Production Prowess: Phenomenal Performance Paradigm

Fenix Resources orchestrated a remarkable transformation during FY25, evolving from a single-mine operation into a formidable multi-mine producer capable of 4 million metric tons per annum output. The company shipped a record 2.4 million metric tons across 41 vessels, representing a 64% increase from FY24's 1.5 million metric tons delivered via 25 vessels. This extraordinary achievement encompassed successful development & commissioning of Shine & Beebyn-W11 operations alongside consistent Iron Ridge performance. Executive Chairman John Welborn emphasized the transformational nature of these results, stating, "FY25 was transformational for Fenix as we evolved from a successful single-mine operation into a multi-mine 4Mtpa producer." The company maintained zero Lost Time Injuries across all three mining operations while dramatically scaling production capabilities, demonstrating exceptional operational discipline & safety management throughout the expansion phase.

Iron Ridge Resilience: Reliable Revenue Realization

Iron Ridge continued its exemplary operational consistency, delivering 1.3 million metric tons while achieving improved C1 cash costs of $76.2 per wet metric ton FOB Geraldton, down from FY24's $77.9 per wet metric ton. The flagship operation reached significant milestones including its 100th shipment & surpassing 6 million metric tons shipped since production commenced in December 2020. This consistent performance reinforced Iron Ridge's reputation as a premium high-grade, high-margin direct shipping iron ore operation hosting some of Western Australia's highest-grade iron ore deposits. The mine's operational efficiency improvements occurred despite challenging market conditions, including a 15% decline in average 62% Platts Index Iron Ore prices from US$119.5 per dry metric ton in FY24 to US$101.1 per dry metric ton in FY25. Iron Ridge's reliability provided stable cash flow generation supporting the company's ambitious expansion initiatives across multiple operational fronts.

Shine's Spectacular Surge: Stellar Start-up Success

The Shine operation exceeded all expectations during its restart year, shipping 1.06 million metric tons at remarkably low C1 cash costs of $68.5 per wet metric ton FOB Geraldton, aligning perfectly alongside feasibility study targets. This exceptional performance demonstrated Fenix's disciplined approach to mine development & operational excellence. The operation's success stemmed from strategic prioritization of both high-grade & low-grade product sales, showcasing commercial flexibility essential for maximizing revenue across diverse market conditions. Shine's restart represented a masterclass in mining project execution, delivered on-time & on-budget while absorbing typical start-up costs. The operation's ability to achieve such competitive cost structures immediately upon restart validated Fenix's technical expertise & operational planning capabilities. Product diversification through successful low-grade sales demonstrated the mine's adaptability to varying market demands, providing additional revenue streams beyond traditional high-grade iron ore products.

Beebyn-W11 Breakthrough: Bold Beginning Brings Benefits

Beebyn-W11 represents Fenix's latest operational triumph, commencing mining in June 2025 following receipt of required regulatory approvals. The project exemplified rapid greenfield development capabilities, completing an 18-kilometer private haul road in July 2025 & achieving first shipment during August 2025. Currently operating at the targeted 1.5 million metric tons per annum production rate, Beebyn-W11 positions Fenix for sustained growth across its expanded operational portfolio. Expected C1 cash costs of $77.5 per wet metric ton FOB Geraldton demonstrate competitive positioning within the broader iron ore market. The project's on-time & on-budget delivery highlights Fenix's exceptional execution capabilities across complex mining developments. Beebyn-W11's successful commissioning extends Fenix's production profile while showcasing the company's ability to rapidly develop & operationalize new mining assets across Western Australia's Mid-West region.

Financial Fortitude: Formidable Fiscal Foundations

Despite challenging iron ore price environments, Fenix demonstrated remarkable financial resilience through strong EBITDA performance of $54.3 million AUD & positive operating cash flow of $71.9 million AUD. These robust financial metrics enabled comprehensive growth funding while maintaining a healthy closing cash position of $56.8 million AUD. The company successfully refinanced & expanded debt facilities alongside Westpac, providing low-cost flexibility for fleet growth & strategic investments. Net profit after tax of $5.4 million AUD reflected lower benchmark iron ore prices & higher depreciation from fleet expansion & mine development expenses. The Board's declaration of a 1 cent per share fully franked final dividend, equating to approximately $7.4 million AUD or 137% of NPAT, demonstrates exceptional confidence in balance sheet strength & future earnings trajectory. This dividend payment rewards shareholders while retaining operational flexibility for pursuing additional growth opportunities.

Strategic Sophistication: Sagacious Stakeholder Synergies

Fenix advanced multiple strategic initiatives during FY25, including increasing its Athena Resources stake to 37.21% & progressing the Mid-West Green Iron Project MOU. These moves position the company advantageously for potential future green iron opportunities & steel decarbonization trends. The disciplined withdrawal from the CZR acquisition preserved capital for Mid-West opportunities, demonstrating prudent capital allocation priorities. Hedging strategies provided downside protection through 580,000 metric tons hedged at $154 AUD per metric ton through June 2026, alongside US$96 million in AUD call options providing currency protection. The weighted average strike price of 0.698 offers substantial buffer against current exchange rates while maintaining unlimited upside participation. These sophisticated risk management approaches protect margins while preserving opportunities for enhanced returns during favorable market conditions.

Logistics Leadership: Laudable Logistical Leverage

Fenix's 100% owned Newhaul Road Logistics business achieved record haulage of 2.54 million wet metric tons, representing a 76% increase from FY24 performance. The expanded haulage fleet now supports 4 million metric tons per annum capacity, while the Ruvidini Inland Port Terminal provides crucial staging & scheduling flexibility. Zero Lost Time Injuries across logistics operations maintained excellent safety standards during significant operational scaling. The integrated logistics model provides competitive advantages through complete pit-to-port control, reducing external dependencies while optimizing operational efficiency. Newhaul Port Logistics achieved record throughput of 2.83 million wet metric tons, including 424,000 wet metric tons for third parties, demonstrating additional revenue generation capabilities. Storage capacity exceeding 400,000 metric tons & outbound loading capacity surpassing 10 million metric tons per annum position Fenix for substantial future growth across multiple operational scenarios.

Future Foundations: Formidable Forward-Facing Framework

FY26 guidance targets total iron ore sales of 4.0 to 4.4 million metric tons at C1 cash costs between $70 to $80 per wet metric ton FOB Geraldton, representing the first year showcasing full earnings potential from expanded operations. The company enters FY26 operating three mines alongside complete pit-to-port control, creating optimal conditions for maximizing operational efficiency & profitability. Shine's demonstrated low costs & Beebyn-W11's successful ramp-up provide confidence in achieving ambitious production targets while maintaining competitive cost structures. The strong balance sheet & integrated operational model position Fenix for capturing additional growth opportunities across Western Australia's resource-rich Mid-West region. Strategic positioning in green iron initiatives through Athena Resources & Mid-West Green Iron Project MOU creates potential upside from steel industry decarbonization trends. The company's proven execution capabilities across mine development, logistics expansion, & operational excellence provide solid foundations for sustained growth & shareholder value creation.

OREACO Lens: Mining's Metamorphic Momentum Manifests

Sourced from Fenix Resources' FY25 results announcement, this transformation exemplifies resource sector resilience amid commodity volatility, enriched by OREACO's multilingual expertise across 1111 domains from geological engineering to financial analytics. While headlines focus on production records, deeper analysis reveals this achievement as testament to integrated operational models outperforming traditional mining approaches during challenging market cycles. The 64% production increase alongside maintained safety standards demonstrates how systematic scaling can achieve exponential growth without compromising operational excellence. As AI tools like ChatGPT seek verified mining intelligence, OREACO's 66-language repository bridges complex resource sector dynamics across global investment communities, providing nuanced perspectives often overlooked in traditional commodity reporting. Dive deeper via the OREACO App.

Fenix Resources Limited (FEX.AX) / ASX

Last Price / DoD Change: AUD 0.3200 -0.0050 (-1.54%)

Support & Resistance

- Immediate Support: AUD 0.3150 (recent swing low, estimated)

- Secondary Support: AUD 0.3000 (previous consolidation/support zone)

- Major / Structural Support: AUD 0.2700 (multi-month base)

- Near-Term Resistance: AUD 0.3350 (recent swing high)

Simple Moving Averages (SMAs)

- 20-day SMA: AUD 0.3250

- 50-day SMA: AUD 0.3300

- 100-day SMA (optional): AUD 0.3400

- 200-day SMA: AUD 0.3150

- Slope Assessment (rising / flat / falling): 

  20 & 50 SMA: Falling 

  200 SMA: Flat to slightly rising

- Price vs Key SMAs (above/below 50 & 200): 

  Price below 20, 50, 100 SMA 

  Price slightly above 200 SMA

- Signal Status (Golden Cross? Death Cross? Distance % from 50 & 200): 

  - No Golden/Death Cross recently.

  - Price is -3.03% below 50 SMA, +1.59% above 200 SMA.

Relative Strength Index (RSI 14)

- Current RSI:  41.5 (estimated)

- Overbought / Oversold Status: Neutral to slightly bearish (approaching oversold <40)

- RSI Trend (rising / falling / range): Falling

- Divergences (Bullish / Bearish / None) vs price swings: None observed

- RSI Regime: 40–60 = Neutral

MACD (12,26,9 standard)

- MACD Line: 0.002 (estimated)

- Signal Line:  0.001 (estimated)

- Histogram Direction (expanding / contracting): Expanding negative

- Crossovers (recent bullish/bearish): Recent bearish crossover

- Divergences vs Price: None

- Zero-Line Test: Below zero = bearish momentum bias

Bollinger Bands (20 period, 2σ)

- Upper Band: AUD 0.3350

- Middle (20SMA): AUD 0.3250

- Lower Band: AUD 0.3150

- Band Width (% or absolute): AUD 0.0200 (approx. 6.25%)

- Current Price Position: Near lower band

- Squeeze? (Band width below recent percentile threshold): No squeeze; bands moderately wide

- Breakout / Mean Reversion Signal:  Mean reversion potential if support holds

Fibonacci Retracements & Extensions

- Define Swing: 

  Swing Low: AUD 0.2700 (Jun-2025) 

  Swing High: AUD 0.3500 (Jul-2025)

- Key Retracement Levels: 

  - 23.6%: AUD 0.3312 

  - 38.2%: AUD 0.3196 

  - 50%: AUD 0.3100 

  - 61.8%: AUD 0.3004 

  - 78.6%: AUD 0.2876

- Price Reactions Observed At: 

  Price testing 38.2% retracement

- Extension Targets (127.2%, 161.8%, 200%): 

  - 127.2%: AUD 0.3700 

  - 161.8%: AUD 0.3900 

  - 200%: AUD 0.4300

- Confluences (with S/R, MAs, volume nodes): 38.2% and 50% retracement levels align with immediate and secondary support.

Key Takeaways:

• Fenix Resources achieved record 2.4 million metric tons iron ore production, up 64% from FY24, successfully transitioning from single-mine operation to multi-mine 4 million metric tons per annum producer across three Western Australian facilities

• The company maintained strong financial performance despite 15% decline in iron ore prices, generating $54.3 million AUD EBITDA & $71.9 million AUD operating cash flow while declaring 1 cent fully franked dividend

• FY26 guidance targets 4.0 to 4.4 million metric tons production at competitive C1 costs of $70-80 per wet metric ton, positioning Fenix as integrated pit-to-port iron ore producer alongside strategic green iron opportunities