Mineral Resources (MIN) AGM 2024 summary

Opening remarks and agenda

• Acknowledgement of traditional custodians and welcome to shareholders, board, and stakeholders at the 2024 AGM.

• Emphasis on respect, inclusivity, and a packed agenda for the meeting.

• AGM focused on business updates, operational achievements, and strategic direction for the coming year.

Board and executive committee updates

• Introduction of new independent directors Denise McComish and Jacqui McGill, both bringing significant governance and mining sector experience.

• Board succession plan: Chair to step down before 2025 AGM, with accelerated search for new Chair and Managing Director.

• Senior leadership team highlighted, with extensive experience across mining, engineering, finance, and strategy.

• Formation of an independent Ethics and Governance Committee to oversee compliance and related party transactions.

Financial performance review

• Onslow Iron Project delivered ahead of schedule, now cash flow positive and expected to reach 35Mtpa nameplate capacity by June 2025.

• Mining Services business doubling in revenue and scale from early 2024 to end of 2025.

• Asset sales and restructures expected to release AUD 2.5 billion into the business by December, including 49% of Onslow Iron haul road and Hancock gas partnership.

• Net debt expected to peak in the current half, with earliest bond maturity in 2027.

• Balance sheet remains robust, with clear path to deleveraging as Onslow Iron ramps up.