Australia · Delayed Price · Currency is AUD Mineral Resources Earnings Call Transcripts
Fiscal Year 2026
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Record H1 FY24 results with AUD 1.2B EBITDA and strong free cash flow, driven by Onslow Iron ramp-up, mining services growth, and cost discipline. Balance sheet strengthened, POSCO JV to add AUD 1.1B, and focus remains on operational excellence and prudent capital allocation.
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Strong operational results and upgraded FY26 lithium guidance were supported by robust performance at Onslow Iron and improved market conditions. Liquidity rose to $1.4B, net debt fell by $500M, and the POSCO JV will further accelerate de-leveraging.
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Strong quarterly results with Onslow Iron achieving nameplate capacity, robust Mining Services growth, and solid lithium performance. Net debt to EBITDA is falling, deleveraging is on track, and market demand remains strong across segments.
Fiscal Year 2025
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The AGM highlighted a refreshed Board, major governance reforms, and strong operational delivery, notably the early completion of Onslow Iron. Financial discipline was prioritized, with no FY2025 dividend, and future growth is underpinned by deleveraging and strategic partnerships. Shareholders supported all resolutions, including Board renewals and incentive grants.
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Onslow Iron ramped up to a 35Mtpa run rate, driving record Mining Services earnings and robust $4.5B revenue despite weak lithium and iron ore prices. FY 2026 guidance targets further growth, with strong liquidity, reduced CapEx, and no equity raise needed.
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Delivered FY 2025 volume and cost guidance, with strong liquidity and operational performance. Onslow Iron ramped up, mining services hit record volumes, and lithium assets performed well. FY 2026 CapEx to halve, with hedging in place for iron ore prices.
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Strong liquidity and operational performance were reported, with lithium and iron ore segments delivering higher volumes and lower costs. Net debt is expected to peak this quarter, with deleveraging and free cash flow positive state anticipated next year.
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Revenue rose but underlying EBITDA fell 55% to AUD 302 million, with mining services delivering record results and Onslow Iron ramp-up progressing despite weather delays. High-cost operations were closed, cost reductions improved lithium profitability, and major haul road repairs are underway. Net debt remains high but is expected to decline as Onslow ramps up.
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Strong liquidity and major asset sales supported a robust balance sheet, while Onslow Iron ramped up production and began generating cash. Cost reductions and operational improvements are expected to further lower unit costs, with guidance maintained across segments.
Fiscal Year 2024
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The AGM addressed major governance reforms, leadership succession, and robust financial performance, highlighted by the Onslow Iron Project's success. Shareholders engaged in extensive Q&A on governance, related party transactions, and future strategy, with new directors elected and a first strike on the remuneration report.
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Record mining services growth and the successful, early delivery of Onslow Iron offset a sharp decline in lithium prices, leading to lower group earnings and a focus on cash conservation. CapEx is being tightly managed, with expansion plans paused until market conditions improve.
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Onslow achieved first ore shipment and a major asset sale, supporting strong liquidity and rapid deleveraging. Record lithium and iron ore shipments were delivered, though lithium prices remain under pressure. Expansion plans and disciplined capital management continue.