Iron Road (IRD) Q2 2026 TU earnings summary

Executive summary

• Maintained modest expenditure on the Central Eyre Iron Project (CEIP) while preparing for Q1 2026 engagement with Asian steelmakers, leveraging third-party advisory support in the steel supply chain.

• Entered a staged farm-in and joint venture with Red Tiger Resources over the Mulgathing Project, with Stage 1 drilling completed and Stage 2 RC drilling planned for nickel-copper-gold targets.

• Provided updates on Cape Hardy land purchase options, with one option lapsing and two remaining under exclusivity for hydrogen development.

Financial highlights

• Ended the quarter with cash reserves of $1.8 million and no debt.

• December quarter exploration and evaluation expenditure totaled $267k, with $170k related to Mulgathing Project drilling.

• Cash flows included a $259k financing expense for final repayment of a share prepayment facility, closing out the arrangement.

• Net cash used in operating activities was $361k for the quarter.

• Net cash used in investing activities was $264k for the quarter.

• Estimated 2.8 quarters of funding available based on current cash and outgoings.

Outlook and guidance

• Focus remains on long-term engagement with potential strategic partners amid subdued global investment climate for iron ore projects.

• HMS assay results and follow-up plans for the Mulgathing Project expected in February 2026.

• Stage 2 RC drilling at the Irria Prospect to evaluate nickel-copper-gold potential is being planned.