The company shipped 344,000 wet metric tonnes of iron ore from the Iron Ridge mine in Western Australia's Mid West, comprising 140,699t of lump and 203,591t of fines.

C1 free-on-board cash costs rose by almost A$10 a tonne to $91.53/t, impacted by higher freight and diesel costs and lower fuel rebates.

The average sales price received was US$121.90 (A$170) per dry metric tonne FOB, equivalent to $154.05/t (A$215/t) cost and freight.

The price was slightly lower than the March quarter but received prices were positively impacted by quotation period price adjustments to the tune of $4.12 million or $12.45/dmt (A$17.40/dmt).

Net operating cashflow for the quarter more than halved to A$15 million, but the company's cash balance increased from $85.6 million to $101.9 million.

To protect against iron ore volatility, Fenix has 50,000t per month hedged at $180.65/dmt through to October.

Fenix managing director Rob Brierley said the company was pleased to continue its strong operating performance, which had seen it ship 1.3 million wet metric tonnes of iron ore for the 2022 financial year.

The company reached agreement during the quarter to buy the 50% of haulage business Fenix-Newhaul that it didn't already own.

"Fenix's ongoing ability to generate cash and profits was significantly improved during the quarter with the signing of the agreement to consolidate ownership of our road haulage joint venture," Brierley said.

"The Fenix-Newhaul transaction is an important strategic initiative that will reduce our future haulage costs and result in cost savings and additional operational flexibility as well as supporting growth initiatives."

The company expects September costs to reduce by $10/t due to the full ownership of Fenix-Newhaul.

Shares in Fenix were up 1.7% to 30c today, valuing the company at $151 million.