Infinity Metals Reports A$1.85M Cash, Progresses NSW Drilling Plans Amid Spanish Permit Delay

San Jose Lithium Licence Delayed by Regional Government Formation

Infinity Metals Limited (ASX:INF) remains in a holding pattern on its flagship San Jose Lithium Project in Spain, with the mining licence application still under review following the December 2025 regional elections in Extremadura. The formation of a new coalition government between the People Party (PP) and Vox in April 2026 has yet to translate into progress, as ministerial appointments are ongoing and administrative activities have only just resumed. The company submitted extensive documentation last September but has received no further feedback from authorities this quarter.

This regulatory limbo continues to cloud the timeline for the San Jose project, which represents the EU’s second largest JORC-compliant hard rock lithium deposit and is positioned to supply battery-grade lithium chemicals crucial for Europe's electric mobility ambitions.

Australian Exploration Gathers Momentum with Drilling Plans

While the Spanish permitting process stalls, Infinity is advancing its Australian portfolio. The company is actively engaging with landholders to enable a shallow Air Core drilling programme on its 100%-owned Yambacoona tin-lithium exploration licence in New South Wales. This follows promising geophysical anomalies and recent field reconnaissance, building on the positive outlook detailed in the company’s February update amid a buoyant tin market that has seen prices surge by 50% over the past year.

In Victoria, Infinity conducted follow-up field work at its gold-silver-copper projects, including reconnaissance for a stream sediment sampling campaign at the Bindi Project, located near Aeris Resources’ Stockman base metal operation. The Bindi tenure has been impacted by broad acre farming, limiting traditional surface mapping, thus prompting the exploration of cost-effective sampling methods. Meanwhile, rehabilitation and historical assessment work continued at the Cobungra Project, where previous drilling confirmed gold-silver mineralisation over a 2km strike.

Corporate Position and Strategic Outlook

Infinity closed the quarter with A$1.85 million in cash, down from A$2.25 million at the end of December 2025, reflecting ongoing exploration and corporate expenses including A$107,711 in related party payments. The company is maintaining a cautious yet opportunistic stance, continuing to evaluate complementary gold, copper, silver, and base metal assets primarily in Australia and the United States.

Given the delays in Spain, Infinity’s Australian projects, especially the Yambacoona tin-lithium licence, are increasingly pivotal. The company’s recent focus on this project aligns with the broader tin price rally, a dynamic explored in detail in its earlier update on the Yambacoona project’s potential and market context.