Iron Road’s FY2022–FY2026 record is a pre-production development and funding story, not a production-revenue trend. The Group carried a large CEIP exploration asset through FY2025; FY2026 recognised a A$96.462m non-cash CEIP impairment, leaving a closing exploration balance of A$28.569m. Separately, year-end cash fell to A$0.857m through the year’s cash movements.
Reading the figures: Units are stated above each table or beside the metric. Brackets denote negative amounts. Supported nil is shown as zero; unlike reporting bases remain separately labelled.
Group cash and cash equivalents at 30 June 2026.
Group statutory net assets after the impairment.
Non-cash impairment loss.
Accounting other income; distinct from A$7.500m cash-flow “other income received”.
Iron Road reported no cash-generating assets in operation across the period. The relevant lenses are Group liquidity, project-development expenditure and the basis of non-operating income, rather than mineral sales or production margins.
FY2025’s statutory profit occurred with A$7.600m other income, while the FY2026 cash-flow comparative separately records A$7.500m of other-income cash receipts. The issuer describes Revera/Amp milestone and land-deposit receipts plus Northern Water fees; the amounts should not be combined or treated as a recurring revenue proxy.
FY2026’s statutory loss was dominated by the non-cash CEIP impairment. The issuer also described an underlying-loss comparison excluding the impairment and prior-year Cape Hardy one-off items; it is retained as management-defined context rather than a statutory measure.
The Group received A$1.250m in subscriptions. It issued shares to settle the remaining A$0.343m Sentient short-term facility balance and A$0.154m of historic director fees, alongside a separately disclosed A$0.497m share-issue cash-flow receipt.
A$1.0m Amp exclusivity fee was recorded as other income. The loss reduction also reflects a A$1.300m reversal of Cape Hardy Stage I Warrants expense, while employee benefit expense fell from A$2.267m to A$1.272m.
Closing cash was A$0.190m. The issuer’s going-concern disclosure referred to land-option outcomes, further capital and/or a project partner.
The cash-flow comparative records A$7.500m other-income cash receipts. The Sentient USD$333,250 loan was repaid in August 2024 for A$498,057; the issuer reported a A$5,159 foreign-exchange gain.
The Group recognised the CEIP impairment after an independent recoverable-amount assessment excluding Cape Hardy land. Two Cape Hardy option interests reverted to PP&E after expiry/non-extension.
The five-year statutory result is not a conventional operating earnings trend. FY2025’s result coincided with a material other-income item, while FY2026’s loss was dominated by the CEIP impairment. The issuer attributed the reduction in its underlying loss to cash-conservation measures in professional fees and administration.
FY2026 operating expenses were A$98.678m, including the A$96.462m non-cash impairment. Other FY2026 non-cash items included A$0.328m performance-rights expense and a A$0.134m reversal of Cape Hardy Warrants expense after reassessment of vesting likelihood.
A$ million
AI-generated presentation · values from Statutory income and result; no missing values plotted as zero.
A$ million
AI-generated presentation · values from Statutory income and result; no missing values plotted as zero.
A$ million
AI-generated presentation · values from Selected statutory cost drivers; no missing values plotted as zero.
A$ million
| Metric | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 |
|---|---|---|---|---|---|
| Revenue and other income | 0.000038 | 1.000222 | 0.817383 | 7.691226 | 0.071195 |
| Profit/(loss) for the year | (4.026) | (0.468) | (1.489) | 5.046 | (98.607) |
A$ million, Group/statutory presentation. “Revenue and other income” is not mineral-sales revenue.
The income row preserves six decimal places so FY2022 income of A$38 remains visible; FY2025 includes A$7.600m other income and A$0.091m interest. FY2026 contains a material non-cash impairment.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
A$ million
| Metric | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 |
|---|---|---|---|---|---|
| Exploration expenses | (0.479) | (0.493) | (0.508) | (0.535) | (0.546) |
| Employee benefits expense | (2.267) | (1.272) | (0.883) | (1.052) | (1.349) |
| Professional fees | (0.597) | (0.441) | (0.430) | (0.387) | (0.261) |
| Rent and administration | (0.264) | (0.293) | (0.272) | (0.267) | (0.113) |
A$ million, Group statutory income-statement expenses; parentheses are reported expense signs. These are P&L measures, not operating-cash-flow components.
The selected cost rows are recurring administrative and exploration drivers. They exclude the separately presented CEIP impairment and Cape Hardy Warrant line; employee benefits can include performance-rights effects.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
A$ million
| Metric | FY2026 |
|---|---|
| CEIP impairment loss | (96.462) |
| Capitalised exploration before impairment | 125.032 |
| Closing CEIP component | 28.200 |
| Closing Mulgathing/Irria component | 0.369 |
| Closing total exploration and evaluation expenditure | 28.569 |
A$ million, Group/statutory. The impairment is a non-cash accounting charge.
The roll-forward is the selected reported bridge: opening A$124.515m plus A$0.516m additions, less A$96.462m impairment, equals A$28.569m. The closing split is CEIP A$28.200m and Mulgathing/Irria A$0.369m.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
Operating and investing cash flow was negative in FY2022–FY2024 and FY2026. FY2025’s A$4.578m operating inflow occurred in the year with the one-off receipts; it should not be inferred from reported profit alone. Net financing cash flow was an outflow in FY2025 and FY2026.
The FY2025 packet has two differently scoped cash descriptions. A$3.009m payments to suppliers and employees plus A$0.004m finance costs equals the issuer’s A$3.013m operating-activity cash-expenditure description. Its A$4.282m broader total also includes exploration, buy-back, borrowing and subscription-repayment items. The statutory operating-cash-flow row remains the selected comparable series.
FY2024’s A$0.786m net financing inflow included A$0.924m share-issue proceeds and A$0.500m borrowing proceeds, offset in part by A$0.600m subscription repayment. Later financing flows include the A$0.498m FY2025 Sentient borrowing repayment, A$0.168m share buy-back and FY2025–FY2026 subscription repayments.
Cash fell to A$0.857m at 30 June 2026. The issuer reported no cash-generating assets in operation and a material uncertainty regarding going concern; it identified cash management, a project partner, surplus-asset sales and/or capital raising as pathways, without providing a funding runway.
A$ million
AI-generated presentation · values from Statutory cash-flow lanes; no missing values plotted as zero.
A$ million
AI-generated presentation · values from Statutory cash-flow lanes; no missing values plotted as zero.
A$ million
| Metric | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 |
|---|---|---|---|---|---|
| Net cash from operating activities | (2.930) | (0.890) | (1.777) | 4.578 | (2.074) |
| Net cash from investing activities | (1.301) | (0.344) | (0.555) | (0.474) | (0.108) |
| Net cash from financing activities | 1.377 | 1.076 | 0.786 | (0.742) | (0.513) |
| Cash and cash equivalents at year end | 1.894 | 1.736 | 0.190 | 3.553 | 0.857 |
A$ million, Group statutory cash-flow subtotals. Parentheses are reported cash outflows.
FY2025 financing is an outflow despite one extraction label saying “inflow”; the amount is parenthesised. Exploration payments do not substitute for net investing cash flow.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
A$ million
| Metric | FY2022 | FY2023 |
|---|---|---|
| Subscriptions received | 1.250 | 1.087 |
A$ million. Reported financing cash inflows; this is a component view, not a debt-balance series.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
A$ million
| Metric | FY2022 | FY2024 |
|---|---|---|
| Proceeds from issue of shares | 0.497 | 0.924 |
A$ million, reported financing cash inflows. The selected non-zero years are labelled explicitly; this is not a continuous series.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
A$ million
| Metric | FY2025 | FY2026 |
|---|---|---|
| Repayment of subscriptions | (0.075) | (0.509) |
A$ million, reported financing cash outflows. FY2025 also includes a A$0.498m Sentient borrowing repayment and A$0.168m share buy-back; FY2026 reports no borrowing repayment.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
Group total assets rose to A$138.559m at 30 June 2025, then fell to A$39.541m at 30 June 2026; net assets fell to A$39.036m. The FY2026 change principally reflects the CEIP impairment, rather than a cash-flow charge.
The reported FY2026 roll-forward begins with A$124.515m, adds A$0.516m and deducts the A$96.462m impairment to reach A$28.569m. The closing balance comprises A$28.200m CEIP and A$0.369m Mulgathing/Irria. The A$0.546m exploration expense relates to mining-lease maintenance that did not progress CEIP.
The independent CEIP assessment used a comparable-transaction approach supported by a yardstick approach. The issuer cited weak iron-ore price signals, lack of third-party Cape Hardy commitments and a sustained market-capitalisation-to-carrying-value gap as impairment indicators. These are stated accounting-assessment grounds, not a forecast of project economics.
A$ million
AI-generated presentation · values from Group financial position at 30 June; no missing values plotted as zero.
A$ million
AI-generated presentation · values from Exploration cash payments; no missing values plotted as zero.
A$ million
| Metric | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 |
|---|---|---|---|---|---|
| Total assets | 135.668 | 135.791 | 134.763 | 138.559 | 39.541 |
| Total liabilities | 1.846 | 3.447 | 2.322 | 1.106 | 0.505 |
| Net assets | 133.822 | 132.344 | 132.441 | 137.453 | 39.036 |
| Exploration and evaluation expenditure | 123.097 | 123.435 | 123.994 | 124.515 | 28.569 |
A$ million, Group statutory balance-date amounts. FY2025 cells are the FY2026 annual report’s explicit Group comparatives.
Exploration and evaluation expenditure is a carrying amount, not a valuation, annual cash payment or liquidity measure.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
A$ million
| Metric | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 |
|---|---|---|---|---|---|
| Payments for exploration and evaluation | (0.371) | (0.338) | (0.552) | (0.528) | (0.516) |
A$ million, investing cash-flow line; parentheses are reported cash payments. This measure is distinct from exploration expense, capitalised additions and the closing exploration asset.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
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