Iron Road (IRD) investor relations material

Executive summary

• Report covers the half-year ended 31 December 2025, focusing on the Central Eyre Iron Project (CEIP) and new exploration at the Mulgathing Project.

• CEIP expenditure was kept modest, with activities centered on corporate matters, due diligence, and investor engagement.

• A challenging global investment climate and high domestic power costs have dampened near-term sentiment for magnetite developers.

• The Group reported a statutory loss of $97.4 million, driven by a significant non-cash impairment of CEIP assets.

• Cash reserves at period end were $1.77 million, with no debt.

Financial highlights

• Statutory loss for the half-year was $97,365,360, compared to a profit of $6,324,675 in the prior period.

• Underlying loss (excluding impairment) was $902,959.

• Non-cash impairment of $96,462,401 recognized on CEIP exploration and evaluation assets.

• Operating expenses rose sharply to $97.5 million, mainly due to the impairment.

• Cash outflow from operating and investing activities totaled $1,268,315 for the half-year.

Outlook and guidance

• Directors highlight material uncertainty regarding going concern due to ongoing losses and limited cash reserves.

• Future viability depends on managing cash, raising funds, securing project partners, or asset sales.

• CEIP positioned as a high-grade iron ore development option as industry focus shifts to lower-emission products.