2025 Annual
Report

It is a privilege to write to you for the first time as Chair of Mineral Resources Limited.

I step into this role mindful MinRes has faced significant challenges, but also with strong conviction about the remarkable strength and future of our company.

My decision to join MinRes was founded on careful due diligence, including an early site visit to Onslow Iron and reviews of the operating divisions and balance sheet.

I’ve been energised by the entrepreneurial, results driven culture and the extraordinary Mining Services business, which is underpinned by innovative infrastructure and has proven to be resilient to price cycles – a true “razor and razor blades” model.

I believe my experience in governance, leadership succession, strategy and capital management is well-suited to this moment. My commitment to you is to devote the significant time and focus required, be regularly present in Perth and across our operations, and ensure your Board is visible and engaged.

This past year has been a challenging period in the company’s history. Expectations were not met in crucial areas and, as a result, MinRes’ reputation was impacted.

In response, your Board, management and I have moved to swiftly address the factors that contributed to these outcomes and reposition MinRes for sustainable growth. While much work remains, I am encouraged by the progress already made in a relatively short period of time.

On behalf of the Board, I thank shareholders, employees, communities and partners for your patience and support in this period of change. Ultimately, we will be judged on our actions and results, not our words. That is how we intend to measure ourselves.

With a renewed Board, strengthened governance, an improving balance sheet and growing long-duration earnings from mining services, MinRes is well positioned to restore trust and deliver enduring value for all shareholders.

This has been a tough year for our shareholders and our people. As our new Board Chair has covered in his comments on governance, we are committed to lifting standards by strengthening Board independence and improving transparency.

The management team and I are working closely with your new Board to regain trust and deliver the full potential of this great company. I’m confident the changes we’re making set MinRes up for a strong future.

During this tough year, the support from our shareholders and partners has been invaluable and I’m proud our people remained focused on the right things – safely delivering on our promises and exceptional performance to create lasting shareholder value.

FY25 was about making progress and delivering Onslow Iron, strengthening our Mining Services business and navigating the lithium market with discipline and a long-term focus.

Changes across our operations led to tough but necessary decisions affecting our workforce. We ended production in the Yilgarn, placed Bald Hill into care and maintenance and wound down Onslow Iron construction. This meant adjusting site and head office teams to match MinRes’ operational requirements.

Against this backdrop, we finished FY25 with operational momentum across all our divisions, which is a testament to the drive and commitment of our people.

Our near-term priorities are clear: operate Onslow Iron at its steady-state 35Mtpa nameplate capacity, lift our governance standards, strengthen our balance sheet, continue to grow our world-class Mining Services business and invest strategically across Lithium to optimise returns.

Thank you for your belief in MinRes.

FY25 was another transformative year for MinRes. We strengthened our position as a leader in mining services, continued to invest in world-class assets and unlocked substantial value from core operations and strategic infrastructure.

Commodity prices fell materially – particularly lithium – which affected headline results. Even so, Group revenue and Underlying EBITDA remained robust at $4.5 billion and $0.9 billion respectively, down just 15% on the prior year. This reflects the resilience of our diversified business model and the benefits of our portfolio transition.

The Group’s Underlying Net Loss After Tax was $112 million. Statutory net loss after tax was $896 million, comprising $632 million in non-cash post tax impairment charges previously flagged.

Prudent cost and capital management defined FY25, with substantial corporate outflow reductions through structural efficiency measures including workforce reduction, IT savings and the off-hiring of surplus hired equipment.

Prudent cost and capital management defined FY25, with substantial corporate outflow reductions through structural efficiency measures including workforce reduction, IT savings and the off-hiring of surplus hired equipment.

We continued to invest for the future, with full-year net capital expenditure of $1.9 billion mostly directed towards Onslow Iron.

Net debt increased to $5.3 billion during the year, in line with expectations, and earlier in FY25 we signalled MinRes was at peak leverage. With Onslow Iron’s ramp-up and increasing cashflows, we expect net debt to EBITDA to decline organically over coming periods.

Looking ahead, the Board has directed management to undertake a comprehensive review of the Group’s capital allocation framework to ensure future capital allocation decisions continue to maximise long-term shareholder value and support balance sheet strength.

The Group’s focus remains on strengthening our balance sheet through disciplined capital allocation and sensible financial management to support sustainable growth and long-term shareholder value.

As a wholly-owned subsidiary of MinRes, CSI Mining Services (CSI) continued to set the benchmark for mining contractors, providing capital infrastructure and whole-of-life operational expertise in Western Australia, Queensland and the Northern Territory.

Despite prolonged pressures from global commodity prices, the division demonstrated resilience, delivering robust operational results and maintaining healthy earnings, headlined by Underlying EBITDA of $737M, an increase of 34%.

Significantly, production volumes increased four per cent year on year to 280Mt – a record for the division.

Our work with Tier 1 clients also continued to expand. CSI was awarded three new contracts and six contract renewals – with no contracts lost on competitive tender – deepening our project portfolio and reinforcing our position as a market leader.

The CSI workforce has maintained a safety focus and driven innovation across MinRes and client sites, supported by training and upskilling.

FY25 was a year of achievement, but also involved tough decisions influenced by economic headwinds and lower commodity prices. These choices, though difficult, provide a stronger footing to pursue new opportunities.

I’m proud of all the Mining Services division achieved over the past 12 months and thank our teams, clients and partners for their dedication and trust.

With a quality project pipeline and strong client relationships, we remain well placed to achieve more success across mining, crushing, processing, haulage, port materials handling, marine and rehabilitation services in the coming year.

Headlined by the progress at Onslow Iron, we continued to harness decades of design, engineering and construction experience into safe and efficient delivery.

By consolidating our project delivery under one roof, we retain the ability to service the market faster than any other miner in Australia.

MinRes’ status as one of the world’s only mining companies with true in-house engineering and construction capability affords us full autonomy and flexibility in developing projects – a distinctive competitive edge that enables us to deliver on our commitments with confidence.

It’s this depth of expertise and unified focus on safety and innovation that has allowed us to deliver yet another strong year, reinforcing our leadership and addressing the ever-evolving needs of the resources sector.

In FY25, our Engineering and Construction team continued to strengthen MinRes’ competitive advantage and played a key role in guiding the development of new, future-facing commodities projects.

The cornerstone of our achievements is our people, whose collaborative spirit underpins everything we do. However, the construction industry will always experience headcount shifts in line with project cycles and we weren’t immune to these impacts as Onslow Iron moved into its operational phase.

While all projects provide opportunities for trade skill development, I truly believe the Onslow Iron project has allowed our workforce the chance to learn new skills and make valuable contributions across several different areas of this transformational project.

Looking ahead to FY26, I’m energised by what’s in front of us: more significant opportunities to play an important role in design and construction solutions across MinRes’ commodity divisions and CSI Mining Services’ clients.

The past 12 months have been transformational for MinRes’ Iron Ore division with the ramp-up of Onslow Iron after delivering first ore ahead of schedule in May 2024.

In total, MinRes shipped 26.1 million wet metric tonnes (wmt) of iron ore, representing an increase of 44% year on year.

This impressive performance was achieved while concurrently managing the disciplined conclusion of our Yilgarn operations in December 2024 and maintaining strong cost control and operating approach across the Central Pilbara region.

The sale of our Yilgarn assets in June reflects our ongoing shift towards low-cost, long-life assets, positioning MinRes for continued resilience and growth.

Demand for iron ore remained steady in FY25. However, the business continued to weather the impact of fluctuating commodity prices, reaching highs of just over US$110/t before trending below US$100/t through much of Q4.

Onslow Iron’s ramp-up was a highlight of FY25, with shipments totalling 14 million wmt. The project continues to ramp-up to its nameplate capacity of 35Mtpa.

Testament to the project’s growth, we chartered our first very large ore carrier in Q2, which saw 224,800wmt exported, with regular shipping milestones achieved thereafter.

Our people continue to be our most important asset and key to our success. This was never more evident than during a demanding FY25 that delivered transformation and innovation as well as difficult decisions precipitated by shifting economic realities.

While farewelling valued colleagues is never easy, we remain focused on maintaining a safe, inclusive and high-performing workforce.

Looking ahead, we’re poised to deliver further progress in our transition to a low-cost, long-life operating model in collaboration with our valued partners and communities.

MinRes remains agile in navigating fluctuating conditions affecting the lithium sector as the global market landscape continues to evolve.

With a steadfast commitment to operational excellence, we consistently seek opportunities to optimise costs and preserve the long-term value of our world-class lithium assets.

Over more than a decade, MinRes has strategically developed its Lithium portfolio, now comprising three premier hard rock lithium mines: Mt Marion and Bald Hill in the Goldfields region and Wodgina in the Pilbara region of Western Australia.

These assets are complemented by strategic relationships with leading international partners, ensuring long-term shareholder value remains at the forefront of our decision-making.

Throughout FY25, volatility in global lithium markets presented ongoing challenges. We remain committed to the long-term fundamentals of lithium and focused on safeguarding the value of our operations.

Our priorities are focused on decreasing operating and capital costs, improving plant efficiencies and maintaining operational flexibility – ensuring MinRes is well-positioned to scale production as market conditions evolve and improve.

In response, several targeted cost-reduction initiatives were implemented, including roster optimisation, asset rationalisation, contract and overhead reviews, enhanced regional synergies and deferral of capital projects.

By transitioning to lower-volume, higher-quality production, we have effectively aligned our output with the current market, ensuring MinRes remains resilient and adaptable for future growth. Above all, the safe and efficient operation of our sites remains paramount.

I’m pleased with how our Lithium team has navigated the past year with resilience and commitment. The division’s improved performance, especially from January to June 2025, ensured we achieved guidance across Wodgina and Mt Marion and is testament to the hard work of our teams.

Our Energy business leverages extensive experience across resource projects and infrastructure with a focus on exploration, development and production of key energy resources essential to Australia’s industrial landscape.

With a portfolio of established gas assets and renewable projects, MinRes integrates energy solutions to support owned mining operations and broader market needs.

Ongoing activities in Western Australia’s onshore Perth and Carnarvon basins focus on delivering long-term value through conventional gas exploration and development opportunities.

We also continue to investigate lower-emission and renewable energy initiatives as our pathway to net zero.

In September 2024, MinRes announced maiden resources for both the Lockyer Gas Project and Erregulla Oil Project, following a successful exploration and drilling program.

Located on Exploration Permits (EP) 368 and 426 in the Perth Basin, these projects revealed significant onshore discoveries, with Lockyer being among the largest conventional gas finds in Western Australia.

This success enabled MinRes to enter a $1.1 billion agreement with Hancock Prospecting in October 2024, maximising value for shareholders and unlocking significant capital.

Our focus extends from ongoing exploration and the expansion of our resources base in the Perth Basin and Carnarvon Basin to the reliable operation of advanced power generation assets across our sites.

By combining strong partnerships, in-house expertise and our dedication to explore cleaner energy solutions, we are delivering value, reducing operational emissions and helping to secure Western Australia’s energy future for the long term.