Image source: © 2025 Krish Capital Pty. Ltd.

Highlights:

  • Mineral Resources achieves FY25 volume and cost guidance across all business units
  • The company reports record quarterly production of 83Mt, up 21Mt quarter-on-quarter
  • At the end of FY25, the company reported over AUD 1.1 billion liquidity and reduced net debt to EBITDA

Mineral Resources Ltd (ASX:MIN) has released its quarterly report for the period ending 30 June 2025 (Q4 FY25), confirming that it met volume and cost guidance for the full year across its core segments, while advancing operational progress.

Mineral Resources reported quarterly production volumes of 83 million tonnes (Mt), an increase of 21Mt compared to the previous quarter, driven by the ramp-up of the Onslow Iron project and external volume contributions. FY25 total production reached 280Mt, up 11Mt year-on-year and at the lower end of the company’s 280–300Mt guidance range. EBITDA per production tonne for the year is expected at approximately AUD 2.20/t, at the upper end of its guidance.

The Onslow Iron joint venture delivered 5.8M wet metric tonnes (wmt) of shipments in Q4 FY25, a 59% increase from the prior quarter, contributing to FY25 total shipments of 14.0Mt, which was at the upper end of guidance. June shipment volumes of 2.7M wmt translated to a run-rate of 32.4Mtpa. Onslow’s Q4 FOB cost was AUD 57/wmt, with the full-year cost at approximately AUD 63/wmt, the bottom end of its guidance. The Pilbara Hub achieved 9.7M wmt of shipments in FY25, in line with its 9.0–10.0M wmt guidance range. The average realised price across both hubs was AUD 79/dmt in Q4, down 11% quarter-on-quarter, reflecting 80% realisation of the Platts 62% IODEX.

Total spodumene production for the quarter stood at 144k dry metric tonnes (dmt), with shipments of 135k dmt. The weighted average realised price dropped 24% to AUD 642/dmt SC6 equivalent. However, prices reportedly improved toward the end of the quarter, with small parcels sold at up to AUD 900/dmt. At Mt Marion, FY25 shipments reached 203k dmt SC6, surpassing its revised upper-end guidance of 200k dmt SC6. The expected FOB cost is AUD 902/dmt. Wodgina shipped 214k dmt SC6, within its guidance of 210–230k dmt SC6, with an expected FOB cost of AUD 849/dmt. A record low FOB cost of AUD 641/dmt was achieved at Wodgina during Q4.

Mineral Resources closed FY25 with over AUD 1.1 billion in liquidity, including AUD 400 million in cash and AUD 705 million in undrawn facilities. Net debt stood at approximately AUD 5.35 billion as of 30 June 2025. This included capital expenditure of AUD 1.9 billion for the year (within guidance) and interest payments of AUD 200 million. Non-cash items expected in the FY25 statutory results include a AUD 250 million FX revaluation gain on USD bonds, AUD 80 million gain on the Yilgarn divestment, AUD 40 million gain on Perth Basin gas tenement sale, and AUD 70 million provision related to the exit of downstream lithium operations in China. Impairment testing is ongoing, with AUD 80 million in non-cash impairments expected, largely tied to lithium assets.

The company continued board renewal, with Malcolm Bundey appointed Chair effective 1 July 2025. Two additional independent non-executive directors joined in July, and legal counsel was engaged to review the governance framework.

MIN shares were trading 1.59% higher at AUD 30.58 per share at the time of writing on 30 July 2025.