Mineral Resources: Service(s) First: deleveraging, governance and optionality. Reinstate at Neutral.

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Mineral Resources: Service(s) First: deleveraging, governance and optionality. Reinstate at Neutral.

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Mineral Resources

Service(s) First: deleveraging, governance

and optionality. Reinstate at Neutral.

Reinstating Coverage: NEUTRAL | PO: 70.00 AUD | Price: 68.18 AUD

Diversified model: lithium, iron ore, services; fairly valued. 15 June 2026

We expect 2026 to mark peak net debt for MIN; and the end of the string of asset sales. Equity

We think that the new Chair and refreshed Board is working hard to draw a line under

governance issues, improve disclosures and deleverage the balance sheet. The founder- Kate McCutcheon >> Research Analyst

led business is unique with MIN delivering the $4bn 35Mtpa Onslow on time in ~3yrs. Merrill Lynch (Australia)

We set our PO on 1.1x P/NAV and 8x forward EV/EBITDA in line with our ASX coverage kate.mccutcheon@bofa.com

universe for A$70/sh. We expect key MIN exposures iron ore and spodumene to trend ElaineResearchFaddisAnalyst>>

down from spot prices and see MIN as fairly valued here underpinning our Neutral rating. Merrill Lynch (Australia)

elaine.faddis@bofa.com

Chen Jiang >>Deleveraging: back from the brink. Dividends to resume. Research Analyst

Having paid for 100% of Onslow (iron ore), undertaken a lithium buying spree coupled Merrill Lynch (Australia)

with a downturn in commodity prices, net debt exceeded market cap in Q3CY25. Onslow chen_jiang@bofa.com

has now ramped up towards ~35Mtpa taking ND/EBITDA to <3x. We expect ND to increase Paul Wiggers de Vries Research Analyst

QoQ to A$4.6bn before ending FY27 at A$3.2bn. We model dividends resuming in FY27. Merrill Lynch (Australia)

paul.wiggersdevries@bofa.com

Brownfields optionality. Mining services undervalued? Jason Fairclough >>