Fenix Resources (FEX) Q3 2026 TU earnings summary

Executive summary

• Achieved strong operational and financial performance despite challenges from Cyclone Narelle and global diesel supply constraints, with two shipments delayed to April.

• Demonstrated resilience and flexibility in integrated mining, logistics, and port operations, reaching a haulage milestone of 10 million tonnes since production commenced.

• Maintained robust cash position, ending the quarter with AUD 86.3 million as at 31 March 2026.

• Continued progress on Weld Range DFS and Beebyn-Hub development, with DFS completion targeted for the second half of 2026.

Financial highlights

• C1 cash costs dropped to AUD 70/ton, a 7% decrease from the prior quarter and at the bottom end of guidance.

• Shipped 974k wet metric tonnes of iron ore, processed over 1.2 million tons, and drew down on ROM stockpiles.

• Realized iron ore price averaged just over AUD 145/ton CFR, with 98% realization of the Platts 61% Fe benchmark.

• Cash at bank rose to AUD 86.3 million from AUD 78.9 million at 31 December 2025.

• Positive operational cash flows of AUD 17.7 million, with additional AUD 13.3 million in iron ore prepayments.

Outlook and guidance

• FY26 guidance reaffirmed: 4.2–4.8 million tons production at AUD 70–80/ton C1 cash cost.

• Costs expected to rise in June quarter due to higher diesel prices, but aiming for midpoint of cost guidance.

• Weld Range DFS completion targeted for second half of 2026.

• Iron ore price remains strong, currently at USD 107/ton.