FMG

FY26 saw solid operational performance with 201.3Mt shipped at US$91/dmt realised price and industry-leading C1 costs of US$18.74/wmt, translating to US$3.5bn underlying NPAT. Robust balance sheet with only US$0.9bn net debt supports capital deployment and a 65% dividend payout, though the presentation lacks forward guidance and detailed capex breakdowns.

Blacksmith Mineral Resource nearly tripled to 615 Mt (56% Fe) and maiden Ore Reserve of 196 Mt established, validating FMG's A$254m Red Hawk acquisition and extending Firetail plant life. Cut-off grade change (57.5% → 51.5%) partly explains the apparent increase, though independent technical verification and density re-estimation support the higher resource.

FMG has lodged its annual Appendix 4G corporate governance statement for FY2026, confirming compliance with ASX listing rules and disclosing governance framework across board charter, director appointments, and executive accountability. This is a statutory filing with no material operational or financial updates.