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F E N I X R E S O U R C E S L I M I T E D ( A S X : F E X )

I R O N R I D G E P R O J E C T P R E M I U M G R A D E I R O N O R E

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F E N I X R E S O U R C E S L I M I T E D ( A S X : F E X )

Important Disclosure

2

Disclaimer mer

• The material in this presentation has been prepared by Fenix Resources Limited (“Fenix”) and is general background information on Fenix. This information is given in summary form

and does not purport to be complete. Information in this presentation, including forecast financial information, should not be considered as advice or a recommendation to investors

• r potential investors in relation to holding, purchasing or selling securities or other financial products or instruments and does not take into account your particular investment
• bjectives, financial situation or needs.
• Before acting on any information you should consider the appropriateness of the information having regard to these matters, any relevant offer document and in particular, you should

seek independent financial advice. All securities and financial product or instrument transactions involve risks, which include (among others) the risk of adverse or unanticipated market, financial or political developments and, in international transactions, currency risk.

• This presentation may contain forward looking statements including statements regarding our intent, belief or current expectations with respect to Fenix Resources’ businesses and
• perations, market conditions, results of operation and financial condition, capital adequacy, specific provisions and risk management practices. Readers are cautioned not to place

undue reliance on these forward looking statements. Fenix Resources does not undertake any obligation to publicly release the result of any revisions to these forward looking statements to reflect events or circumstances after the date hereof to reflect the occurrence of unanticipated events. While due care has been used in the preparation of forecast information, actual results may vary in a materially positive or negative manner. Forecasts and hypothetical examples are subject to uncertainty and contingencies outside Fenix Resources’ control. Past performance is not a reliable indication of future performance. Co Competen tent Person’s Statemen atement

• The information in this report that relates to Exploration Results is based on information compiled by Mr James Potter. Mr Potter is a full-time employee of CSA Global Pty Ltd and is a

Member of the Australasian Institute of Mining and Metallurgy and a Member of the Australian Institute of Geoscientists. Mr Potter has sufficient experience relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as Competent Person as defined in the 2012 edition of the ‘Australasian Code for the Reporting of Exploration Results, Mineral Resources, and Ore Reserves’ (JORC Code). Mr Potter consents to the disclosure of the information in this presentation in the form and context in which it appears.

• The information in this report that relates to the Processing and Metallurgy for the Iron Ridge Project is based on and fairly represents, information and supporting documentation

compiled by Damian Connelly who is a Fellow of The Australasian Institute of Mining and Metallurgy and a full time employee of METS Engineering Group. Damian Connelly has sufficient experience relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the 2012 Edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’. Damian Connelly consents to the inclusion in the report

• f the matters based on his information in the form and context in which it appears..
• The information in the report to which this statement is attached that relates to Mineral Resources is based on information compiled by Alex Whishaw, a Competent Person who is a

Member or Fellow of The Australasian Institute of Mining and Metallurgy. Mr Whishaw is a full-time employee of CSA Global Pty Ltd, independent mining industry consultants. Mr Whishaw has sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration and to the activity being undertaken to qualify as a Competent Person as defined in the 2012 Edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’. Mr Whishaw consents to the inclusion in the presentation of the matters based on his information in the form and context in which it appears.

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F E N I X R E S O U R C E S L I M I T E D ( A S X : F E X )

Company Overview

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F E N I X R E S O U R C E S L I M I T E D ( A S X : F E X )

Corporate Strategy

4

Ideal ally ly placed aced to

• generate

enerate va value ue from from a high h qua uali lity ty project

• ject

Focused management and Board of Directors with industry specific and corporate experience Aim to supply premium- grade products to the steel industry Iron Ridge is our foundation asset, it hosts a high-grade Mineral Resource of 9.2Mt Plan to commercialise Iron Ridge and build a trusted customer base Target acquisitions leveraging synergies with Iron Ridge

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F E N I X R E S O U R C E S L I M I T E D ( A S X : F E X )

Corporate Overview

5 Capital Structure & Pricing Ordinary shares on issue 249.7m Vendor Performance Shares 1 112.5m Employee Performance Rights 1 20.8m Unlisted Options 2 59.0m Share Price (28 May 2019) $0.088 Market capitalisation (undiluted) $22.0m Cash 3 $3.9m Debt Nil Enterprise Value (undiluted) $18.1m Board & Management Bevan Tarratt Non Executive Chairman Rob Brierley Executive Director Garry Plowright Executive Director Petar Tomasevic Non Executive Director

Sha hare e Price History

• ry

1. Hurdles aligned with key asset development milestones 2. Exercise price of 8 cents and expiry date of 21 Nov 2021 3. Cash as at 31 March 2019 $2.11m+ $1.75m April Placement 50 100 150 200 250 300

• 2

4 6 8 10 12 Nov-18 Dec-18 Jan-19 Feb-19 Mar-19 Apr-19 May-19 Daily Volume (Shares Traded) Daily Closing Price(cps) Volume (m) ClosePrice

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F E N I X R E S O U R C E S L I M I T E D ( A S X : F E X )

Iron Ore Market Dynamics

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F E N I X R E S O U R C E S L I M I T E D ( A S X : F E X )

Buoyancy in Iron Ore Pricing

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Prem Premiu ium m Iron n Ore Ore Pr Prices ces have ve been st strong ng as C s Chine inese Ir se Iron O

• n Ore St

Stock ckpiles piles trend downwar wnwards ds

115 120 125 130 135 140 145 150 $60 $70 $80 $90 $100 $110 $120 Apr-18 May-18 Jun-18 Jul-18 Aug-18 Sep-18 Oct-18 Nov-18 Dec-18 Jan-19 Feb-19 Mar-19 Apr-19 May-19 Port Inventory (Mt) $US / dmt

Iron Ore Price (CFR Qingdao)

Total Chinese Iron Ore Port Inventory (Mt) 62% CFR Qingdao Equivalent (US$/dmt) 65% CFR Qingdao Equivalent (US$/dmt)

Source: Bloomberg

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F E N I X R E S O U R C E S L I M I T E D ( A S X : F E X )

Structural Change Favours High Grade Ore

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• Premium Iron Ore Market is applicable
• Environmental policies in China have created a structural change which favours high grade ore
• Lower supply from Brazil also a factor
• Noticeable shift toward quality projects and widening premium recently reversed due to tight supply from Brazil

̶ Premium of ~US$35/t for 65% Fe product versus 58% Fe product

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F E N I X R E S O U R C E S L I M I T E D ( A S X : F E X )

Iron Ridge Project

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F E N I X R E S O U R C E S L I M I T E D ( A S X : F E X )

Iron Ridge Project

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Hi High Gr Grade H Hema matite Iron n Ore Ore Proje Project ct in the Mi Midwest dwest

• Fenix entered into an agreement to acquire the project

in May 2018 for only $1m in shares

• Identified that it has significant potential to host a small

mining operation that produces high quality product

• Commenced its maiden drill campaign in November

2018, which was very successful

• In March 2019, an updated mineral resource estimate

was established – confirming the project’s potential

̶ Total Mineral Resource Estimate of 9.2 Mt @ 6 64.1% 1% Fe, 3.36% SiO2, 2.66% Al2O3 and 0.045% P1

• Significant potential to further expand the Mineral

Resource along strike

• Granted Mining Lease with historical mining of

micaceous iron oxide

1 Refer ASX release from Fenix Resources Ltd (FEX) dated 19 March 2019. Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves. The JORC Code, 2012

• Edition. Prepared by: The Joint Ore Reserves Committee of The Australasian Institute of Mining and Metallurgy,

Australian Institute of Geoscientists and Minerals Council of Australia (JORC).

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F E N I X R E S O U R C E S L I M I T E D ( A S X : F E X )

Location, Tenure & Infrastructure

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Lo Low C w Cap apex ex co cont ntra ract ct mi mini ning ng & tru truck ckin ing con g conce cept pt fac acil ilitat itated ed by by ke key pr proj

• jec

ect ch char arac acterist ristic ics s

± 490 0 km

Port Capacity

Subst stantial ntial spare re port rt capacity city and 5,00 000tp 0tph h dedi dicate ted d iron

• n ore

re ship ip loading ding facili ility ty at Ger erald ldto ton Port t curren rently tly under er-uti utili lise sed

Good Roads

Seale led highway hway runs s within thin ~15k 5km of proj

• ject.
• t. 490k

0km (by roa

• ad)

d) to Ger eraldt dton

• n Port

Excellent Tenure

100% 0% owned ed Gran rante ted d mini ning g lease se (M20/11 0/118) 8) valid lid until il 2030.

• 030. Lease

se pre re-da date tes Native ive Title tle with th Mini nist sterial ial appro proval l for r the small ll-sc scale e mini ning g of iron ron ore re

Convenient Location

Located ed ~67k 7km north rth of Cue in the Mid-We West st regi egion

• n of

WA, provi rovidin ing g easy sy access ss to supporti porting ng town wn site te facili iliti ties es

Joint Cooperation Agreement

Fen enix ix has enter ered d into to a Joint nt Coop

• per

eratio tion agree reeme ment nt with th the manager ger of Ger eraldt ldton

• n Port,

t, the Mid West st Ports ts Authori hority, ty, rel elating ting to the provi

• visi

sion

• n
• f Port

t Access, ess, Capacity ity Res eser ervati tion

• n,

, Handli dling ng Serv rvices es; and produc

• duct

t expo port rt contrac racts ts

Trucking Joint Venture

Fen enix ix recen cently tly formed

• rmed a strat

rategi gic allian liance, ce, via a 50/50 0/50 JVC, with ith Mineh ehaul ul Pty Ltd . Impo porta rtantly ntly the alli lianc nce e provi

• vides

des truckin king g serv ervice ices s to the Proje

• ject;

t; and Intro troduces ces the exper erti tise se of Craig ig Mitche hell – founde der and forme rmer owne ner of transpo nsport t and logi gist stics s provi

• vide

der Mitche hell l Corp rp

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F E N I X R E S O U R C E S L I M I T E D ( A S X : F E X )

Favourable Geology

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• Mineralisation plunges gently to the south-west along strike
• Deepest mineralisation intersected is at 230m beneath surface
• Consistent high grades recorded in the main BIF after 20-40m

hardcapped mineralisation (minor elevated alumina)

• No issues identified in processing mineralisation below the

water table

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F E N I X R E S O U R C E S L I M I T E D ( A S X : F E X )

Excellent Mineral Resource Upgrade

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✓ High grade overall Resource at 64.1% Fe ✓ Main BIF higher grade

✓ indicated portion = 5.9Mt @ 65% Fe

✓ Strong proportion of Indicated Resource to support study work ✓ Scale of 9.2Mt exceeds Company’s expectations ✓ Low to acceptable impurities

Ca Categor

• ry

Stratigraphy graphy Tonnes Fe Fe Al Al2O3 LOI OI P SiO2 TiO2 Mt Mt % % % % % % Indicated Main BIF 5.9 65.0 2.38 1.36 0.038 2.92 0.09 Indicated Little BIF 0.7 60.0 3.60 5.05 0.072 5.05 0.09 Total al Indicated icated 6.6 64.5 2.51 1. 1.74 0.042 3.14 14 0.09 Inferred Main BIF 2.3 63.8 2.95 1.68 0.050 3.68 0.12 Inferred Little BIF 0.3 59.3 3.67 5.43 0.083 5.75 0.09 Total al Inf nferred ed 2.6 2.6 63.2 63.2 3.04 3.04 2.13 13 0.054 0.054 3.93 3.93 0.12 12 Grand d Total al 9.2 64.1 2.66 1. 1.85 0.045 3.36 0.10 10

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F E N I X R E S O U R C E S L I M I T E D ( A S X : F E X )

Grade – Tonnage Curve

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• Historical resource estimate used

a lower cut-off of 50% Fe

• The

updated mineral resource estimate has been reported at a higher cut-of grade of 58% Fe

• This cut off grade was selected as

it presents the most appropriate for reporting a premium, high- grade product

52.0 54.0 56.0 58.0 60.0 62.0 64.0 66.0 68.0 70.0 72.0 1 2 3 4 5 6 7 8 9 10 11 12 45 46 47 48 49 50 51 52 53 54 55 56 57 58 59 60 61 62 63 64 65 66 67 68 Fe % Tonnes Millions % Fe cutoff

2019 Upd pdated ed Mineral eral Res esou

• urce

ce Es Estima imation tion – Grad rade/T e/Tonnag nage e

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F E N I X R E S O U R C E S L I M I T E D ( A S X : F E X )

Successful Confirmation Drilling

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• 3,435m of RC drilling in 21 holes and

1,210m of diamond drilling in 8 holes

• Successfully confirmed the extensions to

the Mineral Resource

• Diamond drill program just commenced

designed for 880m of infill and 835m of geotechnical

Hole ID From (m) To (m) Width (m) Fe (%) Al2O3 (%) P (%) SiO2 (%) LOI (%) IR001 36 87 51 63.93 2.99 0.06 3.37 1.8 IR002 79.3 137.5 58.2 66.58 1.85 0.03 2.23 1.05 IR003 159.2 182.2 23 67.83 1.21 0.02 1.52 0.75 IR004 91 161 70 64.41 2.63 0.05 3.14 1.53 IR005 161 212.1 51.1 65.94 1.83 0.04 2.01 1.08 IR006 41 57.2 16.2 65.94 1.65 0.03 3.04 0.87 IR011 72 142 70 64.84 2.37 0.04 2.99 1.35 IR012 164 204 40 65.58 1.87 0.04 2.19 1.32 IR015 80 146 66 66.24 1.69 0.04 2.1 1.17 IR016 152 202 50 66.56 1.63 0.03 2.68 0.92 IR017 54 110 56 63.57 2.99 0.04 3.58 1.51 IR018 84 142 58 66.68 1.51 0.02 1.78 0.83 IR020 73.8 113.5 39.7 65.86 1.91 0.02 2.31 1.01 IR022 70 90 20 65.87 1.76 0.02 2.3 0.87 IR033D 211 249.9 38.9 66.73 1.44 0.03 1.69 1.07 IR035 130 182 52 66.17 1.62 0.04 2.24 1.17 IR036 206 252 46 66.32 1.73 0.04 2.22 1.16 IR046 74 100 26 65.61 2.20 0.02 2.68 1.09

Significant Intercepts as announced 17 January, 23 January and 5 February 2019

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F E N I X R E S O U R C E S L I M I T E D ( A S X : F E X )

Excellent Preliminary Metallurgical Results

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• Low deleterious elements, well within acceptable limits
• The project is anticipated to produce Premium >65% Fe lump and >63% Fe fines products
• Estimates 25-30% as a lump product (the ability of Fenix to extract premium prices will be determined during offtake

discussions)

• Average Crushing Work Index (CWi) of 2.6 kWh/t (low power consumption for crushing)
• Average Bond Abrasion Index indicates low equipment consumable consumption rates
• Lump properties (Reduction Index, Reduction-Disintegration Index and Decrepitation Index) positive for blast furnace use

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Capex / Opex Considerations

17

CAPEX EX requ quir irement ement is is ex expe pect cted ed to be

• be mo

mode dest st du due to:

• :
• No additional port infrastructure required as Geraldton Port currently has abundant surplus capacity

for ore storage and ship loading

• Existing sealed road used previously by Crossland Resources/Murchison Metals to haul iron ore from

its Jack Hills project (2006-2011) passes within 15km of Iron Ridge

• High grade product needs only minimal processing (crushing and screening) and no tailings disposal

facility OP OPEX EX li like kely ly to b

• be ma

majo jorit rity y rela lated ted to t

• tra

rans nspor port an and d lo logis gistic ics, s, su such ch as as:

• Road transport path 490km to Geraldton Port
• The recent trucking JV entered into is expected to materially reduce the cost of road transport
• Port storage and handling fees
• Mining costs will be a function of strip ratio, which will be determined from detailed mine design

which is being finalised at the moment

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Newsflow Progression

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❖

Drill results – rel elea eased sed 17 Januar ary, , 23 J Januar ary y and 5 d 5 Fe Febr bruar ary y 2019

❖

Mineral Resource update (reported in accordance with the JORC code) – rel eleased eased 19 March ch 2019

❖

Trucking JV company established between FEX and Craig Mitchell – rel elea eased sed 7 M May y 2019

❖

Metallurgical testwork results including lump to fines ratio, crushing indexes, etc – rel elea eased sed 24 May 2019

❖

Joint Cooperation Agreement signed with Mid West Port Authority – rel eleased eased 29 May y 2019

❖

Product offtake negotiation initial discussions – Ongo going

❖

Commencement of Statutory Permitting Process – Ongo going g

❖

Preliminary agreements on road ore haulage and port storage & handling services – June/J e/July ly 2019

❖

Completion of feasibility studies – October

• ber 2019

❖

Product offtake agreement(s) and potential financing

❖

Commencement of production and potential first shipment

❖

Additional project acquisition(s)

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