FENIX RESOURCES LIMITED

A HIGH-GRADE AUSTRALIAN IRON ORE MINER

MARCH 2022

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Important Disclosure

This Presentation has been approved by the Board of Fenix Resources Limited

Disclaimer

  • • The material in this presentation has been prepared by Fenix Resources Limited ("Fenix") 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's Statement

  • • The information in this presentation that relates to Mineral Resources is based on information compiled by Mr Alex Whishaw, a Competent Person who is a Member of the Australasian Institute of Mining and Metallurgy and is a former employee by CSA Global Pty Ltd. Mr Whishaw has sufficient experience relevant to the style of mineralisation and type of deposit under consideration and to the activity which they are undertaking to qualify as a Competent Person as defined in the 2012 edition of the Australasian Code for the Reporting of Exploration Results, Mineral Resources, and Ore Reserves (JORC Code). The Company confirms it is not aware of any new information or data that materially affects the information included in the relevant market announcement and all material assumptions and technical parameters underpinning the estimates in the relevant market announcements continue to apply and have not materially changed.

  • • The information in this presentation that relates to the Processing and Metallurgy for the Iron Ridge Project is based on and fairly represents, information and supporting documentation compiled by Mr Damian Connelly who is a Fellow of The Australasian Institute of Mining and Metallurgy and a full time employee of METS Engineering Group. Mr Connelly has sufficient experience relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the 2012 Edition of the 'Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves'. The Company confirms it is not aware of any new information or data that materially affects the information included in the relevant market announcement and all material assumptions and technical parameters underpinning the estimates in the relevant market announcements continue to apply and have not materially changed.

  • • The information in this presentation that relates to Ore Reserves is based on information compiled by Mr John Battista, a Competent Person who is a Member and Chartered Professional (Mining) of the Australasian Institute of Mining and Metallurgy and is a former employee of Mining Plus (UK) Ltd. Mr Battista has sufficient experience relevant to the style of mineralisation and type of deposit under consideration and to the activity which they are undertaking to qualify as a Competent Person as defined in the 2012 edition of the Australasian Code for the Reporting of Exploration Results, Mineral Resources, and Ore Reserves (JORC Code). The Company confirms it is not aware of any new information or data that materially affects the information included in the relevant market announcement and all material assumptions and technical parameters underpinning the estimates in the relevant market announcements continue to apply and have not materially changed. In relation to the production target and forecast financial information referred to in the report, the Company confirms that all material assumptions underpinning the production target and the forecast financial information derived from the production target continue to apply and have not materially changed since the announcement of the feasibility study on 4 November 2019.

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Fenix Resources

Capital Structure & Pricing

Ordinary shares on issue

516.2m

Vendor Performance Shares 1

67.5m

Unlisted Options

Nil

Share Price (25th March 2022)

$0.245

Market capitalisation (undiluted)

$126.5m

Cash2

$54.9m

Debt

Nil

Enterprise Value (undiluted)

$71.6m

Board & Management

John Welborn

Non Executive Chairman

Rob Brierley

Managing Director

Garry Plowright

Non Executive Director

Chris Tuckwell

General Manager - Operations

Adrian Third

Commercial Manager

Corporate Overview

  • 1. Hurdles aligned with key production milestones

  • 2. Cash as at 31 December 2021

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  • • Remaining Ore Reserves2 of 7.1 Mt @ 64.1% Fe, equivalent to ~6 years of project life remaining

    • 1 Refer Annual Report of Fenix Resources as released on 15 September 2021

    • 2 Refer Annual Report of Fenix Resources as released on 15 September 2021

    Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves. The JORC Code, 2012 Edition. Prepared by: The Joint Ore Reserves Committee of The Australasian Institute of Mining and Metallurgy, Australian Institute of Geoscientists and Minerals Council of Australia (JORC).

    Iron Ridge Project

    High Grade Iron Ore Project in the Midwest of WA

  • • Fenix acquired the right to 100% of the project in May 2018 and completed the transaction in November 2018.

  • • Mineral Resource Estimate1 of 9.8 Mt @ 64.4% Fe, which represents some of the highest grade iron ore in Western Australia

  • • Project development commenced September 2020

  • • Announced first production in December 2020

  • • First shipment in February 2021, ~1.5Mt sold thus far

  • • 50% of production sold via Offtake agreement with Sinosteel with the remainder marketed exclusively by Atlas Iron, a subsidiary of Hancock Prospecting

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Disclaimer

Fenix Resources Limited published this content on 28 March 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 28 March 2022 22:23:04 UTC.