Mineral Resources Limited (AU:MIN)
ASX:MIN
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Mineral Resources Limited
(Sydney:MIN)
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Rating:54Neutral
Price Target:
AU$71.00
▲(11.74% Upside)
Action:ReiteratedDate:03/26/26
The score is held back primarily by weak financial statement performance (net loss, negative operating/free cash flow, and high leverage). Offsetting this, the earnings call points to improving operational performance and a clearer deleveraging trajectory, while valuation appears cheap on P/E. Technical indicators are mixed with softer near-term momentum.
Positive Factors
High margins and record EBITDA
The half produced record underlying EBITDA and positive free cash flow after significant sustaining capex, underpinned by an 85% gross margin. This demonstrates durable cash-generation potential from operations that can fund deleveraging, sustain capex and provide optionality for disciplined growth over the next 2–6 months.
Negative Factors
Elevated net debt and leverage
Despite recent deleveraging, net debt remains sizable around A$4.9bn and leverage is only expected to fall below 2x after POSCO proceeds. Elevated indebtedness constrains financial flexibility, increases refinancing and interest expense risk, and limits capacity for unrestricted capital deployment until materially reduced.
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Positive Factors
Negative Factors
High margins and record EBITDA
The half produced record underlying EBITDA and positive free cash flow after significant sustaining capex, underpinned by an 85% gross margin. This demonstrates durable cash-generation potential from operations that can fund deleveraging, sustain capex and provide optionality for disciplined growth over the next 2–6 months.
Read all positive factors
Mineral Resources Limited (MIN) vs. iShares MSCI Australia ETF (EWA)
Market Cap
AU$13.59B
Dividend YieldN/A
Average Volume (3M)1.60M
Price to Earnings (P/E)5.4
Beta (1Y)2.43
Revenue Growth3.58%
EPS GrowthN/A
CountryAU
Employees8,456
SectorBasic Materials
Sector Strength58
IndustryIndustrial Materials
Share Statistics
EPS (TTM)2.04
Shares Outstanding197,631,820
10 Day Avg. Volume1,527,535
30 Day Avg. Volume1,601,810
Financial Highlights & Ratios
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 CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
AU$63.06Price Target Upside-0.75% Downside
Rating ConsensusModerate Buy
Number of Analyst Covering8
EPS Forecast (FY)3.66
Revenue Forecast (FY)AU$6.23B
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 Commoditi...
How the Company Makes Money
MIN generates revenue primarily through (1) commodity sales and (2) mining services/contracting. In commodity production, the company earns revenue by mining, processing and selling iron ore and lithium products to customers (typically under spot-...
Mineral Resources Limited Earnings Call Summary
Earnings Call Date:Feb 19, 2026
(Q2-2026)
| % Change Since: |
Next Earnings Date:Aug 31, 2026
Earnings Call Sentiment Positive
The call highlights significant operational and financial progress: a record half driven by Onslow Iron ramp-up, strong Mining Services performance (166Mt and 29% EBITDA growth), improving lithium returns and a clear deleveraging trajectory supported by the POSCO transaction and a strengthened liquidity buffer. Key challenges remain — commodity price volatility, cyclone-related downtime and channel/dredging works, and elevated net debt until POSCO proceeds and further cash generation reduce leverage. Management has adopted prudent capital discipline (no interim dividend, >A$1bn liquidity target, <2x leverage goal) which tempers near-term returns but supports sustainable deleveraging and optionality for future growth.Positive Updates
Record Financial Performance
Underlying EBITDA of ~$1.2bn for the half on revenue of $3.1bn; free cash flow of ~$293m after CapEx of $600m. This was described as the strongest 6 months in company history.
Negative Updates
Commodity Price Headwinds and Volatility
Iron ore pricing in the half averaged ~US$100/t (well below historic highs >US$220/t); lithium had softer periods (Sept quarter ~US$849/t) even though prices have since rebounded — highlighting earnings sensitivity to commodity swings.
Read all updates
Q2-2026 Updates
Positive
Negative
Record Financial Performance
Underlying EBITDA of ~$1.2bn for the half on revenue of $3.1bn; free cash flow of ~$293m after CapEx of $600m. This was described as the strongest 6 months in company history.
Read all positive updates
Company Guidance
The call reiterated clear operational and financial guidance backed by metrics: H1 FY26 delivered record underlying EBITDA of ~US$1.2bn on revenue of $3.1bn with free cash flow of $293m after CapEx of $600m, net debt falling ~$0.5bn to ~$4.9bn and liquidity >$1.4bn (>$600m cash + $800m undrawn RCF); POSCO proceeds of ~$1.1bn are expected in H1 CY26 and should put the group on a path to <2x net debt/EBITDA by June. Onslow Iron is central—FOB cost ~$52/t, contributed just over $500m in the half, currently running ~35Mt with transhippers #6 and #7 to lift notional capacity to ~38Mt (management aiming toward ~40Mt over time) and at $100/t iron ore would generate >$1bn pa EBITDA. Mining Services reported record volumes of 166Mt and EBITDA of $488m (up 29%) with EBITDA/t ~$2.10 and sustaining CapEx of $24m (group sustaining CapEx guidance ~$500m p.a.). Lithium averaged ~US$972/t SC6 in the half (H1 EBITDA ~$167m), Wodgina recoveries ~70% (expected to improve), and the company reaffirmed a conservative capital allocation framework: a $1bn minimum liquidity buffer (≥$400m cash), a leverage target below 2x net debt/EBITDA, discretionary dividends up to 50% of underlying NPAT only if liquidity/leverage tests are met (no interim dividend declared), and growth investments to meet ≥20% post‑tax ROIC.Mineral Resources Limited Financial Statement Overview
Summary
Income Statement
45
Neutral
Balance Sheet
55
Neutral
Cash Flow
40
Negative
| 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
Positive
63.54
Price Trends
55.54
Positive
55.13
Positive
46.49
Positive
Market Momentum
1.27
Negative
65.76
Neutral
91.35
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 63.54 is above the 20-day moving average (MA) of 55.99, above the 50-day MA of 55.54, and above the 200-day MA of 46.49, indicating a bullish trend. The MACD of 1.27 indicates Negative momentum. The RSI at 65.76 is Neutral, neither overbought nor oversold. The STOCH value of 91.35 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
UnderperformOutperform
Sector (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
61 Neutral | $10.43B | 7.12 | -0.05% | 2.87% | 2.86% | -36.73% | |
55 Neutral | AU$8.07B | -5.98 | -53.88% | ― | 303.04% | -586.21% | |
54 Neutral | AU$13.59B | 5.40 | 11.50% | ― | 3.58% | ― | |
53 Neutral | AU$20.11B | 103.52 | -2.64% | ― | 4.86% | -177.78% | |
47 Neutral | AU$4.56B | -13.02 | -2.79% | 5.03% | -3.26% | 66.55% | |
46 Neutral | AU$933.27M | -8.93 | -10.17% | ― | -100.00% | 59.85% | |
45 Neutral | AU$6.11B | -45.43 | -9.95% | ― | -36.60% | 80.62% |
* Basic Materials Sector Average
AU:MIN
Mineral Resources Limited
69.30
48.56
234.14%
AU:PLS
PLS Group
6.24
4.76
321.62%
AU:CXO
Core Lithium Ltd
0.32
0.25
350.70%
AU:IGO
IGO
8.08
4.01
98.53%
AU:LTR
Liontown Resources Limited
2.54
2.00
370.37%
AU:NIC
Nickel Mines Ltd.
1.05
0.44
70.73%
Mineral Resources Limited Corporate Events
Mineral Resources appoints long-serving executive Darren Killeen as COO in leadership succession move
May 7, 2026
Mineral Resources Limited has created the new role of Chief Operating Officer and appointed long-serving executive Darren Killeen to the position, reporting directly to Managing Director Chris Ellison. The move is part of a broader leadership succ...
Mineral Resources Issues Over 3.4 Million Unquoted Securities Under Staff Incentive Plans
May 5, 2026
Mineral Resources Limited has issued several classes of unquoted equity securities under its employee incentive arrangements, including long-term incentive plan rights, short-term incentive plan awards, a “MyShare” employee contributio...
Mineral Resources to Lodge Appendix 3G for Employee Equity Issuance
May 5, 2026
Mineral Resources Limited has announced that it will shortly lodge an Appendix 3G with the ASX covering equity securities issued to employees and key management personnel under its employee incentive plans. These securities were previously detaile...
MinRes seals key POSCO joint venture agreements for lithium assets
Apr 30, 2026
Mineral Resources Limited has executed an Investment Agreement and Shareholders Agreement with POSCO Holdings for a new incorporated joint venture, LithCo, under which POSCO will acquire 30% of MinRes’ operational lithium business that holds...
Mineral Resources lifts FY26 volume guidance and accelerates balance sheet repair
Apr 29, 2026
Mineral Resources upgraded its FY26 volume guidance across mining services, iron ore and lithium after a strong March quarter, with Onslow Iron, Wodgina and Mt Marion all lifting production expectations while costs generally track at or near the l...
Mineral Resources cuts funding costs with US$1.3bn notes deal
Apr 29, 2026
Mineral Resources Limited has completed a US$1.3 billion senior unsecured notes offering, split evenly between 6.000% notes due 2032 and 6.250% notes due 2034, placed with institutional investors and guaranteed by certain wholly owned subsidiaries...
Mineral Resources Pays Non-Executive Directors in Shares for March Quarter
Apr 8, 2026
Mineral Resources Limited has issued company shares to its non-executive directors as part payment of their director fees for the quarter ended 31 March 2026. The allotment, detailed in updated director interest notices lodged with the ASX, reflec...
Mineral Resources Updates Director Shareholding in Governance Filing
Mar 12, 2026
Mineral Resources Limited has lodged an Appendix 3Y notice detailing a change in the relevant interests of Independent Non-Executive Director Colin Moorhead. The filing records an indirect acquisition of 1,690 fully paid ordinary shares through a ...
Mineral Resources Releases FY26 Half-Year Results With Cautionary Disclaimers
Feb 19, 2026
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 com...
Mineral Resources posts record half-year profit as Onslow Iron drives cash and debt falls
Feb 19, 2026
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 ...
Mineral Resources Swings Back to Profit as Revenue Climbs 33%
Feb 19, 2026
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 tang...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.