FEX Valuation, page-417

Rod,
Extract from FEX ASx Announcement,

''Fenix hedges ~45% of planned production
from October 2021 to September 2022 at
A$230/dmt CFR
West Australian high-grade iron ore producer, Fenix Resources Limited (Fenix or the Company)
(ASX: FEX) is pleased to announce that it has entered into iron ore swap arrangements for 50,000
tonnes per month of the Monthly Average Platts TSI 62 Index converted to AUD for the 12-month
period from October 2021 to September 2022. The price fixed is equivalent to A$230.30 per dry
metric tonne (dmt), flat over the period.
The swap arrangements were executed after the implementation of a Price Protection Policy
designed to secure the medium-term future of the Iron Ridge project, whilst maintaining Fenix’s
exposure to the iron ore price.
Fenix Managing Director Rob Brierley said: “The iron ore swap arrangements were foreshadowed in
our recently released quarterly activities report for the June 2021 period. We are effectively locking
in ~45% of our planned production during a 12-month period commencing October 2021, at a fixed
price that is sufficient to cover the majority, if not the entirety, of our budgeted cost base.
“These contracts will be cash settled at the end of each month and are unsecured, meaning that
there are no margin calls or requirements to lodge cash at call or on deposit''

Rod, I have emailed FEX Perth as to the correct hedging position.