Solid Shipments Amid Weather Challenges (Image Credits: Unsplash)
Perth, Australia – Fenix Resources Limited detailed its performance for the March 2026 quarter, marking a key haulage milestone while navigating port disruptions from Tropical Cyclone Narelle.[1] The company shipped 974,000 wet metric tonnes of iron ore across 16 vessels, achieving group C1 cash costs at the lower end of expectations. Cash reserves climbed to A$86.3 million, supported by solid operational cash flows.
Solid Shipments Amid Weather Challenges
The March quarter saw Fenix dispatch 974,000 wet metric tonnes from its Western Australia operations, down from 1,242,000 wet metric tonnes in the prior December period due to two shipments deferred to April.[1] Logistics teams hauled 1,063,000 wet metric tonnes, reaching a cumulative 10 million dry metric tonnes since production began – a notable achievement for stakeholders in the Mid West region.
Safety improved with a Total Recordable Injury Frequency Rate of 5.8, down 15% from the previous quarter’s 6.8, though one Lost Time Injury occurred.[1] Mining yielded 993,000 wet metric tonnes of ore at a strip ratio of 2.82:1, while processing rose 9% to 1,243,000 wet metric tonnes.
Financial Strength and Cost Discipline
Group C1 cash costs fell to A$70 per wet metric tonne, a 7% drop from A$75 in December and 8% below the prior year’s March figure.[1] This positioned costs at the bottom of guidance, aided by efficient use of stockpiles. Realised prices averaged A$145.5 per dry metric tonne, capturing 98% of the Platts 61% Fe CFR benchmark.
Cash grew by A$7.4 million to A$86.3 million, driven by A$17.7 million in operational inflows despite A$11.4 million in capital spending, mainly on Weld Range infrastructure.[1] The hedge book remained robust, covering 1.32 million tonnes of iron ore at A$150.28 per tonne through June 2027, alongside currency and diesel protections.
| Project | March 2026 | December 2025 | Change |
|---|---|---|---|
| Iron Ridge | 372 | 354 | +5% |
| Shine | 240 | 476 | -50% |
| Beebyn-W11 | 362 | 412 | -12% |
| Total | 974 | 1,242 | -22% |
Advancing Key Projects for Growth
Iron Ridge contributed 372,000 wet metric tonnes, up 5% sequentially as the mine nears the end of its current plan outlined in the December 2025 three-year production strategy.[1] Beebyn-W11 shipped 362,000 wet metric tonnes, with mining consolidated for better efficiency. Shine output declined to 240,000 wet metric tonnes as reserves deplete.
Progress accelerated at Weld Range, where a A$8 million investment funded a 5Mtpa crushing plant at Beebyn-Hub.[1] A Definitive Feasibility Study advances toward completion in late 2026, targeting 10Mtpa production with costs around A$55 per wet metric tonne. This supports a pathway to higher volumes and margins for investors and regional partners.
Maintained Guidance Signals Confidence
Fenix reaffirmed FY2026 iron ore sales guidance at 4.2 to 4.8 million tonnes and C1 costs between A$70 and A$80 per wet metric tonne FOB Geraldton.[1] The three-year plan aims for 15 million tonnes through FY2028, up from 2.4 million in FY2025. Near-term costs may rise in the June quarter from elevated diesel prices tied to Middle East tensions, but fuel supply remains secure.
Executives scheduled an investor webinar for April 24, 2026, to discuss these updates further.[1] The results underscore operational resilience, positioning Fenix to deliver on expansion timelines amid a volatile commodity landscape.
