FENIX RESOURCES LIMITED (FEX)
Share Price Analysis and Chart

23/01/2026

1

Buy

$0.70

62.79%

Post the company's quarterly update revealing record iron ore production, Bell Potter comments Fenix Resources has outlined a clear pathway to incrementally grow iron ore production to 10Mtpa at significantly lower unit costs.

To achieve its target, the company is leveraging its integrated logistics network to underpin cash flows and fund its substantial organic growth outlook.

EPS forecast falls by -12% in FY26; by -2% in FY27; and lifts by 4% in FY28. The undiscounted valuation lifts to $1.10/sh (Weld Range valuation is risked 40%).

Target price 70c. Buy. No dividends are projected for the time being.

FORECAST
Bell Potter forecasts a full year FY26 dividend of 0.00 cents and EPS of 8.80 cents.
Bell Potter forecasts a full year FY27 dividend of 0.00 cents and EPS of 7.00 cents.

17/10/2025

1

Buy

$1.04

141.86%

Petra Capital keeps its Buy rating for Fenix Resources and nudges its price target to $1.04 from $1.03 after another record quarter.

Sep Q’25 shipments hit 885kt (+17% QoQ), with Dec Q’25 sales forecast at 1.1Mt (+24% QoQ) as Beebyn-W11 reaches steady state.

The broker cites the Sinosteel Right-to-Mine deal securing 290Mt of inventory and a 10Mtpa production path, lifting leverage to iron ore; at US$104/t spot, Petra’s valuation would be $1.66/sh.

Quarter-end cash was $57.7m after the $20m RTM upfront and a 1c dividend; FY26 guidance remains 4.0–4.4Mt at C1 $70–$80/wmt. Forecasts have been updated with higher FY26–27 iron-ore pricing projections.

FORECAST
Petra Capital forecasts a full year FY26 dividend of 1.00 cents and EPS of 4.70 cents.
Petra Capital forecasts a full year FY27 dividend of 1.00 cents and EPS of 2.40 cents.