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FY26 FULL YEAR RESULTS 27 August 2026 | ASXMIN
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DISCLAIMER AND IMPORTANT NOTICES FY26 FULL YEAR RESULTS | 2 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 respect to those securities. No agreement to subscribe for securities in the Company will be entered into on the basis of this presentation. The information in this presentation should be read in conjunction with MinRes’ other periodic and continuous disclosure announcements lodged on the ASX. Non-IFRS financial information MinRes’ financial results are recorded under Australian Accounting Standards (“AAS”). This presentation contains certain financial data that are non-IFRS financial measures, including Underlying EBITDA. The Company believes that such non-IFRS financial measures provide a useful means through which to examine the underlying performance of the business. These measures, however, should not be considered to be an indication of, or alternative to, corresponding measures of net profit determined in accordance with AAS. In addition, such measures may not be comparable to similar measures presented by other companies. A reconciliation of non-IFRS financial information to the most directly comparable AAS measures is set out in the Appendix to this FY26 presentation released on 27 August 2026. ASX Listing Rule 5.23 statement The Ore Reserves and Mineral Resources in this announcement that relates to the current Ore Reserves and Mineral Resources of MinRes has been extracted from ASX releases by MinRes available at www.mineralresources.com.au and www.asx.com. MinRes confirms that it is not aware of any new information or data that materially affects the information included in the MinRes announcements other than changes due to normal mining depletion. In relation to the estimates of MinRes’ Ore Reserves and Mineral Resources, MinRes confirms that all material assumptions and technical parameters underpinning the estimates continue to apply and have not materially changed. MinRes further confirms that the form and context in which the Competent Person’s findings are presented have not been materially modified. Forward-looking statements This presentation contains forecasts and forward-looking information including statements about growth opportunities and targets; management plans and objectives; resources and reserves and production forecasts; commodity prices; demand for commodities; the expected timing for commencing new projects; the anticipated life of projects; operating costs; capital costs; and exchange rates. These forward-looking statements are based on expectations as at the date of this presentation. Forward looking statements are not a guarantee of future performance as they involve risks, uncertainties and other factors, many of which are beyond the Company’s control, and may cause results to be different from those expressed or implied in this presentation. You should not act or refrain from acting in reliance on this presentation material. You should not place undue reliance on forward-looking statements or guidance. This overview of MinRes does not purport to be all inclusive or to contain all information which its recipients may require in order to make an informed assessment of the Company or its future prospects. You should conduct your own investigation and perform your own analysis in order to satisfy yourself as to the accuracy and completeness of the information, statements and opinions contained in this presentation before making any investment decision. The Company makes no representation, assurance or guarantee as to the accuracy or likelihood or fulfilment of any forward-looking statement or any outcomes expressed or implied in any forward- looking statement. To the fullest extent permitted by law, none of MinRes nor its affiliates and none of their respective officers, directors, employees and agents, accept any responsibility or liability whatsoever (including for negligence) for any loss arising from this presentation or reliance on anything contained in or omitted from it or otherwise arising in connection with this presentation. In addition, except as required by applicable laws, MinRes accepts no responsibility to update any person regarding any inaccuracy, omission or change in information in this presentation or any other information made available to a person, nor any obligation to furnish the person with any further information. Reliance on third party information The views expressed in this presentation may contain information that has been derived from publicly available sources that have not been independently verified. No representation or warranty is made as to the accuracy, completeness or reliability of the information. This presentation should not be relied upon as a recommendation or forecast by MinRes. General All references to dollars ($) are Australian currency, unless otherwise stated. Figures in this presentation are subject to rounding; totals may not add precisely to the sum of the components.
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FREE CASH FLOW $0.8B 141% pcp FY26 RECORD YEAR MinRes posts record financial results and reinstates dividends RECORD OPERATIONAL PERFORMANCE REVENUE $6.5B 44% pcp UNDERLYING EBITDA $2.6B 183% pcp RETURN TO PROFIT $0.8B $0.9B pcp Underlying NPAT STRONG BALANCE SHEET Net Debt/ Underlying EBITDA 1.7x Liquidity $2.4B FULLY FRANKED FULL YEAR DIVIDEND $0.83 HIGHLIGHTS Onslow Iron full ramp-up delivered and sustained Six renewals and four third-party contracts won Onslow Iron 35Mtpa nameplate achieved Lamb Creek development extends Pilbara Hub mine life MINING SERVICES VOLUMES 22% pcp Higher recoveries Increased three-train utilisation at Wodgina 341Mt IRON ORE SHIPMENTS 47% pcp29.5Mt LITHIUM SALES 28% pcp559k dmt SC6 RECORD RECORD FY26 FULL YEAR RESULTS | 3
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20 YEARS ON THE ASX 1. Reportable operating segments as defined in note 4 of the financial statements. From FY26, the reportable operating segments are Mining Services, Iron Ore and Lithium. Prior to FY21, Iron Ore and Lithium were reported in aggregate within the Commodities segment. - 0.5 1.0 1.5 2.0 2.5 FY07 FY08 FY09 FY10 FY11 FY12 FY13 FY14 FY15 FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25 FY26 UNDERLYING EBITDA BY SEGMENT1 ($B) Mining Services Commodities (combined) Iron Ore Lithium Iron Valley developed Wodgina acquired Iron Ore averaged US$155/t A STEP CHANGE IN SCALE AND PORTFOLIO QUALITY IPO 2006 at $0.90 Onslow Iron first ore on ship May 2024 Yilgarn iron ore assets acquired Mt Marion farm-in agreement Lithium SC6 averaged US$5,300/t Onslow Iron interest acquired Mining Services drives growth and enables transition to higher-quality assets – now delivering record earnings 1 FY26 FULL YEAR RESULTS | 4 Lithium SC6 averaged US$1,609/t Iron Ore averaged US$104/t
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10.7% 10.2% 8.8% 26.3% Lithium peers Iron ore peers Mining services peers MIN-AU 1. Annualised TSR sourced from FactSet as at 30 June 2026, measured as CAGR from the later of (i) 28 July 2006 (MinRes listing date) and (ii) each peer’s ASX listing date, through to 30 June 2026. Peer set show the median of included companies which comprises current ASX200 Metals & Mining constituents as at 30 June 2026 allocated to the categories shown, being: • Mining services: WOR, MND, NWH, PRN • Iron ore: BHP, RIO, FMG, CIA • Lithium: PLS, IGO, LTR, ELV, VUL FY26 FULL YEAR RESULTS | 5 TSR UP 100x SINCE LISTING MINRES ANNUALISED TSR SINCE LISTING VS CURRENT ASX200 PEERS (% P.A) 1 20 YEARS ANNUALISED TSR MinRes’ vertically integrated operating model has delivered superior total shareholder returns (TSR) since listing
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VISION AND VALUES OUR VISION: MINRES WILL BE THE GLOBAL LEADER IN INNOVATIVE RESOURCE PROJECT DESIGN, DELIVERY AND OPERATION CARE UNITY INTEGRITY AGILITY COURAGE OUR VISION AND VALUES MinRes’ vision and values guide our decision-making and outline the behaviours that shape our culture and encourage positive relationships with employees, clients and partners. FY26 FULL YEAR RESULTS | 6 Our values outline the standards we hold ourselves to every day. They ask us to think boldly, act responsibly and look out for one another.
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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
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OUR STRATEGY FY26 FULL YEAR RESULTS | 8 Leverage our unique capabilities to optimise existing assets, grow where we can win and deliver superior returns
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FY26 FULL YEAR RESULTS | 9 1. Weighted average cost of term funding, excludes asset finance. 2. POSCO transaction subject to conditions precedent. Refer ASX announcement on 1 May 2026. STRONG BALANCE SHEET OPTIMISING DEBT POSITION SUSTAINING CAPITAL Strong free cash flow generation delivering outcomes well above thresholds 1.7x Net Debt/Underlying EBITDA from 5.9x pcp $2.4B liquidity from $1.1B pcp Bonds refinanced – weighted average cost1 from 8.6% to 7.4% Weighted average debt maturities extended from three to five years Net debt reduced by $1.1B $0.6B FY26 CAPITAL ALLOCATION Disciplined capital allocation and balance sheet strength enable the recommencement of dividends CAPITAL ALLOCATION FRAMEWORK FY26 OUTCOMES PRIORITIES ORGANIC GROWTH $0.5B growth capex and $0.1B exploration FULLY FRANKED DIVIDENDS (up to 50% of Underlying NPAT) Final dividend of $0.83, representing 20% of Underlying NPAT EXCESS CASH POSCO proceeds in 1H272 expected to redeem residual US$750M bond October 2028
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FY26 FULL YEAR RESULTS | 10 FY26 ESG Significant progress made to deliver long-term, sustainable value for our stakeholders ENVIRONMENT Environmental stewardship Target site environmental KPIs achieved Water management ICMM Water Stewardship gap assessment complete Decarbonisation 35% pcp in mining emissions intensity – on track for FY35 Interim Target1 SOCIAL GOVERNANCE Health, safety and wellbeing TRIFR 7.07 under the new Injury and Illness Classification Procedure aligned with ICMM Diversity and inclusion 4.1% Aboriginal and Torres Strait Islander participation 13.4% pcp Employee engagement 69% of employees engaged (vs 61% pcp) Board renewal Four new NEDs – deep industry and financial expertise Leadership succession COO appointed as part of leadership succession process Governance review Mallesons governance review complete – all recommendations being implemented Aboriginal procurement $70M spent across 64 businesses Code of Conduct training 98.8% employee completion rate Tailings management Updated OMS manuals at applicable operational sites 1. Relative to an FY24 baseline, measured on a kgCO 2e emitted per wet metric tonne of product shipped basis.
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FY26 FULL YEAR RESULTS | 11 FY27 PRIORITIES OPTIMISE AND GROW • Achieve FY27 guidance safely • Continue expanding mining services • Execute lithium brownfield projects - Bald Hill ramp-up - Mt Marion flotation and underground • Study brownfield growth opportunities - Wodgina expansion - Bald Hill expansion - Onslow Iron wet plant BALANCE SHEET • Disciplined financial management • Ongoing organic free cash flow • Accelerated debt reduction from POSCO partnership completion1 • Flexibility to pursue growth opportunities and fully franked dividends GOVERNANCE AND SUCCESSION • Ongoing COO and leadership development • Embed ELT operating practices • Elizabeth Broderick & Co culture review – Phase 2 • Ongoing deployment and training of updated policy and governance framework Growing a strong and more resilient business for our shareholders 1. POSCO transaction subject to conditions precedent. Refer ASX announcement on 1 May 2026.
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1. Transaction completion is conditional on satisfaction of conditions precedent. Refer to 1 May 2026 Announcement. Subject to s atisfaction of the conditions precedent, the transaction is expected to complete in 1H27. 2. Based on current MinRes share of sales volumes. 3. Onslow Iron attributable volumes are expected to average at MinRes’ 57% equity share over the life of the project. MinRes also holds an indirect interest of 3.3% through its shareholding in Aquila Resources. 4. MinRes operates 100% of the Mt Marion project, in which it has a 50% equity interest and a 51% offtake share of spodumene concentrat e produced. 5. FOB cost assumes diesel price of $1.25 per litre (including Fuel Tax Credit). FY26 FULL YEAR RESULTS | 12 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 BALD HILL MinRes share2 57%3 100% 50% 51%4 100% Product All Fines 25% Lump 5.5% grade 4.1% grade 5.1% grade Volume (attributable)2 20.0-21.7Mt 10.0-11.0Mt 360-390k dmt SC6 200-240k dmt SC6 100-120k dmt SC6 FOB cost5 $54-$58/t $74-$79/t $640-$710/dmt SC6 $960-$1,020/dmt SC6 $1,150-$1,250/dmt SC6 MINING SERVICES Production volumes 370 – 390Mt Growing volumes across every operating division – Mining Services, Iron Ore and Lithium FY27 GUIDANCE
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1. Transaction completion is conditional on satisfaction of conditions precedent. Refer to 1 May 2026 Announcement. Subject to s atisfaction of the conditions precedent, the transaction is expected to complete in 1H27. 2. FY27 capex guidance are shown as approximate figures. Note: Mt Marion and Wodgina capex based on current MinRes 50% share. POSCO transaction will reduce capex share from 50% to 35% at completion.1 CAPEX2 ($M) GROWTH RESOURCE DEVELOPMENT AND EXPLORATION SUSTAINING FY27 COMMENTSDEFERRED STRIP OTHER Onslow Iron 200 - - 30 230 Construction of Onslow Iron Resort and autonomous haulage project Other contracts 45 - - 165 210 Primarily mobile fleet replacements for internal and external sites MINING SERVICES 245 - - 195 440 Onslow Iron 35 5 35 55 130 Development of Upper Cane and Ken’s Bore Truck Maintenance Facility Pilbara Hub - 10 50 95 155 Remaining Lamb Creek development and Iron Valley deferred payment IRON ORE 35 15 85 150 285 Mt Marion (50%) 200 20 115 5 340 Flotation plant and underground development costs Wodgina (50%) 5 - 65 65 135 Deferred strip in advancing Stage 3 Bald Hill 10 15 125 - 150 Restart costs and elevated deferred strip LITHIUM 215 35 305 70 625 ENERGY - 60 - - 60 Two wells in Perth Basin and two wells in Carnarvon Basin CENTRAL AND OTHER - 5 - 10 15 TOTAL CAPEX 495 115 390 425 1,425 FY27 guidance on a total capex basis Less financing (85) - - (70) (155) Financing for transhipper and mobile fleet CAPEX (net of financing) 410 115 390 355 1,270 As reported for FY26 capex guidance FY26 FULL YEAR RESULTS | 13 Brownfield-led capital program: maximising returns from existing assets whilst building portfolio resilience FY27 CAPEX GUIDANCE
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FY26 Full Year Results
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PROFIT AND LOSS ($M) FY26 FY25 VARIANCE VARIANCE % REVENUE 6,461 4,472 1,989 44% UNDERLYING EBITDA 2,551 901 1,650 183% D&A (928) (758) (170) (22%) UNDERLYING EBIT 1,623 143 1,480 1,033% Net finance costs (473) (313) (160) (51%) UNDERLYING PBT1 1,150 (170) 1,320 776% Underlying tax expense (328) 58 (386) (667%) UNDERLYING NPAT1 822 (112) 934 831% UNDERLYING NPAT ATTRIBUTABLE TO EQUITY HOLDERS1 707 (80) 787 984% UNDERLYING BASIC EPS ($/SHARE)2 3.58 (0.41) 3.99 983% REPORTED NPAT1 1,215 (896) 2,111 236% REPORTED NPAT ATTRIBUTABLE TO EQUITY HOLDERS 1,061 (904) 1,965 217% REPORTED BASIC EPS ($/SHARE) 5.37 (4.59) 9.96 217% 1. Refer to Appendices for glossary and reconciliation of non -IFRS information. 2. FY25 Underlying basic EPS restated from ($0.57) to ($0.41), now calculated on Underlying NPAT attributable to equity holders of the parent. • Record Revenue from record volumes across all segments and improved commodity prices • Record Underlying EBITDA, achieving an Underlying EBITDA margin of 39% (FY25: 20%) • Reported NPAT was $1.2B, with Underlying NPAT of $0.8B, up 831% pcp • In expectation the POSCO deal will complete in 1H27, the definition of underlying results will be refined to be disclosed on an attributable basis FY26 FULL YEAR RESULTS | 15 Record earnings with strong performance across all three key pillars FY26 PROFIT AND LOSS REVENUE $6.5B 44% pcp UNDERLYING EBITDA $2.6B 183% pcp
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• Mining Services growth driven by Onslow Iron reaching steady state operations and record external production tonnes • Iron Ore earnings driven by successful ramp-up of Onslow Iron with sold volumes up 47% and 8% increase in average realised price of US$90/dmt • Lithium earnings reflect sold volumes up 13% and 106% increase in average realised price of SC6 US$1,617/dmt • Central costs include $76M non-cash share-based payment expense due to a higher share price and new awards 1. Iron Ore Underlying EBITDA comprises Onslow $909M, Pilbara Hub $98M and other iron ore ($6M). 2. Lithium Underlying EBITDA comprises earnings from Wodgina $470M, Mt Marion $302M, Bald Hill ($8M) and other lithium $7M. 3. Energy & Other Underlying EBITDA comprises of Energy $1M and Lucky Bay Garnet ($15M). 4. Inter-segment Underlying EBITDA represents elimination of unrealised profits and losses in intercompany transactions between Mining Services and MinRes’ other segments. FY26 FULL YEAR RESULTS | 16 OPERATING SEGMENTS ($M) MINING SERVICES IRON ORE1 LITHIUM2 OTHER3 CENTRAL INTERSEGMENT4 MINRES GROUP FY26 Revenue 3,113 3,592 1,312 62 4 (1,622) 6,461 Underlying EBITDA 976 1,001 771 (14) (189) 6 2,551 EBITDA margin 31% 28% 59% (23%) - - 39% D&A (503) (223) (211) (6) (27) 42 (928) Underlying EBIT 473 778 560 (20) (216) 48 1,623 EBIT margin 15% 22% 43% (33%) - - 25% FY25 Revenue 3,297 2,334 601 75 - (1,835) 4,472 Underlying EBITDA 737 252 23 4 (88) (27) 901 EBITDA margin 22% 11% 4% 5% - - 20% D&A (405) (157) (250) (5) (26) 85 (758) Underlying EBIT 332 95 (227) (1) (114) 58 143 EBIT margin 10% 4% (38%) (1%) - - 3% FY26 OPERATING SEGMENTS Diversified portfolio with higher quality earnings
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FY26 UNDERLYING EBITDA ANALYSIS FY26 FULL YEAR RESULTS | 17 UNDERLYING EBITDA RECONCILIATION ($M) MOVEMENT ($M) TOTAL ($M) COMMENTARY FY25 UNDERLYING EBITDA 901 CONTROLLABLE Lithium volume and FOB cost 292 Higher sales volumes and lower FOB costs at Mt Marion and Wodgina Iron Ore volume and FOB cost 718 Onslow Iron nameplate shipments achieved in steady-state operations at lower unit cost Mining Services 239 Higher production tonnes across all operations and external third-party volumes Central and Intersegment (85) Includes $76M non-cash share-based payments from higher share price and new awards Total Controllable 1,164 PRO FORMA UNDERLYING FY26 EBITDA 2,065 Excludes the impact of pricing, shipping, royalties EXTERNAL Lithium price 490 Achieved SC6 price 1H: US$972/dmt, 2H: US$2,290/dmt Iron Ore price 97 Improved realisations and iron ore prices Shipping and royalties (101) Higher iron ore shipping cost and increased lithium royalties from higher commodity prices Total External 486 FY26 UNDERLYING EBITDA 2,551 Record result driven by strong operational delivery, supplemented by commodity price tailwinds
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CASH FLOW ($M) FY26 FY25 VARIANCE UNDERLYING EBITDA 2,551 901 1,650 Movement in working capital Onslow carry loan receivable1 430 (291) 721 Repayment of Iron Ore Prepayment (608) (57) (551) Other working capital 54 (580) 634 OPERATING CASH FLOW BEFORE INTEREST AND TAX 2,427 (27) 2,454 Net interest paid (348) (453) 105 Tax received 5 5 - OPERATING CASH FLOW 2,084 (475) 2,559 Sustaining capex (643) (408) (235) FREE CASH FLOW FROM OPERATIONS 1,441 (883) 2,324 Growth and exploration capex (468) (1,152) 684 Distributions to unitholders2 (124) (46) (78) FREE CASH FLOW 849 (2,082) 2,931 Net investments and acquisitions4 397 1,775 (1,378) Net change to borrowings (85) (171) 86 Other (11) (18) 7 MOVEMENT IN CASH AND CASH EQUIVALENTS 1,150 (497) 1,646 CLOSING CASH AND CASH EQUIVALENTS 1,562 412 1,150 1. Onslow carry-loan receivable for development expenditure incurred on behalf of the APIJV. MinRes will recover this development expenditure, plus capitalised interest, through the Onslow carry loan. 2. Distributions to MSIP’s 49% non-controlling interest in Onslow Road Trust. 3. Cash conversion ratio calculated as: (Operating cash flow before interest and tax + Repayment of Iron Ore Prepayment - Proceeds from Onslow Carry Loan)/Underlying EBITDA 4. Net investments and acquisitions include: $0.2B Onslow Iron Road Trust contingent payment, $0.1B loan repayment from associates and $0.1B proceeds from asset disposals. • Movement in working capital includes: - $0.4B Onslow Iron carry loan receipts with $335M remaining ($308M current and $27M non-current) - ($0.6B) full repayment of iron ore prepayment FY26 FULL YEAR RESULTS | 18 FY26 CASH FLOW Strong free cash flow and cash conversion CASH CONVERSION3 102% FREE CASH FLOW $0.8B 141% pcp
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FY26 FULL YEAR RESULTS | 19 Delivered in line with guidance FY26 CAPEX CAPEX ($M) GROWTH RESOURCE DEVELOPMENT AND EXPLORATION SUSTAINING FY26 COMMENTSDEFERRED STRIP OTHER Onslow Iron 370 - - - 370 Haul road upgrades, expansion of transhipping and haulage fleet Other contracts 70 - - 117 187 Crushing equipment and mobile fleet for Lamb Creek and other sites MINING SERVICES 440 - - 117 557 Onslow Iron 48 3 27 55 133 Development of Ken’s Bore and Upper Cane Pilbara Hub - 16 99 119 234 Lamb Creek development and deferred strip IRON ORE 48 19 126 174 367 Mt Marion 7 5 46 7 65 Deferred strip in transition to northern pits Wodgina 1 2 119 44 166 Deferred strip in advancing Stage 3 pit, tailings storage facility Bald Hill 3 - 9 - 12 Restart in Q4 FY26 LITHIUM 11 7 174 51 243 ENERGY - 29 - - 29 Three gas exploration wells in the Perth Basin CENTRAL AND OTHER 20 5 - 1 26 Primarily Lucky Bay garnet plant TOTAL CAPEX 519 60 300 343 1,222 Less financing (109) - - (2) (111) CAPEX (net of financing) 410 60 300 341 1,111 In line with FY26 guidance of $1,140M
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FY26 FULL YEAR RESULTS | 20 US $700M notes at 7.0% US $625M notes at 8.5% US$750M notes at 9.25% $800M RCF (undrawn) US $650M notes at 6.0% US $650M notes at 6.25% 0.0 0.2 0.4 0.6 0.8 1.0 1.2 1H27 2H27 1H28 2H28 1H29 2H29 1H30 2H30 1H31 2H31 1H32 2H32 1H33 2H33 1H34 2H34 DEBT MATURITY PROFILE (A$B)1 Expected to be redeemed with proceeds from POSCO partnership2 1.1x 4.2x 5.9x 1.7x 0.0 1.0 2.0 3.0 4.0 5.0 6.0 7.0 8.0 FY23 FY24 FY25 FY26 FY27 NET DEBT / UNDERLYING EBITDA (X) Pro-forma 1.2x with POSCO proceeds2 NET DEBT/UNDERLYING EBITDA (x) TARGET OF <2.0X NET DEBT TO EBITDA THROUGH-THE-CYCLE 1. USD facilities presented in AUD at balance date AUD:USD rate of 0.69. Excludes asset financing arrangements. 2. Subject to satisfaction of conditions precedent, that transaction is expected to complete in 1H27. FY26 FY25 CASH $1.6B $0.4B LIQUIDITY $2.4B $1.1B NET WORKING CAPITAL $0.1B - NET ASSETS $4.8B $3.7B GROSS DEBT $5.8B $5.8B NET DEBT $4.3B $5.3B NET DEBT TO UNDERLYING EBITDA 1.7x 5.9x CAPITAL EMPLOYED $9.1B $9.0B FY26 BALANCE SHEET A materially strengthened balance sheet underpinned by Onslow Iron's ramp-up, disciplined capital allocation and record-low-cost refinancing
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1. Refer FY26 Annual Report. 2. Net investing activities of ($823M) less proceeds from Road Trust Contingent Consideration of $200M (Financing activity) = ‘N et cash used in investing activities’ of ($1,023M) as disclosed in FY26 Annual Report. 3. Reflects the cash outflow to settle the outstanding Iron Ore prepayment obligation and is included within “repayment of iron ore prepayment” in the Cash Flow per slide 18. 4. Comprised of FX impact and non-cash movement in borrowings. FY26 FULL YEAR RESULTS | 21 FY26 NET DEBT WATERFALL Net debt significantly reduced by strong operating free cash flow (5,350) 2,551 299 (422) (348) 5 (124) (1,111) (111) 398 (54) (4,267) (6,000) (5,500) (5,000) (4,500) (4,000) (3,500) (3,000) (2,500) (2,000) Net Debt FY25 Underlying EBITDA Working capital movement Iron Ore prepayment settlement Net interest paid Tax received Distributions to MSIP Capex Asset financing Net investments FX translation & Other Net Debt FY26 $ MILLION 3 4 Net cash from operating activities1 - $2,084M Net investing activities2 - ($823M) Free cash flow - $849M
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FY26 Full Year Results
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Vertically integrated model delivering record volumes and earnings growth HIGHLIGHTS • Record production FY26 volume 341Mt • Record FY26 Underlying EBITDA $976M 32% pcp • Third-party contracts – six renewals, four wins, three completed MINING • Open pit mining • 67Mt TMM • Three current contracts CRUSHING AND PROCESSING • World’s leading crushing contractor • 28 plants installed HAULAGE • Leading operator of jumbo road trains • 203 jumbo road trains – 55 deployed with external clients • 157 on-highway contractor road-trains1 MARINE AND PORT HANDLING • Largest Australian-owned marine operation • Six TSVs operational from June 2026 • Seventh TSV arrived August 2026 MINRES AIR • Four aircraft increasing to five • Four routes, 1,300+ flights • 100,000+ passengers 1. Supporting Pilbara Hub, Wodgina, Mt Marion and Bald Hill projects. FY26 FULL YEAR RESULTS | 23 MINING SERVICES OVERVIEW
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FY26 FULL YEAR RESULTS | 24 MINING SERVICES ENGINEERING AND CONSTRUCTION Harnessing decades of experience to deliver projects with unmatched speed, control and cost efficiency FY26 ACHIEVEMENTS ENGINEERING AND CONSTRUCTION OUTLOOK • Onslow Iron – full delivery • Lamb Creek – first shipped ore three months after breaking ground • Wodgina – completed Tailings Storage Facility ahead of schedule MinRes is Australia's only mining company with a long-tenured, in-house engineering and construction team We’ve been building our construction workforce for more than 30 years, allowing us to self-perform end-to-end: design, engineering, construction and commissioning across a range of commodities, with fixed-price delivery and at a lower capital intensity • Studying Wodgina, Bald Hill expansions and Onslow Iron wet plant • Assessing various client projects • 270-room Onslow Iron Resort and satellite deposit infrastructure • Mt Marion flotation plant APPROVED
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18% 82% Internal Third-party negotiated MINING SERVICES PRODUCTION OUTLOOK Set for further growth on the back of high-quality projects and strong client relationships 1. Production order book excludes Road Trust and based on revenue at current contract rates and tenor where applicable. LOM contracts are based on latest LOM plans, except for Onslow Iron which is based on last published Resource. 2. Internal refers to volumes generated from wholly -owned projects, which currently consists of Pilbara Hub and Bald Hill. Third -party negotiated volumes comprises of all volumes generated from external customers and jointly operated projects. This differs from the external reve nue disclosed for Mining Services per the segment note 4 of the financial statements which comprises of revenue derived from external customers and on ly the portion of revenue derived from external participants in jointly operated projects. FY26 FULL YEAR RESULTS | 25 PRODUCTION ORDER BOOK BY REMAINING CONTRACT TERM1 PRODUCTION ORDER BOOK BY COMMODITY1 FY27 VOLUME GUIDANCE2 370 – 390Mt 6% 6% 18% 70% ≤ 5 Years 6 - 10 Years 11 - 15 Years >15 Years 67% 33% Iron Ore Lithium Other Long term build-own-operate contracts One of Australia’s largest mining services contractors, supporting MinRes projects and Tier-1 clients Majority of volumes negotiated with third-parties with rates indexed annually
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MINING SERVICES PREMIUM BUSINESS 1. Conceptual scenario assuming Production EBITDA based on FY27 guidance midpoint for Mining Services production volume (380Mt) and long run Production EBITDA per tonne target of $2.0/t; and attributable 51% interest in Road Trust based on FY27 guidance midpoint of Onslow Iron volumes (36.5Mt on 100% basis) at a tolling agreement charge of $8.54/wmt for calendar 2026. FY26 FULL YEAR RESULTS | 26 1.7 1.7 1.9 1.9 1.9 2.1 2.2 2.0 $0.0/t $0.5/t $1.0/t $1.5/t $2.0/t $2.5/t - $0.1B $0.2B $0.3B $0.4B $0.5B $0.6B $0.7B $0.8B $0.9B $1.0B FY19 FY20 FY21 FY22 FY23 FY24 FY25 FY26 FY27 Production EBITDA (LHS) Attributable Road Trust EBITDA (LHS) Production EBITDA per tonne (RHS) Long run target $2/t EBITDA Margin (RHS) Strong Free Cash Flow with long run sustaining capex target of $0.35-0.40/t. Majority of assets are infrastructure-like and designed to support a specific mine life High demand for innovative and integrated build-own- operate capabilities Non-cyclical earnings with rates indexed annually and low sustaining costs, providing financial resilience Indicative EBITDA based on FY27 guidance at long run EBITDA target $2/t1 The engine room of the business, proven at scale with strong free cash flow
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IRON ORE OVERVIEW FY26 FULL YEAR RESULTS | 27 Onslow Iron delivering significant cash at scale – 38Mtpa run-rate achieved and unlocking the West Pilbara region ONSLOW IRON Resource of 744Mt and Reserve of 359Mt (March 2025)1 PILBARA HUB Resource of 161Mt and Reserve of 51Mt (June 2025)1 SHIPPED (ATTRIBUTABLE) 19.7M wmt 146% pcp FOB COST $52/wmt 17% pcp RUN-RATE 38Mtpa achieved in Q4 FY26 SHIPPED 9.9M wmt 2% pcp FOB COST $79/wmt 4% pcp LAMB CREEK RAMP-UP replaces Wonmunna 1. Reported on a 100% project basis. Refer to ASX announcement dated 21 May 2025 (Onslow Iron) and 27 August 2025 (Pilbara Hub).
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1. Midpoint of FY27 guidance (attributable). 2. 2H26 actual realisation as reported against the 61% index. 3. LOM average. 4. FY26 actual. 5. Assumes AUD:USD average of 0.69 as at 30 June 2026. $0.5B $0.6B $0.8B $1.0B $1.1B - 0.2 0.4 0.6 0.8 1.0 1.2 US$90/t US$95/t US$100/t US$105/t US$110/t IRON ORE PRICE (CFR, 61%) IRON ORE UNDERLYING EBITDA SENSITIVITY (A$B)5 Indicative Underlying EBITDA scenario assuming midpoint FY27 volume and cost guidance KEY ASSUMPTIONS UNITS ONSLOW IRON PILBARA HUB Attributable interest % 57 100 Volumes1 Mt 20.9 10.5 Realisation2 % 86% 84% Moisture3 % 8.0% 8.6% FOB Cost1 $/wmt 56 77 Shipping4 $/wmt 15 16 Royalty rates3 % 9.5% 9.5% FY26 FULL YEAR RESULTS | 28 IRON ORE FY27 EARNINGS POTENTIAL
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WODGINA Resource of 217Mt and Reserve of 165Mt at 1.2% Li2O (June 2023)1 MT MARION Resource of 66Mt (January 2024) and Reserve of 36Mt at 1.4% Li2O (June 2023)1 BALD HILL Resource of 58Mt at 0.94% Li2O (June 2024)1 SALES (ATTRIBUTABLE) 9% pcp FY26 FULL YEAR RESULTS | 29 LITHIUM OVERVIEW Optimising brownfield operations with high-return growth options SALES (ATTRIBUTABLE) 48% pcp FOB COST 13% pcp FOB COST 6% pcp ~500ktpa SC6 capacity RESTARTED May 2026 INITIAL SHIPMENT July 2026 post restart RAMP-UP to full capacity of 140k dmt SC6 in Q2 FY27 THREE TRAINS design capacity of 250ktpa SC6 per train at 65% recovery dmt SC6317k dmt SC6242k $847/ dmt SC6 $738/ dmt SC6 1. Reported on a 100% project basis. Refer to ASX announcement dated 22 September 2023 ( Wodgina and Mt Marion Reserves), 21 February 2024 (Mt Marion Resources) and 13 November 2024 (Bald Hill).
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$0.3B $0.8B $1.2B $1.7B $2.2B - 0.5 1.0 1.5 2.0 2.5 US$1,000/t US$1,500/t US$2,000/t US$2,500/t US$3,000/t SPODUMENE PRICE (CIF US$/DMT SC6) 1. Based on current ownership. POSCO transaction will reduce volume share by 30% at completion. Subject to satisfaction of conditions precedent, that transaction is expected to complete in 1H27. 2. MinRes operates 100% of the Mt Marion project, in which it has a 50% equity interest and 51% offtake of spodumene concentrate produced. 3. Midpoint of FY27 guidance based on current ownership. 4. FY26 actuals. 5. LOM average. 6. AUD:USD average of 0.69 as at 30 June 2026. FY26 FULL YEAR RESULTS | 30 Attributable Underlying EBITDA scenario assuming midpoint FY27 volume and cost guidance KEY ASSUMPTIONS UNITS WODGINA MT MARION BALD HILL Attributable interest1 % 50 512 100 Volumes3 k dmt SC6 375 220 110 Low-grade discount % N/A 10% N/A FOB cost3 $/dmt SC6 675 990 1,200 Shipping4 $/dmt SC6 44 59 59 Royalty rates5 % 5.0% 8.0% 6.0% LITHIUM FY27 EARNINGS POTENTIAL LITHIUM UNDERLYING EBITDA SENSITIVITY (A$B)1,6
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40% 50% 60% 70% 80% FY26 Medium term FY26 FULL YEAR RESULTS | 311. Refer ASX Announcement “Lithium Investor Tour Presentation” 19 May 2026. LITHIUM WODGINA OUTLOOK Stage 3 clean ore from Q2 FY27 enabling consistent recoveries 317 360-390 200 300 400 FY26 FY27 Volume (k dmt SC6) 738 640-710 400 800 FY26 FY27 FOB cost ($/dmt SC6) Actual Guidance base Guidance range FY27 PRIORITIES FY27 GUIDANCE RECOVERY TARGETS • Running three trains in FY27 • Inventory build of medium-grade ore as Stage 3 deepens • Continued pit development of Stage 3 with clean ore available from Q2 FY27 • Progressing pre-feasibility study to increase capacity by 30%1 – expect to complete study in Q3 FY27 • Focus on underground extensional targets and resource growth Clean ore from Q2 FY27 expected to improve recoveries
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FY26 FULL YEAR RESULTS | 32 LITHIUM MT MARION OUTLOOK A transition year to flotation and underground mining Actual Guidance base Guidance range FY27 PRIORITIES FY27 GUIDANCE RECOVERY TARGETS • Strip ratio peaks at 17:1 with commencement of the next cut back in the North Pit over FY27-28 • Lower recoveries due to higher volume of contact ore, partially mitigated with use of ore sorter. Low-grade weighting of product increasing to 60% • Progress construction of flotation plant and underground mining development • Targeting first stope ore Q4 FY27 Flotation in combination with underground ore enables improvements in recoveries, increases capacity to 600kt SC6 (100%) and a single SC5 product 30% 40% 50% 60% 70% FY26 Medium term (with flotation) 242 200-240 0 200 400 FY26 FY27 Volume (k dmt SC6) Lower volumes from lower recoveries 847 960-1,020 - 400 800 1,200 FY26 FY27 FOB cost ($/dmt SC6) Increased FOB cost with higher strip
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FY26 FY27 FY28 FY26 FULL YEAR RESULTS | 33 LITHIUM MT MARION FLOTATION Procurement activities and early works for construction of the flotation plant is well progressed Concentrate dewatering Flotation circuit and reagent distribution Water Treatment Grinding and Fine Screening Deslime and Magnetic Separation CONSTRUCTION AND DEVELOPMENT COMMISSIONING AND RAMP-UPFID (MAY 2026) Grinding and Fine Screening circuit
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FY26 FY27 FY28 FY26 FULL YEAR RESULTS | 34 LITHIUM MT MARION UNDERGROUND Underground supports mine life by providing access to additional resources below existing open pits Macmahon appointed underground mining contractor July 2026 Underground stoping to provide up to 40% of processing feed by end of FY28 CONSTRUCTION AND DEVELOPMENT PRODUCTION RAMP-UPFID (MAY 2026) 2024 Boxcut and Exploration Decline Boxcut Decline North Underground – looking North-West In-Pit Decline North Open Pit Ultimate Design July Asbuilt In-Pit Declines Central Open Pit Final Asbuilt Central Upper Underground – looking South-East 850m 600m 450m
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FY26 FULL YEAR RESULTS | 35 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 140k dmt SC6 in Q2 FY27 • Drilling campaign planned over next 12 months along with pre-feasibility study to consider plant expansion and underground potential 100-120 0 50 100 150 FY26 FY27 Volume (k dmt SC6) 1,150-1,250 - 400 800 1,200 1,600 FY26 FY27 FOB cost ($/dmt SC6) Guidance base Guidance range Care and maintenance, restarted May 2026 Care and maintenance, restarted May 2026
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FY26 FULL YEAR RESULTS | 36 ENERGY OUTLOOK Advancing a conventional gas exploration program in some of the most prospective onshore acreage in Western Australia PERTH BASIN CARNARVON BASIN 5,500km2 landholding over six tenements • Gas exploration program targeting two wells (100% MinRes) in FY27 • Well flow testing program to appraise elevated gas readings at Aubisque-1 17,500km2 landholding • Gas exploration program targeting two wells in 1H27: - Omega-1 (50% MinRes/50% Hancock Energy) - Avenger-1 (50% MinRes/50% Hancock Energy)
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OUR INVESTMENT PROPOSITION FY26 FULL YEAR RESULTS | 37 World-class mining services business In-house engineering and construction capability Culture of innovation Strong partnerships and clients Diversified portfolio of high-quality assets
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FY26 Full Year Results
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1. Further information on the items excluded from the underlying result is included in Note 4 Segment information to the consoli dated financial statements. 2. The comparative tax effect has been reclassified to be presented on a consistent basis with the current year presentation . 3. Tax has been normalised to exclude the tax impact of one-off transactions. FY26 FULL YEAR RESULTS | 39 FY26 RECONCILIATION OF NON-IFRS INFORMATION RECONCILIATION OF NON-IFRS FINANCIAL INFORMATION ($M) FY25 FY26 PBT2 Tax (expense) /benefit2 NPAT2 PBT Tax (expense) /benefit NPAT UNDERLYING RESULTS (170) 58 (112) 1,150 (328) 822 Items excluded from underlying results1: Impairment charges (806) 174 (632) (98) 29 (69) Net fair value gains/(losses) on investments (56) 17 (39) 111 (33) 78 Foreign exchange gain/(loss) (74) 22 (52) 240 (72) 168 Gain on Onslow Iron Road Trust contingent payment - - - 191 (57) 134 Loss on cessation of downstream lithium operations (71) 20 (51) - - - Gain on disposal of Petroleum Exploration Permits 80 (24) 56 31 (9) 22 Gain on disposal of the Yilgarn Hub 80 (24) 56 - - - Onerous contract (Yilgarn) (16) 5 (11) - - - Cost to transition mine sites into care and maintenance (38) 11 (27) - - - Redundancy costs (42) 13 (29) - - - Unrealised (loss)/gain on derivative contracts 10 (3) 7 (3) 1 (2) Software implementation costs (14) 4 (10) (24) 7 (17) Net gain on remeasurement of financial instruments - - - 3 (1) 2 Gain on settlement of customer prepayment - - - 1 - 1 (946) 215 (731) 452 (135) 317 Additional tax adjustments to derive Underlying NPAT3 - (52) (52) - 76 76 TOTAL EXCLUDED FROM UNDERLYING RESULTS (946) 163 (783) 452 (59) 393 REPORTED NPAT (1,117) 221 (896) 1,602 (387) 1,215 Less: NPAT attributable to NCI interests (8) (154) NPAT ATTRIBUTABLE TO EQUITY HOLDERS OF THE GROUP (904) 1,061
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• Record production tonnes of 341Mwmt, up 22% pcp • Record Mining Services Underlying EBITDA of $976M, up 32% pcp • Record results driven by successful Onslow Iron ramp-up to nameplate capacity and strong demand at external client sites 1. Mining Services Production Tonnes are based on tonnes mined (total material mined), onsite hauled, crushed, rehandled, processed, offsite hauled, port handled, and transhipped for internal, JV and external contracts where the Mining Services segment generates ass ociated earnings. 2. Onslow Iron Road Trust was established to facilitate the sale of a 49% non -controlling interest in the Onslow Iron Haul Road to MSIP on 25 September 2024 . The tolling agreement charge received by Road Trust is indexed by CPI each year on 1 January. The charge was $8.27/wmt for calendar 2025 and $8.54/wmt for calendar 2026. Distributions to owners of the Road Trust are discretionary. Road Trust's policy is to make monthly distributions of all available cash. Distributions approved by the Road Trust Board are paid approximately one month in arrears. Road Trust's distribution to MinRes is eliminated on consolidation. 3. Sustaining Capex shown as total capex pre -financing, in line with basis of FY27 capex guidance. FY25 comparatives restated accordingly. 4. 2H26 Sustaining Capex of $0.53/t primarily driven by Lamb Creek development. FY26 FULL YEAR RESULTS | 40 UNITS 1H25 2H25 FY25 1H26 2H26 FY26 PRODUCTION TONNES1 Mwmt 136 144 280 166 174 341 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 PRODUCTION UNDERLYING EBITDA $M 350 276 626 347 342 689 Construction Underlying EBITDA $M - 4 4 (3) 1 (2) Road Trust Underlying EBITDA2 $M 29 78 107 144 144 289 MINING SERVICES UNDERLYING EBITDA $M 379 358 737 488 488 976 Sustaining capex3 $M (25) (16) (41) (24) (93) (117) Road Trust distribution to MSIP2 $M (4) (42) (46) (58) (66) (124) PRODUCTION UNDERLYING EBITDA $/t 2.6 1.9 2.2 2.1 2.0 2.0 Road Trust Underlying EBITDA2 $/t 8.0 8.3 8.2 8.3 8.5 8.4 Sustaining capex $/t 0.19 0.11 0.14 0.14 0.534 0.34 MINING SERVICES PERFORMANCE
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• Onslow Iron achieved its 35Mtpa nameplate capacity in August 2025, followed by a 38Mtpa run- rate in the June 2026 quarter • FOB cost of $52/wmt – down 17% pcp, reflecting Onslow Iron’s ramp- up to nameplate, disciplined cost management and cessation of Mining Services ramp-up rates in September 2025 1. MinRes also holds an indirect interest of 3.3% through its shareholding in Aquila Resources. 2. Iron Ore realisation is reported against the Platts (CFR) 61% index from 1 January 2026. Prior period realisations are reported against the Platts (CFR) 62% index. UNITS 1H25 2H25 FY25 1H26 2H26 FY26 ONSLOW IRON (Attributable basis, unless otherwise indicated. Volumes are expected to average at MinRes’ 57% direct equity share over the life of the project)1 TMM (100%) Mwmt 29.0 26.2 55.2 28.1 33.6 61.7 Ore mined (100%) kwmt 9,494 13,730 23,223 21,731 21,690 43,421 Produced (100%) kwmt 6,321 9,611 15,931 17,267 16,593 33,860 Shipped (100%) kwmt 4,611 9,389 14,000 17,305 16,831 34,136 Shipped (attributable) kwmt 2,499 5,495 7,994 9,756 9,894 19,650 Realisation2 % 85% 82% 83% 89% 86% 88% Revenue US$/dmt 86 83 84 93 90 92 Moisture % 7.0% 7.0% 7.0% 7.2% 7.6% 7.4% REVENUE $/wmt 121 122 121 131 118 124 FOB cost $/wmt 77 57 63 52 53 52 Shipping $/wmt 14 12 12 14 15 15 Royalties $/wmt 9 11 10 12 11 11 CFR COST $/wmt 100 80 86 78 79 78 EBITDA $/wmt 21 42 35 54 40 47 Sales revenue $M 302 668 970 1,274 1,168 2,442 Other revenue $M 3 2 5 3 2 5 TOTAL REVENUE $M 305 670 975 1,277 1,170 2,447 CFR cost $M (251) (437) (688) (758) (780) (1,538) EBITDA $M 54 233 287 519 390 909 FY26 FULL YEAR RESULTS | 41 IRON ORE ONSLOW
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FY26 FULL YEAR RESULTS | 42 UNITS 1H25 2H25 FY25 1H26 2H26 FY26 PILBARA HUB (100% basis, unless otherwise indicated) TMM Mwmt 22.0 20.1 42.1 16.7 17.7 34.4 Ore mined kwmt 5,551 5,427 10,978 3,936 5,068 9,004 Produced kwmt 5,183 5,278 10,461 5,099 4,470 9,569 Shipped kwmt 4,884 4,809 9,693 5,125 4,769 9,894 Lump weighting % 25% 30% 28% 35% 37% 36% Realisation % 80% 83% 81% 82% 84% 83% Revenue US$/dmt 81 83 82 86 88 87 Moisture % 13.1% 11.0% 12.1% 10.2% 8.9% 9.7% REVENUE $/wmt 107 115 111 116 115 116 FOB cost $/wmt 74 78 76 81 78 79 Shipping $/wmt 17 14 15 15 18 16 Royalties $/wmt 11 11 11 11 9 10 CFR COST $/wmt 101 103 102 107 105 106 EBITDA $/wmt 6 11 8 9 10 10 REVENUE $M 524 552 1,076 595 549 1,144 CFR cost $M (495) (496) (991) (546) (500) (1,046) EBITDA $M 29 56 84 49 49 98 IRON ORE PILBARA HUB • Successfully transitioned from Wonmunna to the lower-cost Lamb Creek project, with first ore on ship from Lamb Creek in March 2026 • Higher lump weightings have supported realisations
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FY26 FULL YEAR RESULTS | 43 UNITS 1H25 2H25 FY25 1H26 2H26 FY26 WODGINA (50% attributable basis, unless otherwise indicated) TMM (100%) M wmt 19.1 20.8 39.9 19.9 19.7 39.6 Ore mined (100%) k dmt 2,358 2,261 4,619 2,365 2,287 4,652 Produced k dmt 105 146 251 173 172 345 Shipped SC6 k dmt 101 113 214 163 153 316 Shipped k dmt 108 126 234 181 169 350 Average grade sold % 5.6% 5.4% 5.5% 5.4% 5.5% 5.4% Sold SC6 k dmt 101 113 214 164 153 317 Sold k dmt 108 126 234 181 170 351 Revenue CIF SC6 US$/dmt 837 753 793 1,002 2,319 1,639 REVENUE $/dmt 1,197 1,062 1,124 1,378 2,981 2,153 FOB COST SC6 $/dmt 1,013 703 849 726 751 738 FOB cost $/dmt 948 628 775 656 675 667 Shipping $/dmt 45 45 45 36 44 40 Royalties $/dmt 59 57 58 65 154 108 CIF COST $/dmt 1,051 731 879 757 872 814 REVENUE $M 129 134 263 250 506 756 CIF cost $M (113) (92) (206) (137) (149) (286) EBITDA $M 16 42 57 113 357 470 LITHIUM WODGINA • Increased volumes and improved FY26 FOB costs reflect higher recoveries and utilisation of the third processing train
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• Increased volumes in response to improved market conditions • Lower FOB cost driven by improved recoveries and reduced stripping in the central pits 1. MinRes operates 100% of the Mt Marion project, in which it has a 50% equity interest and a 51% offtake share of Spodumene concentrate produced . FY26 FULL YEAR RESULTS | 44 UNITS 1H25 2H25 FY25 1H26 2H26 FY26 MT MARION1 (50% attributable basis, unless otherwise indicated) Total spodumene TMM (100%) M wmt 17.7 16.0 33.7 8.1 14.9 23.0 Ore mined (100%) k dmt 1,306 1,685 2,991 2,165 1,583 3,748 Produced k dmt 125 132 257 154 162 316 Shipped SC6 k dmt 100 103 203 122 121 243 Shipped k dmt 144 136 280 157 162 319 High Grade contribution % 33% 48% 40% 51% 48% 49% Spodumene sales (51%) Average grade sold % 4.2% 4.6% 4.3% 4.6% 4.4% 4.5% Sold SC6 k dmt 116 107 223 122 120 242 Sold k dmt 167 139 306 160 166 326 Revenue CIF SC6 US$/dmt 814 725 771 933 2,253 1,588 REVENUE $/dmt 860 876 867 1,079 2,319 1,708 FOB COST SC6 $/dmt 1,076 712 902 805 891 847 FOB cost $/dmt 747 547 657 611 646 629 Shipping $/dmt 43 41 42 43 45 44 Royalties $/dmt 50 47 49 70 141 106 CIF COST $/dmt 841 635 748 724 833 779 REVENUE $M 144 121 265 173 383 556 CIF cost $M (140) (88) (228) (116) (138) (254) EBITDA $M 3 33 36 57 245 302 LITHIUM MT MARION
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GLOSSARY Gross debt Total borrowings inclusive of finance lease liabilities Gross gearing Gross debt / (gross debt + equity) ICMM International Council on Mining and Metals k Thousand Liquidity Cash and undrawn debt facilities M Million MSIP Morgan Stanley Infrastructure Partners Net debt / (cash) Gross debt less cash and cash equivalents NPAT Net profit after tax Net working capital Current assets less current liabilities, excluding current tax balances OMS Operations, maintenance and surveillance PBT Profit before tax pcp Prior corresponding period POSCO POSCO Holdings Inc SC6 Spodumene concentrate 6% grade equivalent T or t Wet metric tonnes unless otherwise stated TMM Total material mined TRIFR Total recordable injury frequency rate (per million hours worked) as a 12 -month rolling average TSR Total shareholder return Underlying EBIT, EBITDA, PBT, NPAT Earnings adjusted to exclude the impact of items that do not reflect the underlying performance of our operating segments wmt Wet metric tonnes FY26 FULL YEAR RESULTS | 45 1H, 2H, FY First half, second half, full year $ Australian dollar US$ United States dollar B Billion CAGR Compound annual growth rate Capex Capital expenditure Capital employed Net assets plus net debt CFR Cost and freight rate CFR cost Operating costs before net finance costs, taxation, depreciation and amortisation adjusted for the impact of items that do not reflect the underlying performance of the Iron Ore segment CIF Cost, insurance and freight rate CIF cost Operating costs before net finance costs, taxation, depreciation and amortisation adjusted for the impact of items that do not reflect the underlying performance of the Lithium segment D&A Depreciation and amortisation dmt Dry metric tonnes EBIT Earnings before net finance costs and taxation EBITDA Earnings before net finance costs, taxation, depreciation and amortisation ELT Executive Leadership Team EPS Earnings per share FOB cost CFR cost or CIF cost less royalties and freight FX Foreign exchange
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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