MinRes achieved or exceeded FY26 volume and cost guidance across all business segments, with record annual volumes recorded for Mining Services (341Mt), Iron Ore (29.5Mt) and Lithium (559k dmt SC6).
- Mining Services FY26 production volumes of 341Mt were up 22% year-on-year, surpassing the upgraded guidance range of 320–330Mt.
- Onslow Iron FY26 attributable shipments of 19.7M wmt exceeded the upgraded guidance range of 17.7–19.4M wmt, with FY26 FOB costs of $52/wmt coming in below the guidance range of $54–59/wmt.
- Pilbara Hub FY26 shipments of 9.9M wmt finished at the upper end of guidance (9.0–10.0M wmt), with FY26 FOB costs of $79/wmt at the upper end of guidance ($75–80/wmt), as previously advised.
- Wodgina FY26 record sales of 317k dmt SC6 outperformed the upgraded guidance of 270–290k dmt SC6, with FY26 SC6 FOB costs of $738/dmt at the lower end of guidance ($730–800/dmt SC6).
- Mt Marion FY26 record sales of 242k dmt SC6 exceeded the upgraded guidance of 210–230k dmt SC6, with FY26 SC6 FOB costs of $847/dmt within guidance ($820–890/dmt SC6)
Balance sheet strengthening
Liquidity strengthened to $2.4B, up $0.6B quarter-on-quarter, and net debt reduced to approximately $4.3B, down $0.2B quarter-on-quarter, reflecting significant free cash flow generation across the business.
Mining Services
Record quarterly production volumes of 94Mt were 18% higher qoq, driven primarily by an uplift in volumes across the Onslow Iron production chain and increased strip activity at Mt Marion.
Two new joint venture contracts for rehabilitation and ore sorting commenced and one existing external crushing contract was renewed during the quarter.
FY26 production volumes came to 341Mt, up 22% yoy and 3% above the upgraded guidance range of 320‑330Mt.
Iron Ore
Onslow Iron
Onslow Iron produced 8.8Mt and shipped a record 9.6M wmt in Q4 FY26 on a 100% basis, representing an annualised run rate of approximately 38.4M wmt. A total of 47 vessels were loaded during the quarter.
The average quarterly realised iron ore price was US$87/dmt, representing 82% of the Platts 61% CFR Index. The quarterly FOB cost was $53/wmt, with FY26 FOB costs of $52/wmt coming in below guidance of $54–59/wmt.
Total material moved increased 4% quarter-on-quarter as pre-stripping at Cardo Bore East progressed on schedule to support the long-term product blending strategy. A total of 9.9M wmt was hauled to the Port of Ashburton via the private haul road, with a daily average of 112 MinRes jumbo road trains in operation.
A quarterly transhipper loading record of 9.8M wmt (100%) was achieved despite a sweeping campaign in the berth pocket during June to manage sediment build-up.
The sixth transhipper, MinRes Lily, arrived at the Port of Ashburton in May and is now in full operational rotation. The seventh transhipper, MinRes Karri, is expected to arrive in early August, at which point the first transhipper, MinRes Airlie, will be sent to Singapore for design updates to its materials handling system.
Construction of non-processing infrastructure – including heavy-vehicle support at Upper Cane and a truck management facility at Ken's Bore – is estimated to cost approximately $70M (attributable) and is targeted for completion by the end of Q2 FY27.
Pilbara Hub
Pilbara Hub shipped 2.7M wmt in Q4 FY26 as the Lamb Creek project continued to ramp up, bringing FY26 shipments to 9.9M wmt, at the upper end of guidance. Iron Valley remained the primary ore source, constituting 74% of shipped volumes for the quarter.
The average quarterly realised iron ore price was US$88/dmt, representing an 83% realisation of the Platts 61% CFR Index. Lump yield across the hubs' crushers remained strong at 41%; however, lump weighting of total shipments was lower at 34% as previously stockpiled fines were shipped to take advantage of prevailing market conditions.
The quarterly FOB cost was $76/wmt, with the FY26 FOB cost of $79/wmt finishing at the upper end of guidance ($75–80/wmt), as previously indicated.
Development of the Lamb Creek project continued during the quarter, with the intersection of the mine access road and Great Northern Highway completed. The mine access road is being sealed, with both its completion and the wet commissioning of the fixed crushing plant targeted for Q1 FY27.
Subsequent to the quarter, first ore was processed through the crushing plant just six months after first ground was broken.
Lithium
Total quarterly attributable spodumene production across all three lithium projects was 142k dmt SC6 (177k dmt mixed grade), including initial production from Bald Hill following the restart of operations in May 2026.
Sales from Wodgina and Mt Marion totalled a record 158k dmt SC6 (195k dmt mixed grade), at a weighted average realised price of US$2,425/dmt CIF SC6, up 15% quarter-on-quarter.
Wodgina
Production of 94k dmt was 21% higher quarter-on-quarter as operational utilisation of three processing trains increased, partially offset by lower plant recoveries of 68% as Stage 2 ore depleted and the plant transitioned entirely to Stage 3 feed.
Ore quality is expected to remain consistent in Q1 FY27 before improving in Q2 FY27 as the Stage 3 pit deepens. All three processing trains will be in operation effective Q1 FY27, as disclosed at the Wodgina investor site visit on 19 May 2026. Pre-stripping of Stage 4 will commence in Q1 FY27.
Quarterly sales totalled 91k dmt SC6 at an average realised price of US$2,450/dmt CIF SC6, up 15% quarter-on-quarter. FY26 sales of 317k dmt SC6 outperformed the upgraded guidance of 270–290k dmt SC6, driven by increased utilisation of three trains.
The FY26 SC6 FOB cost of $738/dmt achieved the lower end of guidance of $730–800/dmt SC6.
Mt Marion
Production of 82k dmt was 3% higher quarter-on-quarter, reflecting increased plant throughput and an average recovery of 59%. Plant improvements allowed a higher proportion of contact ore stockpiles to be processed, with ore sorting now in place to treat lower-grade contact ore stockpiles in FY27 as the north pit transitions from N9 to N11.
Quarterly sales totalled 67k dmt SC6 at an average realised price of US$2,392/dmt CIF SC6, up 15% quarter-on-quarter. FY26 sales of 242k dmt SC6 exceeded the upgraded guidance of 210–230k dmt SC6. The FY26 SC6 FOB cost of $847/dmt was within guidance of $820–890/dmt SC6.
A Final Investment Decision was made in May 2026 to construct a flotation plant and develop underground mining at Mt Marion for a total capital investment of $490M (100% basis) across FY27 and FY28. A construction team has mobilised to site to commence early works on the flotation plant and long-lead procurement has commenced.
Macmahon Holdings Limited (ASX: MAH) has been appointed as the underground mining contract partner, with portal ground support-enabling works commencing in July at both the North and Central in-pit locations.
Bald Hill
Operations at Bald Hill were restarted in May 2026 following pit dewatering to enable mining operations to ramp up, with first concentrate produced in June. An initial shipment of spodumene concentrate was occurred in July, with a ramp-up to full capacity of 140k dmt SC6 on track for Q2 FY27.
MinRes is currently studying plant expansion options at Bald Hill to increase production and extend mine life.
Safety
The rolling 12-month Lost Time Injury Frequency Rate (LTIFR) as at 30 June 2026 was 0.00 and the rolling 12-month Total Reportable Injury Frequency Rate (TRIFR) was 3.33.
MinRes recognises transparent and verified safety reporting is fundamental to how our business operates and to maintaining the trust of our workforce, regulators and investors.
The company has completed a comprehensive review of its Injury and Illness Classification Procedure, with the revised procedure aligning with the foundation principles of both the International Council on Mining and Metals Health and Safety Performance Indicators and the Occupational Safety and Health Administration Standard.
Adoption of the revised procedure reflects a broader classification of recordable injuries, rather than a change in underlying safety performance, and reflects a deliberate decision to hold ourselves to a higher reporting standard as our business matures.
Under the revised procedure, with retrospective adoption from 1 July 2025, the rolling 12-month LTIFR as at 30 June 2026 would be 1.20 and the rolling 12-month TRIFR would be 7.07. The company will report under the revised procedure for future periods.
For more details on MinRes' Q4 FY26 performance, please refer to the ASX announcement.
