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2026-11-06
◂ Monitor MIN ASX

Mineral Resources Limited

Producer · Iron Ore · Lithium · Australia Rating locked: sign in to view v8 · min-20261024t171407-full
Last 2026-11-06
A$46.59
1D
—
1M
—
YTD
—
1Y
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Upside
Locked: sign in to view
Mkt cap
A$9.3B
EV
A$13.7B
Cash
A$1.4B
Debt
A$5.8B
6 newer ASX announcements not yet reflected in this valuation

Funding, performance and ownership

Financials & Capital

As of 2026-06-30
Cash A$1.4B Self Funding
Debt A$5.8B Net cash A$-4.4B
Basic shares 198.6M 2026-10-08
Runway Self Funding PositiveFY26operatingcashflow2.084bbut430mcarryreceipts andcommoditycyclecontributed; cashrunwaydivisionnotmeaningfulforproducer.

Liquidity

Financial position

30 June reported unrestricted cash A$1.404bn, restricted joint-operation and Road Trust cash A$158m, gross borrowings including leases and financing A$5.829bn, undrawn RCF A$800m. Valuation-date cash and debt are separately estimated in the valuation bridge.

Inventory composition2

A$727m reported inventories include A$486m ore stockpiles and A$241m stores, spares and work in progress. Existing operating inventory is not credited again in equity value.

Current and non-current ore stockpiles
A$486M carrying
Raw materials, stores, spares and work in progress
A$241M carrying

Capital structure

Ownership and dilution

Ordinary shares
198.6M
Fully diluted
200.8M

198,614,518 quoted ordinary shares less 1,846,989 treasury shares plus 3,230,636 incentive rights and 780,000 options = 200,778,165 potential fully diluted economic shares. Existing treasury shares settle rights rather than create a second economic claim. Scenario non-option denominator is199,998,165; add780,000 option shares and A$19.812m exercise cash together only if pre-option per-share equity exceeds A$25.40. All rights are assumed vested, irrespective of conditions.

Security classes3
ClassTypeQuantityStrikeExpiry
Ordinary fully paidOrdinary Share198.6M——
Unquoted equity incentive rightsPerformance Right3.2MA$0—
Chair option tranches; final expiryOption780KA$25.42031-06-30

KPI history

Operating metrics · Mt Marion Lithium

Issuer shipments shown
018,76037,52056,28075,040Q1 FY26: 55,000 t SC6Q1 FY26Q2 FY26: 67,000 t SC6Q2 FY26Q3 FY26: 53,000 t SC6Q3 FY26Q4 FY26: 67,000 t SC6Q4 FY26
MetricUnitTrendQ1 FY26Q2 FY26Q3 FY26Q4 FY26
Issuer shipmentst SC6Q1 FY26: 55,000 t SC6Q2 FY26: 67,000 t SC6Q3 FY26: 53,000 t SC6Q4 FY26: 67,000 t SC655,00067,00053,00067,000

KPI history

Operating metrics · Onslow Iron

Onslow attributable shipped wet tonnes shown
01,598,5203,197,0404,795,5606,394,080Q1 FY26: 4,909,000 t wmtQ1 FY26Q2 FY26: 4,847,000 t wmtQ2 FY26Q3 FY26: 4,185,000 t wmtQ3 FY26Q4 FY26: 5,709,000 t wmtQ4 FY26
MetricUnitTrendQ1 FY26Q2 FY26Q3 FY26Q4 FY26
Onslow attributable shipped wet tonnest wmtQ1 FY26: 4,909,000 t wmtQ2 FY26: 4,847,000 t wmtQ3 FY26: 4,185,000 t wmtQ4 FY26: 5,709,000 t wmt4,909,0004,847,0004,185,0005,709,000

KPI history

Operating metrics · Pilbara Hub

Issuer shipments shown
0766,3601,532,7202,299,0803,065,440Q1 FY26: 2,737,000 t wmtQ1 FY26Q2 FY26: 2,388,000 t wmtQ2 FY26Q3 FY26: 2,068,000 t wmtQ3 FY26Q4 FY26: 2,701,000 t wmtQ4 FY26
MetricUnitTrendQ1 FY26Q2 FY26Q3 FY26Q4 FY26
Issuer shipmentst wmtQ1 FY26: 2,737,000 t wmtQ2 FY26: 2,388,000 t wmtQ3 FY26: 2,068,000 t wmtQ4 FY26: 2,701,000 t wmt2,737,0002,388,0002,068,0002,701,000

KPI history

Operating metrics · Wodgina Lithium

Issuer shipments shown
025,48050,96076,440101,920Q1 FY26: 88,000 t SC6Q1 FY26Q2 FY26: 76,000 t SC6Q2 FY26Q3 FY26: 62,000 t SC6Q3 FY26Q4 FY26: 91,000 t SC6Q4 FY26
MetricUnitTrendQ1 FY26Q2 FY26Q3 FY26Q4 FY26
Issuer shipmentst SC6Q1 FY26: 88,000 t SC6Q2 FY26: 76,000 t SC6Q3 FY26: 62,000 t SC6Q4 FY26: 91,000 t SC688,00076,00062,00091,000
Operating metric source table25
MetricProjectPeriodPeriod typeValueStatus
Issuer sales; MtMarion51%offtakeOnslowFY26Year19,650,000 t wmtReported
FOB product costOnslowFY26Year52 AUD/t_wmtReported
Issuer sales; MtMarion51%offtakePilbaraFY26Year9,894,000 t wmtReported
FOB product costPilbaraFY26Year79 AUD/t_wmtReported
Issuer sales; MtMarion51%offtakeWodginaFY26Year317,000 t SC6Reported
FOB product costWodginaFY26Year738 AUD/t_SC6Reported
Issuer sales; MtMarion51%offtakeMt MarionFY26Year242,000 t SC6Reported
FOB product costMt MarionFY26Year847 AUD/t_SC6Reported
Issuer sales; MtMarion51%offtakeBald HillFY26Year0 t SC6Reported
Onslow attributable shipped wet tonnesOnslowQ1 FY26Quarter4,909,000 t wmtReported
Issuer shipmentsPilbaraQ1 FY26Quarter2,737,000 t wmtReported
Issuer shipmentsWodginaQ1 FY26Quarter88,000 t SC6Reported
Issuer shipmentsMt MarionQ1 FY26Quarter55,000 t SC6Reported
Onslow attributable shipped wet tonnesOnslowQ2 FY26Quarter4,847,000 t wmtReported
Issuer shipmentsPilbaraQ2 FY26Quarter2,388,000 t wmtReported
Issuer shipmentsWodginaQ2 FY26Quarter76,000 t SC6Reported
Issuer shipmentsMt MarionQ2 FY26Quarter67,000 t SC6Reported
Onslow attributable shipped wet tonnesOnslowQ3 FY26Quarter4,185,000 t wmtReported
Issuer shipmentsPilbaraQ3 FY26Quarter2,068,000 t wmtReported
Issuer shipmentsWodginaQ3 FY26Quarter62,000 t SC6Reported
Issuer shipmentsMt MarionQ3 FY26Quarter53,000 t SC6Reported
Onslow attributable shipped wet tonnesOnslowQ4 FY26Quarter5,709,000 t wmtReported
Issuer shipmentsPilbaraQ4 FY26Quarter2,701,000 t wmtReported
Issuer shipmentsWodginaQ4 FY26Quarter91,000 t SC6Reported
Issuer shipmentsMt MarionQ4 FY26Quarter67,000 t SC6Reported
Company guidance5
MetricProjectPeriodLowHighStatus
Attributable Shipped Wet TonnesonslowFY2720,000,00021,700,000 t wmtCurrent
Attributable Shipped Wet TonnespilbaraFY2710,000,00011,000,000 t wmtCurrent
Sc6 Shipped Tonnes (Mtmarion51%Offtake)wodginaFY27360,000390,000 t SC6Current
Sc6 Shipped Tonnes (Mtmarion51%Offtake)mt-marionFY27200,000240,000 t SC6Current
Sc6 Shipped Tonnes (Mtmarion51%Offtake)bald-hillFY27100,000120,000 t SC6Current

Capital history

Capital events

1 events · newest first
DateEventAmountSharesPriceStatusTerms
2026-09-30Ann. 2026-08-27DividendA$163M——Completed—

Contracts and ownership

Material economic arrangements These are deals that can affect sales, costs, funding or ownership. An arrangement marked “Included in valuation” may already be built into a project estimate or the bridge to shareholder value. A separate amount is shown only when one can be estimated; do not add it again.

Partial · as of 2026-10-13

Material disclosed mine JVs, road toll, carry receivable, royalties, Mt Marion offtake and conditional POSCO exchange. Private offtake and royalty details remain partial.

57% direct RHIOJV interest; additional 3.3% indirect interest through 15% of Aquila. They are separate economic holdings.

Joint Venture · Active
Counterparties
RHIOJV participants; Aquila Resources
Applies to
Onslow Iron · Iron Ore
Economic direction
Mixed
Period
Dates not stated
Key terms
Direct equity: 57 %
Aquila indirect: 3.3 %
How it affects our valuation

No valuation treatment is available for this arrangement.

Road Trust receives A$8.54/wmt in CY26, indexed annually for CPI. MinRes owns 51%; MSIP owns 49%. Mine FOB costs include the toll.

Tolling Or Processing · Active
Counterparties
Morgan Stanley Infrastructure Partners · RHIOJV
Applies to
Onslow Iron · Onslow Iron Road Trust · Iron Ore
Economic direction
Mixed
Period
Dates not stated
Key terms
MIN RoadTrust ownership: 51 %
CY26 toll: 8.54 AUD/wmt
How it affects our valuation

No valuation treatment is available for this arrangement.

A$335m receivable at 30 June; BBSW plus 2.9%; repayable from 80% of other RHIOJV participants free cash flow. Carry recoveries are not recurring operating earnings.

Free Carry · Active
Counterparties
Other RHIOJV operators
Applies to
Onslow Iron · Iron Ore
Economic direction
Benefit
Period
Dates not stated
Key terms
Outstanding: 335,000,000 AUD
Repayment fraction: 80 %
Interest margin: 2.9 %
How it affects our valuation

No valuation treatment is available for this arrangement.

Current joint operation participating interest, with the corresponding share of project costs, liabilities and benefits.

Joint Venture · Active
Counterparties
Albemarle
Applies to
Wodgina Lithium · Lithium
Economic direction
Mixed
Period
Dates not stated
Key terms
Equity interest: 50 %
How it affects our valuation

No valuation treatment is available for this arrangement.

Current joint operation participating interest, with the corresponding share of project costs, liabilities and benefits.

Joint Venture · Active
Counterparties
Ganfeng Lithium
Applies to
Mt Marion Lithium · Lithium
Economic direction
Mixed
Period
Dates not stated
Key terms
Equity interest: 50 %
How it affects our valuation

No valuation treatment is available for this arrangement.

51% offtake entitlement differs from 50% equity ownership. FY27 guidance contains a 10% low-grade realization discount.

Offtake · Active
Counterparties
Ganfeng Lithium
Applies to
Mt Marion Lithium · Lithium
Economic direction
Mixed
Period
Dates not stated
Key terms
Offtake share: 51 %
Lowgrade discount: 10 %
How it affects our valuation

No valuation treatment is available for this arrangement.

Conditional sale of 30% of the existing 50% Wodgina and Mt Marion holdings for US$765m; retained economic interest becomes 35% although accounting control is expected to continue. Expected completion 1H FY27.

Strategic Partnership · Conditional
Counterparties
POSCO Holdings
Applies to
Wodgina Lithium · Mt Marion Lithium · Lithium
Economic direction
Mixed
Period
Dates not stated
Key terms
Holding sold: 30 %
Cash consideration: 765,000,000 USD
Completion: 1H FY27 window
How it affects our valuation

No valuation treatment is available for this arrangement.

Issuer illustrative combined statutory and third-party royalty percentage, applied to project revenue; individual private terms are not fully disclosed.

Royalty · Active
Counterparties
WA statutory and third-party royalty beneficiaries (individual terms not fully disclosed)
Applies to
Onslow Iron · Iron Ore
Economic direction
Burden
Period
Dates not stated
Key terms
Combined royalty assumption: 9.5 %
How it affects our valuation

No valuation treatment is available for this arrangement.

Issuer illustrative combined statutory and third-party royalty percentage, applied to project revenue; individual private terms are not fully disclosed.

Royalty · Active
Counterparties
WA statutory and third-party royalty beneficiaries (individual terms not fully disclosed)
Applies to
Pilbara Hub · Iron Ore
Economic direction
Burden
Period
Dates not stated
Key terms
Combined royalty assumption: 9.5 %
How it affects our valuation

No valuation treatment is available for this arrangement.

Issuer illustrative combined statutory and third-party royalty percentage, applied to project revenue; individual private terms are not fully disclosed.

Royalty · Active
Counterparties
WA statutory and third-party royalty beneficiaries (individual terms not fully disclosed)
Applies to
Wodgina Lithium · Lithium
Economic direction
Burden
Period
Dates not stated
Key terms
Combined royalty assumption: 5 %
How it affects our valuation

No valuation treatment is available for this arrangement.

Issuer illustrative combined statutory and third-party royalty percentage, applied to project revenue; individual private terms are not fully disclosed.

Royalty · Active
Counterparties
WA statutory and third-party royalty beneficiaries (individual terms not fully disclosed)
Applies to
Mt Marion Lithium · Lithium
Economic direction
Burden
Period
Dates not stated
Key terms
Combined royalty assumption: 8 %
How it affects our valuation

No valuation treatment is available for this arrangement.

Issuer illustrative combined statutory and third-party royalty percentage, applied to project revenue; individual private terms are not fully disclosed.

Royalty · Active
Counterparties
WA statutory and third-party royalty beneficiaries (individual terms not fully disclosed)
Applies to
Bald Hill Lithium · Lithium
Economic direction
Burden
Period
Dates not stated
Key terms
Combined royalty assumption: 6 %
How it affects our valuation

No valuation treatment is available for this arrangement.