Fenix Resources flying high after positive September quarter results

Fenix Resources (ASX: FEX) has announced positive results for the September quarter at the recent International Mining and Resources Conference in Sydney.

The Iron Ridge iron ore mine, located in WA’s Mid-West region, saw six shipments totalling 345,950wmt of iron ore products shipped.

This pushed Fenix Resources past the milestone of 5mt shipped from Iron Ridge since first shipment began in February 2021.

The mine, which is 100% owned by the company, hopes this is the launchpad for plans to expand to 4mtpa as soon as 2025.

Production currently sits at 1.4mtpa at Iron Ridge.

Meanwhile, production and haulage are now underway from the company’s 100% owned Shine iron ore mine with shipments to commence in the current quarter, while Fenix’s third iron ore mine, Beebyn-W11, remains on track to commence in early 2025.

Fenix Resources executive chairman John Welborn says it’s an exciting time for the company.

“Our team remains totally committed to deliver on our exciting pipeline of growth projects all of which can be funded from our existing cash reserves.

We finished the September quarter $72m in cash and remain in a strong position to fund further growth and expansion,” he said.