Iron Road (IRD) H2 2024 earnings summary

Executive summary

• Advanced the Central Eyre Iron Project (CEIP) and Cape Hardy Industrial Port Precinct, focusing on strategic partnerships and investment models.

• Secured binding agreements with Amp Energy for a green hydrogen project and with Northern Water for a desalination plant at Cape Hardy.

• Received a $2.5 million land deposit from Amp Energy and expects further milestone and royalty payments tied to project progress.

• Participated in South Australia's Green Iron Opportunity, positioning for value-added green iron production.

Financial highlights

• Operating loss after tax for FY2024 was $1,488,613, compared to $468,429 in FY2023, mainly due to the absence of a prior year share-based payment reversal.

• Revenue and other income totaled $817,383, down from $1,000,222 in FY2023.

• Net assets increased slightly to $132.44 million (FY2023: $132.34 million).

• Cash and cash equivalents at year-end were $189,970, down from $1,735,915 in FY2023.

• Raised $0.92 million via a Share Purchase Plan and issued $0.7 million in subscription shares.

Outlook and guidance

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

• Additional funding may be sought through placements, entitlement offers, or new project partners.

• Material uncertainty remains regarding going concern, dependent on successful execution of funding and project milestones.