Fenix Resources Limited announced that the Company has established new iron ore hedging contracts for a total of 10,000 dry metric tonnes (dmt)
of iron ore per month from July 2023 through to December 2023. These new contracts have been added to the company's existing iron ore hedging
arrangements such that a total of 50,000 dmt per month is hedged from July 2023 to December 2023 at a fixed price of AUD 170.10 per dmt. Fenix's iron ore swap arrangements consist of contracts between Fenix and Macquarie Bank Limited which are cash settled at the end of each month for an amount equivalent to the difference between the fixed price of the contracts and the Monthly Average Platts TSI 62 Index converted to AUD. Fenix's swap arrangements are consistent with the Company's Price Protection Policy designed to support the medium-term profitability of production whilst maintaining positive exposure to iron ore prices.