Iron Road (IRD) H2 2026 earnings summary

Executive summary

• Activities focused on Central Eyre Iron Project (CEIP), Cape Hardy Industrial Port Precinct, and critical minerals exploration, including Heavy Mineral Sands (HMS) and base metals at the Mulgathing Project.

• CEIP remains a significant undeveloped magnetite resource, but subdued global investment and high domestic power costs led to a $96.5M impairment charge.

• Cape Hardy land options with Revera Energy lapsed for 135ha; 469ha remain under option until June 2027, with a $6.75M exercise price.

• Greenfield exploration at Mulgathing advanced, with encouraging HMS drilling results and preparations for nickel-copper-gold target drilling.

Financial highlights

• Operating loss after tax for FY26 was $98.6M, compared to a $5.0M profit in FY25, mainly due to the CEIP impairment.

• Underlying net loss (excluding impairment) was $2.14M, improved by $410K year-over-year due to cost conservation.

• Revenue and other income dropped to $71K from $7.7M in FY25, reflecting the absence of prior year one-off option fees.

• Net assets decreased 72% to $39.0M, primarily from the impairment charge.

• Cash at year-end was $857K, down from $3.6M in FY25.

Outlook and guidance

• Strategic focus on preserving project optionality and readiness for future development as market conditions improve.

• Continued engagement with potential CEIP partners and evaluation of Cape Hardy hydrogen and green iron opportunities.

• Mulgathing Project to proceed with Stage 2 drilling for nickel-copper-gold once weather permits.