Fenix Resources (FEX) H1 2026 earnings summary

Executive summary

• Achieved record half-year iron ore production of 2.127 million tonnes (up 126% year-over-year), annualizing to a 4.25 million tonne run rate, driven by three operating mines and integrated logistics and port services.

• Revenue increased by 125% year-over-year to A$294.2 million, EBITDA rose 137% to A$48.6 million, and net profit after tax (NPAT) surged 419% to A$9.7 million for the half-year ended 31 December 2025.

• Operational efficiency and scalability validated the multi-mine growth strategy, with Beebyn-W11 mine reaching steady state production.

• Secured a 30-year right to mine agreement at Weld Range, controlling 290–300 million tonnes of high-grade ore, underpinning long-term growth and transforming the business into a long-life producer.

• Integrated supply chain and disciplined cost management underpin strong operational and financial performance.

Financial highlights

• Operating cash flow surged 422% year-over-year to A$56.0 million, with closing cash position at A$78.6 million.

• Group C1 cash costs decreased 7–11% year-over-year to A$75–75.3 per wet metric tonne, hitting the midpoint of guidance.

• Capital expenditure for the half was just under A$40 million, including A$22 million for the Weld Range right to mine and A$9.4 million for Beebyn-W11 commissioning.

• Net assets reached A$181.2 million.

• Dividends paid totaled A$7.4 million during the period.

Outlook and guidance

• Full-year production guidance reaffirmed at 4.2–4.8 million tonnes, with cost guidance of A$70–80 per tonne.

• Weld Range Scoping Study targets ramp-up to 6Mtpa by 2028 and 10Mtpa by 2031, with mine life extended to 2042.

• Life of Mine C1 cash costs for Weld Range projected to reduce to ~A$55/wmt at 10Mtpa.

• Definitive Feasibility Study for Weld Range due by June 2026; final investment decision expected FY28.

• Expectation of continued strong iron ore prices, with hedging and currency strategies in place through FY27.