Mineral Resources Ltd (ASX:MIN) shares climbed 4% to $55.25 after the Chris Ellison-led company delivered record FY26 volumes across its mining services, iron ore and lithium businesses.
The diversified miner achieved or exceeded volume and cost guidance across all operating segments, while stronger cash generation lifted liquidity and reduced debt.
Mining services exceeds upgraded guidance
Mining Services handled a record 341 million tonnes during FY26, an increase of 22% on the previous year and above upgraded guidance of 320 million to 330 million tonnes.
Iron ore shipments reached 29.5 million wet metric tonnes, supported by stronger-than-expected performance at the Onslow Iron project.
Onslow delivered attributable shipments of 19.7 million wet metric tonnes, exceeding upgraded guidance of 17.7 million to 19.4 million tonnes.
Pilbara Hub shipments totalled 9.9 million wet metric tonnes, placing the division at the upper end of its 9 million to 10 million tonne guidance range.
Lithium production reaches record
Lithium volumes also reached a record, with Mineral Resources producing 559,000 dry metric tonnes of spodumene concentrate during the financial year.
The company finished June with liquidity of $2.4 billion, while net debt declined to approximately $4.3 billion following significant free cash flow generation.
Mineral Resources said its fuel supplies and operations had not been disrupted by the conflict in the Middle East.
Impairment expected at Lucky Bay
The company expects to recognise a non-cash impairment expense of $50 million relating to the Lucky Bay Garnet mine, which was placed on care and maintenance on July 1.
Mineral Resources is also progressing its CEO succession process as it prepares for the eventual replacement of founder and managing director Chris Ellison.
RBC Capital Markets analyst James Redfern described the result as a “solid update”, noting that all three operating segments exceeded FY26 guidance and were slightly ahead of expectations.