Name of the Project
Mt Marion lithium project.

Location
Western Australia, on the Traditional Owner land of the Marlinyu Ghoorlie People.

Project Owner/Sponsor
The project is operated by Mineral Resources (MinRes) in joint venture with Jiangxi Ganfeng Lithium. It is held through Mt Marion Lithium Pty Ltd, which is owned 50:50 by MinRes and Ganfeng.

Project Description
Mt Marion is an operating hard-rock lithium mine.

The mine has historically been mined using the openpit methods of conventional drill, blast, load and haul mining. Ore is processed through a dense-media separation (DMS) concentrator producing spodumene concentrate.

The current operation produces concentrate at two product grades, typically 5% lithium oxide (Li₂O) and 3.5% Li₂O, with concentrate transported to Esperance for export.

MinRes and Ganfeng announced in May 2026 that they had made a final investment decision to build a flotation plant and develop underground mining at Mt Marion.

The flotation circuit will be added to the existing DMS plant to recover fine spodumene currently transferred to tailings.

The underground development is intended to provide access to additional mineral resources below the existing openpit and support a longer mine life.

The combined flotation and underground programme is expected to improve plant recovery towards 70%, increase installed capacity from about 500 000 t/y spodumene concentrate (SC) 6 to 600 000 t/y SC6 and remove the lower-grade SC3.5 product to deliver a single SC5 product.

From the 2028 financial year, Mt Marion is expected to operate as a combined openpit and underground mine, with underground ore from open stoping supplementing up to 40% of processing feed.

Potential Job Creation
Not disclosed.

Net Present Value/Internal Rate of Return
A net present value and internal rate of return have not been disclosed. However, MinRes has stated that the payback period is expected to be less than one year at the current spot spodumene price of about $2 700/t SC6.

Capital Expenditure
The total capital investment is estimated at $490-million, which will be invested in the 2027/28 financial year. This comprises $240-million for the flotation plant, $220-million for underground preproduction development and $30-million for nonprocessing infrastructure.

Planned Start/End Date
Central underground development and construction of the flotation circuit are expected to start in the first quarter of the 2027 financial year, with commissioning and ramp-up expected in the second half of the 2028 financial year.

Latest Developments
Tendering for an underground mining contractor is in progress.

Key Contracts, Suppliers and Consultants
MinRes’ Mining Services division (flotation plant).

Contact Details
Mineral Resources, tel +61 8 9329 3600 or email reception@mineralresources.com.au / investorrelations@mrl.com.au