Mineral Resources Stock Earnings Reports

Key points for investors: MinRes reported it met FY25 volume and cost guidance with a "solid performance" across segments. Onslow is now cash-flow positive (mining services and commodity level), hit a 32.4 Mtpa annualised run rate in June and management expects to reach ~35 Mtpa run rate by end-September after haul-road upgrades; FY25 shipments from Onslow ~14 Mt (100% basis). Corporate liquidity remains strong with >$1.1bn cash at 30 June and net debt of $5.3bn; management says net-debt/EBITDA is declining organically. FY25 CapEx was $1.9bn (below guidance of $2.1bn) largely due to Onslow timing and cost savings; FY26 CapEx is expected to be roughly $1bn (about half sustaining, with ~$150m of asset financing expected). Mining services delivered record volumes (83 Mt in the quarter) and strong margins; external contracts and internal mobilisation are positive. Iron ore: realised ~US$79/t (mix/hubs), management has placed 0-cost collars to put a floor on some volumes (targeting up to ~1/3 of half-year production but currently less, ~1–1.5 Mt). Lithium: Wodgina and Marion performance improved (Wodgina recoveries rising with HIC/cyclone upgrades, aiming >65% recovery in FY26); spodumene production and shipments increased; Marion DMS flexibility highlighted. Energy: an independent certification returned ~27 Bcf 2C for one permit (just below contingent payment threshold); Lockyer certification pending and potential contingent receipts discussed (~up to ~$100m). Bond refinancing (USD700m May 2027) is expected to be manageable: management signals market support and no execution risk, though pricing/timing will depend on updated financials. Governance: Board refresh underway (new chair effective 1 July plus two new NEDs) and capital-allocation framework being reviewed.