Fenix Resources (FEX) Q4 2025 TU earnings summary

Executive summary

• Achieved record quarterly iron ore shipments of 760,000 wet metric tons, with all three mines—Iron Ridge, Shine, and Beebyn-W11—operational and contributing to production.

• Commissioned Beebyn-W11 mine, with first shipment expected in August 2025, supporting a 4 million-ton per annum run rate.

• C1 cash costs reduced to AUD 71.60/wmt at Iron Ridge and AUD 51.80/wmt at Shine, supporting improved margins.

• Cash position increased to AUD 56.8 million as at 30 June 2025, driven by strong operational cashflow and disciplined capital allocation.

• Strategic milestones achieved: 6 million tons shipped from Iron Ridge, 1 million from Shine, and 100th shipment milestone.

Financial highlights

• Generated operating cash flow of AUD 25.5 million for the quarter, annualizing to AUD 100 million at a $97 iron ore price.

• Capital expenditure of nearly AUD 12 million, primarily for Beebyn-W11 commissioning, fleet expansion, and property development.

• Debt repayments of nearly AUD 9 million for haulage fleet expansion, with additional AUD 2.6 million received from CZR loan repayment and break fee.

• 480,000 tonnes of iron ore hedged at AUD 155.3/t through December 2025; US$96 million in AUD call options for FY26 at an average exercise price of 0.698.

• Iron Ridge realized an average price of AUD 165 per dry metric ton; Shine realized AUD 116.60 per dry metric ton.

Outlook and guidance

• On track to achieve and maintain a 4 million-ton per annum production run rate through FY 2026 and FY 2027, with Beebyn-W11 ramping up.

• Seven shipments targeted from both Iron Ridge and Shine for the September 2025 quarter, including low-grade product from Shine.

• Beebyn-W11 expected to reach 1.5Mtpa at forecast C1 cost of AUD 77.5/wmt, with first shipment scheduled for August 2025.

• Additional production from Beebyn-W11 expected to further boost cash flow and operational scale.

• Continued focus on cost control and maximizing infrastructure utilization.