Key highlights
- On track to meet FY26 volume and cost guidance across all divisions, with Onslow Iron shipping 8.6Mt (100% basis) in Q1.
- Strengthened Board with appointment of four highly credentialed Independent Non-Executive Directors in July and October 2025.
- Liquidity remained strong at $1.1B. Net debt was steady at $5.4B, which included capital expenditure of $400M in Q1. Net debt-to-EBITDA continues to reduce.
- Onslow Iron operated at its 35Mtpa nameplate capacity between August and October 2025. As a result, MinRes will receive the $200M contingent payment from Morgan Stanley Infrastructure Partners.
- Lithium prices increased with an average achieved SC6 price of US$849/dmt, up 31% from the prior quarter.
- Post-quarter end, the Lockyer-6 reserve and resource certification process was completed. As a result, MinRes received a $41M purchase price adjustment payment in October 2025.
Key points
Board renewal
During the quarter, two additional Independent Non-Executive Directors, Lawrie Tremaine and Ross Carroll, were appointed to the MinRes Board effective 7 July 20251.
Malcolm Bundey began the Board Chair role on 1 July 2025 after commencing as Non-Executive Director on 19 May 2025.
Post-quarter end, two new Independent Non-Executive Directors, Susan Ferrier and Colin Moorhead, were appointed to the Board effective 10 October 20252.
Safety
The LTIFR as at 30 September 2025 was 0.05, with a rolling 12-month TRIFR of 3.35 down 13% quarter on quarter.
A significant year-on-year improvement in safety performance included recordable injuries reducing by 54% on the prior corresponding period.
MinRes expects further improvement in performance as it transitions from a heavy construction phase to steady-state operations.
Corporate
As at 30 September 2025, liquidity and net debt were in line with the prior quarter at $1.1B and $5.4B, respectively.
Capital expenditure in the quarter was circa $400M, in line with guidance that FY26 capex of $1.1B would be weighted to 1H26. There were minimal interest, tax, working capital or foreign exchange revaluation movements across the quarter.
MinRes refinanced its US$700M 8.125% Notes maturing in May 2027 with new US$700M 7.000% Notes maturing in April 2031. The transaction was priced at the lowest coupon and spread achieved by the company.
MinRes now has more than two years until its first US$625M bond maturity in November 2027.
The Onslow Iron carry loan balance decreased to $714M as at 30 September 2025 ($766M as at 30 June 2025), reflecting continued positive cash flow generation by the Onslow Iron joint venture.
Amortisation on the company’s US$400M iron ore prepayment commenced in the quarter, with the balance decreasing to $556M as at 30 September 2025 ($614M as at 30 June 2025).
MinRes executed a binding Asset and Share Sale Agreement with the administrators of Resource Development Group Limited (RDG) on 23 September 20253. Under the Agreement, MinRes acquired RDG’s assets, including the Lucky Bay garnet mine, following creditor approval of MinRes’ Deed of Company Arrangement proposal on 1 September 2025.
Mining Services
Quarterly production volumes were 81Mt, in line with the prior quarter, driven by the ramp-up of Onslow Iron to its nameplate capacity and partially offset by reduced volumes at Mt Marion and client sites.
Iron ore
Total quarterly iron ore production across Onslow Iron and the Pilbara Hub was a record 10.9M wmt (100%), with record shipments of 11.4M wmt (100%).
At Onslow Iron, a total of 8.6M wmt (100%) was shipped in the quarter, up 50% qoq, with attributable shipments of 4.9Mt at a FOB cost of $54/wmt.
The upgrade of the Onslow Iron private haul road was completed in late September 20254.
Between 1 August 2025 and 27 October 2025, 8.75Mt of iron ore was loaded onto MinRes transhippers at the Port of Ashburton, which satisfied the contingent payment condition by achieving a 35Mtpa run rate over three months.
As a result, MinRes will in November 2025 receive the $200M contingent payment from Morgan Stanley Infrastructure Partners related to the private haul road transaction5.
Pilbara Hub shipments were 2.7M wmt with FOB costs of $83/wmt. During the quarter, MinRes also announced a maiden Pilbara Hub Resource of 161Mt and Reserves of 51Mt6.
The average quarterly realised price across both Onslow Iron and the Pilbara Hub was US$90/dmt, a 14% increase qoq and representing an 88% realisation of the Platts 62% IODEX.
As at 30 September 2025, approximately one third of the company’s attributable iron ore production through to calendar year-end was hedged across a mix of zero cost collars and zero cost fixed-price forward contracts.
Lithium
Total quarterly attributable spodumene production across both operating sites was 137k dmt SC6 (161k dmt mixed grade), with sales of 142k dmt SC6 (168k dmt mixed grade).
The weighted average quarterly realised price achieved across both sites was US$849/dmt SC6, up 31% qoq.
Recovery and throughput optimisation projects were successfully completed across Mt Marion and Wodgina, with Wodgina recoveries averaging 67%.
Energy
Subsequent to the quarter end, the Lockyer-6 reserve and resource certification process was completed, with MinRes receiving $41M from Hancock Prospecting Pty Ltd in October 2025 for the certified resource and associated drilling costs.
In August 2025, the Gingin Brook-1 well drilled south of the Red Gully Processing Facility encountered multiple gas shows.
However, gas pay was unable to be confirmed by sampling due to a stuck tool and the well was plugged and abandoned.
The MinRes Explorer rig is expected to recommence drilling in January 2026.
For more details on Q1 FY26 performance, please refer to the ASX announcement.
1 ASX announcement 7 July 2025.
2 ASX announcement 10 October 2025.
3 ASX announcement 23 September 2025.
4 ASX announcement 29 September 2025.
5 ASX announcement 27 October 2025.
6 ASX announcement 27 August 2025.
