Fortescue Metals Group Ltd. presents the Mineral Resources and Ore Reserves statements for its Operating and Development Properties as at 30 June 2022. The report updates the Mineral Resource and Ore Reserve estimates in accordance with the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (the JORC Code) as required by the Australian Securities Exchange. The annual summary will be included in Fortescue's fiscal year 2022 Annual Report which should be read in conjunction with the enclosed statement (Mineral Resources and Ore Reserves Update).

Deposit types include Bedded Iron (BID), Channel Iron (CID) and Detrital Iron (DID) mineralisation. The magnetite properties refer to the Iron Bridge Magnetite Project. Fortescue's hematite Ore Reserves at 30 June 2022 is estimated to be 1,986 million tonnes (mt) at 57.4% Fe of dry product, a decrease of 96mt compared to the Ore Reserve estimate at 30 June 2021 largely reflecting depletion due to iron ore sales during the financial year.

Aa at 30 June 2022, the Mineral Resources for the Operating Properties (Chichester, Solomon and Western Hubs, including Flying Fish) is estimated to be 5,166mt at an average Fe grade of 56.2%, a decrease of 201mt over 30 June 2021, with no change to the proportion of higher confidence Measured and Indicated Mineral Resources (68%). As at 30 June 2022, the Mineral Resources for the Development Properties is estimated to be 8,382mt at an average Fe grade of 57.1%. Updates have been completed for deposits in the Nyidinghu and Pilbara Other Hubs as a result of exploration drilling, with an overall increase of 86mt compared to 30 June 2021.

Updated estimates have been produced for the Nyidinghu deposit, and the Mindy South and Wonmunna deposits in the Pilbara Other Hub. A Mineral Resource estimate has been estimated for the new Triton deposit also in the Pilbara Other Hub. The additional tonnes include high grade BID in the Brockman and Marra Mamba Iron Formations.

Magnetite Mineral Resources as at 30 June 2022 are estimated to be 6,184mt with an average mass recovery of 22.7%, an increase of 736mt compared to 30 June 2021. The increase is primarily due to the addition of a maiden Mineral Resource estimate for the South Star deposit which comprises 898mt and occurs along strike to the south of the Glacier Valley area. Magnetite Ore Reserves at 30 June 2022 are estimated to be 844mt (in situ) with an average mass recovery of 29.6%, resulting in an estimated 250mt of magnetite concentrate at an average Fe grade of 67.3%.

This is an increase of 128mt (in situ) compared to 30 June 2021 and is a result of increased confidence in the underlying Mineral Resource from infill drilling.