That run rate was sustained across the remainder of the year, despite the impact of cyclones, and increased to 38Mtpa in Q4.
The Iron Ore division, which also incorporates two mines in the Pilbara Hub, shipped 29.5 million tonnes (Mt) (100% basis) in FY26 and delivered Underlying EBITDA of $1.0 billion (B) – the largest divisional contributor.
Momentum built early in the financial year, with 8.75Mt loaded onto transhippers between August and October 2025.
This sustained production triggered the $200 million contingent payment from Morgan Stanley Infrastructure Partners, minority owner in the project’s private haul road.
The Upper Cane and Cardo Bore East deposits were also brought into production, while at the opposite end of the supply chain at the Port of Ashburton, purpose-built transhippers loaded more than 250 ocean going vessels in FY26 and surpassed 50Mt shipped since first ore on ship in May 2024.
The project’s transhipping fleet grew to six during the year, with the seventh vessel arriving in early FY27.
Further inland, in the Pilbara Hub, the safe and efficient development of Lamb Creek was a major milestone, with first ore on ship achieved just three months after the project broke ground in December 2025.
The Pilbara Hub shipped 9.9M wmt in FY26, underpinned by Iron Valley, which remained the primary ore source throughout the year.
In Energy, MinRes continued focusing on securing reliable, lower-cost energy sources to improve energy security and support decarbonisation through a greater mix of natural gas and renewables.
The company's conventional onshore gas exploration drill program achieved encouraging results at the Gingin Brook-1 and Aubisque-1 exploration wells in the Mid West region if WA, with further testing planned.
MinRes also commissioned the Onslow 14.4MW gas-fired power station, following the earlier start-up of the Ken's Bore 26.4MW power station, its associated 17km gas pipeline and a 3.8MW solar array.
These facilities were designed, constructed and commissioned in-house in collaboration with MinRes' Engineering and Construction team. MinRes now operates 89MW of installed gas-fired generation capacity across the business.
MinRes Chief Executive Iron Ore and Energy Darren Hardy said the year was a landmark one for the division.
“There’s no doubt FY26 will go down as one of the most significant years in MinRes history and the Iron Ore and Energy division has played a significant role in that achievement,” Hardy said.
“Now operating at nameplate capacity, Onslow Iron remains the bedrock of our iron ore portfolio and with a mine life of more than 30 years, will underpin MinRes' success for decades to come.”
“Lamb Creek’s development is an important one for the longevity of our Pilbara Hub operations and our gas exploration program supports our focus on securing reliable, lower-cost energy sources.”
“The outlook for FY27 is positive and I'm confident the outstanding capability within our business will continue driving our division forward.”
For further details on MinRes' FY26 Full Year Results, refer to the ASX announcement.
