Mineral Resources (MIN) Q2 2026 earnings summary

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.