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Mineral Resources Limited (ASX:MIN)

ALERT: Price-sensitive ASX Announcement for MIN
Current share price for MIN : $43.930 -0.32 (-0.72%)+
Announcement
Release
23 Oct 2026 8:14AM
Price at Release
$44.250
Full Release
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Summary
Mineral Resources Limited’s Quarterly Activity Report for Q1 FY27, covering the three months to 30 September 2026, states that FY27 guidance was maintained across all divisions as the company delivered record Mining Services production of 103Mt, attributable iron ore shipments of 7.9M wmt across Onslow Iron and Pilbara Hub, and record attributable lithium sales of 170k dmt SC6, while group capex totalled $310 million. Onslow Iron shipped 9.2M wmt on a 100% basis, including a record September export month of 3.49M wmt, with attributable shipments of 5.0M wmt and FOB cost of $53/wmt, better than guidance; Pilbara Hub produced 3.2M wmt and shipped 2.9M wmt with Lamb Creek fully operational and FOB cost of $75/wmt in line with guidance. In lithium, Wodgina sold 90k dmt SC6 with FOB cost of $674/dmt, Mt Marion sold 58k dmt SC6 during a transitional year marked by higher stripping, flotation plant construction and commencement of underground access development, and Bald Hill continued ramp-up with 21k dmt SC6 sales and dense media separation commissioning. Financially, liquidity rose to $2.5 billion, cash increased to $1.7 billion, net debt fell to about $4.1 billion after payment of the FY26 dividend, and the Onslow Iron carry loan reduced to $303 million; Fitch upgraded MinRes’ credit rating to BB with stable outlook, ASIC concluded its investigation with no enforcement action, and the company said current diesel prices were expected to keep FY27 FOB costs within guidance despite some upward pressure from September fuel and freight increases. The report also notes ongoing exploration and resource development drilling across Onslow Iron, Pilbara Hub, Wodgina and Mt Marion, progress on landholding sales, and energy updates including MinRes increasing its Perth Basin ownership and unsuccessful Carnarvon Basin exploration wells.
Key Points
  • FY27 guidance was maintained across all divisions for the quarter ended 30 September 2026.
  • Mining Services achieved record production volumes of 103Mt, up 10% quarter on quarter.
  • Onslow Iron shipped 9.2M wmt on a 100% basis, with attributable shipments of 5.0M wmt and FOB cost of $53/wmt, outperforming guidance.
  • September was a record export month for Onslow Iron at 3.49M wmt on a 100% basis.
  • Pilbara Hub produced 3.2M wmt and shipped 2.9M wmt, with Lamb Creek fully operational.
  • Total attributable iron ore shipments across Onslow Iron and Pilbara Hub were 7.9M wmt.
  • Record attributable lithium sales reached 170k dmt SC6, up 8% quarter on quarter.
  • Wodgina sold 90k dmt SC6 and recorded FOB cost of $674/dmt SC6, in line with guidance.
  • Mt Marion sold 58k dmt SC6 and remained in a transitional year with flotation plant construction, underground development and higher stripping as northern pits opened.
  • Bald Hill continued ramp-up, selling 21k dmt SC6 as the dense media separation plant was commissioned.
  • Liquidity increased to $2.5 billion and net debt reduced to approximately $4.1 billion.
  • Group capex for Q1 FY27 was $310 million.
  • Fitch upgraded MinRes’ credit rating to BB with stable outlook.
  • ASIC concluded its investigation and took no enforcement action.
  • MinRes said current pricing indicates FY27 FOB costs should remain within guidance.
  • Safety improved, with rolling 12-month LTIFR at 1.01 and TRIFR at 6.41.
  • MinRes now holds 100% interests in several Perth Basin permits after Hancock Energy withdrew from the joint venture.
  • Two Carnarvon Basin exploration wells, Omega-1 and Avenger-1, found no commercial hydrocarbons and were plugged and abandoned.
IMPORTANT NOTE: This information is autogenerated and has not been reviewed for accuracy or completeness. You should refer to the full announcement here for further information.