Australian Metals & Mining Weekly: MinRes reinstate at Neutral, Aluminium vulnerable, SGM data center tailwinds

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Australian Metals & Mining Weekly: MinRes reinstate at Neutral, Aluminium vulnerable, SGM data center tailwinds

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Australian Metals & Mining Weekly

MinRes reinstate at Neutral, Aluminium

vulnerable, SGM data center tailwinds

Industry Overview

MIN: Deleveraging, governance and optionality 15 June 2026

We like MIN’s deleveraging story, brownfields growth options and governance Equity

improvements. In our view, the new Chair and refreshed Board is working hard to draw a Australia

line under governance issues, improve disclosures and deleverage the balance sheet. Metals & Mining

Given BofA expects key MIN exposures iron ore and spodumene to trend down from spot Equity Research

prices we see the stock as fairly valued here underpinning our Neutral call. Our PO is set Kate McCutcheon >>

at A$70/sh PO on 1.1x P/NAV and 8x forward EV/EBITDA. MIN has a unique earnings mix ResearchMerrill LynchAnalyst(Australia)

from mining services, lithium and iron ore. See Exhibit 6. We expect net debt to trend +61 2 9226 5728

kate.mccutcheon@bofa.com

down from this FY and include the POSCO lithium sale completing in 3QFY27 in our

Chen Jiang >>

base case. The founder-led business is unique noting the MD is expected to transition to Research Analyst

a Board role. We see completing POSCO (MIN moves to 35% in lithium JV’s), ramping Merrill Lynch (Australia) chen_jiang@bofa.com

Onslow to +35Mtpa & growth of external mining services volumes as key. We model

Elaine Faddis >>

dividends again in FY27. See: Mineral Resources: Service(s) First: deleveraging, Research Analyst

governance and optionality. Reinstate at Neutral Merrill Lynch (Australia)

elaine.faddis@bofa.com

SGM: Re Buy; Riding the data center recycling super-cycle PaulResearchWiggersAnalystde Vries