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ASX: FEX The New Western Force in Iron Ore Delivering 6Mtpa by FY28 | Targeting 10Mtpa Beyond February 2026 Bell Potter Unearthed Virtual Conference For personal use only
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Important disclosure ASX: FEX | 2 Disclaimer The material in this presentation has been prepared by Fenix Resources Ltd (“Fenix”, “Fenix Resources” or “the Company”) and is general background information on Fenix. This information is given in summary form and does not purport to be complete. Information in this presentation, including forecast financial information, should not be considered as advice or a recommendation to investors or potential investors in relation to holding, purchasing or selling securities or other financial products or instruments and does not take into account your particular investment objectives, financial situation or needs. Before acting on any information you should consider the appropriateness of the information having regard to these matters, any relevant offer document and in particular, you should seek independent financial advice. All securities and financial product or instrument transactions involve risks, which include (among others) the risk of adverse or unanticipated market, financial or political developments and, in international transactions, currency risk. This presentation may contain forward looking statements including statements regarding our intent, belief or current expectations with respect to Fenix Resources’ businesses and operations, market conditions, results of operation and financial condition, capital adequacy, specific provisions and risk management practices. Readers are cautioned not to place undue reliance on these forward-looking statements. Fenix Resources does not undertake any obligation to publicly release the result of any revisions to these forward-looking statements to reflect events or circumstances after the date hereof to reflect the occurrence of unanticipated events. While due care has been used in the preparation of forecast information, actual results may vary in a materially positive or negative manner. Forecasts and hypothetical examples are subject to uncertainty and contingencies outside Fenix Resources’ control. Past performance is not a reliable indication of future performance. Competent Person and Compliance Statements The information in this presentation that relates to production targets and forecast financial information derived from the production targets have been extracted from the previous market announcements dated 11 December 2025 (Fenix 3-Year Production Plan) and 23 December 2025 (Weld Range Scoping Study). Fenix confirms that it is not aware of any new information or data that materially affects the information included in the previous market announcements and the material assumptions underpinning the production targets, and the related forecast financial information derived from the production targets, continue to apply and have not materially changed. The information in this presentation that relates to the Iron Ridge Mineral Resources, Shine Mineral Resources and Beebyn-W11 Mineral Resources have been extracted from Fenix’s announcement dated 11 December 2025 (Fenix 3-Year Production Plan). The information in respect of the Iron Ridge Mineral Resources was first announced on 5 December 2024, the Shine Mineral Resources on 29 June 2023 and the Beebyn-W11 Mineral Resources on 3 October 2023. The information in this presentation that relates to the Weld Range Global Mineral Resource Estimate was first announced on 1 September 2025 and underpins the Weld Range Scoping Study announced on 23 December 2025. The information in this presentation that relates the Iron Ridge Ore Reserve and Beebyn-W11 Ore Reserve have been extracted from Fenix announcement dated 11 December 2025 (Fenix 3-Year Production Plan). The information in respect of the Beebyn-W11 Ore Reserve was first announced on 25 July 2024 and subsequently in the Company’s Annual Report on 27 August 2025. The Iron Ridge Ore Reserve was first announced on 4 November 2019 and subsequently in the Company’s Annual Reports on 15 September 2021, 29 August 2022, 29 August 2023, 29 August 2024 and 27 August 2025. Fenix confirms that it is not aware of any new information or data that materially affects the information included in the previous market announcements and Fenix confirms that all material assumptions and technical parameters underpinning the abovementioned Mineral Resources and Ore Reserves and the Weld Range Global Mineral Resource Estimate continue to apply and have not materially changed. Fenix confirms that the form and context in which the Competent Persons’ findings are presented have not been materially modified from the previous market announcements. Additional Information This presentation should be read in conjunction with other periodic and continuous disclosure announcements lodged by Fenix Resources with the ASX, which are available on the Company’s website at https://fenix.com.au/ This presentation contains references to Fenix’s JORC Mineral Resources and production and financial performance, extracted from the ASX announcements titled “Weld Range Scoping Study” dated 23 December 2025, “Fenix 3-Year Production Plan” dated 11 December 2025, “Fenix Secures 290Mt Weld Range Iron Ore Project” dated 1 September 2025, “Iron Ridge Mineral Resource Update” dated 5 December 2024, “Beebyn-W11 Feasibility Study and Maiden Ore Reserve” dated 25 July 2024, and “Acquisition of Mid-West Iron Ore and Port Assets” dated 29 June 2023. This presentation has been approved by the Executive Chairman of Fenix Resources Ltd. For personal use only
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Five Compelling Reasons to Invest in Fenix Ramping to 6Mtpa by FY28 FY26 guidance upgraded to 4.2 - 4.8Mt 290Mt Weld Range Project 30-year agreement with Baowu Fully Integrated Pit-to-Port 100% owned mining, logistics and port Trading at low EV/EBITDA multiple compared to relevant peers Proven Delivery Strong track record of delivery and shareholder returns Investment highlights ASX: FEX | 3 Notes: 1. Refer ASX announcement “December Quarter Production Update” dated 5 January 2026 2. Refer ASX announcement “Fenix Secures 290Mt Weld Range Iron Ore Project” dated 1 September 2025 For personal use only
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Fenix in WA's mid-west ASX: FEX | 4 Integrated Infrastructure from Pit-to-Port For personal use only
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Consistent track record of delivery ASX: FEX | 5 Fenix has delivered on its commitments since 2020 2020 Foundations • A$15M capital raised • Iron Ridge commissioned on time and on budget • First premium DSO 2021 Production • Maiden shipment • Offtake agreements • Positive cash flow 2022 Integration • 1.3Mtpa achieved • Port expansion • Newhaul acquired 2023 Expansion • 3Mt milestone • Shine acquired • Beebyn-W11 secured 2024 Scaling • Shine commissioned • Ruvidini opened • Pathway to 4Mtpa identified 2025 Transformation • Three mines operating • 4Mtpa run rate achieved • 290Mt Weld Range Project secured For personal use only
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"Fenix is no longer constrained by mine life and can focus on maximising production volumes and value." ASX: FEX | 6 A Game Changer for Fenix The Weld Range transformation 290Mt Mineral Resource @ 56.8% Fe 30yrs Exclusive Iron Ore Mining Rights 10Mtpa Production Target Notes: 1. Refer ASX announcement “Fenix Secures 290Mt Weld Range Iron Ore Project” dated 1 September 2025 and “Weld Range Scoping Study” dated 23 December 2025 For personal use only
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ASX: FEX | 7 The Weld Range Project's 290Mt resource base enables sustained production at scale, driving down C1 costs and expanding margins. For personal use only
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The image part with relationship ID rId2 was not found in the file. Three year production plan ASX: FEX | 8 Ramping to 6Mtpa by FY28 0 1 2 3 4 5 6 7 FY25 FY26 FY27 FY28 ✓ 100% from Ore Reserves or Measured & Indicated Resources ✓ Generating strong cashflows ✓ Funded from Operations Million tonnes Notes: 1. Refer ASX announcement “Fenix 3-Year Production Plan” dated 11 December 2025 For personal use only
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Period Operating Mines Location(s) FY26-27 Iron Ridge, Shine, Beebyn-W11 Three separate locations FY27-28 Beebyn Hub (W11 + W10) Consolidated at Beebyn Beyond FY28 Beebyn Hub + Madoonga Hub Two processing hubs ASX: FEX | 9 Transitioning to Integrated Hub Operations Strategic consolidation ✓ Simplified operations ✓ Maximised infrastructure utilisation ✓ Reduced logistics complexity Notes: 1. Refer ASX announcement “Fenix 3-Year Production Plan” dated 11 December 2025 For personal use only
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Weld Range Project Value ASX: FEX | 10 Substantial NPV and Cash Generation Potential A$3.0 Billion Pre-tax NPV₁₀ at Spot Prices A$5.9 Billion Pre-tax Free Cash Flows at Spot Item Unit Base Case Spot Price Platts 61% Fe CFR price – average US$/dmt 85.0 107.0 Realised CFR price – average US$/dmt 75.2 95.8 Exchange Rate – average AUD:USD 0.65 0.65 Mine Life Years 14 14 LoM average annual production Mtpa wet 9.8 9.8 LoM average C1 cash cost A$/wmt 55.4 55.4 LoM average annual EBITDA A$m 235 507 LoM development capital A$m 521 521 LoM sustaining capital A$m 144 144 LoM pre-tax free cash flows A$m 2,516 5,865 Pre-tax NPV₁₀ A$m 1,184 3,001 Pre-tax IRR % 60 167 Pre-tax payback period years 2.6 1.7 Pre-tax NPV₁₀ / Development capital ratio 2.3 5.8 Notes: • Information extracted from the Weld Range Scoping Study (Scoping Study) announced on 23 December 2025 • Scoping Study evaluation period based on Weld Range Project production commencing from FY29 (excludes production from the Beebyn Hub during FY26, FY27, and FY28 as described in the 3-Year Production Plan announced on 11 December 2025) • Valuation date, and reference date for the IRR and payback period, is 1 July 2028 (start of FY29) • Valuation undertaken on a real basis, before taxes and financing • Discount rate of 10% is a pre-tax weighted average cost of capital (WACC) For personal use only
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Fully integrated pit-to-port business model ASX: FEX | 11 100% Owned Mining, Logistics and Port Operations MINING Ramping to 6Mtpa by FY28 High-grade DSO @ 61% Fe LOGISTICS Capacity for 10Mtpa 100% owned fleet & rail PORT ~10Mtpa Capacity 400,000t storage | 3 sheds For personal use only
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Mining ASX: FEX | 12 Mines Ramping to 6Mtpa by FY28 290Mt Resource Base Weld Range Project 60.1% Fe Average Grade Premium DSO product 100% High Confidence Reserves & M&I Resources Notes: 1. Refer ASX announcement “Fenix 3-Year Production Plan” dated 11 December 2025 2. Refer ASX announcement “Fenix Secures 290Mt Weld Range Iron Ore Project” dated 1 September 2025 For personal use only
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Logistics ASX: FEX | 13 Scalable Capacity to Support 10Mtpa Target New state-of-the-art Workshop in Geraldton 10Mtpa Target Capacity 100% Owned Fleet Notes: 1. Refer ASX announcement “Weld Range Scoping Study ” dated 23 December 2025 For personal use only
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Port ASX: FEX | 14 Strategic Infrastructure at Geraldton Port On-wharf facilities at Geraldton Port access secured to 2054 Capacity to support growth For personal use only
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Weld Range Scoping Study complete Feasibility Study underway for FY29+ expansion Madoonga Hub development pathway Private haul road to reduce logistics costs Owner-operated mining at scale Collaborating with Baowu on 10Mtpa target ASX: FEX | 15 Pathway to 10Mtpa Production Growth beyond FY28 Notes: 1. Refer ASX announcement “Weld Range Scoping Study ” dated 23 December 2025 For personal use only
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Abundant resource base Deposit Mineral Resources (Mt) Grade (Fe %) Iron Ridge 12.2 64.9 Shine 11.2 59.0 Beebyn-W11 21.4 61.1 Weld Range (excl. Beebyn-W11) 268.9 56.4 Total 313.7 57.2 ASX: FEX | 16 290Mt+ High-Grade Iron Ore Resources 290Mt Weld Range Project 30-year exclusive rights High-Grade DSO Premium quality product Measured & Indicated 232Mt in higher confidence categories Notes: 1. For further information refer “Fenix Mineral Resources and Ore Reserves” on slide 21 For personal use only
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2026 targets Deliver Deliver Three Year Production Plan Publish Weld Range Feasibility Study Commission Beebyn Hub operations Extend Advance Madoonga Hub approvals Boost Shareholder returns ASX: FEX | 17 Focused on Execution and GrowthFor personal use only
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Fenix community ASX: FEX | 18 Creating Value for Stakeholders and Communities 300+ Jobs Created within Geraldton and local areas Wajarri Yamaji Partnership Traditional custodians of our land Local Focus Supporting Mid-West businesses & communities For personal use only
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• Large Scale 290Mt resource base supporting decades of production • Low Cost Scale drives down unit costs and expands margins • Long Term 30-year Right to Mine Agreement ensures sustained operations Proven Track Record Consistent delivery since 2020 Clear Growth Pathway 6Mtpa by FY28 | Targeting 10Mtpa Integrated Model Full control pit-to-port Capital Efficient Growth funded from operations Strategic Partnership Baowu relationship & offtake security Dividend Policy Commitment to returning capital to shareholders Shareholder Returns Disciplined capital allocation ASX: FEX | 19 Compelling Investment Opportunity Integrated Operations | Transformational Asset | Clear PathwayFor personal use only
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Corporate snapshot ASX: FEX | 20 Share Price Performance FEX ASX Code A$312m Market Cap (at 10 Feb 2026; $0.42 per share) A$78.9m Cash at Bank (as at 31 Dec 2025) 13.2% Owned by Company Directors ANALYST COVERAGE For personal use only
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APPENDIX 1. FENIX MINERAL RESOURCES & ORE RESERVES ASX: FEX | 21 IRON RIDGE, SHINE AND BEEBYN-W11 MINERAL RESOURCES WELD RANGE GLOBAL MINERAL RESOURCES This presentation contains references to Fenix’s JORC Mineral Resources and Ore Reserves, extracted from the ASX announcement titled “Fenix 3-Year Production Plan” dated 11 December 2025. ORE RESERVES Iron Ridge Mineral Resources as at 30 June 2025 – 58% Fe cut-off applied JORC Classification Tonnes (millions) Fe % Al2O3 % LOI % P % SiO2 % TiO2% Indicated 3.4 66.10 1.70 1.25 0.04 2.25 0.09 Inferred 8.9 64.40 2.20 1.85 0.05 3.15 0.12 Total 12.2 64.87 2.07 1.69 0.04 2.91 0.11 Iron Ridge Ore Reserves as at 30 June 2025 – 58% Fe cut-off applied JORC Classification Tonnes (million s) Fe % Al 2O3 % LOI % P % SiO2 % TiO2% Probable 1.2 66.12 1.80 1.01 0.03 2.33 0.10 Total 1.2 66.12 1.80 1.01 0.03 2.33 0.10 Shine Mineral Resources as at 30 June 2025 – 50% Fe cut-off applied JORC Classification Tonnes (millions) Fe % SiO2 % Al2O3 % P % Measured 3.5 60.2 8.05 1.34 0.080 Indicated 5.1 59.0 8.79 1.25 0.071 Inferred 2.5 57.3 8.26 1.13 0.070 Total 11.2 59.0 8.44 1.25 0.074 Weld Range Right to Mine Agreement 2025 MRE (exclusive of Beebyn-W11) – 50% Fe cut-off applied JORC Classification Tonnes (millions) Fe % SiO2 % Al2O3 % LOI % P % S % Measured 129.3 57.72 6.67 2.42 7.36 0.09 0.06 Indicated 82.1 55.46 9.74 2.39 7.48 0.09 0.09 Inferred 57.5 54.90 11.69 2.32 6.54 0.09 0.13 Total (Mes+Ind) 211.4 56.84 7.86 2.41 7.41 0.09 0.07 Total (Mes+Ind+Inf) 268.9 56.43 8.68 2.36 7.22 0.09 0.08 Beebyn-W11 Ore Reserves as at 30 June 2025 – 50% Fe cut-off applied JORC Classification Tonnes (millions) Density (t/m3) Fe % SiO2 % Al2O3 % LOI % P % S % TiO2 % Proven 8.3 3.14 62.5 3.40 3.03 2.32 0.06 0.01 0.19 Probable 1.7 3.12 61.1 4.45 3.44 2.41 0.06 0.01 0.21 Total 10.0 3.17 62.2 3.57 3.10 2.33 0.06 0.01 0.20 Beebyn-W11 Mineral Resources as at 30 June 2025 – 50% Fe cut-off applied JORC Classification Tonnes (millions) Density (t/m3) Fe % SiO2 % Al2O3 % LOI % P % S % TiO2 % Measured 13.2 3.45 61.78 3.66 2.66 2.86 0.07 0.03 0.16 Indicated 7.3 3.43 60.34 4.70 2.63 3.71 0.08 0.07 0.15 Inferred 0.9 3.02 56.38 7.75 5.62 4.54 0.11 0.01 0.31 Total 21.4 3.45 61.11 4.15 2.74 3.21 0.07 0.04 0.016 For personal use only
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Notes ASX: FEX | 22 _____________________________________________ _____________________________________________ _____________________________________________ _____________________________________________ _____________________________________________ _____________________________________________ _____________________________________________ _____________________________________________ _____________________________________________ _____________________________________________ _____________________________________________ For personal use only
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| ASX: FEX John Welborn Executive Chairman info@fenix.com.au CONTACT FENIX.COM.AU For personal use only