# FMG: September 2026 Quarterly Production Report Canonical Atlas analysis: https://atlas-staging.minestarters.com/news/fmg-september-2026-quarterly-production-report--23b696c1-ef2c-4cca-8896-937fae7f2391 Original source: https://www.asx.com.au/asx/v2/statistics/displayAnnouncement.do?display=pdf&idsId=03155548 Publisher: asx Original announcement: 2026-10-21T21:56:00.000Z Analysis by Minestarters Atlas Atlas analysis published: 2026-10-21T22:27:11.084Z Atlas analysis updated: 2026-10-21T22:27:11.084Z - Company: Unavailable - Ticker: FMG - Exchange: ASX - Region: Pilbara - Primary commodity: Iron ore - Secondary commodities: Copper - Document categories: Production, Resource update, Metallurgy - Extracted: 2026-10-21 22:27:11 UTC Narrative sentiment: 0.20 · Bullish ## Minestarters Atlas summary Fortescue's Q1 FY27 report shows mixed operational results with iron ore shipments of 46.8 Mt, but sales were impacted by ongoing negotiations with China Mineral Resources Group, and C1 unit costs increased to US$21.98/wmt. Positively, the Blacksmith Project's Mineral Resource increased by 153% to 615 Mt, and a maiden Ore Reserve of 196 Mt at 58.0% Fe was reported. The company also successfully sold over 40 tonnes of copper concentrate processed with its Toowong technology, demonstrating its potential for high-arsenic deposits. Reasoning: The report details mixed operational performance with increased costs and sales challenges, but also highlights significant resource growth and technological advancements. - Positive factor: Significant increase in Blacksmith Mineral Resource. - Positive factor: Maiden Ore Reserve at Blacksmith. - Positive factor: Successful demonstration and sale of copper concentrate using the Toowong Process. - Positive factor: Strong safety results. - Positive factor: Progress in decarbonisation efforts. - Negative factor: Increase in Hematite C1 unit cost. - Negative factor: Iron ore sales below shipments due to CMRG negotiations. - Negative factor: Potential for operations to be affected if CMRG negotiations are not concluded. Facts used in scoring: 16 ## Classification and evidence **Tonnage Growth** Polarity: positive Definition: Significant tonnage increase \(≥15%\) vs prior estimate with grade maintained or improved. Why it applies: The Blacksmith Project Mineral Resource increased by 153 per cent to 615Mt. Evidence · text > Increased the Blacksmith Project Mineral Resource by 153 per cent to 615Mt **Maiden Resource** Polarity: neutral Definition: First formal MRE for the project — establishes baseline but typically exploration-stage with high Inferred component. Why it applies: The company reported a maiden Ore Reserve of 196Mt at an average Fe grade of 58.0% for the Blacksmith Project. Evidence · text > reported a maiden Ore Reserve of 196Mt at an average Fe grade of 58.0% **Novel Processing** Polarity: neutral Story-specific tag Definition: No canonical definition is currently available. Why it applies: Fortescue sold copper concentrate cleaned using its Toowong Process, demonstrating the technology’s potential. Evidence · text > Fortescue sold more than 40 tonnes of copper concentrate cleaned using its Toowong Process, demonstrating the technology’s potential to make high-arsenic copper deposits marketable. **Byproduct Commodity** Polarity: neutral Definition: The tested commodity is a byproduct rather than the primary economic driver. Why it applies: The document discusses copper exploration and a copper concentrate sale, while the primary commodity for Fortescue is iron ore. Evidence · text > Fortescue sold more than 40 tonnes of copper concentrate cleaned using its Toowong Process **Increased Costs** Polarity: negative Story-specific tag Definition: No canonical definition is currently available. Why it applies: Hematite C1 unit cost of US$21.98/wet metric tonne \(wmt\) in Q1 FY27, which is 13 per cent higher than the prior quarter. Evidence · text > Hematite C1 unit cost of US$21.98/wet metric tonne \(wmt\) in Q1 FY27. Higher diesel prices increased C1 unit costs by approximately US$1.40/wmt relative to Q1 FY26. **Sales Impacted** Polarity: negative Story-specific tag Definition: No canonical definition is currently available. Why it applies: Iron ore sales of 42.9Mt were below shipments, reflecting impacts from ongoing negotiations with China Mineral Resources Group \(CMRG\). Evidence · text > Iron ore sales of 42.9Mt were below shipments, reflecting impacts from ongoing negotiations with China Mineral Resources Group \(CMRG\). **Mill Route** Polarity: neutral Definition: Processing via mill or concentrator \(CIL, CIP, tank leach, flotation\). Why it applies: the document describes a flotation route \("concentrate"\) **Single Domain Only** Polarity: negative Definition: Testing limited to one composite or domain — representativeness not established. Why it applies: only one composite was tested ## Extracted facts Stored fact records: 3. Some facts used in scoring do not have a stored record. ## Resource Estimates (2) ### Fact 1 [Link to this fact](https://atlas-staging.minestarters.com/news/fmg-september-2026-quarterly-production-report--23b696c1-ef2c-4cca-8896-937fae7f2391#fact-resource-facts-0) Blacksmith Project · iron\_ore #### Identity - Project: Blacksmith Project - Commodity: iron\_ore - Ticker: FMG #### Resource scope - Estimate type: resource - Resource group id: resource:82af48d0051967797a6f #### Resource Data - Tonnes: 615000000 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-21T00:00:00.000Z Reasoning: The Blacksmith Project's Mineral Resource increased by a substantial 153% to 615Mt, indicating significant growth potential for the project. - Positive factor: Significant tonnage growth \(153% increase\). Evidence · text > Increased the Blacksmith Project Mineral Resource by 153 per cent to 615Mt #### Tags used in scoring **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ### Fact 2 [Link to this fact](https://atlas-staging.minestarters.com/news/fmg-september-2026-quarterly-production-report--23b696c1-ef2c-4cca-8896-937fae7f2391#fact-resource-facts-1) Blacksmith Project · iron\_ore #### Identity - Project: Blacksmith Project - Commodity: iron\_ore - Ticker: FMG #### Resource scope - Estimate type: reserve - Resource group id: resource:7d900c094e1cefa7efe2 #### Resource Data - Tonnes: 196000000 - Grade: 58 - Grade Unit: % #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-21T00:00:00.000Z Reasoning: The reporting of a maiden Ore Reserve for the Blacksmith Project is a significant de-risking event, establishing a substantial economically viable portion of the resource at a good grade. - Positive factor: Maiden Ore Reserve establishes economic viability. - Positive factor: Good grade for iron ore \(58.0% Fe\). Evidence · text > reported a maiden Ore Reserve of 196Mt at an average Fe grade of 58.0% #### Tags used in scoring **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ## Metallurgical Results (1) ### Fact 1 [Link to this fact](https://atlas-staging.minestarters.com/news/fmg-september-2026-quarterly-production-report--23b696c1-ef2c-4cca-8896-937fae7f2391#fact-metallurgical-facts-2) copper #### Identity - Commodity: copper - Ticker: FMG #### Test Work - Processing Route: Toowong Process - Sample: copper concentrate cleaned using its Toowong Process #### Reagents - Reagent Notes: sold more than 40 tonnes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-21T00:00:00.000Z Reasoning: The sale of copper concentrate processed with the Toowong Process demonstrates the commercial viability and potential of this novel technology for high-arsenic deposits, which is a positive metallurgical development. - Positive factor: Demonstrates potential of novel processing technology. - Positive factor: Successful commercial sale of concentrate. Evidence · text > Fortescue sold more than 40 tonnes of copper concentrate cleaned using its Toowong Process, demonstrating the technology’s potential to make high-arsenic copper deposits marketable. ## How Atlas produces this analysis Minestarters Atlas uses automated extraction to summarize mining announcements, identify reported measurements, and classify supporting evidence. Sentiment reflects the extracted narrative and classification rules; it is an interpretation, not a reported measurement. Evidence quotes and context are provided where available. Missing data, low-confidence results, and review flags indicate limitations. Check the original publisher announcement before relying on an interpretation.