Fortress Minerals reported earnings of US$2.48 million ($3.15 million) for the 1QFY2026 ended May 31, 2025, a 7.2% y-o-y increase.
The group reported a revenue growth that grew 62.9% y-o-y to US$15.9 million for the quarter, driven by strong sales volume growth on the back of resilient demand from regional markets.
The group’s gross profit grew 13.5% y-o-y for the 1QFY2026 to US$8.1 million, with a gross profit margin of 50.8%.
Fortress Minerals said that sales volume increased by 102.9% y-o-y to 194,946 DMT for 1QFY2026 due to a combination of higher export shipment of iron ore to meet overseas demand and increased local sales.
This was partially offset by the decline in average realised selling price, which was 18.5% lower y-o-y at US$82.30/DMT for 1QFY2026, compared to US$101.01/DMT in the corresponding period a year ago.
The higher direct material consumption and costs during the period resulted in average unit cost of sales rising 43.9% y-o-y to US$36.66/WMT for 1QFY2026, compared to US$25.48/WMT in 1QFY2025.
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The group’s net asset value (NAV) per share was 13.6% higher y-o-y at 16.20 US cents as at May 31, 2025, compared to 14.26 US cents a year ago. Earnings per share stood at 0.47 US cents for 1QFY2026.
Fortress Minerals says that demand for its iron ore concentrate from regional steel mills remains strongly supported by recent offtake agreements and underlying decarbonisation trends. It will continue to closely monitor the uncertain macroeconomic environment and the impact of global trade policies on steel demand and supply dynamics.
The group entered two agreements in April and May — to subscribe for any undersubscribed portion of shares under its non-renounceable rights issue, and for the exploration and mining in Papua New Guinea respectively.
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In addition, the group says that its diversification strategy continues to advance, with the construction of a new crushing plant in Bukit Besin mine completed as scheduled in 1QFY2026. It is also advancing the development of an integrated processing plant at the CASB mine to enhance production capabilities and support the production of iron ore, copper, and pyrrhotite concentrates.
Shares in Fortress Minerals closed 2 cents higher or 10% up at 22 cents on July 1.
