Fortress Minerals has reported lower earnings of US$4.44 million ($5.74 million) for the 1HFY2026 ended Aug 31, down 35.1% y-o-y.
For 2QFY2026, earnings declined 56.7% y-o-y to US$1.96 million.
The group’s revenue for the 1HFY2026 came in 28.2% y-o-y higher at US$32.4 million, and grew 6.4% y-o-y for 2QFY2026 to US$16.5 million.
This increase in revenue was driven by higher sales volume, which increased by 8.6% y-o-y to 190,066 dry metric tonnes (DMT) due to an increase in local sales.
This increase in sales volume was offset by the lower average realised selling price, which was 2.4% lower y-o-y at US$86.32/DMT for 2QFY2026 compared to US$88.46/DMT in the year before due to the weaker average benchmark IODEX CFR North China of Platts Daily Iron Ore Assessments price indices.
Meanwhile, average unit cost of sales increased 30.1% y-o-y to US$35.71/WMT for 2QFY2026, compared to US$27.44/WMT in the same period a year ago. The increase was mainly attributable to higher production costs such as direct materials, blasting and drilling expenses in line with the higher sales volume during the period.
See also: FJ Benjamin FY2025 red ink widens to $16.6 million
Earnings per share was 0.38 US cents for 2QFY2026.
Fortress Minerals says that despite the broader tariff overhang, softer selling price, and higher unit costs, demand for its iron ore concentrate from regional steel mills remains strong, supported by recent offtake agreements and underlying decarbonisation trends.
Shares in Fortress Minerals closed 1 cent lower or 4.167% down at 23 cents on Oct 7.
