Ultra-deep shale in the Mahu Sag, characterized by difficult-to-drill formations, exhibits high resistivity. This study uses XRD and petrophysical testing on 12 dry core samples (depths 4600–5000 m) to characterize mineral composition and evaluate resistivity-influencing factors. Mineralogical analysis reveals that brittle minerals, dominated by quartz and feldspar (>50%), constitute the primary components of the ultra-deep shale in the Mahu Sag, with quartz, feldspar, and carbonates collectively accounting for ~80%. Clay (~6%) and pyrite (<5%) contents are notably low, resulting in elevated resistivities of 10⁵–10⁷ Ω·m. Resistivity correlates negatively with pyrite (r = −0.588) and feldspar (r = −0.319) but positively with dolomite (r = 0.209), quartz (r = 0.017), and porosity (r = 0.749). At elevated temperatures (100 °C), resistivity declines owing to enhanced ionic conduction. These findings clarify high-resistivity mechanisms, supporting resistivity-based drilling parameter optimization.