Mineral Resources non-executive chair granted 780,000 options

Mineral Resources Limited announced on November 21, 2025, that its non-executive chair, Malcolm Bundey, was granted 780,000 MinRes options. This grant followed approval by shareholders at the 2025 annual general meeting. An independent third party assessed the fair value of these options at A$8,491,800, using a hybrid single barrier option pricing model.

Each option grants the right to acquire one Mineral Resources share, subject to vesting conditions and an A$25.40 exercise price. Vesting hurdles are tied to the Volume Weighted Average Price (VWAP) over five trading days up to and including June 30, 2026, 2027, and 2028. Specifically, Tranche 1 (200,000 options) vests on July 1, 2026, if the VWAP to June 30, 2026, is at least A$30.00.

Tranche 2 (200,000 options) vests on July 1, 2027, if the VWAP to June 30, 2027, is at least A$35.00. The final Tranche 3 (380,000 options) vests on July 1, 2028, if the VWAP to June 30, 2028, is at least A$40.00. Vested options must be exercised within three years of their respective vesting dates or they will expire. Prior to this change, Mr. Bundey held 2,907 ordinary shares.