Iron Road Reports $2.7M Cash, Advances CEIP and Mulgathing Exploration

Central Eyre Iron Project, Navigating a Tough Market

Iron Road Ltd’s September quarter report underscores the company’s steady progress on the Central Eyre Iron Project (CEIP), despite a subdued global investment climate for iron ore developers. The company continues to engage in thorough due diligence, recognizing that current market volatility, especially in domestic power pricing, is dampening near-term sentiment for magnetite projects and energy-intensive mineral processing in Australia.

Adding context to CEIP’s potential, the South Australian Government’s Department for Energy and Mining released a comprehensive Magnetite Global Comparison Study. This study, developed with Amira Global and CSIRO, benchmarks South Australia’s magnetite resources against 198 global deposits. Notably, CEIP’s direct reduction grade credentials were confirmed by a 2.7-tonne composite sample producing a high-grade concentrate with 69.71% iron content, positioning the project competitively on the world stage.

Strategic Land Options and Green Hydrogen Collaboration at Cape Hardy

In a significant development, Iron Road secured revised commercial terms with Revera Energy, a Carlyle-backed energy infrastructure platform, for three land purchase options at Cape Hardy on the Eyre Peninsula. This agreement aligns with Revera’s green hydrogen ambitions, including a planned 1GW electrolyser capacity. Both companies are exploring synergies where green hydrogen could serve as a feedstock for producing direct reduction grade iron pellets, potentially unlocking downstream manufacturing opportunities at Cape Hardy.

The South Australian Government’s recent approval of Revera’s environmental objectives for meteorological masts further advances this green energy initiative, signaling regulatory support for renewable energy infrastructure in the region.

Expanding Exploration, Heavy Mineral Sands at Mulgathing

Iron Road’s diversification into heavy mineral sands (HMS) through a farm-in agreement with Red Tiger Resources over the Mulgathing Project marks a strategic expansion. Located northwest of Tarcoola, this area has shown promising sediment-hosted titanium prospects, supported by recent discoveries from nearby explorers.

During the quarter, an Access Clearance Survey was successfully conducted with the Antakirinja Matu-Yankunytjatjara Aboriginal Corporation, paving the way for low-impact air-core drilling planned for December 2025. Iron Road’s geological consultant is advancing preparatory work to identify priority drilling targets, with results expected in the coming quarter.

Financial Position and Corporate Updates

Iron Road closed the quarter with $2.7 million in cash and no debt, reflecting prudent financial management amid reduced exploration and evaluation expenditure, which fell to $193,000 from $570,000 in the prior quarter. The company also completed the settlement of a share prepayment financing facility through a combination of share issuance and cash repayments, removing the associated investor from its shareholder register.

Executive and director fees accounted for $167,000 of the quarter’s expenditure, partly allocated to advancing CEIP activities. The company’s cash flow reflects ongoing operational discipline as it balances project development with market realities.