• Operational excellence delivering record earnings and a stronger balance sheet
• Onslow Iron operating at nameplate, contributing $519M EBITDA
• Lithium EBITDA based on average achieved SC6 price of US$972/dmt

Mineral Resources Ltd (MinRes) reported excellent financial and operational results for the first half of FY26. The company delivered record earnings, with underlying EBITDA of $1.2 billion, up 286% compared to the prior corresponding period. This was driven by strong performance across all three of MinRes' key business pillars - Commodities, Mining Services and Infrastructure. The Onslow Iron project was a standout, contributing $519 million in EBITDA and operating at nameplate capacity of 17.3 million tonnes (100% basis) at a low FOB cost of $52 per tonne. MinRes' lithium business also performed well, generating $167 million in EBITDA on the back of an average achieved spodumene (SC6) price of US$972 per dry metric tonne.The company's balance sheet was significantly strengthened, with net debt reduced to $4.9 billion and liquidity increasing to $1.4 billion. This was driven by strong free cash flow of $293 million, as well as the receipt of a $200 million contingent payment related to the Onslow Iron haul road. MinRes also announced a strategic lithium partnership with POSCO, which will see over $1.1 billion in capital recycled.Operationally, MinRes continued to deliver, with record production volumes across its iron ore and lithium assets. The company also made good progress on its commitment to improve corporate governance, including the appointment of a new Joint Company Secretary and the ongoing review of key policies and procedures.Looking ahead, MinRes provided FY26 guidance, reaffirming previous targets and incorporating upgrades to lithium volumes and Onslow Iron FOB costs at the lower end of the range.

FY26 guidance:- Iron Ore: 17.1-18.8 Mt (MinRes share), FOB cost of $54-$59/t (targeting lower end)- Lithium: 260-280k dmt SC6 (MinRes share), FOB cost of $730-$800/dmt SC6- Mining Services: 305-325 Mt- Capex: $1,140M