Iron Road (IRD) Q3 2026 TU earnings summary

Executive summary

• Focused on securing equity partners for the Central Eyre Iron Project (CEIP) amid challenging investment and energy market conditions.

• Non-cash impairment charge recognized for CEIP due to magnetite industry headwinds.

• Corporate expenditure reduction measures being finalized to preserve assets and maintain optionality for Cape Hardy landholding.

• Drilling at the Mulgathing Project's TAU-A target postponed due to flooding; heavy mineral sands (HMS) drilling at Irria Prospect yielded significant results.

Financial highlights

• Cash reserves at quarter end were $1.4 million, with no debt.

• March quarter exploration and evaluation expenditure totaled $35k.

• Payments of $167k made for executive and non-executive director fees during the quarter.

• Net cash used in operating activities for the quarter was $386k; net cash used in investing activities was $26k.

• Estimated quarters of funding available: 3.3.

Outlook and guidance

• CEIP assets and approvals are being preserved for future investment and development.

• Corporate cost reductions to be announced before end of June quarter.

• World Steel Association forecasts global steel demand growth of 0.3% in 2026 and 2.2% in 2027, with risks from Middle East conflict.