Onslow iron ore project's Q2 shipments increased by 59% QoQ

Project Production: In Q2 2025, the iron ore mining volume of the project was 8.12 million mt, up 45% MoM and 835.5% YoY. The significant increase was mainly due to the project's recent commissioning in May last year, resulting in a relatively small production base. The total iron ore mining volume for the 2025 fiscal year was 23.22 million mt.

Project Shipments: In Q2 2025, the iron ore shipment volume of the project was 5.8 million mt, up 59% MoM and 1718% YoY. The substantial growth was also attributed to the small base resulting from the recent commissioning last year, coupled with the commissioning of the fifth transshipment vessel in June this year, which further boosted the project's iron ore shipment volume. The total iron ore shipment volume for the 2025 fiscal year was 14 million mt, reaching the upper limit of the shipment guidance target (13.8-14 million mt). The iron ore shipment guidance target for the 2026 fiscal year is 17.1-18.8 million mt (MinRes attributable interest), equivalent to 30-33 million mt on a 100% basis.

Costs: In Q2 2025, the FOB unit cost was AUD 57/wmt (approximately US$ 37.6/mt), down 2% MoM. The FOB unit cost for the entire 2025 fiscal year was AUD 63/wmt (approximately US$ 41.6/mt), approaching the lower limit of the cost guidance range (AUD 60-70/wmt).

The project's dedicated haul road is currently undergoing upgrades, with 60% of the work completed. It is expected to be finished by the end of September this year. The company stated that due to this, approximately 40% of the road sections have limited capacity due to construction and speed restrictions. Additionally, the report indicated that the Onslow Iron joint venture (JV) has turned its cash flow positive, and the project is steadily progressing towards its designed capacity target of 35 million mt/year. In June this year, it achieved a monthly iron ore shipment volume of 2.7 million mt, equivalent to an annualized capacity of 32.4 million mt.