Fenix Resources (FEX) investor relations material

Growth strategy and production targets

• Aims to deliver 6Mtpa by FY28 and targets 10Mtpa by FY31, supported by a 290Mt Weld Range resource and 30-year exclusive mining rights with Baowu.

• Three-year production plan is fully funded from operations, with FY26 guidance of 4.2–4.8Mt at C1 costs of A$70–80/t.

• Weld Range scoping study confirms pathway to 10Mtpa by 2031, with average annual EBITDA of ~A$235M and mine life to 2042.

• Feasibility study underway for post-FY28 expansion, leveraging private haul road and technology enhancements.

Integrated operations and infrastructure

• Operates a fully integrated pit-to-port model, owning 100% of mining, logistics, and port assets in Western Australia's Mid-West.

• Logistics capacity is scalable to 10Mtpa, with a new workshop in Geraldton and a 100% owned fleet.

• Port access at Geraldton is secured to 2054, with infrastructure supporting up to 10Mtpa and 400,000t storage.

• Strategic consolidation will transition operations to two main hubs, reducing logistics complexity and maximizing infrastructure utilization.

Financial and operational highlights

• Pre-tax NPV10 at spot prices is A$3.0B, based on A$521M development capital.

• Cash at bank stands at A$86.3M as of 31 March 2026, with a market cap of A$252M at A$0.33 per share.

• Dividend-paying, with growth funded from operations and a disciplined capital allocation policy.

• Consistent delivery since 2020, including asset acquisitions, production milestones, and shareholder returns.