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Fenix Resources Ltd.
Summary
| Project: | Iron Ridge | |
|---|---|---|
| Deposit: | Iron Ridge | |
| Location: | Australia | |
| Commodities: | Iron-Aluminium-Phosphorus-Silica-Titanium | |
| Date: | 11/4/2019 | |
| Report Code: | JORC | |
| Report Type: | Feasibility Study | |
| Project Stage: | Pursuing Resource Increase/Upgrade | |
| Report details: | 4-11-2019: Fenix Resources Ltd. announces a Feasibility Study report for its Iron Ridge deposit at the Iron Ridge project. Feasibility study results incl. NPV(10) of $54.3M, IRR of 58.9%. Fenix Resources Limited (ASX: FEX, “Fenix” or the “Company”) is ple | |
| Resources: | (Reserve, Prob.): 7.76Mt @ 63.9% Fe, 2.79% Al2O3 | |
| CP/QP: | [Overall Report]: John Battista (Mining Plus Pty Ltd.) | |
| ABSTRACT: | Fenix Resources Limited (ASX: FEX, “Fenix” or the “Company”) is pleased to announce the findings of the Feasibility Study (“FS”) relating to the Iron Ridge Project (“Project”). The FS reveals a high‐grade and high‐ quality Project that provides strong returns over its life of mine (“LOM”). The FS estimates that Iron Ridge will have modest initial capital cost of just $11.9 million, 44% of which will not have to be paid until after the expected first shipment is dispatched. The FS includes a maiden Ore Reserve of 7.76Mt at 63.9% Fe. This underpins forecast annual production of 1.25 million tonnes. The forecast annual EBITDA is $16.4 million based on C1 cash operating costs of $76.86 a tonne and an assumed 62% Fe index price of $111.43 per dry metric tonne (dmt) (US$78/t at a foreign exchange rate of US$0.70 per A$). This compares with the current benchmark price of $123.33/t. Iron Ridge, which is located 490km from the Port of Geraldton, is based on a Direct Shipping Ore (“DSO”) operation. Ore will be crushed and screened on site and separated into lump and fines product before being trucked to port. | |
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