Iron Road (IRD) AGM 2025 Presentation summary

Corporate overview and capital structure

• Market capitalisation stands at $35.8M with 832.2M shares on issue and $2.7M cash as of September 2025.

• Board and management hold 4% of shares, with Sentient Global Resources Funds as a major shareholder at 65.9%.

• No debt reported, resulting in an enterprise value of $33.1M.

Central Eyre Iron Project (CEIP) status and value drivers

• CEIP is 100% owned and recognized as one of the few advanced, high product grade, greenfield iron ore projects globally.

• Holds Australia’s largest magnetite Ore Reserve with 3.7Bt @ 15% Fe, generating 589Mt @ ~67% Fe concentrate.

• Registered ILUA with Barngarla Traditional Owners and strong government relationships.

• Cape Hardy landholding validated for industrial-scale desalination and port development.

• Market cap is heavily discounted compared to audited net asset value of $137.5M.

Product credentials and processing optionality

• Test work confirms ability to produce premium Sinter Feed (~67% Fe) and Direct Reduction (DR) grade (~70% Fe) iron ore concentrates.

• Flowsheet flexibility due to coarse magnetite grain size; product optionality for both blast furnace and electric arc furnace markets.

• DR grade concentrate and potential pellet manufacturing at Cape Hardy could enable a green iron production chain.

• Final flowsheet and production scale depend on securing a strategic investor or partner.