Fenix Resources (FEX) Status Update summary

Three-year production plan and ramp-up

• Production to increase from 2.4Mt in FY25, 4.2–4.8Mt in FY26, 4.7–5.3Mt in FY27, and 5.4–6.0Mt in FY28, targeting a 6Mtpa run rate by FY28.

• Transitioning from Iron Ridge and Shine to expanded operations at Weld Range, with Iron Ridge mining ending in 2026 and Shine Stage 1 completing in early FY27.

• All ore for the plan sourced from existing reserves or measured/indicated resources, with 60% from Ore Reserves and 40% from Measured/Indicated Mineral Resources, minimizing risk.

• Plan fully funded from operational cash flows, cash reserves, and existing finance facilities.

• Sustaining capital for the plan estimated at AUD 35–45 million, mainly for mine development and port/logistics improvements.

Operational capacity and infrastructure

• Truck fleet to expand from 70 to 90 over three years, supporting haulage for up to 6Mtpa.

• Geraldton port facilities have capacity well above 10Mtpa, with no major CapEx needed for expansion to 6 or 10Mtpa.

• Incremental improvements to loading facilities are planned for efficiency and cost management.

• Beebyn Hub crushing capacity to expand from 3Mtpa to 6Mtpa by FY28, with staged capital allocation.

• Production ramp-up supported by existing mining, logistics, and port infrastructure.

Strategic agreements and growth initiatives

• Secured a 30-year exclusive right to mine Weld Range Project via agreement with Sinosteel Midwest Corporation, a Baowu subsidiary.

• Commitment to achieve and maintain 6Mtpa production, with a target to expand to 10Mtpa in collaboration with Baowu.

• Feasibility and scoping studies underway for expansion to 10Mtpa, including a second processing hub at Madoonga.

• Opportunities identified for haulage and shipping cost reductions and strategic infrastructure development.

• Opportunities for further collaboration with Baowu and potential development at Jack Hills and Athena Resources.