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- Strong performance driven by Mining Services growth
- Result boosted by ramp-up of Onslow Iron and improved lithium performance and prices
- Significant free cash flow of $849M generated and liquidity doubled to $2.4B
- Net debt reduced by $1.1B to $4.3B
Mineral Resources (ASX: MIN) has achieved record revenue of $6.5 billion in its financial results for the full year ended 30 June 2026.
Revenue was up 44%, with record volumes across all divisions and improved commodity prices. It also achieved record underlying EBITDA of $2.6 billion, up 183%, represents an underlying EBITDA margin of 39%.
MD, Chris Ellison, said the result was underpinned by record Mining Services.
“The past 12 months stand among the most significant in MinRes’ history. Record operational and financial results reflect years of strategic investment, positioning the company to enter its third listed decade with a stronger foundation than at any point in our 20-year journey on the ASX,” he said.
“Onslow Iron achieved nameplate capacity of 35 million tonnes per annum (Mtpa) in August 2025, just three years after we reached a final investment decision. The speed of delivery is a demonstration of the inhouse capability we have developed across the business, with strong cash flow from the project now accelerating the deleveraging of the balance sheet.
“No company achieves what MinRes has without an exceptional workforce.”
Looking forward to FY27, MinRes is forecasting Mining Services volumes growth of nine per cent to 14 per cent on last year.
“This continued growth will be driven by operating Onslow Iron beyond nameplate, the restart of Bald Hill, increased mining at Mt Marion and our growing external order book.
“Following years of investment to improve plant recoveries and reduce costs, our three lithium assets are well placed to capitalise on improved prices as demand is driven by energy storage and the transition to electric vehicles.”
At Wodgina, after several years of increased stripping, MinRes expect clean ore to feed all three trains from Q2 FY27 and to increase sales volumes by 14 per cent to 23 per cent.
“It will be a transitional year at Mt Marion as we invest in a flotation plant and underground mining, while Bald Hill is on track to reach nameplate in Q2.
“Our priorities for FY27 are to achieve guidance across all divisions, execute low-risk, high-returns brownfield investments, continue to strengthen the balance sheet and ensure MinRes is positioned for our next phase of growth within our significantly improved governance frameworks and capital allocation model.
“When I think back on the past 20 years, what I’m most proud of is not simply what we have achieved. It’s that we’ve developed the people, assets, capabilities and culture to drive even more success in the decades ahead.”
MIN was steady at $67.16 with a Mkt cap of $13.20B prior to markets opening.
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