Mineral Resources (MIN) investor relations material

Governance and leadership

• Five new non-executive directors and a new Chair appointed, enhancing board diversity and expertise.

• Senior governance roles strengthened, including new Director Governance and Compliance and Joint Company Secretary.

• Leadership succession process underway, with a three-stage plan and external advisers; COO role created and filled.

• 80% of Mallesons governance review recommendations implemented, including updated policies and risk management.

• Related party transactions largely ended, with new policies and oversight to ensure transparency.

Operational performance and project delivery

• Onslow Iron achieved nameplate capacity in August 2025, with a $200M contingency payment received.

• Sustained 35Mtpa run rate, with plans to increase capacity to 40Mtpa using additional transhippers.

• Navigated two cyclone events without infrastructure damage; FY26 volume guidance upgraded.

• Key agreements with POSCO Holdings executed, with US$765M expected in 1H FY27.

Financial strength and capital allocation

• Liquidity of $1.8B as of March 2026, with a near-term target of less than 2x Net Debt/EBITDA.

• US$1.3B bond refinanced in April 2026 at lowest ever coupon, extending average tenor to five years.

• Updated capital allocation framework prioritizes debt repayment, organic growth, and shareholder returns.

• Organic growth projects include Mt Marion underground and Bald Hill restart.