• Total Recordable Injury Frequency Rate (TRIFR) of 1.0, 44% lower than previous year
• Record half year shipments of 97.1Mt, 3% higher than previous year
• Hematite C1 cost 10% lower than previous quarter

Fortescue Ltd reported strong operational performance in the December 2024 quarter, with total iron ore shipments of 49.4 million tonnes (Mt) contributing to shipments of 97.1Mt in H1 FY25, the highest half year shipments in Fortescue's history. The company maintained its focus on safety, with the Total Recordable Injury Frequency Rate (TRIFR) at 1.0 as of 31 December 2024, 44% lower than 1.8 at 31 December 2023. Hematite C1 cost of US$18.24/wet metric tonne (wmt) was 10% lower than Q1 FY25, reflecting increased ore mining volumes, lower strip ratio, and a favourable AUD:USD exchange rate. Hematite average revenue was US$87/dry metric tonne (dmt), realising 85% of the average Platts 62% CFR Index, while Iron Bridge Concentrate revenue of US$117/dmt was 99% of the average Platts 65% CFR Index and 113% of the average Platts 62% CFR Index. Fortescue's cash balance stood at US$3.4 billion, with net debt of US$2.0 billion at the end of the quarter. The company continued to make progress on its decarbonisation plan, awarding a contract to purchase over 100 pieces of zero emissions heavy mobile equipment. Fortescue's guidance for FY25 shipments, C1 cost, and capital expenditure remains unchanged.

FY25 iron ore shipments of 190 - 200Mt, including 5 - 9Mt for Iron Bridge (100% basis); Hematite C1 cost of US$18.50 - US$19.75/wmt; Fortescue Metals capital expenditure of US$3.2 - US$3.8 billion; Fortescue Energy net operating expenditure of approximately US$700 million and capital expenditure of approximately US$500 million. Guidance is based on an assumed FY25 average exchange rate of AUD:USD 0.68.

Fortescue continues to advance its portfolio of green technologies to accelerate the transition to Real Zero and is progressing its green energy projects in a disciplined manner. The company is also assessing the implications of the final rules for the section 45V Clean Hydrogen Production Tax Credit established by the Inflation Reduction Act for its US projects.