Fenix Resources (FEX) H2 2025 earnings summary

Executive summary

• Achieved transformation from a single-mine to a three-mine operator, reaching a 4 million ton per annum production platform by year-end FY 2025, with record iron ore shipments of 2.4 million tons, up 64% year-over-year.

• Successfully developed and commissioned Shine and Beebyn W11 mines, with Shine exceeding first-year expectations and Beebyn W11 commencing production on time and on budget.

• Maintained strong operational safety with zero Lost Time Injuries across mining and logistics, and only one at port operations.

• Declared a fully franked final dividend of $0.01 per share, totaling ~$7.4 million, reflecting confidence in future cash generation.

Financial highlights

• Revenue rose to $316 million, up from $259 million year-over-year, driven by higher sales volumes despite lower prices.

• EBITDA was $54.3 million, down from $73.2 million, reflecting lower prices and ramp-up costs for new mines.

• Net profit after tax was $5.4 million, down from $33.6 million, impacted by increased depreciation and amortization.

• Operating cash flow remained strong at $71.9 million, fully funding growth initiatives and maintaining a $56.8 million year-end cash balance.

• Final fully franked dividend of $0.01 per share, totaling ~$7.4 million or 137% of NPAT.

Outlook and guidance

• FY 2026 production guidance: 4.0–4.4 million tons at C1 cash costs of AUD 70–80 per ton FOB Geraldton.

• FY 2026 will be the first full year reflecting the earnings potential of the expanded three-mine operation.

• Ongoing focus on sustainable cost reductions and initiatives to further lower costs.

• Continued opportunistic hedging of iron ore and currency exposure to manage risk.

• CapEx guidance not provided due to ongoing cost-saving initiatives and potential growth opportunities.