Fenix Resources (FEX) Status Update summary

Three-year production plan and growth targets

• Production guidance raised to 4.2–4.8 Mt for FY26, 4.7–5.3 Mt for FY27, and 5.4–6.0 Mt for FY28, targeting 6 Mtpa by FY28, with a long-term goal of 10 Mtpa supported by feasibility studies.

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

• The plan is fully funded from operational cash flows, cash reserves, and existing finance facilities, with sustaining capital estimated at AUD 35–45 million.

• Transition from Iron Ridge and Shine to Weld Range (W11 and W10) will underpin growth, with Iron Ridge closing by FY26 and Shine stage one completing early FY27.

• Fleet expansion from 70 to 90 trucks is planned, with port capacity at Geraldton exceeding 10 Mtpa and no major CapEx needed for infrastructure.

Operational efficiency and cost management

• C1 cash costs for FY26 are guided at AUD 70–80/t FOB Geraldton, with no significant cost changes expected over the three-year period.

• Port handling costs are roughly AUD 15/t, with mining and haulage each around AUD 30/t.

• Transshipment trials at Geraldton were successful, with potential for AUD 10 million in annual shipping cost savings if Capesize vessels are used.

• Incremental improvements in logistics and port efficiency are included in sustaining capital, with additional value opportunities under review.

• Additional mobile equipment to be financed separately; Beebyn Hub crushing capacity to expand from 3 Mtpa to 6 Mtpa by FY28.

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 6 Mtpa production, with a target to expand to 10 Mtpa in collaboration with Baowu.

• Feasibility and scoping studies underway for Weld Range expansion to 10 Mtpa, with further upside from Jack Hills and Shine phase two.

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

• Collaboration with Baowu and potential involvement in Athena Resources and GreenIron projects offer additional growth and value creation.