Fenix Resources (FEX) Q2 2025 TU earnings summary

Executive summary

• On track to triple annual iron ore production to approximately 4 million tons by 2025, with successful commissioning of the Shine mine and Beebyn-W11 expected online in mid-2024.

• Achieved record ten shipments totaling 593,580 wmt in the December 2024 quarter, with a run rate of 2.5 million tons per annum.

• Strategic acquisitions of Beebynganna Hills and Beebyn North expand regional land package and growth potential.

• Cash balance at 31 December 2024 was A$56.9m after significant capital deployment.

• Strong profitability and cash flow margins, with consolidated margin of around AUD 30 per ton across operations.

Financial highlights

• C1 cash costs at Iron Ridge held below AUD 80/ton FOB Geraldton; Shine's initial C1 cash costs at AUD 86.9/ton, below budget.

• Generated A$17.0m net operating cash margin on 593,580 wmt iron ore sales.

• Average consolidated CFR price received was US$95/dmt (A$146/dmt), with shipping at US$18/dmt (A$27/dmt).

• Net receipts from hedging swap contracts totaled A$1.0m; hedge book covers 660,000 tonnes to December 2025 at A$154.54/t.

• Cash as at 31 December 2024 was A$56.9m, down from A$72.0m at 30 September 2024, reflecting over A$30m in capex and other outflows.

Outlook and guidance

• Targeting 4 million tons per annum production in 2025, with Beebyn-W11 commissioning in mid-2024.

• Shine expected to average Stage 1 C1 cash costs of A$67.50/wmt as grade profile improves.

• Confident in maintaining consolidated C1 cash costs at or below AUD 80/ton as production scales.

• Export volumes set to increase in 2025 with additional Shine shipments, Beebyn-W11 sales, and Gold Valley contract.

• Dividend policy remains in place, with future payments subject to profitability and capital needs.