Fortescue (ASX: FMG) Share Price Today, 27 November 2025: New BlackRock Stake, Green Metal Push and Dividend Focus

Disclaimer: This article is for general information only and does not constitute financial advice. Always do your own research or consult a licensed adviser before investing.

Fortescue share price today (27 November 2025)

Fortescue Ltd (ASX: FMG) heads into Thursday’s trade on the ASX riding a strong burst of momentum.

On Wednesday, 26 November 2025, Fortescue’s share price closed at $21.50, up 2.38% from $21.00 the previous session and marking its third straight daily gain. Over the past two weeks, the stock has climbed roughly 7–8%, with about 7 million shares changing hands on Wednesday alone. ^[1]

Market technicians are starting to take notice. In today’s ChartWatch Daily ASX Scans, Fortescue appears on the “interesting uptrends” list, grouped with a handful of resource names showing strong “excess demand” and constructive price action. ^[2]

At the time of writing, there are no new trading updates or earnings releases from the company itself today, but one fresh regulatory filing and recent sector moves are firmly in the spotlight.

New ASX filing today: BlackRock becomes a substantial Fortescue shareholder

The most significant company-specific development dated 27 November 2025 is an ASX announcement titled “Becoming a substantial holder” lodged by Fortescue.

According to the Form 603 notice:

The BlackRock Group (BlackRock Inc. and a long list of subsidiaries) has notified Fortescue that it became a substantial holder on 24 November 2025. ^[3]
The filing discloses interests in approximately:
- 151,685,295 ordinary shares (ORD), plus
- 1,394,258 American Depositary Receipts (ADRs), each representing two ordinary shares. ^[4]
In voting terms, that equates to about 4.92% of Fortescue’s ordinary shares and a further 0.09% via ADRs – roughly 5.0% of total voting power in the company. ^[5]

For ASX investors, a “substantial holder” notice signals that a large institutional investor has crossed the 5% ownership threshold. It does not automatically mean BlackRock is taking an activist stance, but it underscores heavyweight global interest in Fortescue’s mix of iron ore cash flows and decarbonisation strategy.

In a market currently hungry for quality income and energy-transition stories, seeing one of the world’s largest asset managers on the register at this scale is a notable vote of confidence.

How the wider market is treating Fortescue right now

Miners led yesterday’s rally – and Fortescue was part of the charge

Wednesday’s move in Fortescue didn’t happen in isolation. The S&P/ASX 200 rose 0.81% on 26 November to 8,606.5, with the materials sector up about 1.8%, as heavyweight miners rallied despite a hotter‑than‑expected Australian inflation print. TS2 Tech

Within that sector move, Fortescue was one of the stand‑outs:

Fortescue Metals (FMG): up ~2.4%
BHP Group: up around 2%
Rio Tinto: up about 1.4% TS2 Tech

Stronger iron ore and copper prices, along with ongoing optimism about infrastructure and electrification demand, continue to underpin sentiment in the big miners.

Short‑term technical analysis sites describe Fortescue as sitting “in the middle of a strong rising trend”, with buy signals from both short‑ and long‑term moving averages. One model-based forecast suggests a typical daily swing range today between roughly $21.21 and $21.79, based on recent volatility, while also flagging declining volume as a potential early warning for trend fatigue. ^[6]

Again, these are probabilistic models rather than guarantees, but they highlight why FMG is firmly on traders’ watchlists going into today’s session.

Green metal and decarbonisation: the big story behind FMG’s valuation

Beyond day‑to‑day price moves, Fortescue’s medium‑term story is being reshaped by its push into green metals and energy transition technologies.

Christmas Creek green metal project with Metso

Recent industry coverage has spotlighted Fortescue’s Christmas Creek green metal project in Western Australia’s Pilbara region – a key plank in its strategy to move beyond traditional iron ore. ^[7]

Key points:

Metso has provided the core process design and technology for the project.
The facility will use Metso’s Circored fluidised-bed direct reduction (DRI) process and an electric DRI smelting furnace, designed to produce high‑purity “green metal” using renewable energy and hydrogen‑based reduction. ^[8]
Initial output is expected to exceed 1,500 tonnes per annum, with studies underway for a commercial‑scale plant. ^[9]

This project sits inside Fortescue’s broader “Green Metal Project” portfolio, which the company describes as critical to “help our planet step beyond fossil fuels” and anchor its Real Zero ambitions. ^[10]

ARENA-backed Pilbara Solar Innovation Hub

Earlier in November, the Australian Renewable Energy Agency (ARENA) committed around A$45 million to Fortescue’s Solar Innovation Hub in the Pilbara. The program is designed to fund up to ten projects that trial advanced solar technologies across Fortescue’s mining operations. ^[11]

The aim is straightforward: drive down the cost of renewable power feeding mines, processing hubs and future green hydrogen and green metal facilities – ultimately reducing Fortescue’s operating emissions and improving its long‑term cost position.

Green shipping and the Green Pioneer

Fortescue also continues to publicise progress with the Green Pioneer, billed as the world’s first dual‑fuel ammonia‑powered vessel. The ship has been touring major climate and maritime events and has even been recognised on TIME’s list of best inventions of 2025. ^[12]

While shipping may feel peripheral to Fortescue’s iron ore business, it reinforces the group’s positioning as a “technology, energy and metals” company focused on commercial decarbonisation – a narrative that resonates strongly with ESG‑focused global investors like BlackRock. ^[13]

Earnings, dividends and valuation: what the latest analysis says

Dividend income story remains central

Fortescue has been a favourite among income investors thanks to its fully franked dividends. A detailed dividend assessment published on 26 November highlights several important points: ^[14]

Dividend yield: An indicative range of about 5.5–8.8% (cash yield plus franking benefits), above the broader ASX 200 median.
Payout policy: A target of 60–80% of net profit paid out as dividends.
Franking: Dividends are generally fully franked, which can lift the grossed‑up yield for Australian investors.
Cost position: C1 cash costs around US$18–20 per tonne, placing Fortescue among the lowest-cost iron ore producers globally, which supports dividend resilience through the cycle.

Citing UBS forecasts, the same analysis suggests Fortescue could generate around US$4 billion in net profit in FY2026, supporting a projected dividend of roughly $1.29 per share. Including franking credits, that equates to a gross yield near 8.8% on recent prices, though actual outcomes will depend heavily on iron ore prices and operational performance. ^[15]

Valuation debate: slightly over fair value, or still inexpensive?

A recent valuation piece from Simply Wall St frames Fortescue’s current pricing as something of a tug‑of‑war between traditional valuation multiples and discounted cash flow (DCF) models: ^[16]

Their updated fair value estimate sits around A$18.93 per share, versus the market price near A$20–21 when the analysis was published – implying the stock is roughly 7–8% “overvalued” on that metric.
The consensus analyst price target quoted is about A$17.50, with the most bullish at around A$20.11 and the most bearish near A$15.45.
However, Fortescue’s price‑to‑earnings (P/E) ratio of ~12x is substantially below an industry average near 20.7x, suggesting it still screens as cheap on simple multiples relative to peers. ^[17]

In other words, fundamental models worry about falling profit margins and normalising iron ore prices, while straightforward P/E comparisons highlight Fortescue as one of the more attractively priced large‑cap miners.

How today’s developments fit into the bigger 2025 picture for FMG

Putting it all together, today’s key pieces of information for Fortescue shareholders are:

New substantial holder: BlackRock crossing the 5% ownership threshold, formally disclosed to the ASX on 27 November 2025. ^[18]
Positive price momentum: A three‑day winning streak, a 2.38% gain yesterday and inclusion in prominent technical “uptrend” screens. ^[19]
Macro tailwinds: A broader ASX rally led by materials, with Fortescue among the miners benefiting from firmer iron ore prices and renewed risk appetite despite a hotter inflation backdrop. TS2 Tech+1
Strategic progress: Ongoing development of the Christmas Creek green metal project, ARENA‑backed solar initiatives in the Pilbara, and the continued global profile of the Green Pioneer in green shipping. ^[20]
Income and valuation narrative: Attractive fully‑franked dividend projections counterbalanced by concerns over long‑term iron ore pricing and margin normalisation, leaving Fortescue trading at a discount on P/E but near or above some DCF-based fair value estimates. ^[21]

Key things Fortescue investors may want to watch from here

Without venturing into personal advice, there are several themes that could matter for anyone tracking FMG over the coming weeks:

Iron ore and Simandou supply:
Iron ore remains the core earnings driver. Analysts are watching how the ramp‑up of the Simandou project in Guinea, expected to begin first shipments around late 2025, might affect global pricing from 2026 onwards – and how Fortescue’s lower‑grade ore fits into evolving blend requirements. ^[22]
Execution at Christmas Creek and the Solar Innovation Hub:
Successful commissioning, cost performance and potential scaling of the green metal pilot will influence how the market prices Fortescue’s longer‑term decarbonisation optionality.
Further register moves:
With BlackRock now on the substantial holder list, investors may watch for any subsequent changes in institutional holdings via additional ASX Form 603/604 filings.
Dividend guidance and capital management:
Any updates to Fortescue’s stated payout ratio, debt profile (following earlier tender offers for its bonds) or capital allocation between green projects and iron ore expansion could shift the yield and growth balance. ^[23]
Chinese demand and Australian policy settings:
Data on Chinese steel production and construction, as well as Australian royalty regimes and environmental rules, remain important for earnings, cost base and long‑term project decisions. ^[24]

Bottom line

For 27 November 2025, Fortescue Ltd stands at the intersection of cyclical iron ore strength, a credible dividend story, and a high‑profile decarbonisation push, now with the added endorsement of a new BlackRock substantial holding.

The share price is entering today’s trade with solid upward momentum, but the real story runs deeper than a one‑day move: investors are weighing robust near‑term cash flows and income against the long‑term uncertainties of commodity cycles and ambitious green‑energy execution.

As always, how attractive Fortescue looks will depend on your time horizon, risk tolerance and view of both iron ore and the global transition to low‑carbon steel and shipping.