Mineral Resources Ltd.: 4Q26 First Take: Strong 4Q with FY26 guidance achieved or exceeded across each division

Research evidence excerpt

Mineral Resources Ltd.: 4Q26 First Take: Strong 4Q with FY26 guidance achieved or exceeded across each division

J P M O R G A N Asia Pacific Equity Research

29 July 2026

Mineral Resources Ltd. Not Rated

MIN.AX, MIN AU

4Q26 First Take: Strong 4Q with FY26 guidance Price (28 Jul 26):A$53.10

achieved or exceeded across each division

Key takeaways: (1) Mining Services volumes of 94Mt were +22% vs JPMe

(77Mt) and above the upgraded guidance range (320-330Mt). (2) Iron Ore

attributable shipments of 8.4Mt was +14% vs JPMe (7.3Mt) primarily driven by

stronger Onslow volumes (above FY26 guidance). The achieved price of US$87/t

was marginally below JPMe. (3) Lithium volumes ahead of FY26 guidance with

costs at the lower end of the range. Mt. Marion SC6 shipments of 67k dmt was

+22% vs JPMe with realised pricing 4% ahead of our estimate. Wodgina SC6 Australia

shipments of 91k dmt was +54% vs JPMe with realised pricing in-line. Net debt Head of Australia Metals & Mining

reduced to A$4.3bn (JPMe A$4.76bn) supported by favourable FX and higher AC Lyndon Fagan

sales. We are Not Rated on MIN.

(61-2) 9003-8648

• Key positives. FY26 volume and cost guidance was achieved or exceeded lyndon.fagan@jpmorgan.comJ.P. Morgan Securities Australia Limited

across all business segments. Net debt continues to reduce with ND/EBITDA

Jonathon Sharp

now <2.0x (referencing last published JPMe EBITDA of A$2.28bn).

(61 2) 9003-8312

• Key negatives. Iron ore realised pricing was marginally weaker than JPMe jonathon.sharp@jpmorgan.com

(US$87/t vs US$89/t) implying an 81% realisation of the 62% CFR index. J.P. Morgan Securities Australia Limited

Pilbara Hub unit costs were towards the upper end of the guidance range (A Branko Skocic

$79/t vs A$75-80/t) despite volumes coming in at the upper end of the range.