Blacksmith Project Mineral Resource and Ore Reserve Update

• Mineral Resource increased by 153% to 615Mt at an average Fe grade of 56.0%
• Maiden Ore Reserve of 196Mt of dry product at an average Fe grade of 58.0%
• Blacksmith Project is located approximately 25km west of Fortescue's Valley of Queens mine

Fortescue Ltd has reported a significant increase in the Mineral Resource and Ore Reserve for its Blacksmith Project, acquired through the purchase of Red Hawk Mining Limited in March 2025. The Mineral Resource has increased by 153% to 615 million tonnes (Mt) at an average iron (Fe) grade of 56.0%, up from 243Mt at 59.3% Fe in the prior year. The Ore Reserve has also increased to 196Mt of dry product at an average Fe grade of 58.0%, marking the first Ore Reserve reported for the project. The Blacksmith Project is located approximately 25 kilometres west of Fortescue's Valley of Queens mine, which forms part of the Solomon Operations. The reported Mineral Resource and Ore Reserve estimates include the Delta, Eagle, Blackjack, Champion, and Paragon deposits. The increase in Mineral Resource is attributed to a targeted program of technical work completed since the acquisition, including diamond drilling, reverse circulation twin drilling, and selective pulp re-assaying. The Ore Reserve is classified entirely as Probable and is based on an integrated Life of Mine plan under which ore from Blacksmith will be processed through the existing Firetail and Kings ore processing facilities.