According to Fenix Resources’ financial results for the 2026 financial year, the company’s EBITDA increased by 49% to AUD 80.7 million from AUD 54.3 million in the previous year. Cash flow from operations rose by 33% to AUD 95.9 million.
The company’s cash at bank increased by 43% to AUD 81 million as of June 30, 2026. Capital expenditure declined to AUD 50.7 million from AUD 64.3 million in the previous financial year.
Iron ore shipments increased by 83%
Fenix Resources’ iron ore shipments increased by 83% year on year to 4.4 million tonnes in the 2026 financial year. The company shipped this volume across 73 vessels, compared with 2.4 million tonnes of iron ore across 41 vessels in the 2025 financial year.
During the period, ore mined increased by 53% to 3.98 million tonnes, ore processed rose by 63% to 4.44 million tonnes, and ore hauled by road increased by 74% to 4.42 million tonnes. Lump ore shipments increased by 84% to 1.99 million tonnes, while fines shipments rose by 82% to 2.41 million tonnes.
The company’s group C1 cash cost increased from AUD 72.8 per tonne to AUD 73.7 per tonne.
290 million tonnes of resources secured at Weld Range project
During the year, Fenix Resources secured the 290 million-tonne Weld Range Iron Ore Project under a 30-year mining rights agreement signed with Sinosteel. Sinosteel is part of Baowu, the world’s largest steel producer.
The company also commissioned the Beebyn-W11 mine. For Beebyn-W10, the necessary mining approvals were obtained in July 2026, with first shipments targeted for the second quarter of the 2027 financial year. The 5 million-tonne-per-year crushing and processing facility currently under construction at Beebyn-Hub is also expected to commence operations during the same period.
Sales of up to 5.3 million tonnes targeted in the 2027 financial year
Fenix Resources is targeting total iron ore sales of 4.7-5.3 million tonnes in the 2027 financial year. The company expects C1 cash costs to be in the range of AUD 70-80 per tonne on an FOB Geraldton basis.
Under its three-year production plan, Fenix Resources aims to increase production to 6 million tonnes by the 2028 financial year, while the Weld Range project is expected to support a longer-term production target of 10 million tonnes per year.
Fenix Resources also declared a fully franked final dividend of AUD 0.01 per share for the 2026 financial year.
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