28.1 Ore mined (100%) kwmt 9,494 13,730 21,731 • Onslow Iro
Slide 37: Iron Ore Pilbara Hub
PILBARA HUB (100% attributable basis, unless otherwise UNITS 1H25 2H25 1H26 IRON ORE PILBARA HUB indicated) TMM Mwmt 22.0 20.1 16.7 Ore mined kwmt 5,551 5,427 3,936 Produced kwmt 5,183 5,278 5,099 • 1H26 FOB cost reflects the final stages of mining at Wonmunna and Shipped kwmt 4,884 4,809 5,125 high
Slide 38: Lithium Wodgina
LITHIUM WODGINA UNITS 1H25 2H25 1H26 WODGINA (50% attributable, unless otherwise indicated) TMM (100%) M wmt 19.1 20.8 19.9 Ore mined (100%) k dmt 2,358 2,261 2,365 • Continued recovery improvement Produced k dmt 105 146 173 initiatives in 1H26 and cost Shipped SC6 k dmt 101 113 163 reduction measur
Slide 39: Mt Marion
MT MARION1 (50% attributable basis, unless otherwise indicated) UNITS 1H25 2H25 1H26 LITHIUM TMM (100%) M wmt 17.7 16.0 8.1 MT MARION Total Spodumene Ore mined (100%) k dmt 1,306 1,685 2,165 Produced k dmt 125 132 154 • Increased production through Shipped SC6 k dmt 100 103 122 plant upgrades during
Slide 40: Glossary of Terms
GLOSSARY OF TERMS 1H, 2H, FY First half, second half, full year Gross debt Total borrowings inclusive of finance lease liabilities $ Australian dollar Gross gearing Gross debt / (gross debt + equity) US$ United States dollar k Thousand B Billion Li Lithium CAGR Compound annual growth rate Lost time
Slide 41: Office
OFFICE: 20 Walters Drive, Osborne Park, WA 6017 POSTAL: Locked Bag 13, Osborne Park DC, WA 6916 P +61 8 9329 3600 mineralresources.com.au