Fenix Resources Locks in 26.9Mt Reserve as Beebyn-W10 Ore Output Nears
Key Takeaways
- Fenix Resources has declared a maiden Beebyn Hub Ore Reserve of 26.9Mt at 60.0% Fe, combining an updated Beebyn-W11 reserve of 13.1Mt at 61.2% Fe with a maiden Beebyn-W10 Stage 1 reserve of 13.8Mt at 58.9% Fe.
- 87% of the total reserve tonnage is classified as Proved — the highest geological confidence category under the JORC Code — providing a bankable foundation for debt financing and life-of-mine scheduling.
- All mining approvals for Beebyn-W10 were received in July 2026, with ore production on track to commence in Q1 FY27 and first shipment targeted in the December 2026 quarter.
- The C2 crusher, expected to be commissioned in September 2026, will bring total installed crushing capacity at the Beebyn Hub to approximately 8Mtpa, supporting the company's target of 6Mtpa by FY28.
- The 26.9Mt reserve sits within a 290Mt Weld Range Project Mineral Resource at 56.8% Fe, with a Definitive Feasibility Study underway and a Final Investment Decision expected in 2028 targeting a 10Mtpa production profile to 2042.
Beebyn Hub ore reserve confirmed at 26.9Mt as Fenix eyes 6Mtpa
Fenix Resources has announced a maiden Beebyn Hub Ore Reserve totalling 26.9Mt at 60.0% Fe, combining an updated reserve for the operating Beebyn-W11 mine with a maiden reserve for the newly approved Beebyn-W10 mine. The combined reserve underpins more than 5 years of mine life at the current production rate of 5Mtpa, and supports the company’s 3-Year Production Plan targeting up to 6Mtpa from the Beebyn Hub by FY28.
The two components of the reserve are:
- Beebyn-W11 (updated): 13.1Mt at 61.2% Fe
- Beebyn-W10 Stage 1 (maiden): 13.8Mt at 58.9% Fe
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Q1 FY27 production start on track for Beebyn-W10
This is not a paper reserve sitting on a shelf. All mining approvals for Beebyn-W10 Stage 1 were received in July 2026, and ore production is on track to commence during the current quarter. The key operational milestones are:
- All approvals received — July 2026
- Ore production start — Q1 FY27 (July–September 2026)
- First shipment targeted — Q2 FY27 (December 2026 quarter)
- C2 crusher commissioning expected — September 2026
The C2 crushing facility carries a nominal capacity of approximately 5Mtpa. Once commissioned, the Beebyn Hub will have approximately 8Mtpa of total installed crushing capacity, combining the existing C1 and new C2 facilities.
For investors, the sequence matters. An imminent production start converts a freshly minted reserve into near-term cash flow, with the first shipment targeted before the end of calendar 2026.
Infrastructure already in place
The logistics and export platform supporting the ramp-up is already operational. Fenix’s wholly owned road haulage business transports product to Geraldton Port, where Fenix Port Logistics operates on-wharf storage facilities with combined capacity exceeding 400,000 tonnes and export capacity of 10Mtpa. A 17.6km sealed road connects the Iron Ridge project to the Beebyn Hub, enabling infrastructure sharing between operations.
What is an Ore Reserve and why does it matter?
Under the JORC Code (2012), an Ore Reserve is the highest-confidence category of mineable material. It is the portion of a Mineral Resource that has passed technical, economic, and regulatory scrutiny — not just what is in the ground, but what can actually be mined profitably under current assumptions.
The distinction from a Mineral Resource is important. A Mineral Resource is an estimate of what exists geologically. An Ore Reserve is the subset of that resource that an independently verified mine plan has confirmed as economically mineable, after applying factors such as mining dilution, ore loss, processing assumptions, and cost forecasts.
For the Beebyn Hub reserve, a 57% Fe cut-off grade was applied. The target is a final product averaging approximately 60% Fe via Direct Shipping Ore (DSO) — meaning the ore ships after crushing and screening, with no complex beneficiation required.
Approximately 87% of the total reserve tonnage is classified as “Proved,” derived from Measured Mineral Resources. That is a high geological confidence figure. In plain terms, what reserve status means for investors:
- Bankable: a JORC Ore Reserve can support debt financing
- Plannable: it underpins Life-of-Mine scheduling and production forecasts
- Transparent: independently verified by a JORC Competent Person
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Growth runway: 290Mt resource and the path to 10Mtpa
The 26.9Mt Beebyn Hub reserve is best understood as the starting point of a much larger story. It sits within a 290Mt Weld Range Project Mineral Resource at 56.8% Fe — meaning the current reserve represents early-stage conversion of a substantially larger resource endowment.
The Weld Range Definitive Feasibility Study (DFS) is underway and is expected to materially boost Ore Reserves when completed, consistent with the Scoping Study published in December 2025. That Scoping Study outlined a 10Mtpa production profile extending to 2042, with potential C1 cash costs of approximately A$55/wmt. Investors should note the required caveat: the 10Mtpa production target includes 11% Inferred Resources, which carry a low level of geological confidence, and there is no certainty the production target will be realised.
A Final Investment Decision for the Weld Range Project is expected during 2028, representing a medium-term catalyst for investors to monitor.
John Welborn, Executive Chairman
“The Weld Range Iron Ore Project represents a globally significant portfolio of Direct Shipping Iron Ore in Western Australia’s Mid-West. Fenix continues to upgrade our confidence in the long-term production outlook of the available high-grade iron ore resources of the Project consistent with our current 3-Year Production Plan and our ambition to grow production to 10Mtpa by 2031.”
“The maiden Ore Reserve for the Beebyn Hub provides more than 5 years of mine life at our current production rate. Completion of the Weld Range Definitive Feasibility Study is expected to further materially boost Ore Reserves consistent with the Scoping Study published in December 2025 outlining a 10Mtpa production profile out to 2042.”
The full Beebyn Hub Ore Reserve breakdown as at 1 July 2026, based on a 57% Fe cut-off, is set out below.
| Classification | Tonnes (Mt) | Fe (%) | SiO2 (%) | Al2O3 (%) |
|---|---|---|---|---|
| Proved | 23.4 | 59.90 | 4.47 | 2.78 |
| Probable | 3.5 | 60.64 | 4.58 | 2.90 |
| Total (1 July 2026) | 26.9 | 60.00 | 4.48 | 2.80 |
The numbers tell a coherent story. A maiden reserve at a producing hub, approved and ready to mine, backed by a resource base large enough to sustain production for decades if the DFS and Final Investment Decision deliver as anticipated. The next twelve months — covering first ore from Beebyn-W10, the C2 crusher commissioning, and progress on the DFS — will be the key period for investors tracking whether that pathway is being executed on schedule.
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