MIN: Post Card from Wodgina: Next Phase Taking Shape

Research evidence excerpt

MIN: Post Card from Wodgina: Next Phase Taking Shape

EQUITY RESEARCH QUICK TAKE

Royal Bank of Canada, Sydney Branch

Kaan Peker (Analyst)

Keven Potisomporn (Associate)

May 19, 2026

Mineral Resources Limited

Post Card from Wodgina: Next Phase Taking Shape

ASX: MIN | AUD 65.74 | Outperform | Price Target AUD 70.00

Sentiment: Positive

Event: We attended a site visit to MIN's Wodgina lithium operation alongside a broader corporate presentation covering the

lithium business. The site visit focused on orebody quality, processing optimisation, underground potential, brownfield expansion

& broader lithium strategy.

Our View: Wodgina increasingly appears to be moving into a materially stronger operating phase as mining progresses deeper

into thicker, cleaner and more continuous ore zones. Management’s focus has clearly shifted toward recoveries, debottlenecking

and brownfield optimisation, which we view positively given the current lithium market. Importantly, underground optionality &

established infrastructure increasingly support the view that Wodgina could evolve into a larger, longer-life & low-cost asset.

Key points:

• Lithium strategy increasingly skewed toward brownfield growth: MIN is increasingly focused on brownfield growth across

Wodgina, Mt Marion and Bald Hill. Wodgina is targeting higher production & lower costs through improving ore quality,

recoveries and potential debottlenecking expansion, Mt Marion is focused on flotation and underground-driven recovery gains

and mine life extension, while Bald Hill’s restart (link) adds lithium pricing leverage and incremental Mining Services earnings.

• Wodgina entering a stronger ore phase: Management repeatedly highlighted improving ore quality as mining progresses deeper