Mine / resource · Australia

Mt Marion

ProducingVerified 24 Oct 2026As of 24 Oct 2026
Owner
Mineral Resources / Ganfeng
Listed via
MIN.AX1772.HK
Product
Spodumene
Deposit type
Spodumene
Capacity
Q1 FY27 sales 58 kt SC6 (attrib.); FY27 guidance 200–240 kt SC6 SC6e
≈ 32 kt LCE/yr (latest actual)
Location
-31.08°, 121.45°
Source
Filing used for verification

FID May 2026 for flotation plant and underground mining, A$490M (100% basis).

Ownership structure

Effective economic interest of listed owners · As of 24 Oct 2026
Mineral ResourcesMIN.AX50%Ganfeng Lithium1772.HK50%Mt MarionMine / resource

Attributable capacity

Listed ownerStakekt SC/yrkt LCE/yr
Mineral Resources MIN.AX50%≈120≈16
Ganfeng Lithium 1772.HK50%≈120≈16

Capacity × effective stake. kt SC ≈ kt LCE × 7.5 (grade-based, 90% recovery).

Structure: Mineral Resources / Ganfeng.

Value chain

Owners, buyers and the refineries on Li3atlas they feed · As of 24 Oct 2026
Listed ownersMineral ResourcesMIN.AX · 50%Ganfeng Lithium1772.HK · 50%
Mine / resourceMt MarionQ1 FY27 sales 58 kt SC6 (attrib.); FY27 guidance 200–240 kt SC6
Buyers (offtakes)POSCO HoldingsSpodumene concentrate · In proportion to its 30% interest in MinRes' 50% share (indirect 15%)
Their refineries on Li3atlasPOSCO Pilbara Lithium Solution (Gwangyang)Refinery · South Korea

Quarterly production

As of 30 Sept 2026
020406080UnverifiedUnverifiedUnverifiedUnverifiedMar Q 2026: 57 kt SC6e57AUD 903Sep Q 2026: 50 kt SC6e50AUD 1,029Q2 25Q3 25Q4 25Q1 26Q2 26Q3 26Cost/t

kt SC6e, as reported · Source: Mar Q 2026, Sep Q 2026

82$2,392Sales (kt SC6e): 51Mar Q 25Sales (kt SC6e): 52Jun Q 25Sales (kt SC6e): 55Sep Q 25Sales (kt SC6e): 67Dec Q 25Production (kt SC6e): 57Sales (kt SC6e): 53Mar Q 26Production (kt SC6e): 82Jun Q 26Production (kt SC6e): 50Sales (kt SC6e): 58Sep Q 26
Production (kt SC6e)Sales (kt SC6e)Realised price (US$/t) (US$, right axis)Unit cost (≈ US$)
Sep Q 26Jun Q 26Mar Q 26Dec Q 25Sep Q 25Jun Q 25Mar Q 25
Production (kt SC6e)508257————
Sales (kt SC6e)58—5367555251
Implied inventory change (prod − sales)−8—+4————
Unit cost (AUD/t)1,029 ≈$669—903 ≈$587812 ≈$528796 ≈$517717 ≈$466708 ≈$460
Realised price (US$/t)$1,891$2,392$2,076$1,042$797$607$845
Implied cash margin (US$/t)+$1,222 65%—+$1,489 72%+$514 49%+$280 35%+$141 23%+$385 46%

Production minus sales in the same unit: positive = stockpile built at the mine or port, negative = drawn down. Margin = realised price − unit cost converted at fixed FX. Bases can differ (price often CIF and SC6-equivalent, cost FOB per t of the actual grade, before royalties), so treat it as indicative.

Unit cost

As of 24 Oct 2026
Basis
FOB per dmt SC6 (FY27 guidance A$960–1,020; expected at upper end)
Period
FY27 guidance

Cost bridge to US$/t LCE

Reported unit cost
AUD 1,020/t SC6
In US$ (fixed FX)
× 0.65 = $663/t SC6
× t concentrate per t LCE
× 7.49 (6.0% Li₂O, 90% recovery)
Mine cost per t LCE
$4,965/t LCE
+ Conversion to chemicals (assumption)
$3,500 · China Merchant Toll
+ Royalty (WA 5% of realised price)
$701 (5% × SC6 $1,873/t, latest average realised)
Landed cost
$9,166/t LCE
Cost-curve quartile Q4 of 14 operations with a cost

Reported cash costs exclude the 5% WA royalty; it is modelled separately here. The conversion, freight and royalty settings are shared with the cost curve on the map page (Economics).

Position on the cost curve

Landed US$/t LCE, same assumptions as the cost curve · As of 24 Oct 2026
Hombre Muerto West (HMW): $3,963/t LCEQarhan Salt Lake: $4,292/t LCE (implied)Cauchari-Olaroz: $5,897/t LCEYichun lepidolite belt: $6,012/t LCE (implied)Greenbushes: $6,201/t LCEPilgangoora: $7,330/t LCEMibra: $7,416/t LCEWodgina: $7,489/t LCEFinniss: $7,913/t LCEZabuye Salt Lake: $8,265/t LCE (implied)Mt Marion: $9,166/t LCEGrota do Cirilo: $9,503/t LCEKathleen Valley: $10,203/t LCENorth American Lithium: $11,166/t LCE$11,1660

$9,166/t LCE · cheaper than about 15% of costed supply

Grey: every producing mine with a cost (width = capacity). Highlighted: this asset. Lighter dashed bars are implied costs (no reported unit cost).

Milestones

As of 24 Oct 2026

Upcoming (1)

  • H2 2026Completion of POSCO Holdings acquisition of 30% of MinRes lithium JV (indirect 15% of Mt Marion), 1H FY27Other · source

Completed (5)

  • Sept 2026Underground decline blasting commenced (Macmahon)Expansion · source
  • Q3 2026Flotation plant construction commencedExpansion · source
  • May 2026FID: flotation plant and underground mining (A$490M)FID · source
  • 12 Nov 2025Binding agreement: POSCO Holdings to acquire 30% of MinRes lithium JV (indirect 15% of Mt Marion)Other · source
  • Jun 2025Ganfeng and MinRes each commit up to A$150M shareholder loans to Mt Marion JVFinancing · source

Offtakes and supply chain

As of 24 Oct 2026

Sells to

  • POSCO HoldingsSpodumene concentrate · In proportion to its 30% interest in MinRes' 50% share (indirect 15%) · Not stated; from completion of the transaction · planned · source→ buyer's refineries on Li3atlas: POSCO Pilbara Lithium Solution (Gwangyang)

Country risk · Australia

Policy risk: Low As of 24 Oct 2026
Royalty
Western Australia: 5% of gross sales revenue on spodumene concentrate, at first point of sale (since 28 Mar 2020)

Stable fiscal regime; royalty set by the state. source

Change history

Approved changes with their source · As of 24 Oct 2026
DateFieldChangeSource
24 Oct 2026Quarterly figuresnew: Mar Q 2026 · production 57 kt SC6e · sales 53 kt SC6e · cost AUD 903 (FOB per dmt SC6)Mineral Resources Quarterly Activity Report - Q3 FY26 (January to March 2026), ASX 30 April 2026
24 Oct 2026Realised pricenew: Spodumene US$2,076/dmt · Mar Q 2026 · SC6, CIFMineral Resources Quarterly Activity Report - Q3 FY26 (January to March 2026), ASX 30 April 2026
24 Oct 2026Milestonenew: 12 Nov 2025 · Binding agreement: POSCO Holdings to acquire 30% of MinRes lithium JV (indirect 15% of Mt Marion) Other CompletedMinRes and POSCO Holdings to form lithium partnership, ASX 12 November 2025
24 Oct 2026Milestonenew: Sept 2026 · Underground decline blasting commenced (Macmahon) Expansion CompletedMineral Resources Quarterly Activity Report - Q1 FY27 (July to September 2026), ASX 23 October 2026
24 Oct 2026CapacityFY26 sales 242 kt SC6 → Q1 FY27 sales 58 kt SC6 (attrib.); FY27 guidance 200–240 kt SC6Mineral Resources Quarterly Activity Report - Q1 FY27 (July to September 2026), ASX 23 October 2026
24 Oct 2026Realised pricenew: Spodumene US$607/dmt · Jun Q 2025 · SC6 equiv. (CIF not stated)Mineral Resources Quarterly Activity Report - Q4 FY25 (April to June 2025), ASX 30 July 2025
24 Oct 2026Quarterly figuresnew: Jun Q 2025 · sales 52 kt SC6e · cost AUD 717 (FOB per dmt SC6)Mineral Resources Quarterly Activity Report - Q4 FY25 (April to June 2025), ASX 30 July 2025
24 Oct 2026Quarterly figuresnew: Mar Q 2025 · sales 51 kt SC6e · cost AUD 708 (FOB per dmt SC6)Mineral Resources Quarterly Activity Report - Q3 FY25 (January to March 2025), ASX 29 April 2025

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