FENIX RESOURCES LTD — Declaration of Voting Results & Voting Rights Announcements 2020

Feb 17, 2020

18 February 2020

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ASX Announcement

Results of Meeting

Fenix Resources Limited (ASX: FEX, “ Fenix” or “ Company” ) advises that all resolutions put to shareholders at today’s general meeting were passed. Fenix provides the information required by section 251AA of the Corporations Act 2001 (Cth) in respect of each resolution considered by shareholders at today’s general meeting in the summary overleaf.

The total number of proxy votes cast by proxies validly appointed was 112,829,136 shares.

This update is authorised on behalf of Fenix Resources Limited:

Matthew Foy Company Secretary Fenix Resources Limited

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Listing Rule 3.13.2

Results of meeting

Name of entity Fenix Resources Ltd

ACN Date of meeting 125 323 622 18-Feb-20

Resolutions voted on at the meeting	Resolutions voted on at the meeting	Resolutions voted on at the meeting	Resolutions voted on at the meeting	Resolutions voted on at the meeting	If decided by poll	If decided by poll	If decided by poll	If decided by poll	If decided by poll	Proxies received	Proxies received	Proxies received	Proxies received
Resolution		Result	Voting method	If s250U applies	Voted FOR		Voted AGAINST		Abstained	For	Against	Abstain	Discretion
No.	Short description				Number	%	Number	%	Number	Number	Number	Number	Number
1	Re-election of Director – Mr Garret Dixon	Passed	Show of hands	N/A	N/A		N/A		N/A	94,607,325	775,588	7,149,760	16,876
2	Issue of Director Incentive Options– Mr Robert Brierley	Passed	Poll	N/A	81,133,291	79.1%	21,392,425	20.9%	10,303,420	81,133,291	21,392,425	0	23,833
3	Issue of Director Incentive Options– MrGarret Dixon	Passed	Poll	N/A	81,157,124	79.1%	21,392,425	20.9%	10,279,587	81,140,248	21,392,425	0	16,876

ASX template for announcing the results of a meeting of security holders (effective 1 December 2019)

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About Fenix Resources

Fenix Resources is an ASX-listed, WA-based minerals explorer transitioning to miner.

The Company’s 100% owned, flagship Iron Ridge Iron Ore Project is a premium DSO deposit which hosts a JORC 2012 compliant resource located around 490 km by road from Geraldton port.

High grade iron ore attracts a premium price on the seaborne market as Chinese steel works increasingly demand more pure inputs with lower emissions due to increasingly strict government regulations.

Only requiring crushing and screening, 1.25 million tonnes of ore per annum is proposed to be trucked to the port by a JV signed off in May 2019, with trucking specialist Newhaul Pty Ltd headed by respected logistics expert Craig Mitchell who was the founder and owner of Mitchell Corp before selling to Toll Group. In relation to the production target, the Company confirms that all material assumptions underpinning the target continue to apply and have not materially changed since the announcement of the feasibility study on 4 November 2019.

Negotiations are well advanced with Mid-West Ports Authority at Geraldton where export capacity is available.

Mining and environmental approvals are currently being undertaken and contract documentation with key service providers is advanced.

A total of three hundred and fifty (350) Full Time Equivalent (FTE) direct and indirect jobs throughout the supply chain will be created including seventy (70) FTEs on site at the Iron Ridge mine if project approvals are granted.

Geraldton is set to be a winner with one hundred (100) FTEs created including seventy (70) roadtrain drivers and a fleet maintenance depot established with an additional thirty (30) jobs. More jobs will be created at the Port and at local businesses and contractors that service the project.

The Project’s Mineral Resource, announced on 21 August 2019, is categorised into Indicated and Inferred Mineral Resources as shown in Table 1.

Classification	Tonnes	Fe Al2O3 LOI P SiO2 TiO2
	Mt	% % % % % %
Indicated	10.0	64.3 2.56 1.90 0.046 3.21 0.09
Inferred	0.5	62.5 2.80 3.13 0.046 4.41 0.12
Total	10.5	64.2 2.57 1.96 0.046 3.26 0.09

Table 1: Iron Ridge Mineral Resource Estimate reported above a 58% Fe cut-off grade.

The Project’s Ore Reserves are categorised in Table 2 below and as announced on 4 November 2019 titled “Feasibility Study Generates Outstanding Cashflow”.

Classification	Tonnes Fe Al2O3 LOI P SiO2 TiO2
	Mt % % % % % %
Probable	7.76 63.9 2.79 2.00 0.05 3.46 0.09
Total Ore Reserves	7.76 63.9 2.79 2.00 0.05 3.46 0.09

Table 2: Iron Ridge Ore Reserves

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Competent Person Statements

The information in this report that relates to Mineral Resources is based on information compiled by Mr Alex Whishaw, a Competent Person who is a Member of the Australasian Institute of Mining and Metallurgy and is employee by CSA Global Pty Ltd. Mr Whishaw has sufficient experience relevant to the style of mineralisation and type of deposit under consideration and to the activity which they are undertaking to qualify as a 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 Whishaw consents to the disclosure of information in this report 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 of the matters based on his information in the form and context in which it appears.

The information in this report that relates to Ore Reserves is based on information compiled by Mr John Battista, a Competent Person who is a Member and Chartered Professional (Mining) of the Australasian Institute of Mining and Metallurgy and is currently employed by Mining Plus (UK) Ltd. Mr Battista has sufficient experience relevant to the style of mineralisation and type of deposit under consideration and to the activity which they are undertaking to qualify as a 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 Battista consents to the disclosure of information in this report in the form and context in which it appears.

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