Fenix Resources Limited · ASX:FEX
Fenix Resources — Q2 2026 Earnings Presentation
23 slides from Fenix Resources's earnings presentation, Feb 26, 2026
Slide 1: The New Western Force in Iron Ore
The New Western Bell Potter Unearthed Force in Iron Ore Virtual Conference Delivering 6Mtpa by FY28 | Targeting 10Mtpa Beyond February 2026 ASX: FEX
Slide 2: Important disclosure
Important disclosure Disclaimer The material in this presentation has been prepared by Fenix Resources Ltd (“Fenix”, “Fenix Resources” or “the Company”) and is general background information on Fenix. This information is given in summary form and does not purport to be complete. Information in this
Slide 3: Five Compelling Reasons to Invest in Fenix
Investment highlights Five Compelling Reasons to Invest in Fenix Ramping to 6Mtpa by FY28 FY26 guidance upgraded to 4.2 - 4.8Mt 290Mt Weld Range Project 30-year agreement with Baowu Fully Integrated Pit-to-Port 100% owned mining, logistics and port Trading at low EV/EBITDA multiple compared to relev
Slide 4: Fenix in WA's mid-west
Fenix in WA's mid-west Integrated Infrastructure from Pit-to-Port ASX: FEX | 4
Slide 5: Consistent track record of delivery
Consistent track record of delivery Fenix has delivered on its commitments since 2020 2020 2021 2022 2023 2024 2025 Foundations Production Integration Expansion Scaling Transformation • A$15M capital • Maiden • 1.3Mtpa • 3Mt milestone • Shine • Three mines raised shipment achieved commissioned opera
Slide 6: The Weld Range transformation
The Weld Range transformation A Game Changer for Fenix 290Mt Mineral Resource @ 56.8% Fe 30yrs Exclusive Iron Ore Mining Rights 10Mtpa Production Target "Fenix is no longer constrained by mine life and can focus on maximising production volumes and value." Notes: ASX: FEX | 6 1. Refer ASX announceme
Slide 7: Weld Range's 290Mt resource base enables sustained production at scale
The Weld Range Project's 290Mt resource base enables sustained production at scale, driving down C1 costs and expanding margins. ASX: FEX | 7
Slide 8: Three year production plan
The image part with relationship ID rId2 was not found in the file. Three year production plan Ramping to 6Mtpa by FY28 7 6 Million tonnes 5 4 3 2 1 0 FY25 FY26 FY27 FY28 ✓ 100% from Ore ✓ Generating Reserves or Measured ✓ Funded from Operations strong cashflows & Indicated Resources Notes: ASX: FEX
Slide 9: Strategic consolidation
Strategic consolidation Transitioning to Integrated Hub Operations Period Operating Mines Location(s) FY26-27 Iron Ridge, Shine, Beebyn-W11 Three separate locations FY27-28 Beebyn Hub (W11 + W10) Consolidated at Beebyn Beyond FY28 Beebyn Hub + Madoonga Hub Two processing hubs ✓ Simplified ✓ Maximise
Slide 10: Weld Range Project Value
Weld Range Project Value Substantial NPV and Cash Generation Potential A$3.0 Billion A$5.9 Billion Pre-tax NPV₁₀ at Spot Prices Pre-tax Free Cash Flows at Spot Item Unit Base Case Spot Price Platts 61% Fe CFR price – average US$/dmt 85.0 107.0 Realised CFR price – average US$/dmt 75.2 95.8 Exchange
Slide 11: Fully integrated pit-to-port business model
Fully integrated pit-to-port business model 100% Owned Mining, Logistics and Port Operations MINING Ramping to 6Mtpa by FY28 High-grade DSO @ 61% Fe LOGISTICS Capacity for 10Mtpa 100% owned fleet & rail PORT ~10Mtpa Capacity 400,000t storage | 3 sheds ASX: FEX | 11
Slide 12: Mining
Mining Mines Ramping to 6Mtpa by FY28 100% High Confidence 290Mt Resource Base 60.1% Fe Average Grade Reserves & M&I Weld Range Project Premium DSO product Resources Notes: 1. Refer ASX announcement “Fenix 3-Year Production Plan” dated 11 December 2025 2. Refer ASX announcement “Fenix Secures 290Mt
Slide 13: Logistics
Logistics Scalable Capacity to Support 10Mtpa Target New state-of-the-art 10Mtpa Target Capacity 100% Owned Fleet Workshop in Geraldton Notes: 1. Refer ASX announcement “Weld Range Scoping Study ” dated 23 December 2025 ASX: FEX | 13
Slide 14: Port
Port Strategic Infrastructure at Geraldton Port On-wharf facilities at Port access secured Capacity to Geraldton to 2054 support growth ASX: FEX | 14
Slide 15: Growth beyond FY28
Growth beyond FY28 Pathway to 10Mtpa Production Weld Range Feasibility Study Madoonga Hub Scoping Study underway for development complete FY29+ expansion pathway Private haul road Collaborating Owner-operated to reduce logistics with Baowu on mining at scale costs 10Mtpa target Notes: 1. Refer ASX a
Slide 16: Abundant resource base
Abundant resource base 290Mt+ High-Grade Iron Ore Resources Deposit Mineral Resources (Mt) Grade (Fe %) Iron Ridge 12.2 64.9 Shine 11.2 59.0 Beebyn-W11 21.4 61.1 Weld Range (excl. Beebyn-W11) 268.9 56.4 Total 313.7 57.2 290Mt Weld Range Measured & Indicated High-Grade DSO Project 30-year 232Mt in hi
Slide 17: 2026 targets
2026 targets Focused on Execution and Growth Deliver Deliver Three Year Production Plan Publish Weld Range Feasibility Study Commission Beebyn Hub operations Extend Advance Madoonga Hub approvals Boost Shareholder returns ASX: FEX | 17
Slide 18: Fenix community
Fenix community Creating Value for Stakeholders and Communities 300+ Jobs Created Wajarri Yamaji Local Focus within Geraldton and Partnership Traditional Supporting Mid-West local areas custodians of our land businesses & communities ASX: FEX | 18
Slide 19: Compelling Investment Opportunity
Compelling Investment Opportunity Integrated Operations | Transformational Asset | Clear Pathway • Large Scale 290Mt resource base supporting decades of production • Low Cost Scale drives down unit costs and expands margins • Long Term 30-year Right to Mine Agreement ensures sustained operations Pr
Slide 20: Corporate snapshot
Corporate snapshot Share Price Performance FEX A$312m A$78.9m 13.2% ASX Code Market Cap Cash at Bank Owned by Company (at 10 Feb 2026; $0.42 per share) (as at 31 Dec 2025) Directors ANALYST COVERAGE ASX: FEX | 20
Slide 21: Appendix 1. Fenix Mineral Resources & Ore Reserves
APPENDIX 1. FENIX MINERAL RESOURCES & ORE RESERVES IRON RIDGE, SHINE AND BEEBYN-W11 MINERAL WELD RANGE GLOBAL MINERAL RESOURCES RESOURCES Weld Range Right to Mine Agreement 2025 MRE (exclusive of Beebyn-W11) – 50% Fe cut-off applied Iron Ridge Mineral Resources as at 30 June 2025 – 58% Fe cut-off ap
Slide 22: Notes
Notes _____________________________________________ _____________________________________________ _____________________________________________ _____________________________________________ _____________________________________________ _____________________________________________ __________________
Slide 23: Contact
CONTACT | ASX: FEX John Welborn Executive Chairman info@fenix.com.au FENIX.COM.AU