• Sold 100% of Exploration Permits 368 and 426 to Hancock for $780 million
• Formed two 50/50 exploration joint ventures with Hancock over remaining permits
• Hancock to purchase 50% of MinRes' Explorer drill rig and associated infrastructure

Mineral Resources Limited (ASX: MIN) (MinRes or Company) has confirmed the completion of the sale of 100% of Exploration Permits (EP) 368 and 426 to Hancock Prospecting Pty Ltd (Hancock) and the receipt of an initial consideration of $780 million. Separately, MinRes and Hancock have agreed to form two 50/50 exploration joint ventures over MinRes' remaining exploration permits in the Perth Basin and Carnarvon Basin, with Hancock to purchase 50% of the MinRes Explorer drill rig and associated infrastructure. Completion of those arrangements, including payment of an additional $24 million consideration, is expected to occur in the first quarter of calendar year 2025. As previously announced, a potential purchase price adjustment of up to $327 million is subject to meeting certain resource thresholds and classification for the Moriary Deep Prospect, Lockyer Gas and Erregulla Oil discoveries. Definition drilling for the Moriary Deep Prospect is currently underway in the onshore Perth Basin, and further drilling for Lockyer-6 will be completed during FY25.