Fenix Resources (FEX) Q2 2026 TU earnings summary

Executive summary

• Achieved record iron ore shipments of 1,241k wmt, a 40% increase from the prior quarter and 109% year-over-year, reflecting strong operational scalability and integration across three operating mines.

• Cash position increased to A$78.9m as of 31 December 2025, with a net cash build of A$21.2m for the quarter, driven by strong iron ore prices and production ramp-up.

• Released a 3-Year Production Plan targeting 15Mt of iron ore over FY26–FY28, ramping up to 6Mtpa by 2028, and a Weld Range Scoping Study outlining a pathway to 10Mtpa and mine life extension to 2042.

Financial highlights

• Group C1 cash costs were A$75.0/wmt, in line with the prior quarter and 9% lower year-over-year.

• Group average realised CFR price was A$147.4/dmt, with realised CFR pricing at 91% of the Platts 62% CFR Index.

• Positive operational cash flows of A$43.6m for the quarter.

• Capital expenditure of A$5.7m, mainly for Beebyn-W11 haul road and Weld Range studies.

• Debt repayments of A$7.6m related to the Newhaul logistics fleet.

Outlook and guidance

• FY26 guidance updated to 4.2–4.8Mt iron ore sales at C1 cash costs of A$70–A$80/wmt FOB Geraldton.

• 3-Year Plan targets production ramp-up to 6Mtpa by FY28.

• Weld Range Scoping Study projects expansion to 10Mtpa by 2031, with mine life extended to 2042 and life-of-mine C1 cash costs reduced to ~A$55.4/wmt.

• Definitive Feasibility Study for Weld Range due by June 2026; final investment decision expected in 2028.