Highlights

  • Fenix Resources’ current production exceeds 4Mtpa of high-quality iron ore
  • FY25 marked transition to a multi-mine 4Mtpa producer
  • Record iron ore shipments achieved across FY25 and Q2 FY26
  • Clearly defined pathway toward long-term production of 10Mtpa

Fenix Resources (ASX:FEX) is an ASX-listed integrated iron ore mining, logistics, and port services company operating in the Mid-West region of Western Australia. Currently, the company produces over 4 million tonnes per annum of high-quality iron ore and has established a clear growth pathway toward long-term production of 10Mtpa.

FY25 Marks a Transformational Year

Financial year 2025 (FY25) represented a transformational period for the company, highlighted by record iron ore shipments of 2.4 million tonnes, reflecting a 64% year-on-year increase. During the year, the company transitioned from a single-mine operator into a multi-mine producer with a 4Mtpa production capacity, following the restart of the Shine mine and the commissioning of Beebyn-W11.

Financial Performance Overview

For FY25, Fenix reported revenue of AUD 316.09 million, up 21.95% from AUD 259.20 million in FY24. EBITDA for the year totalled AUD 54.3 million, while operating cash flow reached AUD 71.9 million. The company ended the year with a cash of AUD 56.8 million. Net profit after tax declined to AUD 5.4 million, reflecting weaker iron ore prices and higher depreciation linked to fleet expansion and mine development. Despite these factors, profitability was maintained and the company declared a dividend of 1 cent per share.

Record December Quarter Performance

In Q2 FY26, iron ore shipments increased 40% quarter-on-quarter to 1.24 million tonnes. This performance was driven by the ramp-up of Beebyn-W11 to steady-state production, alongside consistent output from Iron Ridge and Shine. Group C1 cash costs remained stable at AUD 75 per wet metric tonne, in line with guidance.

Updated Guidance and Production Planning

The company reaffirmed FY26 sales guidance of 4.2 to 4.8 million tonnes, with C1 cash costs expected to range between AUD 70 and AUD 80 per wet metric tonne.

Furthermore, the company released a three-year production plan targeting up to 6Mtpa by FY28, supported by consolidation into the Beebyn Hub and Weld Range operations.

Long-Term Growth Pathway

Beyond FY28, Fenix has outlined a longer-term pathway toward approximately 10Mtpa of iron ore production through the development of the Weld Range Project. A Weld Range Scoping Study has been completed, with a feasibility study underway as part of the company’s expansion planning.

Share Performance of FEX

FEX shares rose by 1.11% to close at AUD 0.455 on 28 January 2026, recording a net gain of AUD 0.005. Despite the daily increase, the stock has declined 1.09% over the past week and is down 5.21% over the past month. Over the past three months, shares have fallen 14.95%, while the stock has delivered strong longer-term gains, rising 51.67% over six months, 59.65% over nine months, and 71.70% over the past year.

The stock’s 52-week high stands at AUD 0.555, recorded on 27 October 2025, while the 52-week low of AUD 0.255 was reached on 7 April 2025.

Support and Resistance Summary

Note 1: Past performance is neither an Indicator nor a guarantee of future performance.

Note 2: The reference date for all price data, and currency, is 28 January 2026. The reference data in this report has been partly sourced from EODHD/Others.

 

Technical Indicators Defined:

Support: A level at which the stock prices tend to find support if they are falling, and a downtrend may take a pause backed by demand or buying interest. Support 1 refers to the nearby support level for the stock and if the price breaches the level, then Support 2 may act as the crucial support level for the stock.

Resistance: A level at which the stock prices tend to find resistance when they are rising, and an uptrend may take a pause due to profit booking or selling interest. Resistance 1 refers to the nearby resistance level for the stock and if the price surpasses the level, then Resistance 2 may act as the crucial resistance level for the stock.