Fenix Resources (FEX) Diggers & Dealers Mining Forum 2026 summary

Business Overview and Achievements

• Built an integrated iron ore mining, logistics, and shipping operation in Western Australia's Midwest, with a unique business model focused on high-grade direct shipping ore.

• Achieved and sustained C1 cash costs below AUD 75/ton, outperforming initial feasibility targets and industry peers, with costs declining by 18% since FY22.

• Invested over AUD 300 million in business growth without additional equity raises since 2020, while paying over AUD 75 million in fully franked dividends.

• Owns exclusive 30-year mining rights to 290 million tons of direct shipping ore in the Weld Range, supporting long-term production ambitions.

• Controls the entire supply chain from pit to port, including haulage and port operations, enabling operational efficiency and cost discipline.

Growth Strategy and Future Plans

• Transitioning from three separate mines to a hub-based model, with the Beebyn Hub and future Madoonga Hub supporting a 10 million ton per annum target.

• Three-year plan guides production from 4.4 million tons in FY 2024 to 5 million in FY 2025, and up to 6 million by FY 2028, with a target of ~10Mtpa by FY31.

• Scoping study outlines a pathway to reduce C1 cash costs to AUD 55/ton at 10 million tons per annum scale.

• Infrastructure acquisitions, including Geraldton Port storage and rail sidings, support expansion and logistics integration.

• The three-year production plan to FY28 is fully funded from operations, with a DFS on track for late 2026.

Industry Context and Market Outlook

• Iron ore remains the dominant source of mining royalties in Western Australia, contributing nearly 90% of state royalties.

• Global steel production is projected to reach 1.85 billion tonnes in 2025, with Australia and Brazil supplying two-thirds of seaborne iron ore.

• Iron and steel account for 95% of all global metal production by tonnage, underpinning structural demand.

• Despite a bearish price environment, disciplined cost management and hedging strategies have ensured profitability and shareholder returns.

• Long-term demand for steel and iron ore underpins confidence in future growth, with the Midwest region holding globally significant resources.