Fenix Resources (FEX) Q4 2026 TU earnings summary

Executive summary

• Achieved record quarterly and full-year iron ore production, haulage, and shipments in FY26, with 4.4 million tonnes produced and 1,299k wmt shipped in Q4, up 83% year-over-year.

• Strong operational cash flow of AUD 31 million in the June quarter and cash balance of AUD 81 million at June 2026, supporting ongoing capital investment.

• Launched the One Fenix vision, integrating mining, logistics, port, and new shipping operations, and commenced the Fenix-Mira Bulk shipping joint venture.

• Secured all key approvals for the Beebyn W10 mine, establishing the Beebyn Hub as the central mining operation.

• Overcame cyclone-related disruptions and fuel price shocks, maintaining robust performance and cost discipline.

Financial highlights

• Ended June 2026 with AUD 81 million in cash after significant investment, down from AUD 86.3 million in March 2026.

• Group C1 cash costs for FY26 were AUD 73.7/wmt, at the lower end of guidance, despite Q4 costs rising to AUD 79.9/wmt due to higher diesel prices.

• Positive operational cash flow of AUD 31 million in the June quarter despite increased C1 cash costs from fuel and shipping price shocks.

• Maintained cost guidance for FY27 at AUD 70–80 per tonne FOB, below the original feasibility study target.

• Capital expenditure of AUD 9.9 million mainly for Weld Range expansion.

Outlook and guidance

• FY27 iron ore sales guidance set at 4.7–5.3 million tonnes, a 14% increase at midpoint, with cost guidance maintained despite industry-wide inflation.

• Confident in ability to mine at 5–6 million tonnes per annum for the foreseeable future, with a three-year plan targeting 6 million tonnes and a long-term vision for 10 million tonnes per annum.

• Weld Range Definitive Feasibility Study on track for completion by end of 2026.

• Ongoing capital investment in infrastructure and efficiency, with a focus on cost reduction and volume growth.

• Capital program for FY27 to be funded by existing cash, operational cash flows, and long-term finance facilities.