Mt Marion

Hard-rock lithium (spodumene) mine in the Goldfields region jointly owned by MinRes (50%) and Ganfeng Lithium Co. (50%) through the Mt Marion Lithium Pty Ltd joint operation, with all mining activities managed by MinRes and MinRes holding an offtake entitlement to 51% of total production. FY25 production was deliberately reduced to align with market conditions and deliver a higher-grade product: optimisation of the regrind milling circuit and repurposing of wet high-intensity magnetic separators lifted average product grade and recovery in 2H25, while development of underground resources was deferred at the end of 1H25 to reduce capital expenditure. The weighted average grade shipped rose to 4.4% (FY24: 4.1%), and cost-reduction measures from the December quarter contributed to lower 2H25 FOB costs. A net realisable value write-down of $11M was taken on low-grade stockpiles. FY26 guidance anticipates further cost reductions from operational improvements and a lower strip ratio.