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2026-11-06
◂ Monitor FMG ASX

Fortescue Ltd

Producer · Iron Ore · AU · PE · GA · GB · ES Rating locked: sign in to view v8 · fmg-20261024t160238-full
Last 2026-11-06
A$15.18
1D
—
1M
—
YTD
—
1Y
—
Upside
Locked: sign in to view
Mkt cap
A$46.7B
EV
A$49.8B
Cash
US$3.2B
Debt
US$5.4B
4 newer ASX announcements not yet reflected in this valuation

Portfolio detail

Assets

6 assets

Core asset

Integrated Pilbara Hematite Operations

AU

Producer100% ownedIron Ore

Issuer economic scope independently reconciled from FY26annual and eligible June/September releases; model assumptions are separate from this factual ledger.

Producer · Producer
Production annualised (attributable)
—
Production (last FY, 100%)
—
AISC (latest quarter)
—
AISC margin at spot
—
Delivery vs guidance
—
Reserve life
—
Head grade
—
Resources & reserves5
TypeCategoryQuantityGradeContained mineralsDate
Mineral Resourcetotal5.1B t56.4% FeIron Ore2026-06-30
Mineral Resourcemeasured2.2B t56.8% FeIron Ore2026-06-30
Mineral Resourceindicated1.9B t55.9% FeIron Ore2026-06-30
Mineral Resourceinferred1B t56.2% FeIron Ore2026-06-30
Ore Reservetotal2B t57.2% FeIron Ore2026-06-30

Material

Iron Bridge

AU

Ramping Producer69% ownedIron Ore

69%JV; operating shipments/capacity quoted gross, IFRS financial results reflect69%share. Resource metric scope is North Star/Eastern Limb plusGlacier Valley; separate mixed-interestSouthStar is not assigned homogeneous69%.

Producer · Ramping producer
Production annualised (attributable)
—
Production (last FY, 100%)
—
AISC (latest quarter)
—
AISC margin at spot
—
Delivery vs guidance
—
Reserve life
—
Head grade
—
Published study economicsIssuer or study metrics
NPVUS$1.4B9.5% discount

Derived recoverable CGU operating-asset proxy, US$2,126m less US$750m. Not a disclosed standalone NPV; embedded cash-flow product-price and capex detail unavailable.

Resources & reserves2
TypeCategoryQuantityGradeContained mineralsDate
Mineral Resourcetotal4.5B t30.707% FeIron Ore2026-06-30
Ore Reservetotal338M t67.3% FeIron Ore2026-06-30
Economic studies1
StudyStageStatusDateSummary
FY26 Iron Bridge CGU impairment assessmentOperating PlanCurrent2026-08-20Issuer probability-weighted FVLCD using life-of-mine production scenarios to 22Mtpa, grade-adjusted forward pricing with undisclosed product premium, long-run AUD/USD 0.73 and 9.5% post-tax nominal discount rate. Recoverable CGU amount inferred as pre-impairment carrying value US$2,126m minus US$750m expense. Group carrying CGU reflects participating interest; not a separately disclosed 100% JV project NPV.

Material

Pilbara Hematite Development Deposits

AU

Resource Stage100% ownedIron Ore

Development resources are additional to operating properties; no reserve or permitted mine plan inferred. May support conversion/replacement in integrated Pilbara model.

Resource / scoping · Resource stage
Contained metal (attributable)
5.1b td
Resource grade
57%
% Measured + Indicated
19.3%d
Resource tonnes
8,884.00 Mt
Our value per attrib. contained unit
Locked
Mining method
—
Resources & reserves4
TypeCategoryQuantityGradeContained mineralsDate
Mineral Resourcetotal8.9B t57% FeIron Ore2026-06-30
Mineral Resourcemeasured32M t59.4% FeIron Ore2026-06-30
Mineral Resourceindicated1.7B t58% FeIron Ore2026-06-30
Mineral Resourceinferred7.2B t56.7% FeIron Ore2026-06-30

Material

Cañariaco Copper

PE

Scoping Study Developer100% ownedCopperGoldSilver

Issuer economic scope independently reconciled from FY26annual and eligible June/September releases; model assumptions are separate from this factual ledger.

Resource / scoping · Scoping study developer
Contained metal (attributable)
—
Resource grade
0.3%d
% Measured + Indicated
—
Resource tonnes
2,017.00 Mtd
Our value per attrib. contained unit
Locked
Mining method
—
Resources & reserves3
TypeCategoryQuantityGradeContained mineralsDate
Mineral Resourcemeasured_indicated1.1B t0.38% CuCopper2024-06-10
Mineral Resourceinferred890.4M t0.249351% CuCopper2024-06-10
Mineral Resourcetotal2B t0.322325% CuCopper2024-06-10

Material

Belinga Iron Ore

GA

Discovery Drill Stage72% ownedIron Ore

Issuer economic scope independently reconciled from FY26annual and eligible June/September releases; model assumptions are separate from this factual ledger.

Exploration · Discovery drill stage
Ownership
72%r
Commodity
Fer
Country
GAr
Best recent intercept (grade x width)
—
Metres drilled (12M)
—
Exploration spend (12M)
—

Material

Fortescue Energy and Zero

AU · GB · ES

Producer100% ownedOthers

Issuer economic scope independently reconciled from FY26annual and eligible June/September releases; model assumptions are separate from this factual ledger.

Operating business / services · Operating
Revenue
US$136.0m
EBITDA margin
—
Utilisation
—
Order book
—
Top customer share
—

d derivedr our researchg guidances study forecastm daily marketNo marker: as reported— / NM missing or not meaningful (hover for why)

Stock database

Other assets

Plants, holdings and assets valued inside a project
Christmas Creek processing · Processing plant / refinery · Operating
Product and spec
—
Nameplate capacity
51.0m t/yrd
Throughput (12M)
—
Utilisation
—
Capital intensity (capex / tpa)
—
Feed source
—
Offtake contracted
—
Cloudbreak processing · Processing plant / refinery · Operating
Product and spec
—
Nameplate capacity
40.0m t/yrd
Throughput (12M)
—
Utilisation
—
Capital intensity (capex / tpa)
—
Feed source
—
Offtake contracted
—
Eliwana dry processing · Processing plant / refinery · Operating
Product and spec
—
Nameplate capacity
30.5m t/yrd
Throughput (12M)
—
Utilisation
—
Capital intensity (capex / tpa)
—
Feed source
—
Offtake contracted
—
Minority equity investments · Equity investment · Held
Investee
—
Holding
—
Shares held
—
Market value
—
% of holder's market cap
—
Cost basis
—
Solomon processing · Processing plant / refinery · Operating
Product and spec
—
Nameplate capacity
70.0m t/yrd
Throughput (12M)
—
Utilisation
—
Capital intensity (capex / tpa)
—
Feed source
—
Offtake contracted
—