Quarterly Activities Report

• Record iron ore shipments of 885k wmt, up 17% from prior quarter
• Group C1 Cash Costs of A$75.7/wmt, within FY26 guidance
• Signed 30-year Right to Mine Agreement for 290Mt Weld Range Iron Ore Project

Fenix Resources Ltd (ASX: FEX) delivered outstanding operational and strategic progress during the September 2025 quarter, underpinned by record iron ore shipments and a transformational Right to Mine agreement with Sinosteel Midwest Corporation (SMC), a subsidiary of China Baowu Steel Group, over the 290Mt Weld Range Iron Ore Project. Key highlights include: record fifteen shipments totalling 885k wmt, a 17% increase from the prior quarter; Group C1 Cash Costs of A$75.7/wmt, within FY26 guidance and 4% below the prior corresponding quarter; successful commissioning of the Beebyn-W11 mine with maiden shipment in August; and a continued strong cash position of A$57.7m as at 30 September 2025. The Weld Range Right to Mine Agreement is a game-changer, providing Fenix with a 290Mt iron ore resource to significantly extend mine life and expand production. Fenix has commenced a Scoping Study for the Weld Range Project, targeting completion in Q4 2025, and expects to finalise the Feasibility Study in Q2 2026. The agreement establishes a strategic partnership with Baowu, the world's largest steel producer, and positions Fenix as a significant mid-tier iron ore producer.

Fenix has maintained its FY26 guidance, targeting total iron ore sales of 4.0Mt to 4.4Mt at a C1 cash cost of between A$70/wmt and A$80/wmt FOB Geraldton.

The Weld Range Right to Mine Agreement fundamentally changes Fenix's growth trajectory, providing the company with a substantial 290Mt resource base to significantly extend mine life and expand production capacity. Fenix is targeting to finalise the Weld Range Project Feasibility Study in the second quarter of CY2026.