Mineral Resources Limited published the transcript of its FY26 half-year financial results analyst call, attended by Independent Non-Executive Chair Malcolm Bundey, Managing Director Chris Ellison and Chief Financial Officer Mark Wilson. Management reported the “strongest six months ever,” delivering record underlying EBITDA of $1.2 billion on revenue of $3.1 billion and free cash flow of $293 million, despite softer commodity prices. Ellison said the result was driven by “outstanding operational performance,” “record Mining Services earnings,” and “cost discipline,” highlighting Onslow Iron as central to earnings, with Onslow contributing “just over $500 million in the past six months.” Wilson added that the quality of earnings “wasn’t the result of commodity price luck; rather it was built on operational excellence, volume growth [and] cost discipline.” Key discussion points included Onslow Iron sustaining nameplate production and plans to lift capacity toward a 38Mt run-rate as transhippers 6 and 7 arrive mid-year, with Ellison noting, “38 is a safe number,” while pushing the team to “sweat the assets up to around 40 million.” Mining Services posted record volumes of 166Mt and EBITDA of $488 million; Ellison said the business “overperformed at Onslow Iron,” while confirming contractor trucks are “100%” off the main haul road. In lithium, MinRes pointed to a price rebound (including a recent $2,500/t cargo) and improving recoveries at Wodgina, while maintaining discipline on growth capex until leverage improves. The company also reiterated balance-sheet priorities, with net debt down to about $4.9 billion and liquidity over $1.4 billion; Wilson said completion of the POSCO partnership (expected in 1H CY26) will bring in $1.1 billion and “put us on a clear path to be below our two times net leverage target by June.” The board did not declare an interim dividend, with Wilson calling it “the prudent decision… as we focus on fortifying the balance sheet.” The full transcript can be accessed through the link below.

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