Overview Key strengths Key risks Fourth-largest iron ore producer globally. Sensitivity to iron ore prices, changes in price realization rates, and foreign exchange movements Low unadjusted cash cost profile and long reserve life. Single commodity producer, single production region (Pilbara), and almost exclusive reliance on Chinese iron ore demand. Strong cash flow generation and robust balance sheet supportive of upcoming development projects and Fortescue Future Industries' capital requirements. Third-quartile cost profile and highest cost producer of scale after value-in-use and sustaining capital expenditure adjustments. Integrated producer with rail, port facilities, and shipping fleet. Execution risk of major projects, albeit mitigated by a solid project development track record. Our base-case scenario assumes Fortescue will maintain strong credit metrics supported by strong
