Link: https://links.sgx.com/1.0.0/corporate-announcements/ITF3HNBEMJA28STY/58dbf2bc82bd00c94bf9eee1879423e0bb5c6b2a18e5e5f1d2fcb6453c0dcc23

Summary:

• Revenue rose 6.4% year-on-year for 2Q FY2026 to US$16.5 million. For six months ended Aug 2025, revenue increased 28.2% to US$32.4 million.

• Cost of sales grew 41.8%, causing gross profit for the quarter to drop 11.8% to US$9.06 million. Gross profit margin decreased to 54.9%.

• Profit after tax declined significantly—down 56.7% for the quarter (US$2.0 million vs US$4.5 million last year) and 35.1% for the first half (US$4.4 million vs US$6.8 million).

• Causes for lower profit include increased production costs, a 2.4% dip in average selling price, higher depreciation and operating expenses, and lower other income due to reduced forex gain.

• The Group has begun strategic expansion beyond iron ore, entering other critical minerals aligned with sustainability priorities. Ongoing investments and acquisitions target growth in Malaysia and the region.

• Net asset value per share as of Aug 2025 improved to 16.30 US cents, up from 15.13 US cents in Feb 2025.

• Despite challenges, Fortress Minerals remains committed to prudent portfolio growth, operational excellence, and sustainability standards.