L1 Capital Boosts Mineral Resources Stake to 5.38% via Extensive On-Market Trades in November 2025

Mineral Resources Limited: Company Overview and Market Standing

Mineral Resources Limited operates as an integrated mining and resources company with diversified operations across Australia’s resource sector. As a significant ASX-listed entity, MIN holds a prominent position within the mining and metals investment landscape. The company’s issued capital stands at 198,537,253 shares, reflecting its substantial equity base and market capitalisation within the Australian resources segment.

MIN’s operations cover multiple commodities and projects, leveraging an integrated structure that exposes it to various resource industry sectors. Institutional investors, including L1 Capital, form a key part of its shareholder base, underscoring the company’s appeal to professional investment managers. Disclosures of substantial holding changes provide transparency on ownership shifts among sophisticated investors managing large portfolios.

Detailed Timeline of L1 Capital’s Trading Activity in November 2025

Between November 12 and November 27, 2025, L1 Capital Pty Ltd and L1 Capital Strategic Equity Management Pty Ltd engaged in a series of on-market transactions involving MIN shares. This included both share disposals and acquisitions, reflecting an active rebalancing strategy rather than a single-direction investment move. On November 12, 2025, L1 Capital Strategic Equity Management sold 2,373 shares for $121,568.79, while L1 Capital Pty Ltd sold 690,500 shares valued at $35,468,899.14.

On November 13, 2025, L1 Capital Pty Ltd further sold 263,507 shares for $13,738,273.93. Starting November 14, 2025, the entities reversed direction by purchasing shares: L1 Capital Strategic Equity Management acquired 1,351 shares for $68,485.90, and L1 Capital Pty Ltd bought 38,689 shares at $1,961,250.77. These transactions indicate a strategic portfolio adjustment rather than a purely divestment or accumulation approach.

Significant Acquisition Phases During Late November 2025

After mid-November sales, L1 Capital intensified its share purchases, leading to a net increase in holdings. On November 18, 2025, L1 Capital Strategic Equity Management acquired 1,300 shares for $63,375.00. The major accumulation phase began November 19, 2025, with L1 Capital Pty Ltd purchasing 234,201 shares for $11,437,592.33, followed by 130,010 shares on November 20, 2025, costing $6,505,041.79.

Acquisitions continued strongly with 339,888 shares bought on November 21, 2025, for $16,624,587.08, 168,595 shares on November 24, 2025, for $7,994,421.03, and 118,743 shares on November 25, 2025, for $5,619,508.85. On November 26, 2025, L1 Capital Strategic Equity Management added 1,900 shares for $93,062.00. This sustained buying activity highlights deliberate capital deployment into MIN shares despite fluctuations in transaction values.

Current Substantial Holding and Voting Power Implications

Following all transactions, L1 Capital’s combined relevant interest in Mineral Resources Limited totals 12,685,154 fully paid ordinary shares, representing 5.38% of voting power based on 198,537,253 shares issued. Crossing the 5% voting power threshold classifies L1 Capital as a substantial shareholder under the Corporations Act 2001, necessitating formal disclosure via a substantial holding notice.

This position is the net outcome of multiple sales and purchases by both L1 Capital Pty Ltd and L1 Capital Strategic Equity Management Pty Ltd. The substantial holding notice was lodged on November 21, 2025, with the notice dated the same day. L1 Capital’s 5.38% stake places it among MIN’s significant investors, reflecting meaningful capital allocation within its portfolio.

Transaction Scale and Market Engagement

Throughout November 2025, L1 Capital’s on-market transactions in MIN shares surpassed $100 million in aggregate value. The largest single disposal was the sale of 690,500 shares for $35,468,899.14 on November 12, 2025. Conversely, the largest purchase occurred on November 21, 2025, with 339,888 shares acquired for $16,624,587.08.

These transaction values correspond to MIN’s share prices during the period, with detailed records in the substantial holding notice providing transparency on each trade’s consideration. The sizeable aggregate transaction value underscores L1 Capital’s significant market participation and active portfolio management within MIN’s equity.

Regulatory Compliance and Disclosure Under the Corporations Act

L1 Capital’s Form 604 substantial holding notice fulfills the mandatory disclosure requirements under section 671B of the Corporations Act 2001. It details all changes in relevant interests of L1 Capital Strategic Equity Management Pty Ltd (ACN 648 751 928) and L1 Capital Pty Ltd (ACN 125 378 145), with registered offices at Level 45, 101 Collins Street, Melbourne, Victoria.

Signed by Jane Stewart, Head of Legal & Compliance, on July 21, 2026, the notice includes annexures listing each transaction’s date, nature (purchase or sale), consideration, and voting impact. This comprehensive disclosure ensures market transparency regarding significant shifts in shareholding exceeding the 5% threshold.

L1 Capital’s Investment Approach and Market Strategy

Based in Melbourne, L1 Capital specializes in strategic equity investment and capital management. Their trading in MIN during November 2025 exemplifies active portfolio management through tactical on-market transactions, balancing sales and purchases rather than relying on block trades or off-market deals. This approach reflects engagement with ASX public markets and adherence to standard trading protocols.

The accumulation phase in late November following mid-month sales suggests L1 Capital identified attractive entry points to increase exposure. Holding a 5.38% stake signals substantial confidence in MIN’s long-term prospects. For MIN shareholders, institutional investors like L1 Capital contribute to governance engagement and alignment with company management due to their voting rights and potential strategic involvement.

Sector and Market Context for Mineral Resources Limited

Operating within Australia’s resources sector, Mineral Resources Limited faces ongoing challenges including commodity price volatility, regulatory shifts, and capital discipline demands. Its diversified portfolio spans iron ore, lithium, rare earths, and other critical minerals essential to global supply chains. The sector has experienced volatility driven by macroeconomic factors, geopolitical tensions, and the global energy transition boosting demand for battery metals.

L1 Capital’s November 2025 investment reflects a strategic assessment of opportunities amid these sector dynamics and commodity cycles. Market participants evaluating MIN should consider commodity trends, regulatory impacts, and capital expenditure needs influencing the company’s outlook.

Transparency and Disclosure Importance in ASX Substantial Holding Notices

The Form 604 notice filed by L1 Capital provides detailed disclosure of all transactions and current holdings in MIN, enhancing transparency for investors and market participants. Annexure A lists 16 transactions over the two-week period, specifying dates, entities, transaction types, consideration amounts, shares involved, and voting effects. This granularity aids analysts and investors in understanding L1 Capital’s positioning and market activity.

Mandatory filing of substantial holding notices within prescribed timeframes ensures timely dissemination of material shareholding changes. L1 Capital’s adherence to these obligations exemplifies institutional investor professionalism in the Australian securities market. Access to this detailed information supports informed decision-making and visibility into capital flows among major MIN shareholders.