Fenix Resources (ASX: FEX) just shipped the biggest quarter in its history — 1.3 million tonnes in June, exiting the year above 5Mtpa annualised. The share price has gone the other way. Chairman John Welborn returns to explain why, and what happens next. We last spoke in April, when a cyclone had just hit the Pilbara, diesel was blowing out and the stock was at A$0.33. Since then: record tonnes, a full-year C1 of A$73.7/t at the bottom of the guided band, W10 approvals landed on 20 July, and US$44 million of new funding signed against a A$300 million gap. John doesn't dodge the hard parts. We go through the June quarter C1 of A$79.9/t, the fuel excise relief that expires next Monday with only 30% of diesel hedged, freight running from A$23 to A$32 a tonne in a single quarter, and A$294 million of half-year revenue that produced A$9.7 million of profit. Production has tripled since FY24. Margin hasn't followed. Then the build. Weld Range and the Beebyn Hub — first blast this quarter, first ore on a ship in December, W11 doubling to 3Mtpa, and the 244km haul road that is supposed to drag C1 into the fifties. Plus the Wajarri Yamaji Deed of Covenant, the Sinosteel payments, the fleet capex, and whether a dividend survives a capital program that size against A$81 million of cash. WHAT WE COVER - Why a record quarter hasn't translated into a share price - What actually changed between 974,000t in March and 1.3Mt in June - FY27 guidance at a 5.0Mt midpoint — conservative, or capped? - C1 costs, diesel at A$2.45, and the 70% that isn't hedged - Freight economics and the Mira Bulk Freight partnership - Revenue up, profit down — what tonnage makes this a margin business - Weld Range: W10 approvals, first ore on ship, and the sequence to December - The Wajarri Yamaji Deed of Covenant and what "legally clear to mine" means - The 244km haul road — DFS scope, and who pays - Funding A$500m without raising equity: does the vision still stand? - Franking credits, last year's dividend, and whether it repeats - The 61% Fe benchmark, the lump premium, and what grade is worth - Chinese steel demand, and what customers are saying about FY27 - CMRG, yuan-priced indices, and where Fenix sits LEVRD Partners WA WATER BORES The best water drillers in Australia James Harrington - 0429 695 538 https://www.wawaterbores.com.au/ MINING SELECT Find a Mining job RIGHT NOW!! https://www.miningselect.com.au/ Download the app and start the hunt LEVRD Socials X ► https://x.com/mattmichaelOG Instagram ► https://www.instagram.com/levrdmatty/ Tiktok ► https://www.tiktok.com/@levrdmatty Facebook ► https://www.facebook.com/levrdtrading Linkedin ► https://www.linkedin.com/company/levrd/ This channel and all the audio/video content is prepared by Life of Mine Podcast Pty Ltd (trading as Levrd). Levrd is an Authorised Representative (AR 001318377) of 62 Consulting Pty Ltd (ABN 88 664 809 303), AFSL 548573. Any views are general in nature, or the opinion are of Levrd. The audio/video contents are not personal financial or tax advice, this means they do not consider your objectives, financial situation or needs. Do not follow my trades, they are for entertainment purposes only. CFDs are high risk; you can lose all capital rapidly. My past performance isn't reliable. I may be long/short in CFDs mentioned in the audio/video. FSG: https://levrd.live/pages/fsg This material is not an offer, invitation or recommendation to acquire or dispose of any financial product including CFDs or to adopt any strategy. While believed reliable, the information may be incomplete or change without notice, it is provided for entertainment purposes only. Except for liability under statute that cannot be excluded, no representation or warranty of accuracy or completeness is given. No guarantee of returns or capital protection is given by 62 Consulting, Levrd or their related parties.
