What Does the Maiden Beebyn Hub Ore Reserve Mean for the Weld Range Iron Ore Project at Fenix Resources (ASX:FEX)?

Sonal Goyal

09 October 2026 12:25 AM AEDT

What Does the Maiden Beebyn Hub Ore Reserve Mean for the Weld Range Iron Ore Project at Fenix Resources (ASX:FEX)?

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An Ore Reserve is the economically mineable part of a resource, and a maiden reserve is a key step toward longer-term mine planning. Fenix Resources Limited (ASX:FEX) reported one for its Beebyn Hub on 3 September 2026.

Company overview

Fenix Resources Limited (ASX:FEX) is a Western Australian iron ore producer with the 290 million tonne Weld Range Iron Ore Project in the Mid-West, a direct shipping ore operation.

The Ore Reserve

The Beebyn Hub Ore Reserve is 26.9 million tonnes at 60.0% Fe, made up of an updated Beebyn-W11 reserve of 13.1 million tonnes at 61.2% Fe and a maiden Beebyn-W10 Stage 1 reserve of 13.8 million tonnes at 58.9% Fe. The hub combines the existing Beebyn-W11 mine with the approved Beebyn-W10 mine, and Fenix said the reserve gives more than five years of mine life at current rates.

Beebyn-W11 resources total 19.7 million tonnes at 61.0% Fe, and Beebyn-W10 resources total 47.7 million tonnes at 59.0% Fe, both inclusive of reserves.

Production plan and approvals

The reserve supports a three-year production plan to reach up to 6 million tonnes per annum from the hub by FY28, with an ambition of 10 million tonnes per annum by 2031. Mining approvals for Beebyn-W10 were received in July 2026, with ore production on track to start in the current quarter and first shipment expected in the December 2026 quarter. A Definitive Feasibility Study for Weld Range is expected to boost reserves further. Fenix holds the right to mine Beebyn-W10 under an agreement with Sinosteel Midwest.

Resource base behind the reserve

Beebyn-W11 has a Mineral Resource of 19.7 million tonnes at 61.0% Fe inclusive of reserves, made up of 11.9 million tonnes Measured at 61.7% Fe, 6.9 million tonnes Indicated at 60.3% Fe and 0.9 million tonnes Inferred at 57.0% Fe. Beebyn-W10 totals 47.7 million tonnes at 59.0% Fe inclusive of reserves, and was previously reported within the global Weld Range resource of 290 million tonnes at 56.8% Fe.

The reserve statement is part of the annual Mineral Resource and Ore Reserve Statement in Fenix’s FY26 Annual Report released on 26 August 2026.

Approvals and the right to mine

Fenix secured the exclusive right to mine Beebyn-W10 under the 290 million tonne Weld Range Iron Ore Project Right to Mine agreement with Sinosteel Midwest Corporation, a Subsidiary of China Baowu Steel Group, announced on 1 September 2025. In July 2026, all mining approvals for Beebyn-W10 Stage 1 were received.

Ore production at W10 is on track to start in the current quarter, with the first shipment targeted for the December 2026 quarter.

Production plan and feasibility work

The reserve supports a three-year production plan aiming for sustainable production of up to 6 million tonnes per annum from the Beebyn Hub by FY28, within an ambition of 10 million tonnes per annum by 2031 and a Scoping Study published in December 2025 outlining a 10 million tonne per annum profile to 2042. Completion of the Weld Range Definitive Feasibility Study is expected to boost reserves further.

Sector backdrop

Mid-West direct shipping iron ore operations rely on road, rail and port access and on iron ore prices.

Direct shipping iron ore avoids a beneficiation plant, but depends on grade and impurity levels meeting buyer specifications. The Mid-West uses road and rail links to ports at the coast.

Ore Reserves are reported under the JORC Code and reflect modifying factors such as mining method and costs.

Risks shareholders should weigh

The reserve depends on price, cost and recovery assumptions. Production growth to 6 and 10 million tonnes per annum requires approvals, Capital and markets.

Beebyn-W10 production and shipment timing are expected, not achieved. A feasibility study is still pending.

Right-to-mine arrangements involve a third party.

Reserves of more than five years at current rates mean growth depends on additional reserves from further studies.

Third-party rights and approvals may affect the project.

What’s next

Fenix expects Beebyn-W10 production this quarter and first shipment by December 2026. Shareholders may wish to watch for the DFS.

Fenix expects W10 ore production this quarter and first shipment by December 2026, and will complete the Weld Range DFS.

FAQs

Q: What is the Beebyn Hub reserve?

A:26.9 million tonnes at 60.0% Fe.

Q: When is first W10 shipment expected?

A:The December 2026 quarter.

Q: What is the production plan?

A:Up to 6 million tonnes per annum from the hub by FY28.

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