• Onslow Iron progress laying foundations for growth and balance sheet strength
• Lithium responded to challenging market
• Energy monetised $780 million from sale of onshore gas discoveries

MinRes reported FY25 revenue of $4.5bn and underlying EBITDA of $901m, down 15% on the prior year. The result was driven by record production volumes, three new contracts and six renewals, and a strong ramp-up of the Onslow Iron project towards 35Mtpa nameplate capacity. This was partially offset by weaker commodity prices, particularly in lithium and iron ore. The company's Mining Services division delivered a 34% increase in EBITDA, while the Lithium and Iron Ore divisions saw significant declines. MinRes also monetised $780m from the sale of its onshore gas discoveries. The company has laid the foundations for future growth, transitioning to low-cost, long-life assets, implementing best-practice governance, strengthening the balance sheet and lowering costs, while maintaining its unique capability and culture. Board renewal is driving a strengthened governance approach, with new independent directors appointed and a focus on conflict management, related party transactions and whistleblower processes.