Mineral Resources Limited (ASX:MIN), a constituent of the S&P/ASX 200 promoted to the S&P/ASX 50, delivered its strongest financial result in its 20-year listed history on 27 August 2026, reporting record underlying EBITDA of $2.6 billion — up 183% on the prior year — and reinstating dividends at $0.83 per share fully franked. The result was driven by the combination of Mining Services Volume growth, the ramp-up of the transformational Onslow Iron operation, and improved lithium prices and performance across the Pilbara Hub and Wodgina assets.

About the Company

Mineral Resources Limited is a diversified Australian mining and mining services company operating across three principal Business pillars: Mining Services (crushing, blasting, processing, and infrastructure for third-party miners), Iron Ore (the Onslow Iron project — MinRes's 50% interest — and the Road Trust infrastructure), and Lithium (Pilbara Hub including Wodgina and Mt Marion, producing spodumene concentrate). MinRes's integrated model — using its own Mining Services capability to develop and operate its own mining Assets — is the central competitive differentiator and the source of the company's name. The company is headquartered in Perth.

FY26 Results

Revenue was $6.5 billion, up 44% on the prior year. Underlying EBITDA was $2.6 billion, up 183%. Underlying NPAT was $822 million, up 831%. Reported NPAT was $1.2 billion, up 236%. Free Cash Flow was $849 million, up 141%. Liquidity doubled to $2.4 billion. Net Debt reduced by $1.1 billion to $4.3 billion, with net-debt-to-Underlying EBITDA falling from 5.9x to 1.7x. By segment: Mining Services delivered Underlying EBITDA of $689 million with volume of 341 Mt. Iron Ore — Onslow Iron (Road Trust, 100% basis) produced 34.4 Mt with Underlying EBITDA of $289 million. Onslow Iron (attributable) FOB cost was $52 per tonne and Underlying EBITDA was $909 million. Pilbara Hub (attributable) produced 19.7 Mt at $79 per tonne FOB cost and Underlying EBITDA of $98 million. Lithium — Wodgina produced 317k dmt SC6 at $738 per dmt cost and Underlying EBITDA of $470 million; Mt Marion produced 242k dmt SC6 at $847 per dmt cost and Underlying EBITDA of $302 million. Total capex was $1.2 billion. The POSCO transaction (expected to generate gross proceeds of US$765 million subject to conditions precedent) was flagged as expected to reduce net debt to approximately $3.2 billion, or approximately 1.2x ND/Underlying EBITDA on completion.

Distribution

The Board declared a fully franked full-year FY26 Dividend of $0.83 per share, reinstating distributions after no dividend was paid in FY25. This represents a 20% Payout Ratio of Underlying NPAT, reflecting the Board's confidence that the Balance Sheet is healthy and the company is generating sufficient cash to sustain returns through the cycle.

Index Context

Mineral Resources is a constituent of the S&P/ASX 200 and has been promoted to the S&P/ASX 50 following its material scale increase. For S&P/ASX 200 investors, MIN provides exposure to both the iron ore price cycle (through Onslow Iron and Pilbara Hub) and the lithium price cycle (through Wodgina and Mt Marion), as well as the more structurally stable Mining Services Earnings base that contracts on volume regardless of Commodity prices. The combination of these three income streams creates a distinctive blended earnings profile that differs from pure iron ore or pure lithium peers. Onslow Iron's transformation of MinRes's earnings scale is the most significant single event in the company's listed history.

Material Risks and Uncertainties

Despite the record result, MinRes carries significant balance sheet Leverage with net debt of $4.3 billion (1.7x Underlying EBITDA), and while this has improved materially, it remains elevated relative to peers. The POSCO transaction proceeds of US$765 million are subject to conditions precedent and cannot be treated as certain until completed. Lithium price Volatility remains a key earnings risk — both Wodgina and Mt Marion earnings are exposed to the spodumene concentrate price cycle, which has been highly volatile in recent years. Onslow Iron's ramp-up Economics are strong but the infrastructure (Road Trust, port, processing) represent significant fixed assets whose utilisation underpins returns. Governance improvements noted by the Board Chair are now embedded but remain a reputational and oversight consideration following historical scrutiny.

Upcoming Milestones

Completion of the POSCO transaction, expected to generate gross US$765 million in proceeds, is the most significant near-term balance sheet milestone, with anticipated net debt reduction to approximately $3.2 billion on completion. MinRes's strategy review — aligning all divisions around Mining Services as the core — will be progressively implemented and reported through FY27. The appointment of Darren Killeen as Chief Operating Officer creates a new Leadership layer for operational execution, and his early impact will be observable in FY27 production and cost performance. Onslow Iron ramp-up trajectory — volume and unit cost performance against the $52 per tonne FOB cost benchmark — will be the most closely watched metric.