Iron Road (IRD) AGM 2024 summary

Opening remarks and agenda

• CEO Larry Ingle presented the AGM, highlighting Iron Road's strategic direction and recent achievements.

Financial performance review

• Over $10 million in non-dilutionary payments secured for 2024/Q1 2025, supporting project momentum and CEIP value.

• Deferred and contingent consideration from Amp Energy reflects long-term value creation.

Strategic initiatives and plans

• Binding agreements executed with Northern Water for a $5 billion desalination plant and pipeline at Cape Hardy, with a minimum value of $3.92 million.

• Amp Energy transaction includes a $14.52 million land option, $22.5 million in project payments, and a royalty stream capped at $426 million.

• Collaboration with Macquarie Capital and Vestas to develop common user infrastructure and green electricity supply for CEIP.

• Scoping study underway for a slurry pipeline to transport iron concentrate and water, with results expected by year-end 2024.

• Amp Energy advancing a staged 5GW green hydrogen and ammonia facility, targeting pre-FEED by Q3 2025 and FEED in Q4 2025.

• Participation in South Australia's Green Iron Opportunity EOI, aiming to produce premium DR grade iron concentrate and green iron pellets at Cape Hardy.

• Key 2025 priorities include attracting global sector partners, advancing land agreements, securing water offtake, and demonstrating green iron economics.