Mineral Resources (MinRes) has achieved its strongest half-year financial results to date, generating $1.2 billion in underlying earnings before interest, taxes, depreciation and amortisation (EBITDA).
The record performance for the first half of the 2025–26 financial year was driven by revenue of $3.1 billion and net profit after tax of $573 million. MinRes also reported a free cash flow of $293 million, while overall liquidity reached $1.4 billion and net debt dropped by $471 million to $4.9 billion.
MinRes managing director Chris Ellison said the results highlight the company’s capacity to execute major projects and maintain operational strength.
“With Tier 1 assets generating strong cash flow, a strengthened balance sheet and the dedication of our 7000-strong workforce, MinRes is well positioned for ongoing growth and long-term value creation for shareholders,” Ellison said.
MinRes chair Malcolm Bundey said the company is entering a new phase of maturity.
“We’ve strengthened our balance sheet, refreshed governance frameworks and welcomed new Board members with valuable skills,” he said.
“As MinRes transitions into a more mature, resilient operating model, we are well placed to seize growth opportunities and deliver enduring value for shareholders.”
The Onslow Iron operation in Western Australia proved to be a major catalyst for the robust half-year figures. The site has maintained a yearly production rate of 35 million tonnes since August, adding $519 million to the underlying earnings. This momentum carried over into the mining services division, which handled a record 166 million tonnes of material. The division recorded a 29 per cent earnings jump to $488 million.
Overall iron ore revenue climbed 69 per cent to $1.87 billion, backed by steady output across the Onslow and Pilbara hubs.
The lithium portfolio also posted a significant turnaround, reporting an underlying profit of $167 million, driven by improved pricing and processing efficiencies.
Production at the Wodgina lithium mine jumped 65 per cent to 173,000 tonnes, returning $113 million in earnings. The Mt Marion site similarly lifted output by 23 per cent, securing $57 million in revenue.
