A$1.50 million loss as Infinity Metals shifts to US and Australian projects

Spain setback accelerates exploration pivot

Infinity Metals Limited (ASX:INF) is repositioning itself around copper, gold, molybdenum and tin after authorities in Spain rejected its San José lithium mining licence application. The company said it has lodged a new Investigation Permit application and is pursuing appeal avenues, but its annual report makes clear that the project’s regulatory difficulties have pushed the business towards assets in the United States, New South Wales and Victoria.

The shift has already changed the company’s portfolio and its leadership structure. Infinity holds an option over the historic Swansea copper mine in Arizona, may acquire the Tule Canyon molybdenum-copper project in Nevada, and owns the Yambacoona tin project in New South Wales. It also plans to appoint a full-time Managing Director or chief executive, while Adrian Byass has returned to the role of non-executive chair and Matthew O’Kane has moved into a part-time executive position.

Loss falls after prior-year San José impairment

Infinity reported a consolidated net loss of A$1.50 million for the year ended 30 June 2026, down from A$23.89 million a year earlier. The comparison is heavily influenced by the prior period, which included a A$20.28 million impairment against San José. The latest accounts include a further A$367,686 impairment of exploration assets, alongside a A$66,271 impairment of intangible assets.

The balance sheet remains modest for a company now promising a busier drilling programme. Cash was A$2.62 million at year-end, down from A$5.13 million, while operating activities consumed A$1.36 million and investing activities used A$2.15 million. The directors nevertheless said the company had a A$2.50 million net working-capital surplus and considered preparation on a going-concern basis appropriate.

New projects bring drilling catalysts and exploration risk

At Swansea, Infinity’s option covers 34 unpatented claims in La Paz County, Arizona, with a further 16 mineral lode claims and four placer claims added after year-end. Historical drilling included 62 holes for 6,454 metres, with reported intercepts including 19.5 metres at 2.7% copper and 18.3 metres at 3.8% copper. Those results are historical and are not presented as a JORC-compliant mineral resource. The next steps are baseline studies, geophysics, mapping, surface sampling and a Plan of Operations application before substantive exploration.

Yambacoona offers a separate, earlier-stage test. Infinity has sought approval for up to 30 shallow air-core holes, generally between 15 and 75 metres deep, aimed at gravity-magnetic anomalies in a project area near Sky Metals’ Doradilla tin project. Tule Canyon adds 44 unpatented claims in western Nevada under an option agreement, but the annual report does not establish a mineral resource or economic assessment for the project.

Placement funds the reset but expands the share count

Infinity raised A$1.10 million through the first tranche of a placement during June and completed a further approximately A$1.15 million tranche in August, issuing shares at A$0.01 each. Investors also received free attaching options, with 137.5 million options on issue at 21 September 2026 exercisable at A$0.02 and expiring in August 2028. The placement gives the company additional exploration funding, but also increases the equity base: ordinary shares on issue had reached 707.5 million by 21 September, compared with 592.5 million at 30 June.

That financing sits against a business with no revenue-producing operation and exploration commitments of at least A$826,667 over the next five years, including A$165,333 due within one year. The company’s own report identifies permitting, funding, geology, equipment availability, commodity prices and operating conditions as material risks. In other words, the portfolio reset has created more targets, not yet more certainty.