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Mineral Resources Q2 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q2 2026 earnings summary29 Jan, 2026
Executive summary
All divisions delivered strong operational performance, with Onslow Iron operating at nameplate capacity and lithium assets benefiting from improved market conditions.
Achieved record iron ore shipments and significant lithium volume upgrades, capitalizing on higher prices.
Net debt reduced to $4.9B and liquidity increased to over $1.4B, reflecting rapid deleveraging.
Entered a binding agreement for POSCO Holdings to acquire 30% of the operational lithium business for US$765M, expected to complete in H1 2026.
The company enters the second half with positive momentum, a strengthening balance sheet, and favorable market conditions.
Financial highlights
Liquidity increased to over $1.4 billion, and net debt reduced by $500 million to below $4.9 billion.
Onslow Iron shipped 8.7Mt in Q2 FY26 (17.3Mt in 1H26), with FOB cost at $50/wmt for the quarter.
Attributable lithium spodumene production was 138k dmt SC6, with sales of 143k dmt SC6 at an average price of US$1,094/dmt, up 29% quarter-on-quarter.
Mining Services quarterly production volumes rose 5% qoq to 85Mt.
Capital expenditure for the quarter was ~$200M (1H26: ~$600M), in line with guidance.
Outlook and guidance
FY26 lithium volume guidance upgraded: Wodgina to 260-280k dmt SC6 (from 220-240k), Mt Marion to 190-210k dmt SC6 (from 160-180k).
Cost guidance maintained across all divisions, with iron ore and lithium costs tracking at or below guidance ranges.
Onslow Iron's capital intensity expected to remain around $2/ton in the short term, with further guidance for FY27 to be provided mid-year.
Maintenance and weather-related downtime at Onslow Iron is planned for, with additional transhippers to be added to support higher throughput.
Mining Services FY26 volume guidance remains at 305-325Mt.
Impact of POSCO deal on lithium strategy?
Reconcile 2H26 lithium cost increases with FY26 guidance
Impact of 1H26 non-cash items on underlying results?
Bald Hill restart criteria given market volatility?
Onslow Iron: Transhipper impact on 40Mtpa target?
Future impact of non-underlying P&L adjustments?
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Next Mineral Resources earnings date
H1 202619 Feb, 2026
Mineral Resources
Next Mineral Resources earnings date
H1 202619 Feb, 2026
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Frequently asked questions
Mineral Resources Limited develops, operates and maintains mining service and processing facilities for its mining operations in Australia, China and Singapore. The company focuses on iron ore, gold, lithium and tantalum minerals. It provides contracting services, such as drilling and blasting, materials handling, crushing and screening, contract crushing and beneficiation services. The company was founded in 1993 and is headquartered in Perth, Australia.
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