Highlights
- Onslow Iron achieves 35Mtpa nameplate capacity, triggering a $200 million contingent payment.
- Lithium realised prices increased to USD 849/dmt SC6, up 31% quarter-on-quarter.
- The company appointed four new Independent Non-Executive Directors in 2025.
Shares of Mineral Resources Limited (ASX:MIN) rose 10.7% to AUD 46.91 per share on 30 October 2025, following the release of its Quarterly Activity Report for the period ending 30 September 2025 (Q1 FY26). The company reported key operational milestones, financial metrics, and progress across its iron ore, lithium, and energy portfolios.
Onslow Iron Reaches 35Mtpa Capacity
Onslow Iron shipped 8.6 million wet metric tonnes (wmt) during Q1, operating at its 35Mtpa nameplate capacity between August and October 2025. This achievement triggered a $200 million contingent payment from Morgan Stanley Infrastructure Partners related to the private haul road transaction. Total iron ore shipments across Onslow Iron and the Pilbara Hub reached a record 11.4M wmt, with the Pilbara Hub contributing 2.7M wmt. FOB costs were $54/wmt at Onslow Iron and $83/wmt at Pilbara Hub, while the average realised price for the quarter was USD 90/dmt, up 14% quarter-on-quarter.
Lithium Production and Pricing
Attributable spodumene production across Mt Marion and Wodgina totalled 137k dmt SC6, with sales of 142k dmt SC6. The average achieved price increased to USD 849/dmt SC6, a 31% increase from the previous quarter. Recovery and throughput optimisation projects were completed, with Wodgina achieving 67% recovery.
Corporate and Board Developments
The MinRes Boar saw appointment of four Independent Non-Executive Directors during Q1 FY26. Malcolm Bundey assumed the Board Chair role on 1 July 2025. Liquidity remained at $1.1 billion, with net debt steady at $5.4 billion, including capital expenditure of $400 million for the quarter. The company refinanced USD 700 million of 8.125% notes maturing in 2027 with USD 700 million of 7.000% notes due in 2031, achieving the lowest coupon and spread to date.
MinRes also completed the acquisition of Resource Development Group Limited’s assets, including the Lucky Bay garnet mine, following creditor approval of the company’s Deed of Company Arrangement.
Energy and Resource Updates
Post-quarter, the Lockyer-6 reserve and resource certification was finalised, resulting in a $41 million payment from Hancock Prospecting Pty Ltd. Drilling at Gingin Brook-1 encountered multiple gas shows, though pay could not be confirmed due to technical issues. The MinRes Explorer rig is scheduled to resume drilling in January 2026.
Safety Performance
Safety metrics improved with a LTIFR of 0.05 and a 12-month TRIFR of 3.35, down 13% quarter-on-quarter. Recordable injuries fell by 54% compared to the prior corresponding period.
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