Mineral Resources Limited (MIN) AI Stock Analysis

• Market Cap: AU$11.73B
• Dividend Yield: N/A
• Average Volume (3M): 1.60M
• Price to Earnings (P/E): ―
• Beta (1Y): 2.41
• Revenue Growth: -15.27%
• EPS Growth: -817.26%
• Country: AU
• Employees: 8,456
• Sector: Basic Materials
• Sector Strength: 58
• Industry: Industrial Materials
• EPS (TTM): -0.48
• 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$49.17
• Price Target Upside: -17.74% Downside
• Rating Consensus: Hold
• Number of Analyst Covering: 11
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 58 Neutral
• Price Target: AU$62.00 ▲(3.71% Upside)

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

Diversified revenue mix: iron ore, lithium, and contract mining services

Mineral Resources earns from both commodity sales (iron ore, lithium) and contract mining services, reducing single-commodity exposure. This dual model provides durable cash-flow channels, aligns with secular EV/lithium demand, and supports resilience through commodity cycles over months to years.

Scale and execution advantage in mining services

Record mining services volumes demonstrate operational scale and execution capability. Large, growing throughput underpins competitive cost positions, long-term contract credibility, and steady service revenue, strengthening the firm's market position and bargaining power with customers and JV partners.

Onslow ramp delivering sustained throughput and cash flow

Onslow's sustained annualized run rate and positive cash contribution materially improve group cash generation capacity. Ongoing high-volume operations reduce per-tonne costs, support internal funding for capex, and provide a durable operational backbone for growth and deleveraging efforts.

Negative Factors

High leverage with significant debt reliance

A debt-to-equity ratio near 1.8 indicates meaningful reliance on external financing, constraining strategic flexibility. Elevated leverage increases interest and refinancing risk, limits capacity for opportunistic investments, and makes the company more sensitive to commodity-driven cash-flow swings over the medium term.

Negative operating and free cash flows

Persistent negative operating and free cash flows signal weak internal cash generation versus capital needs. This undermines the firm's ability to reduce debt, fund sustained capex, or invest in growth without external financing, raising structural liquidity and refinancing risk over coming quarters.

Declining revenue and net losses impair profitability

Material revenue decline and a large net loss reflect weakening top-line and profitability trends despite strong gross margins. Sustained negative net margins constrain retained earnings, limit reinvestment, and raise questions about operational efficiency and cost control over the medium term.

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	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	4.47B	4.47B	5.28B	4.78B	3.42B	3.73B
Gross Profit	3.82B	3.82B	1.97B	2.75B	1.89B	2.37B
EBITDA	744.00M	744.00M	995.00M	1.05B	962.90M	2.15B
Net Income	-904.00M	-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	443.00M	443.00M	908.00M	1.38B	2.43B	1.54B
Total Debt	5.76B	5.76B	5.34B	3.28B	3.13B	1.26B
Total Liabilities	8.27B	8.27B	8.65B	4.87B	4.33B	2.48B
Stockholders Equity	3.23B	3.23B	3.54B	3.48B	3.23B	3.20B
Cash Flow
Free Cash Flow	-2.63B	-2.63B	-2.31B	-467.20M	-720.10M	549.70M
Operating Cash Flow	-475.00M	-475.00M	1.45B	1.35B	279.80M	1.31B
Investing Cash Flow	-1.27B	-1.27B	-3.87B	-1.90B	-654.30M	-816.00M
Financing Cash Flow	1.25B	1.25B	1.97B	-516.40M	1.23B	-435.50M

Mineral Resources Limited Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 59.78
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Positive
• MACD: Negative
• RSI: Neutral
• STOCH: Neutral

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 59.78 is above the 20-day moving average (MA) of 56.35, above the 50-day MA of 51.72, and above the 200-day MA of 35.61, indicating a bullish trend. The MACD of 2.63 indicates Negative momentum. The RSI at 66.39 is Neutral, neither overbought nor oversold. The STOCH value of 79.40 is Neutral, 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	75 Outperform	AU$2.36B	15.15	151.89%	5.18%	6.54%	0.48%
ILU	68 Neutral	$3.02B	15.87	7.84%	1.04%	-4.84%	-30.61%
Sector *	61 Neutral	$10.43B	7.12	-0.05%	2.87%	2.86%	-36.73%
PLS	59 Neutral	$15.07B	-73.93	-5.63%	―	-38.69%	-174.12%
MIN	58 Neutral	AU$11.73B	-12.92	-26.55%	―	-15.27%	-817.26%
NIC	55 Neutral	AU$3.95B	-15.91	-7.26%	5.03%	-2.30%	-234.27%
IGO	49 Neutral	AU$6.72B	-7.04	-35.65%	―	-37.23%	-32433.33%

Mineral Resources Limited Corporate Events

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.

Mineral Resources Limited Announces Director’s Share Acquisition

Mineral Resources Limited announced a change in the director’s interest, with Independent Non-Executive Director Ross Carroll acquiring additional ordinary shares. This update reflects ongoing changes in the company’s leadership investment, which may influence stakeholder perceptions and the company’s market positioning.

The most recent analyst rating on (AU:MIN) stock is a Hold with a A$52.60 price target. To see the full list of analyst forecasts on Mineral Resources Limited stock, see the AU:MIN Stock Forecast page.

Mineral Resources Limited Updates Director’s Shareholding

Mineral Resources Limited has announced changes in the director’s interest for Zimi Meka, as detailed in the Appendix 3Y and 3Z notifications. The update reflects an acquisition of 273 ordinary shares, bringing the total to 7,472 shares, which may influence the company’s governance and shareholder dynamics.

The most recent analyst rating on (AU:MIN) stock is a Hold with a A$52.60 price target. To see the full list of analyst forecasts on Mineral Resources Limited stock, see the AU:MIN Stock Forecast page.

Mineral Resources Updates Director’s Securities Grant

Mineral Resources Limited announced a change in the director’s interest notice following the approval of a grant of securities to Non-Executive Chair Malcolm Bundey, as approved by shareholders at the 2025 Annual General Meeting. This change reflects the company’s ongoing governance and shareholder engagement practices, potentially impacting the company’s leadership dynamics and signaling shareholder confidence in the current board’s direction.

The most recent analyst rating on (AU:MIN) stock is a Hold with a A$52.60 price target. To see the full list of analyst forecasts on Mineral Resources Limited stock, see the AU:MIN Stock Forecast page.

Mineral Resources Limited Issues Unquoted Securities to Employees

Mineral Resources Limited announced the issuance of 780,000 unquoted securities in the form of MinRes Options under an employee incentive scheme. This move is part of the company’s strategy to align employee interests with corporate goals, potentially enhancing operational performance and stakeholder value.

The most recent analyst rating on (AU:MIN) stock is a Hold with a A$52.60 price target. To see the full list of analyst forecasts on Mineral Resources Limited stock, see the AU:MIN Stock Forecast page.

Mineral Resources Limited Announces Successful AGM Resolutions

Mineral Resources Limited announced the results of its 2025 Annual General Meeting, where all resolutions, including the adoption of the Remuneration Report and the election of several directors, were passed as ordinary resolutions. This outcome reflects strong shareholder support for the company’s current leadership and strategic direction, potentially reinforcing its industry position and stakeholder confidence.

The most recent analyst rating on (AU:MIN) stock is a Hold with a A$53.00 price target. To see the full list of analyst forecasts on Mineral Resources Limited stock, see the AU:MIN Stock Forecast page.

Mineral Resources Limited Releases 2025 AGM Presentation

Mineral Resources Limited has released the presentation for its 2025 Annual General Meeting, highlighting the involvement of Chair Malcolm Bundey and Managing Director Chris Ellison. This announcement underscores the company’s ongoing engagement with stakeholders and its commitment to transparency in its operations.

The most recent analyst rating on (AU:MIN) stock is a Hold with a A$53.00 price target. To see the full list of analyst forecasts on Mineral Resources Limited stock, see the AU:MIN Stock Forecast page.

Mineral Resources Limited’s New Chair Outlines Strategic Vision for Sustainable Growth

In his address at the 2025 Annual General Meeting, Malcolm Bundey, the new Chair of Mineral Resources Limited, outlined his strategic priorities since taking on the role. He emphasized the importance of governance, operational stability, and financial discipline to ensure long-term success. Bundey highlighted the company’s progress in these areas, including board renewal and a focus on safely delivering Onslow Iron to full capacity. His leadership aims to align the company’s rapid growth with a strong governance framework, ensuring sustainable performance for the next 30 years.

The most recent analyst rating on (AU:MIN) stock is a Hold with a A$53.00 price target. To see the full list of analyst forecasts on Mineral Resources Limited stock, see the AU:MIN Stock Forecast page.

Mineral Resources Limited Updates Securities Trading Policy

Mineral Resources Limited has updated its Securities Trading Policy as part of a broader corporate governance review. This policy applies to all directors, officers, employees, and contractors, emphasizing restrictions on trading when in possession of inside information. The update aims to enhance compliance and governance, potentially impacting the company’s operational transparency and stakeholder trust.

The most recent analyst rating on (AU:MIN) stock is a Hold with a A$53.00 price target. To see the full list of analyst forecasts on Mineral Resources Limited stock, see the AU:MIN Stock Forecast page.

MinRes and POSCO Forge Strategic Lithium Partnership

Mineral Resources Limited has entered into a binding agreement with POSCO Holdings to form a joint venture, where POSCO will acquire a 30% interest in MinRes’ operational lithium business for $1.2 billion. This partnership aims to strengthen the position of the Wodgina and Mt Marion mines in response to growing demand for Australian lithium, while also enhancing MinRes’ financial flexibility for future growth opportunities.

The most recent analyst rating on (AU:MIN) stock is a Hold with a A$43.00 price target. To see the full list of analyst forecasts on Mineral Resources Limited stock, see the AU:MIN Stock Forecast page.

Mineral Resources Limited Reports Strong Q1 FY26 Performance

Mineral Resources Limited reported a strong first quarter for FY26, with Onslow Iron reaching its nameplate capacity of 35Mtpa and shipping 8.6Mt. The company maintained strong liquidity at $1.1 billion and reduced its net debt-to-EBITDA ratio. Additionally, the company saw a 31% increase in lithium prices and completed a significant acquisition of Resource Development Group Limited’s assets. The board was strengthened with the appointment of four new Independent Non-Executive Directors, and safety performance improved significantly with a 54% reduction in recordable injuries.

The most recent analyst rating on (AU:MIN) stock is a Hold with a A$43.20 price target. To see the full list of analyst forecasts on Mineral Resources Limited stock, see the AU:MIN Stock Forecast page.

Mineral Resources Secures $200M Payment from Onslow Iron Project

Mineral Resources Limited has confirmed it will receive a $200 million contingent payment from Morgan Stanley Infrastructure Partners in early November 2025, following the successful operation of its Onslow Iron project at a 35Mt per annum run rate over three months. This payment increases the total consideration from the Onslow Iron Road Trust transaction to $1.3 billion, highlighting the company’s operational success and strengthening its financial position.

The most recent analyst rating on (AU:MIN) stock is a Hold with a A$43.20 price target. To see the full list of analyst forecasts on Mineral Resources Limited stock, see the AU:MIN Stock Forecast page.