This year's results are headlined by the delivery and ongoing ramp-up of Onslow Iron, record production and earnings from Mining Services and decisive action to strengthen governance, optimise operations and navigate softer commodity markets.
Operational highlights
- Onslow Iron operated at an annualised run rate of 35 million tonnes per annum (Mtpa) in the four weeks to 26 August 2025, in line with guidance to reach nameplate capacity in Q1 FY26. The joint venture achieved commercial production on 30 June 2025, is cash‑flow positive and has begun reducing its carry loan balance.
- Mining Services delivered record production of 280 million wet metric tonnes, driven by the Onslow Iron ramp‑up, new contract wins and renewals. Underlying EBITDA grew 34% to a record $737 million.
- Iron Ore shipments rose 11% to 20Mt, supported by attributable production from Onslow Iron.
- Lithium operations were optimised to preserve value in a weaker market, with costs at Wodgina and Mt Marion reduced significantly in the second half and Bald Hill placed into care and maintenance.
- The Energy division completed a major transaction with Hancock Prospecting, realising $780 million as an upfront consideration and forming new exploration joint ventures.
Financial performance
- Revenue: $4.5 billion as down 15% YoY, influenced by weaker iron ore and lithium prices.
- Underlying EBITDA: $901 million, with a strong 2H performance ($599 million vs $302 million in 1H).
- Underlying NPAT: ($112 million), including a return to profitability in 2H of $84 million.
- Statutory NPAT: ($896 million), including $632 million in previously flagged post‑tax impairments.
- Liquidity: $1.1 billion, with net debt to EBITDA declining.
- No final dividend declared, supporting balance sheet priorities.
Safety
- Lost Time Injury Frequency Rate was 0.14, while the rolling 12‑month Total Recordable Injury Frequency Rate of 3.71 is expected to improve as Onslow Iron construction declines and the business returns to steadier‑state operations.
The year also saw significant Board renewal, including the appointment of new Independent Non‑Executive Chair Mal Bundey and two Independent Non‑Executive Directors. The Board is leading a governance refresh and a review of the company’s capital allocation framework.
Bundey said the past year has been one of the most challenging periods in the company’s history.
“Expectations were not met in crucial areas and, as a result, MinRes’ reputation was impacted,” he said.
“In response, the Board, management and I have moved to swiftly address the factors that contributed to these outcomes and reposition MinRes for sustainable growth.
“While much work remains, I am encouraged by the progress already made in a relatively short period of time.”
Managing Director Chris Ellison said after many achievements since listing on the ASX in 2006, the delivery of Onslow Iron is MinRes’ biggest yet.
“This is not just another project – it’s a multi‑decade asset that will underpin MinRes for years to come,” he said.
“FY25 was about making progress and delivering Onslow Iron, strengthening our Mining Services business and navigating the lithium market with discipline and a long‑term focus.
"Our near-term priorities are clear – operate Onslow Iron at its steady-state 35Mtpa nameplate capacity, lift our governance standards, strengthen our balance sheet, continue to grow our world-class Mining Services business and invest strategically across lithium to optimise returns."
For further details, read the full 2025 Full Year Results ASX announcement.
