Guidance upgrades
MinRes upgraded FY26 volume guidance across Mining Services, Onslow Iron, Wodgina and Mt Marion, reflecting strong operational momentum heading into the final quarter of the financial year.
- Onslow Iron guidance upgraded to 17.7–19.4M wmt (previously 17.1–18.8M wmt), with costs tracking at the lower end of guidance
- Mining Services production volume guidance upgraded to 320–330Mt (previously 305–325Mt)
- Wodgina guidance upgraded to 270–290k dmt SC6 (previously 260–280k dmt SC6)
- Mt Marion guidance upgraded to 210–230k dmt SC6 (previously 190–210k dmt SC6)
Balance sheet strengthening
The company continued its rapid deleveraging through the quarter, with liquidity strengthening to $1.8B (from $1.4B) and net debt reducing materially to approximately $4.5B (from $4.9B).
Post quarter end, MinRes issued US$1.3B in new Senior Unsecured Notes across two tranches – US$650M due May 2032 at 6.00% and US$650M due May 2034 at 6.25% – with proceeds to be used to refinance existing higher-cost debt, meaningfully reducing the company's weighted average cost of debt.
Onslow Iron
Onslow Iron produced 7.8Mt and shipped 7.2Mt in Q3 FY26 on a 100% basis. Tropical cyclones Mitchell and Narelle impacted shipped volumes during the quarter, causing haulage to cease for three days in February and five days in March.
Importantly, the private haul road and other key infrastructure sustained no damage, with operations safely returning to nameplate capacity shortly after each event.
The average realised iron ore price for the quarter was US$95/dmt, representing 91% of the Platts 61% CFR Index. The quarterly FOB cost was $53/wmt, with full-year costs tracking at the lower end of $54–59/wmt guidance.
The sixth transhipper, MinRes Lily, is expected to arrive at the Port of Ashburton in May and be commissioned at the end of Q4 FY26, with the seventh transhipper, MinRes Karri, on track for delivery by end of June.
Pilbara Hub
Lamb Creek achieved a significant milestone with first ore on ship in March, with project development progressing to plan.
Production of 2.4M wmt exceeded shipped volumes of 2.1M wmt as inventory continues to be strategically built ahead of the Lamb Creek transition.
The average realised price was US$89/dmt, representing an 86% realisation of the Platts 61% CFR Index, benefiting from a higher lump weighting of 42%.
FOB cost is expected to be at the upper end of FY26 guidance of $75–80/wmt, with volume guidance of 9.0–10.0M wmt maintained.
Lithium
Total quarterly attributable spodumene concentrate production across Wodgina and Mt Marion was 127k dmt SC6, with sales of 115k dmt SC6.
The weighted average realised price was US$2,105/dmt CIF SC6, representing a 92% increase quarter-on-quarter — a strong signal of improving market conditions.
Wodgina delivered an average realised price of US$2,130/dmt CIF SC6, up 87% quarter-on-quarter. Ore quality is expected to drop slightly over the next two quarters before improving in Q2 FY27 as the Stage 3 pit deepens.
Mt Marion achieved an average realised price of US$2,076/dmt CIF SC6, up 99% quarter-on-quarter.
Tendering has commenced for an underground mining contractor, with the underground mining study expected to be completed in Q4 FY26.
Detailed design for a flotation plant to improve recoveries is close to being finalised.
Safety
The Lost Time Injury Frequency Rate (LTIFR) as at 31 March 2026 was 0.00. The rolling 12-month Total Reportable Injury Frequency Rate (TRIFR) was 3.36.
MinRes has completed a comprehensive review of its Injury and Illness Classification Procedure, with revised reporting to be adopted from 1 April 2026 in alignment with international industry standards.
Fuel
MinRes has experienced no disruption to fuel supplies or operations as a result of the Middle East conflict. Diesel is sourced from a major Australian fuel supplier which continues to fulfil its contractual obligations.
Diesel prices have currently doubled since March, with the effect expected to be reflected in April. This is estimated to increase June quarter FOB costs by approximately $4/wmt at Onslow Iron, $7/wmt at Pilbara Hub and $60/dmt SC6 on average across Wodgina and Mt Marion. Despite this, FY26 FOB cost guidance across all divisions is maintained.
For more details on MinRes’ Q3 FY26 performance, please refer to the ASX announcement.
