The Mineral Resources Ltd (ASX: MIN) share price is up 11% after an excellent September quarter update.
Strong quarterly update
The market was impressed by what the business reported for the three months to September 2025.
The company said it’s on track to meet FY26 volume and cost guidance across all divisions.
Onslow iron ore shipped came to 8.6mt in the first quarter, with 2.7mt coming from the Pilbara hub.
The Onslow project operated at its 35mt per year expected capacity between August and October 2025. As a result of this, Mineral Resources will receive the $200 million contingent payment from Morgan Stanley Infrastructure Partners.
The average quarterly sold price across both Onslow and the Pilbara Hub was US$90 per dmt, a 14% increase quarter on quarter.
On the lithium side of things, Wodgina volume came to 88,000 dry metric tonnes (dmt) and Mt Marion saw 55,000 dmt.
The company noted that lithium prices increased with an average (SC6) price of US$849 per dmt, which was 31% higher than the prior quarter.
It said that recovery and throughput optimisation projects were succesfully completed across Mt Marion and Wodgina , with Wodgina recoveries averaging 67%.
In the mining services division, quarterly production volume was 81mt, in line with the prior quarter.
After the end of the quarter, the Lockyer-6 (gas) reserve and resource certification process was completed, with Mineral Resources receiving $41 million from Hancock Prospecting in October 2025 for the certified resource and associated drilling costs.
Balance sheet
The business said that at 30 September 2025, it had liquidity of $1.1 billion and net debt of $5.4 billion.
Mineral Resources refinanced its US$700 million 8.125% notes maturing in May 2027 with new US$700 million 7% notes maturing in April 2031. This is the lowest rate achieved by the company.
The business also noted it has more than two years until its irst US$625 million bond maturity in November 2027.
The Onslow iron carry loan balance decreased to $714 million at September 2025, down from $766 million at June 2025. This improvement was because of continued positive cashflow generation by Onslow.
Final thoughts on the Mineral Resources share price
The company has now risen 130% in the last six months, so it has recovered strongly. Investors have missed out on big gains. It’s possible that more gains could happen during FY26, but I prefer to consider investments from the resources sector when confidence is low.
Therefore, I’d look at other opportunities today.
