Iron Road (IRD) Q4 2024 TU earnings summary

Executive summary

• Binding agreements executed with Amp Energy for Cape Hardy Advanced Fuels project, including land option, infrastructure, and royalty arrangements.

• Variation deed reduced Cape Hardy land package to 604ha and purchase price to $14.52 million.

• Northern Water land sale and easement agreements executed, with $3.33 million in payments expected.

• Company continues to advance Central Eyre Iron Project (CEIP) and participates in South Australian Green Iron Opportunity EOI.

Financial highlights

• Cash reserves at quarter end were $0.24 million.

• Net cash from operating activities for the quarter was $73k; year-to-date net outflow was $1.78 million.

• Net cash used in investing activities was $182k for the quarter.

• Net cash from financing activities was negative $7k for the quarter, but positive $786k year-to-date.

• Estimated 2.2 quarters of funding available at current cash burn rate.

Outlook and guidance

• Two milestone payments from Amp ($1.5m and $3.0m) expected in 2024, contingent on FIRB approval.

• $2.5 million Cape Hardy land deposit expected in August 2024, subject to shareholder approval.

• Royalty stream from Amp could total up to $426 million over project life.

• Ongoing engagement with potential CEIP partners and participation in government green iron initiatives.