Fenix Resources Ltd (ASX:FEX) managing director Robert Brierley is the latest director to demonstrate his confidence in the company’s iron ore production growth plan with the early exercising of options.
On July 16 Brierley exercised 2 million unlisted options exercisable at $0.08 each and due to expire on November 21, 2021, with a total value of $160,000.
He now holds 13.5 million Fully Paid Ordinary Shares in a direct interest and also has two indirect interests that hold 4.625 million and 625,000 shares respectively.
These unlisted options were issued following receipt of shareholder approval at an Extraordinary General Meeting held on September 10, 2018.
Other director purchases
Non-executive chairman Warwick Davies along with non-executive directors Richard Nicholls-Maltman and Garry Plowright have also extended their holdings in the company through recent transactions.
On July 6, Nicholls-Maltman acquired 30,000 shares in direct and indirect interests at an average price of 39.5 cents per share, marking his first purchase in the company.
Davies acquired 30,000 shares on June 23 in an on-market transaction at an average price of $0.3225 for a direct interest, marking his first purchase in the company.
On June 4 Plowright exercised 2 million unlisted options at $0.08 each that were due to expire on November 21, 2021, and now holds 2 million fully paid ordinary shares in a direct interest with a further 5,029,587 held in an indirect interest.
Fenix has notched up a strong June quarter of iron ore production at the Iron Ridge Project in Western Australia.
The company shipped just shy of 281,000 tonnes of iron ore at an average price of US$185 per tonne with five iron ore shipments sold in total, comprising 129,331 wet metric tonnes (wmt) of lump and 151,456 wmt of fines.
It was the second successful quarter for Fenix, following its maiden iron ore shipment of 220,000 tonnes in March.
Brierley said the June quarter showed the company’s bona fides as an iron ore producer. “It was an outstanding quarter for the company on the back of steady-state production rates and strong iron ore prices,” he said.
“It reflects the quality of our Iron Ridge product, our consistent production performance and the robust margins which stem from strong prices and tight cost control.
“Fenix has now established itself as a successful producer of consistently high-grade iron ore products, with five shipments in the June quarter and ore grades that exceeded forecasts.
“We are ideally placed to generate another strong result in the September quarter and continue to strengthen our financial position.”