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2026-11-06
◂ Monitor FEX ASX

Fenix Resources Limited

Producer · Iron Ore · Australia Rating locked: sign in to view v6.2
Last 2026-11-06
A$0.195
1D
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1M
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YTD
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1Y
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Upside
Locked: sign in to view
Mkt cap
A$150.3M
EV
A$198.1M
Cash
A$81M
Debt
A$128.8M
2 newer ASX announcements not yet reflected in this valuation

Portfolio detail

Assets

6 assets

Core asset

Weld Range Project including Beebyn Hub

Australia

ProducerIron Ore

Beebyn-W11 producing under a 10Mt right to mine; Beebyn-W10 approved with a maiden 13.8Mt reserve. Fenix has a separate 30-year right to mine the wider Sinosteel Weld Range deposits, subject to royalties, profit share, remaining DFS, road and expansion approvals and funding.

Project location

Site imagery

Sentinel-2 · 10 m
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© OpenStreetMap contributors. Basemap imagery © Esri (Maxar, Earthstar Geographics). Dated overlays contain modified Copernicus Sentinel data. Visible surface changes do not establish production or completion.

Published study economicsIssuer or study metrics
NPVA$150.9M10% discount
IRR189%Published return
Initial capexA$22.9MPublished capital estimate
Operating cost77.5AUD/wmt C1 FOB Geraldton
NPVA$1.2B10% discount
IRR60%Published return
Initial capexA$521MPublished capital estimate
Operating cost55.4AUD/wmt C1 FOB Geraldton

Reported pre-tax feasibility-study economics at US$100/dmt 62% Fe and AUD:USD 0.65.

Reported real pre-tax scoping-study case at US$85/dmt CFR 61% Fe and AUD:USD 0.65, valuation date 1 July 2028.

Resources & reserves6
TypeCategoryQuantityGradeContained mineralsDate
Mineral ResourceMeasured + Indicated + Inferred290.3 Mt56.77% Fe at 50% Fe cut-offIron Ore2025-09-01
Mineral ResourceMeasured + Indicated + Inferred288.6 Mt56.74% Fe at 50% cut-offIron Ore2026-06-30
Mineral ResourceMeasured + Indicated + Inferred47.7 Mt59.04% Fe at 50% cut-offIron Ore2026-09-03
Ore ReserveProven + Probable10 Mt62.2% Fe at 50% Fe cut-offIron Ore2025-06-30
Ore ReserveProved + Probable13.1 Mt61.19% Fe at 57% cut-offIron Ore2026-07-01
Ore ReserveProved + Probable13.8 Mt58.87% Fe at 57% cut-offIron Ore2026-07-01
Tenements1
weld-m51-869-iGranted— None · No expiry supplied
Milestones4
  1. Complete Weld Range definitive feasibility study

    Pending · High materiality

  2. Board consideration of final investment decision

    Pending · High materiality

  3. Receive key Beebyn-W10 approvals

    Achieved · High materiality

  4. First Beebyn-W10 shipment

    Pending · High materiality

Permits & approvals2
PermitJurisdictionStatusExpiryCritical path
Weld Range expansion regulatory, environmental and heritage approvalsWestern AustraliaPending—Yes
Beebyn-W10 key mining approvalsWestern AustraliaGranted—No
Economic studies2
StudyStageStatusDateSummary
Beebyn-W11 Feasibility StudyDFSCurrent2024-07-25Feasibility study supporting the operating 1.5Mtpa Beebyn-W11 mine and its 10Mt reserve.
Weld Range Scoping StudyScoping StudyCurrent2025-12-2314-year FY29-FY42 expansion study targeting about 10Mtpa, A$521m development capital and A$1.184bn pre-tax NPV10 at US$85/dmt.

Material

Iron Ridge Iron Ore Mine

Australia

Producer100% ownedIron Ore

Operating high-grade DSO mine nearing the end of its current economic mine plan; June-quarter shipments declined to 124kt.

Project location

Site imagery

Sentinel-2 · 10 m
Loading location…

© OpenStreetMap contributors. Basemap imagery © Esri (Maxar, Earthstar Geographics). Dated overlays contain modified Copernicus Sentinel data. Visible surface changes do not establish production or completion.

Resources & reserves4
TypeCategoryQuantityGradeContained mineralsDate
Mineral ResourceIndicated + Inferred12.2 Mt64.87% Fe at 58% Fe cut-offIron Ore2025-06-30
Mineral ResourceIndicated + Inferred11.5 Mt64.67% Fe at 58% cut-offIron Ore2026-06-30
Ore ReserveProbable1.2 Mt66.12% Fe at 58% Fe cut-offIron Ore2025-06-30
Ore ReserveProbable0.4 Mt66.68% Fe at 58% cut-offIron Ore2026-06-30
Tenements1
iron-ridge-tenureGranted— None · No expiry supplied
Milestones1
  1. Complete remaining current economic mine plan

    Pending · Medium materiality

Material

Shine Iron Ore Mine

Australia

Producer100% ownedIron Ore

Operating DSO mine nearing the end of its current mine plan, with 1.563Mt shipped in FY26.

Project location

Site imagery

Sentinel-2 · 10 m
Loading location…

© OpenStreetMap contributors. Basemap imagery © Esri (Maxar, Earthstar Geographics). Dated overlays contain modified Copernicus Sentinel data. Visible surface changes do not establish production or completion.

Resources & reserves2
TypeCategoryQuantityGradeContained mineralsDate
Mineral ResourceMeasured + Indicated + Inferred11.2 Mt59.0% Fe at 50% Fe cut-offIron Ore2025-06-30
Mineral ResourceMeasured + Indicated + Inferred9.6 Mt58.9% Fe at 50% cut-offIron Ore2026-06-30
Tenements1
shine-tenureGranted— None · No expiry supplied
Milestones1
  1. Complete remaining current mine plan

    Pending · Medium materiality

Material

Fenix Road and Port Logistics

Australia

Producer100% ownedIron Ore

Wholly owned integrated road haulage, inland siding, storage and Geraldton port operations supporting Fenix mines and third-party tonnes; port capacity is stated at about 10Mtpa.

Milestones1
  1. Scale integrated logistics for up to 6Mtpa FY28 production

    Pending · High materiality

Other

Beebynganna Hills Iron Ore Project

Australia

Early Explorer100% ownedIron Ore

Regional Weld Range exploration tenure acquired in December 2024; no compliant resource or mine plan was identified in the reviewed FEX package.

Project location

Approximate location

Loading location…

© OpenStreetMap contributors. Basemap imagery © Esri (Maxar, Earthstar Geographics). Dated overlays contain modified Copernicus Sentinel data. Visible surface changes do not establish production or completion.

Tenements1
beebynganna-e51-1681Granted— None · No expiry supplied

Other

Athena Resources strategic investment

Australia

Resource Stage31.25% ownedIron Ore

Strategic minority investment; Fenix reported a 31.25% holding in July 2026 and committed A$0.5m to Athena's second-tranche placement. FY26 annual accounts show a 29.77% associate interest at 30 June 2026; the later July presentation reported 31.25%, used for the current holding.