• Ramp up production to 6Mtpa by 2028
• FY26 guidance increased to 4.2 - 4.8Mt at C1 cost of A$70/t - A$80/t
• Consolidation of mining operations at Beebyn Hub within Weld Range Project

Fenix Resources Ltd (ASX: FEX) is pleased to present a 3-Year Production Plan that will see the company complete mining at the Iron Ridge and Shine iron ore mines and transition to production of up to 6Mtpa from the Weld Range Iron Ore Project, specifically the Beebyn-W11 mine and nearby Beebyn-W10 deposit. The 3-Year Plan, which is underpinned by Fenix's existing ore reserves and mineral resources, will result in approximately 15 million tonnes of iron ore production across FY26 to FY28, with production ramping up from 2.4Mt in FY25 to 4.2-4.8Mt in FY26 and up to 6.0Mt in FY28. Mining at the Iron Ridge and Shine mines will be completed during 2026 and 2027 respectively, with the Beebyn Hub becoming the sole source of production. The 3-Year Plan is expected to be funded through existing cash reserves, cashflows from operations, and existing financing facilities, with sustaining capital requirements of $35-45 million. Beyond the 3-Year Plan, Fenix has commenced feasibility studies to significantly increase mine life and production rates at the Weld Range Project, with the aim of achieving and maintaining 6Mtpa production and potentially targeting 10Mtpa in the future.

FY26 production and sale of 4.2Mt to 4.8Mt of iron ore at a C1 cash cost of between A$70/wmt and A$80/wmt FOB Geraldton.

Fenix has commenced feasibility studies aimed at a significant expansion of the Weld Range Iron Ore Project from FY29 onwards, with the goal of increasing mine life and production rates at significantly reduced operating costs.