# MinRes reports record Mining Services and lithium sales while keeping FY27 guidance

> Mineral Resources (MinRes) published its Q1 FY27 activity report on 23 October 2026, covering the three months to 30 September. The company said Mining Services production reached a quarterly record of 103 million tonnes, 10% above the previous quarter. Attributable lithium concentrate sales were also a record at 170,000 dry metric tonnes, up 8% quarter on quarter. MinRes maintained FY27 guidance across divisions. These are reported corporate operating metrics; the company’s description of a record is not an industry-wide benchmark.

- **Source date:** 2026-10-23
- **Original source:** [Mineral Resources](https://www.mineralresources.com.au/news/company-updates/q1-fy27-quarterly-activity-report/)
- **Reading time:** 3 min read
- **Language:** English
- **URL:** https://voltformer.com/news/au-minres-q1-fy27-iron-lithium-volumes-20261023
- **Markdown:** https://voltformer.com/news/au-minres-q1-fy27-iron-lithium-volumes-20261023.md
- **Keywords:** Australia, Mining, Iron ore, Lithium, Mining services, Quarterly results, Company results

## Listing and offer terms

Mineral Resources (MinRes) published its Q1 FY27 activity report on 23 October 2026, covering the three months to 30 September. The company said Mining Services production reached a quarterly record of 103 million tonnes, 10% above the previous quarter. Attributable lithium concentrate sales were also a record at 170,000 dry metric tonnes, up 8% quarter on quarter. MinRes maintained FY27 guidance across divisions. These are reported corporate operating metrics; the company’s description of a record is not an industry-wide benchmark.

[Mineral Resources](https://www.mineralresources.com.au/news/company-updates/q1-fy27-quarterly-activity-report/)

## Operating model and current assets

In iron ore, MinRes reported Onslow Iron’s strongest monthly export to date: 3.49 million wet metric tonnes in September. It gave a quarterly free-on-board cost of A\$53 per wet tonne, below its stated A\$54–58 guidance range. Across Onslow Iron and Pilbara Hub, shipments totaled 7.9 million wet tonnes, and the average realized price was US\$83 per dry tonne. The company reported an 85% realization against the Platts 61% iron ore cost, insurance and freight index. MinRes also said Pilbara Hub’s cost was A\$75 per wet tonne and within guidance.

[Mineral Resources](https://www.mineralresources.com.au/news/company-updates/q1-fy27-quarterly-activity-report/)

## Development target

Lithium sales volumes set a record, but the weighted average realized price fell 23% quarter on quarter to US\$1,873 per dry tonne on a CIF basis. MinRes attributed the lower price to weaker September spot-market pricing and noted that its exposure means movements can precede lagging reference indices. The company said Mt Marion was in a transition year: production is expected to moderate as northern pits require elevated stripping and construction proceeds on a flotation plant. The report maintained FY27 guidance while describing these operational and market conditions.

[Mineral Resources](https://www.mineralresources.com.au/news/company-updates/q1-fy27-quarterly-activity-report/)

## Analysis and limits

The report also stated net debt fell by A\$200 million during the quarter to about A\$4.1 billion, while available liquidity was A\$2.5 billion. Analysis and limits: record volumes and lower iron-ore unit costs are favorable company indicators, but do not by themselves establish future margins or cash generation. Lithium pricing moved adversely despite record sales tonnage, illustrating why volume and realized price must be read together. Guidance remains management’s forecast, subject to execution and market conditions. The figures are company-reported, and comparisons across miners require attention to ownership basis, product grade, wet versus dry tonnes, and FOB versus CIF terms.

[Mineral Resources](https://www.mineralresources.com.au/news/company-updates/q1-fy27-quarterly-activity-report/)

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