Mineral Resources (MIN) Q4 2026 earnings summary

Executive summary

• Achieved or exceeded FY26 volume and cost guidance across all business segments, with record annual volumes in Mining Services (341 Mt), Iron Ore (29.5 Mt), and Lithium (559k dmt SC6).

• Achieved record Mining Services volumes and lithium sales in the June quarter, closing FY 2026 with operational and financial outperformance across all segments.

• Liquidity strengthened to AUD 2.4 billion at 30 June 2026, up from AUD 1.8 billion a quarter earlier, and net debt reduced to below AUD 4.3 billion.

• Entering FY 2027 with positive momentum, a materially improved balance sheet, and a pipeline of low-risk, high-return brownfields investments.

• Safety reporting revised to align with international standards; rolling 12-month LTIFR at 1.20 and TRIFR at 7.07 under new procedure.

Financial highlights

• Liquidity improved to AUD 2.4 billion at 30 June 2026, including AUD 1.6 billion in cash and an undrawn AUD 800 million revolving credit facility.

• Net debt as of 30 June 2026 reduced to AUD 4.3 billion from AUD 4.5 billion at 31 March 2026.

• Issued US$1.3 billion in new Senior Unsecured Notes at 6% and 6.25%, reducing weighted average cost of debt from 8.4% to 7.4%.

• FY 2026 capital expenditure was AUD 1.1 billion, in line with guidance.

• Record quarterly attributable lithium sales of 158,000 dmt SC6 at an average price of US$2,425/dmt CIF SC6, up 15% quarter-over-quarter.

Outlook and guidance

• FY 2027 growth CapEx to focus on brownfields investments at Mount Marion and Onslow Iron.

• Ramp-up to full capacity of 140,000 dmt SC6 at Bald Hill on track for Q2 FY 2027.

• Construction of Onslow Iron Resort and non-processing infrastructure progressing, with completion expected in early FY28 and end of Q2 FY27, respectively.

• Flotation plant and underground mining at Mt Marion approved, with AUD 490 million investment across FY27 and FY28.

• Guidance for FY 2027 CapEx and costs to be provided at full year results in August.