• Onslow Iron volume guidance revised to 7.8-8.0Mt (13.8-14.1Mt, 100% basis)
• Lower-than-expected contractor road train availability and daily cycles
• Strong ramp up in May with 1.7Mt shipped, run rate of 23Mtpa
• Expect 2.3-2.6Mt shipped in June, run rate of 28-31Mtpa

Mineral Resources Limited (ASX: MIN) has provided an update on its Onslow Iron project, advising that volume guidance has been revised to 7.8 to 8.0 million tonnes (Mt), down from the previous guidance of 8.5-8.7Mt. The reduction is due to lower-than-expected availability of contractor road trains for haulage (actual 65 vs. 85-100 target) and below forecast daily cycles (actual 2.7 vs. 4.0 target), despite a steady ramp of haulage volumes and as-expected performance of MinRes jumbo road trains. For the month of May 2025 to date, Onslow Iron has shipped 1.7Mt. Over the last seven days, an average 74kt/day was loaded onto ocean-going vessels, with several days during May above 80kt, and 100kt loaded on a single day. It is expected that 1.9Mt will be shipped during May (April 1.3Mt), equivalent to a run rate of 23Mtpa. The significant month-on-month increase highlights the acceleration of Onslow Iron's ramp-up, with the project remaining on schedule to achieve its nameplate capacity of 35Mtpa in Q1 FY26.MinRes anticipates shipping circa 2.3-2.6Mt in June, equivalent to 75-87kt/day and a run rate of 28-31Mtpa. The fifth transhipper, MinRes Peak, is currently in commissioning at the Port of Ashburton, with the imminent arrival of its tug further increasing transhipping capacity.

MinRes expects Onslow Iron to achieve its nameplate capacity of 35Mtpa in Q1 FY26.