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March Quarterly Activities Report FENIX 23 April 2021 Fenix ships 220,000t at average price of US $ 156 / t C1 costs average A $ 93 / t and expected to progressively decline to approximately AS $ 85 / t now operations ramp - up is complete Highlights Maiden shipment of iron ore from the Iron Ridge Project dispatched from the Port of Geraldton , Western Australia in February 2021 • Four shipments of iron ore were loaded between February and March 2021 from the Port of Geraldton , resulting in 112,716 wmt of lump and 107,183 wmt of fines being sold • • • Steady - state production of 1.25 million tonnes per annum achieved 107,277 wmt of fines and 112,658 wmt of lump hauled from Iron Ridge to the Port of Geraldton in the March Quarter Operating cash flow of A $ 21.8m for the period and Net cash of A $ 26.7m as at March 31 C1 FOB Cash Costs to date ( including the ramp up period ) of A $ 93 per wmt shipped • Farm - in and joint venture agreement executed with Scorpion Minerals Limited to earn a majority interest in 33,954 hectares of tenements adjoining the Company's flagship Iron Ridge Project • Warwick Davies appointed as Interim Non - Executive Chairman Page 1 of 8 Fenix Resources Limited , ABN : 68 125 323 622 Suite 10 , 1202 Hay Street , West Perth , WA 6005 W : fenixresources.com.au , E : fenix@fenixresources.com.au