Fenix Resources (FEX) H1 2026 earnings summary

Executive summary

• Achieved record half-year iron ore production of 2.127 million tonnes (2,127k wmt), annualizing to a 4.25 million tonne run rate, a 126% increase year-over-year, driven by three operating mines and integrated logistics.

• Revenue increased by 125% year-over-year to $294.2 million, EBITDA by 137% to $48.6 million, and net profit after tax (NPAT) by 419% to $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 300 million tonnes of high-grade ore, 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 rose to $56.0 million (up 422% year-over-year), with cash assets at period end of $78.6 million.

• C1 cash costs decreased 11% year-over-year to AUD 75 per wet metric tonne, hitting the midpoint of guidance.

• Capital expenditure for the half was just under $40 million, including $22 million for the Weld Range right to mine.

• Aggressive repayment of haulage fleet assets, building over $35 million in equity.

• Net assets at period end were $181.2 million.

Outlook and guidance

• Full-year production guidance reaffirmed at 4.2–4.8 million tonnes, with cost guidance of AUD 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 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.