Just adding my two cents here:Mineral Resources is currently...

Just adding my two cents here:

Mineral Resources is currently trading at an enterprise value of approximately $10 billion (comprising a $5 billion market cap and $5 billion in debt), supported by its 35Mtpa iron ore capacity. In comparison, Fortescue is valued at around $60 billion including debt, with a capacity of 200Mtpa.

This puts MinRes’s valuation in line with FMG on a per-tonne basis:
$60B FMG valuation / 200Mtpa FMG capacity × 35Mtpa MinRes capacity = ~$10.5B implied valuation

In addition to iron ore, MinRes’s lithium assets—based on the valuation of PLS—could be worth around $1.5–2 billion, even though they are only breakeven at best.

Historically, MinRes has traded at a ~20% premium to FMG due to its diversified exposure. However, the market is currently applying a forward discount: sentiment is weak on lithium recovery, there's concern about MinRes’s ability to deleverage, and uncertainty remains around achieving nameplate capacity at Onslow.

If iron ore prices push back above $100/tonne, a re-rating could follow, potentially returning MinRes to its January highs around $35. Notably, there's a volume shelf at that level, reinforcing its significance.

From a technical standpoint, the current price action resembles a Volatility Contraction Pattern —a break above the $27 level could trigger a fresh rally as it will form Higher Low Higher High formation leading to $34 which is also 50 week average.