• Record iron ore shipments of 2.4Mt, up 64% year-on-year
• Successful development of Shine and Beebyn-W11 mines, enabling transition to 4Mtpa production
• Consistent performance from Iron Ridge mine, achieving 100th shipment milestone

Fenix Resources' FY25 results demonstrate the company's successful transformation into a multi-mine 4Mtpa iron ore producer. Key highlights include record iron ore shipments of 2.4Mt, up 64% year-on-year, driven by the ramp-up of the Shine mine and the commissioning of the new Beebyn-W11 operation. The flagship Iron Ridge mine maintained its consistent performance, achieving the 100th shipment milestone. Despite a 15% decline in the average 62% Platts Iron Ore price, Fenix generated strong EBITDA of $54.3m and positive operating cash flow of $71.9m, enabling growth funding while maintaining a healthy $56.8m closing cash position. The company's integrated model, with full pit-to-port control, proved resilient to the market conditions. Fenix also made strategic investments, increasing its stake in Athena Resources and advancing the Mid-West Green Iron Project MOU, positioning the company for potential steel decarbonization opportunities. The Board has declared a final fully franked dividend of 1 cent per share, demonstrating confidence in the company's operational performance and future cash generation capacity.

Fenix is targeting total iron ore sales during FY26 of 4.0 to 4.4Mt at a C1 cash cost of between $70/wmt and $80/wmt FOB Geraldton.

Fenix enters FY26 operating three mines with full pit-to-port control. With Shine's low costs and Beebyn-W11 ramping up, FY26 will be the first year showcasing the full earnings potential of the expanded operations.