Lamb Creek

Iron ore development project situated 50 km west of Iron Valley in the Central Pilbara, anticipated to bring 7.5Mtpa into production and reinforce MinRes' growth in the region. Planning for a proposed transition to production progressed in Q4 FY25, with preparations well advanced to incorporate the deposit into the Pilbara Hub supply chain in FY26: final project approvals are expected shortly, construction is scheduled to commence in the second quarter of FY26 and first ore is anticipated in the second half of FY26. The projected capital expenditure of $140 million is expected to extend the Pilbara Hub's mine life by approximately five years and unlock additional growth opportunities, with payback of less than two years inclusive of mining services earnings, subject to iron ore pricing. No reserves and resources tables for the project are published in this report.