• Compelling economics to expand production from the Weld Range Project to ~10Mtpa and extend mine life to 2042
• C1 cash costs reduce to ~A$55.4/wmt FOB Geraldton, a 27% reduction
• Mine Life extends out to 2042 with significant potential for future extensions

Fenix Resources Ltd (ASX: FEX) is pleased to announce the results of a Scoping Study into the opportunity to expand production, reduce costs and extend mine life from the Weld Range Iron Ore Project (Weld Range Project). The Study is consistent with Fenix's commitment in the Weld Range Right-to-Mine Agreement with Sinosteel Midwest Corporation (SMC), a subsidiary of China Baowu Steel Group, to target the export and sale of ~10 million tonnes per annum (10Mtpa) from the Weld Range Project. Key highlights include production ramping up from 6Mtpa in 2028 to 10Mtpa by 2031 with operations continuing through to 2042, Life of Mine C1 cash costs reducing to ~A$55.4/wmt FOB Geraldton, a 27% reduction below the midpoint of Fenix's FY26 guidance, and mine life extending out to 2042 with significant potential for future extensions. The financial analysis demonstrates the Weld Range Project will be a high-margin long-life operation generating substantial free cash flow, with a pre-tax NPV10 of ~A$1.2 Billion, pre-tax IRR of ~60%, and payback period of ~2.6 years based on a long-term iron ore price assumption of US$85/t. The construction of a ~244km private haul road will reduce haulage distance to port by ~20% and allow significantly larger haulage payloads per truck (+~70%), further reducing costs. The Study confirms the Weld Range Project as a significant long-life, high margin iron ore project that leverages Fenix's existing operations and infrastructure.

Fenix expects to ramp up production from the Weld Range Project from 6Mtpa in 2028 to 10Mtpa by 2031, with operations continuing through to 2042. The project is expected to generate average annual EBITDA of ~A$235m over the life of mine.