• Onslow Iron shipped 17.3Mt in 1H26 with FOB cost of $52/wmt
• Lithium volume guidance upgraded for Wodgina and Mt Marion
• Executed agreement with POSCO to acquire 30% of MinRes' lithium business

Mineral Resources Limited (ASX: MIN) reported its Quarterly Activity Report for the period to 31 December 2025 (Q2 FY26). Key highlights include:Iron Ore: Onslow Iron shipped 8.7Mt in Q2 FY26 (100% basis) and 17.3Mt in 1H26 (100% basis). FOB cost was $50/wmt for the quarter and $52/wmt in 1H26, tracking towards the bottom end of FY26 guidance of $54-59/wmt.Lithium: Total quarterly attributable spodumene production was 138k dmt SC6 with sales of 143k dmt SC6. The average achieved price was US$1,094/dmt CIF SC6, up 29% on the prior quarter. FY26 lithium volume guidance has been upgraded, with Wodgina at 260-280k dmt SC6 (previously 220-240k dmt) and Mt Marion at 190-210k dmt SC6 (previously 160-180k dmt).Corporate: Liquidity strengthened to over $1.4B and net debt reduced to circa $4.9B. MinRes executed a binding agreement for POSCO Holdings Inc to acquire 30% of MinRes' existing 50% ownership of the Wodgina and Mt Marion lithium mines for $1.1B.The company's 1H26 statutory financial statements are expected to contain several one-off items, including a $100M revaluation gain on unsecured bonds, $220M in purchase price adjustments, and a non-cash impairment expense related to the former Resource Development Group assets.

FY26 lithium volume guidance has been upgraded to 260-280k dmt SC6 for Wodgina (previously 220-240k dmt) and 190-210k dmt SC6 for Mt Marion (previously 160-180k dmt). Cost guidance has been maintained for both operations.