Mineral Resources’ Onslow Iron has shipped 8.6 million tonnes of iron ore in the first quarter of the 2026 financial year, on track to meet volume and cost guidance.
Onslow also operated to its full nameplate capacity of 35 million tonnes per annum to deliver the first quarter (Q1) results, coming alongside climbing lithium prices of 31 per cent in the September quarter.
The 8.6 million tonne delivery triggered a $200 million payment from Morgan Stanley Infrastructure Partners, confirming the project’s operational ramp-up less than a year after its first shipments.
“I’m proud of the dedication and expertise that has brought the project to consistent nameplate levels, showcasing the extraordinary capability of our people and the strength of our innovative pit-to-ship supply chain,” MinRes managing director Chris Ellison said.
“Securing the contingent payment is a strong financial outcome that rewards this operational success, and we thank Morgan Stanley Infrastructure Partners for their continued support.
“We remain focused on safely operating Onslow Iron at nameplate capacity going forward.”
Mineral Resources (MinRes) also reaffirmed its 2026 financial year (FY26) guidance, with liquidity staying strong at $1.1 billion, and net debt steady at $5.4 billion, including capital expenditure of $400 million in Q1.
Total quarterly production across Onslow and the Pilbara hub was a record 10.9 wet metric tonnes (wmt) with record shipments of 11.4 million wmt. Onslow’s shipped output marked a 50 per cent quarter-on-quarter increase.
The upgrade of the Onslow private haul road was also completed in late September 2025, with MinRes saying that it enabled “unconstrained haulage” to resume at normal speeds.
The Pilbara hub shipped 2.7 million wmt, a nine per cent quarter on quarter increase, at an free on board cost of $83 per wmt, as MinRes prepares to transition from Wonmunna to Lamb Creek, with its first ore blast in September 2025.
For lithium, both Wodgina and Mt Marion posted strong recoveries and higher realised prices, with the total quarterly attributable spodumene production across both sites sitting at 137,000 dry metric tonnes (dmt) spodumene concentrate 6 (SC6), with sales of 142,000 dmt SC6.
Wodgina achieved a six per cent production lift and a 31 per cent jump in pricing to $US881 ($1339) per dmt SC6, while Mt Marion delivered an 18 per cent production boost and a 31 per cent improvement in price to $1212 per dmt SC6.
MinRes has continued with exploration endeavours, with Onslow focused on geological mapping, target generation and geophysical surveys across the broader region.
Post-quarter, the company finalised the Lockyer-6 reserve certification and received $41 million from Hancock Prospecting. At the executive level, it strengthened its board with four new independent directors.
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