Hi, everyone. Thanks very much for joining to listen to the Fenix story. Great to follow two successful bulk commodity producers. I'm sure that Peter Kerr's disappointed to be moving on from iron ore to gold. Great to hear Simon's ongoing success as a bauxite miner. I'm here to talk about Fenix. We're a successful, profitable iron ore miner in Western Australia. Our story is told by this picture here of the Weld Ranges in the distance. The Iron Ridge mine that we raised AUD 15 million for from our shareholders in 2019 at a price of AUD 0.14 a share, built the mine that you see there that's generated more than AUD 1 billion. We mine in the Weld Ranges, we haul that material 500 km to the port of Geraldton. Oh, what's happened? Not sure where my preso goes. I will keep talking.
We haul that material 500 km to Geraldton, where we operate our own port facilities. We've just finished what can only be described as a stonking quarter for the company in the June 2026 period. We set records in our mining business in moving more material than we've ever moved before. We exported 1.3 million tons. That used to be our annual tonnage. We set records in our haulage business, that is a fully integrated business during the quarter. We now operate our mining business and our haulage business, our port business, collectively under one management team. We also announced during the quarter that we've established a joint venture with Mira Bulk, who are a ship owner. Move our operations from mining, haulage logistics in the form of our trucking business, our port operations, a key cost center is now delivering our product all the way to our customers.
Oh, you beauty. I'm back online. Here's some numbers from that quarter. If I go back one. That's it. Great. Okay. Not sure where this preso came from, here's our map. I think we've jumped ahead from something that I wasn't expecting. Doesn't matter. Here you can see the Weld Range. We, in what is, I think, the first time that an Australian company has acquired a major resource project back from a state-owned Chinese company, who are our partners, Sinosteel, owned by Baowu Steel, the largest steelmaker in the world. The Weld Range project currently consists of 290 million tons of direct shipping ore. I say currently because there's no doubt that there's significant exploration potential. That 290 million tons is the basis for a scoping study we published in December last year, defining a pathway to 10 million tons of production from Fenix.
We completed a feasibility study in 2019 that identified the opportunity to build the Iron Ridge mine that you saw earlier. That was intended to be a 1.4 million tons per annum mine with a six-year mine life. We were due to finish that mine this year. We've just completed financial year 2026, where we produced 4.4 million tons, we have hundreds of millions of tons underneath our feet. A 100% owned haulage business, 100% owned port infrastructure business, are very confident to continue our track record of success in assets we own and control here. You heard from Peter Kerr earlier in this session of the presentation.
Mount MGX, as they're now known, has AUD 400 million in cash that they generated from the operation of the Koolan Island iron ore mine and the Tallering Peak and Extension Hill mines that are here in the Mid West. Mount Gibson developed key port infrastructure in Geraldton, two rail sidings, and commissioned the Shine iron ore mine. They're all now assets that we own and control. A very important part of our existing operations and our future operations in the Mid West. This is a part of the world that the iron ore world has forgotten. Iron ore was discovered here in 1870. There's been billions of AUD invested in exploration in the area to define resources similar to the ones that we're standing on top of. In recent decades, have been eclipsed by the huge success of the iron ore operators in the north of Western Australia.
The richest individuals in our country and the biggest mining companies have been built on iron ore. While I'm sure investors are here very excited about tungsten and rare earths and the sexy commodities, most obviously gold, the reality is that there is no doubt that there is enormous money made, being made, and about to be made in iron ore. This part of the world has huge high-quality iron ore resources. Doesn't have the railways and the infrastructure of the Pilbara. We have developed a unique integrated infrastructure plan. It's scalable. We're investing in it. We're demonstrating that it's profitable. The return is really going to be when we get our tons up. It's a really simple game in bulk mining. It's all about the tons.
To be successful as a one to two-million-ton a year iron ore miner, you've got to be really good at your costs because you don't have a big denominator in which to spread those costs. If you make a mistake anywhere in your business, you get your hide tanned. We've successfully transitioned that period. We've tripled our production to currently running a run rate of more than five million tons a year. We've guided a midpoint of five million tons for FY 2027, and we have an opportunity to get to 10 million tons. Significantly resets our cost base and will significantly increase our cash flows and profitability for a company that's already got a strong history of paying fully franked dividends.
In an environment where investors are about to lose the benefit of the capital gains tax discount, franking credits remain a very attractive opportunity for investors. Looking at the profile of the investors here at Noosa, I can see that many might be in the superannuation fund game. In that sense, I'd really encourage you to have a look at Fenix. I mentioned we raised capital at AUD 0.14 a share. We have since paid back AUD 0.135 to those shareholders in fully franked dividends, so they're ahead on the game already if you include the value in the franking credits. At the end of June, we had a balance of more than AUD 100 million in franking credits available to distribute. We are in an investment phase. However, we're committed to rewarding our shareholders.
I'm one of the few companies here that can say, "If you want to get paid to come to this presentation, buy a Fenix share and I'll pay you a dividend in a month." Get on board. Our mining team, we are about to be a fourth pillar to our business. We're operating a very simple, high-quality crushing and screening operation. We have logistics in place to export that material. We have a key port business at Geraldton. We load Panamax boats to send them to our customers. We've got some great people. We're looking for more skills. If you're here as a potential employee, please have a look at our career site. It's a great place to work, whether out in the Mid West, in our mining operations. We've just built a state-of-the-art depot in the industrial area of Geraldton, servicing these fantastic 200-ton road trains.
We've got a fleet that's expanding. We're going to have 90 of those. That'll get us to six million tons a year in the next financial year. That's before we build a 250-kilometer-long private haul road, which will transition us into an even bigger set of gear. Stay tuned for that. Key infrastructure at Geraldton Port. They're called sheds, but it sort of makes you think of something in the back of your garden. Shed five, which is next to that Panamax boat there, you can fit two rugby fields on, and they're high enough to Nick Farr-Jones to kick a footy in. They're very big asset infrastructure capable of storing almost half a million tons of iron ore. We're very confident that we have capacity already to do 10 million tons a year, and confident that's in our future.
If you're looking for a management team that can deliver, well, I'd really encourage you to look at Fenix. Not just look at us now and what we're promising next year and the year after. We've published a three-year plan a year ago. We're one year into it and we're on track, and we're very proud of our track record. Go back and look at the feasibility study we published in 2019. Look at our guidance we issued in 2021 on the Iron Ridge operation, the guidance we issued on commissioning the Shine mine, the guidance we issued on our third mine at W11. Look into our guidance for FY 2025, for FY 2026, the three-year plan. We have built a management team that deliver. In December of 2025, we published a scoping study that had a AUD 3 billion NPV.
There are lots of companies here that are pointing you towards their potential value and identifying that the market's not giving them value. Last year, I came here, I think the share price was about AUD 0.28, AUD 0.29, and identified the same opportunity. Today, we're AUD 0.28. The good news, if you're an investor last year, is that we did hit AUD 0.55 on the way through there. You would have felt very good at that point. The even better news, whether you did or you didn't, is that you've now got the opportunity to either buy them now or even buy more Fenix shares if you're looking to back that team. Demonstration of what we're doing. FY 2025 delivered, FY 2026 delivered. This looks pretty standard incremental development.
Actually, what's happening between FY 2026 and FY 2027 is a fundamental change in operating three unique remote mines into one mining hub.
That's an important part of the growth as we go forward into that huge Weld Range project. It's a world-class direct shipping ore project. It demands and deserves a much, much bigger company exploring it. There's two things that happen. The most exciting one for Fenix is that we will become the exploiter of those high-grade resources. This is the Weld Range. You can see that it's not one huge, big block of iron ore that justifies the construction of a railway. It's a series of very high-grade direct shipping ore deposits spread across more than 50 kilometers, which is why we've built this unique integrated road haulage model. It's why we are very good at incrementally building these relatively simple low strip ratio mining pits. I mentioned that we were operating three mines last year. We've just established the Beebyn Hub. We're centralizing our mining operations.
In FY 2025, the cost of our production was roughly AUD 75 FOB Geraldton. We've just completed FY 2026, we brought down our C1 cash cost to AUD 73 FOB Geraldton. We've guided next year to roughly produce five million tons, and we've kept our guidance between AUD 70 and AUD 80. Our ability to do that in an environment where we are not immune from the double-digit inflation that has beset all miners in Australia. We're not immune from fuel price shocks. What we are good at, though, is getting the benefit from extra production, focusing on costs, and centralizing and simplifying our operation. In our mining hub, we've invested capital in our own crusher, owner-operator. In our haulage business, we are an owner-operator of every aspect of that business.
In our port operations and soon in our shipping operations, we've taken tentative steps with our Mira Bulk joint venture to be an active participant in that market. The benefit of those active controls only increases as our tons go up. We've got a big resource base. We're aiming to get to 10 million tons per annum. We're already profitable. We're already focused on costs. We have a step change in front of us as we double our production again and take AUD 20 or AUD 30 out of our total cost line. Not just C1, but that total delivered cost into China. C1 costs, we're targeting in the mid-50s.
Whatever commodity and particularly whatever metal you're bullish on at the moment, if you're bullish on copper, if you're bullish on nickel, if you're bullish on bauxite and understand where bauxite goes, energy transition cars. If you're bullish on tungsten, and there are a lot of people who are, it's flying because of military applications and the things that tungsten go into. You cannot be bearish on steel, and you cannot be bearish on iron ore. Those metals don't spark. We don't see increased military spending without steel. It goes into everything. It's a baseline indicator on modern growth. Anyone who's not owning an iron ore miner, and that's most of you, think about it. We aim to be the most successful independent iron ore miner in Australia.
We're delivering on our guidance. We've just finished a great year in FY 2026. FY 2027 will see us produce five million tons and transition into the Weld Range. By the end of this year, we'll publish a definitive feasibility study on the Weld Range project, identify the capital we need to get that into production.
We've got a great team. I've done a webinar today for a fantastic quarter that we published yesterday and thank very specifically all the great people we've got working in this business, and we're continuing to recruit across that business. Here's the share price story over the last 12 months that I identified earlier. As I said, good news, a great entry point as we ramp up. You can fit this entire company, port assets that are worth more than AUD 200 million, mining assets that have had billions of AUD invested in them, a rolling stock fleet that's worth more than AUD 200 million, a depot in Geraldton, a housing subdivision, AUD 81 million in cash.
At the 30 June, you can fit all of that company and its AUD 3 billion identified NPV project in a management team that deliver into a market cap that today is AUD 220 million.
If anyone here's got a better value story to tell, get them up here and invest in their company. Thanks very much.