Fenix secures mining rights for 10 million tonnes from Weld Range iron ore deposit

Fenix Resources Limited (ASX: FEX) has officially signed definitive agreements with Sinosteel Midwest Corporation Limited (SMC) granting exclusive rights to mine and export up to 10 million tonnes of iron ore from the high-grade Beebyn-W11 iron ore deposit, referred to as the "Right to Mine." Under this agreement, Fenix gains full control over mining and export activities, retaining 100% of net profits after paying royalties to SMC.

This right allows Fenix to extract and sell up to 10 million dry metric tonnes of ore from Beebyn-W11 within a ten-year period from commencement. Beebyn-W11 boasts a JORC 2012 Measured and Indicated Mineral Resource Estimate of 20.5 million tonnes at a grade of 61.3% Fe, indicating its substantial potential. AU$5 million upfront, AU$5 million milestone, AU$2 per tonne Base Royalty, variable Profit Share Royalty based on revenue, deducting specific costs and margin.

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