Bald Hill operations update

Today’s decision on Bald Hill was not made lightly. A prolonged period of low lithium prices places pressure on our business, with a recent review of Bald Hill operations prompting the difficult decision to transition the site into care and maintenance.

Lithium prices remain depressed, trading at around US$800 per dry metric tonne (dmt) compared to more than US$3,000/dmt 18 months ago. With prices persistently low, MinRes has been conducting ongoing assessments into the economic viability of our operations.

MinRes has been undertaking a range of cost reduction measures business-wide to help navigate the market downturn, including a reduction in site-based and head office roles.

Within the Lithium business, a range of options to reduce costs have been applied over the last 6-12 months – most recently moving Mount Marion and Wodgina to 2:1 rosters, alongside revisions to our mine plans to reduce operating costs.

MinRes is committed the lithium’s long-term fundamentals and considers Bald Hill a long-term lithium asset. We will continue to monitor lithium prices and site operating costs with a view to recommence operations once conditions improve.

All Bald Hill employees will now be prioritised for redeployment across other MinRes operations and we will aim to accommodate as many individuals as possible with available like-for-like roles.

Our People team will contact employees to provide more information on the redeployment process and timeframes, which we anticipate will take approximately two weeks.

Where there are more people than available roles, we will take into consideration performance history and tenure with the business in the decision-making process.

Where redeployment opportunities cannot be found for individuals, a redundancy process will be followed.

Redundancy packages are paid in line with employment agreements. Employees in redundant roles will be provided with details of your final payment as part of conversations with the People team.

Please see the table below for more details of the redundancy pay schedule:

Period of continuous service and Redundancy payment

• At least 1 year but less than 2 years: 4 weeks
• At least 2 years but less than 3 years: 6 weeks
• At least 3 years but less than 4 years: 7 weeks
• At least 4 years but less than 5 years: 8 weeks
• At least 5 years but less than 6 years: 10 weeks
• At least 6 years but less than 7 years: 11 weeks
• At least 7 years but less than 8 years: 13 weeks
• At least 8 years but less than 9 years: 14 weeks

* There is a reduction in redundancy pay from 16 weeks to 12 weeks for employees with at least 10 years continuous service. This is consistent with the 2004 Redundancy Case decision made by the Australian Industrial Relations Commission.

Yes. Under the MyShare Plan rules, a redundancy situation means employees are entitled to 100% of matched shares.

These are awarded as soon as practicable after ceasing employment with MinRes (typically 4-6 weeks). Any unallocated deductions will be refunded to you via standard payroll processing.

Yes. Following confirmation of redundancy, you may request a copy of your training records and VOCs by emailing lithiumpeopleteam@mrl.com.au

Severance pay is calculated on an employee's base rate only for their ordinary hours (56 hours per week if working 2:1 roster) and does not include allowances.

Severance pay is calculated in line with the National Employment Scheme redundancy payment schedule, divide your base salary by 52 (weeks), then multiply by the relevant number of weeks according to your tenure with the Company (see table above).

Payment in lieu of notice and payment for any annual leave accrued is calculated on base salary plus allowances.

Yes, for the purpose of calculating severance those who transitioned from Lithco to MinRes will have their service recognised for the purpose of a redundancy.

MinRes remains committed to lithium’s long-term fundamentals and has built an impressive asset portfolio that positions our company as one of the world’s most significant hard rock producers.

Lithium remains the most important mineral for decarbonisation and we expect future increased uptake in electric vehicles and battery storage solutions to drive long-term growth in lithium demand.

Our immediate focus is on reducing costs, improving performance across our lithium operations, and ensuring our lithium sites remain ready to respond to changes in market dynamics.

You can email any questions you have to our People Advisory team at lithiumpeopleteam@mrl.com.au or speak to your leader or a member of the People team.

You will receive a text message from the People Logistics team with your confirmed flight details, bus schedules and airport information.

Baggage allowance on both Virgin commercial flights and MinRes Air charter is 23kg checked baggage and 7kg carry on. If you require assistance with additional baggage or tooling, please see the village admin who will be able to assist you with organising transport back to Perth.

Please see the village admin who will assist in organising transport for your belongings back to Perth. Additional bags are available in the village admin if required to transport your items.

If you are travelling on a Virgin commercial flight there is no change, you will arrive back at T1 at Perth Airport.

If you are travelling on the MinRes Air charter flight, you will arrive at the MinRes Air Perth terminal. The MinRes Air terminal is located a short distance from T3/T4 at Perth Airport and is directly across from the long-term car park B.

The MinRes Air terminal address is 155 Fauntleroy Avenue, Perth Airport.

A bus service has been organised with Horizons West to transfer any arrivals from the MinRes Air terminal back to T1. The bus will depart from the pickup area directly out the front of the MinRes Air terminal.

If you require assistance with storing your belongings to be collected at a later date, please see the MinRes Air terminal staff who will be able to assist you.