• On track to meet FY25 guidance for all continuing operations
• Onslow Iron progressing towards 35Mtpa run rate
• Lithium division focused on lower-volume, higher-quality production
• Bald Hill placed into care and maintenance

Mineral Resources Limited has reported its Quarterly Activity Report for the period of October to December 2024 (Q2 FY25). The company maintained its FY25 guidance for all continuing operations, with Onslow Iron progressing towards its nameplate 35 million tonnes per annum (Mtpa) run rate. The company's liquidity as at 31 December 2024 is expected to be $1.5 billion, consisting of more than $700 million in cash and a fully undrawn $800 million revolving credit facility. Net debt as at 31 December 2024 is expected to be $5.1 billion. In the Mining Services division, quarterly production volumes were 68 million tonnes, flat quarter-on-quarter, with volumes benefiting from the ramp-up of Onslow Iron but offset by lower volumes at the Yilgarn Hub and Bald Hill as those operations transitioned to care and maintenance. In the Iron Ore division, Onslow Iron delivered strong production of 4.4 million wet metric tonnes (wmt) during the quarter, representing an annualized rate of 17.6 Mtpa. The Lithium division continued to focus on lower-volume, higher-quality production, with Bald Hill placed into care and maintenance in November. The company also completed the sale of its Perth Basin and Carnarvon Basin assets to Hancock Prospecting Pty Ltd for total consideration of up to $1.1 billion.

FY25 guidance maintained for all continuing operations, with Onslow Iron progressing towards its nameplate 35 million tonnes per annum (Mtpa) run rate. 1H25 Onslow Iron FOB costs expected to be $77/wmt, with FY25 guidance of $58-68/wmt maintained.