Mineral Resources Ltd.

Mineral Resources Ltd. is a mid-tier iron and lithium producer headquartered in Osborne Park, Australia, operating primarily in Australia. The company's portfolio consists of 6 projects, comprising 4 operating mines, 1 development, and 1 suspended project. Key assets include Wodgina, Mt Marion, and Onslow Hub. The organization operates as a diversified resources company distinguished by a unique, vertically integrated business model encompassing the design, construction, ownership, and operation of mining projects. This in-house capability provides full control and flexibility over project development, enabling significant schedule and cost advantages compared to conventional engineering, procurement, and construction management approaches. The business model supports multiple concurrent earning streams, including non-cyclical services and infrastructure earnings, which provides resilience against market volatility. A core competitive edge is derived from decades of internal design and engineering experience, which facilitates the creation of innovative solutions such as modular crushing plants, large-capacity road trains, and purpose-built transhipping vessels to unlock value from assets. This integrated pit-to-ship service capability is delivered through a wholly-owned subsidiary that supports both internal projects and Tier 1 clients. The company's structure ensures shared ownership in cost and performance, embedding its values across the full project life-cycle and allowing for the strategic recycling of assets to unlock value and fund future growth.

Strategic direction centers on transitioning the business toward low-cost, long-life operations that generate reliable, long-term annuity revenue to fund future growth. A key focus is disciplined balance sheet management, with a near-term conservative approach emphasizing cost reduction, cash preservation, and the deferral of non-essential expansion projects in response to market conditions. Management's approach involves leveraging a nimble corporate culture to respond quickly to price cycles and unlock value through innovative capital recycling, as demonstrated by the sale of a minority interest in a dedicated haul road to an infrastructure partner. The strategy also includes expanding its services business by securing new contracts and entering new frontiers. Concurrently, the organization is advancing a natural gas exploration program to secure low-cost, cleaner fuel sources, which supports both operational sustainability and provides an additional option for growing shareholder value. The company will continue to assess opportunities to release capital across its diverse portfolio, including considering joint venture partnerships or full and partial sale options for its energy discoveries.

Executive leadership is characterized by decades of experience navigating commodity cycles, with the Managing Director, a founding shareholder, having over 40 years of industry experience. The Board of Directors comprises 9 professionals, with over 50% female representation and 4 members appointed within the last 18 months, bringing fresh perspectives and skills. Recent appointments include a director with extensive senior financial, audit, and corporate governance experience and another highly credentialed mining executive with a background in operations, technology, and project management. In response to shareholder focus on governance, the company has strengthened internal processes and refreshed its board-level approach, including the introduction of a new Technical Committee to enhance oversight of asset development. The Board also participated in an independent external review facilitated by a leading global consulting firm to align individual and collective strengths, which is informing committee structures, skills mapping, and succession planning. Management philosophy is rooted in a hands-on, agile, and creative culture that empowers employees and fosters innovation to challenge industry norms.

The organization's sustainability approach is guided by a long-term target of achieving net zero operational emissions by 2050, supported by an interim goal to reduce operational emissions on existing operations by 50% by 2035 from a FY22 baseline. Key initiatives include the installation of a 2.1 MW solar-battery system at a mine site, the deployment of electric hybrid wheel loaders, and the establishment of an internal Decarbonisation Fund. The company demonstrates a strong commitment to Indigenous engagement, highlighted by a 3-year partnership with the Clontarf Foundation and the formation of a joint venture with a 100% Indigenous-owned business for crushing and rehabilitation services. Workplace wellbeing is a priority, with an industry-leading mental health model bolstered by the launch of the 'Mind Matters' team, comprising qualified practitioners stationed across all sites. In FY24, the company published its inaugural Biodiversity Strategy and implemented a Land Activity Permit process to manage environmental risks. To support employees, the organization announced the development of a dedicated 104-child daycare center adjacent to its head office.

In FY24, the company restructured the MARBL Joint Venture with Albemarle, resulting in the organization increasing its ownership of the Wodgina mine to 50% while Albemarle assumed full ownership of the Kemerton plant. The company also manages the Mt Marion operation, which is a 50/50 joint venture with Jiangxi Ganfeng Lithium Co. Ltd. A significant capital recycling initiative was the sale of a 49% interest in the Onslow Iron dedicated haul road to Morgan Stanley Infrastructure Partners. The company expanded its portfolio through several acquisitions, including the finalization of the Bald Hill mine acquisition in November 2023 and the purchase of 100% of the Iron Valley assets from BCI Minerals. To enhance in-house capabilities, the organization acquired G&G Mining, a specialist in mobile mining equipment manufacturing. Additionally, it secured full control of its gas exploration program in the Carnarvon Basin by purchasing Buru Energy Limited’s part ownership of relevant permits. The company's services subsidiary, CSI Mining Services, formed a joint venture with PMW Industries, a 100% Indigenous-owned company, to deliver crushing, screening, and rehabilitation services.