At US$130/t, Fenix managing director Rob Brierley told an analyst conference call iron ore was about US$20/t more than recent lows, while freight costs are $10-15 less.
Fenix's strong operational December quarter saw 356,710t shipped from the miner's Iron Ridge project in Western Australia.
Fenix is currently delivering 50,000t per month into hedge contracts paying A$230/t.
Cash at the end of December was $55 million, with $24.1 million in dividend payments made in the quarter.
The cash is equivalent to 11c per share.
Shares in Fenix were down 25% to 23.5c in morning trade, capitalising the company at $236 million.
The stock was at levels above 40c in mid-2021.
