Iron Road (IRD) H2 2024 earnings summary

Executive summary

• Advanced Central Eyre Iron Project (CEIP) and Cape Hardy Industrial Port Precinct, securing key agreements with Amp Energy for a green hydrogen project and Northern Water for a desalination plant, both at Cape Hardy.

• Received upfront and milestone payments from Amp Energy and Northern Water, establishing new revenue streams and supporting the SA Government's Green Iron strategy.

• Focused on attracting strategic partners for CEIP, leveraging regulatory approvals and native title agreements to differentiate from other greenfield projects.

• Engaged in South Australia's Green Iron Opportunity EOI process, positioning for value-added green iron production and multi-commodity exports.

Financial highlights

• Operating loss after tax for FY24 was $1,488,613, compared to $468,429 in FY23, mainly due to the absence of a prior year $1.3 million share-based payment reversal.

• Revenue and other income totaled $817,383 (FY23: $1,000,222), with available cash at year-end of $189,970 (FY23: $1,735,915).

• Net assets increased slightly to $132.4 million (FY23: $132.3 million), supported by a $0.92 million share purchase plan and $0.7 million in subscription shares issued.

• No dividends declared or paid during the year.

Outlook and guidance

• Ongoing focus on securing FIRB approval for Amp Energy's land purchase and Northern Water's option exercise, both critical for future funding and project milestones.

• Participation in the Green Iron EOI process and continued engagement with potential strategic partners for CEIP.

• Material uncertainty remains regarding going concern, dependent on successful funding events or new partnerships.