Fenix Resources Limited announced key appointments to the Company?s Executive Leadership Team. Mr. John Welborn has been appointed Executive Chairman of Fenix, effective 25 October 2023. Mr. Welborn was appointed Non-Executive Chairman of Fenix on 16 November 2021 and has been acting as Interim Executive Chairman since October 2022.

Mr. Welborn is a highly regarded mining executive with a track record of leading growth strategies and generating positive returns for shareholders. Mr. Craig Mitchell has been appointed as Executive Director of Fenix effective 25 October 2023. Mr. Mitchell is the founder of Newhaul Pty Ltd. and joined the Board of Fenix as a Non-Executive Director in September 2022 following the acquisition by the Company of 100% ownership in Fenix-Newhaul Pty Ltd. The appointments of Mr. Welborn and Mr. Mitchell follows the expansion of Fenix?s business with the acquisition of Mount Gibson Iron Limited?s Mid-West iron ore assets and the acquisition of a 10 million tonne Right to Mine over Sinosteel Midwest Corporation?s Beebyn- W11 iron ore deposit.

Mr. John Welborn - Executive Chairman: Remuneration: Fixed remuneration of $650,000 per annum (inclusive of superannuation), subject to annual review. Term /Notice period: Ongoing term, with termination by Mr. Welborn with 6 months' written notice and termination by the Company with 12 months' written notice. The Company may terminate the employment without notice in certain circumstances.

Change of control: Bonus payment of 12 months' base salary upon a change of control. Short Term Incentives: Mr. Welborn will be eligible to participate in the Company's short term incentive plan (as varied from time to time), (STIP), on the basis that the maximum STIP is 50% of Mr. Welborn's base salary per year. Mr. Craig Mitchell - Executive Director.

Remuneration: Fixed remuneration of $500,000 per annum (inclusive of superannuation), subject to annual review. Term /Notice period: Ongoing term, with termination by Mr. Mitchell with 6 months' written notice and termination by the Company with 12 months' written notice. The Company may terminate the employment without notice in certain circumstances.

Change of control: Bonus payment of 12 months' base salary upon a change of control. Short Term Incentives: Mr. Mitchell will be eligible to participate in the Company's short term incentive plan (as varied from time to time), (STIP), on the basis that the maximum STIP is 100% of Mr. Mitchell's base salary per year.