Carnarvon Basin Exploration Joint Venture — project

50/50 conventional gas exploration joint arrangement with Hancock Prospecting over MinRes' onshore Carnarvon Basin exploration acreage, formed alongside the Perth Basin joint venture as part of the December 2024 $1.1 billion gas transaction with Hancock. The arrangement provides exposure to highly prospective onshore gas acreage in Western Australia as part of the Energy division's focus on exploration and development of cleaner, cost-effective power solutions supporting MinRes' operations and broader market needs. No wells were reported drilled on the Carnarvon Basin acreage in FY25 and no reserves or resources are disclosed for the JV acreage in this report.