Fenix Resources (FEX) Status Update summary

Three-year production plan and growth targets

• Production to increase from 2.4 Mt in FY25, 4.2–4.8 Mt in FY26, 4.7–5.3 Mt in FY27, and 5.4–6 Mt in FY28, targeting a 6 Mtpa run rate by FY28.

• Transition from Iron Ridge and Shine to Weld Range (W11 and W10/Beebyn Hub), with Iron Ridge closing by FY26 and Shine Stage 1 completing in early FY27.

• All ore to be mined from existing reserves or measured and indicated resources, with 60% from Ore Reserves and 40% from Measured/Indicated Mineral Resources.

• Plan fully funded from operational cash flows, cash reserves, and existing finance facilities; sustaining capital estimated at AUD 35–45 million.

• Production ramp-up supported by existing mining, logistics, and port infrastructure.

Strategic agreements and growth initiatives

• Secured a 30-year exclusive right to mine Weld Range via agreement with Sinosteel Midwest Corporation, a Baowu subsidiary.

• Commitment to achieve and maintain 6 Mtpa production, with a target to expand to 10 Mtpa in collaboration with Baowu.

• Feasibility and scoping studies underway for expansion to 10 Mtpa, including a second processing hub at Madoonga, with results expected by June 2026.

• Opportunities identified for haulage and shipping cost reductions and strategic infrastructure development.

• Collaboration with Baowu and Sinosteel supports long-term growth, including potential development of Jack Hills and further Weld Range expansion.

Capital and operational efficiency

• Haulage fleet to expand from 70 to 90 trucks to support increased production.

• Beebyn Hub crushing capacity to expand from 3 Mtpa to 6 Mtpa by FY28, with staged capital allocation.

• Sustaining capital mainly covers incremental mining (AUD 15–20 million), port improvements, and logistics upgrades; fleet expansion funded separately.

• Additional mobile equipment to be financed separately; no material cost changes expected over the plan period.

• Geraldton port facilities have capacity well above 10 Mtpa, requiring minimal additional capital for expansion.