• On track to meet FY26 volume and cost guidance across all divisions
• Strengthened Board with appointment of four highly credentialed Independent Non-Executive Directors
• Liquidity remained strong at $1.1B, Net debt steady at $5.4B

Mineral Resources Limited (ASX: MIN) reported a strong Q1 FY26 with Onslow Iron reaching 35MTPA capacity between August and October 2025, enabling the company to receive a $200M contingent payment from Morgan Stanley Infrastructure Partners. The company is on track to meet its FY26 volume and cost guidance across all divisions, with Onslow Iron shipping 8.6Mt (100% basis) in Q1. MinRes strengthened its Board with the appointment of four highly credentialed Independent Non-Executive Directors in July and October 2025. Liquidity remained strong at $1.1B, and net debt was steady at $5.4B, which included capital expenditure of $400M in Q1. Net debt-to-EBITDA continues to reduce. Lithium prices increased with an average achieved SC6 price of US$849/dmt, up 31% from the prior quarter. Post-quarter end, the Lockyer-6 reserve and resource certification process was completed, and MinRes received a $41M purchase price adjustment payment in October 2025.

FY26 guidance maintained: Iron Ore - 17.1-18.8M wmt, Onslow Iron - 30-33M wmt (100%), Lithium - 220-240k dmt SC6 and 160-180k dmt SC6, Mining Services - 305-325Mt. FY26 FOB cost guidance: Iron Ore - $54-59/wmt, Onslow Iron - $75-80/wmt, Lithium - $730-800/dmt SC6 and $820-890/dmt SC6.