Fortress Minerals - KGI Research 2026-05-13: Record Volume Delivered, But Upside Now More Balanced

• Fortress Minerals (SGX:OAJ) delivered a stronger FY2026 than expected. Full-year revenue reached a record US$64.3m, up 14.2% y-o-y, with sales volume of 724,439 DMT, up 14.5% y-o-y. The result was materially above our previous FY2026 revenue forecast of US$58.2m, primarily because Bukit Besi volumes ramped faster and more consistently than our earlier model assumed. Realised ASP was broadly stable at US$88.66/DMT, down only 0.2% y-o-y, indicating that Fortress defended pricing better than we had anticipated despite a softer benchmark backdrop.

• - Read this at SGinvestors.io -
• - Read this at SGinvestors.io -

• The combination of stronger FY2026 actuals and more conservative medium-term forecasts leads to a more balanced risk-reward profile. Fortress Minerals's share price has moved closer to our revised fair value, while FCF remains constrained by capex and development spending. We therefore downgrade Fortress Minerals to NEUTRAL with a revised 12-month Fortress Minerals's target price of S$0.26.

Record FY2026 Volume Resets the Base, Not the Growth Curve

• Read more at SGinvestors.io.

Chong Ting Shuo KGI Securities Research | https://www.kgieworld.sg/ 2026-05-13

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