Mineral Resources Limited (MIN) AI Stock Analysis

• Market Cap: AU$11.96B
• Dividend Yield: N/A
• Average Volume (3M): 1.60M
• Price to Earnings (P/E): 30.0
• Beta (1Y): 2.49
• Revenue Growth: -15.27%
• EPS Growth: -817.26%
• Country: AU
• Employees: 8,456
• Sector: Basic Materials
• Sector Strength: 58
• Industry: Industrial Materials
• EPS (TTM): 2.50
• Shares Outstanding: 197,631,820
• 10 Day Avg. Volume: 1,527,535
• 30 Day Avg. Volume: 1,601,810
• PEG Ratio: <0.01
• Price to Book (P/B): 1.32
• Price to Sales (P/S): 0.95
• P/FCF Ratio: -1.61
• Enterprise Value/Market Cap: N/A
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: N/A
• 1Y Price Target: AU$57.58
• Price Target Upside: -5.58% Downside
• Rating Consensus: Moderate Buy
• Number of Analyst Covering: 9
• EPS Forecast (FY): 3.52
• Revenue Forecast (FY): AU$6.04B

• Rating: 58 Neutral
• Price Target: AU$63.00 ▲(3.31% Upside)
• Action: Reiterated Date: 11/13/25
• Date: Action: Reiterated 11/13/25

The overall stock score of 58 reflects significant financial challenges, including declining revenue and high debt levels, which weigh heavily on the company's financial health. However, the positive technical indicators and a generally optimistic earnings call outlook provide some balance. The valuation remains unattractive due to negative profitability and lack of dividends.

Positive Factors

Mining services scale

Record quarterly throughput in mining services demonstrates durable scale and execution capability. Large, contract-linked volumes support recurring fee-based revenue, improve fixed-cost absorption and sustain margin and cash generation across cycles, strengthening the service business over months.

Onslow cash generation

A cash-flow-positive, ramped Onslow asset provides durable operating cash and meaningful volume capacity. That steady internal cash generation supports liquidity, funds CapEx and deleveraging, and reduces short-term dependence on spot commodity prices for funding over the next several months.

Governance refresh

Board-level changes indicate a structural governance improvement that can strengthen oversight and capital-allocation discipline. Enhanced governance supports long-term execution, risk management and credibility with creditors and partners, aiding strategic turnaround and deleveraging efforts.

Negative Factors

High net debt

A net debt base of $5.3bn leaves the company highly leveraged and sensitive to commodity cycles and interest costs. Elevated leverage constrains financial flexibility, increases refinancing and covenant risk, and limits ability to self-fund growth or absorb prolonged market weakness.

Negative cash flows

Persistently negative operating and free cash flows undermine the company's ability to pay down debt, invest organically or return capital. A -22.4% free cash flow decline signals ongoing cash generation issues that must be remedied to support sustainability and reduce refinancing dependence.

Revenue decline & net loss

An 11.5% revenue decline and a large net loss indicate structural pressure on top-line volumes or realizations and elevated costs. Despite strong gross margin, the net loss erodes equity and limits internal funding, making recovery reliant on sustained operational improvements or market stabilization.

Mineral Resources Limited Business Overview & Revenue Model

Company Description

Mineral Resources Limited, together with subsidiaries, operates as a mining services company in Australia, China, Singapore, and internationally. It operates through five segments: Mining Services and Processing, Iron Ore, Lithium, Other Commodities, and Central. The company offers contract crushing, screening, and processing; specialized mine services, including materials handling, plant and equipment hire and maintenance, tails recovery, and aggregate crushing; and design, engineering, and construction services for resources sector. It also manages the processing, production, logistics, ship loading, marketing, and export of commodities on behalf of tenement owners; and provides specialist parts to the mining, quarrying, and recycling industries. In addition, the company has a portfolio of iron ore assets; and holds interests in the Mount Marion and Wodgina lithium projects located in Western Australia. Mineral Resources Limited was founded in 1993 and is based in Osborne Park, Australia.

How the Company Makes Money

Mineral Resources Limited generates revenue through multiple channels, primarily from the sale of iron ore and lithium products. The company operates its own mines, extracting these minerals and selling them to domestic and international markets. Additionally, MIN earns significant income through its contract mining services, where it partners with other mining companies to provide operational and logistical support. This dual approach allows the company to capitalize on the growing demand for minerals, particularly lithium, driven by the global shift towards renewable energy and electric vehicles. Strategic partnerships with other mining firms and investments in exploration projects further enhance its revenue streams, positioning MIN to benefit from fluctuations in commodity prices and market demand.

Mineral Resources Limited Financial Statement Overview

Summary

Mineral Resources Limited faces significant financial challenges, with declining revenue, profitability, and cash flow. The high debt levels and negative cash flows pose risks to financial stability. The company needs to focus on improving operational efficiency and cash generation to enhance its financial health and reduce reliance on debt financing.

Income Statement

Mineral Resources Limited has experienced a significant decline in revenue and profitability over the past year, with a negative revenue growth rate of -11.5% and a net loss of $904 million. The gross profit margin remains strong at 85.4%, but the net profit margin has turned negative, indicating challenges in managing costs and expenses. The EBIT and EBITDA margins have also decreased, reflecting reduced operational efficiency.

Balance Sheet

The company's balance sheet shows a high debt-to-equity ratio of 1.79, indicating a significant reliance on debt financing. The return on equity has turned negative due to the net loss, but the equity ratio remains stable at 27.0%, suggesting a reasonable level of equity financing relative to total assets.

Cash Flow

Cash flow analysis reveals a concerning trend, with negative operating and free cash flows. The free cash flow growth rate is -22.4%, and the operating cash flow to net income ratio is negative, highlighting cash flow challenges. The company needs to improve its cash generation capabilities to support operations and reduce financial risk.

Breakdown	TTM	Jun 2025	Jun 2024	Jun 2023	Jun 2022	Jun 2021
Income Statement
Total Revenue	5.23B	4.47B	5.28B	4.78B	3.42B	3.73B
Gross Profit	3.37B	3.82B	1.97B	2.75B	1.89B	2.37B
EBITDA	2.02B	744.00M	995.00M	1.05B	962.90M	2.15B
Net Income	400.00M	-904.00M	125.00M	243.30M	349.20M	1.27B
Balance Sheet
Total Assets	11.93B	11.93B	12.23B	8.40B	7.60B	5.72B
Cash, Cash Equivalents and Short-Term Investments	671.00M	443.00M	908.00M	1.38B	2.43B	1.54B
Total Debt	5.62B	5.76B	5.34B	3.28B	3.13B	1.26B
Total Liabilities	7.72B	8.27B	8.65B	4.87B	4.33B	2.48B
Stockholders Equity	3.73B	3.23B	3.54B	3.48B	3.23B	3.20B
Cash Flow
Free Cash Flow	-246.00M	-2.63B	-2.31B	-467.20M	-720.10M	549.70M
Operating Cash Flow	1.06B	-475.00M	1.45B	1.35B	279.80M	1.31B
Investing Cash Flow	-1.14B	-1.27B	-3.87B	-1.90B	-654.30M	-816.00M
Financing Cash Flow	8.00M	1.25B	1.97B	-516.40M	1.23B	-435.50M

Mineral Resources Limited Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 60.98
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Positive
• MACD: Negative
• RSI: Neutral
• STOCH: Negative

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For AU:MIN, the sentiment is Positive. The current price of 60.98 is above the 20-day moving average (MA) of 54.50, above the 50-day MA of 56.41, and above the 200-day MA of 40.96, indicating a bullish trend. The MACD of 0.51 indicates Negative momentum. The RSI at 64.67 is Neutral, neither overbought nor oversold. The STOCH value of 89.59 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for AU:MIN.

Mineral Resources Limited Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
DRR	73 Outperform	AU$2.29B	12.77	151.89%	5.18%	6.54%	0.48%
Sector *	61 Neutral	$10.43B	7.12	-0.05%	2.87%	2.86%	-36.73%
MIN	58 Neutral	AU$11.96B	29.98	-26.55%	―	-15.27%	-817.26%
NIC	56 Neutral	AU$4.39B	-50.75	-7.26%	5.03%	-2.30%	-234.27%
PLS	54 Neutral	AU$16.72B	-173.00	-5.63%	―	-38.69%	-174.12%
IGO	49 Neutral	AU$6.52B	-31.54	-35.65%	―	-37.23%	-32433.33%
ILU	43 Neutral	$2.91B	-10.07	7.84%	1.04%	-4.84%	-30.61%

Mineral Resources Limited Corporate Events

Mineral Resources Releases FY26 Half-Year Results With Cautionary Disclaimers

Mineral Resources Limited has released its FY26 half-year results presentation, outlining financial performance prepared under Australian Accounting Standards and supplemented by non‑IFRS metrics such as EBITDA and Underlying EBITDA. The company emphasises that these alternative metrics are intended to give investors a clearer view of underlying business performance, though they are not directly comparable to similar measures used by other firms.

The release reiterates standard legal disclaimers, highlights reliance on previously disclosed Ore Reserves and Mineral Resources data, and confirms there has been no material change beyond normal mining depletion. It also underscores the inherent uncertainty of forward‑looking statements amid volatile economic and geopolitical conditions, cautioning investors to conduct their own analysis and not rely solely on the presentation when making investment decisions.

The most recent analyst rating on (AU:MIN) stock is a Buy with a A$75.00 price target. To see the full list of analyst forecasts on Mineral Resources Limited stock, see the AU:MIN Stock Forecast page.

Mineral Resources posts record half-year profit as Onslow Iron drives cash and debt falls

Mineral Resources Limited reported record first-half 2026 results, with revenue climbing 33% to $3.1 billion and underlying EBITDA surging 286% to $1.2 billion, underpinned by Onslow Iron running at its 35Mtpa nameplate capacity, improved lithium recoveries and record Mining Services earnings. The company generated $293 million in free cash flow after $587 million in capex, cut net debt by $471 million to $4.9 billion, and expects proceeds from a planned sale of a 30% stake in its lithium joint ventures to POSCO Holdings to accelerate deleveraging, while reaffirming FY26 guidance and highlighting ongoing board renewal, governance reforms and leadership succession planning that aim to strengthen its balance sheet and cement its position as a cost-competitive long-term producer.

The board flagged significant progress on governance priorities, including ending related-party transactions, refreshing cultural reviews and restructuring the executive team, as the Onslow Iron project delivered ahead-of-schedule milestones and robust cash generation. Combined with a recent bond refinancing at the lowest rate in the company’s history and a new capital allocation framework prioritising debt reduction, these moves are intended to support sustainable growth, reassure shareholders after a challenging period and frame upcoming strategic decisions on future expansion within tighter financial discipline.

The most recent analyst rating on (AU:MIN) stock is a Buy with a A$75.00 price target. To see the full list of analyst forecasts on Mineral Resources Limited stock, see the AU:MIN Stock Forecast page.

Mineral Resources Swings Back to Profit as Revenue Climbs 33%

Mineral Resources Limited reported a strong turnaround for the half-year ended 31 December 2025, with revenue rising 33% to $3.05 billion and profit attributable to owners rebounding to $495 million from a prior-year loss of $809 million. Net tangible assets per share increased to $21.13 from $18.67, though the company again opted not to declare interim or final dividends for the 2024 and 2025 financial years.

The group’s portfolio of associates and joint ventures contributed mixed results, with Aquila Resources delivering an $18 million profit contribution while several lithium-focused holdings posted small losses. Mineral Resources also expanded or formalised a number of joint ventures, including new mining services partnerships and a 50% stake in LieNA Pty Ltd to develop lithium processing technology, underscoring its strategic push into value-added lithium and broader mining services collaborations.

The most recent analyst rating on (AU:MIN) stock is a Buy with a A$75.00 price target. To see the full list of analyst forecasts on Mineral Resources Limited stock, see the AU:MIN Stock Forecast page.

Mineral Resources lifts lithium guidance and cuts debt on strong Q2 performance

Mineral Resources Limited reported a strong second quarter of FY26, underpinned by robust iron ore output from Onslow Iron and higher lithium prices that supported upgraded production guidance. Attributable quarterly spodumene production reached 138,000 dmt SC6 with sales of 143,000 dmt SC6 at an average realised price of US$1,094/dmt, a 29% quarter-on-quarter increase, prompting the company to lift FY26 volume guidance at both Wodgina and Mt Marion while maintaining cost guidance. Onslow Iron shipped 8.7Mt in the quarter at a FOB cost of $50/wmt, with 1H26 costs trending to the bottom of full-year guidance, and mining services volumes remained on track against FY26 targets. Financially, MinRes continued to deleverage, cutting net debt to about $4.9 billion, increasing liquidity to more than $1.4 billion, and refinancing US$700 million of unsecured notes on improved terms, while a binding agreement for POSCO Holdings to acquire a 30% stake in MinRes’ incorporated lithium joint venture for US$765 million is set to further bolster the balance sheet and reshape its lithium portfolio pending regulatory approvals.

The most recent analyst rating on (AU:MIN) stock is a Hold with a A$66.00 price target. To see the full list of analyst forecasts on Mineral Resources Limited stock, see the AU:MIN Stock Forecast page.

Mineral Resources Issues Share Allotments to Non-Executive Directors as Part of Fees

Mineral Resources Limited has issued Appendix 3Y notifications detailing the allotment of company shares to its non-executive directors as part of their quarterly director fees for the period ended 31 December 2025, with director Malcolm Bundey among those receiving additional ordinary shares under this arrangement. The move reflects MinRes’ ongoing practice of partially remunerating non-executive directors in equity, further aligning board interests with shareholders as the company continues to expand its diversified resources operations in Western Australia’s lithium, iron ore, energy and mining services sectors.

The most recent analyst rating on (AU:MIN) stock is a Buy with a A$58.50 price target. To see the full list of analyst forecasts on Mineral Resources Limited stock, see the AU:MIN Stock Forecast page.

Mineral Resources Discloses Director Xi Xi’s Share Sale in ASX Appendix 3Y Filing

Mineral Resources Limited has lodged an Appendix 3Y notice with the ASX disclosing a change in the securities held by Independent Non-Executive Director Xi Xi. The filing shows Xi Xi disposed of 10,000 ordinary shares on 22 December 2025 at a weighted average price of $52.45 per share, reducing their direct holding from 25,727 to 15,727 shares, in a routine governance disclosure that provides transparency to investors on director share dealings.

The most recent analyst rating on (AU:MIN) stock is a Buy with a A$58.50 price target. To see the full list of analyst forecasts on Mineral Resources Limited stock, see the AU:MIN Stock Forecast page.