• Newly appointed Independent Non-Executive Chair outlines priorities for strengthening governance, balance sheet, and delivering Onslow Iron
• Managing Director acknowledges challenges in FY25, commits to regaining trust and delivering on potential
• Onslow Iron project hailed as a generational asset underpinning future growth

Mineral Resources Ltd (ASX: MIN) has released its FY25 Letter to Shareholders, with newly appointed Independent Non-Executive Chair Malcolm Bundey and Managing Director Chris Ellison providing an overview of the company's performance and strategic priorities. Bundey outlined his immediate focus on robust governance, Board renewal, strengthening the balance sheet, and ensuring the full delivery of the Onslow Iron project to nameplate capacity. He acknowledged the challenges and disappointments of the past year, and stated the Board's commitment to rebuilding trust through meaningful change. Ellison also acknowledged the tough year, noting the impact of unexpected lithium price movements, and affirmed the management team's close collaboration with the Board to regain trust and deliver the company's full potential. The letter highlighted the remarkable progress on the Onslow Iron project, which has advanced from a greenfield site to a fully operational, world-class iron ore operation in just two years. Ellison praised the project team's achievements and noted Onslow Iron's potential to underpin organic deleveraging, drive growth in the Mining Services business, and deliver earnings and cash flow strength. The letter also provided updates on the Mining Services business, which continues to be the bedrock of MinRes, as well as the company's lithium and iron ore operations. Looking ahead, the near-term priorities are to operate Onslow Iron at nameplate capacity, lift governance standards, strengthen the balance sheet, and continue growing the Mining Services business.

At today's iron ore price of around US$100 per tonne and a 35Mtpa run rate, Mineral Resources' total attributable EBITDA from Mining Services will each year contribute EBITDA in excess of $400 million, and iron ore over $900 million. The company will also receive approximately $800 million from its JV partners via the carry loan arrangement and up to $1.3 billion from Morgan Stanley Infrastructure Partners, enhancing returns from Onslow Iron.

Mineral Resources' near-term priorities are to operate Onslow Iron at its steady-state 35Mtpa nameplate capacity, lift its governance standards, strengthen its balance sheet, continue to grow its world-class Mining Services business, and invest strategically across lithium to optimise returns.