Overview Key strengths Key risks Fourth-largest iron ore producer globally with assets in the low-risk jurisdiction of Australia. Potential material funding requirements for the renewable business, Fortescue Energy coupled with, the ambitious decarbonization capital expenditure (capex) program. Low C1 cash cost profile and long reserve life, complemented by well-developed rail and port infrastructure. Single commodity producer with earnings sensitive to iron ore prices and almost exclusive reliance on Chinese demand. Strong balance sheet and robust cash flow support financial flexibility as group undertakes decarbonization and invests in Fortescue Energy. Weakest EBITDA margins among the Big Four producers, reflecting a generally lower-quality product. We project iron ore prices will trend down to US$100 per metric ton (mt) in 2025 and US$90
