MINERAL RESOURCES LIMITED — AGM Information 2021

Nov 17, 2021

18 NOVEMBER 2021

AGM PRESENTATION

Mineral Resources Limited ( ASX: MIN ) ( MRL or the Company ) advises that Chairman, Peter Wade, and Managing Director, Chris Ellison, are addressing shareholders at the Annual General Meeting (AGM) at 9.30am AWST today.

A copy of the presentation is attached to this release and will also be available on MRL’s website.

The presentation provides an overview of the 2021 Financial Year performance, outlines MRL’s strategy and includes important updates on major projects, including detail on the Ashburton Hub and a revision to Yilgarn production guidance due to the current operating environment.

ENDS

This announcement dated 18 November 2021 has been authorised for release to the ASX by Mark Wilson, Company Secretary of Mineral Resources Limited.

For further information, please contact:

JAMES BRUCE

PETER KLINGER

Head of Investor Relations Mineral Resources Limited T: +61 8 9329 3607 E: james.bruce@mrl.com.au

Media Relations Cannings Purple T: +61 (0)411 251 540 E: pklinger@canningspurple.com.au

About Mineral Resources

Mineral Resources Limited (ASX: MIN) is a Perth-based leading mining services provider, with a particular focus on the iron ore and hard-rock lithium sectors in Western Australia. Using technical know-how and an innovative approach to deliver exceptional outcomes, Mineral Resources has become one of the ASX’s best-performing contractors since listing in 2006.

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ANNUAL GENERAL MEETING

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18 NOVEMBER 2021

ASX:MIN

CONTENTS
OUR BUSINESS	03
FY21 PERFORMANCE HIGHLIGHTS	04
OUR STRATEGY	09
BUSINESS AND MAJOR PROJECTS UPDATE	14

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OUR BUSINESS

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One of Australia’s largest mining services contractors

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Significant commodities producer iron ore and lithium

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Developing energy business recent major gas discovery Perth Basin

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FY21 PERFORMANCE HIGHLIGHTS

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FY21 HIGHLIGHTS

PEOPLE

• Employees numbers up 60%

• Safety performance improved 30%

MINING SERVICES

• Commissioned 15Mtpa NextGen 2 plant

• Developed carbon fibre screens

• Jumbo road trains in operation

• • Production up 20%

COMMODITIES

• Acquired and developed Wonmunna mine

• Advanced Pilbara iron ore strategy

• Iron ore exports up 23%

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$3.7bn Revenue 76% on FY20

$1.6bn Operating Cash Flow[1] ↑ 144% on FY20

$2.75 Dividends per share 175% on FY20

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38.6% ROIC After Tax

$1.9bn Underlying EBITDA ↑ 148% on FY20

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• Spodumene exports up 23%

ENERGY

• Acquired additional gas acreage

• Lockyer Deep drilling commenced

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$1.5bn Cash

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$745M Capex

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FY21 SAFETY, PEOPLE AND WELLBEING

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5,000+ 2.31 0.12
Employees and TRIFR [2] LTIFR [2]
Contractors [1]
130
40 700
Apprentices,
Accredited Mental Staff Participation in
Trainees,
Health First Aiders Mental Health Literacy
Graduates
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SHOW UP
MRL IS A FAMILY, SO
LET’S ACT LIKE ONE.
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Never accept bullying, racism, sexism, discrimination, sexual harassment or any inappropriate behaviour.

STAND UP LET’S STEP UP AND LOOK AFTER ONE ANOTHER.

Let your colleagues know you’ve got their back and will support anyone who feels they’re being treated inappropriately.

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SPEAK UP
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WE ALL HAVE A VOICE AND ARE FREE TO USE IT. Be courageous in calling out unacceptable behaviour, or raise your concerns with leaders or our HR team.

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1. Total employees and contractors as at 30 June 2021

2. Total Recordable Injury Frequency Rate measures the total number of injuries (excluding first aid) per million hours worked as at 30 June 2021. Lost Time Injury Frequency Rate measures the number of lost time injuries per million hours work as at 30 June 2021.

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FY21 CONTRIBUTION TO SOCIETY

$693M $5.25M Taxes and Community Royalties Paid Contributions

$1,296M 93% WA Procurement Australian Spend Supply Base

FY21 key actions

• 70+ community organisations supported

• Increased Indigenous and local business support

• Inaugural Modern Slavery Statement

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FY21 ENVIRONMENTAL PERFORMANCE

Addressing global climate change

NET ZERO Emissions by 2050

Achievements

• Reduced greenhouse gas intensity 5%

• Increased water recovery via dry stack tailings

• Increased land under rehabilitation 36%

• Two AMEC nominations for environmental performance

Decarbonisation Pathway

• Reduce diesel use

• Transition fuel mix to gas and renewables

• Reduce emissions intensity

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Renewables
FUEL Gas
MIX
Diesel
2°C Emissions Pathway [2]
Power Generation 1.5°C Emissions Pathway
Pit to Port
Mining Equipment
2025 2030 2035 2040
1
Greenhouse Gas Emissions
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• Using known technologies available today

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1. Roadmap assumptions: Emissions based on operational control including Yilgarn & Utah Point Hubs, Mt Marion and the future Ashburton & South West Creek Hubs. Emissions exclude MARBL JV investments & gas assets. Roadmap modelling based on peak emissions for each operation over its project life.

2. Emissions pathways aligned to SBTi trajectory. 2°C refers to the Well Below 2°C Emissions Pathway

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OUR STRATEGY

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9
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MINING SERVICES STRATEGY

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MINING
SERVICES
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WHERE ARE WE?
Crushing, Mining, Haulage
HOW DO WE GET THERE?
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WHERE ARE WE GOING?
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Grow and expand to include transhipping, port operations, critical infrastructure, domestic LNG, large scale haulage

Iron Ore

Transition from a low-volume producer to a high-volume, long-life producer

Lithium Grow our production of spodumene concentrate, which will be integral in the production of lithium hydroxide and battery grade lithium products

Energy

Transition from a diesel reliant energy consumer and price taker to a self-sufficient, lowcost energy consumer and a supplier of energy products and services

Emerging

Build capability in innovative mining services and infrastructure. Operate a diverse portfolio of critical and in-demand commodity assets, and grow our client base, to drive the expansion of our mining services business

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IRON ORE STRATEGY

Transition from small high-cost miner with expensive supply chains to:

• High-volume, low-cost miner

• Low-cost mine to port transport solutions

• Low-cost port facilities

- Next 2 5 years

• Develop three mining hubs:

• Ashburton – 30Mtpa, 2 year development

• South West Creek – 30Mtpa, 2 years approvals plus 3 year development

• Yilgarn – transitioning from hematite to magnetite

• Develop projects with high returns

• Increase the scale, quality and life of the business

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LITHIUM STRATEGY

Convert spodumene to high quality lithium hydroxide

- Next 2 5 years

Mt Marion[1] – spodumene concentrate

• Take possession of MRL share of offtake – 240ktpa

• Convert to hydroxide – 32ktpa

MARBL JV[2]

• Wodgina spodumene concentrate

• Bring back to full production in line with market demand – 750ktpa

• JV partner will convert all product to lithium hydroxide

  • MRL share – 42ktpa hydroxide

• Kemerton Hydroxide Plant

• 50ktpa capacity – MRL share 20ktpa

• Commission plant through CY22

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Mt Marion is a joint venture between Jiangxi Ganfeng Lithium (50%) and Mineral Resources Limited (50%)

2. MARBL JV is a joint venture between Albemarle Corporation Inc. (60%) and Mineral Resources Limited (40%)

ENERGY STRATEGY

Reduce our emissions intensity – decarbonise our business

• Become fully self-sufficient in delivering gas to:

• All our operations

• Our JV partners

• Power solutions for our clients – gas and solar

• Long-term gas supply contracts to mining – down-stream plants

• Use low-cost energy to:

• Build a domestic energy services business

• Modular LNG

• Develop magnetite processing

• Add value to gas down-stream – ammonia and urea

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BUSINESS AND MAJOR PROJECTS UPDATE

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OPERATING ENVIRONMENT

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• Operating environment has changed extremely quickly

• Benchmark iron ore price – significantly down

• Discounts have widened

• Operating costs under pressure

• Tight labour market – costs increasing

• Yilgarn guidance update:

• Remove high cost Yilgarn tonnes from production

• Yilgarn FY22 production guidance now 8.0 to 8.5mt

• Mining Services guidance unchanged 15 to 20% growth

• Our diversification means we’re well placed to weather this storm

• Lithium rebounding

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ASHBURTON PROJECT OVERVIEW

• 30Mtpa iron ore project – 2 year build

• Full pit-to-port infrastructure solution

• Commence with Bungaroo South

• Private haul road to Port of Ashburton

• Develop port infrastructure

• Transport ore via transhippers to cape size carriers offshore

• Aiming for first ore on ship – end CY23

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16

UNLOCKING ASHBURTON

NextGen Crushing Automated Road Trains

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Transhippers
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UNLOCKING ASHBURTON

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Resort Style
Accommodation
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18

ASHBURTON PROJECT ECONOMICS

PRODUCT SPECIFICATION Fe % SiO2 % Al% P% Fines Only > 57.5 < 6.0 < 3.5 < 0.10 Iron Ore Tenements Non Process Infrastructure Central Camp and Airport Mobile Equipment Power Generation Private Haul Roads Port Infrastructure Onslow Infrastructure Transhipping Facility Crushing Haulage Transhipping INFRA CO MINE CO BOO1 CONTRACTS PROJECT OWNERS		ASSUMPTIONS Iron Ore Export Capacity Mtpa 30 Exchange Rate AUDUSD 0.75 Strip Ratio x 1.1 Average Moisture % 6.2 Capital Cost Breakdown A$80 to A$85 per tonne iron ore capacity Port Infrastructure	Operating Cost Structure A$30 to A$35 per wmt FOB2 BOO CONTRACT VOLUMES Mtpa Crushing 30 Haulage 30 Transhipping 30 TOTAL CONTRACTED VOLUME 90 Transhipping

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1. BOO refers to build, own, operate contracts operated by MRL Mining Services 2. FOB costs exclude royalties

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SOUTH WEST CREEK PROJECT UPDATE

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• Waiting on berth approval from government

• Success will result in development of Marillana

• 4 to 5 year time-frame

• 2 year approval process

• 2.5 to 3 year development

• Follows Ashburton development – continuity for MRL’s construction team

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YILGARN PROJECT UPDATE

• Existing hematite operation

• 15 pits, spanning +200km

• 5 to 6 year mine life

• Magnetite opportunity

• Drilling program underway

• Early stages of defining resource

• Leverage existing infrastructure

• Construct new process infrastructure

• Produce pilot plant to prove concept

• To produce high-grade magnetite

• 4 year development timeframe

• 5Mtpa module concept under development

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Koolyanobbing Operations

GAS DEVELOPMENT UPDATE

LOCKYER DEEP DEVELOPMENT	LOCKYER DEEP DEVELOPMENT	LOCKYER DEEP DEVELOPMENT
Year	# Wells	Production infrastructure
2022	3	Production test and drill appraisal wells
2023	4	FEED and FID
2024	4	Stage 1 production facility. Connect to WA gas network
2025	4	Stage 2 expansion to increase production

RED GULLY DEVELOPMENT	RED GULLY DEVELOPMENT	RED GULLY DEVELOPMENT	RED GULLY DEVELOPMENT
Year	Production Facility	Activity	Capacity
2022	Red Gully	Drill 1 Development Well	10 TJ/day
2023		Potential Facility Restart

EXPLORATION PROGRAM	EXPLORATION PROGRAM	EXPLORATION PROGRAM	EXPLORATION PROGRAM
Year	Basin	Activity	Depth
2022	Perth Basin	Seismic and 2 wells	3-4km
2023	Perth Basin	Seismic and 1 well	3-4km
2023	Carnarvon Basin	2 wells	2-3km

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THANK YOU

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DISCLAIMER

This presentation has been prepared by Mineral Resources Limited (“MRL” or “the Company”). It should not be considered as an offer or invitation to subscribe for or purchase any securities in the 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.

This presentation contains forecasts and forward looking information including statements about growth opportunities and targets; management plans and objectives; production forecasts and targets; 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 forecasts and 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 statements in this presentation. The Company cautions against reliance on any forward-looking statements or guidance, particularly in the current economic climate and the uncertainty due to COVID-19.

You should not act or refrain from acting in reliance on this presentation material. You should not put undue reliance on forward-looking statements. This overview of MRL 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, MRL and its affiliates and their respective officers, directors, employees and agents, accept no responsibility for any information provided in this presentation, including any forward looking information and disclaim any liability whatsoever (including for negligence) for any loss howsoever arising from any use of this presentation or reliance on anything contained in or omitted from it or otherwise arising in connection with this. In addition, except as required by applicable laws, MRL 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.

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INVESTOR RELATIONS

James Bruce Head of Investor Relations

T: +61 8 9329 3706

E: james.bruce@mrl.com.au

OFFICE: 1 Sleat Road, Applecross, WA 6153 POSTAL: PO Locked Bag 3, Canning Bridge LPO, Applecross, WA 6153 P +61 8 9329 3600 F +61 8 9329 3601

www.mrl.com.au

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ASX:MIN