• Shine Iron Ore Mine successfully commissioned, supporting flagship Iron Ridge Mine
• Mineral Resource at Iron Ridge increased by 177% to 13.4Mt @ 64.9% Fe
• Beebyn-W11 project progressing rapidly, expected to commence in 2025

Fenix Resources Ltd (ASX: FEX) reported a transformational December quarter, with the successful commissioning of the Shine Iron Ore Mine and a significant increase in the Mineral Resource at the flagship Iron Ridge Mine. The company is now producing from two iron ore mines in Western Australia's Mid-West, with Shine operating at full expected Stage 1 production capacity of ~100,000 tonnes per month. Iron Ridge continued its strong operational performance, with Fenix shipping a total of 593,580 wet metric tonnes of iron ore during the quarter. The Mineral Resource Estimate at Iron Ridge was increased by 177% to 13.4 million tonnes at an average grade of 64.9% Fe, providing opportunities to extend the mine life. The Beebyn-W11 project also progressed, with Fenix selecting MACA as the preferred mining contractor and expecting to receive final mining approval during the current quarter. Fenix's consolidated C1 Cash Costs for the quarter were A$82.8/wmt shipped, with a Net Average C1 Operating Margin of A$31/dmt. The company finished the quarter with A$56.9 million in cash, after significant investments in growth projects.

Fenix is on track for a 4Mtpa production rate during 2025.

Fenix continues to investigate opportunities for further growth and the development of new mines which can utilise and leverage its unique mining, logistics and port services solutions.