Earnings call transcript: Fenix Resources’ Q1 2026 update shows progress, shares slip

Fenix Resources reported a record 5.6 million tonnes of iron ore moved in Q1 2026, with shipments on 18 vessels and cash proceeds from iron ore swaps totaling AUD 10 million. However, the company's shares slipped 2.5% to $0.195, near the bottom of its 52-week range, as cash costs rose to AUD 81.80 a tonne, above the guided range of AUD 70 to AUD 80 a tonne.

Management highlighted operational progress, including a new 5 million tonne-a-year crusher at Beebyn Hub and expanded logistics fleet, but attributed the profit miss to higher costs, heavy capital spending, and a weak iron ore market.

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