Mineral Resources "On the road: Wodgina site tour" (Buy) Shaw

Research evidence excerpt

Mineral Resources "On the road: Wodgina site tour" (Buy) Shaw

6/27E 6.08 8.91 47 2.88

development in 1Q-FY27, with a combined 18-24 month build. Construction 06/28E 7.33 10.15 39 3.63

capex is modelled at guidance plus a conservative 20% inflation buffer, reflecting Lachlan Shaw

tight labour and contractor markets in WA. We also include stripping-related Analyst

sustaining capex and ongoing underground sustaining capex of ~$50m p.a. lachlan.shaw@ubs.com

Production lifts from 1H-FY29 as the float circuit and underground operations +61-3-9242 6387

commission, with recoveries improving from ~60% to ~70% over the first 12 Dim Ariyasinghe

months. Combined with a modest grade uplift (~1.4% Li₂O), this drives SC6 Analyst

production to ~570ktpa versus the 600ktpa nameplate. dim.ariyasinghe@ubs.com

+61-3-9242 6385

Bald Hill Restart: MIN expects to begin ramp up in late May 2026 on lithium price

Fintan Collins recovery, with crushing and mining operations to commence in June and first

Associate Analyst

spodumene concentrate production from July. The initial shipment of spodumene

fintan.collins@ubs.com

concentrate is anticipated in Q1 FY27 with ramp-up to full capacity in Q2 FY27. +61-3-9242 6179

Restart costs are estimated at A$20m to be incurred in Q4 FY26. We model further

$120m stripping sustaining capex in FY27 and beyond, with full guidance to be

provided with FY26 results in August.

UBS View: Bullish, MIN is delivering additional volumes into the preferred

lithium vertical

Highlights (A$m) 06/23 06/24 06/25 06/26E 06/27E 06/28E 06/29E 06/30E

Revenues 4,779 5,752 4,686 6,739 8,403 8,680 7,934 7,573

EBIT (UBS) 554 155 143 1,424 2,927 3,227 2,430 1,934

Net earnings (UBS) 244 (116) (112) 689 1,761 2,007 1,474 1,172