Mineral Resources (MIN) Q3 2025 earnings summary

Executive summary

• Liquidity exceeded $1.25 billion at March 31, including $450 million cash and an undrawn $800 million revolver; net debt was $5.4 billion.

• Onslow Iron is cash flow positive, with a carry loan below $800 million and shipments of 3.6 million tonnes in the quarter.

• Board chair selection is well advanced, with director resignations and governance processes being strengthened.

• Mining Services production volumes were 62 million tonnes, down due to Yilgarn and Bald Hill entering care and maintenance.

• Attributable quarterly spodumene production was 133,000 dmt, with 127,000 dmt shipped; Mt Marion guidance increased due to improved recoveries.

Financial highlights

• Net working capital outflow was $50 million for the quarter, with a similar outflow expected in Q4.

• Capex was $360 million in Q3, mainly for Onslow Iron, with $340 million expected in Q4.

• Onslow Iron carry loan balance at March 31 was $789 million; iron ore prepayment balance was $632 million, to be amortized over FY26–FY28.

• EBITDA per production tonne for Mining Services in FY25 is expected at $2.10–$2.20.

• Net debt expected to peak this quarter, with deleveraging and free cash flow positive state anticipated next year.

Outlook and guidance

• Lithium volume guidance raised to 185,000–200,000 tonnes (SC6 equivalent), up 20% from previous midpoint; cost guidance maintained.

• Onslow Iron volume guidance revised to 8.5–8.7 million tonnes (down from 8.8–9.3 million); FOB guidance unchanged at $60–$70/tonne.

• Mining Services production volumes expected at the lower end of 280–300 million tonnes guidance, weighted to June quarter.

• Onslow Iron remains on track for 35 million tonne per annum nameplate capacity in Q1 FY26; haul road upgrade scheduled for completion in September quarter.

• 100% EBITDA cash conversion expected for FY26.