464 metres drilled as Iron Road reports $1.21 million cash

• 464 metres of RC drilling completed at TAU-A
• Laboratory assays and follow-up work remain pending
• Cash balance lifted to $1.21 million after Cape Hardy land sale
• Sentient distributed its remaining 59.72% stake
• CEO Larry Ingle to retire on 6 November

TAU-A Drilling Reaches Assay Stage

Iron Road Ltd (ASX:IRD) has finished the first field test of its TAU-A nickel-copper-gold target at South Australia’s Irria Prospect, completing three reverse-circulation holes for a total 464 metres. The work closes a chapter on the company’s delayed exploration program, while leaving the more important question unanswered: whether the rocks contain economic mineralisation.

Drilling began on 25 September after earlier work was postponed by extensive rain and flooding. The campaign followed the , which had been held up by similar weather conditions earlier in the year. Iron Road says the holes were cased to preserve the option of downhole geophysics, while portable XRF readings were taken on site. Composite samples are now with a laboratory, and the company says those assays, together with other data, will determine the next steps.

Cash Reserves Supported by Cape Hardy Sale

Iron Road ended the September quarter with $1.205 million in cash and no debt, up from $857,000 three months earlier. The improvement was largely supplied by the $719,000 sale of surplus, non-core Cape Hardy land, which more than offset $352,000 of operating cash outflow and $17,000 spent on exploration and evaluation.

On the company’s reported cash-flow calculation, available funding equates to an estimated 3.3 quarters at the quarter’s spending rate. That is a snapshot rather than a commitment: future drilling, transactions or renewed project activity could change the pace of expenditure. For now, September exploration and evaluation spending was only $37,000, with most of it tied to technical work to keep tenements in good standing.

Shareholder and Management Transition

The quarter also formalised a significant change in Iron Road’s ownership base. Sentient Equity Partners distributed its remaining 59.72% stake through Sentient Executive GP IV in early September, following the exit of two related funds between May and December 2025. The

Chief executive Larry Ingle will retire on 6 November after joining Iron Road as general manager in 2008 and becoming CEO in 2019. The company says he will remain available as needed during the transition, but the quarterly report does not name his successor. Meanwhile, engagement with parties interested in the Central Eyre Iron Project and Cape Hardy continues, alongside assessments of potential farm-in, acquisition and vend-in opportunities. No transaction has been announced.

Bottom Line?

The immediate catalyst is the TAU-A laboratory data, but execution will also depend on who takes over from Larry Ingle and whether Iron Road can turn project interest into a funded transaction before its cash runway tightens.

Questions in the middle?

• Will the TAU-A assays identify mineralisation strong enough to justify follow-up drilling or geophysics?
• Who will replace Larry Ingle, and will the management transition alter Iron Road’s project strategy?
• Can engagement around the Central Eyre Iron Project or Cape Hardy produce a transaction before the reported 3.3-quarter funding estimate becomes more pressing?