After shipping a total of 4.4 million tonnes of iron ore, the company raised its sales guidance for fiscal year 2027 to between 4.7 million and 5.3 million tonnes following its strong performance.
Based on the midpoint of its new fiscal year guidance, the company expects sales volume to grow by approximately 14% while maintaining its Geraldton FOB C1 cash cost at AUD 70-80 per tonne.
Record performance across all operations
According to the company's June quarter operational results, Fenix achieved its highest-ever quarterly performance not only in shipments but also in mining, road haulage, and port operations.
During the period, the company exported 1.299 million wet metric tonnes (wmt) of iron ore across 21 vessels, while total hauled volume reached 1.364 million tonnes. This represented a 28% increase compared to the previous quarter.
The company also achieved its fiscal year 2026 production guidance of 4.2-4.8 million tonnes, while unit production costs came in at the lower end of the forecast range.
Beebyn Hub to become the production center
Operationally, production shifted primarily to the Beebyn-W11 mine in Western Australia. During the quarter, shipments from the site totaled 742 thousand tonnes, while the Shine mine shipped 433 thousand tonnes and Iron Ridge, which is approaching the end of its mine life, shipped 124 thousand tonnes.
The company announced that all necessary approvals for the Beebyn-W10 deposit have been secured and site development is ongoing. The first blast is expected to take place during the current quarter, while the transition to Beebyn Hub, which is planned to become the company's main production center, is progressing faster than originally planned.
Logistics and financing investments accelerated
Fenix signed a new partnership agreement with shipping company Mira Bulk to reduce logistics costs. The company also secured USD 44 million in long-term financing to support its growth projects.
On the corporate governance side, Jennifer Morris OAM and Michael Gollschewski joined the Board as independent non-executive directors.
Long-term target of 10 million tonnes
The company ended the June quarter with USD 81 million in cash and announced that the definitive feasibility study for the Weld Range project is progressing as planned. The study is expected to be completed by the end of 2026, with the project forming one of the key pillars of Fenix's long-term strategy to achieve an annual iron ore production capacity of 10 million tonnes.
Fenix Chairman John Welborn stated that the company achieved record results across all areas of its operations, from mining to transportation and port activities, during the June quarter, adding that improvements in operational efficiency continue to support the company's growth objectives.
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