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Mineral Resources Limited
(Sydney:MIN)
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Rating:58Neutral
Price Target:
AU$46.00
â–¼(-31.23% Downside)
Action:Reiterated
Date:10/16/26
The score is held back primarily by weak technicals (stock well below major moving averages with very negative momentum) and mixed-through-the-cycle financial quality (volatile earnings/FCF and still-elevated leverage). These are partly offset by attractive valuation (low P/E) and a supportive earnings update featuring improved cash generation, deleveraging progress, and upbeat FY27 operational guidance, though capex and cost pressures remain key risks.
Positive Factors
Contracted Mining Services
The large share of long-dated, indexed contracts provides recurring revenue visibility and some protection against cost escalation. This supports utilization, helps underpin future cash generation, and gives the services business a durable foundation beyond individual commodity-price cycles.
Negative Factors
Elevated Leverage
Although leverage improved from 2025, debt remains high relative to equity for a cyclical materials business. A downturn in commodity prices or operating volumes could therefore amplify earnings pressure, constrain capital allocation, and leave less flexibility for unexpected demands.
Read all positive and negative factors
Positive Factors
Negative Factors
Contracted Mining Services
The large share of long-dated, indexed contracts provides recurring revenue visibility and some protection against cost escalation. This supports utilization, helps underpin future cash generation, and gives the services business a durable foundation beyond individual commodity-price cycles.
Read all positive factors
Mineral Resources Limited (MIN) vs. iShares MSCI Australia ETF (EWA)
Market Cap
AU$8.94B
Dividend Yield1.83%
Average Volume (3M)1.26M
Price to Earnings (P/E)8.2
Beta (1Y)2.62
Revenue Growth44.48%
EPS GrowthN/A
CountryAU
Employees7,266
SectorBasic Materials
Sector Strength58
IndustryIndustrial Materials
Share Statistics
EPS (TTM)5.40
Shares Outstanding198,614,520
10 Day Avg. Volume1,309,284
30 Day Avg. Volume1,264,711
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$61.58Price Target Upside-7.94% Downside
Rating ConsensusModerate Buy
Number of Analyst Covering9
EPS Forecast (FY)3.4
Revenue Forecast (FY)AU$6.68B
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)
| % Change Since: |
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 | 768.00M | 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
Negative
66.89
Price Trends
56.45
Negative
58.95
Negative
59.10
Negative
Market Momentum
-3.14
Positive
30.41
Neutral
24.61
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For AU:MIN, the sentiment is Negative. The current price of 66.89 is above the 20-day moving average (MA) of 49.13, above the 50-day MA of 56.45, and above the 200-day MA of 59.10, indicating a bearish trend. The MACD of -3.14 indicates Positive momentum. The RSI at 30.41 is Neutral, neither overbought nor oversold. The STOCH value of 24.61 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative 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 |
|---|---|---|---|---|---|---|---|
61 Neutral | $10.43B | 7.12 | -0.05% | 2.87% | 2.86% | -36.73% | |
61 Neutral | AU$9.39B | 17.85 | 13.75% | 1.72% | 151.97% | ― | |
61 Neutral | AU$4.02B | 26.94 | 6.76% | 0.95% | -11.58% | ― | |
58 Neutral | AU$8.94B | 8.25 | 26.29% | 1.83% | 44.48% | ― | |
55 Neutral | AU$2.93B | -119.52 | -0.86% | 5.44% | -3.18% | 88.11% | |
52 Neutral | AU$2.22B | 32.38 | 8.28% | 0.59% | 114.79% | ― | |
44 Neutral | AU$679.73M | -20.61 | -8.08% | 2.98% | ― | 10.09% |
* Basic Materials Sector Average
AU:MIN
Mineral Resources Limited
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Mineral Resources Limited Corporate Events
Mineral Resources Reports Lapse of Conditional Rights to Securities
Oct 14, 2026
Mineral Resources Limited has reported the lapse of 174,646 conditional rights (MINAB) to securities after the conditions attached to those rights were not, or could not be, satisfied by 9 October 2026. The cessation of these rights slightly reduc...
Mineral Resources expands share capital as unquoted securities convert
Oct 14, 2026
Mineral Resources Limited has issued 509,336 new ordinary fully paid shares following the conversion or exercise of previously unquoted securities. The issuance, dated 30 September 2026, marginally increases the company’s share capital, refl...
Mineral Resources Issues New Employee Incentive Rights
Oct 14, 2026
Mineral Resources Limited has notified the market of the issue of 53,673 unquoted rights under its employee incentive scheme. The securities, described as MINAB RIGHTS, were issued on 9 October 2026 and are not intended to be quoted on the ASX, re...
Mineral Resources Issues New Unquoted Rights Under Employee Incentive Scheme
Oct 8, 2026
Mineral Resources Limited has issued 36,673 unquoted rights under its employee incentive scheme, with an issue date of 30 September 2026. The new rights, which are not intended to be quoted on the ASX, reflect the company’s ongoing use of eq...
Mineral Resources Corrects ASX Filing on Rights Conversion
Oct 5, 2026
Mineral Resources Limited has filed an updated notice with the ASX to cancel a previous Appendix 3G announcement relating to unquoted equity securities. The change concerns the disclosure of rights conversions that had already been reported, promp...
Mineral Resources Issues New Shares Following Option Conversions
Oct 5, 2026
Mineral Resources Limited has notified the market of the issue of 40,262 new ordinary fully paid shares following the conversion of previously unquoted options or other convertible securities. The new securities were issued on 30 September 2026 an...
Mineral Resources boosts director equity via September quarter share allotments
Oct 5, 2026
Mineral Resources Limited has lodged Appendix 3Y notifications with the ASX detailing changes in the interests of several independent non-executive directors. The updates relate to an allotment of ordinary shares issued as part payment of director...
Mineral Resources updates ASX on director share change via DRP
Sep 30, 2026
Mineral Resources Limited has lodged an Appendix 3Y notice with the ASX detailing a change in the shareholding of Independent Non-Executive Director Colin Moorhead. The change reflects an allotment of 19 fully paid ordinary shares to Moorhead unde...
Mineral Resources Adds 77,265 Shares to ASX Quotation
Sep 30, 2026
Mineral Resources Limited has applied for quotation of an additional 77,265 ordinary fully paid shares on the Australian Securities Exchange. The new securities are to be issued on Sept. 30, 2026, and will rank alongside the company’s existi...
Mineral Resources Issues New Shares Following Option Conversions
Sep 25, 2026
Mineral Resources Limited has notified the market of the issue of 4,230 new ordinary fully paid shares following the conversion of previously unquoted options or other convertible securities. The shares, issued on September 23, 2026, modestly incr...
Mineral Resources updates dividend details and NZD conversion terms
Sep 18, 2026
Mineral Resources Limited has updated its notification regarding a dividend for ordinary fully paid shares relating to the 12 months ended 30 June 2026, with a record date of 9 September 2026. The update specifies the allocation price under the di...
Mineral Resources Grants FY26 Deferred STI Share Rights to Managing Director
Sep 10, 2026
Mineral Resources Limited has lodged an Appendix 3Y notice with the ASX detailing a change in Managing Director Chris Ellison’s interests through the grant of deferred short-term incentive share rights for FY26. The share rights have been is...
Mineral Resources Issues New Unquoted Rights Under Employee Incentive Plan
Sep 10, 2026
Mineral Resources Limited has notified the issue of 30,886 unquoted rights securities under its employee incentive scheme, effective 3 September 2026. The move underscores the company’s continued use of equity-based remuneration to align sta...
Mineral Resources Issues New Shares from Unquoted Securities Conversion
Sep 10, 2026
Mineral Resources Limited has notified the market of the issue and transfer of 89,417 ordinary fully paid shares following the exercise or conversion of previously unquoted securities. The new shares, dated 7 September 2026, modestly increase the ...
Mineral Resources Elevated to S&P/ASX 50 in Index Rebalance
Sep 4, 2026
Mineral Resources Limited will join the SP/ASX 50 Index following SP Dow Jones Indices’ September 2026 quarterly rebalance, alongside NEXTDC Limited, while Cochlear Limited and WiseTech Global Limited are removed. The reshuffle, effective be...
ASIC Closes Mineral Resources Probe Without Enforcement
Sep 1, 2026
Mineral Resources Limited said the Australian Securities and Investments Commission has concluded its investigation into the company and its current and former directors and officers without taking enforcement action. The outcome removes a regulat...
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...
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.