- Fenix Resources (FEX) is releasing its full-year results and announcing its first-ever dividend for shareholders
- The iron-ore producer issued a fully-franked dividend of 5.25 cents after declaring a net profit after tax of $49 million
- The company sold 501,000 wet metric tonnes of iron ore product in FY21 after starting production at Iron Ridge in December
- Fenix ended the financial year with $69 million in the bank and cashflow positive with a balance of $65.3 million
- Shares in FEX are up 8.62 per cent at 31.5 cents each
Fenix Resources (FEX) is releasing its full-year results and announcing its first-ever dividend for shareholders.
The iron-ore producer has issued a 5.25-cent-per-share fully-franked dividend, equating to a total dividend payment of $24.8 million.
The dividend will be paid on October 5 this year and represents a net profit after tax payout ratio of 51 per cent.
Fenix declared a NPAT of $49 million for the 2021 financial year as well as revenue of $114.37 million.
The mining stock sold a total of 501,000 wet metric tonnes of iron ore product during the year after starting production at Iron Ridge in December.
The iron ore project is located in Western Australia’s Murchinson region and hosts a Total Mineral Resource of 10.5 million tonnes at 64.2 per cent iron.
It’s the first shipment of ore from the project occurred in February and the company has mined 687,400 wet metric tonnes of ore since starting production.
Fenix ended the 2021 financial year with $69 million in the bank and cashflow positive with a balance of $65.3 million.
However, that cashflow balance is before mine development expenditure of $14.7
million, exploration costs of $100,000 million and loans to the Fenix Newhaul joint venture of $2.6 million.
Following today’s results and dividend announcement, shares in Fenix Resources have jumped 8.62 per cent to 31.5 cents each at 10:31 am AEST.