Stock Analysis

• Average selling price rose to A$80.7 per kilogram from A$55 per kilogram, while total rare earth oxide sales rose 11 per cent to 12,122 tonnes.

• Results for the year to 30 June 2026, lodged on 27 August 2026, cover the old Magellan structure, because theMergercompleted after year-end.

• Management reaffirmed operatingEarningsguidance of 13.2 to 13.4 cents per stapled security and distribution guidance of 9.9 cents per stapled security.

• Theindexprovider announced that Minerals 260 would join the S&P/ASX 200 from the open on 22 June 2026.

•Earningsbefore interest, tax,DepreciationandAmortisation(EBITDA) were $226.0 million, up 42.9 per cent, at aMarginof 7.58 per cent.

• By my arithmetic that is an EBITDAMarginof roughly 24.7 per cent, which sits just above the 21 to 24 per cent range the company guided to at the half-year.

• GroupRevenuerose 5.9% to A$9,115.2 million, group operating profit rose 6.7% to A$813.5 million, and underlying net profit after tax (NPAT) rose 2.9% to A$636.8 million.