Fortescue (FMG) — Stock Analysis 2026 [3.7]

Analysis as of 23 August 2026. Price deck: base iron ore US$100/t (62% Fe) — the representative of the 3-, 6- and 12-month trailing averages (US$99.34, US$102.84 and US$103.90/t) on the fixed US$70–110/t grid — with every grid price (US$70, 80, 90, 100 and 110/t) run as a scenario, from extreme bear US$70 to bull US$110/t, and analyst consensus as a 0% cross-check — no spot price. Market data: ASX close on 21 August 2026, A$17.75 per share; company figures in US dollars from the FY2026 Annual Report (year to 30 June 2026), per-share values in Australian dollars at AUD:USD 0.7119. Rating: ★★★½ (3.7/5) Solid / Modestly undervalued (wide band) — fair value A$21.71, implied +22.3%; the price assumes iron ore at US$93.10/t. Refreshed on each half-year and annual report and on material events. For information only, prepared with AI assistance — see the disclaimer at the end.

Fortescue shipped 201.3 Mt of Pilbara iron ore in FY2026 at a hematite C1 cost of US$18.74/wmt, through its own rail line and port, and ended the year with net debt of only US$857 m. The thesis in one line: a low-cost, nearly debt-free iron ore engine whose ore sells at 90% of the benchmark and whose reserve runs 11.6 years, priced at A$17.75 for iron ore at US$93.10/t — below the US$100/t base. Why now: FY2026 brought a US$750 m Iron Bridge impairment, FY2027 guidance lifts C1 to US$20.50–21.75/wmt, and the shares sit within 1% of their 12-month low. To screen Fortescue against every iron ore producer on cost, reserves and reserve life, go to Metal Pilot’s iron ore mining stock screener.

1. Snapshot & thesis

Figure 1. Fortescue in numbers

Figure data: revenue, EBITDA, shipments, C1, net debt and dividend per the Fortescue FY2026 Annual Report (year to 30 June 2026, released 20 August 2026); share price per Yahoo Finance, ASX close 21 August 2026, on about 3,079.4 m shares. NAV, fair value and read per Section 7, rating per Section 9.

Fortescue Ltd (ASX: FMG), headquartered in Perth, is a senior iron ore producer — a producer (mining) in the iron ore sector. Two producing hematite hubs in the Pilbara of Western Australia, Chichester and Western, and 69% of the Iron Bridge magnetite joint operation ship through its own rail line and port; beside them sit one development reserve (Blacksmith), two options (Belinga in Gabon and Cañariaco copper in Peru) and Fortescue Energy, a non-core green-energy business. (Mt = million tonnes; wmt and dmt = wet and dry metric tonnes; C1 = direct cash cost per tonne; the fiscal year ends 30 June.)

Table 1. Fortescue in numbers

Source: Fortescue FY2026 Annual Report and June 2026 quarterly production report (FY2027 guidance); market data per Yahoo Finance, ASX close 21 August 2026. Enterprise value = market capitalisation + net debt at 30 June 2026; yield = A$1.08 ÷ A$17.75. Listed: Public (ASX: FMG).

Thesis in brief. Bull: the hematite C1 of US$18.74/wmt, net debt at 0.10× EBITDA and an asset base that is all but entirely Western Australian give Fortescue room to pay through the cycle — at US$110/t the blend reaches A$31.07. Bear: the ore realises 90% of the index, the reserve covers 11.6 years, C1 is guided up 13% and Iron Bridge is cash-negative at its FY2026 cost — at US$90/t the blend falls to A$13.84. What tips it is the iron ore deck: the price assumes US$93.10/t, and the read turns Fairly valued below about US$96.19/t. The full rating is in Section 9.

How to read this analysis: for the verdict, the statcards and Section 9 are enough; for the evidence, read Section 2 (the assets) through Section 7 (the valuation).

2. Assets & operations

Fortescue is a single-commodity business, so the price it is paid for seaborne iron ore sets almost everything below; for that market, see the Iron Ore — A Complete Market Guide.

2.1 Portfolio overview

Table 2. Asset portfolio, sorted by value

Source: Fortescue FY2026 Annual Report, Ore Reserves and Mineral Resources (JORC 2012) and operations review; June 2026 quarterly production report; Blacksmith Mineral Resource and Ore Reserve update (20 August 2026). Order by enterprise NAV in Section 7; Iron Bridge is held at zero there. Listed: Public (ASX: FMG).

Concentration is near total. The hematite hubs carry US$30.6 bn of the US$39.8 bn enterprise NAV (77%), and 96% with their resources beyond the reserve; Blacksmith adds 3% and Cañariaco 0.25%. One commodity, one region and one rail-and-port system carry the company.

2.2 Revenue split

Figure 2. FY2026 revenue by segment

Figure data: Fortescue FY2026 Annual Report, segment results — revenue from external customers, year to 30 June 2026.

Figure 3. FY2026 revenue by asset

Figure data: Fortescue FY2026 Annual Report. Derived: Iron Bridge = 9.0 Mt shipped × 69% × the US$120/dmt realised price; Pilbara hematite = Metals revenue US$16,830 m less Iron Bridge. Revenue by hub is not filed.

Fortescue’s hematite realised US$91/dmt in FY2026 against a 62% Fe index average of US$101/dmt — 90%, up from US$85/dmt in FY2025 — while Iron Bridge’s concentrate realised US$120/dmt, 119% of the index.

2.3 Pilbara hematite hubs

The Chichester and Western Hubs in the Pilbara are 100% Fortescue and operated by it. Their Ore Reserves at 30 June 2026 (JORC 2012) are 1,226 Mt Proved at 57.2% Fe and 820 Mt Probable at 57.3% Fe — 2,046 Mt of dry product, or 11.6 years at FY2026’s 192.3 Mt of hematite shipments put on the same dry basis (product ships with 8–9% moisture: 176.0 Mt dry). Behind them sit 4,044 Mt of Measured and Indicated resources (2,161 Mt at 56.8% Fe and 1,883 Mt at 55.9% Fe), and the Proved reserve rose from 1,165 Mt in FY2025. The supply chain has capacity for 210 Mtpa. The strip ratio rose to 1.62 in FY2026 and C1 to US$18.74/wmt from US$17.99/wmt; FY2027 guidance is US$20.50–21.75/wmt, with shipping and royalty a further US$14/wmt in FY2026. Encumbrances: the Western Australian state royalty — US$1,002 m in FY2025, 6.45% of revenue — and native title, where the Yindjibarndi compensation cost US$104 m pre-tax in FY2026. FY2027 capital guidance is US$2.3–2.7 bn for sustaining and hub development and US$0.9–1.3 bn for decarbonisation. The asset’s one risk is life: at 11.6 years the reserve is short for a hub system of this size, so conversion of the resource carries a fifth of the valuation (Section 7).

2.4 Iron Bridge magnetite

Iron Bridge is a joint operation in which Fortescue holds 69%, proportionately consolidated. It shipped 9.0 Mt of concentrate in FY2026 (100% basis), is guided to 11–14 Mt in FY2027 and targets a 22 Mtpa nameplate. Its Probable reserve is 1,112 Mt of ore at 30.4% Fe, yielding 338 Mt of concentrate at 67.3% Fe (100%), within a 5,999 Mt magnetite resource. C1 fell to US$105.37/wmt from US$121.21/wmt, but with US$16/wmt of shipping and royalty it still exceeds the US$120/dmt realised price, and FY2026 carried a US$750 m pre-tax impairment (US$525 m after tax). The asset is in operation; its remaining capital and ramp by year are not filed. The one risk is unit cost at nameplate.

2.5 Development options and Fortescue Energy

Blacksmith’s maiden Ore Reserve of 196 Mt at 58.0% Fe (20 August 2026) carries an average royalty of about 7.35%; its capital and first-ore date are not filed. The development properties hold a further 8,884 Mt of hematite resources at 57.0% Fe, and Belinga in Gabon has no filed tonnage. Cañariaco became 100% owned on 10 March 2026, when Fortescue bought the remaining 64.3% of Alta Copper for US$63.2 m; its NI 43-101 resource (10 June 2024) grades 0.38% Cu Measured and Indicated, with 890.4 Mt Inferred at 0.25% Cu. Fortescue Energy earned US$136 m of revenue in FY2026 and is guided to about US$150 m of capital and US$300 m of net operating spend in FY2027.

2.6 Production, reserves & costs

Shipments have grown from 189.0 Mt in FY2022 to 201.3 Mt in FY2026, inside 197–207 Mt for FY2027, while the cost trend runs the other way: hematite C1 from US$17.99 to US$18.74/wmt and a guided midpoint of US$21.125/wmt.

Figure 4. Iron ore shipments by fiscal year

Figure data: Fortescue FY2026 Annual Report, five-year Group performance — total tonnes shipped (wmt).

2.7 Peer positioning

The peer set for every star in Section 9 is five iron ore producers, none in a pending deal: BHP Group, Rio Tinto and Vale, the three larger seaborne suppliers; Champion Iron, a high-grade concentrate producer; and Mineral Resources, an Australian mid-tier.

Table 3. Peer set — quality metrics

Source: Fortescue per the FY2026 Annual Report; peers per their latest annual reports and 20-F (BHP FY2026 results and WAIO technical report summary 2026, Rio Tinto 2025 Annual Report, Vale 2025 Form 20-F, Champion Iron Annual Report 2026, Mineral Resources FY2025 Annual Report). Unit costs are each company’s own basis; reserves compare on Proved, the category both reporting regimes share, and Vale’s tonnes include moisture; Vale and Mineral Resources figures are located by section (their renderings carry no page markers). Listed: all public.

Fortescue ships less than the three larger suppliers and sells a lower-grade product than BHP, Rio Tinto and Champion Iron, so it competes on cost: its 0.10× leverage is the lowest in the table (Mineral Resources 5.9×), and on Proved reserves — the category both reporting regimes share — its 1,226 Mt sits below BHP’s 1,880 Mt at WAIO. Screen the full set on cost, reserves and reserve life on Metal Pilot’s iron ore mining stock screener.

3. Financials & balance sheet

Table 4. Five-year financial summary (US$ m unless stated, years to 30 June)

Source: Fortescue FY2026 Annual Report, five-year Group performance, cash-flow and note 8; FY2022–FY2024 cash flow, net debt, EPS and shares per the FY2023 and FY2024 Annual Reports; FY2022 growth against FY2021 revenue of US$22,284 m (FY2023 Annual Report, five-year summary). Free cash flow = operating cash flow − net investing outflow. FY2026 capital expenditure and investments of US$3,640 m: sustaining and hub development 2,146 · decarbonisation 848 · other projects 368 · exploration and studies 190 · Energy 88 (FY2026 results presentation, p.28).

Figure 5. Underlying EBITDA by fiscal year

Figure data: Table 4.

Earnings fell with the iron ore price and the cost base: the cash margin slid from 60.7% to 50.9% in four years. Operating cash flow of US$6,836 m was 2.4 times FY2026 net profit, because US$2,872 m of depreciation and the US$750 m Iron Bridge impairment are non-cash; underlying profit of US$3,458 m adds back that impairment and the Yindjibarndi compensation after tax. FY2026 capital and investments were about US$3.6 bn, with no filed sustaining and growth split. The cost deck for FY2027: hematite C1 US$20.50–21.75/wmt at an assumed AUD:USD of 0.70, with each cent on the currency worth about US$0.16/wmt and each US$10/barrel of diesel about US$0.20/wmt; the royalty runs at about 6.45% of revenue; tax at the 30% Australian rate, with US$1,821 m paid against a US$1,477 m charge in FY2026 and no tax pools disclosed. Read the statements the way the Commodity Financials — A Metrics Guide sets out.

Balance sheet. At 30 June 2026 cash was US$5,074 m against debt of US$5,931 m including US$629 m of leases — net debt US$857 m, or 0.10× EBITDA, and still 0.2× at half that EBITDA. A US$1,025 m revolver is undrawn to 28 July 2027; the US$959 m syndicated term loan was repaid on 16 September 2025, and the secured VLOC loan (US$231 m) runs to December 2034 and is the only debt with financial maintenance covenants. Gearing was 23%, and the rehabilitation provision stood at US$1,198 m.

Hedging and returns. Fortescue carries no commodity hedge book; it manages currency and interest-rate exposure under policy, with no volumes disclosed. It declared A$1.08 per share for FY2026 and paid US$2,529 m of dividends, 79% of free cash flow, and bought back no shares. About 3,079.4 m shares were on issue on 17 August 2026, plus 8.9 m share rights.

4. Management, strategy & corporate structure

4.1 Management & governance

Founder Dr Andrew Forrest AO is Executive Chairman. Day-to-day leadership is split between Dino Otranto, CEO Metals, and Gus Pichot, CEO Growth and Energy, with Apple Paget as Group CFO. At 30 June 2026 the board had ten non-executive and two executive directors; its committees are Safety and Sustainability (chaired by the Lead Independent Director); People, Remuneration and Nomination; and Audit, Finance and Risk Management. Elizabeth Gaines — CFO from February 2017 and CEO from February 2018 to 2022 — left the board in May 2026. Related-party amounts are not quantified in the documents read. A shareholder class action was announced on 6 July 2026.

4.2 Strategy

The plan is to run the Pilbara for cash at 197–207 Mt in FY2027, ramp Iron Bridge toward 22 Mtpa and decarbonise the operations: Real Zero — Scope 1 and 2 emissions from the Australian iron ore operations — is targeted for 2030 under a US$6.2 bn program, extended in April 2026 by the US$680 m, 200 MW Pilbara Green Energy Project. Fortescue Energy is guided to about US$450 m of capital and net operating spend in FY2027, exploration and studies get US$300–500 m, and growth outside iron ore comes by buying out partners, as with Alta Copper.

4.3 Ownership & structure

The Forrest group — Tattarang, the Minderoo Foundation and Nicola and Andrew Forrest — holds 1,131,365,000 shares (36.74%), steelmaker and customer Hunan Valin 8.68% and BlackRock 5.01%; the top 20 holders own 85.39% (17 August 2026). Material transactions, largest first: the remaining 64.3% of Alta Copper (Cañariaco) for US$63.2 m, completed 10 March 2026, and the remaining 55.64% of Nabrawind for US$11.6 m. Iron Bridge is the one joint operation (69%); non-controlling interests are a US$38 m deficit, and there are no convertibles. Shares on issue were about 3,079.4 m on 17 August 2026, plus 8.9 m share rights.

5. ESG & sustainability

The total recordable injury frequency rate was 1.3 in both FY2025 and FY2026. The Real Zero target is backed by capital — US$0.9–1.3 bn of decarbonisation spend in FY2027 — though the diesel savings are not filed. Billion Opportunities has awarded A$6.8 bn of contracts to Australian First Nations businesses since 2011; against that stands the US$104 m Yindjibarndi native title compensation, the contested point on licence to operate. Tailings storage failure is listed as a principal risk, and Fortescue maintains all its facilities.

6. Risks

Table 5. Risk register

Source: Fortescue FY2026 Annual Report principal risks and operating review; June 2026 quarterly production report; exposure figures per Sections 2, 3 and 7; likelihood and impact (1–5) are the author’s assessment.

Figure 6. Risk matrix — likelihood × impact

Figure data: Table 5; each point prints its likelihood × impact score; the shaded region is the high-likelihood, high-impact quadrant.

The iron ore price sets the value axis and Fortescue leaves it unhedged; Section 7 prices it through the grid, the currency through a ±10% case, and Iron Bridge, Energy and reserve life through their own rows and bounds.

7. Valuation

Valuation as of 23 August 2026, built in US dollars (Fortescue’s reporting currency) and converted to Australian dollars at the AUD:USD close of 0.7119, against the A$17.75 ASX close of 21 August 2026. Horizon: spot fair value. Price deck: base iron ore US$100/t (62% Fe) — the representative of the trailing averages (3-month US$99.34, 6-month US$102.84 and 12-month US$103.90/t, to 21 August 2026) on the fixed US$70–110/t grid — with every grid price run as a scenario (extreme bear US$70 to bull US$110/t); analyst consensus as a 0% cross-check — no spot price. Discount rate 8% real after-tax.

Fortescue is valued as an iron ore producer, following the How to Value Commodity Stocks guide. The Pilbara hematite hubs carry the value on the FY27 guidance — 189.5 Mt of hematite at a US$21.125/wmt C1 midpoint — run to their 11.6-year reserve life; Iron Bridge is valued at Fortescue’s 69% on its ramp to the 22 Mtpa nameplate, Blacksmith’s maiden reserve and the hubs’ resources beyond the reserve sit in their own rows, and Cañariaco is carried at its acquisition price. Fortescue Energy is valued as what it costs: its spend is capitalised with the corporate costs in the bridge.

Enterprise NAV at the base deck is US$39.8 billion: the Pilbara hematite hubs US$30.6 billion (77%), the hubs’ resources beyond the reserve US$7.7 billion (19%), Blacksmith US$1.3 billion and Cañariaco US$0.1 billion. Iron Bridge’s schedule is cash-negative at its FY26 unit cost — about −US$0.2 billion — and is held at zero, the value of the option to idle it. The bridge takes US$9.2 billion, most of it fifteen years of corporate, exploration and Energy costs capitalised at US$7.8 billion, for equity NAV of US$30.6 billion, or A$43.0 billion: NAV of A$15.01 per share, a P/NAV of 1.28×.

Three choices set the level. The rate is the iron ore convention of 8%, with no jurisdiction premium for a Western Australian asset base. The deck sits 11% below its five-year average of US$112.15/t, so the deck and the target multiples flex together across the scenarios. And the hematite NAV runs only to the filed reserve: what lies beyond it enters once, at a conversion factor of 0.25. The two cash-flow methods take the producer anchors — 7.0× forward EBITDA and a 7% FCF yield, moved to 7.8× and 6.3% by the Section 9 scorecard — on the FY27 guidance year, and flex with the deck across the scenarios.

Table 6. Load-bearing inputs — the filed figures the valuation moves on (full source register: Table 20)

Source: the Fortescue FY2026 Annual Report and ASX releases named in each row (full source register: Table 20); iron ore averages from 62% Fe futures closes (Yahoo Finance).

8. Near-term catalysts (1–3 years)

Table 18. Near-term catalysts

Source: June 2026 quarterly production report (FY2027 guidance); FY2026 Annual Report; ASX release of 24 April 2026. All timing is company guidance, not a guarantee.

The FY2027 guidance year carries most of the read: C1 inside its range and shipments near the 202 Mt midpoint underpin the A$27.34 EBITDA value. As a producer with a 36.74% founder holder, Fortescue takes no takeover-optionality read.

9. Rating & verdict

Fortescue is scored on the nine dimensions against the peers in Section 2.7. As an iron ore producer it takes the producer weights — the first five dimensions in Table 19 at 15% each, the other four at 6.25% — none not applicable.

Table 19. Scorecard rationale

Source: each row cites its evidence in this analysis; rows 1, 2, 3, 5 and 6 cite the Section 2.7 peer figures, row 7 the peers’ holder disclosures, and every row names a peer. Rows by weight, then dimension number.

Weighted average: 0.15 × (4 + 4 + 3 + 5 + 3) + 0.0625 × (3 + 2 + 5 + 4) = 2.85 + 0.875 = 3.73/5 (3.7 to one decimal) → ★★★½, Solid.

The two-axis verdict. As of 23 August 2026, quality ★★★½ (Solid) and a value read of Modestly undervalued (wide band) — fair value A$21.71 against A$17.75, implied +22.3% — make Fortescue a re-rating candidate: a low-cost, nearly debt-free Pilbara producer priced for iron ore at US$93.10/t, below the US$100/t base, with FY2027 delivery of C1 inside guidance and the Iron Bridge ramp as the catalysts. Dimensions 1, 2, 5 and 8 set the target multiples, moving every target 12% in the stock’s favour — to 1.12× NAV, 7.8× EBITDA and a 6.3% FCF yield (Table 12).

The bull case is that iron ore holds near US$100/t, C1 lands inside guidance and the 6.1% yield keeps paying; at US$110/t the blend reaches A$31.07. The bear case is an 11.6-year reserve, a 90% realisation and an Iron Bridge that stays cash-negative; at US$90/t the blend is A$13.84, and the read turns Fairly valued below about US$96.19/t. What tips it is the deck, not the operations. Compare Fortescue on these nine dimensions with Metal Pilot’s iron ore mining stock screener.

10. Sources, methodology & disclaimer

10.1 Sources, methodology & data vintage

Company filings. Fortescue’s FY2026 Annual Report and Appendix 4E (year to 30 June 2026, released 20 August 2026) — the five-year performance table, the statements and notes, and the Ore Reserves and Mineral Resources statement at 30 June 2026; the FY2025, FY2024 and FY2023 Annual Reports (the last released 28 August 2023) for the earlier columns; the FY2026 results release and presentation; the quarterly production reports from September 2025 to June 2026 (FY2027 guidance); the H1 FY2026 half-year report; the Blacksmith Mineral Resource and Ore Reserve update (20 August 2026); and ASX releases on the class action, the board, Alta Copper and the Pilbara Green Energy Project.

Peer filings and market data. BHP’s FY2026 results (19 August 2026) and WAIO technical report summary 2026, BHP 2025 Form 20-F, Rio Tinto 2025 Annual Report, Vale 2025 Form 20-F, Champion Iron Annual Report 2026 and Mineral Resources FY2025 Annual Report are on file. Daily closes from Yahoo Finance: FMG.AX, AUDUSD=X and SGX iron ore TIO=F.

Methodology. Filings released on or before 23 August 2026; balance sheet and reserves (JORC 2012) at 30 June 2026; market data at the ASX close on 21 August 2026 (A$17.75; AUD:USD 0.7119). Deck: iron ore US$100/t (62% Fe) on the US$70–110/t grid, every grid price a scenario, 8% real after tax; analyst consensus a 0% cross-check. Weights: NAV 50%, EV/EBITDA 30%, FCF yield 20%. Result: NAV per share A$15.01, fair value A$21.71, implied +22.3%, Modestly undervalued (wide band), market-implied deck US$93.10/t. Scorecard: producer weights against Table 3’s peers. Refreshed on each half-year and annual report and on material events; the next is the H1 FY2027 result. The model’s full output — deck sensitivity, P/NAV map and cross-checks — is claude/valuation-models/fortescue-fmg.out.md.

Re-run log. 23 August 2026: first edition, on the FY2025 Annual Report — 3.7/5 Solid, Fairly valued (wide band) at A$18.02. 18 October 2026: reworked on the same as-of date — rebuilt on the FY2026 Annual Report; price corrected to the A$17.75 close of 21 August 2026 and AUD:USD 0.7119; deck US$100/t (was US$90/t), rate 8% (was 9%); scorecard 3.7/5 Solid (Dim 3 down to ★★★, Dim 5 up to ★★★★★); blend A$21.10, implied +18.9%, read Modestly undervalued (wide band). 18 October 2026, pre-launch fixes: disclosures only — NAV/share A$13.92, blend A$21.10, +18.9%, read unchanged. 18 October 2026, second fix round: disclosures only — Table 4’s FY2022 column from the FY2023 Annual Report, the own EV/EBITDA history extended to FY2022, and page-cited peer figures in Table 3; NAV per share A$13.92, fair value A$21.10 and the read unchanged. 18 October 2026, third fix round: the hematite reserve life rebuilt on one dry basis — 2,046 Mt ÷ 176.0 Mt of FY2026 shipments net of 8–9% moisture, 11.6 years (was 10.6); NAV per share A$15.01 (was A$13.92), fair value A$21.71 (was A$21.10), implied +22.3%, read unchanged; Vale and Mineral Resources figures added to Table 3. 18 October 2026, fourth fix round: text only — Tables 5 and 18 carry the model’s A$13.05–17.40 FX range and A$16.26 Energy bound, and the governance row cites the peers’ holder disclosures; NAV per share A$15.01, fair value A$21.71 and the read unchanged.

Figures and gaps. No asset map is built; revenue by hub is not filed, so Figure 3 splits revenue by asset on derived figures; the optional safety figure is omitted (two years of data). Not on file: an archived analyst-consensus capture on or before 23 August 2026, and a Mineral Resources iron ore reserve (not in its Annual Report); Table 3’s Vale and Mineral Resources figures are located by section.

Table 20. Full source register

Source: the filings and market series named in each row — Fortescue reports and presentations and Yahoo Finance (load-bearing inputs: Table 6).

10.2 Disclaimer & disclosure

This analysis is for informational purposes only and is not investment advice, a recommendation, or an offer to buy or sell any security. It is a point-in-time snapshot as of 23 August 2026: the share price, market capitalisation, enterprise value, multiples and valuation read all move. Shipment, reserve, resource and forecast figures are estimates, prepared on the codes and bases stated beside each table, and forward figures are not achieved results; the NAV/DCF valuation and the multiples are an author-built model, not company figures, and per-share values depend on the stated AUD/USD conversion. The Quality × Value verdict is an analytical read, never an instruction to the reader. This report was prepared with AI assistance; figures were sourced from primary filings and reviewed, but readers should verify every number against the original documents before acting on it. The author holds no position in Fortescue Ltd or in any company named here. Please do your own research and consult a licensed financial adviser.