Sydney, Feb 20, 2026, 17:54 AEDT — The market is now closed.
- Mineral Resources slid 5.3%, making it one of the day’s sharpest blue-chip decliners.
- Miner’s first-half revenue and earnings hit all-time highs. Even so, it opted not to declare an interim dividend—again.
- Attention shifts to debt reduction plans, guidance for FY26, and when the POSCO lithium deal might get finalized.
Mineral Resources Ltd shares gave up 5.3% to finish at A$51.25 on Friday, slipping alongside a broader pullback in lithium stocks. This move came despite the company delivering record revenue and first-half earnings. Pilbara Minerals was off 4.6%, while Liontown shed 6.4%, according to Market Index data. (Market Index)
MinRes is under pressure here—it’s pitching the Onslow iron hub as a reliable cash engine, crucial for bringing down the hefty debt piled up from its growth push. Investors are watching to see if that story holds up.
The market’s closed. Up next: the granular details—watch for brokers’ resistance to guidance, their lithium price assumptions, and signs that the balance sheet is shifting quickly enough.
MinRes posted a 33% jump in revenue to A$3.1 billion for the half-year ended Dec. 31, with underlying EBITDA coming in at A$1.2 billion. Net profit after tax reached A$573 million. Free cash flow totaled A$293 million, and the company trimmed net debt to A$4.9 billion. No interim dividend again; the board stuck to that decision. It also highlighted a planned US$765 million deal with POSCO for a stake in its lithium assets, saying it expects the funds in the second half. FY26 guidance stays unchanged. Management cited progress on Onslow’s costs, volumes, and a push toward 40 million tonnes of annual capacity. (Company Announcements)
The half-year numbers carried plenty of fine print. Directors reported, “Statutory net profit after tax (NPAT) for 1H26 was $573M (1H25: loss after tax of $807M),” but flagged that the figure reflected several post-tax gains and an impairment item. (Company Announcements)
MinRes is staking its short-term reputation on keeping Onslow at its 35-million-tonne annual run-rate and holding costs steady. For lithium, it’s banking on processing tweaks at Wodgina and Mt Marion. The company continues to pitch its guidance in terms of “SC6”—that’s spodumene concentrate with roughly 6% lithium oxide.
Plenty could still derail this. Conditions remain on the POSCO deal, so any holdup there drags out deleveraging. Weather’s always a question mark in Pilbara and Onslow, and lithium prices don’t always hold gains for long after a bounce.
Traders are eyeing the upcoming round of broker notes to see if forecasts for cash flow and leverage move. MinRes has its Q3 FY2026 report due out April 30. (mineralresources.com.au)
