• Record revenue of $3.1B and EBITDA of $1.2B
• Onslow Iron achieved nameplate capacity, contributing $519M EBITDA
• Mining Services delivered record production of 166Mt and $488M EBITDA

Mineral Resources Ltd (MinRes) is pleased to announce its financial results for the half year ended 31 December 2025 (1H26), delivering its best ever half-year performance. The company reported record revenue of $3.1 billion and EBITDA of $1.2 billion, up 33% and 286% respectively compared to the prior corresponding period. This strong operational performance generated free cash flow of $293 million after capital expenditure of $587 million, allowing MinRes to reduce net debt by $471 million to $4.9 billion. The Onslow Iron project achieved its nameplate capacity of 35Mtpa in August 2025 and sustained this throughout the half, contributing $519 million in EBITDA at a FOB cost of $52 per wet metric tonne. MinRes' Mining Services division also delivered a record performance, with production of 166 million tonnes and EBITDA of $488 million, up 29% on the prior year. The company's lithium operations at Wodgina and Mt Marion generated a combined EBITDA of $170 million, with Wodgina achieving a milestone 70% processing recovery rate. MinRes remains focused on operating safely, delivering on guidance, optimising existing assets and continuing to strengthen its balance sheet. The company is well-positioned to capture future growth opportunities and create enduring value for shareholders.

MinRes reaffirmed its FY26 guidance, including lithium volumes upgraded in Q2. Mining Services is forecast to deliver record FY26 production volumes of 305-325Mt, representing 12.5% growth, and almost $1 billion in annualised EBITDA. Onslow Iron is expected to deliver FY26 volume guidance with FOB costs at the low end of the $54-$59/wmt range. The Pilbara Hub is on track to deliver FY26 volume and cost guidance, while MinRes' lithium operations are poised to capitalize on improving lithium demand and prices.

MinRes is well-positioned to capture future growth opportunities and create enduring value for shareholders. The company's near-term focus is on delivering on its FY26 guidance, prudent capital allocation and strengthening the balance sheet. Proceeds from the POSCO transaction, expected in 2H26, would rapidly accelerate MinRes' deleveraging towards its 2.0x net leverage target by the end of FY26. As the business repositions towards a more mature and resilient operating model, MinRes is well-placed to capture future growth opportunities.