Want to see AU:MIN full AI Analyst Report?
Top Page
Mineral Resources Limited
(Sydney:MIN)
Select Model
Select Model
Rating:66Neutral
Price Target:
AU$71.00
â–²(6.14% Upside)
Action:Reiterated
Date:08/28/26
The score is driven primarily by improved but still cycle-sensitive financials (earnings and cash flow volatility and elevated leverage). Support comes from a constructive technical setup and a positive earnings call with clear growth guidance and deleveraging progress. Offsetting these, valuation is less attractive at ~31.8x P/E and the outlook carries meaningful capex and cost/execution risks.
Positive Factors
Contracted Mining Services
Long-dated, indexed contracts provide recurring revenue visibility and reduce exposure to spot commodity prices. This supports utilization, planning and margin resilience across the mining-services portfolio over the medium term.
Negative Factors
Elevated Leverage
Despite recent deleveraging, the balance sheet remains debt-heavy for a cyclical resources business. A downturn in commodity prices, volumes or margins could therefore pressure covenant headroom, investment capacity and shareholder returns.
Read all positive and negative factors
Positive Factors
Negative Factors
Contracted Mining Services
Long-dated, indexed contracts provide recurring revenue visibility and reduce exposure to spot commodity prices. This supports utilization, planning and margin resilience across the mining-services portfolio over the medium term.
Read all positive factors
Mineral Resources Limited (MIN) vs. iShares MSCI Australia ETF (EWA)
Market Cap
AU$13.18B
Dividend YieldN/A
Average Volume (3M)1.60M
Price to Earnings (P/E)31.8
Beta (1Y)2.81
Revenue Growth44.48%
EPS GrowthN/A
CountryAU
Employees8,456
SectorBasic Materials
Sector Strength58
IndustryIndustrial Materials
Share Statistics
EPS (TTM)5.40
Shares Outstanding198,537,250
10 Day Avg. Volume1,527,535
30 Day Avg. Volume1,601,810
Financial Highlights & Ratios
PEG Ratio-0.05
Price to Book (P/B)2.82
Price to Sales (P/S)1.90
P/FCF Ratio13.59
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
AU$68.56Price Target Upside2.50% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering8
EPS Forecast (FY)4.3
Revenue Forecast (FY)AU$6.65B
Mineral Resources Limited Business Overview & Revenue Model
Company Description
Established in 1993 and headquartered in Osborne Park, Australia, Mineral Resources Limited is a global mining services and commodities firm, conducting business across Australia, China, Singapore, and various other international locations. Its op...
How the Company Makes Money
Mineral Resources Limited makes money primarily from (1) commodity sales from its own mining operations and (2) fees and margins earned from providing mining services to third parties, with additional contributions from marketing and logistics act...
Mineral Resources Limited Earnings Call Summary
Earnings Call Date:Aug 26, 2026
(Q4-2026)
| Next Earnings Date:Feb 25, 2027
Earnings Call Sentiment Positive
The call presents a strongly positive operational and financial result with record revenue, EBITDA, improved cash generation, and significant deleveraging. Management reinstated dividends and provided growth guidance while emphasizing brownfield, disciplined investments and long‑dated, high‑quality Mining Services contracts. Notable risks include margin pressure in Mining Services, cost escalation (notably diesel), elevated sustaining and growth capex, and execution/transaction timing risks (POSCO sale and expansion projects). Overall the positives—large earnings upgrade, balance sheet repair, clear capital allocation policy and strong forward guidance—outweigh the headwinds.Positive Updates
Record Revenue and Earnings
Revenue of $6.5 billion (up 44% year‑on‑year) and record underlying EBITDA of $2.6 billion (up 183% YoY). Underlying NPAT of $822 million versus a loss in FY'25.
Negative Updates
Margin Pressure in Mining Services
Management acknowledged it is becoming tougher to sustain recent high per‑tonne margins; illustrative mining services margin showed variability (H1 ~$2.10/t, FY average ~$2.00/t) and pressure from escalation was noted.
Read all updates
Q4-2026 Updates
Positive
Negative
Record Revenue and Earnings
Revenue of $6.5 billion (up 44% year‑on‑year) and record underlying EBITDA of $2.6 billion (up 183% YoY). Underlying NPAT of $822 million versus a loss in FY'25.
Read all positive updates
Company Guidance
MinRes guided FY‑27 mining services volumes of 370–390 million tonnes (↑9–14% vs FY‑26), driven by running Onslow Iron beyond nameplate (Onslow finished FY‑26 at a ~38 Mt run rate and transshippers 6–7 lift installed port capacity towards ~40 Mt), the Bald Hill restart (targeting nameplate ~140 kt SC6 by the Dec quarter), increased mining at Mt Marion (investments to add ~100 kt and a new float plant/underground development) and growth in the external order book; Wodgina FY‑27 sales are guided to 360–390 kt SC6 (↑14–23%) with FOB costs of ~$640–$710/t (↓4–13%). FY‑27 capital guidance is $1.425 billion gross / $1.27 billion net (Mt Marion and Wodgina shown at 50% = $475m), sustaining CapEx ~$815m for FY‑27 (with a forward run‑rate of $700–750m), and diesel is assumed at ~$1.25/L; balance sheet priorities remain (minimum liquidity $1.0bn), with FY‑26 net debt down $1.1bn to $4.3bn (net debt/underlying EBITDA 1.7x), liquidity $2.4bn (cash $1.6bn + $800m undrawn RCF), a declared fully franked dividend of $0.83/share (20% payout of underlying NPAT of $822m), expected POSCO proceeds of ~US$765m (pro‑forma net debt ~A$3.2bn, leverage ~1.2x), and ongoing focus on low‑risk brownfield growth while maintaining ~70% of the Mining Services order book on >15‑year indexed contracts.Mineral Resources Limited Financial Statement Overview
Summary
Income Statement
71
Positive
Balance Sheet
58
Neutral
Cash Flow
55
Neutral
| Breakdown | Jun 2026 | Jun 2025 | Jun 2024 | Jun 2023 | Jun 2022 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 6.46B | 4.47B | 5.28B | 4.78B | 3.42B |
| Gross Profit | 3.18B | 3.82B | 1.97B | 2.75B | 1.89B |
| EBITDA | 2.54B | 744.00M | 995.00M | 1.05B | 962.90M |
| Net Income | 1.06B | -904.00M | 125.00M | 243.30M | 349.20M |
Balance Sheet | |||||
| Total Assets | 12.88B | 11.93B | 12.23B | 8.40B | 7.60B |
| Cash, Cash Equivalents and Short-Term Investments | 1.59B | 443.00M | 908.00M | 1.38B | 2.43B |
| Total Debt | 5.83B | 5.76B | 5.34B | 3.28B | 3.13B |
| Total Liabilities | 8.07B | 8.27B | 8.65B | 4.87B | 4.33B |
| Stockholders Equity | 4.34B | 3.23B | 3.54B | 3.48B | 3.23B |
Cash Flow | |||||
| Free Cash Flow | 902.00M | -2.63B | -2.31B | -467.20M | -720.10M |
| Operating Cash Flow | 2.09B | -475.00M | 1.45B | 1.35B | 279.80M |
| Investing Cash Flow | -1.02B | -1.27B | -3.87B | -1.90B | -654.30M |
| Financing Cash Flow | 99.00M | 1.25B | 1.97B | -516.40M | 1.23B |
Mineral Resources Limited Technical Analysis
Positive
66.89
Price Trends
61.65
Positive
64.06
Positive
59.26
Positive
Market Momentum
1.76
Negative
54.66
Neutral
44.39
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For AU:MIN, the sentiment is Positive. The current price of 66.89 is above the 20-day moving average (MA) of 64.35, above the 50-day MA of 61.65, and above the 200-day MA of 59.26, indicating a bullish trend. The MACD of 1.76 indicates Negative momentum. The RSI at 54.66 is Neutral, neither overbought nor oversold. The STOCH value of 44.39 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for AU:MIN.
Mineral Resources Limited Peers Comparison
UnderperformOutperform
Sector (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
67 Neutral | AU$17.06B | 32.62 | -2.64% | ― | 151.97% | ― | |
66 Neutral | AU$13.18B | 31.76 | 11.50% | ― | 44.48% | ― | |
65 Neutral | AU$6.19B | -30.72 | -9.95% | ― | -11.58% | ― | |
61 Neutral | $10.43B | 7.12 | -0.05% | 2.87% | 2.86% | -36.73% | |
55 Neutral | AU$3.80B | -149.22 | -2.79% | ― | -3.18% | 88.11% | |
43 Neutral | AU$3.81B | -8.11 | -53.88% | ― | 303.04% | -586.21% | |
42 Neutral | AU$1.21B | -34.29 | -10.17% | ― | -100.00% | 59.85% |
* Basic Materials Sector Average
AU:MIN
Mineral Resources Limited
65.37
28.50
77.30%
AU:PLS
PLS Group
5.15
2.85
123.91%
AU:CXO
Core Lithium Ltd
0.37
0.26
231.82%
AU:IGO
IGO
8.29
3.19
62.55%
AU:LTR
Liontown Resources Limited
1.15
0.26
29.38%
AU:NIC
Nickel Mines Ltd.
0.85
0.13
18.06%
Mineral Resources Limited Corporate Events
Mineral Resources Updates ASX Corporate Governance Disclosures for FY26
Aug 26, 2026
Mineral Resources Limited has lodged its Appendix 4G and confirmed that its updated corporate governance statement for the year to 30 June 2026 is available on its website. The statement, approved by the board as at 26 August 2026, sets out how th...
Mineral Resources details FY26 results and reserves under strict disclosure caveats
Aug 26, 2026
Mineral Resources Limited has released its FY26 full-year results presentation, outlining financial performance prepared under Australian Accounting Standards and supplemented by non-IFRS metrics such as Underlying EBITDA. The company explains tha...
Mineral Resources posts record FY26 profit and restores dividend on iron ore and lithium strength
Aug 26, 2026
Mineral Resources Limited reported the strongest financial performance in its 20‑year listing history for the year to 30 June 2026, driven by expansion in Mining Services, the ramp‑up of the Onslow Iron project and improved lithium pri...
Mineral Resources Declares AUD 0.83 Final Dividend for FY 2026
Aug 26, 2026
Mineral Resources Limited has declared a fully franked dividend of AUD 0.83 per ordinary share for the 12 months ended 30 June 2026, reinforcing its commitment to returning capital to shareholders. The dividend will trade ex-dividend on 8 Septembe...
Mineral Resources Swings to Strong FY26 Profit and Declares First Dividend Since FY25
Aug 26, 2026
Mineral Resources Limited reported a strong turnaround for the year ended 30 June 2026, with revenue from ordinary activities rising 44% to $6.461 billion. Profit after tax attributable to owners surged 217% to $1.061 billion, compared with a prio...
L1 Capital Ceases to Be Substantial Holder in Mineral Resources
Aug 19, 2026
Mineral Resources Limited has received a notice under the Corporations Act confirming that investment manager L1 Capital Pty Ltd and its affiliate L1 Capital Strategic Equity Management Pty Ltd have ceased to be substantial holders in the company....
Mineral Resources adjusts company secretariat as joint secretary steps down
Aug 17, 2026
Mineral Resources Limited has announced that Derek Oelofse has resigned from his role as joint Company Secretary, effective 17 August 2026. The board expressed its appreciation for his service, while confirming that Oelofse will continue to suppor...
Mineral Resources Hits Record Volumes and Strengthens Balance Sheet in FY26
Jul 28, 2026
Mineral Resources Limited closed FY26 with record annual volumes across its Mining Services, iron ore and lithium businesses, while meeting or exceeding volume and cost guidance in all segments. Mining Services output rose 22% year on year to 341M...
Mineral Resources Reports Lapse of Conditional MINAB Rights
Jul 10, 2026
Mineral Resources Limited has announced the cessation of 13,521 MINAB rights after these conditional rights lapsed on 30 June 2026 because the conditions attached to them were not, or could no longer be, satisfied. The lapse slightly reduces the c...
Mineral Resources Issues New Employee Incentive Rights
Jul 10, 2026
Mineral Resources Limited has notified the market of the issue of 23,386 unquoted rights securities, recorded under the ASX code MINAB, with an issue date of 6 July 2026. These rights have been granted under an employee incentive scheme and are no...
Mineral Resources Expands Share Base Through Option Conversions
Jul 10, 2026
Mineral Resources Limited has notified the ASX of the issue of 172,373 ordinary fully paid shares following the exercise or conversion of previously unquoted securities. The new shares, issued on June 30, 2026, modestly expand the company’s ...
Mineral Resources Issues New Employee Incentive Rights
Jul 3, 2026
Mineral Resources Limited has notified the market of the issue of 29,000 unquoted rights under its employee incentive scheme, recorded as MINAB RIGHTS and dated June 26, 2026. The new rights, which will not be quoted on the ASX, indicate the compa...
Mineral Resources Grants One-Off $3m Equity Package to Mining Services Chief
Jul 3, 2026
Mineral Resources Limited has granted 29,000 share rights to Mike Grey, Chief Executive Mining Services, under its Equity Incentive Plan as part of a one-off remuneration package worth about $3 million, combining a $1 million cash payment and an e...
Mineral Resources updates director shareholdings and chair option vesting
Jul 3, 2026
Mineral Resources Limited has lodged Appendix 3Y notifications detailing changes in shareholdings for several independent non-executive directors, including Malcolm Bundey, Xi Xi, Colleen Hayward, Lawrie Tremaine, Susan Ferrier and Colin Moorhead....
Mineral Resources to List New Shares from Employee Incentive Scheme
Jun 25, 2026
Mineral Resources Limited has applied for quotation on the ASX of 905,437 new ordinary fully paid shares, to be issued on June 25, 2026. The shares arise from the company’s employee incentive scheme, modestly expanding its listed capital bas...
Mineral Resources releases Chair Update for investor and proxy adviser meetings
Jun 21, 2026
Mineral Resources Limited has released a Chair Update presentation to be used by Independent Non-Executive Chair Malcolm Bundey in meetings with proxy advisers and investors this week. The update underlines the company’s ongoing engagement w...
Mineral Resources Director Trims Shareholding in Compliant On-Market Trade
Jun 2, 2026
Mineral Resources Limited has disclosed a change in director interests following the on-market sale of 4,607 ordinary shares in the company by Independent Non-Executive Director Xi Xi on 28 May 2026. The transaction, executed at $71.0146 per share...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.