New Risk • Mar 31
New major risk - Market cap size The company's market capitalization is less than US$10m. Market cap: AU$14.1m (US$9.70m) This is considered a major risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-AU$3.0m free cash flow). Earnings have declined by 55% per year over the past 5 years. Revenue is less than US$1m (AU$134k revenue, or US$92k). Market cap is less than US$10m (AU$14.1m market cap, or US$9.70m). New Risk • Mar 05
New major risk - Financial position The company has less than a year of cash runway based on its current free cash flow trend. Free cash flow: -AU$3.0m This is considered a major risk. With less than a year's worth of cash, the company will need to raise capital or take on debt unless its cash flows improve. This would dilute existing shareholders or increase balance sheet risk. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-AU$3.0m free cash flow). Earnings have declined by 55% per year over the past 5 years. Revenue is less than US$1m (AU$134k revenue, or US$95k). Minor Risk Market cap is less than US$100m (AU$16.6m market cap, or US$11.7m). New Risk • Feb 28
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Australian stocks, typically moving 13% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Minor Risks Share price has been volatile over the past 3 months (13% average weekly change). Market cap is less than US$100m (AU$18.3m market cap, or US$13.0m). New Risk • Oct 11
New minor risk - Revenue size The company makes less than US$5m in revenue. Total revenue: AU$7.7m (US$5.0m) This is considered a minor risk. Companies with a small amount of revenue are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Minor Risks Share price has been volatile over the past 3 months (18% average weekly change). Revenue is less than US$5m (AU$7.7m revenue, or US$5.0m). Market cap is less than US$100m (AU$39.0m market cap, or US$25.3m). Announcement • Oct 03
Iron Road Limited, Annual General Meeting, Nov 26, 2025 Iron Road Limited, Annual General Meeting, Nov 26, 2025. New Risk • Sep 08
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended December 2024. This is considered a minor risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. Currently, the following risks have been identified for the company: Major Risk Share price has been highly volatile over the past 3 months (21% average weekly change). Minor Risks Latest financial reports are more than 6 months old (reported December 2024 fiscal period end). Market cap is less than US$100m (AU$25.8m market cap, or US$16.9m). New Risk • Jul 21
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of Australian stocks, typically moving 19% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. Currently, the following risks have been identified for the company: Major Risk Share price has been highly volatile over the past 3 months (19% average weekly change). Minor Risk Market cap is less than US$100m (AU$24.9m market cap, or US$16.2m). New Risk • May 28
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Australian stocks, typically moving 13% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Minor Risks Share price has been volatile over the past 3 months (13% average weekly change). Market cap is less than US$100m (AU$33.1m market cap, or US$21.3m). Announcement • Oct 21
Iron Road Limited, Annual General Meeting, Nov 22, 2024 Iron Road Limited, Annual General Meeting, Nov 22, 2024. Location: offices of pricewaterhousecoopers, level 17, one international towers, watermans quay, barangaroo, nsw, Australia New Risk • Sep 30
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 2.3% This is considered a minor risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-AU$1.2m free cash flow). Earnings have declined by 4.6% per year over the past 5 years. Revenue is less than US$1m (AU$1.0m revenue, or US$643k). Minor Risks Shareholders have been diluted in the past year (2.3% increase in shares outstanding). Market cap is less than US$100m (AU$66.3m market cap, or US$42.6m). Announcement • Sep 19
Iron Road Limited, Annual General Meeting, Nov 16, 2023 Iron Road Limited, Annual General Meeting, Nov 16, 2023. Recent Insider Transactions • Dec 28
Board Member recently bought AU$55k worth of stock On the 23rd of December, Glen Chipman bought around 420k shares on-market at roughly AU$0.13 per share. This transaction amounted to 15% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. Insiders have collectively bought AU$167k more in shares than they have sold in the last 12 months. Board Change • Nov 16
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 1 experienced director. 3 highly experienced directors. Executive Director of Commercial & Director Glen Chipman was the last director to join the board, commencing their role in 2018. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Announcement • Sep 22
Iron Road Limited Auditor Raises 'Going Concern' Doubt Iron Road Limited filed its Annual on Sep 20, 2022 for the period ending Jun 30, 2022. In this report its auditor, PricewaterhouseCoopers LLP, gave an unqualified opinion expressing doubt that the company can continue as a going concern. Announcement • Sep 21
Iron Road Limited, Annual General Meeting, Nov 17, 2022 Iron Road Limited, Annual General Meeting, Nov 17, 2022. Agenda: To consider the re-election of Directors. Recent Insider Transactions • May 10
Board Member recently bought AU$55k worth of stock On the 5th of May, Glen Chipman bought around 300k shares on-market at roughly AU$0.18 per share. In the last 3 months, they made an even bigger purchase worth AU$57k. Insiders have collectively bought AU$165k more in shares than they have sold in the last 12 months. Board Change • Apr 27
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 1 experienced director. 3 highly experienced directors. Executive Director of Commercial & Director Glen Chipman was the last director to join the board, commencing their role in 2018. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Recent Insider Transactions • Feb 15
Board Member recently bought AU$57k worth of stock On the 11th of February, Glen Chipman bought around 300k shares on-market at roughly AU$0.19 per share. This was the largest purchase by an insider in the last 3 months. Insiders have collectively bought AU$110k more in shares than they have sold in the last 12 months. Recent Insider Transactions • Jul 07
Board Member recently bought AU$52k worth of stock On the 1st of July, Glen Chipman bought around 200k shares on-market at roughly AU$0.26 per share. This was the largest purchase by an insider in the last 3 months. Insiders have collectively bought AU$104k more in shares than they have sold in the last 12 months. Recent Insider Transactions • Jul 04
Board Member recently bought AU$52k worth of stock On the 1st of July, Glen Chipman bought around 200k shares on-market at roughly AU$0.26 per share. This was the largest purchase by an insider in the last 3 months. Insiders have collectively bought AU$104k more in shares than they have sold in the last 12 months. Announcement • Jun 09
Iron Road Limited Announces Central Eyre Iron Project Key Processingmetrics and Benchmarked Analysis Iron Road Limited announced the technical review undertaken by Metalytics, a highly regarded specialist consulting firm to the iron ore and steel industries, has benchmarked projected iron and mass recoveries from the Company's Central Eyre Iron Project (CEIP) with comparable Australian and Canadian high-grade iron ore concentrate projects. It has also assessed key characteristics of CEIP concentrate in the context of high-grade iron ore products in international trade. The CEIP hosts Australia's large magnetite Ore Reserve with a Definitive Feasibility Study (DFS) and post DFS optimisation studies complete. A key finding of the Metalytics report is that the coarse grain size and moderate hardness of the CEIP ore make it possible to reject 60% of the run-of-mine (ROM) mass early in the processing stage at the Rougher Magnetic Separation (RMS) step. Consequently, only the remaining 40% mass flow is subject to further beneficiation. This 40% stream is estimated by Metalytics to have an average iron grade of around 27.5% Fe, which is well within the usual range for magnetite mining operations. The resultant material is then beneficiated to the finished concentrate product (66.63% Fe per Metalytics analysis and modelling) at a mass recovery of 37% and an iron recovery of 90%. In Figure 1 below, Metalytics shows that these recoveries are favorable relative to appropriate comparative projects the existing or under-construction magnetite producers in Australia and high-grade coarse hematite concentrate producers in Canada. The 12Mtpa (dry) CEIP processing flow sheet is included in this release. Metalytics notes from the point that CEIP ore exits the RMS stage, its recovery parameters align with project peers. Further, because of the coarse-grained nature of the CEIP ore, its processing from that point is simpler, less energy-intensive and therefore potentially has lower operating cost than comparative projects from their respective ROM ore stages. Front end processing rejection of 60% material mass also has important and advantageous implications for unit capital intensity since this ore pre-concentration step substantially reduces the capacity that would otherwise be required for downstream processing. Bulk sample tests have shown that post
RMS grades as high as 32.5% Fe are possible, depending on ROM ore quality and comminution specifics. In respect of ore hardness, uniaxial compressive strength (UCS) is a key physical parameter relevant to rock geomechanics for iron ore mining and crusher design. CEIP ore reports an average UCS of 110 MPa compared with approximately 450-600 MPa for markedly finer grained, significantly harder and more abrasive banded iron formation (BIF) magnetite projects in Western Australia. For reference, Clout & Manuel (2015) quote the following UCS ranges for Australian iron ores: friable 20-35 MPa, medium hardness 110-200 MPa (CEIP ore = lower end of range), hard 200-500 MPa. An additional notable feature of the CEIP ore according to Metalytics is its low annual chemical variability (aligned with the Thiess Mine Plan), which complements the consistency of its mineralogy and bulk physical properties. The relevance of this is the confidence it provides for efficient operation of the entire beneficiation line in producing high-grade iron concentrate of consistent quality. Crushing, grinding and mineral separation processes can all be
optimised, which Metalytics observes is far preferable to a situation where continuous adjustments to operational settings and flow rates are necessary to accommodate changes in feed characteristics. Based on a well-defined Thiess Mine Plan and the results of laboratory test work and process simulation studies, Metalytics' estimates of the average chemical composition of the ore feed and particle size distribution of the iron concentrate product during the 20-year steady state production period. According to Metalytics, the product sizing distribution allows for a degree of flexibility in offtake agreements for CEIP concentrate given it could substitute in either sinter or pellet feed blends, subject to value-in-use assessments. Announcement • Jun 02
Iron Road Ltd Announces Update On Eyre Peninsula Link Iron Road Ltd. announced that the $300 million project, called Eyre Peninsula Link, would take about 18 months to complete, with the new line expected to be energised by the end of 2022. The current transmission line powering
the region is over 50 years old with ElectraNet noting it has spent considerable time planning for its replacement to ensure it will meet the region's current and future needs, while also keeping costs as low as possible. As well as a more secure and reliable power supply for homes and businesses across the Eyre Peninsula, other benefits of the new transmission line, according to ElectraNet, include: Increased capacity to connect more users to the electricity network; Enabling new renewable energy and mining projects to connect in the future; An opportunity to extend the network in future; and Contractors supporting the local economies they work within. The new 270km transmission line will extend from Cultana (near Whyalla) to Port Lincoln via Yadnarie. Comprising double circuit 132kV, the Cultana to Yadnarie section is 275kV capable when required. Upgrades to substations at Cultana, Yadnarie, Port Lincoln Terminal, Wudinna and Middleback are also part of the project. Iron Road also notes the 31 May 2021 announcement by the Australian Energy Regulator (AER) approving the expenditure required to deliver the proposed SA-NSW interconnector, Project EnergyConnect. The AER determination allows capital expenditure of $2.28 billion to deliver the project efficiently, including $457.4 million for ElectraNet to construct the South Australian section of the project. TransGrid, responsible for the New South Wales section of the project, has approved a final investment decision to proceed. ElectraNet commented that the AER and TransGrid decisions were a significant milestone for Project EnergyConnect, which they regard as a project of national significance and a priority project for the national electricity grid. According to ElectraNet, independent analysis shows Project EnergyConnect will drive competition in the
wholesale electricity market by connecting more, low-cost generation to the grid and support the ongoing transition to a lower carbon emissions future. As a large-scale, long-life proposed mining and beneficiation operation, the Company's Central Eyre Iron Project (CEIP) will be a significant consumer of power and a stable demand anchor located at the south-western end of the National Electricity Market (NEM). This presents a clear opportunity for development proponents of proximate, low-cost renewable energy resources on the Eyre Peninsula with a viable connection to an upgraded grid that further supports take-up of low carbon emission generation into the NEM. Following an independent review by a power industry expert as part of ongoing due diligence activities, CEIP mean power demand requirements of 167MW from "pit-to-port" are illustrated in the table below. Previous CEIP mean
power demand guidance of 212MW was incorrectly classified, referring closer to installed and peak power demand requirements. The independent review has determined that the Company's estimate of annual power consumption (MWh terms) for the 12Mtpa (dry tonnes) iron concentrate delivery model remains essentially unchanged. Announcement • May 26
Iron Road Limited has completed a Follow-on Equity Offering in the amount of AUD 0.84 million. Iron Road Limited has completed a Follow-on Equity Offering in the amount of AUD 0.84 million.
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 3,906,977
Price\Range: AUD 0.215
Discount Per Security: AUD 0.01075 Announcement • May 20
Iron Road Limited Completes Independent Technical Review of the Central Eyre Iron Project Ore Processing Flow Sheet Iron Road Limited announced that Metalytics has completed its independent technical review of the Central Eyre Iron Project (CEIP) ore processing flow sheet. Their detailed report and associated premium grade market commentary is now being made available on a confidential basis to potential CEIP partners. Metalytics is a highly regarded specialist consulting firm to the iron ore and steel industries and their industry professionals have decades of experience consulting to resource companies (including iron ore majors), steel producers, the financial sector and public sector entities. Importantly, the independent review by Metalytics verifies the process flow sheet design used by Iron Road in its previously announced feasibility and optimisation studies to achieve expected ore processing outcomes. On a first inspection of headline project parameters, Metalytics notes the CEIP in-situ ore grade of 15.9% Fe appears unpromising by comparison with existing magnetite mining and concentrating operations. However, in Metalytics' opinion, this must be assessed against the recognition that most other magnetite ores, including the BIF ores in Western Australia and the taconite ores in the USA, are markedly finer grained, significantly harder and more abrasive than the CEIP gneissic ore. The factors Metalytics regard as most relevant to the economic viability of a magnetite operation are the quality (and hence the market value) of the saleable concentrate product (particularly its iron content and impurity levels) and the operating cost of producing it, whatever the Fe grade of the in-situ ore. A key finding of the Metalytics report is that the coarse grain size and moderate hardness of the CEIP ore, combined with its lack of chemical and mineralogical variability, make it possible to reject 60% of the run-of-mine (ROM) mass at the Rougher Magnetic Separation (RMS) step, i.e. after semi-autogenous grinding (SAG mill crushing) to 3mm particle size. Consequently, only the remaining 40% mass flow enters a ball mill circuit for grinding. This 40% stream is estimated by Metalytics to have an average iron grade of around 27% Fe, which is well within the usual range for magnetite mines. The resultant material is then beneficiated to the finished concentrate product at a mass recovery of 37% and an iron recovery of 90% levels that are, respectively, favourable, and very high by comparison with existing or under-construction Australian and Canadian high-grade iron concentrate projects. In Metalytics' opinion, these distinct features have important implications for CEIP's projected capital and operating costs. They highlight substantial reductions in the cost of electric power for both coarse and fine grinding that would be required with flow sheets to treat comparable tonnages of finer-grained, harder, and more abrasive magnetite ores. In particular, ore pre-concentration via the rejection of 60% of the ROM mass at the RMS step means that only 32.6 Mtpa of ore enters the ball mill circuit for comminution from a steady-state average of 81.7 Mtpa of ROM, substantially reducing the capacity that would otherwise be required for downstream processing. Premium high-grade iron ore products reduce energy consumption and plant emissions of CO2, other pollutants and dust, and increase blast furnace productivity and reduce slag generation. China, the world's dominant iron ore market, is continuing to push its environmental policy and regulatory agenda to reduce pollution, energy consumption and CO2 emissions. Steel companies are subject to operational restrictions to control emissions and to eliminate inefficient, obsolete, and small-scale facilities. Magnetite products with a wide range of properties and from geographically diverse sources are currently traded in international markets. Magnetite is the dominant iron-bearing mineral mined in North America, China, the C.I.S. and Europe. The Chinese steel industry has been underpinned by domestic magnetite ores, although many have complex chemistries, some containing multiple metals and other undesirable elements including sulphur. Announcement • May 04
Iron Road Limited announced that it expects to receive AUD 4.25 million in funding Iron Road Limited (ASX:IRD) announced a private placement of 19,767,443 common shares at a price of AUD 0.215 per share for gross proceeds of AUD 4,250,000 on May 3, 2021. The transaction will include participation from institutional and sophisticated investors. Is New 90 Day High Low • Jan 19
New 90-day high: AU$0.21 The company is up 27% from its price of AU$0.17 on 20 October 2020. The Australian market is up 9.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Metals and Mining industry, which is up 20% over the same period. Announcement • Oct 04
Iron Road Limited Announces Cape Hardy Stage I Port Enters Development Phase Iron Road Limited announced that the Company has satisfied all conditions precedent to the Joint Development Agreement (JDA) entered into with Macquarie Capital (Macquarie) and Eyre Peninsula Co-operative Bulk Handling (EPCBH) for the $250 million Cape Hardy Stage I port development as announced on 24 September 2020. The satisfaction of all conditions precedent means Macquarie and the Company are now obliged to pay their respective shares of budgeted costs in the first phase of the project's Development Plan. Announcement • Sep 30
Iron Road Limited Auditor Raises 'Going Concern' Doubt Iron Road Limited filed its Annual on Sep 28, 2020 for the period ending Jun 30, 2020. In this report its auditor, PricewaterhouseCoopers LLP, gave an unqualified opinion expressing doubt that the company can continue as a going concern. Announcement • Sep 24
Macquarie Capital Enters Joint Development Agreement with Iron Road Ltd and Eyre Peninsula Co-Operative Bulk Handling Iron Road Ltd. announced that Macquarie Capital (part of Macquarie Group Limited) has entered into a Joint Development Agreement (JDA) with Iron Road and Eyre Peninsula Co-operative Bulk Handling (EPCBH). The JDA provides the framework to advance development and financing plans for the proposed $250 million Cape Hardy Stage I multi-user, multi-commodity port facility. The joint development parties will now progress establishment of a project vehicle and formally commence the first phase of a comprehensive Development Plan, targeting Financial Close of the Project by third quarter 2021, subject to the satisfaction or waiver of certain conditions. The JDA includes defined steps for securing of equity and debt capital for the port development and includes the usual rights of termination, such as material adverse change provisions. Macquarie will also provide financial advisory services to the Project. As a key priority, the developers will continue their ongoing engagement with growers to progress supply arrangements that will facilitate efficient financing and refine the design and functional requirements of the project to best meet users' needs. These discussions are part of a well-established and continuing grower, customer, and community consultation process. Discussions with other potential third-party users who have already expressed interest in accessing an import/export facility at Cape Hardy will continue in parallel. To date, there have been several hundred individual and group consultations by Iron Road and EPCBH with various stakeholders, including landowners, local and regional communities, local community groups, Barngarla traditional owners, project specific committees, focus groups, industry & business as well as Local, State and Federal government agencies and representatives. Other major steps leading up to Financial Close will include finalisation of the Development Plan Consent in addition to concluding detailed marine and landside facility designs and subsequent construction tenders.