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Mineral Resources (MIN) $35.93

MIN -0.88%: Came out with their December quarter result and a management call following. No mention of the governance issues on the call today, it was straight to business, somewhat of an elephant in the room – we haven’t heard much in 2025, though it is well known investigations by ASIC are ongoing. In terms of the operations of the business:

  • All lithium assets realised higher pricing on improved product grade, which will likely offset higher first-half unit costs.
  • Shipments were a touch weaker than expected, but produced and mined volumes were higher.
  • FY25 volume and cost guidance was maintained for all operations

Overall, it was a mixed result. However, we like the progression of key project Onslow iron as it moves toward its 35Mtpa run rate for FY25 and starts to produce free cash flow.

The business echoed our view that they essentially have a ‘free option on lithium’ given the iron ore business is strengthening – capex spend on the lithium side is important to capture as much upside when the lithium market rebounds.

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