Fenix Resources (FEX) Q1 2025 TU earnings summary

Executive summary

• Shipped 769,831 wmt of iron ore in Q3 2024, including 345,950 wmt from Iron Ridge and 423,881 wmt for third parties.

• Iron Ridge C1 cash costs reduced to A$78.8/wmt, with an operating margin of A$46/dmt.

• Mining commenced at Shine Iron Ore Mine; Beebyn-W11 development on track for early 2025 production.

• Cash balance at 30 September 2024 was A$72.0 million after significant project investments.

• No Lost Time Injuries recorded across mining, logistics, and port operations.

Financial highlights

• Iron Ridge CFR price averaged US$106/dmt, outperforming the Platts 62% Fe Index by 7%.

• FY24 revenue was A$259.2 million, EBITDA A$73.2 million, and net profit after tax A$33.6 million.

• Net receipts from hedging swap contracts totaled A$2.2 million; negative quotation period adjustments of A$3.1 million.

• Cash outflows included A$6.8m in taxes/royalties and A$11.1m in project capex.

Outlook and guidance

• On track to triple annual iron ore production in 2025, targeting 4 million tonnes per annum.

• Shine Iron Ore Mine to ramp up production and shipments in Q4 2024.

• Beebyn-W11 approvals progressing, with first production expected early 2025.

• Ruvidini Inland Port development substantially complete, pending final approvals.

• Growth projects to be funded from existing cash reserves.