Reported Earnings • Apr 30
Full year 2026 earnings: Revenues exceed analysts expectations while EPS lags behind Full year 2026 results: EPS: US$0.019 (up from US$0.012 in FY 2025). Revenue: US$64.3m (up 14% from FY 2025). Net income: US$9.80m (up 55% from FY 2025). Profit margin: 15% (up from 11% in FY 2025). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 10%. Earnings per share (EPS) missed analyst estimates by 22%. Revenue is expected to decline by 3.3% p.a. on average during the next 2 years, while revenues in the Metals and Mining industry in Asia are expected to grow by 11%. Over the last 3 years on average, earnings per share has fallen by 20% per year but the company’s share price has only fallen by 11% per year, which means it has not declined as severely as earnings. Buy Or Sell Opportunity • Apr 07
Now 23% overvalued after recent price rise Over the last 90 days, the stock has risen 2.0% to S$0.25. The fair value is estimated to be S$0.20, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 9.2% over the last 3 years. Earnings per share has declined by 27%. Revenue is forecast to decline by 12% in 2 years. Earnings are forecast to grow by 4.3% in the next 2 years. New Risk • Feb 24
New minor risk - Dividend sustainability The company has an unstable dividend paying track record. The dividend has had an annual drop of over 20% in the past. Dividend yield: 1.8% This is considered a minor risk. If the company has cut or reduced its dividend in the past, it may be a sign that the underlying business is too cyclical to consistently maintain or grow the dividend over the long-term. It may also indicate the company prioritizes other outcomes instead of maintaining the dividend. For dividend paying companies, any reduction in the dividend can significantly impact the share price. Currently, the following risks have been identified for the company: Major Risk Earnings are forecast to decline by an average of 2.1% per year for the foreseeable future. Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Share price has been volatile over the past 3 months (9.8% average weekly change). Market cap is less than US$100m (S$125.6m market cap, or US$99.1m). New Risk • Feb 19
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: S$125.6m (US$99.1m) This is considered a minor risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Major Risk Earnings are forecast to decline by an average of 2.1% per year for the foreseeable future. Minor Risks Share price has been volatile over the past 3 months (10% average weekly change). Market cap is less than US$100m (S$125.6m market cap, or US$99.1m). Buy Or Sell Opportunity • Feb 16
Now 20% overvalued after recent price rise Over the last 90 days, the stock has risen 16% to S$0.26. The fair value is estimated to be S$0.21, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 9.2% over the last 3 years. Earnings per share has declined by 27%. Revenue is forecast to decline by 12% in 2 years. Earnings are forecast to grow by 4.3% in the next 2 years. New Risk • Jan 09
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 2.1% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. This is currently the only risk that has been identified for the company. Buy Or Sell Opportunity • Jan 09
Now 45% overvalued after recent price rise Over the last 90 days, the stock has risen 33% to S$0.30. The fair value is estimated to be S$0.21, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 9.2% over the last 3 years. Earnings per share has declined by 27%. Revenue is forecast to decline by 12% in 2 years. Earnings are forecast to grow by 4.3% in the next 2 years. Reported Earnings • Oct 08
Second quarter 2026 earnings released: EPS: US$0.004 (vs US$0.001 in 2Q 2025) Second quarter 2026 results: EPS: US$0.004 (up from US$0.001 in 2Q 2025). Revenue: US$16.5m (up 27% from 2Q 2025). Net income: US$1.99m (up 186% from 2Q 2025). Profit margin: 12% (up from 5.4% in 2Q 2025). Over the last 3 years on average, earnings per share has fallen by 29% per year but the company’s share price has only fallen by 11% per year, which means it has not declined as severely as earnings. Reported Earnings • Jun 12
Full year 2025 earnings: Revenues exceed analysts expectations while EPS lags behind Full year 2025 results: EPS: US$0.012 (down from US$0.019 in FY 2024). Revenue: US$56.3m (up 4.3% from FY 2024). Net income: US$6.32m (down 37% from FY 2024). Profit margin: 11% (down from 19% in FY 2024). Production and reserves: Gold Number of mines: 1 (1 in FY 2024) Revenue exceeded analyst estimates by 9.7%. Earnings per share (EPS) missed analyst estimates by 56%. Over the last 3 years on average, earnings per share has fallen by 20% per year whereas the company’s share price has fallen by 18% per year. New Risk • Jun 06
New major risk - Revenue and earnings growth Earnings have declined by 9.5% per year over the past 5 years. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risk Earnings have declined by 9.5% per year over the past 5 years. Minor Risks Share price has been volatile over the past 3 months (14% average weekly change). Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (10% net profit margin). Market cap is less than US$100m (S$120.4m market cap, or US$93.3m). New Risk • Jun 03
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 21% of the size of the rest of the company's trailing 12-month earnings before tax. This is considered a minor risk. One-off items are incomes or expenses that the company does not expect to repeat in future periods. Examples include profits from the sale of a business or expenses from a restructuring or legal settlements. If the company's reported statutory earnings include a large proportion of one-off items it means they may be an unreliable indicator of its true business performance as the earnings were skewed by these incomes or expenses. Currently, the following risks have been identified for the company: Minor Risks Share price has been volatile over the past 3 months (15% average weekly change). Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (10% net profit margin). Market cap is less than US$100m (S$120.4m market cap, or US$93.5m). New Risk • May 23
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 21% of the size of the rest of the company's trailing 12-month earnings before tax. This is considered a minor risk. One-off items are incomes or expenses that the company does not expect to repeat in future periods. Examples include profits from the sale of a business or expenses from a restructuring or legal settlements. If the company's reported statutory earnings include a large proportion of one-off items it means they may be an unreliable indicator of its true business performance as the earnings were skewed by these incomes or expenses. Currently, the following risks have been identified for the company: Minor Risks Share price has been volatile over the past 3 months (14% average weekly change). Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (10% net profit margin). Market cap is less than US$100m (S$120.4m market cap, or US$93.6m). New Risk • May 14
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of Singaporean stocks, typically moving 14% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. Currently, the following risks have been identified for the company: Major Risk Share price has been highly volatile over the past 3 months (14% average weekly change). Minor Risk Market cap is less than US$100m (S$120.4m market cap, or US$92.5m). New Risk • Feb 13
New minor risk - Dividend sustainability The company has an unstable dividend paying track record. The dividend has had an annual drop of over 20% in the past. Dividend yield: 2.7% This is considered a minor risk. If the company has cut or reduced its dividend in the past, it may be a sign that the underlying business is too cyclical to consistently maintain or grow the dividend over the long-term. It may also indicate the company prioritizes other outcomes instead of maintaining the dividend. For dividend paying companies, any reduction in the dividend can significantly impact the share price. Currently, the following risks have been identified for the company: Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Share price has been volatile over the past 3 months (12% average weekly change). Market cap is less than US$100m (S$120.4m market cap, or US$89.3m). Reported Earnings • Jan 10
Third quarter 2025 earnings released: EPS: US$0.001 (vs US$0.004 in 3Q 2024) Third quarter 2025 results: EPS: US$0.001 (down from US$0.004 in 3Q 2024). Revenue: US$13.0m (up 20% from 3Q 2024). Net income: US$695.8k (down 70% from 3Q 2024). Profit margin: 5.4% (down from 21% in 3Q 2024). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 11% p.a. on average during the next 3 years, compared to a 8.6% growth forecast for the Metals and Mining industry in Asia. Over the last 3 years on average, earnings per share has fallen by 23% per year whereas the company’s share price has fallen by 18% per year. Major Estimate Revision • Oct 29
Consensus revenue estimates fall by 12% The consensus outlook for revenues in fiscal year 2025 has deteriorated. 2025 revenue forecast decreased from US$58.5m to US$51.3m. EPS estimate fell from US$0.031 to US$0.025 per share. Net income forecast to grow 5.8% next year vs 31% growth forecast for Metals and Mining industry in Singapore. Consensus price target up from S$0.39 to S$0.40. Share price was steady at S$0.27 over the past week. New Risk • Oct 23
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: S$125.6m (US$95.1m) This is considered a minor risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Major Risk Share price has been highly volatile over the past 3 months (16% average weekly change). Minor Risk Market cap is less than US$100m (S$125.6m market cap, or US$95.1m). New Risk • Sep 03
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of Singaporean stocks, typically moving 15% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. Currently, the following risks have been identified for the company: Major Risk Share price has been highly volatile over the past 3 months (15% average weekly change). Minor Risk Market cap is less than US$100m (S$125.6m market cap, or US$95.9m). New Risk • Aug 15
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: S$115.1m (US$87.4m) This is considered a minor risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Minor Risks Share price has been volatile over the past 3 months (11% average weekly change). Market cap is less than US$100m (S$115.1m market cap, or US$87.4m). Buy Or Sell Opportunity • Jul 11
Now 22% undervalued after recent price drop Over the last 90 days, the stock has fallen 19% to S$0.26. The fair value is estimated to be S$0.33, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Earnings per share has declined by 29%. For the next 3 years, revenue is forecast to grow by 5.7% per annum. Earnings are also forecast to grow by 10% per annum over the same time period. Announcement • Jun 24
Fortress Minerals Limited Announces One-Tier Tax Exempt Final Dividend for the Financial Year Ended 29 February 2024, Payable on August 23, 2024 Fortress Minerals Limited announced that one-tier tax exempt final dividend of 0.60 Singapore cents per ordinary share for the financial year ended 29 February 2024. Duly completed registrable transfers received by the Company's Share Registrar, B.A.C.S. Private Limited at 77 Robinson Road #06-03 Robinson 77 Singapore 068896 up to 5.00 p.m. on 7 August 2024 will be registered to determine the Shareholders' entitlements to the Final Dividend. Shareholders whose securities accounts with The Central Depository (Pte) Limited are credited with ordinary shares in the capital of the Company as at 5.00 p.m. on the Record Date will be entitled to the Final Dividend. The Final Dividend will be paid on 23 August 2024. New Risk • Feb 16
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: S$130.8m (US$97.2m) This is considered a minor risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Share price has been volatile over the past 3 months (9.0% average weekly change). Profit margins are more than 30% lower than last year (18% net profit margin). Shareholders have been diluted in the past year (4.7% increase in shares outstanding). Market cap is less than US$100m (S$130.8m market cap, or US$97.2m). Reported Earnings • Jan 12
Third quarter 2024 earnings released: EPS: US$0.005 (vs US$0.006 in 3Q 2023) Third quarter 2024 results: EPS: US$0.005 (down from US$0.006 in 3Q 2023). Revenue: US$10.9m (down 3.4% from 3Q 2023). Net income: US$2.33m (down 21% from 3Q 2023). Profit margin: 21% (down from 26% in 3Q 2023). The decrease in margin was primarily driven by lower revenue. Revenue is forecast to grow 8.8% p.a. on average during the next 3 years, compared to a 3.6% growth forecast for the Metals and Mining industry in Asia. Over the last 3 years on average, earnings per share has fallen by 23% per year but the company’s share price has only fallen by 3% per year, which means it has not declined as severely as earnings. New Risk • Oct 20
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: S$136.1m (US$99.2m) This is considered a minor risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Share price has been volatile over the past 3 months (10.0% average weekly change). Shareholders have been diluted in the past year (4.7% increase in shares outstanding). Market cap is less than US$100m (S$136.1m market cap, or US$99.2m). Board Change • Sep 26
Insufficient new directors There is 1 new director who has joined the board in the last 3 years. The company's board is composed of: 1 new director. 8 experienced directors. No highly experienced directors. Executive Director Edmund Chee was the last director to join the board, commencing their role in 2023. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Announcement • Aug 01
Fortress Minerals Limited Announces Appointment of Edmund Chee Ji Kang as Executive Director, Effective 1 August 2023 The Board of Directors of Fortress Minerals Limited announced the appointment of Mr. Edmund Chee Ji Kang as the Executive Director of the Company with effect from 1 August 2023. Following the appointment of Mr. Edmund Chee, the Board consists of the following Directors: 1. Mr. Chew Wai Chuen - Chairman and Independent Director, 2. Dato' Sri Ivan Chee Yew Fei - Executive Director and Chief Executive Officer, 3. Mr. Ng Mun Fey - Executive Director and Chief Operating Officer, 4. Mr. Edmund Chee Ji Kang - Executive Director, 5. Ms Teh Lip Kim - Non-Executive and Non-Independent Director, 6. Mr. Loong Ching Hong - Non-Executive and Non-Independent Director, 7. Ms Willa Chee Keng Fong - Non-Executive and Non-Independent Director, 8. Ms Anita Chew Cheng Im - Independent Director and 9. Mr. Goh Kah Im - Independent Director. Role And Responsibilities: Executive. Mr. Edmund Chee shall engage in close collaboration with the CEO of the Company, pertaining to corporate development and strategic planning within the Group, emphasizing the significance of leveraging technology. In doing so, Mr. Edmund Chee will facilitate the attainment of the Company's present and future objectives by introducing and implementing advancements in technology. Additionally, Mr. Edmund Chee will render valuable assistance in assessing new business opportunity alongside the CEO, for long term sustainable growth of the Company. Working Experience: IT Specialist cum PA to CEO, Fortress Shared Services Sdn. Bhd. (December 2022 - Present) Bachelor of Science in Computer Science Teaching Assistant of Royal Holloway University of London (September 2021 - July 2022). Professional Qualifications: Bachelor of Science in Computer Science (Information Security). Buying Opportunity • Aug 01
Now 23% undervalued after recent price drop Over the last 90 days, the stock is down 24%. The fair value is estimated to be S$0.39, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 16% over the last 3 years. Earnings per share has grown by 6.6%. For the next 3 years, revenue is forecast to grow by 8.6% per annum. Earnings is also forecast to grow by 14% per annum over the same time period. New Risk • Jul 17
New minor risk - Dividend sustainability The company has an unstable dividend paying track record. The dividend has had an annual drop of over 20% in the past. Dividend yield: 2.8% This is considered a minor risk. If the company has cut or reduced its dividend in the past, it may be a sign that the underlying business is too cyclical to consistently maintain or grow the dividend over the long-term. It may also indicate the company prioritizes other outcomes instead of maintaining the dividend. For dividend paying companies, any reduction in the dividend can significantly impact the share price. Currently, the following risks have been identified for the company: Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Share price has been volatile over the past 3 months (9.9% average weekly change). Shareholders have been diluted in the past year (4.7% increase in shares outstanding). Buying Opportunity • Jul 14
Now 20% undervalued after recent price drop Over the last 90 days, the stock is down 21%. The fair value is estimated to be S$0.39, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 16% over the last 3 years. Earnings per share has grown by 6.6%. For the next 3 years, revenue is forecast to grow by 4.9% per annum. Earnings is also forecast to grow by 16% per annum over the same time period. Announcement • Jun 29
Fortress Minerals Limited Announces the One-Tier Tax Exempt Final Dividend for the Financial Year Ended 28 February 2023 Fortress Minerals Limited announced the one-tier tax exempt final dividend of 0.80 Singapore cents per ordinary share for the financial year ended 28 February 2023. Duly completed registrable transfers received by the Company's Share Registrar, B.A.C.S. Private Limited at 77 Robinson Road #06-03 Robinson 77 Singapore 068896 up to 5.00 p.m. on 7 July 2023 will be registered to determine the Shareholders' entitlements to the Final Dividend. The Final Dividend will be paid on 28 July 2023. Reported Earnings • Apr 28
Full year 2023 earnings released: EPS: US$0.025 (vs US$0.028 in FY 2022) Full year 2023 results: EPS: US$0.025 (down from US$0.028 in FY 2022). Revenue: US$53.5m (up 24% from FY 2022). Net income: US$12.6m (down 9.2% from FY 2022). Profit margin: 24% (down from 32% in FY 2022). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 7% per year but the company’s share price has increased by 25% per year, which means it is tracking significantly ahead of earnings growth. Reported Earnings • Jan 14
Third quarter 2023 earnings released: EPS: US$0.006 (vs US$0.006 in 3Q 2022) Third quarter 2023 results: EPS: US$0.006 (in line with 3Q 2022). Revenue: US$11.3m (up 1.8% from 3Q 2022). Net income: US$2.95m (up 3.6% from 3Q 2022). Profit margin: 26% (in line with 3Q 2022). Over the last 3 years on average, earnings per share has increased by 15% per year whereas the company’s share price has increased by 13% per year. Board Change • Nov 16
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 8 experienced directors. No highly experienced directors. Non-Executive & Non-Independent Director Lip Teh was the last director to join the board, commencing their role in 2019. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Announcement • Oct 14
Fortress Minerals Limited Appoints Henry Chow Tiam Chye as Chief Financial Officer Fortress Minerals Limited appointed Henry Chow Tiam Chye as Chief Financial Officer. Working Experience: Group Chief Financial Officer of TMC Life Sciences Berhad (April 2021 to June 2022) Chief Financial Officer of Vizione Holdings Berhad (April 2018 to April 2021) Chief Financial Officer of Hume Industries Berhad (January 2017 to April 2018) Chief Financial Officer of Landmarks Berhad (July 2015 to January 2017) Financial Controller of SapuraKencana Petroleum Berhad (March 2012 to July 2015) Financial Controller of Carigali Hess Operating Company Sdn Bhd (February 2008 to March 2012). Other DirectorShips Past: Thomson Hospitals Sdn Bhd Flynex Sdn Bhd. Professional Qualifications: Institute of Chartered Accountants of Scotland Institute of Chartered Accountants in Ireland Chartered Accountants Australia and New Zealand The Association of Chartered Certified Accountants The Malaysian Institute of Certified Public Accountants. Role And Responsibilities: Executive. Responsible for the overall finance function of the Group. Reported Earnings • Oct 06
Second quarter 2023 earnings released: EPS: US$0.01 (vs US$0.007 in 2Q 2022) Second quarter 2023 results: EPS: US$0.01 (up from US$0.007 in 2Q 2022). Revenue: US$15.5m (up 55% from 2Q 2022). Net income: US$4.87m (up 48% from 2Q 2022). Profit margin: 31% (down from 33% in 2Q 2022). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 16% p.a. on average during the next 2 years, compared to a 5.8% growth forecast for the Metals and Mining industry in Asia. Over the last 3 years on average, earnings per share has increased by 23% per year but the company’s share price has only increased by 17% per year, which means it is significantly lagging earnings growth. Buying Opportunity • Sep 22
Now 23% undervalued after recent price drop Over the last 90 days, the stock is down 11%. The fair value is estimated to be S$0.42, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 25% over the last 3 years. Earnings per share has grown by 33%. Revenue is forecast to grow by 38% in a year. Earnings is forecast to grow by 112% in the next year. Buying Opportunity • Sep 02
Now 20% undervalued after recent price drop Over the last 90 days, the stock is down 24%. The fair value is estimated to be S$0.41, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 25% over the last 3 years. Earnings per share has grown by 33%. Revenue is forecast to grow by 38% in a year. Earnings is forecast to grow by 112% in the next year. Reported Earnings • Jul 07
First quarter 2023 earnings released: EPS: US$0.008 (vs US$0.014 in 1Q 2022) First quarter 2023 results: EPS: US$0.008 (down from US$0.014 in 1Q 2022). Revenue: US$14.6m (down 16% from 1Q 2022). Net income: US$4.20m (down 42% from 1Q 2022). Profit margin: 29% (down from 42% in 1Q 2022). The decrease in margin was primarily driven by lower revenue. Over the next year, revenue is forecast to grow 38%, compared to a 24% growth forecast for the industry in Singapore. Over the last 3 years on average, earnings per share has increased by 33% per year but the company’s share price has only increased by 14% per year, which means it is significantly lagging earnings growth. Announcement • Jul 07
Fortress Minerals Limited Commences Production at CASB Mine Fortress Minerals Limited announced the commencement of production at its recently acquired Cermat Aman Sdn. Bhd. ("CASB") mine. Testing and commissioning of operations at CASB mine were completed in May 2022, with the commencement of production on 1 July 2022. The initial mining will take place in the oxide ore zone, focused on producing high grade iron ore. Local steel mills remain the key customer group for Fortress and the additional production capabilities in the same key mineral resource will help the Group realise synergies as it leverages existing downstream distribution lines. Fortress will also be able to better match customers' specific demands and plan its production between its two producing assets to drive cost savings and extract further efficiencies. This is especially important given the ongoing inflation of production overheads in the current operating environment. Reported Earnings • Jun 09
Full year 2022 earnings: EPS and revenues miss analyst expectations Full year 2022 results: EPS: US$0.028 (down from US$0.037 in FY 2021). Revenue: US$43.4m (down 9.1% from FY 2021). Net income: US$13.9m (down 24% from FY 2021). Profit margin: 32% (down from 38% in FY 2021). Production and reserves: Gold Number of mines: 1 (1 in FY 2021) Revenue missed analyst estimates by 13%. Earnings per share (EPS) also missed analyst estimates by 22%. Over the next year, revenue is forecast to grow 26%, compared to a 21% growth forecast for the mining industry in Singapore. Over the last 3 years on average, earnings per share has increased by 44% per year but the company’s share price has only increased by 24% per year, which means it is significantly lagging earnings growth. Announcement • Jun 07
Fortress Minerals Limited, Annual General Meeting, Jun 22, 2022 Fortress Minerals Limited, Annual General Meeting, Jun 22, 2022, at 11:00 Singapore Standard Time. Agenda: To receive and adopt the Audited Financial Statements of the Company for the financial year ended 28 February 2022 together with the Directors' Statement and the Auditor's Report thereon; To approve a tax-exempt (one-tier) final dividend of 0.80 Singapore cents per share for the financial year ended 28 February 2022; to re-elect Dato' Sri Ivan Chee Yew Fei, a Director retiring pursuant to Regulation 98 of the Company's Constitution; To re-elect Ms Teh Lip Kim, a Director retiring pursuant to Regulation 98 of the Company's Constitution; To re-elect Mr Chew Wai Chuen, a Director retiring pursuant to Regulation 98 of the Company's Constitution; To approve the payment of Directors' fees of S$592,000.00 for the financial year ending 28 February 2023, payable quarterly in arrears; and to discuss other matters. Reported Earnings • Apr 29
Full year 2022 earnings: EPS and revenues miss analyst expectations Full year 2022 results: EPS: US$0.029 (down from US$0.037 in FY 2021). Revenue: US$43.4m (down 9.1% from FY 2021). Net income: US$14.4m (down 21% from FY 2021). Profit margin: 33% (down from 38% in FY 2021). The decrease in margin was driven by lower revenue. Revenue missed analyst estimates by 13%. Earnings per share (EPS) also missed analyst estimates by 22%. Over the next year, revenue is forecast to grow 27%, compared to a 23% growth forecast for the mining industry in Singapore. Over the last 3 years on average, earnings per share has increased by 44% per year but the company’s share price has only increased by 24% per year, which means it is significantly lagging earnings growth. Announcement • Apr 28
Fortress Minerals Limited Proposes One-Tier Tax Exempt Final Dividend for the Financial Year 2022 The Board of Fortress Minerals Limited recommended a one-tier tax exempt final dividend of 0.80 Singapore cents per share for financial year 2022, to reward shareholders for their support as the Group's continues its strategic growth plans. The proposed final dividend will be paid at the date to be announced in due course, subject to shareholders' approval at the forthcoming annual general meeting to be convened at a later date. Board Change • Apr 27
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 8 experienced directors. No highly experienced directors. Non-Executive & Non-Independent Director Lip Teh was the last director to join the board, commencing their role in 2019. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Major Estimate Revision • Jan 20
Consensus EPS estimates fall by 23% The consensus outlook for earnings per share (EPS) in 2022 has deteriorated. 2022 revenue forecast decreased from US$54.6m to US$50.1m. EPS estimate also fell from US$0.05 per share to US$0.04 per share. Net income forecast to grow 12% next year vs 26% growth forecast for Metals and Mining industry in Singapore. Consensus price target down from S$0.51 to S$0.50. Share price rose 7.1% to S$0.45 over the past week. Reported Earnings • Jan 13
Third quarter 2022 earnings: EPS and revenues exceed analyst expectations Third quarter 2022 results: EPS: US$0.006 (down from US$0.009 in 3Q 2021). Revenue: US$11.1m (up 7.3% from 3Q 2021). Net income: US$2.84m (down 35% from 3Q 2021). Profit margin: 26% (down from 42% in 3Q 2021). The decrease in margin was driven by higher expenses. Revenue exceeded analyst estimates by 22%. Earnings per share (EPS) also surpassed analyst estimates by 14%. Earnings per share (EPS) surpassed analyst estimates by 14%. Over the next year, revenue is forecast to grow 2.5%, compared to a 18% growth forecast for the industry in Singapore. Recent Insider Transactions • Dec 03
Board Member recently bought S$152k worth of stock On the 1st of December, Lip Teh bought around 400k shares on-market at roughly S$0.38 per share. This was the largest purchase by an insider in the last 3 months. Insiders have collectively bought S$371k more in shares than they have sold in the last 12 months. Reported Earnings • Oct 09
Second quarter 2022 earnings released: EPS US$0.007 (vs US$0.011 in 2Q 2021) The company reported a poor second quarter result with weaker earnings, revenues and profit margins. Second quarter 2022 results: Revenue: US$9.98m (down 23% from 2Q 2021). Net income: US$3.29m (down 42% from 2Q 2021). Profit margin: 33% (down from 44% in 2Q 2021). The decrease in margin was driven by lower revenue. Board Change • Oct 05
High number of new and inexperienced directors There are 7 new directors who have joined the board in the last 3 years. The company's board is composed of: 7 new directors. 1 experienced director. No highly experienced directors. CEO & Executive Director Ivan Chee is the most experienced director on the board, commencing their role in 2017. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of board continuity. Lack of experienced directors. Announcement • Jul 07
Fortress Minerals Limited Resumes Its Mining Operations Fortress Minerals Limited announced that the Malaysian government's announcement on 3 July 2021 on the transition into Phase 2 of the National Lockdown under the NRP in Perlis, Kelantan, Perak, Pahang and Terengganu on 5 July 2021. Following the Standard Operating Procedures ("SOP") of Phase 2 of the NRP, its mining and processing activities in Bukit Besi, Terengganu, Malaysia have resumed at the approved worker capacity of 80% on 5 July 2021. The Group will continue to have in place the appropriate health, hygiene and distancing measures and adhere to the standard operating procedures at all times to keep its staff safe. Reported Earnings • Jun 05
Full year 2021 earnings released: EPS US$0.037 (vs US$0.013 in FY 2020) The company reported a strong full year result with improved earnings, revenues and profit margins. Full year 2021 results: Revenue: US$47.7m (up 84% from FY 2020). Net income: US$18.3m (up 181% from FY 2020). Profit margin: 38% (up from 25% in FY 2020). The increase in margin was driven by higher revenue. Production and reserves: Gold Number of mines: 1 Reported Earnings • Apr 25
Full year 2021 earnings released The company reported a strong full year result with improved earnings, revenues and profit margins. Full year 2021 results: Revenue: US$47.7m (up 84% from FY 2020). Net income: US$18.3m (up 181% from FY 2020). Profit margin: 38% (up from 25% in FY 2020). The increase in margin was driven by higher revenue. Is New 90 Day High Low • Mar 15
New 90-day high: S$0.35 The company is up 46% from a price of S$0.24 on 15 December 2020. Outperformed the Singaporean market which is up 8.0% over the last 90 days. Exceeded the Metals and Mining industry, which is up 35% over the same period. Recent Insider Transactions • Jan 29
Board Member recently bought S$74k worth of stock On the 27th of January, Ching Hong Loong bought around 250k shares on-market at roughly S$0.30 per share. This was the largest purchase by an insider in the last 3 months. Insiders have collectively bought S$175k more in shares than they have sold in the last 12 months. Is New 90 Day High Low • Jan 11
New 90-day high: S$0.33 The company is up 30% from its price of S$0.25 on 12 October 2020. The Singaporean market is up 15% over the last 90 days, indicating the company outperformed over that time. However, it underperformed the Metals and Mining industry, which is up 36% over the same period. Reported Earnings • Oct 09
First half earnings released Over the last 12 months the company has reported total profits of US$10.7m, up 65% from the prior year. Total revenue was US$32.4m over the last 12 months, up 17% from the prior year. 
