• Record 12 iron ore shipments totaling 704k wmt
• Costs down at Iron Ridge and Shine mines
• Beebyn-W11 mine progressing, production expected in Q3 2025
• Takeover offer launched for CZR Resources

Fenix Resources Limited (ASX: FEX) delivered a standout March Quarter, marking a major step in the company's growth trajectory. The company reported record iron ore shipments of 704k wmt across 12 vessels, boosted by the ramp-up of production at the Shine Iron Ore Mine. Costs were also reduced at both the Iron Ridge and Shine mines, with C1 cash costs of A$73.8/wmt and A$77.9/wmt respectively. Fenix's third mine, Beebyn-W11, made significant progress during the quarter, with all key approvals secured and the mining contract awarded to MACA. Site construction works have commenced, and production is expected to commence during the September 2025 Quarter. The company also launched a strategic all-scrip offer to acquire CZR Resources Limited (ASX:CZR), which owns an 85% interest in the Robe Mesa Iron Ore Project and a 50% interest in the Ashburton Link joint venture. Fenix ended the quarter with a strong cash position of A$54.9 million, funding growth initiatives including Beebyn-W11, M&A transaction costs, and fleet and property developments.

Fenix is on track to achieve a targeted production rate of 4Mtpa during 2025.

Fenix remains focused on its growth strategy, with the launch of the takeover offer for CZR Resources and the advancement of the Beebyn-W11 mine towards first production in Q3 2025.