Fenix Resources Ltd reported a record financial and operational performance for the year ended June 30, 2026, with revenue rising 87% to AUD 590 million and net profit after tax more than doubling to AUD 12.3 million.
The company shipped 4.4 million tonnes of iron ore in FY26, an increase of 74% from 2.4 million tonnes in the prior year, scaling vessel shipments to over 70 vessels. Total material moved—including production, hauling and shipping—reached 15 million tonnes. Fenix maintained zero time-injury safety performance while operating truck fleets that collectively traveled the equivalent of three trips around the Earth’s circumference daily.
EBITDA rose 50% to AUD 81 million, while operating cash flow increased 33% to AUD 96 million. The year-end cash balance grew 45% to AUD 81 million, supported by a AUD 35 million drawdown on a US$44 million medium-term facility from ResInvest and AUD 82 million drawn against a AUD 120 million chattel mortgage for trucks, trailers and Geraldton properties.
Realized iron ore prices averaged approximately AUD 147 per tonne, up from AUD 144 per tonne in FY25, while C1 cash costs remained broadly stable at just under AUD 74 per wet metric tonne. The company paid a fully franked final dividend of AUD 0.01 per share, amounting to AUD 7.7 million, representing about 63% to 64% of NPAT. Franking credits available totaled AUD 90 million.
Capital expenditure totaled approximately AUD 75 million, including AUD 50 million for Beebyn Hub development and AUD 25 million to secure the Weld Range Right to Mine payment to Sinosteel. Fenix has not raised equity since August 2020, when it completed a AUD 15 million placement to fund the original Iron Ridge mine.
For FY27, Fenix guided production to a midpoint of 5 million tonnes, with C1 cash costs maintained between AUD 70 and AUD 80 per tonne FOB Geraldton. The company plans to close the Iron Ridge and Shine mines while bringing the Beebyn Hub online, with Beebyn-W11 established in Q1 FY27 and a new 5-million-tonne-per-annum crushing and screening plant expected in Q2 FY27. Capital spending is projected at AUD 110 million to AUD 120 million across sustaining capex, truck refurbishments, Beebyn Hub expansion and logistics upgrades.
Fenix also initiated diesel hedging, covering 30% of its FY27 exposure through swaps. The company holds a 30-year exclusive license at Weld Range, targeting 10 million tonnes per annum by 2032 with long-term FOB Geraldton costs of about AUD 55 per tonne.
