For FY2026 ended Feb 28, miner Fortress Minerals has reported earnings of US$9.8 ($12.5) million, representing a y-o-y increase of 64.7%, with earnings per share increasing by 50.8% y-o-y to 1.87 US cents.
Revenue rose 14.2% y-o-y to a record US$64.3 million on the back of a 14.5% y-o-y increase in sales volume to 724.4k dry metric tonnes, also a record high. Gross profit, at $37.3 million was higher y-o-y by 11.8%, while gross margin remained “robust” at 58.1%, a slight decrease from the previous 59.3%.
Net cash flow from operating activities for FY2026 was up 44.1% y-o-y to US$19.1 million with cash and equivalents increasing from $8.9 million to US$14.6 during the period. Net asset value per share increased to 18.49 US cents as at Feb 28, 2026, compared to 15.2 US cents as at Feb 28, 2025.
“FY2026 was a year of steady execution for us,” says CEO Ivan Chee. “We strengthened our operating platform at Bukit Besi, achieved record revenue and sales volume, and continued to build a more resilient business amid shifting trade flows and heightened geopolitical risk.”
Outlook-wise, the firm expects demand for its high-grade iron ore concentrate, as a key steelmaking input, to remain supported by ongoing infrastructure and industrial activity across regional markets despite rising economic uncertainty caused by the West Asia conflict. Revenue visibility is provided by a new 12-month offtake agreement with a domestic steel mill in April and two ongoing 24-month offtake agreements.
“While the operating environment remains fluid, our focus stays on reliability of supply, disciplined cost management and prudent capital allocation,” says Chee. “Our expanded offtake agreements with a leading domestic steel mill provides greater commercial visibility and supports our long-term partnerships with customers.”
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For its operations, the company completed construction of a new crushing plant in 1QFY2026 at the Bukit Besi mine in Terengganu. The plant’s commissioning will be aligned with the targeted completion date of the integrated processing facility in FY2027 to optimise production.
At the CASB mine in Pahang, Fortress is continuing development of an integrated processing plant to enhance production capabilities and support the production of iron ore, copper and pyrrhotite concentrates. It has also undertaken preliminary open pit optimisation and early-stage economic assessments based on the current mineral resource model, which indicate potential for a large-scale operation with a higher-value central zone and additional upside from molybdenum as a by-product.
Fortress has also commenced construction of mining and processing facilities at the newly-acquired Seri Bandi mine site in 4Q FY2026 in line with its expansion strategy. It is targeting commencement of iron ore concentrate production by FY2027, with a designed throughput capacity of approximately 600,000 tonnes per annum for this Terengganu mine.
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“Looking ahead, we will continue to progress our processing and development plans to enhance product quality and operational resilience, while monitoring market conditions closely and maintaining a balanced approach to growth and profitability,” adds Chee.
The company is proposing a final dividend of 0.472 cents per share which is higher compared to last year's 0.46 cents.
Shares in the Catalist-board company closed flat at 26 cents on April 29.
