FENIX RESOURCES LTD — Interim / Quarterly Report 2011

Jul 28, 2011

ASX QUARTERLY REPORT for the Period Ending — 30[th] June 2011

HIGHLIGHTS

EMERGENT REOURCES LIMITED

• “An emerging Western Australian mineral resource company

• focused on iron, gold,

• base metals and uranium”

ASX Code: EMG

Total shares on issue 80,309,529 Unlisted options 5,421,443

BEYONDIE IRON PROJECT

• Focus on consummating a joint venture partnership that will advance the development of the Beyondie hematite and magnetite projects.

• Discussions held with a number of local and overseas potential joint venture parties.

• Site visit and due diligence undertaken with international iron ore miner.

• Discussions with Indian parties advanced and a number of due diligence reviews have commenced.

Directors

Mr Wolfgang Fischer – Executive Chairman Mr Nick Martin – Non Executive Director Mr Geoff Cowie – Non Executive Director Mr Stuart Hall – Non Executive Director

Nathan Lude – Chief Executive Officer

Projects

APPOINTMENT OF 2 NEW HIGHLY EXPERIENCED BOARD MEMBERS

• Emergent Resources welcomes Mr Stuart Hall and Mr Geoff Cowie to its board. These appointments are noteworthy and provide the company with high calibre expertise and complimentary skill sets essential for a junior exploration company to be successful.

EXTENSION & EXTENSION NORTH PROJECT

Beyondie Iron Project :

Working to develop the project into a world class, long term, high grade iron ore mining operation.

Extension and Extension North Gold Project: Extension to the Plutonic Well Greenstone Belt with previous drilling for Au

Glengarry Base Metal Project :

Comprising 2500 square kilometres of highly prospective ground for Cu, Pb, Zn, precious metals and uranium.

Mt Narryer Gold, Copper, Uranium Project: Exploring high order anomalies in important geological setting.

Marble Bar Copper, Gold Project: Potential for gold and VMS deposits.

Paterson Uranium, Copper, Gold Project: Potential for Kintyre, Maroochydore and Nifty

• Joint Venture finalised with Raven Resources Pty Ltd.

• Significant gold potential recognised in the southern tenements of Emergent’s Beyondie 2,368 km[2] holding.

• Emergent now controls 21 km of what is believed to be an underexplored strike extension to the gold-rich Plutonic Well Greenstone Belt.

• Numerous 2+ g/t gold intercepts in past drilling never previously followed up.

• Shallow surface cover has masked much of the prospective geology.

GLENGARRY PROJECT

• MMI geochemistry soil sampling completed at Mt Bartle, Clarrie Well and Diamond Well. Data is being assessed.

• Drill targets to be selected and delineated from soil sampling, geochemical survey results and CSIRO study.

• Discussions have commenced with a number of parties interested in farming-in to the Glengarry Project.

RESEARCH AND DEVELOPMENT GRANT TAX REFUND

• During the quarter the company received a cash refund of $507,179.

QUARTERLY REPORT for the Period Ending — 30[th] June, 2011

CORPORATE

FOCUS ON JOINT VENTURE PARTNERSHIP FOR ADVANCEMENT OF BEYONDIE IRON PROJECT:

Emergent is focused on consummating a joint venture partnership that will advance the development of the Beyondie project into a hematite and magnetite producing mine. The nature of joint venture discussions has dictated that the drilling for Q2 this year has been put on hold. A number of confidentiality agreements have been signed with local and overseas interested parties. Site visits and due diligence reviews are underway and Emergent will inform the market of the progress of discussions as appropriate.

On 28[th] of June, Emergent initially informed the market regarding discussions being held with potential Indian joint venture partners forming part of the discussions held with a range of potential joint venture partners during the quarter.

HIGHLY EXPERIENCED NEW BOARD APPOINTMENTS:

During the quarter the Company appointed two Non-Executive Directors. This completes the restructure of the Emergent Resources board, providing it with high calibre expertise and complimentary skill sets essential for a junior exploration company to be successful.

Mr Stuart Hall brings 35 years of mining industry experience with proven expertise in major project development, management and financing. He has particular strengths in project development and feasibility, strategic relationship management, operations management, and mergers and acquisitions. Mr Hall has widespread experience across a range of mineral developments including iron ore, gold, base metals and uranium.

Mr Geoff Cowie has more than 35 years of experience in the field of resource and infrastructure development, project management and construction contracting, having worked on major resource development projects in Australia, China, Bulgaria, Malawi, India and Africa. Mr Cowie has a background of working across many mineral types and his civil engineering experience will prove invaluable to Emergent in working on project feasibility, and identifying development and infrastructure solutions.

Mr Robert Boylan chose to step down as Non-Executive Director at the end of June, 2011, satisfied that the Company’s Board now possesses the appropriate experience and knowledge to lead the company to achieve its full potential. Mr Boylan remains the Company’s largest shareholder.

COMPANY OVERVIEW:

BEYONDIE IRON PROJECT:

E52/1806, E52/2215 (80% EMG, 20% DEG) and E52/2474, E69/2625, E69/2669 (100% EMG)

The Beyondie Project currently comprises:

• Magnetite Inferred JORC Mineral Resource of 561 million tonnes grading 27.5% Fe in tenement E52/1806;

• Magnetite Exploration Target[1] of 480 to 510 million tonnes grading 27.0 to 28.5% Fe in E52/1806;

• Magnetite Exploration Target of 3.7 to 4.2 billion tonnes grading 27.0 to 28.5% Fe outside of E52/1806; and,

• Hematite Exploration Target of 70 – 120 million tonnes grading 52 – 57% Fe in tenement E52/2215.

The Beyondie Iron Project has significant scalability with a 60+km strike length and effectively less than 20% of the project explored. There is significant potential upside in the multiple iron products that may be derived here.

Emergent is focused on establishing one or more joint ventures which will assist the Company in the development of the hematite resources and in significantly increasing and commercialising the established magnetite resource.

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Figure 1: Beyondie Iron Project Magnetics Map

1 NB: The potential quantity and grade of the above Exploration Targets is conceptual in nature. There has been insufficient exploration to define a Mineral Resource, and it is uncertain if further exploration will result in the determination of a Mineral Resource.

BEYONDIE METALLURGICAL TESTWORK OF WEATHERED AND TRANSITIONAL ZONES.

In the quarter, the Company undertook preliminary metallurgical test work to evaluate the potential for viable beneficiable iron mineralisation developed in partly weathered (lower or transition zone) or weathered (upper zone) Banded Iron Formation (BIF) (Figure 2). The two zones occur in response to weathering of the magnetite ore body above the weathering front, and sit between hematite– enriched ores at surface and magnetite, for production of a concentrate, at depth.

The completely weathered upper zone is termed the “weathered zone” and provides “weathered material” dominated by hematite (martite and goethite). The lower partially weathered zone, located immediately above the primary magnetite ore, is termed the “transition zone” which provides “transition material”. The transition material is mainly comprised of remnant primary magnetite, and some partially oxidised minerals (maghemite, hematite) and weathered minerals (hematite, martite, goethite).

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Figure 2: Typical iron occurrence at Beyondie (schematic representation).

The test work involved assessing drill core from six HQ diamond drill holes (BYM096 to BYM101 inclusive (Figure 3; in red text)), which sampled mineralisation in the weathered and transition zones that lie above the Company’s JORC inferred resource of 561 Mt of primary magnetite.

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Figure 3: Diamond Drill Hole Locations

The diamond drill holes twinned earlier Reverse Circulation (RC) drill holes (except for BYM098), with every 4 metres of core composited and assayed to reconcile with existing Davis Tube Recovery (DTR) RC assays.

The test work confirmed: Beyondie ores have a low energy requirement for crushing and magnetite liberation (based on the Unconfined Compressive Strength and Bond Crushing Work Index); no asbestiform minerals were identified; that hematite is carried with the magnetite upon magnetic separation.

Neither material type produced a viable concentrate at the various grind sizes (1, 2, 4 and 8 mm) as the maximum grade found was only 40% Fe. Emergent believes that the original form of the magnetite is preserved upon replacement by martite, and its subsequent conversion to hematite (i.e. the original form is not altered). This implies that the grind sizes used in this study were too coarse for the successful testing of the materials, and that the materials are likely to respond better at finer grind sizes.

The metallurgical program for understanding the metallurgical responses to the material overlying and within the JORC resource is a requisite in advancing towards pre-feasibility studies. Emergent continues to work closely with its principle metallurgical advisors, Engenium, to further advance the metallurgical program at the Beyondie Iron Project.

Over the quarter, field teams were on site collecting samples for further Davis Tube Recovery test work (DTR), a vital step in the Company’s progress towards an improved understanding the commercialisation of the Beyondie magnetite resource. The DTR test work will establish the magnetic mass recovery and the concentrate grade recovered, across all magnetite-bearing zones, including the fresh magnetite and transitional ore zones.

The expanded DTR program will enable construction of a 3D concentrate model that identifies the concentrate grade distribution in 3D space. The 3D model will assist with pit design and optimisation. Upon completion of the DTR program a new resource estimate calculation can be completed.

The company expects to add to the excellent results of the initial DTR analyses on drill cores from within the fresh magnetite which produced grades of 68+% Fe, with encouragingly low levels of impurities.

NEAR SURFACE HEMATITE

The Company has recently received metallurgical test results from the laboratory aimed at assessing the beneficiation pathways for making a product from the near surface hematite. These results are currently being considered in three sample composites (high (~50%Fe), medium (~45%Fe – low P), and low grade (~45%Fe – high P)).

Dependent on outcomes the Company will consider further metallurgical test work and assess the distribution, grade and volume of near surface hematite mineralisation.

Late in the quarter, field teams undertook detailed mapping in the 15km section east of, and along strike from the established exploration target. This ground work will give further geological understanding of the distribution of hematite enrichment within the identified 21km long outcrop.

ADDITIONAL GROUND SECURED AT BEYONDIE

Emergent has secured four new tenements, expanding the total Beyondie footprint by a further 673 km[2] building a contiguous block 2368km[2] in area. The eastern leases include: E69/2685, ELA52/2680, and ELA69/2919. The western lease, E52/2525, covers a substantial calcrete body known to carry plentiful, high quality water suitable for use in processing ore from potential future Beyondie iron production.

SIGNIFICANT GOLD POTENTIAL IDENTIFIED AT EXTENSION & EXTENSION NORTH PROSPECTS:

The Company has identified significant gold exploration potential in the extensions of the rich Plutonic Well Greenstone Belt that lies in the eastern parts of the Company’s Beyondie tenure. The Company now controls an estimated 21km strike length, or approximately 25%, of the Plutonic Well Greenstone Belt, which hosts over 7.5 Moz’s of gold. The Plutonic Well Greenstone Belt has produced some 5 Moz’s of gold since the 1990’s and hosts Barrick Gold Corporation’s Plutonic deposit, along with Dampier Gold’s Marymia Gold deposit.

Emergent identified the gold potential within its Beyondie leases as part of a detailed geological assessment of its current asset portfolio. From this study Emergent’s geologists conceived a possible extension of greenstone beyond its 100% owned holdings and secured the right to earn an 80% interest in two substantial blocks of granted tenure held by Raven Resources Pty Ltd.

This area has not been systematically explored in the past, nor has it been adequately tested by any previous explorers.

Much of the Archaean-aged greenstone belt’s north-eastern extension, including the possible extensions into the adjacent Raven farm-in ground, lies under sand cover or shallow sediments associated with the Proterozoic Earaheedy Group and the Collier Basin. Outcrop of the underlying target greenstones is limited. Emergent believes the acreage has the potential to host both gold and base metal mineralisation similar to that found in the Plutonic Well Greenstone Belt along strike, lying to the south west.

Emergent has identified several noteworthy, shallow gold intersections within its tenure during its compilation of historical drilling results, including:

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Table 1: Historical drilling results

The intercepts are described as supergene gold enrichment in saprolite. Importantly, primary sources have yet to be identified for these intersected gold occurrences and Emergent is eager to progress these potential opportunities. The drilling, completed by Great Central Mines in 1991 just prior to that company refocusing its efforts on diamond exploration, targeted shallow oxide resources, with very little drilling exceeding a vertical depth of 60 m.

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Extension North
Extension
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Figure 4: Geological map identifying historical gold results in drilling

Exploration in the gold project commenced in the quarter, with the completion of stream sediment sampling in the Two Pools area (herein referred to as Extension North) and Mobile Metal Ion (MMI) soil geochemistry sampling in both the Extension and Extension North areas. Geological mapping was undertaken in support of the soil sampling in both areas. All samples have recently been submitted to SGS laboratories in Perth for analysis. Results are pending.

JOINT VENTURE WITH RAVEN RESOURCES:

Emergent Resources has entered into a Joint Venture arrangement with Raven Resources Pty Ltd on tenements E69/2685 & E52/2525. The Joint Venture gives Emergent the right to earn an 80% interest in tenements E69/2685 & E52/2525 by meeting tenement expenditure commitments of $190,000 and the issue of Emergent ordinary fully paid shares to the value of $40,000. The 20% interest retained by Raven Resources is free carried through to the decision to commence bankable feasibility. The Joint Venture with Raven Resources will target gold zones lying in the conceptualised extension of the Plutonic Well Greenstone Belt.

GLENGARRY PROJECT:

The Company completed sampling for MMI soil geochemistry in Q2 this year. The sampling tested priority base metal and uranium exploration targets identified in a collaborative study with the CSIRO’s Minerals and Environmental Sensing Group. Drill targets will be further delineated from the results of the soil geochemical survey. A number of the targets were concentrated in the Mount Bartle area, adjacent to international base metals miner Ivernia’s Magellan Lead Deposit.

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Figure 5: Identified exploration targets within the Glengarry Project group.

Mt Bartle, Clarrie Well and Diamond Well:

The MMI survey involved the collection of approximately 1500 soil samples (including standards and duplicates) on 5 separate 100 x 200 m grids of various lengths. Each grid covers a specific target, which includes redox and pH-driven uranium mineralisation and several spot occurrences of alunite, which is possibly associated with base metal mineralisation. The company also targeted the top of the Killara Formation, directly below the Maraloou Formation, where there has been a transition from volcanism to low energy subaqueous sedimentary deposition. This contact is coincident with regional copper, gold, platinum and zinc stream geochemical anomalies.

MMI soil geochemistry surveys were completed at Mt Bartle, Clarrie Well and Diamond Well. All results have been received and are currently being assessed. Emergent is presently in discussions with a number of parties wanting to farm-in on the Glengarry ground. Emergent will complete its assessment of the geochemistry results prior to considering any farm-in agreements.

$507,179 CASH REFUND FROM FINALISED RESEARCH & DEVELOPMENT GRANT

During the quarter, the company in conjunction with its advisers Ernest and Young finalised Emergent’s 2010 entitlement to a Research and Development Tax concession against the criteria outlined in the Income Tax Assessment Act 1936 and the Industry Research and Development Board Act 1986. Under this legislation, it was determined that two of the Company’s projects met the stipulated criteria and resulted in a claim being lodged with the recent 2010 income tax return. Emergent received the tax offset as a cash refund and the $507,179.40 cash refund was received in April.

THE CURRENT BOARD OF EMERGENT RESOURCES LIMITED IS:

Mr Wolfgang Fischer – Executive Chairman

Mr Nick Martin – Non Executive Director

Mr Geoff Cowie – Non Executive Director

Mr Stuart Hall – Non Executive Director

ENDS

For further information please contact:

Nathan Lude Wolfgang Fischer Chief Executive Officer Executive Chairman Emergent Resources Limited

Ph: +61 8 9380 9122 E: admin@emergentresources.com.au Website: www.emergentresources.com.au

MEDIA

David Brook Professional Public Relations (PPR) Ph: 08 9388 0944 E: david.brook@ppr.com.au

Competent Persons Statements

Technical information in this report has been prepared under the supervision of Mr Jonathan King, Chief Geologist for the company and a member of the Australasian Institute on Mining and Metallurgy (AusIMM). Mr King has sufficient experience which is relevant to the style of mineralisation under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the 2004 Edition of the “Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves” (the JORC Code). Mr King consents to the inclusion in this report of the Information, in the form and context in which it appears.

The information in this statement that relates to Mineral Resources and Exploration Targets is based on information compiled by Sharron Sylvester who is a full time employee of AMC Consultants Pty Ltd and a Member of the Australian Institute of Geoscientists and has sufficient experience that is relevant to the style of mineralization and type of deposit under consideration to qualify as a Competent Person as defined in the JORC Code (2004). Sharron consents to the inclusion of this information in the form and context in which it appears.

Appendix 5B Mining exploration entity quarterly report

Rule 5.3

Appendix 5B

Mining exploration entity quarterly report

Introduced 01/07/96 Origin Appendix 8 Amended 01/07/97, 01/07/98, 30/09/01, 01/06/10, 17/12/10

Name of entity

	Name of entity
	Emergent Resources Ltd
	ABN 68 125 323 622 Consolidated statement of cash flows
			30 June 2011
Cash flows related to operating activities 1.1 Receipts from product sales and related debtors 1.2 Payments for (a) exploration & evaluation (b) development (c) production (d) administration 1.3 Dividends received 1.4 Interest and other items of a similar nature received 1.5 Interest and other costs of finance paid 1.6 Income taxes paid 1.7 Other - Research and Development tax refund NetOperating Cash Flows		Current quarter $A’000		Year to date (12.months) $A’000
		(482) - - (401) - 16 - - 507		(3,083) - - (1,721) - 83 507
		(360)		(4,214)
Cash flows related to investing activities 1.8 Payment for purchases of: (a) prospects (b) equity investments (c) other fixed assets (d) environmental bonds 1.9 Proceeds from sale of: (a) prospects (b) equity investments (c) other fixed assets 1.10 Loans to other entities 1.11 Loans repaid by other entities 1.12 Other (provide details if material) Net investing cash flows 1.13 Total operating and investing cash flows (carried forward)		- - (10) (2) - - - - - -		- - (59) (27) - - - - - -
		(12)		(86)
		(372)		(4,300)

• See chapter 19 for defined terms.

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Appendix 5B Mining exploration entity quarterly report

1.13 Total operating and investing cash flows (brought forward)	(372)	(4,300)
Cash flows related to financing activities 1.14 Proceeds from issues of shares, options, etc. 1.15 Proceeds from sale of forfeited shares 1.16 Proceeds from borrowings 1.17 Repayment of borrowings 1.18 Dividends paid 1.19 Other (provide details if material) Net financing cash flows	- - - - - -	4,554 - - - - (314)
	-	4,240
Net increase (decrease) in cash held 1.20 Cash at beginning of quarter/year to date 1.21 Exchange rate adjustments to item 1.20 1.22 Cash at end ofquarter	(372) 1,191 -	(60) 879 -
	819	819

1.22 Cash at end ofquarter 819 819	1.22 Cash at end ofquarter 819 819	1.22 Cash at end ofquarter 819 819
Payments to directors of the entity and associates of the directors Payments to related entities of the entity and associates of the related entities
1.23 1.24	Aggregate amount of payments to the parties included in item 1.2 Aggregate amount of loans to the parties included in item 1.10	Current quarter $A'000
		64
		-
1.25	Explanation necessaryfor an understandingof the transactions
	Item 1.23 – Remuneration of Directors

Non-cash financing and investing activities

• 2.1 Details of financing and investing transactions which have had a material effect on consolidated assets and liabilities but did not involve cash flows 232,762 shares were issued pursuant to the Exploration Joint Venture agreement and subsequent variations with Raven Resources Pty Ltd as part consideration for the right to earn an 80% interest in tenements E69/2685 and E52/2525.

• 2.2 Details of outlays made by other entities to establish or increase their share in projects in which the reporting entity has an interest

• N/A

Financing facilities available

Add notes as necessary for an understanding of the position.

3.1 Loan facilities 3.2 Credit standby arrangements	Amount available $A’000	Amount used $A’000
	-	-
		-

• See chapter 19 for defined terms.

Appendix 5B Page 2

30/06/2011

Appendix 5B Mining exploration entity quarterly report

Estimated cash outflows for next quarter

• 4.1 Exploration and evaluation

• 4.2 Development

• 4.3 Production

• 4.4 Administration

Total

$A’000 230 - - 400 630

The company is currently reviewing its near term capital raising options and has commenced discussions with a number of parties with a view to entering into a capital raising mandate agreement. Future exploration expenditure is dependent on the progression of these discussions.

Reconciliation of cash

Reco show the re	nciliation of cash at the end of the quarter (as n in the consolidated statement of cash flows) to lated items in the accounts is as follows.	Current quarter $A’000	Previous quarter $A’000
5.1 5.2 5.3 5.4	Cash on hand and at bank Deposits at call Bank overdraft Other (provide details)	819	1,191
		-	-
		-	-
		-	-
	Total: cash at end of quarter(item 1.22)	819	1,191

Reconciliation of cash at the end of the quarter (as shown in the consolidated statement of cash flows) to the related items in the accounts is as follows.

• 5.1 Cash on hand and at bank

• 5.2 Deposits at call

5.3 Bank overdraft

5.4 Other (provide details)

Changes in interests in mining tenements

6.1 Interests in mining tenements relinquished, reduced or lapsed 6.2 Interests in mining tenements acquired or increased	Tenement reference	Nature of interest (note (2))	Interest at beginning ofquarter	Interest at end of quarter
	-	-	-	-
	E69/2685 E52/2525	60% 60%	0% 0%	60% 60%

• See chapter 19 for defined terms.

30/06/2011 Appendix 5B Page 3

Appendix 5B Mining exploration entity quarterly report

Issued and quoted securities at end of current quarter

Description includes rate of interest and any redemption or conversion rights together with prices and dates.

	Total number	Number quoted	Issue price per security (see note 3) (cents)	Amount paid up per security (see note 3) (cents)
7.1 Preference +securities (description) 7.2 Changes during quarter (a) Increases through issues (b) Decreases through returns of capital, buy- backs, redemptions	-	-
	- -	- -
7.3 +Ordinary securities 7.4 Changes during quarter (a) Increases through issues (b) Decreases through returns of capital, buy- backs	80,309,529	80,309,529
	232,762 -	232,762 -
7.5 +Convertible debt securities (description) 7.6 Changes during quarter (a) Increases through issues (b) Decreases through securities matured, converted	-	-
	- -	- -
7.7 Options (description and conversion factor) 7.8 Issued during quarter 7.9 Exercised during quarter 7.10 Expired during quarter	3,700,000 300,000 1,046,443 125,000 125,000 125,000	- - - - - -	Exercise price $0.20 $0.26 $0.26 $0.50 $1.00 $1.50	Expiry date 31/08/2012 08/09/2012 27/10/2012 30/09/2011 30/09/2012 30/09/2013
	-	-	-	-
	-	-	-	-
	-	-	-	-
7.11 Debentures (totals only)	-	-

• See chapter 19 for defined terms.

Appendix 5B Page 4

30/06/2011

Appendix 5B Mining exploration entity quarterly report

7.12 Unsecured notes (totals only) - -

Compliance statement

• 1 This statement has been prepared under accounting policies which comply with accounting standards as defined in the Corporations Act or other standards acceptable to ASX (see note 5).

• 2 This statement does give a true and fair view of the matters disclosed.

Sign here:

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Date: 29 July 2011

(Company secretary)

Print name: Kevin Hart

Notes

• 1 The quarterly report provides a basis for informing the market how the entity’s activities have been financed for the past quarter and the effect on its cash position. An entity wanting to disclose additional information is encouraged to do so, in a note or notes attached to this report.

• 2 The “Nature of interest” (items 6.1 and 6.2) includes options in respect of interests in mining tenements acquired, exercised or lapsed during the reporting period. If the entity is involved in a joint venture agreement and there are conditions precedent which will change its percentage interest in a mining tenement, it should disclose the change of percentage interest and conditions precedent in the list required for items 6.1 and 6.2.

• 3 Issued and quoted securities The issue price and amount paid up is not required in items 7.1 and 7.3 for fully paid securities .

• 4 The definitions in, and provisions of, AASB 6: Exploration for and Evaluation of Mineral Resources and AASB 107: Statement of Cash Flows apply to this report.

• 5 Accounting Standards ASX will accept, for example, the use of International Financial Reporting Standards for foreign entities. If the standards used do not address a topic, the Australian standard on that topic (if any) must be complied with.

== == == == ==

• See chapter 19 for defined terms.

30/06/2011 Appendix 5B Page 5