Fenix Resources to advise the Company has extended existing hedging arrangements to ensure cover is in place for a total of 50,000 dry metric tonnes (dmt) of iron ore per month from January 2023 through to June 2023 at a fixed price of AUD 173.25 per dmt. The new iron ore hedging has been established by iron ore swap arrangements for an additional 15,000 dmt per month over the six-month period to June 2023 and extends the Company's existing swap arrangements for 35,000 tonnes per month up to and including June 2023. The existing hedges were placed in June 2022 and continue to provide strong margin support for Fenix iron ore production and cash flows.

Fenix's iron ore swap arrangements consist of contracts 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.