Quarterly Activities Report

• Record 1,241,000 tonnes of iron ore shipped
• Group C1 Cash Costs maintained at midpoint of guidance
• FY26 guidance updated to 4.2mt-4.8mt production

Fenix Resources Ltd (ASX: FEX) has delivered another strong quarter, with record iron ore shipments of 1,241,000 tonnes, representing a 40% increase from the prior quarter. The company's Group C1 Cash Costs were maintained at A$75.0/wmt, in-line with the prior quarter and a 9% reduction from the prior corresponding quarter. Fenix's FY26 guidance has been updated to 4.2mt-4.8mt of total iron ore sales at a C1 cash cost of A$70/wmt to A$80/wmt FOB Geraldton. The company also released a 3-Year Production Plan, outlining a ramp-up to 6Mtpa by 2028, and a Weld Range Scoping Study, which identified a high-value pathway to reach ~10Mtpa production and extend mine life to 2042. With three operating mines now at full capacity, over A$78 million in cash, and a transformational partnership with Baowu, Fenix is well-positioned to deliver long-term shareholder value.

FY26 total iron ore sales of 4.2Mt to 4.8Mt at a C1 cash cost of A$70/wmt to A$80/wmt FOB Geraldton.

Fenix has outlined a 3-Year Production Plan to ramp up production to 6Mtpa by 2028, and a Weld Range Scoping Study identifying a pathway to reach ~10Mtpa production and extend mine life to 2042.