Mineral Resources : FY21 Annual Report to shareholders

8 OCTOBER 2021

2021 FINANCIAL YEAR - ANNUAL REPORT

Mineral Resources Limited (ASX:MIN) is pleased to provide the 2021 Financial Year (FY21) Annual Report.

Printed copies are being mailed today to those Shareholders who have requested a printed copy.

The FY21 Annual Report can also be downloaded from the Mineral Resources website at www.mrl.com.au.

ENDS

This announcement dated 8 October 2021 has been authorised for release to the ASX by Derek Oelofse, Company Secretary of Mineral Resources Limited.

For further information, please contact:

JAMES BRUCE	PETER KLINGER
Head of Investor Relations	Media Relations
Mineral Resources Limited	Cannings Purple
T: [phone]	T: [phone]
E: [e-mail]	E: [e-mail]

About Mineral Resources

Mineral Resources Limited (ASX: MIN) is a Perth-based leading mining services provider, with a particular focus on the iron ore and hard-rock lithium sectors in Western Australia. Using technical know-how and an innovative approach to deliver exceptional outcomes, Mineral Resources has become one of the ASX's best-performing contractors since listing in 2006.

MINERAL RESOURCES LIMITED

2021 ANNUAL REPORT

CONNECTION

THIS YEAR IS DEDICATED TO THE WELLBEING OF OUR PEOPLE, COMMUNITIES AND ENVIRONMENT.

The art shared with you throughout this report is a unique community collaboration between Aboriginal artists Aaron Hayden, Edwin Lee Mulligan, Rebecca Morgan, Nathan Mundraby and Clifton Bieundurry, and photographer Russell James.

Together, they have created a collection of works that speak to social responsibility, environment, culture and our shared space. The original works will be proudly displayed at our new headquarters as a daily reminder to us all at Mineral Resources of the importance of partnership, community and mutual respect.

OUR CONNECTION

Our business is all about discovery and, in the past year, we've discovered a great deal about ourselves, each other and the connections that bind us.

If 2020 was the year of isolation, at Mineral Resources Limited (MRL), 2021 has been a year of renewal and reconnection. A time in which we have come to realise and appreciate just how connected and interdependent we all are. Now, more than ever, we understand that without each other, machines, systems and technologies are useless.

Having our colleagues and families around us, our stakeholders supporting us, our communities growing with us and our environment nurturing us, are the most important connections in our lives.

And because we value our connections so strongly, our interdependence is a source of great pride and fulfilment. Knowing that we can rely on our colleagues, family, friends and the community is uplifting and empowering - and having our colleagues, family, friends and community rely on us is humbling and motivating. It drives each of us to look out for each other, and do our best, all the time.

The MRL family will look back on 2021 as the year we renewed, strengthened and valued our connections like never before, and remember how powerfully it has affected our lives and our business.

CONNECTING WITH OUR PEOPLE

The leadership team at MRL has consciously engaged in a process of improving every aspect of the way we care for the people who are at the heart of our Company. The events of 2020 helped us to further appreciate the importance and urgency of achieving our goals in this area.

The wellbeing of our team members is, in large part, dependent on the quality of their working and living spaces, and the role that workplace design plays in the health and wellness of our people has never been more evident.

That's why in 2021 we made such encouraging progress in designing workspaces that enhance both the physical and mental health of the people that use them by creating a safer, healthier, more pleasant and creative environment.

Our new headquarters in Osborne Park will set the standards for health and wellbeing, with a Platinum WELL v2 rating envisaged on completion. This means that the design incorporates features that will enhance the occupants' mood, nutrition, fitness and work patterns, as well as deploying a range of energy saving measures.

In recognising that our remote workers are the most vulnerable in many ways, we've made significant inroads into re-imagining their workplaces and living arrangements. Through the work we've undertaken in designing our new headquarters, we are now rewriting the rule book when it comes to mining camp life. We've embarked on a project to turn these living places into hometowns that genuinely rival holiday resorts for the quality and variety of facilities and amenities.

Our aim is to revolutionise what "working space" means for everyone who works with us at MRL to enrich and reinforce the connection we all have to each other.

CONNECTING WITH OUR COMMUNITIES

Our activities affect many people across many communities and our recognition of the connection we all share extends to everyone we cross paths with. We're acutely focused on our connection with the local communities in the areas we operate, as well as all of our stakeholder communities, and that shows in the progress made in 2021.

Cooperating and collaborating with our Indigenous peoples, who are the Traditional Custodians of the lands where we work and live, has been one of our major priorities during the past year and will continue to be so into the future.

Our newest mine site, opened in 2021 at Wonmunna, was purchased in late 2020. We were able to negotiate a mutually beneficial arrangement with the tenement owners in record speed, and to be actively working with the Traditional Owners to protect their cultural heritage and, together, identify opportunities. This is a source of pride and a model for how we intend to proceed going forward.

During the past year, in our broader community we were pleased to considerably step up our sponsorship and philanthropic activities, reflecting the success that we had as a company. We helped sustain local organisations who assist in improving the health and wellbeing of the more vulnerable in our society. We supported mental health initiatives, medical research and equipment and recreational and arts activities across Western Australia. We also provided much-needed funding for crisis centres who have experienced an increase in demand during the challenges of the past year brought about by the pandemic.

Communicating with one of our most important communities - our shareholders - has been crucial in ensuring that we were able to navigate the complexities of 2020 and continue to fully engage during the period of expansion and success that 2021 has brought. The insights, advice and support of our shareholders has helped to guide us through these challenging times. Maintaining our continued connection will remain a focus in years to come.

CONNECTING WITH OUR ENVIRONMENT

Understanding our connection with the planet we share and the impact our activities can have on the environment, forms a key part of our planning for the future. Our goal is to find smarter, cleaner and more sustainable ways to operate, with a goal of attaining net zero emissions by 2050.

A roadmap to this goal has been developed and explained in our 2021 Sustainability Report, including our progress towards the milestone of eliminating diesel usage. We are working on a range of alternative fuels including LNG, natural gas, solar and wind power, and we're making encouraging advances.

Ultimately, we believe we can achieve zero emissions sooner than the target date of 2050, and our investment in the search for alternative fuels and the adoption of emerging technologies is significant.

We encourage all of our people to explore new ideas and opportunities and continually review our environmental management policies to seek and empower innovation in this vital area.

Our world shifted in 2020 and we found new ways to connect - with our people, our communities and the environment we live in. As a proud Western Australian company, we will continue to connect with our communities to ensure we contribute positively to society and the world around us.

CONTENTS

CHAIR'S REVIEW	1
MANAGING DIRECTOR'S REPORT	3
MINERAL RESOURCES AT A GLANCE	7
OPERATIONAL REVIEW	13
MINING SERVICES	15
COMMODITIES	20
FINANCIAL REVIEW	25
SUSTAINABILITY REVIEW	29
HEALTH AND SAFETY	33
PEOPLE	36
ENVIRONMENT	37
CLIMATE CHANGE	41
SOCIAL	44
ANNUAL FINANCIAL REPORT - 30 JUNE 2021	47
DIRECTORS' REPORT	49
REMUNERATION REPORT	57
FINANCIAL STATEMENTS	93
SHAREHOLDER INFORMATION
AND CORPORATE DIRECTORY	165
ARTIST BIOGRAPHIES	171
A YEAR IN PICTURES	173

ABOUT THIS REPORT

This annual report is a summary of Mineral Resources Limited's operations and financial results for the financial year ended 30 June 2021. All references to 'Mineral Resources', 'MRL', 'the Company', 'the Group', 'we', 'us' and 'our' refer to Mineral Resources Limited (ABN 33 118 549 910) and the entities it controlled, unless otherwise stated.

References in this report to a 'year' are to the financial year ended 30 June 2021 unless otherwise stated. All dollar figures are expressed in Australian dollars (AUD) unless otherwise stated. All references to 'Indigenous' people are intended to include Aboriginal and/or Torres Strait Islander people.

Photography by Russell James. Creative direction by Ali Franco.

Mineral Resources Limited acknowledges the Traditional Custodians and their Ancestors of the lands across Australia where we conduct our business. MRL recognises and acknowledges the Traditional Custodians' connection to Country and pays our respects to their Elders

and Leaders past, present and emerging.

WHO WE ARE MINERAL RESOURCES IS AN INNOVATIVE AND

LEADING MINING SERVICES COMPANY, WITH A GROWING WORLD-CLASS PORTFOLIO OF MINING OPERATIONS ACROSS MULTIPLE COMMODITIES, INCLUDING IRON ORE AND LITHIUM.

MINERAL RESOURCES

WE'RE DIFFERENT

VISION

To be recognised as a great Australian company and a leading provider of innovative and sustainable mining services and mining operations.

PURPOSE

To provide innovative and low-cost solutions across the mining infrastructure supply chain by operating with integrity and respect, working in partnership with our clients, our customers, our people and our community.

OUR VALUES

AGILE

• You won't hear "I don't know" or "I can't" very often at MRL. We employ the best in the business to keep us moving forward.
• We act fast and seize opportunities.
• We think differently.

FAMILY

• We show up for each other and have each other's backs.
• We care for each other and the world around us.
• We celebrate our differences because they make us stronger.
• Above all else, we are family.

ACHIEVE

• Every person in our business contributes to our success.
• We do challenging work and we achieve incredible things.
• We have the courage to take on the impossible and the passion to make it happen.