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 $54.09. In morning trade on Friday, shares are changing hands for $56.36 apiece, up 4.2%.
For some context, the ASX 200 is down 0.2% at this same time.
This outperformance follows the release of the miner's half-year results for the six months to 31 December (H1 FY 2026).
Here's what we know.
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Mineral Resources shares jump on record results
Mineral Resources shares are catching plenty of investor interest after the miner reported record half year earnings before interest, taxes, depreciation and amortisation (EBITDA) of $1.2 billion. That's up 286% from H1 FY 2025.
Revenue of $3.1 billion, up 33% year-on-year, also marked a new all-time half year high.
The ASX 200 mining stock credited the strong result to an "outstanding operational performance".
The company cited improved lithium recoveries, record earnings from its Mining Services division, and Onslow Iron sustaining its 35 million tonne per annum (Mtpa) nameplate capacity since August as driving the record results.
Mining Services hit record production of 166 million tonnes with EBITDA of $488 million, up 29% year-on-year.
Over the six months, the miner generated free cash flow of $293 million after capital expenditure of $587 million.
On the bottom line, Mineral Resources shares are catching tailwinds today with underlying net profit after tax (NPAT) of $343 million, up 275% year on year. Reported NPAT for H1 FY 2026 came in at $573 million, up 171%.
On the balance sheet, the company held cash of $638 million as at 31 December, up 55%. The six months saw liquidity strengthening to $1.4 billion and net debt cut by $471 million to $4.9 billion.
Looking ahead, the ASX 200 miners reaffirmed its full year FY 2026 volume and cost guidance.
What did management say?
Commenting on the results helping boost Mineral Resources shares today, managing director Chris Ellison said, "I'm pleased to report that MinRes has delivered the strongest six-month period in the company's history."
According to Ellison:
The result – which was driven by operational performance rather than extraordinary commodity prices – validates the strategic decisions we've made over recent years and demonstrates the quality and resilience of our asset base.
The transformation of this business is now evident with Onslow Iron at nameplate capacity. This would not have been possible without our world-class Mining Services business.
Turning to the miner's lithium division, Ellison said:
Our lithium operations have proven their quality through a challenging market cycle, generating EBITDA of $167 million. Wodgina achieved a milestone 70% processing recovery rate in the December quarter, with further improvements expected as we access more fresh ore towards the end of the calendar year.
With lithium prices having recovered strongly, we are well positioned to capture the upside as market fundamentals continue to improve.
Factoring in today's intraday moves, Mineral Resources shares are up 118.2% in 12 months, smashing the 8.9% one-year gains posted by the ASX 200.
