Fenix Resources hits full year production target

• Fenix Resources achieved its full-year production guidance following record quarterly shipments.
• The company's share price remained unchanged at $0.26 following the market update.
• The business is targeting increased sales up to 5.3 million tonnes next financial year.

Fenix Resources (ASX:FEX) achieved its full-year guidance by shipping a record 1.3 million tonnes in the June quarter.

The shipment volume represents a 71% increase compared to the corresponding period last year.

Total shipments reached 4.4 million tonnes, hitting the company's revised guidance range of 4.2 million to 4.8 million tonnes.

The company reported a closing cash balance of $81.0 million as of June 30.

Following the announcement, the Fenix Resources share price was unchanged at $0.26.

The company stated that the result reflects optimised mining operations across its iron ore assets in the Mid-West.

The company stated that it is targeting sales of 4.7 million to 5.3 million tonnes next financial year.