Shares in Mineral Resources experienced a surge in morning trading following a positive assessment from Morgans research analyst Annabelle Sleeman. Sleeman described the miner’s September quarter result as “solid,” noting that it surpassed expectations across several key divisions. Mineral Resources is a leading Australian-based diversified resources company, with extensive operations in iron ore and lithium. The company provides a range of mining services, including contract crushing and screening.
The miner upheld its FY26 production and cost guidance. It also received a $200 million contingent payment from MSIP after the Onslow project achieved its full 35Mtpa capacity. Additionally, Mineral Resources is slated to receive a further $41 million purchase price adjustment from Hancock Prospecting following Lockyer-6 certification.
Onslow shipments exceeded Sleeman’s expectations by 9 per cent and consensus estimates by 4 per cent. Sleeman highlighted strong operational performance in both lithium and iron ore, with Onslow shipments increasing by 48 per cent quarter-on-quarter. Mt Marion and Wodgina production also exceeded forecasts. Costs were largely within guidance, despite anticipated increases from lower-grade ore. Mining services volumes were generally in line with expectations.
Net debt remained steady at $5.4 billion after accounting for $400 million in capital expenditure. In the first 25 minutes of trading, shares in Mineral Resources climbed by 8.4 per cent, reflecting the positive investor sentiment following the analyst’s report and the company’s strong quarterly performance.
