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The company’s EBITDA stood at $7.9bn, a 26% decrease from FY24’s $10.7bn. Credit: Light And Dark Studio/Shutterstock.com

Fortescue has reported net profit after tax (NPAT) of $3.4bn for the fiscal year ending June 2025 (FY25), a 41% decline compared to FY24.

Revenue for the period was $15.5bn, down 15% from FY24, primarily due to an 18% decrease in Hematite average revenue to $85 per dry metric tonne. Hematite C1 costs were reported at $17.99 per wet metric tonne, 1% lower than FY24. Total iron ore shipments reached 198.4 million tonnes, a 4% increase from FY24.

Underlying earnings before interest, taxes, depreciation and amortisation (EBITDA) stood at $7.9bn, a 26% decrease from FY24’s $10.7bn, resulting in an underlying EBITDA margin of 51%, down from 59%.

The company reported net cash flow from operating activities of $6.5bn and free cash flow of $2.6bn after investing $3.9bn in capital expenditure (capex). Total capex and investments for FY25 amounted to $3.9bn.

The Board has declared a fully franked final dividend of A$0.60 per share, bringing the total dividends declared for FY25 to A$1.10 per share – a payout ratio of 65% of FY25 NPAT.

Alligator Energy has secured final approval to proceed with the in-situ Field Recovery Trial (FRT) at the Samphire Uranium Project, located near Whyalla in South Australia.

The FRT will include the establishment of three well-field patterns and the placement and construction of a containerised pilot processing plant, with equipment at Alligator’s Whyalla yard.

Ahrens Group, Alligator’s construction contractor, will handle civil works and installation of the pilot plant, reverse osmosis plant, operations and laboratory units, and associated tanks and pipework. The construction schedule anticipates completion of all work packages within an eight-week period, followed by a three to four-week commissioning phase.

The FRT operations will span three to four months, featuring sequential testing of well rings, with inline analysis and on-site lab testing to evaluate results promptly. After this and any additional testwork, the pilot plant and wellfields will be dismantled, and the area will undergo rehabilitation.

Miramar Resources has agreed to form an exploration joint venture (JV) for its Bangemall nickel-copper-platinum group element projects in the Gascoyne region of Western Australia with Sumitomo Metal Mining Oceania, a subsidiary of Sumitomo Metal Mining. The JV agreement includes five exploration licences held by MQ Minerals, a Miramar subsidiary.

As part of the agreement, Sumitomo will reimburse Miramar around A$275,000 ($178,296) for its share of an ongoing magnetic versatile time domain electromagnetic survey, co-funded by the Exploration Incentive Scheme. Sumitomo must commit to a minimum expenditure of A$600,000 within 36 months before it can withdraw. To earn a 60% interest, it plans to invest A$2.5m over three years.

The Bangemall deposits cover approximately 1,230km² across the Edmund and Collier basins. In February 2025, Miramar reported the discovery of disseminated nickel and copper sulphides during co-funded reverse circulation drilling at Mount Vernon.

Bravus Mining and Resources has announced a significant capital investment to enhance production at its Carmichael mine in central Queensland, Australia. The expansion aims to increase output by a third to 16 million tonnes per annum (mtpa) over the next four years.

Bravus COO Mick Crowe said: “Over the last three years our Carmichael mine has safely and efficiently ramped production up to more than 10mtpa... This new investment will increase Carmichael’s output by a third and create more benefits for Queensland.”

Engineering studies and assessments have been completed, with increased production work to commence with the addition of accommodation at the Carmichael mine village.

This strategic move is expected to create hundreds of new jobs and meet rising global demand for thermal coal, driven by the industrialisation of developing nations and the global surge in AI and big data.

Vertex Minerals has announced the completion of the first blast of gold-producing ore on the Lady Belmore Reef on its Reward gold mine project in Australia.

This ore will enhance the existing low-grade gold stockpile being processed at the Gekko gravity processing plant until full mining operations are established. The company is now expected to start processing high-grade stope ore from the underground mine in the coming weeks.

Vertex aims to develop at least four mining fronts, employing various mining methods to maintain a continuous feed to the plant. The Reward gold mine has a resource of 225,000oz at 16.7 grams per tonne (g/t).

The start-up mine schedule includes mining 2,075t at 17.8g/t gold from a developed airleg stope block, with the stope width matching the interpretation of the mineralisation. The mine is projected to achieve up to 95% recovery by gravity processes only.