Fenix Resources (FEX) Q3 2026 TU earnings summary

Executive summary

• Achieved lowest C1 cash costs in recent quarters at AUD 70/ton, despite cyclone and fuel price challenges.

• Shipped 974k wet metric tonnes of iron ore across sixteen vessels, with two shipments delayed to April due to Cyclone Narelle.

• Processed over 1.2 million tons and shipped just under 1 million tons, growing cash balance to AUD 86 million.

• Maintained strong operational and financial performance despite external challenges, including cyclone disruptions and global diesel supply constraints.

• Continued progress on Weld Range Definitive Feasibility Study and Beebyn-Hub development.

Financial highlights

• Group C1 cash costs reduced to AUD 70/ton, a 7% decrease from the prior quarter and at the bottom of guidance.

• Cash at bank rose to AUD 86.3 million by 31 March 2026.

• Positive operational cash flows of AUD 17.7 million, with additional AUD 13.3 million in iron ore prepayments.

• Capital expenditure of AUD 11.4 million, mainly for Weld Range expansion and new crushing plant.

• Shipping and freight rates peaked but are now returning to budgeted levels.

Outlook and guidance

• Full-year production guidance reaffirmed at 4.2–4.8 million tons, with C1 cash cost guidance of AUD 70–80/ton.

• Costs expected to rise in June 2026 quarter due to higher diesel prices.

• Weld Range DFS completion targeted for second half of 2026.

• Iron ore price environment remains favorable, supporting strong margins.