Fenix Resources Ltd
ASX:FEX
Fenix Resources Ltd
Fenix Resources Ltd. is a minerals exploration company. The company focuses on its 100% owned flagship Iron Ridge Iron Ore Project. The firm operates through two segments: Iron Ridge Project and Trucking Joint Venture. The Iron Ridge Iron Ore Project is located approximately 600 Kilometers north-northeast of Perth and approximately 67 kilometer northeast of the township of cue in the Murchison region. The firm holds three licenses (L20/83, L20/84, and L20/85) in Iron Ridge Iron Ore Project.
Fenix Resources Ltd. is a minerals exploration company. The company focuses on its 100% owned flagship Iron Ridge Iron Ore Project. The firm operates through two segments: Iron Ridge Project and Trucking Joint Venture. The Iron Ridge Iron Ore Project is located approximately 600 Kilometers north-northeast of Perth and approximately 67 kilometer northeast of the township of cue in the Murchison region. The firm holds three licenses (L20/83, L20/84, and L20/85) in Iron Ridge Iron Ore Project.
Record Results: Fenix delivered record production and earnings for the half year, with revenue up 125%, EBITDA up 137%, and net profit after tax (NPAT) up 419%.
Production Milestone: Achieved a run rate above 4 million tonnes per annum, putting the company on track for its growth targets.
Cost Discipline: C1 cash costs dropped 7% to $75 per wet metric tonne, reaching the midpoint of guidance, with further reductions possible as volumes increase.
Balance Sheet Strength: Closing cash position is nearly $80 million, benefiting from strong cash flows and disciplined capital spending.
Growth Platform: Signed a 30-year right to mine agreement at Weld Range, securing decades of future production and supporting expansion plans.
Guidance Reaffirmed: Full-year production guidance of 4.2–4.8 million tonnes and cost guidance of $70–80 per tonne were reiterated.
Financing and Hedging: Reliance on prepayment financing is decreasing, with a shift toward longer-term, cost-effective debt; strong hedging positions are in place out to FY 2027.
Positive Iron Ore Market: Management is confident in the stability and strength of current iron ore prices and sees Simandou's impact as already priced in.
