Mineral Resources (MinRes) is cashing in on a lithium boom, lifting production and guidance as prices soar, according to its quarterly activity report.

The company reported total quarterly attributable spodumene production for the second quarter of the 2025-26 financial year (FY26) of 138,000 dry metric tonnes (dmt) spodumene concentrate 6 per cent (SC6), with sales of 143,000 dmt SC6 and an average realised price reaching $US1,094 per dmt, a 29 per cent increase on the prior quarter.

Reflecting this strong performance, FY26 lithium volume guidance has been increased: Wodgina is now forecast at 260,000–280,000 dmt SC6 (previously 220,000–240,000 dmt) and Mt Marion at 190,000–210,000  dmt SC6 (previously 160,000–180,000  dmt), while cost guidance is maintained across both operations.

The lithium growth comes as MinRes strengthens its balance sheet, with liquidity exceeding $1.4 billion and net debt reduced to approximately $4.9 billion from $5.4 billion.

“Strong lithium prices and improved recoveries have enabled us to increase production guidance while maintaining cost discipline,” the report said.

The company also executed a $US700 million bond issuance in October 2025, refinancing existing debt, and continues rapid deleveraging as Onslow Iron operates at nameplate capacity.

MinRes has also executed a binding agreement with POSCO Holdings Inc for the acquisition of a 30 per cent stake in its operational lithium business at Wodgina and Mt Marion for $1.1 billion ($US765 million), expected to complete in the first half of 2026.

Other milestones included achieving a 70 per cent processing recovery at Wodgina, ramping Onslow Iron to nameplate capacity, and strengthening the Pilbara Hub ahead of the Lamb Creek transition.

The company also welcomed new independent directors Susan Ferrier and Colin Moorhead, and appointed Sarah Standish as joint company secretary in October 2025, reinforcing governance as operations expand.

Read more: New research puts WA on the global lithium map

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