Mineral Resources (MinRes) has delivered its strongest first-half result on record, underpinned by the ramp-up of Onslow Iron, improved lithium recoveries and standout mining services earnings.

For the half-year ended December 31, 2025, the company posted underlying earnings before interest, taxes, depreciation and amortisation (EBITDA) of $1.2 billion on $3.1 billion revenue, marking a 286 per cent increase in profit compared to the previous corresponding period.

Reported net profit after tax jumped 171 per cent to $573 million. Free cash flow reached $293 million after capital expenditure of $587 million, while net debt fell by $471 million to $4.9 billion.

“MinRes has delivered the strongest six-month period in the company’s history,” MinRes managing director Chris Ellison said.

“The result – which was driven by operational performance rather than extraordinary commodity prices – validates the strategic decisions we’ve made over recent years and demonstrates the quality and resilience of our asset base.

“The transformation of this business is now evident with Onslow Iron at nameplate capacity,” he said.

Onslow Iron hit its 35 million tonnes per annum nameplate capacity in August and sustained that performance, delivering $519 million in EBITDA at a free-on-board cost of $52 per wet metric tonne.

Meanwhile, Mining Services produced 166 million tonnes and generated $488 million in EBITDA, up 29 per cent year-on-year.

The company’s lithium operations also impressed, achieving record recoveries at Wodgina and Mt Marion, while a binding agreement with POSCO Holdings is expected to bring $1.1 billion in proceeds in the second half, accelerating MinRes’ deleveraging toward its target of 2.0x net debt to EBITDA.

“Wodgina achieved a milestone 70 per cent processing recovery rate in the December quarter, with further improvements expected as we access more fresh ore towards the end of the calendar year,” Ellison said.

“With lithium prices having recovered strongly, we are well positioned to capture the upside as market fundamentals continue to improve.”

MinRes’ board said this marks the start of a new era: a stronger balance sheet, operational excellence and a strategic roadmap positioning the company for sustainable growth.

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