Ann: Quarterly Activities Report, page-67

My Understanding is that Beebyn is a 50/50 partnership for that 10mt. But there's more than 10mt there. I like the analogy of being able to snake around the Midwest and make a buck from stranded resources.

Regarding Beebyn...

Beebyn-W11 is located just 20km from Fenix’s Iron Ridge mining operations and will allow the company to leverage existing infrastructure.

The deposit hosts 20.5 million tonnes of high-grade iron ore with average grades of 61.3% Fe, as per a JORC 2012 compliant resource estimate.

Fenix will control all mining, haulage, port and export logistics for Beebyn-W11 ore.

Low upfront payment of A$10 million to Sinosteel Midwest, comprising A$5 million upfront and A$5 million on approval of a Mining Proposal.

Ongoing royalties include A$2 per tonne base payment plus a 12.5% profit share, reverting to 50% profit share once Fenix recovers capital expenditure.

Targeting first ore production from Beebyn-W11 in 2024.

Beebyn-W11 Fast Facts:

JORC 2012 compliant resource estimate of 20.5Mt @ 61.3% Fe

Nearly 70% classified as Measured Resource

Mineralisation is high-grade hematite & goethite iron formation

Similar geology and expected mining method to Iron Ridge

Located just 20km from Iron Ridge mine

The proximity of Beebyn-W11 to Fenix’s existing Iron Ridge operations is a major advantage. Fenix has already constructed efficient road haulage infrastructure connecting Iron Ridge to Geraldton Port, which passes within several kilometres of Beebyn-W11. This will allow rapid mobilisation and low operational costs.

Fenix has developed strong capabilities in mining, crushing, road haulage and port logistics which can be directly applied to fast-track Beebyn-W11 into production. The company has established relationships with contractors and service providers in the region.

By acquiring the right to mine Beebyn-W11 ore, Fenix can grow production beyond Iron Ridge and Shine, supporting its target to materially boost iron ore exports. Increased scale will also lower unit costs.

The agreement with Sinosteel Midwest further strengthens the partnership between the two companies. Sinosteel Midwest subsidiary Sinosteel Trading Co. has a long-term offtake agreement for 50% of Iron Ridge production. The deal provides Sinosteel Midwest upside exposure to Beebyn-W11 through profit sharing, reflecting the potential value of Fenix’s logistics infrastructure and expertise.

source;
https://www.cruxinvestor.com/posts/fenix-resources-secures-right-to-mine-10-million-tonnes-from-beebyn-w11-iron-ore-deposit-in-was-mid-west