Bald Hill — lithium project

Wholly-owned hard-rock lithium (spodumene) mine in the Goldfields region, acquired in November 2023 and transitioned into care and maintenance in November 2024 following a strategic review, given prevailing market conditions and its position as MinRes' highest cash-cost operation. The decision aimed to preserve capital and retain the value of the ore body; around 300 affected employees were largely redeployed to other MinRes operations and a small crew remains on site to maintain operational readiness. No drilling activities were conducted during the third and fourth quarters of FY25 in line with the care and maintenance status, and a $337 million post-tax impairment was recognised on the project in December 2024. Bald Hill remains positioned to resume operations once the lithium market improves.