Mineral Resources lifts FY26 volumes and trims net debt

• Mineral Resources Limited (ASX:MIN) reported record FY26 volumes across mining services, iron ore and lithium, with all segments meeting or exceeding upgraded guidance ranges.
• The company strengthened liquidity to A$2.4 billion and cut net debt to about A$4.3 billion, supported by strong free cash flow and refinancing of higher‑coupon US dollar bonds.
• Mineral Resources (ASX:MIN) said Onslow Iron, Pilbara Hub and its Wodgina, Mt Marion and Bald Hill lithium projects are all progressing growth plans, with FY27 production ramp‑ups on track.

Mineral Resources Limited (ASX:MIN) said it closed FY26 with guidance achieved or exceeded across all business segments, reporting record annual volumes of 341Mt for Mining Services, 29.5Mt of iron ore and 559k dmt of lithium spodumene concentrate (SC6 equivalent).

The company reported FY26 Mining Services production volumes of 341Mt, up 22% year on year and 3% above the upgraded guidance range of 320–330Mt, and noted that total attributable iron ore shipments of 29.5Mt sat above the prior year’s 20.0Mt with an average realised iron ore price of US$90/dmt.

“We achieved record volumes across mining services, iron ore and lithium while strengthening the balance sheet and delivering costs within or better than guidance,” said Mineral Resources Chief Executive Officer Chris Ellison.

MinRes stated that Onslow Iron FY26 attributable shipments reached 19.7M wmt, above the upgraded 17.7–19.4M wmt guidance, with an FY26 FOB cost of A$52/wmt below its A$54–59/wmt guidance range, while Pilbara Hub shipments were 9.9M wmt at the top end of 9.0–10.0M wmt guidance and FY26 FOB costs of A$79/wmt were at the top of its A$75–80/wmt range.

The company reported record lithium sales from Wodgina of 317k dmt SC6 and from Mt Marion of 242k dmt SC6, both above upgraded guidance, and said FY26 SC6 FOB costs were A$738/dmt at Wodgina and A$847/dmt at Mt Marion, sitting at the lower end and within their respective A$730–800/dmt and A$820–890/dmt guidance bands, while Bald Hill restarted in May and is targeting 140k dmt SC6 capacity by Q2 FY27.

MinRes said liquidity increased to A$2.4 billion at 30 June 2026, up from A$1.8 billion at 31 March.

Additionally, reported cash of A$1.6 billion and a fully undrawn A$800 million revolving credit facility, and that net debt fell to about A$4.3 billion from A$4.5 billion as it issued US$1.3 billion of new unsecured notes to refinance existing higher‑coupon bonds, repay a US$300 million iron ore prepayment and reduce its Onslow Iron carry loan to A$335 million.

The group highlighted ongoing safety reporting changes, exploration drilling across Onslow Iron, the Pilbara Hub and Wodgina, and energy exploration in the Perth and Carnarvon basins.

FY27 priorities include ramping Onslow Iron toward a roughly 38–40M wmt annualised run‑rate, bringing Lamb Creek fully online, expanding Mt Marion via flotation and underground mining and lifting Bald Hill to full capacity.

At the time of reporting Mineral Resources’ share price was AUD 55.94.