Mineral Resources Ltd (ASX: MIN) shares are charging higher today.
Shares in the S&P/ASX 200 Index (ASX: XJO) lithium miner and diversified resources producer closed yesterday trading for $30.10. In morning trade on Wednesday, shares are changing hands for $30.93 apiece, up 2.8%.
For some context, the ASX 200 is down 0.1% at this same time.
This outperformance follows the release of Mineral Resources quarterly update for the three months to 30 June.
Here are the highlights.
Image source: Getty Images
Mineral Resource shares jumping higher
Mineral Resources shares are marching higher today. The miner reported that it achieved its full year FY 2025 cost and production guidance across its iron ore, lithium and mining services segments.
The ASX 200 miner's Onslow Iron joint venture (JV) became cashflow positive. Management said Onslow Iron is progressing to its 35 million tonne per annum (Mtpa) nameplate capacity, having achieved an annualised run-rate of 32.4Mtpa in June.
The company highlighted record low costs at its Wodgina lithium project. SC6 (spodumene) free on board (FOB) cost of $641 per dry metric tonne (dmt) was recorded at Wodgina in the June quarter. Management expects that additional plant enhancements will increase recovery rates above 65% during FY 2026.
The company's mining services segment appears to be driving its share price higher. The miner reported all time high quarterly production volumes of 83 million tonnes (Mt), up 21Mt from the March quarter. Management attributed the increase to the ramp-up of Onslow Iron and external volume growth.
FY 2025 production volumes came in at 280Mt, up 11Mt year on year. This was at the lower end of the miner's guidance range of 280MT to 300Mt.
In its iron ore segment, Mineral Resources reported total quarterly iron ore production across Onslow Iron and the Pilbara Hub of 8.9 million wet metric tonnes (wmt) (on a 100% basis), with shipments of 8.3M wmt.
The average quarterly realised price across both Onslow Iron and the Pilbara Hub declined by 11% from the prior quarter to US$79/dry metric tonne (dmt).
Mineral Resources shares could enjoy longer-term support, with the upgrade of the Onslow Iron private haul road remaining on schedule for completion in Q1 FY 2026. And Onslow Iron was said to remain on track to hit nameplate capacity of 35Mtpa towards the end of Q1 FY 2026.
FY 2026 Onslow Iron shipped volumes are forecast to be 17.1Mt to18.8Mt (30.0Mt to 33.0Mt on a 100% basis).
What about lithium?
Turning to its lithium operations, Mineral Resources total quarterly attributable spodumene production across both its operating sites was 144k dry metric tonnes (dmt), with shipments of 135k dmt.
The weighted average quarterly realised price was US$642/dmt SC6 equivalent. That was down 24% from the prior quarter.
However, management noted that, spodumene concentrate prices "have strengthened markedly since June".
As at 30 June, the company had more than $400 million in cash and $705 million in undrawn credit.
With today's boost factored in, Mineral Resources shares remain down 40.5% since this time last year.
