Fortress Minerals Limited reported a net profit of US$3.5 million for the quarter ended Aug 31, 2026, up 78.4 per cent year-on-year, lifted by higher iron-ore sales volumes and firmer average realised selling prices.

Quarterly revenue grew 22.3 per cent YoY to US$20.18 million, while earnings per share increased 81.6 per cent to 0.69 US cent. The company did not declare any dividend for the period.

Sales volume climbed 13.5 per cent YoY to 215,772 dry metric tonnes, and the average realised selling price advanced 8.5 per cent to US$93.69 per DMT. Coupled with a 9.2 per cent reduction in average unit cost of sales to US$32.42 per WMT, gross profit surged 38.2 per cent to US$12.52 million, widening the margin by 7.1 percentage points to 62.0 per cent. EBITDA jumped 71.3 per cent to US$7.23 million. Pre-tax earnings by segment were not disclosed.

Higher selling and distribution expenses, up 26.3 per cent YoY to US$2.64 million, and a 161 per cent rise in finance costs to US$0.33 million partly offset the stronger topline. Management also noted continued pressures from global steel overcapacity and elevated energy costs.

The miner pressed ahead with growth initiatives, including construction of an integrated processing facility at the Bukit Besi mine, development work at the CASB and Seri Bandi projects, and a larger equity stake in Australia-listed Norwest Minerals to broaden its commodities exposure beyond iron ore. Net operating cash flow totalled US$10.9 million in 1H FY2027, lifting cash and bank balances to US$16.6 million as at Aug 31.

Chief executive officer Dato’ Sri Ivan Chee said the stronger quarterly results underscored resilient demand and the benefits of operational efficiencies, while expanded ties with domestic steel mills supported sales. He added that disciplined investments—in particular the Norwest stake and ongoing processing upgrades—aim to reinforce the company’s foundations and position it for long-term, sustainable growth amid mixed global steel market conditions.

Looking ahead, Fortress will monitor volatility in iron-ore pricing linked to China’s steel output and broader macroeconomic headwinds, while maintaining operational flexibility, pursuing selective acquisitions and seeking funding options to support its expansion plans.