MIN: Off Market takeover Offer Norwest Energy - Presentation

OFF MARKET TAKEOVER OFFER

NORWEST ENERGY

16 December 2022

ASX:MIN

OUR SUCCESS HAS ALWAYS BEEN DRIVEN BY IDENTIFYING AND CAPITALISING ON

NEW OPPORTUNITIES

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OVERVIEW OF TAKEOVER OFFER FOR NORWEST ENERGY

Off-market	• Mineral Resources (ASX: MIN) (MinRes) Offer is one (1) fully
paid ordinary share in MinRes for every 1,367 Norwest Energy
takeover Offer
(ASX: NWE) (Norwest) Shares (Offer)
Implied Offer
• The Implied Offer Price of $0.06 per Norwest Share represents
price	an equity value for Norwest of approximately $403 million
	• The Offer is attractively valued, with the Implied Offer Price
	representing:
	• a premium of 33% to the closing price of Norwest
Implied	Shares on ASX on 15 December 2022;
• a 27% premium to the 1 month volume weighted
premium
	average price of Norwest Shares up to and including
	15 December 2022; and
	• an 11% premium to the 52 week high of $0.054 for
	Norwest Shares on 30 August 2022
	• The Offer is not subject to a minimum acceptance condition
Conditions	and is conditional only on there being no prescribed
occurrences as described in section 652C(1) and section
	652C(2) of the Corporations Act 2001 (Cth)
MinRes Offer	• 1300 916 995 (toll free for callers within Australia) and
information line	[phone] (for callers outside Australia)

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Share price (rebased to 100)

GAS PROGRAM AND

ONGOING GROWTH

Lockyer Deep-1 well test update

Lockyer Deep-1 exceeds

pre-drill expectations

MIN

NWE

1000

Lockyer Deep1 gas discovery

Commenced gas exploration

drilling in the Perth Basin

800

Expanded gas

exploration footprint

600

Became substantial

holder for NWE

Acquired

Approved Lockyer Deep for

400

Empire Oil & Gas NL

Drilling H1 2020

Acquired ERM Power's

200

0

holding in Empire

2013

2014

2015

2016

2017

2018

2019

2020

2021

2022

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TRACK

RECORD SNAPSHOT

TSR GROWTH -

SECOND HIGHEST IN ASX 200

35% PA

SINCE LISTING

UNDERLYING EBITDA

$7.4 bn

SINCE LISTING

DIVIDEND GROWTH

20% PA

FULLY FRANKED

AVERAGE RETURN ON INVESTED CAPITAL AFTER TAX

21% PA

SINCE LISTING

RETURN ON INVESTED CAPITAL AFTER TAX (ROIC)

SINCE LISTING

60%

50%

40%

30%

20%

10%

0% -10%

2007	2008	2009	2010	2011	2012	2013	2014	2015	2016	2017	2018	2019	2020	2021	2022
								Annual ROIC		4yr Rolling Ave ROIC

CUMULATIVE RETURNS TO SHAREHOLDERS

GROWTH IN DIVIDENDS ($bn) - 10 YEARS TO 30 JUNE 2022

7.0

6.0

5.0

4.0

3.0

2.0

1.0

0.0

2013	2014	2015	2016	2017	2018	2019	2020	2021	2022
		Invested Capital			Cumulative operating cash			Cumulative dividends declared
					flow before interest and tax

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