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Thoughts towards Fenix Resources (FEX)

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Question asked 24/11/2023

Thoughts towards Fenix Resources (FEX)

Hi Market Matters Team Fenix has made 2 announcements this week pushing it's price up about 12.8%. 1.Fenix boosts production with 500,000 Tonne Ore purchase agreement with local iron ore producer 10M Pty Ltd. Fenix will be responsible for haulage, storage, port services, ship loading, marketing and sales utilising the Company’s expanded port capacity and logistics capabilities. 2.Fenix has signed an agreement with CuFe Limited for Fenix to provide port services to its iron ore export business, securing CuFe as the foundation third party customer for Fenix’s port logistics business at Geraldton Port. What is your current view on FEX and their transformation into a fully integrated mining, haulage, rail and logistics business. regards Deb

Answer

Hi Deb,

For those not familiar with FEX its a $180mn WA based explorer/miner, the junior iron ore company continues to struggle compared to its better-known peers and it’s still not on our radar as an investment. Mining Iron Ore well is all about scale, so we prefer those companies that have it.

For traders the stock looks interesting 25c but it’s still trading at the same levels that it was 2-years ago, albeit with huge amounts of volatility along the way.

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Fenix Resources Ltd (FEX)

LAST UPDATED 24/11/2023 15:12

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