Mineral Resources (ASX: MIN) has delivered record revenue of $6.5 billion for the full year ended 30 June 2026, producing the strongest financial results in its 20-year history as a listed company.

Revenue climbed 44%, supported by record volumes across all divisions and improved commodity prices. The company also reported record underlying EBITDA of $2.6 billion, up 183%, representing an underlying EBITDA margin of 39%.

The result marks a sharp turnaround for the diversified miner and mining services group, whose contracting arm — long built around a build-own-operate crushing model — sits alongside iron ore and lithium operations across Western Australia.

Managing Director Chris Ellison said the result was underpinned by record Mining Services performance.

"The past 12 months stand among the most significant in MinRes' history. Record operational and financial results reflect years of strategic investment, positioning the company to enter its third listed decade with a stronger foundation than at any point in our 20-year journey on the ASX," he said.

"Onslow Iron achieved nameplate capacity of 35 million tonnes per annum (Mtpa) in August 2025, just three years after we reached a final investment decision. The speed of delivery is a demonstration of the inhouse capability we have developed across the business, with strong cash flow from the project now accelerating the deleveraging of the balance sheet.

"No company achieves what MinRes has without an exceptional workforce."

Onslow Iron, in Western Australia's West Pilbara, ranks among the largest new iron ore operations brought into production in Australia this decade, and its rapid ramp now anchors the group's improved cash generation.

Turning to FY27, MinRes is forecasting Mining Services volumes growth of nine per cent to 14 per cent on last year.

"This continued growth will be driven by operating Onslow Iron beyond nameplate, the restart of Bald Hill, increased mining at Mt Marion and our growing external order book.

"Following years of investment to improve plant recoveries and reduce costs, our three lithium assets are well placed to capitalise on improved prices as demand is driven by energy storage and the transition to electric vehicles."

The upbeat lithium commentary follows a prolonged slump in spodumene prices that triggered curtailments across the hard-rock sector, including MinRes placing Bald Hill into care and maintenance in late 2024 before moving to restart the mine.

At Wodgina, one of the world's largest known hard-rock lithium deposits, after several years of increased stripping, MinRes expects clean ore to feed all three trains from Q2 FY27 and to increase sales volumes by 14 per cent to 23 per cent.

"It will be a transitional year at Mt Marion as we invest in a flotation plant and underground mining, while Bald Hill is on track to reach nameplate in Q2.

"Our priorities for FY27 are to achieve guidance across all divisions, execute low-risk, high-returns brownfield investments, continue to strengthen the balance sheet and ensure MinRes is positioned for our next phase of growth within our significantly improved governance frameworks and capital allocation model.

"When I think back on the past 20 years, what I'm most proud of is not simply what we have achieved. It's that we've developed the people, assets, capabilities and culture to drive even more success in the decades ahead."

The governance and capital allocation remarks follow a period of board renewal and framework changes at the Perth-based company.

Prior to markets opening, MIN shares were steady at $67.16, with a market capitalisation of $13.20 billion.