• Mineral Resources to sell 30% stake in lithium business to POSCO Holdings for US$765 million
• MinRes to retain 70% interest and operatorship of Wodgina and Mt Marion lithium mines
• Partnership strengthens MinRes' position in global battery supply chain

Mineral Resources Limited (MinRes) has executed a binding agreement with POSCO Holdings Inc (POSCO Holdings) to acquire a 30% stake in MinRes' operational lithium business under a new incorporated joint venture. The joint venture will hold MinRes' existing 50% ownership of the Wodgina and Mt Marion lithium mines. POSCO Holdings will acquire its 30% interest for a total upfront cash consideration of US$765 million (circa $1.2 billion). MinRes will retain a 70% interest in the new entity (35% at an underlying level) and continue as operator of both mines under existing agreements with its joint venture partners. The transaction highlights MinRes' track record of recycling capital through strategic partnerships and will strengthen Wodgina and Mt Marion's position to respond to increasing demand for Australian lithium. The partnership also builds on the existing relationship between MinRes and POSCO Holdings through the Onslow Iron joint venture. The agreement is subject to customary conditions precedent such as regulatory approvals, and MinRes expects the transaction to complete in the first half of calendar year 2026. Once received, MinRes expects to use the proceeds to repay external debt, fortify its balance sheet and position the company for its next phase of growth.

The partnership with POSCO Holdings will play an important role in diversifying the global lithium supply chain and strengthen bilateral ties between Australia and Korea in critical minerals. Together, MinRes and POSCO Holdings are committed to developing the Tier 1 Wodgina and Mt Marion operations to meet their full potential.