Q2 FY26 Quarterly Activity Report

Report highlights

Iron Ore

• Onslow Iron shipped 8.7Mt in Q2 FY26 (100% basis) and 17.3Mt in 1H26 (100% basis). FOB cost was $50/wmt for the quarter (1H26: $52/wmt), with costs tracking towards the bottom end of FY26 guidance of $54-59/wmt.

Lithium

• Strong performance, with total quarterly attributable spodumene production of 138k dmt SC6 and sales of 143k dmt SC6. The average achieved price was US$1,094/dmt CIF SC6, representing a 29% increase on the prior quarter.
• FY26 lithium volume guidance has been upgraded, with Wodgina at 260-280k dmt SC6 (previously 220-240k dmt) and Mt Marion at 190-210k dmt SC6 (previously 160-180k dmt). Cost guidance has been maintained for both operations.

Corporate

• FY26 volume and cost guidance maintained across all other divisions.
• Executed a binding agreement in November 2025 for POSCO Holdings Inc, subject to conditions precedent, to acquire 30% of MinRes’ existing 50% ownership of the Wodgina and Mt Marion for a total upfront cash consideration of US$765M (circa $1.1B at an exchange rate of 0.67).
• Liquidity strengthened to more than $1.4B (from $1.1B) and net debt reduced materially to circa $4.9B (from $5.4B), demonstrating the company’s rapid deleveraging as Onslow Iron operates at nameplate capacity.
• US$700M bond issuance settled in October 2025.

Further details

Corporate

• Net debt as at 31 December 2025 reduced to approximately $4.9B ($5.4B as at 30 September 2025), which included a $63M positive foreign exchange revaluation on the company’s unsecured bonds during the quarter.
• Liquidity as at 31 December 2025 was in excess of $1.4B ($1.1B as at 30 September 2025), consisting of more than $600M in cash and a fully undrawn $800M revolving credit facility.
• As reported in Q1 FY26, the company received the $200M contingent payment from Morgan Stanley Infrastructure Partners¹ and a $41M purchase price adjustment payment from Hancock Prospecting Pty Ltd.
• Capital expenditure in the quarter was ~$200M (1H26: ~$600M), in line with expectations that FY26 capex guidance of $1.1B would be weighted to the first half. Net interest paid in the quarter was ~$180M (1H26: ~$200M).
• In October, the company settled its US$700M 7.000% unsecured notes due April 2031, with all proceeds used to refinance its existing US$700M 8.125% unsecured notes due May 2027.
• The Onslow Iron carry loan balance reduced to $553M ($714M as at 30 September 2025) and the company’s iron ore prepayment amortised to $500M ($556M as at 30 September 2025).
• MinRes executed a binding agreement with POSCO Holdings Inc for the acquisition of 30% of the company’s operational lithium business under a new incorporated joint venture which will hold MinRes’ existing 50% ownership of the Wodgina and Mt Marion lithium mines².
• Under the terms of the agreement, POSCO Holdings Inc will acquire its 30% interest in the incorporated joint venture (an indirect 15% of each of Wodgina and Mt Marion at an underlying level) for a total upfront cash consideration of US$765M (~$1.1B³). The transaction is subject to conditions precedent, including formal documentation and regulatory approvals, and is expected to complete in the first half of calendar year 2026.

The 1H26 statutory financial statements, which is subject to audit finalisation, is expected to contain the following pre-tax items excluded from underlying results:

• ~$100M revaluation gain of MinRes’ US$3.05B unsecured bonds as at 31 December 2025 at the prevailing AUD:USD exchange rate of 0.67 (versus 0.66 as at 30 June 2025).
• ~$220M purchase price adjustments on the haul road and gas transactions.
• ~$88M fair value gain on listed investments.
• MinRes is also assessing the carrying value of the assets formerly owned by Resource Development Group and expects to recognise a non-cash impairment expense.

Board renewal

• Susan Ferrier and Colin Moorhead were appointed to the Board as Independent Non-Executive Directors effective 10 October 2025⁴.
• Sarah Standish was appointed as joint Company Secretary effective 6 October 2025⁵.

Safety

• The LTIFR as at 31 December 2025 was 0.00. The rolling 12-month TRIFR was 2.93, improving 13% qoq, reflecting less recordable injuries as Onslow Iron transitions from a construction phase to steady-state operations.

Mining Services

• Quarterly production volumes were 85Mt, 5% higher qoq, driven by a ramp-up in volumes at client sites, as well as Onslow Iron operating at an annualised run rate of 35Mtpa over the quarter.

Iron Ore

• Total quarterly iron ore production across Onslow Iron and the Pilbara Hub was a record 11.5M wmt (100%), with shipments of 11.1M wmt (100%).
• At Onslow Iron, 8.7M wmt (100%) was shipped in the quarter, with attributable shipments of 4.8M wmt. 1H26 attributable shipments totalled 9.8M wmt, with the 1H26 FOB cost of $52/wmt.
• Pilbara Hub shipments for the quarter were 2.4M wmt and 1H26 shipments were 5.1M wmt with the 1H26 FOB cost of $81/wmt.
• The average quarterly realised iron ore price across both Onslow Iron and the Pilbara Hub was US$91/dmt, representing an 86% realisation of the Platts 62% CFR Index.
• The company has continued to hedge its upcoming iron ore production. As at 31 December 2025, approximately one quarter of the company’s attributable iron ore production through to March 2026 was hedged using a range of zero cost collars.

Lithium

• Total quarterly attributable spodumene production across both operating sites was 138k dmt SC6 (166k dmt mixed grade), with sales of 143k dmt SC6 (173k dmt mixed grade).
• FY26 volume guidance has been increased to 260-280k dmt SC6 for Wodgina (previously 220-240k dmt) and increased to 190-210k dmt SC6 for Mt Marion (previously 160-180k dmt). FY26 cost guidance across both sites has been maintained.
• Wodgina achieved a processing recovery milestone, with recoveries averaging 70% in the quarter.
• The weighted average quarterly realised price achieved across both sites was US$1,094/dmt CIF SC6, up 29% qoq.
• MinRes is evaluating its options and prevailing market conditions for the potential restart of Bald Hill, which was placed into care and maintenance in November 2024.

Energy

• During the quarter, the Lockyer-6 reserve and resource certification process was completed, with MinRes receiving $41M from Hancock Prospecting Pty Ltd in October 2025 for the certified resource and associated drilling costs.

For more details on MinRes’ Q2 FY26 performance, please refer to the ASX announcement.

^{1 ASX announcement 27 October 2025.}

^{2 ASX announcement 12 November 2025.}

^{3 Based on AUD:USD of 0.67.}

^{4 ASX announcement 10 October 2025.}

^{5 ASX announcement 6 October 2025.}