Fenix Resources Ltd advises that the Company has partnered with Mira Bulk Pte Ltd , a privately owned dry bulk vessel operator, to form the Fenix-Mira Bulk freight partnership (Fenix-Mira Bulk) to target lower shipping costs for Fenix’s iron ore products. Under the arrangement, Fenix will ultimately earn a share of Fenix-Mira Bulk profits based on shipped volume of Fenix iron ore products. Mira Bulk is a global bulk vessel operator specializing in Panamax and Capesize vessels and is jointly owned by Resource Invest AG (ResInvest) and Vaiana Shipping Limited.
The new Fenix-Mira Bulk freight partnership has enabled Fenix to secure US$44 million in long-term funding facilities with ResInvest. The new facilities replace existing short-term prepayment facilities and provide balance sheet strength to execute the Company’s Three-Year Production Plan, which targets production of 4.2 – 4.8Mt in FY26, increasing to up to 6.0Mt in FY28 (see ASX Announcement dated 11 December 2025).
The Fenix-Mira Bulk freight partnership will expand Fenix’s iron ore sales activities through ResInvest’s international marketing connections building on Reinvests successful marketing of Shine Mine product since 2024.
Executive Chairman John Welborn commented: “The creation of Fenix-Mira Bulk represents a significant strategic step for Fenix consistent with our plans to continue our journey of successfully increasing iron ore production and reducing operating costs to target higher profit margins. Fenix operates a fully integrated model across our mining, logistics, and port operations. Our careful expansion into the shipping market is a first step to take more control over an important component of the overall value chain for Fenix production. Significant benefits are expected to include increased shipping market transparency, access to more appropriate vessels for Geraldton Port, and a material reduction in Fenix’s overall shipping costs.
The new funding arrangements with ResInvest supports our production ramp up timeline. Combined with the Mira Bulk freight partnership and expanded iron ore marketing mandate, Fenix has a strong platform to deliver on our Three-Year Plan to FY28. We have successfully funded Fenix’s growth to date from operating cash flow and short-term funding facilities. The new facilities continue our conservative measured approach to funding growth and will provide a strong base to consider additional growth investments beyond FY28.”
FREIGHT PARTNERSHIP — FENIX-MIRA BULK
Fenix has partnered with Mira Bulk, a privately owned dry bulk vessel operator, to form Fenix-Mira Bulk to target lower freight costs through vessel scale. Under the arrangement, Fenix will pay market rate commissions and earn a share of Fenix-Mira Bulk profits.
In May 2026, Mira Bulk supplied the vessel Nord Draco, which through managed arrangements loaded 69,125 wmt of iron ore at Geraldton Berth 5 — a new port record, surpassing the previous record set by MGX Resources Limited (ASX: MGX) in December 2012. Larger vessels reduce per tonne freight costs and support Fenix’s objective of lowering delivered CFR costs to customers as production scales.
By forming Fenix-Mira Bulk, Fenix will gain the advantage of preferential access to vessels and, with the expected growth in Fenix production, the partnership will create a new income stream for Fenix (via Mira Bulk’s global reach).
The income generated from the Fenix-Mira Bulk freight partnership is expected to result in a reduction in overall shipping costs for Fenix.
EXPANDED IRON ORE SALES
ResInvest has successfully marketed the majority of Fenix’s Shine Iron Ore Mine product since the mine’s restart during 2024.
Through the establishment of a jointly owned marketing and sales vehicle and an expanded marketing arrangement, ResInvest will provide services across all Fenix operations, leveraging its personnel, global customer network and deep trading capabilities. ResInvest will be paid an industry standard marketing fee for the provision of these services.
FUNDING FACILITIES — KEY TERMS
Since 2020, Fenix has funded its growth from a single mine operator producing ~1.5Mtpa to a multi mine operator targeting 6Mtpa primarily by generating iron ore sales revenues, harnessing operating cash flows, and via chattel mortgage debt facilities and short-term prepayment facilities. The new long term funding facilities extend Fenix’s funding tenor to two years, reduce near-term refinancing risk and provide a stronger capital base for the projected ramp up in production through to FY28.
STRATEGIC CONTEXT
The partnership with Mira Bulk builds on Fenix’s existing commercial relationships with ResInvest. The move to target lower shipping costs by partnering with an existing leading industry operator is consistent with Fenix’s operating model from inception. Fenix-Mira Bulk builds on the success of the Company’s similar concept to establish the original Fenix-Newhaul joint venture in 2019 which has expanded and developed into the current 100% owned Fenix road haulage logistics business.
The new funding facilities consolidate and support the Company’s successful use of debt facilities to fund growth. Fenix has been conservative and successful in building the infrastructure, logistics, funding and marketing required to support Fenix’s pathway to produce up to 6.0Mt in FY28. Fenix remains the only vertically integrated pit-to-port iron ore producer in WA’s Mid-West, with 100% ownership of its haulage operations and port facilities at Geraldton.
