Iron Road (IRD) Q1 2026 TU earnings summary

Executive summary

• Focused on due diligence for the Central Eyre Iron Project (CEIP) amid subdued global investment and volatile domestic power pricing, impacting sentiment for magnetite developers and energy-intensive mineral processing in Australia.

• Advanced collaboration with Revera Energy for green hydrogen and potential green iron product manufacturing at Cape Hardy, aligning with long-term strategic objectives.

• Entered a farm-in agreement with Red Tiger Resources for the Mulgathing Project, targeting heavy mineral sands, with initial exploration and access clearance completed and drilling planned for December 2025.

Financial highlights

• Cash reserves at quarter end were $2.7 million, with no debt.

• Exploration and evaluation expenditure reduced to $193k in the September quarter from $570k in the prior quarter, including $75k for Mulgathing Project activities.

• Net cash used in operating activities was $468k; net cash used in investing activities was $176k; net cash used in financing activities was $251k.

• Cash and cash equivalents decreased from $3.55 million to $2.66 million during the quarter.

Outlook and guidance

• Approval for exploration drilling at the Mulgathing Project expected in early December 2025, with results anticipated in the December quarter.

• Ongoing efforts to attract strategic partners and investors for CEIP and to unlock downstream pellet manufacturing opportunities at Cape Hardy.