Iron Road Ltd · ASX:IRD
Iron Road — Shareholder Meeting (November 2025)
21 slides from Iron Road's shareholder meeting presentation, Nov 26, 2025
Slide 1: 2025 Annual General Meeting
2025 Annual General Meeting Chief Executive Officer’s presentation Larry Ingle 26 November 2025
Slide 2: Disclaimer
Disclaimer This presentation has been authorised for release by the Board of Iron Road Ltd (Company). It is not a prospectus nor an offer of securities for subscription or sale in any jurisdiction nor a securities recommendation. The information in this presentation is an overview and does not conta
Slide 3: Corporate
Corporate Capital Structure – 24 November 2025 Board of Directors and Executive Share Price $0.043 International private capital investor 12-month Range $0.020-$0.062 Non-Executive Peter Cassidy since the 1990’s; geology, chemistry Chairman background including PhD Shares on Issue 832.2M Market Capi
Slide 4: Status
Status Strengths • 100% owned Central Eyre Iron Project (CEIP) acknowledged by industry* as one of the few advanced, high product grade, greenfield iron ore projects in the global pipeline • Asset holdings: Warramboo Mining Lease tenure (ML6467) & strategic gulf-side Cape Hardy land • Complementary
Slide 5: Central Eyre Iron Project – value drivers
Central Eyre Iron Project – value drivers • Australia’s largest magnetite Ore Reserve • Registered ILUA with Barngarla Traditional Owners & long-term relationships with landowners, including a farmers’ co-operative • Track record of reciprocal support with all three tiers of Government • 1,207-hecta
Slide 6: Central Eyre Iron Project – interconnections
Central Eyre Iron Project – interconnections Eyre Peninsula economic growth & diversification constrained by ageing / inadequate infrastructure - harnessing the region’s potential & generating long-term benefits for stakeholders & communities is achievable: • Cape Hardy vision complementary to Upper
Slide 7: CEIP – product credentials & optionality
CEIP – product credentials & optionality • Test work has demonstrated the ability to readily produce a premium Sinter Feed iron ore concentrate (~67% Fe) for feedstock blends in conventional iron making blast furnaces • 2.7 tonne composite sample demonstrates that the Orebody can also deliver a prem
Slide 8: Revera Energy
Revera Energy • Revera Energy (formerly Amp Energy) is an independent energy infrastructure solutions platform backed by Carlyle Global Infrastructure • Revised commercial arrangements with a Revera Energy subsidiary relating to options to purchase land parcels at Cape Hardy to host their proposed G
Slide 9: Cape Hardy – multi-commodity, multi-user vision
Cape Hardy – multi-commodity, multi-user vision
Slide 10: Heavy Mineral Sands – Mulgathing farm-in
Heavy Mineral Sands – Mulgathing farm-in • Mulgathing Project farm-in deal executed June 2025 with unlisted public company Red Tiger Resources Ltd (RTR) targeting heavy mineral sands (HMS) / critical minerals • Opportunistic & targeted greenfield exploration program complementary to Iron Road’s flag
Slide 11: Heavy Mineral Sands – Irria Prospect
Heavy Mineral Sands – Irria Prospect • For the commercial discovery of an HMS deposit in the western Eromanga Basin, three essential components are required*- (i) HMS sources (ii) high energy shorelines (iii) host horizons & geomorphological traps that will concentrate the HMS in economic quantities
Slide 12: Irria Prospect – VHM laboratory analysis
Irria Prospect – VHM laboratory analysis • Twenty pan-concentrated sediment samples, were collected across the Irria Prospect, with modal analysis & sachet logging (both visual qualitative mineral scanning techniques), used to identify the percentage & assemblage of Valuable Heavy Minerals (VHM) • V
Slide 13: Restoring Shareholder Value – priorities and catalysts
Restoring Shareholder Value – priorities and catalysts • Irria Prospect VHM drill assay results, due Q1 2026, establishing the merit of advancing the Mulgathing EL6580 farm-in • Evaluation of additional corporate opportunities that preserve and complement the strategic value of the Central Eyre Iron
Slide 14: Authorised for release by the board of Iron Road Ltd
Authorised for release by the board of Iron Road Ltd For further information, please contact: Larry Ingle, Chief Executive Officer Iron Road Ltd Level 1, 63 Pirie Street Adelaide SA 5000 Australia Tel: +61 448 055 610 Or visit ironroadlimited.com.au ASX: IRD admin@ironroadlimited.com.au
Slide 15: Appendix – The Mine
Appendix The Mine • Located 1km east of Warramboo, 28km southeast of Wudinna, central Eyre Peninsula • Mineral Resource - 4.5Bt @ 16% Fe (156,000m diamond core, 200x100m spacing) • Ore Reserve - 3.7Bt @ 15% Fe, generating 589Mt @ ~67% Fe • Mine plans - 21.5Mtpa DFS & 12Mtpa optimised scenario develo
Slide 16: Appendix – Process flowsheet optionality
Appendix Process flowsheet optionality • Ore Reserve estimate - SRK Consulting Vancouver and Perth • CEIP Ore Processing independent technical review – Metalytics Resource Sector Economics • Process flowsheet originally designed to produce high-grade sinter feed as a blending feedstock for blast fur
Slide 17: Appendix – The Infrastructure Corridor
Appendix The Infrastructure Corridor • Connects the mine with the port precinct for value adding of high-grade iron ore concentrate and / or export • ~130km in length, benign topography • 1km wide clearance as per the CEIP ILUA with the Barngarla Determination Aboriginal Corporation (BDAC) • Approve
Slide 18: Appendix – The Port, Cape Hardy Industrial Port Precinct
Appendix The Port Cape Hardy Industrial Port Precinct Port precinct boundary (IRD 1,207ha) Causeway and tug harbour Module offloading facility Cape-class wharf • Located 7km south of Port Neill & 30km north of Tumby Bay, southern Eyre Peninsula • 1,207ha Greenfields, gulf-side land • Nearshore deep
Slide 19: Appendix - CEIP Ore Reserve Summary
Appendix - CEIP Table 1 – CEIP Ore Reserve Summary Resource Metric Tonnes Fe SiO2 Al2O3 Classification (Mt) (%) (%) (%) Proved 2,131 15.55 53.78 12.85 Probable 1,550 14.40 53.58 12.64 Total 3,681 15.07 53.70 12.76 The Ore Reserves estimated for CEIP involving mine planning is based on and fairly rep
Slide 20: Appendix - CEIP Global Mineral Resource
Appendix - CEIP Table 2 – CEIP Global Mineral Resource Tonnes Fe SiO2 Al2O3 P LOI Location Classification (Mt) (%) (%) (%) (%) (%) Measured 2,222 15.69 53.70 12.84 0.08 4.5 Murphy South/Rob Roy Indicated 474 15.6 53.7 12.8 0.08 4.5 Inferred 667 16 53 12 0.08 4.3 Boo-Loo/Dolphin Indicated 796 16.0 53
Slide 21: Appendix - Irria Prospect
Appendix - Irria Prospect Table 4 – Modal Analysis of the -400µm VHM, average of samples MU001, MU003 & MU018, EL6580 (n=3), Irria Prospect Altered Ilmenite Rutile Product VHM % Ilmenite % Pseudo Rutile % Leucoxene % Zircon % Trash % % % 59.7 21.4 9.5 10.6 9.2 1.8 7.3 40.3 Table 5 – Sachet Logging,