MinRes reported H1 FY26 revenue of AUD 3.05bn (+33%) and statutory NPAT of AUD 573m, versus a loss in the prior period. Profit attributable to shareholders was AUD 495m (vs a loss previously), with basic EPS of 251.4 cents. Underlying EBITDA was AUD 1.17bn (+286%), while net cash from operating activities was AUD 880m; cash and cash equivalents ended the period at AUD 638m, with AUD 800m of undrawn debt facilities (liquidity of AUD 1.44bn). The board declared no interim dividend, citing a focus on strengthening the balance sheet and maintaining liquidity. Operationally, Mining Services produced 166M wmt (vs 136M wmt) and delivered Underlying EBITDA of AUD 488m (+29%), with Road Trust distributions of AUD 58m paid to Morgan Stanley Infrastructure Partners. Iron Ore revenue was AUD 1.87bn (+69%) and Underlying EBITDA was AUD 573m, supported by Onslow Iron sustaining 35Mtpa nameplate capacity from August; H1 attributable iron ore shipments totalled 14.9M wmt (Onslow Iron 9.8M wmt; Pilbara Hub 5.1M wmt). Lithium Underlying EBITDA was AUD 167m (vs a loss previously), with attributable sales of 286k dmt SC6 equivalent (Wodgina 164k; Mt Marion 122k). MinRes also received AUD 200m of contingent consideration linked to the Onslow haul road transaction after meeting a 35Mtpa run-rate condition, and noted a binding agreement (subject to conditions) for POSCO to acquire a 30% interest in its operational lithium businesses for upfront cash consideration of USD 765m, expected to complete in H2 FY26.

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