Fenix Resources (FEX) Q3 2026 TU earnings summary

Executive summary

• March quarter faced significant operational challenges, including Tropical Cyclone Narelle and Middle East instability impacting diesel supply and prices, causing shipment delays.

• Shipped 974k wet metric tonnes of iron ore across sixteen vessels, with two shipments delayed to April.

• Achieved a haulage milestone of 10 million tonnes since production commenced.

• Maintained strong operational resilience and financial performance, ending the quarter with a cash balance of AUD 86.3 million.

• Continued progress on Weld Range Definitive Feasibility Study and Beebyn-Hub development.

Financial highlights

• Achieved best C1 cash costs in recent periods at AUD 70/ton, a 7% decrease from the prior quarter and at the bottom end of guidance.

• Processed over 1.2 million tons and shipped just under 1 million tons, supporting cost performance.

• Realized iron ore price just over AUD 145/ton CFR, equating to about USD 101/ton, close to the 61% index price.

• Cash at bank rose to AUD 86.3 million from AUD 78.9 million at 31 December 2025.

• Positive operational cash flows of AUD 17.7 million, with additional AUD 13.3 million in iron ore prepayments.

Outlook and guidance

• FY guidance reaffirmed to produce 4.2–4.8 million tons at a cash cost of AUD 70–80/ton.

• Iron ore price trending upwards, currently at USD 107/ton, supporting positive outlook.

• June quarter expected to see C1 costs towards the top of guidance due to diesel and shipping costs, but full-year costs to remain within guidance.

• Weld Range DFS completion targeted for second half of 2026.

• Production tracking towards lower end of guidance due to March quarter delays.