Mining – FENIX

Sustainably Extracting Tomorrow’s Resources Today

Fenix is pioneering the future of mining in the Mid-West, embracing technologies and practices that ensure our operations contribute positively to the environment and our communities. Our approach is centred around minimising environmental impact, enhancing safety and maximising efficiency – setting new benchmarks for the industry.

Map of Western Australia showing Fenix resources, including mining projects and facilities, with labeled routes and a location inset highlighting the Geraldton area.

Iron Ridge Mine

Flagship asset – producing high margin, premium iron ore at a steady-state run-rate of 1.3 million tonnes per annum

Fenix’s wholly-owned Iron Ridge Mine hosts some of the highest-grade iron ore in WA with irongrades increasing with depth
Mineral Resources total 6.6Mt at 65.1% Fe, inclusive of Ore Reserves¹
Premium high grade Direct Shipping Ore (DSO) product averaging c.63% Fe; above the benchmark DSO product range²
No significant impurities - attracts a premium price on the seaborne market, as purer product results in lower emissions
More than 3Mt of premium iron ore exported to date with an average net operating margin greater than A$50 per tonne shipped

Refer Annual Report of Fenix Resources as released on 29 August 2023 (page 7): Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves. The JORC Code, 2012 Edition. Prepared by: The Joint Ore Reserves Committee of The Australasian Institute of Mining and Metallurgy, Australian Institute of Geoscientists and Minerals Council of Australia (JORC). The Mineral Resource comprises 6.3Mt Indicated and 0.3Mt Inferred.
Benchmark DSO product: ranges between 58-62% Fe. Steel works are demanding high grade ore to meet increasingly strict government regulations.

Large open-pit mine with terraced, reddish-brown soil and mining equipment visible at the bottom, surrounded by arid hills under a clear blue sky.

Shine Iron Ore Mine

Shovel-ready project which provides optionality for Fenix to market high-quality blended iron ore products

Fenix acquired the Shine Iron Ore Mine in July 2023 – an open pit mine located 230km east of Geraldton.
Shine ramped up to full production during the March Quarter 2025 whereby six shipments totalling 355kt wmt, inclusive of two low grade lump shipments, were shipped. As a result of the ramp up to full production Shine achieved a significant reduction in its C1 cash cost to A$77.9/wmt reduced from the December 2024 Quarter’s A$86.9/wmt. Mining strip ratio will decrease resulting in the current quarter driving further reductions in cash costs towards the expected Stage 1 C1 cash cost of A$67.5/wmt.
Fenix is targeting seven shipments from Shine for the June 2025 Quarter, including one low grade lump shipment.

Refer ASX announcement dated 15 April 2025
1 The Shine Mineral Resource comprises 5.1Mt Measured, 6.3Mt Indicated and 3.6 Inferred.

Aerial view of a large open-pit mine surrounded by sparse vegetation and dirt roads, with excavation equipment visible along the rim.

Aerial view of an open-pit mine surrounded by sparse vegetation and flat terrain under a clear sky.

Aerial view of an open-pit mining site with conveyor belts transporting gravel, industrial machinery, and surrounding piles of mined material.

Aerial view of a desert landscape with a dirt road, cleared land sections, and patches of sparse vegetation across reddish soil.

Beebyn-W11 Iron Ore Deposit

10 million tonne Right to Mine from Sinosteel; targeting production growth and mine life extension

In October 2023, Fenix acquired the right to mine and export 10 million tonnes of high-grade iron ore from the Beebyn-W11 iron ore deposit in the Weld Range.

Significant progress was made during the March Quarter 2025 at Fenix’s third mine (refer ASX Announcements dated 24 and 31 March 2025), Beebyn-W11, with the following key milestones achieved:

Department of Energy, Mines, Industry Regulation and Safety (DEMIRS) approved Fenix’s Mining Proposal.

Cultural Heritage Agreement for the Beebyn-W11 Haul Road agreed and Deed of Covenant for the Weld Range Project – Native Title and Heritage Sustainable Benefits Agreement executed with the Native Title Group, the Wajarri Yamaji Aboriginal Corporation.

Mining contract awarded to MACA Limited (MACA), a subsidiary of Thiess Group, for drill and blast, mining and crushing and screening operations; and Mine construction works commenced.

With all key approvals received and the mining contract awarded, site works have commenced including the construction of a 17.6km private haul road connecting Beebyn-W11 to Fenix’s existing operations at Iron Ridge.

Receipt of the Mining Proposal approval for Beebyn-W11 resulted in the payment of A$5m to Sinosteel Midwest Corporation (SMC) as a key deliverable under the Right-to-Mine agreement (see ASX Announcement dated 3 October 2023).
The project remains on schedule for production to commence during the September 2025 Quarter, supporting the Company’s 4Mtpa production target for 2025.

For details refer ASX announcement dated 25 July 2024 & 15 April 2025

Aerial view of a cleared dirt area with vehicles, surrounded by sparse vegetation and red soil in a remote, arid landscape.