Dividend reinstated on record FY26 result

Mineral Resources Limited (ASX: MIN) has released its financial results for the full year to 30 June 2026 (FY26).

Management will host an investor call to discuss the FY26 results today at 9am AWST. To access the call, register here.

Highlights

• The strongest financial result in MinRes’ 20-year listed history, driven by Mining Services growth, the ramp-up of Onslow Iron and improved Lithium performance and prices.
• Reported NPAT was $1.2B, with Underlying NPAT of $822M, up 831% pcp. Record Underlying EBITDA of $2.6B, up 183% on the prior year on record revenue of $6.5B.
• MinRes generated significant free cash flow of $849M and liquidity doubled to $2.4B.
• Net debt reduced by $1.1B to $4.3B, with net-debt-to-Underlying EBITDA falling to 1.7x. Subject to satisfaction of conditions precedent, completion of the POSCO transaction,4 which will generate gross proceeds of US$765M, is expected to reduce net debt to $3.2B (~1.2x ND/Underlying EBITDA).
• Fully franked full year dividend of $0.83 per share, representing a 20% payout of Underlying NPAT.

Commenting on the FY26 results, MinRes non-executive chair Mal Bundey said:

“FY26 was a year of meaningful progress on the governance, leadership and balance sheet priorities outlined to shareholders 12 months ago. It was also a year of record financial and operational results delivered by a committed and talented workforce of whom I’m very proud.

“The Board is pleased to declare a fully franked FY26 full year dividend of $0.83 per share. This reflects the Board’s confidence that the balance sheet is healthy and we are generating cash to sustain returns through the cycle.
Governance improvements are now embedded across MinRes and a clear leadership succession pathway is in place, directly leading to the creation of a new Chief Operating Officer role and the appointment of Darren Killeen to this position.

“The Board and Executive Leadership Team completed a detailed strategy review earlier this year. At a high level, we identified and aligned on our fundamental pillars: MinRes is a growth company, our success is underpinned by our integrated business model and ability to execute, and Mining Services sits at our core.

“Our strategy is to leverage what makes our company successful and deliver value for our people, our clients, partners and our shareholders in a disciplined way. The foundations now in place give us confidence that MinRes is well positioned to build on this success in the years ahead.”

MinRes managing director Chris Ellison added:

“The past 12 months stand among the most significant in MinRes’ history. Record operational and financial results reflect years of strategic investment, positioning the company to enter its third listed decade with a stronger foundation than at any point in our 20-year journey on the ASX.

“Onslow Iron achieved nameplate capacity of 35Mtpa in August 2025, just three years after we reached a Final Investment Decision. The speed of delivery is a demonstration of the inhouse capability we have developed across the business, with strong cash flow from the project now accelerating the deleveraging of the balance sheet.

“No company achieves what MinRes has without an exceptional workforce. Our greatest assets are the people who turn up every day and deliver results. To every person who has worn the MinRes logo and helped shape, support and strengthen our company, I say a sincere thank you.

“Looking forward to FY27, we are guiding Mining Services volumes growth of 9% to 14% on last year. This continued growth will be driven by operating Onslow Iron beyond nameplate, the restart of Bald Hill, increased mining at Mt Marion and our growing external order book.

“The arrival of transhippers six and seven has increased Onslow Iron’s installed capacity towards 40Mtpa and ensures sufficient redundancy as we rotate the fleet through maintenance.

“Following years of investment to improve plant recoveries and reduce costs, our three lithium assets are well placed to capitalise on improved prices as demand is driven by energy storage and the transition to electric vehicles. At Wodgina, after several years of increased stripping, we expect clean ore to feed all three trains from Q2 FY27 and to increase sales volumes by 14%-23%. It will be a transitional year at Mt Marion as we invest in a flotation plant and underground mining, while Bald Hill is on track to reach nameplate in Q2.

“Our priorities for FY27 are to achieve guidance across all divisions, execute low-risk, high-returns brownfield investments, continue to strengthen the balance sheet and ensure MinRes is positioned for our next phase of growth within our significantly improved governance frameworks and capital allocation model.

“When I think back on the past 20 years, what I’m most proud of is not simply what we have achieved. It’s that we’ve developed the people, assets, capabilities and culture to drive even more success in the decades ahead.”