FENIX RESOURCES LTD — Capital/Financing Update 2019

Apr 2, 2019

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3 April 2019

Oversubscribed Placement to Fund Material Project Activities

Fenix Resources Limited (ASX: FEX, Fenix or the Company ) is pleased to announce that it has raised $1.75 million through a placement of 31,930,000 shares at an issue price of 5.5¢ per share pursuant to its ASX Listing Rule 7.1 capacity ( Placement ).

The Placement was managed by Hartleys Limited as Lead Broker and was heavily oversubscribed with demand from new and existing Institutional Shareholders significantly exceeding expectations.

The proceeds of the Placement will be used to accelerate the development activities at Fenix’s flagship Iron Ridge Project ( Project ) in the Mid-West region of Western Australia, including for funding in respect of:

• Ongoing metallurgical test-work at the Project;

• Discussions with potential off-takers;

• Mine design and scheduling work at the Project;

• The statutory permitting process for the Project;

• Road haulage, port storage and handling arrangements; and

• Feasibility studies at the Project.

Additionally, the Company advises that Mr Rob Brierley has been appointed Managing Director (previously Executive Director) effective 1 March 2019. The key terms of Mr Brierley’s engagement comprise a salary of $200,000 exclusive of superannuation, participation in the Employee Incentive Scheme and 3-month termination notice period.

On Behalf of Fenix Resources Limited:

Bevan Tarratt Non Executive Chairman Fenix Resources Limited