Sydney, Feb 23, 2026, 18:26 AEDT — The market has shut for the day.
- Mineral Resources finished the session roughly 5% higher, closing at A$53.80.
- Shares slid Friday, despite the company reporting record half-year profit and cash flow. FY26 guidance was kept steady.
- Attention is turning to costs, shipment volumes, and trimming debt, with Onslow Iron scaling up and lithium markets remaining volatile.
Shares of Mineral Resources Ltd clawed back ground Monday, last changing hands up roughly 5% at A$53.80, recovering from a steep drop following last week’s earnings.
The rebound is key for MinRes, which has spent the last year pitching its expanded iron ore business as a reliable cash engine—something to offset the wild lithium cycles. That message was front and center in its latest update: cash flow up, net debt down, and management calling the balance sheet healthier.
This comes just before a fresh trading week, with miners caught between shifting macro signals and swings in commodity prices—leaving little margin for unexpected developments on the operations front. For MinRes, traders aren’t mincing words: as the company boosts output, the focus remains squarely on whether it’s managing to keep a lid on costs.
Friday’s sharp drop left its mark. Shares slid roughly 5.3% to A$51.25 on Feb. 20, market data show, despite the company touting a record first-half result.
MinRes reported underlying EBITDA of A$1.2 billion on A$3.1 billion in revenue for the half-year ended Dec. 31. Net profit after tax landed at A$573 million, while free cash flow totaled A$293 million. Net debt dropped by A$471 million to A$4.9 billion.
Onslow Iron led the pack, adding A$519 million to EBITDA. Mining Services, for its part, notched a record 166 million tonnes in production, according to the company. “With Tier 1 assets generating strong cash flow, a strengthened balance sheet … MinRes is well positioned for ongoing growth,” Managing Director Chris Ellison said. Mineral Resources
Everything now rides on whether those projections actually translate to shipped tonnes. MinRes, in its results statement, stuck to its FY26 guidance: 305–325 million tonnes for Mining Services volume, with capex expected at A$1.14 billion. For Onslow Iron, the company maintained a 100% volume guidance of 30–33 million wet metric tonnes (wmt) and pegged FY26 FOB costs at A$54–A$59 per wmt. Lithium targets? No change—guidance for spodumene concentrate (SC6) at both Wodgina and Mt Marion remains in place.
Still, the setup looks shaky. Lithium prices can move in a heartbeat, and MinRes is pouring out cash as it works to pay down debt—leaving little room for error. Misses on costs, shipping, or recoveries? The stock would likely feel it right away.
Investors are eyeing what comes next after the results, looking for any additional updates from the company ahead of MinRes’ next quarterly report, due April 28.
