• Solid underlying financial results despite weaker price environment
• Strong liquidity position maintained while funding peak investment for Onslow Iron
• Mining Services delivered record underlying EBITDA, up 49%

Mineral Resources Limited (ASX: MIN) (MinRes or the Company) is pleased to announce its financial results for the half-year ended 31 December 2024 (1H25). The Company reported solid underlying financial results despite a weaker price environment, with revenue of $2,290 million (M), down 9% (1H24: $2,515M), and underlying EBITDA of $302M, down 55% (1H24: $675M). Statutory NPAT was ($807M), down 252% (1H24: $530M) after including ($352M) of post-tax impairment charges primarily related to Bald Hill, and ($232M) post-tax translation impact on foreign currency denominated balances. MinRes maintained a strong liquidity position of $1,520M (FY24: $2,833M), including cash on hand of $720M (FY24: $908M), while funding peak investment for the Onslow Iron project. Mining Services delivered record underlying EBITDA of $379M, up 49% (1H24: $254M), consisting of production EBITDA of $350M and inaugural Onslow Iron Road Trust EBITDA of $29M. The Iron Ore division achieved shipments of 9.7M wmt across all hubs, up 11% (1H24: 8.7M wmt), while the Lithium division achieved a total attributable share of SC6 shipments of 261k dmt, up 28% (1H24: 204k dmt). The Company also entered into a transaction with Hancock for assets in the Perth Basin and Carnarvon Basin for a total potential consideration of up to $1,131M.

Onslow Iron attributable volume guidance for FY25 has been reduced to 8.8 to 9.3Mt (from 10.5 to 11.7Mt) and FOB Cost revised to $60 to $70/t (from $58 to $68/t), with the resultant impact reducing Mining Services-related tonnes production volumes to 280 to 300Mt (from 295 to 315Mt).

The long-term outlook for lithium remains strong, and the Lithium division has responded to market conditions by lowering volumes, focusing on cost reductions and operational efficiency to maximise the long-term value of assets. MinRes and Hancock have also agreed to exploration joint arrangements in the Perth and Carnarvon basins that will derisk and accelerate future natural gas exploration programs.