Mineral Resources share price jumps on 'significant natural gas discovery'

The diversified miner announced several good news items today.

Key points
  • Mineral Resources shares charged nearly 4% higher on Friday.
  • The company announced a 'significant' natural gas discovery in Western Australia.
  • The ASX 200 mining giant also provided an update on promising lithium exploration results.

The Mineral Resources Ltd (ASX: MIN) share price stormed ahead in Friday afternoon trade on the back of a lithium and natural gas update.

The ASX 200 mining share was trading 3.69% higher to close at $73.00 on Friday. In comparison, the S&P/ASX 200 (ASX: XJO) closed 1.06% higher today. The mining company's share price was up and down like a yo-yo today, slipping to a low of $70.34 in the afternoon before hitting a daily high of $73.50.

Let's take a look at what Mineral Resources has discovered during its exploration activities.

A mining worker clenches his fists celebrating success at sunset in the mine.

Image source: Getty Images

What happened?

Mineral Resources shares lifted higher today on news of a significant natural gas discovery at the North Erregulla Deep-1 (NED-1) conventional gas exploration well.

This is the company's second major gas discovery from three wells drilled in the last two years in the Perth Basin, Western Australia.

Drilling reached a total measured depth relative to the rotary table (MDRT) and achieved elevated gas readings.

In further news, Darren Hardy has been appointed to the role of energy chief executive at Mineral Resources.

Commenting on today's update, Mineral Resources managing director Chris Ellison said:

The success at North Erregulla Deep-1 is another stride forward in our Perth Basin exploration
campaign and our second significant natural gas discovery in less than two year.

I am pleased to confirm the appointment of Darren Hardy as Chief Executive, Energy, to lead MinRes'
energy transition strategy. His immediate focus is the successful completion of the Perth Basin drilling
campaign and the development of these major discoveries into production.

On the lithium front, Mineral Resources updated the market on early results at the Mt Marion lithium mine.

Results from 34km of drilling at the site show "significant exploration potential at depth".

Drilling capacity at the site is predicted to double by the end of the 2023 calendar year. Mineral Resources said early results showed the "significant opportunity" for open pit extensions and underground potential".

Discussing the lithium results, Ellison said:

The exciting exploration results at Mt Marion highlight we are just scratching the surface of the potential lithium resource, including the possibility of underground mining.

Share price snapshot

Mineral Resources shares have soared ahead 40.9% in the last 12 months.

This ASX 200 mining share has a market cap of about $14.2 billion.

Motley Fool contributor Monica O'Shea has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

More on Materials Shares

A woman draws on a clear screen a graph that shows a falling horizontal line.
Materials Shares

ASX lithium shares take a hit amid 20% fall in lithium price

The lithium carbonate price has fallen nearly 20% over the past month.

Read more »

Two colleagues working with company financial results.
Materials Shares

Zimplats: September 2026 quarterly earnings

Zimplats reports steady progress on major projects despite a dip in quarterly output.

Read more »

A couple cheers as they sit on their lounge looking at their laptop and reading about the rising Redbubble share price
Materials Shares

PLS Group is making a $1.9 billion bet on lithium. Should investors follow?

I take a closer look at what this expansion could mean for shareholders.

Read more »

a female steel worker wearing a high visibility vest with her protective helmet tucked under her arm smiles as she carries a clipboard in a large warehouse of steel products.
Materials Shares

BlueScope upgrades first-half FY2027 earnings guidance

BlueScope has upgraded its 1H FY2027 earnings guidance, with underlying EBIT now expected to approach $1.1 billion.

Read more »

A small child in a sandpit holds a handful of sand above his head and lets it trickle through his fingers.
Materials Shares

Why have Lynas Rare Earths crashed 42% in 6 months?

The shares are also down 7% for the year to date.

Read more »

Two business men looking at financial data, charts, and graphs on a digital tablet and a laptop computer.
Materials Shares

Alcoa posts higher net income, sets sights on AliGroup completion

Alcoa reported third quarter 2026 results, with higher net income and progress on the AliGroup acquisition.

Read more »

A woman sits in a cafe wearing a polka dotted shirt and holding a latte in one hand while reading something on a laptop that is sitting on the table in front of her
Materials Shares

Orora FY26 earnings: Cans strong, Glass under pressure

Orora's FY26 results show strength in Cans but ongoing challenges for Glass, including a substantial non-cash impairment.

Read more »

Three people at a building site discussing a plan whilst eating.
Materials Shares

Fletcher Building posts higher volumes in Q1 FY27, residential lags

Fletcher Building posted Q1 FY27 sales volume growth in several key business units, though residential activity stayed challenging.

Read more »