This report is an updated version of the report published on 25 November 2025, at 12:35 PM AEDT.

Mineral Resources Ltd (ASX: MIN)

Mineral Resources Limited (ASX: MIN) is a diversified Australian resources company with extensive operations across Western Australia. Its business spans multiple segments including mining services, iron ore, lithium, energy, and other commodities. 

Recommendation Rationale – SELL at AUD 47.120

• Trading Near the Resistance: MIN stock has surpassed its R2 level recommended on 12 September 2025, and it might face some consolidation at current level.
• Overvalued Multiples: On a forward 12-month basis – key trading multiples (Price/Earnings, Price/Cash Flow, EV/Sales, and EV/EBITDA) are higher than average of the Metals & Mining Sector.
• Operational Challenges: Pilbara Hub iron ore operations saw a 12% decrease in ore mined quarter on quarter and a 12% decrease in production in Q1 FY26, signaling potential operational challenges or mine life transition impacts. Costs were higher than guidance at AU$83/wmt versus forecast AU$75-80/wmt, though expected to improve in future quarters.
• High Net Debt: Net debt remains high at AU$5.4 billion, despite steady reduction, which could be a concern in a rising interest rate environment, especially given ongoing heavy capital expenditure of approximately AU$1.1 billion forecast for FY26.

 Daily Price Chart

(Source: REFINITIV; Analysis by Kalkine Group)

Valuation Methodology: Price/Cash Flow Multiple Approach (FY June'26E) (Illustrative)

Stock might trade at a slight premium to its peers considering the growth projects such as Onslow Iron, lithium exposure at Wodgina and Mt Marion, earnings diversification across iron ore, lithium and services. For conducting the valuation, the following peers - Whitehaven Coal Ltd (ASX: WHC), South32 Ltd (ASX: S32), and Develop Global Ltd (ASX: DVP), have been considered.

Given the stock has surpassed its R2 level, recent rally in the share price, and risks associated, it is prudent to sell the stock at the current levels. Hence, a ‘Sell’ recommendation is given on the stock at the current market price of AUD 47.120, as of 25 November 2025, at 11:55 AM AEDT.

Markets are trading in a highly volatile zone currently due to certain macro-economic issues and geopolitical issues prevailing geopolitical tensions. Therefore, it is prudent to follow a cautious approach while investing.

Note 1: Past performance is neither an indicator nor a guarantee of future performance.

Note 2: The reference date for all price data, currency, technical indicators, support, and resistance levels is 25 November 2025. The reference data in this report has been partly sourced from REFINITIV.

Note 3: Investment decisions should be made depending on an individual's appetite for upside potential, risks, holding duration, and any previous holdings. An 'Exit' from the stock can be considered if the Target Price mentioned as per the Valuation and or the technical levels provided has been achieved and is subject to the factors discussed above.

Note 4: Kalkine reports are prepared based on the stock prices captured either from REFINITIV or Trading View. Typically, REFINITIV or Trading View may reflect stock prices with a delay which could be a lag of 25-30 minutes. There can be no assurance that future results or events will be consistent with the information provided in the report. The information is subject to change without any prior notice.

Technical Indicators Defined: -

Support: A level at which the stock prices tend to find support if they are falling, and downtrend may take a pause backed by demand or buying interest.

Resistance: A level at which the stock prices tend to find resistance when they are rising, and uptrend may take a pause due to profit booking or selling interest.

Stop-loss: In general, it is a level to protect further losses in case of any unfavourable movement in the stock prices.