** Shares of PLS PLS.AX drop as much as 4.2%, while Mineral Resources MIN.AX rises as much as 1.2%

** Jefferies says 2Q shipping data out of Western Australia’s Port Hedland points to MIN’s Wodgina and PLS’ Pilgangoora ops tracking toward FY26 guidance midpoints, with Wodgina’s grade‑equivalent production looking notably strong

** Both assets remain well‑set versus forecast, though weather‑related risks linger with the cyclone season only halfway done - brokerage

** Last year, PLS gained 92.7%, outperforming MIN's 58.8% gains

(Reporting by Kumar Tanishk in Bengaluru)

((Tanishk.Kumar@thomsonreuters.com; X: @thatstanishk http://www.x.com/thatstanishk;))