Opus Genetics, Inc.

2023
ANNUAL  
REPORT
FOR THE YEAR ENDED 30 JUNE 2023 

ABN 51 128 698 108

CORPORATE DIRECTORY

Directors

Peter Cassidy 
Chairman

Jerry Ellis AO          
Non-Executive Director

Ian Hume                
Non-Executive Director 

Glen Chipman           
Executive Director

Chief Executive Officer 
Larry Ingle

Company Secretary 
Jaroslaw (Jarek) Kopias

Share Registry 
Automic Pty Ltd 
Level 5, 126 Phillip Street 
Sydney  NSW  2000 
Telephone: 1300 288 664 or  
(+61 2) 9698 5414 
Email: hello@automic.com.au 
Website: automicgroup.com.au 

Auditors 
PricewaterhouseCoopers 
Level 11, 70 Franklin Street 
Adelaide SA 5001 
Telephone 08 8218 7000

Corporate Governance Statement 
www.ironroadlimited.com.au/index.
php/about-us/corporate-governance

Registered Office 
Level 3, 63 Pirie Street 
Adelaide SA 5000 
Telephone 08 8214 4400

Postal Address 
GPO Box 1164 
Adelaide SA 5001

ASX Code IRD

www.ironroadlimited.com.au 
admin@ironroadlimited.com.au

ABN 51 128 698 108

CAUSEWAY HEAD50m150m200m250m300m350m400m100mE 241660.177N 810466.409SOP 1SOP 2E 241880.308N 810073.926CAUSEWAY0m30m TRANSITIONCLASS 2 ARMOURCLASS 1 ARMOUR450m(cid:31) JETTY CONVEYORCLASS 1 ARMOUR30m TRANSITIONCLASS 2 ARMOURCLASS 1 ARMOUR101 m89 mAPPROXAPPROXCONTENTS

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8

OVERVIEW

Corporate Directory

CHAIRMAN'S LETTER

OPERATIONS REPORT

2

4

9

11

Message from the Chairman

Central Eyre Iron Project

Cape Hardy Green Hydrogen & Ammonia Project

Northern Water Supply Project (NWS) 

15

Global Mineral Resource and Ore Reserve Statement

DIRECTORS' REPORT

16

Directors' report overview

20 Remuneration report

OPERATING AND FINANCIAL REVIEW 28 Company strategy and operating activities

FINANCIAL STATEMENTS

30 Financial statements overview

31

Consolidated Income Statement and  
Statement of Comprehensive Income

32 Consolidated Statement of Financial Position

33 Consolidated Statement of Changes in Equity

34 Consolidated Statement of Cash Flows

35 Notes to the consolidated financial statements

SIGNED STATEMENTS

55 Directors' declaration

56

Independent auditor's report

ASX INFORMATION

63 ASX Additional Information

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IRON ROADANNUAL REPORT 2023OVERVIEWCHAIRMAN'S LETTEROPERATIONS REPORTOPERATING AND FINANCIAL REVIEWFINANCIAL STATEMENTSDIRECTORS'  REPORTSIGNED REPORTSASX INFORMATION123456782

23CAUSEWAY HEAD0mm12REVISION DESCRIPTIONREVH50GFE34DRN BYDRN CHK56100150DCB12A3456DO NOT SCALE DRAWINGS FOR WORKING DIMENSIONS78910TITLE1112HGFE78910DCB1112AIRD ABN: 51 128 698 108REFERENCE DRAWING TITLEREFERENCE DRG No.DATEDES BYDES CHKENG APPIRD APPPROJ MANAPPSCALEA1SHTREVDRAWING No.E-F-65-A-20311 OF 2B1:2000PORT & MARINE (INCLUDING STOCKYARDS)TUG AND MOF FACILITY - ARMOURGENERAL ARRANGEMENTA19.05.2014ISSUED FOR REVIEWJLWCTuB25.06.2014ISSUED FOR APPROVALJLWBHSE-F-65-A-2032TUG & MOF FACILITY - ARMOURE-F-65-A-2034TUG & MOF FACILITY - PLAN020404080120160200mSCALE 1:2000FOR INFORMATIONNOT FOR CONSTRUCTION50m150m200m250m300m350m400m100mE 241660.177N 810466.409SOP 1SOP 2E 241880.308N 810073.926CAUSEWAY0m30m TRANSITIONMATERIALCORESIZEM   = 3.0T50M   = 2.0TLEGENDFILTER (CLASS 3)FILTER (CLASS 4)ARMOUR (CLASS 2)ARMOUR (CLASS 1)50kg to 400kgM   = 580kgM   = 260kg300 THK REINFORCED CONCRETE PAVEMENT.REFER NOTE 6 ON DRG E-F-65-A-2032.NAVIGATION BUOYCLASS 2 ARMOURCLASS 1 ARMOUR450m℄ JETTY CONVEYORCLASS 1 ARMOUR30m TRANSITIONCLASS 2 ARMOURCLASS 1 ARMOUR101 m89 mAPPROXAPPROXNOTES1.  DATUM:     HORIZONTAL - IRCG     VERTICAL - CHART DATUM (CD) WITCH IS 1.203m BELOW     AUSTRALIAN HEIGHT DATUM (AHD)2.  DESIGN RL's AND ROCK ARMOUR SIZES SHOWN ARE     APPROXIMATE, PENDING DETAILED ENGINEERING AND     METOCEAN STUDY.3.  SEABED VARIES, TO BE VERIFIED BY BATHYMETRY IN LATEST;     HYDROGRAPHIC SURVEY E-F-65-RPT-0037 RevB505050LONG SECTION - CAUSEWAYSCALE 1:2000H1:1000V10203040-10-20-30-4005010015020025030035040045050055010203040-10-20-30-4000(m) CHART DATUM (m) CHART DATUM EXISTING SEABED REFER NOTE 3FINISHED ROADWAY LEVELRL +3.7m CDRL +9.6m CD-50-100-150SOP 1SOP 2BREAKWATER MATERIALARMOUR AND ROCK DENSITY 2800g/m²WITH FACED PERMEABILITY VALUE OF 0.4REFER SPECIFICATION E-F-65-SP-00093

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MESSAGE FROM THE CHAIRMAN

Dear Shareholder
On behalf of the Board, I am pleased  
to present the Annual Report for the  
year ended 30 June 2023.

Iron Road has discovered and conceived the development 
potential of its principal asset. The Central Eyre Iron Project 
(CEIP), which includes the proposed large-scale, long life 
magnetite mine near Wudinna and our extensive gulfside land 
package at Cape Hardy, remains in excellent shape. As strategic 
investor and public sector interest expands further in these 
assets, we remind shareholders that the company’s diligent 
identification, validation and intrinsic value creation has been 
the outworking of your long-term and unwavering support. It is 
testament to that support that there is now wider and growing 
recognition that Iron Road’s key assets are integral to South 
Australia’s re-industrialisation vision.

As you are aware, procuring sustainable and competitively 
priced power and water along with a credible plan to develop 
efficient logistics and export infrastructure are critical ingredients 
to advance the CEIP to the financing and construction stage.  
Sustainable power and water are indeed prerequisites for all 
large-scale, long-life mining and beneficiation projects to remain 
competitive.

In line with the State government’s objectives to see its share of 
renewable energy continue to grow, we are encouraged to now 
witness greater impetus with large-scale renewable energy 
projects steadily advancing across the Eyre Peninsula. We also 
note that government support for gas remains as a key transition 
fuel in the energy mix to provide firming requirements for large 
24/7 users. 

Similarly, and although Iron Road has attained primary approvals 
to fulfil its CEIP water requirements via a saline borefield at 
Kielpa, approximately 60km from our CEIP orebody, a positive 
development in the last 12 months has been the progression 
of the potentially transformational Northern Water large-scale 
desalination project under the direction of Infrastructure SA. 

Northern Water aims to address the limited sustainable water 
supplies in the Far North, Upper Spencer Gulf and Eastern Eyre 
Peninsula regions of South Australia whilst enabling the growth of 
industries that are crucial to achieving net-zero goals, including the 
emerging green energy and hydrogen industries. The foundation 
and primary user of this water initially will be the State’s copper 
production industry that requires large volumes in order to both 
maintain and grow copper production sustainably over time. 

Iron Road is pleased to advise that the Northern Water study site 
selection process recently identified our Cape Hardy land as the 
best performing short-listed site via a multi-criteria assessment 
and engagement with key stakeholders. Critical considerations 
include proximity to a suitable source of water, impacts to the land 
and marine environments as well as cultural and social impacts. 
The Northern Water project has the potential to catalyse the 
economic and diversification potential of the Eyre Peninsula and 
Upper Spencer Gulf regions as well as ensuring South Australia can 
sustainably deliver on its objectives for copper production growth, 
leadership in the green energy space and ultimate value-adding to 
its world class magnetite orebodies. 

I thank you, my fellow shareholders for your ongoing support as 
we persevere with creativity, pragmatism and determination in 
unlocking value from these strategic assets of national significance.

Peter Cassidy 
Chairman

IRON ROADANNUAL REPORT 2023OVERVIEWCHAIRMAN'S LETTEROPERATIONS REPORTOPERATING AND FINANCIAL REVIEWFINANCIAL STATEMENTSDIRECTORS'  REPORTSIGNED REPORTSASX INFORMATION1234567823 
4

OPERATIONS REPORT

Central Eyre Iron Project (CEIP, IRD 100%)

Wudinna

Long term 
employee village

Kyancutta

Warramboo

Ceduna

Streaky Bay
Streaky Bay

Infrastructure 
corridor

Kimba

Poochera

Minnipa

Central Eyre 
Central Eyre 
Iron Project
Iron Project

Wudinna

Kimba

Warramboo

Port Augusta

Whyalla

Port Pirie

Borefield

Lock

Power 
transmission line

Elliston

Lock

Rudall

Yadnarie

Rudall

Tooligie

Cowell

W AY

Cleve

H

H I G

O L N

C

LI N

Port Neill

Moonta

Cummins

Tumby Bay

Cape Hardy
Port Precinct

SPENCER  GULF

Port Lincoln

Karkoo

Highway
Exploration Licence
Mining Lease
Infrastructure corridor
Borefield
Power transmission 
line

Yeelanna

Kapinnie

Cape Hardy
Port Precinct

Port Neill

0

5

10

Kilometres

0

50

100

Kilometres

Adelaide

SA 01

Location of the CEIP, showing the mine, infrastructure corridor and port

The CEIP is situated on the Eyre Peninsula, South Australia.  
The proposed CEIP mine is located approximately 30 kilometres 
southeast of the regional centre of Wudinna and the proposed 
port, seven kilometres south of Port Neill at Cape Hardy. The mine 
and port are planned to be linked by an infrastructure corridor with 
optionality on the preferred method for iron concentrate transport 
(subject to an approvals variation). The corridor allows for power 
and water transfer along its length.   

The proposed beneficiation plant located at the mine is designed to 
produce a high quality, low impurity iron concentrate that will serve 
as a clean, superior blending product for steel mill customers, 
particularly as sinter feed. Production of 12Mtpa of 67% iron 
concentrate (p80 -106µm), is projected over an initial mine life of 
22 years (“Investor Strategy Drives New Mine Plan” announced 
on 29 January 2019). The 12Mtpa delivery model and associated 
economic metrics represents a first phase cumulative Life of Mine 
output of 250Mt 67% Fe concentrate. This lower capital first phase 
represents less than 50% of the 589Mt of high-grade product the 
CEIP orebodies can deliver (estimated primarily from the  
Ore Reserve).

The proposed green hydrogen and ammonia development at  
Cape Hardy is designed to be complementary to the large-scale, 
long life CEIP magnetite Ore Reserve with high potential for  
longer-term green pelletisation and green steel opportunities  
(see Cape Hardy Green Hydrogen & Ammonia Project).  

The favoured 12Mtpa mine plan from Iron Road’s flagship 
asset would also benefit from an expected and progressively 
accelerating build-out of proximate, large-scale renewable energy 
generation and transmission that can serve as a catalyst for an 
industry competitive operating cost structure for high quality 
steelmaking feedstock. The prospect of a desalination plant at 
Cape Hardy (see Northern Water Supply project) presents an 
opportunity for process water to be piped to the mine site, with the 
return pipeline conveying iron concentrate as a slurry.  A finer iron 
concentrate product of p80 -38 to -53µm @ 69-70% Fe would be 
suitable for Direct Reduced Iron (DRI) steelmaking.  

Iron Road’s key focus continues to centre on patient and 
productive CEIP engagement with potential strategic partners. 
Proposals that offer shareholders value with respect to the quality 
and advanced status of the Company’s asset base continue to be 
evaluated. Obtaining regulatory approvals and concluding Native 
Title Agreements is a key differentiator since all greenfield projects 
are subject to resource intensive and time-consuming processes 
that in many instances may add unexpected challenges and result 
in significant delays to project delivery timeframes. Value adding 
of the magnetite resource further strengthens multi-commodity 
export opportunities at Cape Hardy, including grain.

5

OPERATIONS REPORT

Central Eyre Iron Project (CEIP, IRD 100%)

CEIP – Orebody solids model plan view

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The CEIP orebodies have been extensively and systematically drilled along north-south traverses defined by a notional 200x100m diamond drill spacing.

CEIP mine plan optionality - 12Mtpa and 21.5Mtpa Fe concentrate

IRON ROADANNUAL REPORT 2023OVERVIEWCHAIRMAN'S LETTEROPERATIONS REPORTOPERATING AND FINANCIAL REVIEWFINANCIAL STATEMENTSDIRECTORS'  REPORTSIGNED REPORTSASX INFORMATION12345678 
6

OPERATIONS REPORT

Central Eyre Iron Project (CEIP, IRD 100%)

GRAVITY CIRCUIT

GRAVITY CIRCUIT

CEIP 12Mtpa processing flow sheet 
ROM Ore
81.7 Mtpa 
@ 15.93% Fe

ROM Ore
81.7 Mtpa 
@ 15.93% Fe

 I

 I

n
d
e
p
e
n
d
e
n
t

n
d
e
p
e
n
d
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t

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n
d
e
p
e
n
d
e
n
t

T
e
c
h
n
i
c
a

l

l

T
e
c
h
n
i
c
a

R
e
v
i
e
w
o
f
C
E
I
P
O
r
e
P
r
o
c
e
s
s
i
n
g

R
e
v
i
e
w
o
f
C
E
I
P
O
r
e
P
r
o
c
e
s
s
i
n
g

T
e
c
h
n
i
c
a

l

R
e
v
i
e
w
o
f
C
E
I
P
O
r
e
P
r
o
c
e
s
s
i
n
g

2
2

2

2

2
2

ROM Ore
81.7 Mtpa 
1
@ 15.93% Fe

1

Crushing
Crushing
1
&
&
Sizing
Sizing

7

Crushing
7
&
Sizing

7

SAG Mill
Circuit

SAG Mill
Circuit
SAG Mill
Circuit

25
25
Low SG
Low SG

Gravity
Tails

Gravity
Tails

64

  Rougher
  Spirals

  Rougher
  Spirals
25
Low SG

Gravity
Tails

GRAVITY CIRCUIT

21
Ball mill O/size

21
Ball mill O/size

  Rougher
  Spirals

21
Ball mill O/size

Multideck
Multideck
Sizing
Sizing
Screens
Screens

23
High SG

74
Ball mill product

74
Multideck
Ball mill product
Sizing
Screens

20
Ball mill U/size

20
Ball mill U/size

    Cleaner
    Spirals

Ball Mill 
circuit

Ball Mill 
circuit

74
Ball mill product

23
23
High SG
High SG

63
27
27
O/flow
Low SG
Low SG

27
Low SG

    Cleaner
    Spirals

    Cleaner
    Spirals

64

64

SMS

SMS

29
29
Non-mags
Non-mags

SMS

63
63
O/flow
O/flow

28
Mags

29
Non-mags

28
Mags

28
Mags

30

Re-
grind feed
bin

Re-
Re-
grind feed
grind feed
bin
bin

Re-grind 
cyclone & mill 
circuit

30

30

F
i
g
u
r
e
3

Re-grind 
Re-grind 
cyclone & mill 
cyclone & mill 
circuit
circuit

M

e

a

t

l

y

t

i

c

s

71

71

UCC

UCC

REGRIND CIRCUIT

REGRIND CIRCUIT

RgMS

RgMS

Ball Mill 
circuit

32.6 Mtpa
32.6 Mtpa
(40%)
(40%)

13
Mags

13
Mags

32.6 Mtpa
(40%)

13
Mags

RoMS

RoMS

RoMS

14

14

Non-mags
14

Non-mags

Non-mags

49.1 Mtpa
(60%)

49.1 Mtpa
(60%)

49.1 Mtpa
(60%)

59

59

59

81.7 Mtpa

81.7 Mtpa

81.7 Mtpa

COMMINUTION AND ROUGHING
COMMINUTION AND ROUGHING
COMMINUTION AND ROUGHING
CIRCUIT
CIRCUIT
CIRCUIT

20
Ball mill U/size

CMS

CMS

CMS

26
High SG

41
41
Non-mags
Non-mags

41
Non-mags

31
Mags

40

40

Tailings
69.6 Mtpa

Tailings
69.6 Mtpa

40

Tailings
69.6 Mtpa

26
26
UCC
High SG
High SG

62
U/flow

31
Mags

31
Mags

63.60%

73
Non-mags

REGRIND CIRCUIT
62
62
U/flow
U/flow

72
Mags

11.8%

11.8%

11.8%

24.6%

61

63.60%

Concentrate Product
63.60%
12 Mtpa
@ 66.6% Fe

73
73
Non-mags
Non-mags

Input Stream Number
Input Stream Number
Input Stream Number

Output Stream Number
Output Stream Number
Output Stream Number
Mass split at each step
(Mtpa)
Material Flow
Mass split at each step
Mass split at each step
%Fe
Material Flow
(Mtpa)
Material Flow
(mm)
P80
%Fe
%Fe
P80
P80

(mm)

(mm)

(Mtpa)

Input Stream Number

Input Stream Number

Input Stream Number
Output Stream Number
Mass split at each step
Material Flow
Output Stream Number
Output Stream Number
%Fe
Mass split at each step
Mass split at each step
(mm)
P80
Material Flow
(Mtpa)
Material Flow
%Fe
%Fe
P80
P80

(mm)

(Mtpa)

(mm)

(Mtpa)

ROM Ore

ROM Ore
ROM Ore
7

1

SAG mill

1

7

1
81.717
15.93%
81.717
470
15.93%
470

81.717
15.93%
470

7
81.717
15.93%
81.717
160
15.93%
160

81.717
15.93%
160

81.717
15.93%
3.0

59 →
Rougher Mag Sep
Mags

59 →
Rougher Mag Sep
Mags

13 →
59 →
Ball mill
Rougher Mag Sep
circuit
Non-mags
Non-mags
Non-mags
Mags
74
14
14
13
60.1%
32.6
49.1
60.1%
39.9%
27.4%
8.3%
49.1
32.6
3.0
0.18
27.4%
8.3%
3.0
3.0

14
60.1%
49.1
8.3%
3.0

13
39.9%
32.6
27.4%
3.0

59

SAG mill

59

59

SAG mill
13
39.9%
32.6
27.4%
3.0

81.717
15.93%
3.0

81.717
15.93%
3.0

Non-mags

20 →
74 →
Cleaner Mag Sep
Multideck Screens
Mags
U/size
O/size

74 →
74 →
13 →
13 →
Multideck Screens
Multideck Screens
Ball mill
Ball mill
U/size
O/size
circuit
circuit
U/size
O/size
20
21
21
74
62.3%
37.7%
20.3
12.3
37.7%
27.9%
26.5%
12.3
32.6
32.6
0.30
0.10
27.4%
26.5%
27.4%
0.18
0.30
0.18

21
37.7%
12.3
26.5%
0.30

20
62.3%
20.3
27.9%
0.10

31
37.8%
7.7
66.5%
0.10

20
62.3%
20.3
27.9%
0.10

41
62.2%
12.6
4.4%
0.10

74

21 →
20 →
20 →
Rougher Spirals
Cleaner Mag Sep
Cleaner Mag Sep
High SG
Low SG
Non-mags
Mags
Non-mags
Mags
25
41
68.7%
8.4
62.2%
14.7%
12.6
0.30
4.4%
0.10

23
31
31.3%
3.8
37.8%
52.5%
7.7
0.30
66.5%
0.10

41
62.2%
12.6
4.4%
0.10

31
37.8%
7.7
66.5%
0.10

Low SG

23 →
21 →
21 →
Cleaner Spirals
Rougher Spirals
Rougher Spirals
High SG
Low SG
Low SG
High SG
High SG
27
26
25
23
23
43.5%
56.5%
1.7
2.2
68.7%
31.3%
31.3%
44.1%
59.0%
8.4
3.8
3.8
0.30
0.30
14.7%
52.5%
52.5%
0.30
0.30
0.30

25
68.7%
8.4
14.7%
0.30

High SG

High SG

26
56.5%
2.2
59.0%
0.30

26
56.5%
2.2
59.0%
0.30

23 →
Cleaner Spirals

23 →
Cleaner Spirals

25 + 63→

Gravity 
Tails

U/flow

U/flow

26 →
Up-current Classifier
26 →
O/flow
63
64
Up-current Classifier
34.7%
O/flow
0.8
45.0%
0.30

26 →
62
Up-current Classifier
65.3%
U/flow
O/flow
1.4
62
66.4%
65.3%
0.30
1.4
66.4%
0.30

63
34.7%
0.8
45.0%
0.30

63
34.7%
0.8
45.0%
0.30

62
65.3%
1.4
66.4%
0.30

9.2
17.2%
0.30

25 + 63→

Gravity 
Tails

25 + 63→
28
Gravity 
49.0%
Tails
4.5
30.9%
0.30

64

64

9.2
17.2%
0.30

9.2
17.2%
0.30

64 →
Scavenger Mag Sep
Mags

27 + 28 →

Re-grind 
Feed

30

64 →
64 →
Non-mags
29
Scavenger Mag Sep
Scavenger Mag Sep
51.0%
Mags
Mags
4.7
28
4.0%
49.0%
0.30
4.5
30.9%
0.30

Non-mags
Non-mags
6.2
29
34.5%
51.0%
0.30
4.7
4.0%
0.30

29
51.0%
4.7
4.0%
0.30

28
49.0%
4.5
30.9%
0.30

30 →
Re-grind
27 + 28 →

27 + 28 →

mill circuit
71
Re-grind 
Re-grind 
Feed
Feed
6.2
30
30
34.5%
0.053
6.2
34.5%
0.30

6.2
34.5%
0.30

Non-mags

71 →
Re-grind Mag Sep
30 →
30 →
Mag
72
Re-grind
Re-grind
48.1%
mill circuit
mill circuit
3.0
71
71
67.1%
0.053
6.2
34.5%
0.053

6.2
34.5%
0.053

73
51.9%
3.2
4.2%
0.053

31 + 62 + 72 →
Concentrate 
Product
71 →
71 →
61
Re-grind Mag Sep
Re-grind Mag Sep
Non-mags
Mag
Non-mags
Mag
12.071
73
73
66.63%
51.9%
51.9%
0.112
3.2
3.2
4.2%
4.2%
0.053
0.053

72
48.1%
3.0
67.1%
0.053

72
48.1%
3.0
67.1%
0.053

14 + 41 + 73 + 29→

Tailings
31 + 62 + 72 →
31 + 62 + 72 →
40
Concentrate 
Concentrate 
Product
Product
69.646
61
61
7.1%
2.2
12.071
12.071
66.63%
66.63%
0.112
0.112

14 + 41 + 73 + 29→

14 + 41 + 73 + 29→

Tailings

Tailings

40

40

69.646
7.1%
2.2

69.646
7.1%
2.2

71

RgMS

72
Mags

72
Mags

T
h
e
P
r
o
c
e
s
s
i
n
g
F
24.6%
l
o
w
S
h
Concentrate Product
e
e
12 Mtpa
t
@ 66.6% Fe

Concentrate Product
12 Mtpa
@ 66.6% Fe

61

61

24.6%

w

i
t
h
a
n
n
u
a

l

t
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a
s
s

a
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F
e
g
r
a
d
e
b
a
a
n
c
e
s

l

N
B

:

Low SG

Low SG

27
43.5%
1.7
44.1%
0.30

27
43.5%
1.7
44.1%
0.30

d
r
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b
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t

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3

3

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h

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s

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i

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F

l

l

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t

w

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t

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a

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t

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a

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m

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s

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B

B

:

:

d

d

r

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y

y

a

a

n

n

d

d

F

F

e

e

b

b

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l

CEIP 12Mtpa processing flow sheet - average annual total mass and iron grade balances. 
Source :  Metalytics

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
   
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
   
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
   
 
OPERATIONS REPORT

Gawler Iron Project (GIP, IRD 90-100% 
iron ore rights) 

The Gawler Iron Project (GIP) is located approximately 25km north 
of the standard gauge Trans-Australian Railway that connects 
to the Central Australia Railway at Tarcoola. The GIP hosts 
mineralisation anticipated to support a small to medium scale 
hematite / magnetite iron ore mining operation with the potential to 
produce a quality iron ore using a simple beneficiation process. 

The GIP comprises several magnetite occurrences outcropping 
at surface, some of which include oxidised (hematite) caps. Two 
prospects have been systematically RC / diamond drilled (105 
drillholes in total) and undergone mineralogical analysis and 
metallurgical test work.

The Company is working with Barton Gold to replace the current 
farm-in agreement with a simpler deed that addresses legacy 
issues and leverages off synergies such as common user 
infrastructure. Barton Gold subsidiary, Challenger 2 is the holder of 
various exploration licences that Iron Road earned into some years 
ago. Iron Road continues to engage with various parties interested 
in the iron ore opportunities. 

7

300,000mE

400,000mE

500,000mE

IRD 100% Iron Ore Rights

IRD 90% Iron Ore Rights

Coober Pedy

R
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H

I

G

H
W

A

Y

EL5998
EL5767

EL6569

EL6569

EL6502

Challenger Mine

Commonwealth Hill

I

-

N
W
R
A
D
E
D
A
L
E
D
A

I

6,700,000mN

EL6012

EL6012

EL6012

EL6502

EL6502

EL6173

EL6532

EL6532

EL6173

TRANS    A UST R A L I A N  

  RAILWAY

Wynbring

6,600,000mN

0

25

50

Kilometres

Location of Gawler tenements

Tarcoola

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IRON ROADANNUAL REPORT 2023OVERVIEWCHAIRMAN'S LETTEROPERATIONS REPORTOPERATING AND FINANCIAL REVIEWFINANCIAL STATEMENTSDIRECTORS'  REPORTSIGNED REPORTSASX INFORMATION12345678 
 
 
 
 
 
 
8

OPERATIONS REPORT

Iron Ore Backdrop

In Q2 CY2023, the 62% Fe Fines benchmark reference price averaged circa US$111/dmt with the high-grade 65% Fe index averaging 
approximately US$124/dmt. Market prices have continued to generally plateau with an easing bias reflecting renewed economic 
growth concerns in China and more specifically, difficult conditions in the Chinese property and construction sectors. Q2 CY2023 
pricing for both benchmark 62% Fe Fines and the high-grade 65% Fe index fell approximately 12% quarter-on-quarter and circa  
20% lower year-on-year. 

Steel has a critical role for the required infrastructure and applications to progressively decarbonise our economies. Under the 
Accelerated Energy Transition (AET) of 1.50C, over 3.5 billion additional tonnes of steel will be required by 2050 according to Wood 
Mackenzie, representing over 50% of total material used across infrastructure and applications. The steel industry which produces 
more than 7% of global carbon dioxide emissions will need to adapt and incorporate higher iron grade and cleaner feedstock materials 
to limit emissions.

Global volume of material required to reach AET across select energy transition applications (% volume contribution)

100

80

60

40

20

0

Wind

Solar

Nuclear

Transmission & Distribution

Energy Storage 
(EV, ESS, Other)

EV (Structural)

Total Material

Steel

Other Minerals/ Metals

Source: Champion Iron Limited, Wood Mackenzie

Note: Only includes other minerals/metals associated with this selection. Structural EV = automotive frames/bodies. Volume estimates are subject to change based on 
intensity and technology assumptions which will change over time. 

Mine depletion rates (orebody replacement and declining grades), complex licensing processes requiring adherence to stringent 
Environmental, Social and Governance (ESG) standards, careful traditional landowner engagement and continued industry capital 
discipline are critical industry factors that will likely provide fundamental support for enduring constraints on the supply-side.

9

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OPERATIONS REPORT

Cape Hardy Green Hydrogen & Ammonia Project

Following an initial market sounding early in 2022, gauging 
commercial interest in the Cape Hardy green hydrogen 
development proposition, a more detailed Expression of Interest 
(EoI) was issued to market on Iron Road’s behalf by WSP Australia. 
A total of 16 globally significant organisations were selected from 
responses received during late October 2022.

Following assessment of respondents’ submissions, the Company 
confirmed a total of six conforming multi-billion dollar, concept level 
proposals from domestic and international proponents. During late 
November 2022, Iron Road commenced a shortlisting process that 
invited the six pre-qualified proponents to bid for a limited number 
of green hydrogen developer roles under exclusivity arrangements 
with the Company. The competitive offer to bid process formally 
closed in on 20 January 2023 allowing the Company to advance the 
selection process and associated documentation.  
On 12 April 2023, Amp Energy (Amp) was selected as the lead 
developer for the Cape Hardy Green Hydrogen Project and a 
Strategic Framework Agreement was executed between the parties. 
This agreement inter-alia grants Amp a nine-month exclusivity 
period for an initial $1.5m fee (milestone #1 payment). 

A primary factor in the Company’s selection of Amp was the 
understanding that Amp was already well progressed after more 
than 18 months of focused South Australian engagement in the 
green hydrogen asset class. Funded by global private equity firm, 
The Carlyle Group and other institutional investors, Amp’s concept 
and staged design for a 5GW scale electrolyser project and 
associated green hydrogen and ammonia production facility at Cape 
Hardy, is a marquee site for Amp’s hydrogen projects globally. 

A preliminary schedule has been developed in conjunction with 
Amp’s external advisor, involved in more than 50% of ammonia 
plants built globally over the last seven decades, as part of concept 
design and early feasibility work for the project. Amp, in parallel, 
continues to develop nearby wind and solar projects (including work 
with ElectraNet) to support the proposed Cape Hardy 5GW scale 
electrolyser project and hydrogen/ammonia facilities. Amp’s existing 
wind and solar developments on freehold land, provide significant 
advantages for upstream components of the project. Based on 
Amp’s concept design work, a land parcel of approximately 410 
hectares (circa one-third of Iron Road’s 1,207 hectares of gulf-side 
land) is deemed sufficient for the proposed 5GW scale project. 

The nine-month exclusivity and negotiation period between 
the parties is subject to the outcomes of early phase project 
development activities, reflecting the potential project scale and 
development timetable of the Cape Hardy Green Hydrogen Project. 

A condition precedent (CP) to a second $1.5m framework fee 
expected in Q1 2024 will be Australian Foreign Investment Review 
Board (FIRB) approval for Amp entering into long-term land lease 
agreements with Iron Road. Given Amp’s Canadian headquarters, 
existing operating assets in Australia and their planned ongoing 
deployment of capital into Australia, Iron Road regards this CP 
as low risk. From this point forward, indicative conditional project 
development milestone payments of $21m in aggregate are 
staged through to first green hydrogen / ammonia production 
with an additional perpetual royalty stream still to be negotiated 
on molecules produced / exported from the future Cape Hardy 
industrial precinct.

If Iron Road and Amp, despite negotiating in good faith and using 
reasonable and commercially prudent endeavours, are unable to 
agree to the terms of, and enter into, the transaction documents 
within the nine-month Negotiation Period, Iron Road will refund  
$0.5 million (of the $1.5 million Milestone #1 payment) to Amp 
Energy within 10 business days of the end of the Negotiation 
Period. The parties may, by mutual agreement in writing, also agree 
to extend the Negotiation Period.

Recent amendments have tailored the CEIP ILUA to the nascent 
green hydrogen industry which delivers the Cape Hardy project 
native title certainty and first mover advantage. The ILUA is 
registered with Australia’s National Native Title Tribunal.

Foundation work between Iron Road and the Amp Energy 
team (including their external advisors) relates to relevant data, 
drawings, designs, studies and geographic information system 
(GIS) requests that are associated with the documented and 
approved Central Eyre Iron Project (CEIP) Environmental Impact 
Statement (EIS). 

Basic raw material input requirements for the project (ie. power, 
desalinated water, seawater and air) commensurate with staged 
gigawatt (GW) scale electrolyser capacity have been determined 
which in-turn derives mass balance output for the key product 
streams (green ammonia, oxygen, neutral effluent and brine return).

The primary outworking of the initial master planning activity will 
be to identify and optimise Amp Energy’s preferred 410ha green 
hydrogen and ammonia development footprint within the Cape 
Hardy precinct. Iron Road has also facilitated the introduction of 
Amp Energy to key stakeholders on the Eyre Peninsula.

Both Iron Road and Amp are aligned in their commitment to 
maximise the technical efficiency and scale of the opportunity to 
position the full-value chain project for commercial success.

IRON ROADANNUAL REPORT 2023OVERVIEWCHAIRMAN'S LETTEROPERATIONS REPORTOPERATING AND FINANCIAL REVIEWFINANCIAL STATEMENTSDIRECTORS'  REPORTSIGNED REPORTSASX INFORMATION12345678 
10

OPERATIONS REPORT

Cape Hardy Green Hydrogen & Ammonia Project

Transmission

Oxygen Vent

Air Separation

Hydrogen Storage

Ammonia Plant

Substation

Electrolyzers

Demin Plant

Ammonia Storage

Ammonia Export

Seawater Supply

Sea Cooling Tower

Desal Plant

Common User Infrastructure & Treated Water Export

Upstream power and Cape Hardy green hydrogen precinct anhydrous ammonia block flow schematic (source AMP Energy).

OPERATIONS REPORT

Northern Water Supply Project (NWS) 

Late in 2022 Iron Road advised that Infrastructure SA (ISA) had formally commenced a joint conceptual study with the Company into 
integrated water supply options involving the Northern Water Supply project (NWS) and the proposed Cape Hardy green hydrogen 
production and export hub. The collaboration was designed to unlock potential benefits for both parties and the region. At that time, 
the scope of the joint conceptual study entailed investigating the design and cost of developing water supply pipelines between the 
proposed desalination plant and Cape Hardy.

ISA is an independent advisory body established in 2018 under the Infrastructure SA Act 2018. Central to ISA’s vision is efficient and 
evidence-based infrastructure planning to grow the South Australian economy and create jobs. Its mission is to provide independent 
advice to government to enable informed decisions on infrastructure planning, investment, delivery and optimisation.

As part of the development of a Business Case, the South Australian Government’s NWS is assessing the viability of constructing a 
desalination plant and pipelines to meet the increasing demand for water by communities, agriculture, mining and emerging green 
energy industries in the far north and Upper Spencer Gulf areas of the State. The South Australian Government notes that a secure 
and scalable source of quality water will support the establishment of the hydrogen economy and ensure existing sectors can grow, 
diversifying and strengthening the regional economy. During July 2023, Iron Road advised of substantive developments in its formal 
engagement process with Infrastructure SA and the Northern Water Supply  project team.

Based on marine and terrestrial investigations, a diverse set of evaluation criteria and preliminary design work, Iron Road believes that 
the Cape Hardy site is well credentialled to be the preferred location for the Northern Water Supply project, and remains under active 
consideration along with an alternative site at Mullaquana, south of Whyalla. A formal decision on the NWS project and preferred site has 
not yet been made and is expected imminently.

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Australia

Adelaide

Proposed NWS Desalination Plant

Cape Hardy Port Precinct 
(IRD 1,207ha)

Desalination footprint

Intake tunnel

Outfall tunnel

Pipeline route

Transmission lines

Proposed IRD marine facilities

Causeway and tug harbour

Module offloading facility

Cape-class wharf

Iron Road and Northern Water Supply (NWS) Cape Hardy Spatial Reference – Preliminary site plan for proposed desalination plant

IRON ROADANNUAL REPORT 2023OVERVIEWCHAIRMAN'S LETTEROPERATIONS REPORTOPERATING AND FINANCIAL REVIEWFINANCIAL STATEMENTSDIRECTORS'  REPORTSIGNED REPORTSASX INFORMATION12345678 
 
 
 
 
 
 
 
 
 
 
12

OPERATIONS REPORT

State Budget Paper 1: Budget Overview for 2023-24, released  
on 15 June 2023, reports that the South Australian Government 
has allocated funding to partner with industry to undertake  
further studies, including environmental studies, final engineering 
and costings to facilitate a final investment decision (FID) for the 
NWS project.

Cape Hardy – Key Desalination Site Characteristics

In designating Cape Hardy as a potential desalination plant location 
on the Eyre Peninsula, the NWS project team have recognised 
the comprehensive site investigations, extensive stakeholder 
engagement and relevant pre development work already undertaken 
and financed by Iron Road.

An early-stage Development Application (DA) for a 260ML/day 
desalination plant will likely be made once the NWS is approved 
to proceed. The proposed development’s business case 
would deliver environmentally and socially sustainable water 
infrastructure that is critical to:

 »  meet increasing demand for water by regional communities 
and the agricultural sector while reducing dependence from 
the River Murray;

 »  enable and sustain South Australia’s copper production 
growth strategy in the Gawler Craton region without 
continued reliance on the Great Artesian Basin and other 
unsustainable smaller aquifers; and 

 »  underpin emerging green energy industries on the Eyre 

Peninsula, including the proposed Cape Hardy industrial port 
precinct and green hydrogen / ammonia hub, as well as for 
planned hydrogen related activities at Port Bonython and 
Whyalla.

Pending a positive Cape Hardy decision and following the NWS 
DA lodgement, Iron Road expects to be able to progressively 
communicate broad commercial aspects and potential synergies 
relevant to the Company’s CEIP, including credible slurry pipeline 
logistics optionality along its 136km infrastructure corridor.

Key attributes of Cape Hardy as a favoured desalination construction 
and operating site include:

 »  Environmentally sound and socially acceptable greenfield site 

for seawater desalination;

 » Intake of cooler, high quality deep nearshore water;

 »  Relatively low impact outfall of hypersaline brine, with good 

dispersion in a high energy zone of the Spencer Gulf;

 »  Nearshore access to deep-water, requiring no dredging or 

breakwater for complementary development of marine-side 
import and export infrastructure;

 »  A complementary Environmental Impact Statement (EIS) 

supporting both State and Federal approvals (Environment 
Protection and Biodiversity Conservation - EPBC) for a bulk 
commodity export port;

 »  Iron Road’s 10-year relationship and multi-commodity 

Indigenous Land Use Agreement (ILUA) with the Barngarla that 
is registered with Australia’s National Native Title Tribunal;

 »  Extensive intellectual property encompassing substantial 

studies into wave, wind, current and tidal movements, seabed 
sand drift, bathymetric and benthic studies, marine and terrestrial 
geophysical studies and a plethora of associated data and 
designs;

 »  Planned port modular offloading facility with accompanying 

design expected to cater for delivery of large-scale modules / 
fixed plant for the desalination facility; and

 »  Readily accessible road and proximate power infrastructure 

connection options.

Iron Road wholly owns 1,207 hectares of gulf-side land at Cape Hardy.

13

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Eyre Peninsula Power Upgrade

As a large-scale, long-life proposed mining and beneficiation 
operation, the Company’s 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 two years of construction and over five years of 
planning, ElectraNet’s Eyre Peninsula link began powering 
the Eyre Peninsula in February 2023. This project involved 
the construction of a new, double circuit 132kV transmission 
line from Cultana to Port Lincoln, via Yadnarie, with the ability 
to upgrade the Cultana to Yadnarie section to 275kV at a 
later date. The upgraded High Voltage (HV) transmission line 
provides significant new connection potential for the CEIP or 
other regional developments in the central Eyre, including the 
proposed Cape Hardy Green Hydrogen hub, noting that any 
development at scale will require substantial augmentation.

OPERATIONS REPORT

Approvals

On 5 June 2023, Iron Road advised that the Government of 
South Australia approved the Company’s application seeking 
an extension of time for the documentation submission and 
construction time frames for the Cape Hardy Deep Sea Port 
and related activities previously granted under the Major 
Development process of the former Development Act 1993.

Having regard to milestones reached by the Company in 
advancing the project to date, The Hon Nick Champion MP, 
Minister for Trade and Investment, Minister for Housing and 
Urban Development and Minister for Planning advised of a 
four-year approval extension. Pursuant to section 115(8) of the 
Planning, Development and Infrastructure Act 2016 (the PDI Act), 
operative dates comprise:

 »  3 May 2027 – completion of the conditioned Construction 

Environment Management Plan and Ongoing Environmental 
Management Plan, along with the land forming for the 
jetty and tug harbour as well as the jetty deck; and

 » 3 May 2028 – completion of construction.

The Government of South Australia notes recent 
announcements in relation to the potential for hydrogen 
production and export from the Cape Hardy site. Planning 
and Land Use Services within the Department for Trade and 
Investment will liaise with both Iron Road and other relevant 
government agencies, noting that any hydrogen development 
proposal once fully formed will need to be assessed and 
determined in accordance with the requirements of the PDI Act.

Eyre Peninsula Link - 270km high voltage transmission on the Eyre Peninsula.  Source: ElectraNet

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14

OPERATIONS REPORT

The Honourable Peter Malinauskas MP Premier of South Australia addressing the recent World Hydrogen Summit in Rotterdam about South Australia's world-leading plans for 
green hydrogen.

Stakeholder Engagement 

The Company continued to engage directly with various South 
Australian state government agencies, including representatives 
from Department of Energy and Mines (DEM), the Office of 
Hydrogen Power South Australia (OHPSA), Infrastructure SA (ISA) 
and Northern Water, the Department for Trade and Investment 
(DTI), InvestSA, and Austrade Australia and Asia. The company 
participated in several local and overseas events and were 
represented at the South Australian Department for Trade and 
Investment (DTI) booth at the Investing in Green Hydrogen 2022 
conference in Singapore and earlier this year at the Fuel Cell Expo 
(FC Expo) in Tokyo. 

At the May World Hydrogen Summit 2023 held in Rotterdam, the 
Honourable Peter Malinauskas MP Premier of South Australia 
delivered a keynote address to delegates highlighting that the 
Australian Government is committed to the development of a 
deep-sea port at Cape Hardy, benefiting future green hydrogen 
and ammonia production as well as mineral and grain exports. 

Iron Road maintained regular contact with the Federal 
Government’s Department of Infrastructure, Transport, 
Regional Development, Communication and the Arts given the 
Commonwealth’s $25 million commitment towards developing 
and constructing the proposed Cape Hardy port. Late in 2022 the 
Australian Government tasked the Department with finalising an 
executed funding agreement with the Company by 28 April 2023 in 
order for the grant commitment to be honoured under the previous 
Australian Government’s Community Development Grants (CDG) 
program. Due to the requisite funding agreement not being able 
to be executed by the advised date, the Company received notice 
during May 2023 that the funding offer from the legacy CDG 
program had been withdrawn.

Iron Road confirms that the previous $25 million Australian 
Government grant commitment had not been valued or recognised 
in any form on the Company’s balance sheet and audited financial 
reports. This will remain the case, irrespective of any potential 
reinstatement via a replacement grant program, given the intent 
and strict requirement for any government funds to be used solely 
for Cape Hardy development and construction activities.

The Company engaged with the Eyre Peninsula community and 
continued to sponsor various sporting clubs and regional events 
such as the Wudinna Agricultural Show and Colour Tumby.  During 
late May 2023 the Company facilitated several introductory 
meetings between Amp Energy and several District and City 
Councils, the Eyre Peninsula Local Government Association 
(EPLGA), Regional Development Australia Eyre Peninsula 
(RDAEP) and the Eyre Peninsula Landscape Board.

Corporate

At year end, the Company held cash reserves of $1.8 million and no 
debt. Post-year end, Iron Road elected to make a $300,000 cash 
repayment of an earlier prepayment for Iron Road shares made 
by Bulk Commodity Holdings, LLC (Investor). This repayment was 
made in lieu of issuing shares to the Investor and, by agreement 
with the Investor, did not incur any interest costs.

15

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Mineral resource and ore reserves statement

Table 1: CEIP Ore Reserve Summary

Resource Classification

Proved

Probable

Total

Metric Tonnes 
(Mt)

2,131

1,550

3,681

Fe 
(%)

15.55

14.40

15.07

SiO2 
(%)

53.78

53.58

53.70

Al2O3 
(%)

12.85

12.64

12.76

The Ore Reserves estimated for CEIP, involving mine planning, is based on and fairly represents information and supporting documentation 
compiled by Mr Bob McCarthy, a Member of the Association of Professional Engineers and Geoscientists of British Columbia (Canada) and 
a full-time employee of SRK Consulting (North America). Mr McCarthy has sufficient experience relevant to the style of mineralisation and 
the type of deposits under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the 2012 
Edition of the “Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves”. Mr McCarthy consents to the 
inclusion in the report of the matters based on his information in the form and context in which it appears. The Ore Reserves estimated for the 
CEIP involving aspects other than mine planning is based on and fairly represents information and supporting documentation compiled by Mr 
Larry Ingle, a Member of the Australian Institute of Mining and Metallurgy and a full-time employee of Iron Road Limited. Mr Ingle has sufficient 
experience relevant to the style of mineralisation and the type of deposits under consideration and to the activity which he is undertaking to 
qualify as a Competent Person as defined in the 2012 Edition of the “Australasian Code for Reporting of Exploration Results, Mineral Resources 
and Ore Reserves”. Mr Ingle consents to the inclusion in the report of the matters based on his information in the form and context in which it 
appears. This report includes results that have previously been released under JORC 2012 by the Company on 2 May 2016. The Company is 
not aware of any new information or data that materially affects the information included in this announcement and all material assumptions and 
technical parameters underpinning the Ore Reserve continue to apply and have not materially changed. The Company is not aware of any new 
information or data that materially affects the production target or the forecast financial information derived from the production target as cross 
referenced in this report.

Table 2: CEIP Global Mineral Resource

Location

Classification

Murphy South/Rob Roy

Boo-Loo/Dolphin

Total

Measured

Indicated

Inferred

Indicated

Inferred

Tonnes 
(Mt)

Fe 
(%)

2,222

15.69

474

15.6

667

16

796

16.0

351

4,510

17

16

SiO2 
(%)

53.70

53.7

53

53.3

53

53

Al2O3 
(%)

12.84

12.8

12

12.2

12

13

P 
(%)

0.08

0.08

0.08

0.07

0.09

0.08

LOI 
(%)

4.5

4.5

4.3

0.6

0.7

3.5

The Murphy South/Rob Roy Mineral Resource estimate was carried out following the guidelines of the JORC Code (2004) by Iron Road 
Limited and peer reviewed by Xstract Mining Consultants. The Murphy South - Boo-Loo/Dolphin oxide and transition Resource estimate 
was carried out following the guidelines of the JORC Code (2004) by Coffey Mining Limited. The Boo-Loo/Dolphin fresh Mineral Resource 
estimate was carried out following the guidelines of the JORC Code (2012) by Iron Road Limited and peer reviewed by AMC Consultants.  
This report includes results that have previously been released under JORC 2004 and JORC 2012 by the Company on 30 June 2010, 28 May 
2013 and 27 February 2015. The Company is not aware of any new information or data that materially affects the information included in these 
announcements and all material assumptions and technical parameters underpinning the Mineral Resource continue to apply and have not 
materially changed.

Table 3: CEIP Indicative Concentrate Specification – 106 micron (p80)*

Iron (Fe)

66.7%

Silica (SiO2)

3.36%

Alumina (Al2O3)

1.90%

Phosphorous (P)

0.009%

*  The concentrate specifications given here are based on current data from metallurgical test work, bulk samples and simulation modelling designed specifically to 

emulate the proposed beneficiation plant.

*  The Company confirms that the Mineral Resource (MR) and Ore Reserve (OR) Estimates are unchanged from prior year.  The Company ensures that all MR and OR 

estimates are subject to appropriate levels of governance and internal controls and are prepared by qualified Competent Persons in accordance with the JORC code.

IRON ROADANNUAL REPORT 2023OVERVIEWCHAIRMAN'S LETTEROPERATIONS REPORTOPERATING AND FINANCIAL REVIEWFINANCIAL STATEMENTSDIRECTORS'  REPORTSIGNED REPORTSASX INFORMATION12345678 
16

Your directors present 
their report on the 
consolidated entity 
consisting of Iron 
Road Ltd and the 
entities it controlled 
at the end of or during 
the year ended  
30 June 2023  

DIRECTORS' REPORT

17

Throughout this report, the consolidated entity is referred to  
as the Group. 

Events since the end  
of the financial year

Following the year end, Iron Road elected to make a $300,000 
cash repayment of an earlier prepayment for Iron Road shares 
made by Bulk Commodity Holdings, LLC (Investor). This 
repayment was made in lieu of issuing shares to the Investor and, 
by agreement with the Investor, did not incur any interest costs.

On 31 August 2023 the Company announced a Share Purchase 
Plan (SPP) targeting $1.0 million at an issue price of 8 cents per 
share to Eligible Shareholders. Funds received from the SPP will 
be used for business development objectives associated with the 
proposed Cape Hardy port precinct, maintenance of the Central 
Eyre Iron Project (CEIP) mining lease and for working capital 
purposes.

Likely developments and  
expected results of operations

Likely developments in the operations of the Group and expected 
results of these operations in future financial years have been 
included in the Operating and Financial Review. 

Environmental regulation

The Group’s operations are subject to environmental regulation 
of exploration activities on its mineral tenements. No on-ground 
exploration or other exploration activity was undertaken during the 
financial year and there were no breaches of any environmental 
requirements. The Group’s proposed CEIP Infrastructure is subject 
to the Environment Protection and Biodiversity Conservation Act 
1999 (Cth) as this element of the Project was declared a ‘Controlled 
Action’ on 26 August 2014. The Group has reviewed its energy 
consumption and greenhouse gas emissions for the reporting year, 
with both found to be below the reporting threshold as specified 
within the  National Greenhouse and Energy Reporting Act 2007 
(Cth) (NGER).

Directors and Company Secretary

The following persons were directors of Iron Road Ltd during the 
whole of the financial year and up to the date of this report:

Peter Cassidy  

Jerry Ellis AO   

Ian Hume

Glen Chipman 

Jaroslaw Kopias – Company Secretary

Principal activities

The principal activity of the Group during the year related to 
exploration and evaluation and marketing of the Group’s Central 
Eyre Iron Project (CEIP) in South Australia including pursuit of 
complementary business development opportunities associated 
with the proposed multi-commodity Cape Hardy port site and 
industrial precinct.  

Dividends

No dividends were paid, declared or recommended during the  
year ended 30 June 2023.

Corporate governance statement

Iron Road Ltd and the Board are committed to achieving and 
demonstrating high standards of corporate governance. Iron 
Road’s corporate governance statement was approved by the 
Board and can be viewed at www.ironroadlimited.com.au/index.
php/about-us/corporate-governance.

Review of operations

Information on the operations and financial position of the Group 
and its business strategies and prospects is set out in the review of 
operations and activities on page 28 of this report..

Significant changes 
in the state of affairs

There were no significant changes in the state of affairs of the 
Group during the financial year.

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18

DIRECTORS' REPORT

Peter Cassidy

CHAIRMAN

Jerry Ellis AO

NON-EXECUTIVE DIRECTOR

Dr Cassidy has been an international private capital 
investor since the 1990’s. He holds a degree in 
geology and a first class honours degree in chemistry 
from the University of Tasmania and a PhD in coal 
science from Monash University.

No other directorships of listed companies have been 
held in the last three years.

Mr Ellis has had a long and distinguished career in 
business, particularly in the resources sector. Mr Ellis’ 
career includes three decades at BHP, chairing the 
company from 1997 to 1999. He also served on the 
boards of a number of listed companies and governing 
bodies including Newcrest Mining, Aurora Gold, the 
International Copper Association, Australia and New 
Zealand Banking Group, the International Council on 
Metals and the Environment and the American  
Mining Congress. 

Mr Ellis is Chairman of North Stawell Minerals 
(ASX:NSM) and the former Chairman of Alzheimers 
Australia (NSW), former Chancellor of Monash 
University, former President of the Minerals Council of 
Australia and former Chairman of the Australia-Japan 
Foundation and the Australian National Occupational 
Health and Safety Commission. 

CAUSEWAY HEAD50m150m200m250m300m350m400m100mE 241660.177N 810466.409SOP 1SOP 2E 241880.308N 810073.926CAUSEWAY0m30m TRANSITIONCLASS 2 ARMOURCLASS 1 ARMOUR450m(cid:31) JETTY CONVEYORCLASS 1 ARMOUR30m TRANSITIONCLASS 2 ARMOURCLASS 1 ARMOUR101 m89 mAPPROXAPPROX 
DIRECTORS' REPORT

19

Ian Hume

Glen Chipman

NON-EXECUTIVE DIRECTOR

EXECUTIVE DIRECTOR

Mr Hume's career in the resources industry stretches 
back several decades, primarily in the fields of 
managed fund investments, capital raising and project 
development. Mr Hume was a Founding Partner of 
The Sentient Group, a manager of closed end private 
equity funds specialising in global investments in the 
natural resource industries.  Prior to the founding of 
The Sentient Group, Mr Hume was a consultant to 
AMP’s Private Capital Division.  Mr Hume is also a 
director of Alma Metals Limited. 

Mr Chipman has been engaged with Iron Road 
since 2013 across commercial, strategy, project 
optimisation, investor relations and capital raising.  
He was appointed Executive Director in November 
2019 having joined the board as a non-executive 
director in March 2018. 

Mr Chipman has a chemical engineering background 
and more than 20 years of combined industry, mineral 
economics and equity capital markets experience 
including with Bank of America Merrill Lynch, Citi and 
Iron Road’s major shareholder, the Sentient Global 
Resources Funds.

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IRON ROADANNUAL REPORT 2023OVERVIEWCHAIRMAN'S LETTEROPERATIONS REPORTOPERATING AND FINANCIAL REVIEWFINANCIAL STATEMENTSDIRECTORS'  REPORTSIGNED REPORTSASX INFORMATION12345678CAUSEWAY HEAD50m150m200m250m300m350m400m100mE 241660.177N 810466.409SOP 1SOP 2E 241880.308N 810073.926CAUSEWAY0m30m TRANSITIONCLASS 2 ARMOURCLASS 1 ARMOUR450m(cid:31) JETTY CONVEYORCLASS 1 ARMOUR30m TRANSITIONCLASS 2 ARMOURCLASS 1 ARMOUR101 m89 mAPPROXAPPROX 
 
20

DIRECTORS' REPORT

Remuneration report

Meetings of directors

Remuneration report

There were six board meetings held during the year ended  
30 June 2023 with attendance as follows:

The directors present the Iron Road Ltd 2023 remuneration report, 
outlining key aspects of the remuneration policy and framework 
and the remuneration awarded during the year.

Peter Cassidy

Jerry Ellis AO

Ian Hume

Glen Chipman

0

1

2

3

4

5

6

Number of meetings attended

Unissued Shares Under Option

Unissued ordinary shares of the Company subject to vesting and 
exercise of unquoted options (warrants) at the date of this report 
are:

Grant date

Estimated 
expiry date

Exercise 
price

Number of 
options

The report is structured as follows:

 a)  

 Key management personnel (KMP)  
covered in this report

b)  

 Remuneration policy and link to performance 

 c)  Elements of remuneration 

 d) 

 e) 

  f) 

 Remuneration expenses for executive KMP 

 Contractual arrangements for executive KMP

 Non-executive director arrangements

g)  Additional statutory information

a)  Key management personnel  

covered in this report

9 October 2020

31 December 2025

$0.07376

 25,000,000 

Executive and Non-executive directors: 

9 October 2020

31 December 2025

$0.07376

 15,000,000 

Peter Cassidy – Chairman 

 40,000,000 

Jerry Ellis AO – Non-executive Director

Ian Hume – Non-executive Director

Glen Chipman – Executive Director

Other key management personnel:

Larry Ingle – Chief Executive Officer

In September 2020 Iron Road, Macquarie Capital and Eyre 
Peninsula Co-operative Bulk Handling (EPCBH) entered into a Joint 
Development Agreement (JDA) to progress a previously targeted 
“grain-led” Cape Hardy Stage I port development. The terms of the 
JDA included the issuance of 40 million unlisted Iron Road warrants 
to Macquarie during the period with vesting contingent on Financial 
Close and Commercial Operations being achieved for a “grain-led” 
Cape Hardy Stage I port development. An initial 25 million tranche 
is exercisable from Financial Close with the second 15 million 
tranche exercisable from the Commercial Operations Date (COD). 
All warrants provide the holder with a right to acquire shares in Iron 
Road and have an exercise price of $0.07376. This exercise price 
is broadly equivalent to Iron Road’s October 2018 entitlement offer 
price reflecting the Company’s last capital raise prior to the JDA with 
the warrants expiring 24 months post COD.

Unissued ordinary shares of the Company subject to vesting and 
exercise of unquoted performance rights at the date of this report are:

Date Rights 
Granted

KPI  
Vesting

Expiry Date

Number 
of Rights

24 November 2020 24 November 2020 31 December 2023

 1,757,000 

24 November 2020 19 February 2021

31 December 2025

 3,500,000 

15 March 2021

31 December 2021

31 December 2024

 180,000 

 5,437,000 

These options and rights do not entitle the holders to participate in any 
share issue of the Company or any other body corporate.

DIRECTORS' REPORT

Remuneration report

21

b)  Remuneration policy  

and link to performance

The remuneration policy of Iron Road Ltd has been designed 
to align director and executive objectives with shareholder 
and business objectives by providing a fixed remuneration 
component and offering specific long term incentives based on 
key performance areas. The Board of Iron Road Ltd believes the 
remuneration policy is appropriate and effective in its ability to 
attract and retain high calibre executives and directors to manage 
the Group.

The remuneration policy, detailing the terms and conditions for 
the Chief Executive Officer and other senior executives, was 
developed by the Board. All executives receive a base salary 
(which is determined by factors such as skills and relevant 
experience) and superannuation. The Board reviews executive 
packages annually by reference to the Group’s results, executive 
performance and relevant information on prevailing remuneration 
practices across the resources sector for comparable roles within 
other listed organisations.

The Group has in place a Performance Share Plan and a Share 
Option Plan which form part of the Group’s remuneration policy 
and provides the Group with a mechanism for driving long term 
performance for shareholders and the retention of executives. 
The Board has the discretion to issue shares or rights to acquire 
shares and offers may be subject to performance criteria 
consistent with the Group’s key strategic objectives. The plan is 
administered by the Board which has the discretion to determine 
which persons are eligible to participate in the plan. Additional 
information on these plans is contained in section c). 

In the event of serious misconduct or a material misstatement in 
the Group’s financial statements, the Board can cancel or defer 
performance-based remuneration and may also claw back 
performance-based remuneration paid in previous financial 
years.

Directors, executives and other employees receive a 
superannuation guarantee contribution required by the 
government and do not receive any other retirement benefits. 
Some individuals, however, may choose to sacrifice part of their 
salary towards superannuation.

Statutory performance indicators

The Board aims to align executive remuneration to strategic and 
business objectives. As required by the Corporations Act 2001 (Cth), 
the figures below show the Group’s financial performance over the 
last five years. However, these are not necessarily consistent with the 
measures used in determining the variable amounts of remuneration 
to be awarded to KMP. As a consequence, there may not always be a 
direct correlation between the statutory key performance measures 
and the variable remuneration awarded. 

c) Elements of remuneration

Fixed annual remuneration

Executives receive their fixed remuneration as cash and statutory 
superannuation. Fixed remuneration is reviewed annually by the 
Board and benchmarked against market data for comparable roles in 
listed companies across the resources sector.   

Long term incentives

The remuneration policy has been designed to align the long-term 
objectives between the Group, its directors and executives by 
encouraging strong performance in the realisation of the Group’s 
growth strategy and the enhancement of shareholder value. 

The Company has a Performance Share Plan (“PSP”) and Share 
Option Plan (“SOP”) as part of its overall remuneration strategy as 
approved by shareholders at the 2020 Annual General Meeting.

The PSP and SOP provide for the issue of Performance Rights or 
Options to directors, executives, employees or contractors of the 
Company and its associated bodies corporate as an incentive to 
maximise the return to shareholders over the long term and to  
assist in the attraction and retention of key personnel. Awards  
under the plans may include specific performance criteria that are  
to be satisfied within defined time restrictions.    

A copy of the PSP and SOP rules is available on the Company’s 
website www.ironroadlimited.com.au/index.php/about-us/
corporate-governance

For details of individual interests in options and performance rights  
at year end, refer to page 25. 

30 June 2023 
$

30 June 2022 
$

30 June 2021 
$

30 June 2020 
$

30 June 2019 
$

Revenue and other income

 1,000,222 

 38 

 50,265 

 50,762 

 21,351 

Loss before tax

Share price at 30 June

Basic loss per share (cents)

(468,429)

(4,025,955)

(5,435,595)

(1,769,964)

(2,161,350)

0.073

(0.06)

0.145

(0.51)

0.265

(0.74)

0.063

(0.26)

0.053

(0.31)

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22

DIRECTORS' REPORT

Remuneration report

d)  Remuneration expenses for KMP 

The following table shows details of the remuneration expense recognised for the Group’s KMP for the current and previous financial 
year measured in accordance with the requirements of the accounting standards. Annual and long service leave expense represents the 
movement in provisions and as a result there are timing differences in the reported remuneration between years. 

Fixed remuneration

Variable 
remuneration

Short term employee 
benefits

Long term 
benefits

Post employment 
benefits

Share based 
payments

Salary / 
fees

Year

$

Non-
monetary 
benefits
$

Annual and 
long service 
leave
$

Superannuation

Performance 
rights*

$

$

Total

$

2023
2022

2023

2022

2023

2022

85,000 
85,000 

58,824 

65,000 

58,824 

65,000 

2023

2022

328,333 

306,795 

2023

2022

2023
2022

409,167 

372,500 

940,682 
894,295 

 -  
 -  

 -  

 -  

 -  

 -  

 -  

 -  

 -  

 - 

 - 
 - 

 -  
 -  

 -  

 -  

 -  

 -  

10,558 

12,727 

4,532 

27,605 

15,090 
40,332 

 -  
 -  

6,176 

 -  

6,176

 -  

27,500 

27,500 

27,500 

27,500 

66,818 
55,000 

 -  
 -  

 -  

 -  

 -  

 -  

 -  

278,100 

85,000 
85,000 

65,000 

65,000 

65,000 

65,000 

366,391 

625,122 

 -  

237,992 

 -  

516,092 

441,199 

665,597 

1,022,590 
1,505,719 

Name

Non-executive Directors

Peter Cassidy

Jerry Ellis

Ian Hume

Executive Directors

Glen Chipman 
(Executive Director)

Other key management personnel

Chief Executive Officer

Larry Ingle

Total Directors and KMP

*  Performance rights under the PSP are expensed over the vesting period and reversed if performance conditions are not met.  

Refer to page 48 for additional information.

During the year the were no performance rights or options granted as remuneration to KMP (2022: 4,050,000 performance rights).  
The share-based payments expense is recognised at fair value over the vesting period for performance rights granted. The share-based  
payments for each KMP reflect the attributable portion of performance rights in the relevant financial year. 

No cash bonuses were paid to executive KMP during the financial year.

DIRECTORS' REPORT

Remuneration report

23

e)  Contractual arrangements for executive KMP

Larry Ingle 
Chief Executive Officer

Glen Chipman 
Executive Director

Fixed remuneration 

$440,000 including statutory superannuation

$385,000 including statutory superannuation

Contract duration

No fixed term arrangement

No fixed term arrangement

Notice by the individual/company

Six months

Six months

f)  Non-executive director arrangements

Terms and conditions of share-based payment arrangements

Details of non-executive director fees and performance rights 
expensed during the year are included in the remuneration table 
above. Directors’ fees accrued and not paid at 30 June 2023 total 
$53,750 (2022: $53,750). 

The maximum aggregate amount of fees that can be paid to non 
executive directors is currently $400,000 per annum which was 
approved by shareholders at the 2012 AGM on 23 November 2012.

g)  Additional statutory information 

Remuneration mix for financial year 2023

Glen Chipman

Larry Ingle

Jerry Ellis AO

Ian Hume

Peter Cassidy

100%

100%

100%

100%

100%

0%

20%

40%

60%

80%

100%

Fixed

At Risk

Long term incentives are currently provided by way of 
performance rights or options and are calculated on the value of 
the right or option expensed during the year.     

Performance rights

The Iron Road Performance Share Plan (“PSP”) was adopted in 
November 2020 as part of the Group’s remuneration policy to 
encourage long term performance and retention of Directors, 
senior executives, employees and contractors of the Company 
or its associated body corporate. It is targeted at those whose 
responsibilities provide them with opportunity to significantly 
influence long term shareholder value. The plan is administered by 
the Board which has discretion over persons eligible to participate 
and any performance criteria attached to performance rights. 

Performance rights under the PSP entitle its holder to an ordinary 
share which can be exercised once the right has become 
exercisable and provided it has not lapsed. The Board may 
determine that certain performance conditions must be satisfied 
before the right becomes exercisable. If the performance 
conditions are satisfied, the rights vest and become exercisable 
although satisfaction of any vesting condition will not automatically 
trigger the exercise of the right. 

The fair value of the rights is determined using Monte Carlo 
simulation with reference to the market price and expected share 
price volatility of Iron Road Ltd shares at the grant date. Rights are 
granted under the plan for nil consideration and carry no dividend 
or voting rights. Once vested and exercised, any share acquired 
by participants will rank equally with all existing shares of the same 
class. 

Should the participants’ employment cease due to genuine 
redundancy, resignation under reasonable circumstances if 
so determined by the Board, death or invalidity, the unvested 
performance rights will not lapse and may vest or the performance 
criteria may be waived.  

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24

DIRECTORS' REPORT

Remuneration report

g)  Additional statutory information

Ordinary  
Shares held by:

Peter Cassidy 

Jerry Ellis AO

Ian Hume

Glen Chipman

KMP

Larry Ingle

Total

30 June 2022

 10,438,891 

 760,445 

 6,898,785 

 1,789,535 

 1,751,095 

 21,638,751 

Acquired

 -   

 2,344,000 

 61,459 

 1,500,000 

 -   

 3,905,459 

30 June 2023

 10,438,891 

 3,104,445 

 6,960,244 

 3,289,535 

 1,751,095 

 25,544,210 

Shares were acquired on market and by exercise of vested performance rights. None of the shares above are held nominally by the 
directors or KMP.  

Options

Shareholdings

Changes to director and KMP holdings over the year to  
30 June 2023 are shown above:

The Share Option Plan (“SOP”) was adopted in November 2020 
as part of the Group’s remuneration policy to encourage long 
term performance and retention of Directors, senior executives, 
employees and contractors of the Company or its associated 
body corporate. Participants may be granted options, some 
of which may vest on issue and others that may vest if certain 
market and non-market vesting conditions are met. Options are 
granted under the plan for nil consideration, carry no dividend 
or voting rights and expire if not exercised within five years from 
issue. When exercisable, each option is convertible into one 
ordinary share. 

Participation in the plan is at the Board’s discretion and no 
individual has a contractual right to participate in the Plan or to 
receive any guaranteed benefits.  

There are no unissued ordinary shares of Iron Road Ltd under 
option for directors and KMP as at 30 June 2023.

25

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DIRECTORS' REPORT

Remuneration report

g)  Additional statutory information

Performance Rights

Past Director Performance Rights

Director

Grant date

Expiry date

30 June 2023

Fair value at 
grant date

Balance  
at start  
of period

Granted 
during  
the year

Excercised 
during the 
year

Balance  
at end  
of period

Vested and 
exercisable at  
end of period

Peter Cassidy

24 November 2020

31 December 2023

 $0.145 

 913,000 

Ian Hume

Jerry Ellis

Total

24 November 2020

31 December 2023

 $0.145 

 844,000 

24 November 2020

31 December 2023

 $0.145 

 844,000 

 2,601,000 

 -   

 -   

 -   

 -   

 -   

 -   

 913,000 

 844,000 

( 844,000 )

 -   

 913,000 

 844,000 

 -   

 (844,000) 

 1,757,000 

 1,757,000 

Future Director Performance Rights

Director

Grant date

Expiry date

30 June 2023

Fair value at 
grant date

Balance  
at start  
of period

Granted 
during  
the year

Excercised 
during the 
year

Balance  
at end  
of period

Vested and 
exercisable at  
end of period

Peter Cassidy

24 November 2020

31 December 2025

 $0.137 

 2,000,000 

Ian Hume

Jerry Ellis

Total

24 November 2020

31 December 2025

 $0.137 

 1,500,000 

24 November 2020

31 December 2025

 $0.137 

 1,500,000 

 5,000,000 

 -   

 -   

 -   

 -   

 -   

 -   

 2,000,000 

 2,000,000 

 1,500,000 

 1,500,000 

( 1,500,000 )

 -   

 -   

 (1,500,000) 

 3,500,000 

 3,500,000 

'

Executive Performance Rights

Grant date

Expiry date

30 June 2023 
Directors

Fair value at grant 
date

Balance  
at start  
of period

Granted 
during  
the year

Lapsed 
during the 
year

Exercised 
during the  
year

Balance  
at end  
of period

Vested and 
exercisable at  
end of period

Glen Chipman

31 December 2024

 $0.144 - $0.161 

1,080,000 

Total

 1,080,000 

-   

-

-   

-

 (1,080,000) 

 (1,080,000) 

-   

-

-   

-

Voting of shareholders Annual General Meeting held on 17 November 2022

Iron Road Ltd received more than 99% of “yes” votes on its remuneration report for the 2022 financial year. The company did not receive any 
specific feedback at the Annual General Meeting or throughout the year on its remuneration practices. 

This is the end of the audited remuneration report.

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26

DIRECTORS' REPORT

Insurance of directors and officers

Non-audit services

During the financial year, Iron Road Ltd paid an insurance premium 
to insure the directors and officers of the Group and its controlled 
entities. 

No details of the nature of the liabilities covered and the amount 
of premium paid in respect of the directors and officers liability 
insurance policy have been disclosed as such disclosure is 
prohibited under the terms of the policy. 

The Group has also entered into a Deed of Indemnity, Insurance and 
Access with each director. In summary, the Deed provides for:

 »  access to corporate records for each director for a 
period after ceasing to hold office in the company;

 »  the provision of directors and officers liability insurance; and

 »  indemnity for legal costs incurred by directors in 
carrying out the business affairs of the company.

Proceedings on behalf of the company 

No person has applied to the Court under section 237 of the 
Corporations Act 2001 (Cth) for leave to bring proceedings on behalf 
of the Group, or to intervene in any proceedings to which the Group 
is a party, for the purpose of taking responsibility on behalf of the 
Group for all or part of those proceedings.

The Group may decide to engage the auditor on assignments 
additional to their statutory audit duties where the auditor’s 
expertise and experience with the Group are important.  
The Board is satisfied that the provision of non-audit services is 
compatible with the general standard of independence for auditors 
imposed by the Corporations Act 2001 and none of the services 
undermine the general principles relating to auditor independence 
as set out in  APES 110 Code of Ethics for Professional Accountants.  

Details of the amounts paid or payable to the auditor 
(PricewaterhouseCoopers, Australia) for audit and non-audit 
services provided during the year are set out in Note 17.

Auditor’s independence declaration

A copy of the Auditor's Independence Declaration as required 
under section 307C of the Corporations Act 2001 is  
set out on page 27.

Signed in accordance with a resolution of the directors, for and on 
behalf of the Board by:

Peter Cassidy 
Chairman 
18 September 2023

0mm12REVISION DESCRIPTIONREVH50GFE34DRN BYDRN CHK56100150DCB12A3456DO NOT SCALE DRAWINGS FOR WORKING DIMENSIONS78910TITLE1112HGFE78910DCB1112AIRD ABN: 51 128 698 108REFERENCE DRAWING TITLEREFERENCE DRG No.DATEDES BYDES CHKENG APPIRD APPPROJ MANAPPSCALEA1SHTREVDRAWING No.E-F-65-A-20121 OF 1A1:50PORT & MARINE (INCLUDING STOCKYARDS)MODULE OFFLOAD FACILITYDETAILS - DOLPHINSA19.05.2014ISSUEDFOR REVIEWJLWSRCFOR INFORMATIONNOT FOR CONSTRUCTION0100010002000300040005000mmSCALE 1:50145022001-PLAN - DOLPHIN DECKSCALE 1:50SECTIONSCALE 1:251220035003032140824007007004232ISOMETRIC VIEWNTSNOTES1. UNLESS NOTED OTHERWISE ALL DIMENSIONS ARE IN    MILLIMETRES.2. THE DRAWING SHALL NOT BE SCALED.DIRECTORS' REPORT

Auditor's Independence Declaration

27

Auditor’s Independence Declaration 

As lead auditor for the audit of Iron Road Ltd for the year ended 30 June 2023, I declare that to the 
best of my knowledge and belief, there have been:  

(a) 

no contraventions of the auditor independence requirements of the Corporations Act 2001 in 
relation to the audit; and 

(b) 

no contraventions of any applicable code of professional conduct in relation to the audit. 

This declaration is in respect of Iron Road Ltd and the entities it controlled during the period. 

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Julian McCarthy 
Partner 
PricewaterhouseCoopers 

Adelaide 
18 September 2023 

'

PricewaterhouseCoopers, ABN 52 780 433 757 
Level 11, 70 Franklin Street, ADELAIDE  SA  5000, GPO Box 418, ADELAIDE  SA 5001 
T: +61 8 8218 7000, F: +61 8 8218 7999, www.pwc.com.au 

Liability limited by a scheme approved under Professional Standards Legislation. 

IRON ROADANNUAL REPORT 2023OVERVIEWCHAIRMAN'S LETTEROPERATIONS REPORTOPERATING AND FINANCIAL REVIEWFINANCIAL STATEMENTSDIRECTORS'  REPORTSIGNED REPORTSASX INFORMATION12345678 
  
  
 
 
28

OPERATING AND FINANCIAL REVIEW

Company strategy and operating 
activities

The Group’s primary focus during the year has been continuing to 
advance potential partnership proposals and investment models 
for the Company’s Central Eyre Iron Project (CEIP) including 
pursuit of complementary business development opportunities 
associated with the proposed multi-commodity Cape Hardy port 
site and industrial precinct.  

Following a 2022 Expression of Interest process and a 
subsequent competitive offer to bid invitation to six pre-qualified 
candidates, the Group selected Canadian based Amp Energy 
(Amp) as the lead developer for the Cape Hardy Green Hydrogen 
Project. A Strategic Framework Agreement was executed 
between the parties under which Amp has a 9-month exclusivity 
and negotiation period to complete early feasibility and master 
planning work. Amp’s concept and staged design for a 5GW 
scale electrolyser project and associated green hydrogen and 
ammonia production facility at Cape Hardy is intended as a 
marquee site for Amp’s hydrogen projects globally.

In parallel, Cape Hardy has been shortlisted as a possible location 
for the South Australian Government’s Northern Water Supply 
project (NWS) desalination plant to meet the increasing demand 
for water by communities, agriculture, mining and emerging green 
energy industries in the far north, Upper Spencer Gulf areas and 
across the wider Eyre Peninsula region.  

These proposed developments at Cape Hardy, along with build-
out of proximate, grid-scale renewable energy generation and 
transmission, are complementary to the CEIP’s large-scale, long 
life CEIP magnetite Ore Reserve with potential for green iron 
pelletisation and longer-term green steel value-add opportunities.

Operating results for the year

The principal activities of the Group during the year and associated 
expenditure was driven by the Company’s operating focus 
summarised above. 

The Group incurred an operating loss after income tax for the year 
ended 30 June 2023 of $468,429 (2022: $4,025,955). The Group 
received a $1.5 million exclusivity fee from Amp of which $1.0 
million has been recorded as Other Income and the balance, which 
is refundable in the event negotiations cannot be finalised, has 
been recorded as a liability. Share-based payment expenses are 
also lower as there have not been any new employee performance 
rights granted ($1.0 million impact) and $1.3 million in share-based 
payments (Cape Hardy Stage I Warrants expense) was reversed 
following the periodic assessment of the timing and likelihood of 
achieving the vesting conditions (2022: $83,304 expense). No 
amount is recognised in the Share Based Payments Reserve in 
relation to the Warrants as at 30 June 2023 (refer Notes 4, 8 and 15 
for further details).

Changes in financial position

The Group’s net assets decreased by 1% this year (2023: 
$132,343,648 from 2022: $133,821,946).  In accordance with the 
terms of a subscription agreement announced in the prior year, the 
Company received a second investment of $1,087,000 taking the 
total received to $2,337,000. The Investor requested the issuance 
of Subscription Shares on 3 occasions during the year with a total 
value of $300,000 - see Note 9 for further details.  

The Group currently has no cash generating assets in operation 
and $1,735,915 of available cash at 30 June 2023. There remains 
material uncertainty as to the Group's ability to continue as a going 
concern as defined under the accounting standards (refer to Note 
18a (iv) for further details).

Risk management

Operational, financial, environmental, and regulatory risks are 
considered and addressed by management, with specific areas of 
significant risk referred by management to the Board. The Board 
considers that it is important for all Board members to be a part 
of this process and as such has not established a separate risk 
management committee.

CAUSEWAY HEAD50m150m200m250m300m350m400m100mE 241660.177N 810466.409SOP 1SOP 2E 241880.308N 810073.926CAUSEWAY0m30m TRANSITIONCLASS 2 ARMOURCLASS 1 ARMOUR450m(cid:31) JETTY CONVEYORCLASS 1 ARMOUR30m TRANSITIONCLASS 2 ARMOURCLASS 1 ARMOUR101 m89 mAPPROXAPPROX29

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30

FINANCIAL STATEMENTS

For the year ended 30 June 2023

CONTENTS

Financial 
statements

Notes to the 
consolidated 
financial 
statements

Consolidated Income Statement and Statement of Comprehensive Income

Consolidated Statement of Financial Position

Consolidated Statement of Changes in Equity

Consolidated Statement of Cash Flows

Structure of notes and materiality 

Note disclosures are split into five sections shown below to enable a better understanding of 
how the Group performed. 

Page 31

Page 32

Page 33

Page 34

Page 35

KEY NUMBERS

STRUCTURES

CAPITAL

ADDITIONAL 
INFORMATION

UNRECOGNISED 
ITEMS

1.  Cash

2.  Exploration

10.  

 Controlled  
entities

11.  

 Segment 
information

3.   

 Property, plant  
and equipment

12.  

 Related  
parties

14. 

 Share Capital

17. 

 Remuneration  
of auditors

20.  Commitments

15. 

 Reserves and 
Share based 
payments

18. 

 Accounting 
policies

21.  Contingencies

19. 

 Risk  
management

22. 

 Events after 
reporting date

13. 

 Parent entity 
information 

16.  Loss per share

4. 

 Operating  
activities

5.  Provisions

6.  Taxation

7. 

 Prepayments 
and other 
receivables 

8.  Trade payables

9. 

 Subscriptions to 
be settled

Accounting policies and critical accounting judgements applied to the preparation of financial statements are 
detailed in the relevant section. 

Information is only being included in the Notes to the extent that it has been considered material and relevant to the 
understanding of the financial statements. 

CONSOLIDATED INCOME STATEMENT AND
STATEMENT OF COMPREHENSIVE INCOME

For the year ended 30 June 2023

31

Note

2023 ($)

2022 ($)

Revenue and other income

Interest received

Other income

Expenses

Depreciation                                                                           

Employee benefits expense                                                        

Exploration expenses

Finance charges

General expenses

Professional fees                                                                   

Travel and accommodation

Marketing

Rent and administration                           

Share based payments - Cape Hardy Stage I Warrants

Loss before income tax                           

Income tax expense

Loss for the period

Other comprehensive loss for the period

Total comprehensive loss for the period attributable  
to owners of Iron Road Ltd

Loss per share attributable to the ordinary equity holders of the company:

Basic and diluted loss per share (cents)

8

3

4

2

4

15

6

16

 222 

 1,000,000 

 38 

 -   

(45,396)

(1,271,945)

(493,307)

(76,090)

(71,967)

(440,572)

(65,777)

(10,205)

(293,197)

 1,299,805 

(468,429)

 -   

(46,826)

(2,266,907)

(479,211)

(155,500)

(97,857)

(596,516)

(19,573)

(16,091)

(264,208)

(83,304)

(4,025,955)

 -   

(468,429)

(4,025,955)

 -   

 -   

(468,429)

(4,025,955)

Cents

(0.06)

Cents

(0.51)

6

The above consolidated income statement and statement of comprehensive income should be read in conjunction with the notes to the consolidated 

financial statements. 

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32

CONSOLIDATED STATEMENT OF FINANCIAL POSITION

As at 30 June 2023

ASSETS

Current assets

Cash and cash equivalents

Bank term deposits

Prepayments and other receivables

Total current assets

Non-current assets

Exploration and evaluation expenditure         

Property, plant and equipment                                       

Total non-current assets

Total assets

LIABILITIES

Current liabilities

Trade and other payables

Subscription to be settled

Provisions                                                                                 

Total current liabilities

Non-current liabilities

Provisions

Total non-current liabilities

Total liabilities

Net assets 

EQUITY

Contributed equity

Reserves

Accumulated losses

Total equity

Note

2023 ($)

2022 ($)

1

1

7

2

3

1,735,915

1,894,350

45,000

32,602

45,000

49,872

1,813,517

1,989,222

123,434,912

123,096,527

10,542,379

10,582,537

133,977,291

133,679,064

135,790,808

135,668,286

Note

2023 ($)

2022 ($)

8

9

5

5

Note
14

15

1,320,253

1,787,490

334,303

3,442,046

609,733

924,400

307,261

1,841,394

5,114

5,114

4,946

4,946

3,447,160

1,846,340

132,343,648

133,821,946

2023 ($)

2022 ($)

179,856,222

178,731,844

6,114,761

8,249,008

(53,627,335)

(53,158,906)

132,343,648

133,821,946

The above consolidated statement of financial position should be read in conjunction with the notes to the consolidated financial statements. 

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

For the year ended 30 June 2023

Balance at 1 July 2021

Loss for the year

Transactions with owners in their capacity as owners:

Contributions to equity net of transaction costs

Share based payments - employees

Share based payments - Cape Hardy Stage I Warrants

Balance at 30 June 2022

Loss for the year

Transactions with owners in their capacity as owners:

Contributions to equity net of transaction costs

Share based payments - employees

Share based payments - Cape Hardy Stage I Warrants

Attributable to owners of Iron Road Ltd

Contributed 
Equity

Accumulated 
losses

Reserves

Total Equity

Note

$

$

$

$

 177,406,872 

(49,132,951)

 7,552,526 

 135,826,447 

 -   

(4,025,955)

 1,324,972 

 -   

 -   

 -   

 -   

 -   

 -   

 -   

(4,025,955)

 1,324,972 

 613,178 

 613,178 

 83,304 

 83,304 

 178,731,844 

(53,158,906)

 8,249,008 

 133,821,946 

 -   

(468,429)

 1,124,378 

 -   

 -   

 -   

 -   

 -   

 -   

 -   

(468,429)

 1,124,378 

(834,442)

(834,442)

(1,299,805)

(1,299,805)

14

15

15

14

15

15

Balance at 30 June 2023

 179,856,222 

(53,627,335)

 6,114,761 

 132,343,648 

The above consolidated statement of change in equity should be read in conjunction with the notes to the consolidated financial statements. 

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34

CONSOLIDATED STATEMENT OF CASH FLOWS

For the year ended 30 June 2023

Cash flows from operating activities

Payments to suppliers and employees (inclusive of GST)

Other income received

Interest received

Net cash outflow from operating activities

Cash flows from investing activities

Payments for term deposits

Proceeds from term deposits

Payments for exploration and evaluation

Payments for property, plant and equipment

Net cash outflow from investing activities

Cash flows from financing activities

Proceeds from issue of shares

Share issue transaction costs

Subscriptions received

Repayment of short term finance

Net cash inflow from financing activities

Net increase/(decrease) in cash and cash equivalents

Cash and cash equivalents at the beginning of the year

Cash and cash equivalents at the end of the year

Note

2023 ($)

2022 ($)

8

4

14

9

1

(2,390,594)

(2,929,760)

1,500,000 

222 

 -   

38 

(890,372)

(2,929,722)

(180,000)

180,000 

(338,386)

(5,238)

(180,000)

180,000 

(370,896)

(930,171)

(343,624)

(1,301,067)

 -   

(11,439)

 1,087,000 

 -   

1,075,561 

(158,435)

1,894,350 

1,735,915 

 496,868 

(26,556)

 1,250,000 

(343,118)

1,377,194 

(2,853,595)

4,747,945 

1,894,350 

The above consolidated statement of cash flows should be read in conjunction with the notes to the consolidated financial statements. 

35

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NOTES TO THE CONSOLIDATED
FINANCIAL STATEMENTS

For the year ended 30 June 2023

KEY NUMBERS

1. Cash

Where we spent money

Cash expenditure from operating activities during the year was $539,166 lower than the prior year at $2,390,594 (2022: 
$2,929,760) as a result of tight expenditure control on all major categories, in particular employee costs and professional fees.  
Share capital and other funding raised during the year was mainly invested into progressing the CEIP, including Cape Hardy  
Stage I port (see note 2).

Cash and cash equivalents at 30 June 2023 were $1,735,915 (2022: $1,894,350) and bank term deposits held were $45,000 
(2022: $45,000). The bank term deposit of $45,000 is held as security for the Group’s credit card facility.

Cash at bank earns a floating interest rate based on the at call daily rate. Funds held in a term deposit facility for 3 months or more 
have been reclassified to bank term deposits in the consolidated statement of financial position per AASB 107. 

2023

$2,745,657

2022

$ 4,600,501 

Exploration and evaluation

Employee benefits expense

Professional fees

Rent and administration

Share issue transaction costs

Purchase of property, plant and equipment

Repayment of borrowings

Other

 $ 708,883 

 $1,231,078 

$440,572 

$272,465 

$ 11,439 

$5,238 

-

 $75,982 

Exploration and evaluation

Employee benefits expense

Professional fees

Rent and administration

Share issue transaction costs

Purchase of property, plant and equipment

Repayment of borrowings

Other

 $ 944,367 

$1,401,042 

$596,516 

$323,066 

$ 26,556 

$930,171 

$343,118 

 $35,664 

IRON ROADANNUAL REPORT 2023OVERVIEWCHAIRMAN'S LETTEROPERATIONS REPORTOPERATING AND FINANCIAL REVIEWFINANCIAL STATEMENTSDIRECTORS'  REPORTSIGNED REPORTSASX INFORMATION12345678 
36

NOTES TO THE CONSOLIDATED 
FINANCIAL STATEMENTS

For the year ended 30 June 2023

KEY NUMBERS

2. Exploration

Exploration and evaluation expenditure capitalised in relation 
to CEIP for the year ended 30 June 2023 totalled $338,385 
(2022: $370,896). The total capitalised exploration and 
evaluation expenditure relating to the CEIP at 30 June 2023 was  
$123,434,912 (2022: $123,096,527).

Expenditure on maintaining the mining lease that does not 
progress the CEIP has been expensed. Total exploration expense 
for the year was $493,307 (2022: $479,211).

The CEIP asset is tested for impairment periodically or when 
events or circumstances indicate the carrying value may not be 
recoverable. For the year ended 30 June 2023, the directors 
deemed the current capitalisation of development of the CEIP 
mineral resource to be appropriate. 

The Group’s exploration and evaluation policy is to capitalise 
and carry forward exploration and evaluation expenditure where 
a JORC compliant mineral resource or ore reserve has been 
identified. This appropriately recognises that these projects 
are in an advanced exploration, evaluation or feasibility phase. 
Expenditure incurred in the acquisition of rights to explore is 
capitalised, classified as tangible or intangible and recognised as 
an exploration and evaluation asset. Exploration and evaluation 
assets are measured at cost at time of recognition. Recoverability 
of the carrying amount of exploration and evaluation assets 
is dependent on successful development and commercial 
exploitation, or alternatively, sale of the respective areas of interest.

For areas of interest where a JORC compliant mineral resource 
is yet to be identified or where exploration rights are no longer 
current, the capitalised values are subsequently impaired and 
charged to the profit and loss. 

Recoverability of exploration and evaluation assets

The Group’s accounting policy requires management make certain 
assumptions as to future events and circumstances. Exploration 
and evaluation costs are carried forward based on the accounting 
policy set out above. Should development not be possible, or the 
existence of ore reserves not allow for economic development, 
amounts recorded may require impairment in future periods. Iron 
Road periodically evaluates the economic potential of the CEIP 
using discounted cashflow modelling techniques. The model 
includes assumptions for production volumes, forecast iron ore 
pricing, foreign exchange rates and project costs, which are 
updated for the latest available data.

3. Property, plant and equipment

During the year ended 30 June 2023, the Group invested $5,238 
in property, plant and equipment (2022: $930,171).

All property, plant and equipment is stated at historical cost less 
accumulated depreciation. Historical cost includes expenditure 
that is directly attributable to the acquisition of the items.

Reconciliation of the carrying amounts of property, plant and 
equipment:

NOTES TO THE CONSOLIDATED 
FINANCIAL STATEMENTS

For the year ended 30 June 2023

KEY NUMBERS

3. Property, plant and equipment (continued)

Year ended 30 June 2022

Opening net book value
Disposals
Depreciation charge

Closing net book amount

At 30 June 2022
Cost or fair value
Accumulated depreciation

Net book amount

Year ended 30 June 2023
Opening net book value
Additions
Depreciation charge

Closing net book amount

At 30 June 2023
Cost or fair value
Accumulated depreciation

Net book amount

LAND AND BUILDINGS

PLANT AND EQUIPMENT

Land ($)

Buildings & 
Improvements ($)

Plant & 
Equipment ($)

Motor  
Vehicles ($)

Total ($)

 8,978,418 
 898,044 
 -   

 9,876,462 

 9,876,462 
 -   

 9,876,462 

 9,876,462 
 -   
 -   

 9,876,462 

 9,876,462 
 -   

 9,876,462 

 648,766 

 -   

 (21,467)

 627,299 

 847,518 
 (220,219)

 627,299 

 627,299 

 -   

 (21,467)

 605,832 

 847,518 
 (241,686)

 605,832 

 71,130 
 32,127 
 (24,886)

 78,371 

 878 
 -   
 (473)

 405 

 9,699,192 
 930,171 
 (46,826)

 10,582,537 

 764,895 
 (686,524)

 78,371 

 40,097 
 (39,692)

 405 

 11,528,972 
 (946,435)

 10,582,537 

 78,371 
 5,238 
 (23,524)

 60,085 

 405 
 -   
 (405)

 -   

 10,582,537 
 5,238 
 (45,396)

 10,542,379 

 770,135 
 (710,050)

 60,085 

 40,097 
 (40,097)

 -   

 11,534,212 
 (991,833)

 10,542,379 

The Group’s land holdings are predominantly located at the Cape 
Hardy Port precinct.  Other Cape Hardy project costs are included in 
the capitalised exploration and evaluation balance (refer Note 2).  

Depreciation methods and useful lives

Subsequent costs are included in the assets’ carrying amount 
or recognised as a separate asset, as appropriate, only when it is 
probable that future economic benefits associated with the item 
will flow to the Group and the cost of the item can be measured 
reliably. The carrying amount of any component accounted for as 
a separate asset is derecognised when replaced. All repairs and 
maintenance are charged to profit and loss during the reporting 
period in which they are incurred.

Land is not depreciated and depreciation on other assets is 
calculated using the straight-line method to allocate their cost or 
revalued amounts, net of their residual values, over their estimated 
useful lives as follows:

 » Computer equipment 3 - 4 years

 » Office equipment 3 - 20 years

 » Plant and equipment 3 - 20 years

 » Buildings & improvements  4 - 40 years

 » Motor vehicles 5 - 10 years

In the case of leasehold improvements, the allocation of cost is 
over the term of the lease. The assets’ residual values and useful 
lives are reviewed and adjusted if appropriate at the end of each 
reporting period. An asset’s carrying amount is written down 
immediately to its recoverable amount if the asset’s carrying 
amount is greater than its estimated recoverable amount. Gains 
and losses on disposals are determined by comparing proceeds 
with the carrying amount and included in profit or loss. 

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38

NOTES TO THE CONSOLIDATED 
FINANCIAL STATEMENTS

For the year ended 30 June 2023

KEY NUMBERS

4. Operating activities 

Operating expenses were $1,468,651 for the year ended 30 June 2023 (2022: $4,025,993) and include the following:

1200000

1080000

1200000

960000

1080000

840000

960000

840000

720000

720000

600000

600000

480000

480000

360000

360000

240000

240000

120000

120000
0

Employee benefits expense

Total

Total

Salaries and other employee benefits

Salaries and other employee benefits

Superannuation

Superannuation

Directors’ fees

Directors’ fees

Share based payments - Directors and employees
Share based payments - Directors and employees

2023
2023
$1,271,945
$1,271,945
$960,184 

$960,184 

$96,761 
$96,761 

$215,000
$215,000

$0
$0

2022
2022
$2,266,907
$2,266,907

$966,017 

$966,017 

$99,152
$99,152

$215,000
$215,000

$986,738 
$986,738 

0
Salaries and 
other employee 
benefits

Salaries and 
other employee 
benefits

Superannuation 

Superannuation 

Directors' 
fees

Directors' 
fees

Share based 
Share based 
payments - Directors 
payments - Directors 
and employees
and employees

There was no share-based payments – employee benefits expense in the period. The prior year includes the value of performance rights 
granted to Non-executive Directors, KMP, employees and consultants of $986,738 (Refer Note 15). 

200,000
200,000

180,000
180,000

160,000
160,000

140,000
140,000

120,000
120,000

100,000
100,000
80,000
80,000
60,000
60,000
40,000
40,000
20,000
20,000
0
0

Professional fees

Total

Total

Consulting

Consulting

Legal

Legal

Accounting & audit

Accounting & audit

ASX & ASIC

ASX & ASIC

2023

2023

2022

2022

$440,572

$440,572

$596,516

$596,516

$189,254 

$189,254 

$179,319 

$179,319 

$12,515 

$170,495 

$12,515 

$170,495 

$169,671 

$173,039 

$169,671 

$173,039 

$69,132 

$69,132 

$73,663

$73,663

Consulting

Consulting

Legal 

Legal 

Accounting 
Accounting 
& audit
& audit

ASX & ASIC

ASX & ASIC

Share based payments – Cape Hardy Stage I Warrants 

Share based payments – Cape Hardy Stage I Warrants expense reversal of $1,299,805 relates to professional services supplied by 
Macquarie Capital (2022: $83,304 expense).  Refer Note 15 for additional information.  

Reconciliation of loss after income tax to net cash outflow from operating activities is as follows:

Net loss for the period

Depreciation

Finance charges

Share based payments - Directors and employees

Share based payments - Cape Hardy Stage I Warrants

Change in operating assets and liabilities

Decrease/(increase) in other receivables

(Decrease)/increase in trade payables

Increase/(decrease) in other provisions

Net cash outflow from operating activities

2023 ($)

(468,429)

 45,396 

 76,090 

 -   

(1,299,805)

1,564 

727,603 

27,209 

2022 ($)

(4,025,955)

 46,826 

 155,500 

986,739 

83,304 

44,208 

(259,758)

39,415 

(890,372)

(2,929,722)

NOTES TO THE CONSOLIDATED 
FINANCIAL STATEMENTS

For the year ended 30 June 2023

KEY NUMBERS

5. Provisions

39

CURRENT

NON CURRENT

Provisions

Annual  
leave 
$

Long service 
leave 
$

Carrying amount as at 1 July 2022

 135,262 

 171,999 

Movement in provision during the year

 103,955 

52,654 

Sub-total     
$

 307,261 

 156,609 

Amounts used or paid out during the year

(129,567)

 -   

(129,567)

Long service 
leave   
$

 4,946 

168 

 -   

Total  
$

 312,207 

 156,777 

(129,567)

Carrying amount as at 30 June 2023

 109,650 

 224,653 

 334,303 

 5,114 

 339,417 

The employee benefits provision covers the Group’s liability for 
long service leave and annual leave. This provision represents a 
present obligation resulting from past events, where it is probable 
that an outflow of resources will be required to settle the obligation. 
The current portion of this liability includes all accrued annual 
leave and the unconditional entitlements to long service leave 
where employees have completed the required period of service. 
However, based on experience, the Group does not expect all 
employees to take the full amount of accrued leave or require 
payment within twelve months. 

Short term employee benefit obligations

Liabilities for wages and salaries, including non-monetary benefits 
and accumulating leave that are expected to be settled wholly within 
twelve months after the end of the period in which the employees 
render the related service are recognised in respect of employees’ 
services up to the end of the reporting period and are measured at the 
amounts expected to be paid when the liabilities are settled. All other 
short-term employee benefit obligations are presented as payables.

Other long term employee benefit obligations

The liabilities for long service leave and annual leave are not expected 
to be settled wholly within twelve months after the end of the period in 
which the employees render the related service. Consequently, they 
are recognised in the provision for employee benefits and measured 
as the present value of expected future payments to be made in 
respect of services provided by employees up to the end of the 
reporting period using the projected unit credit method. Consideration 
is given to expected future wage and salary levels, experience of 
employee departures and periods of service. 

Notwithstanding the classification of annual leave as a long-
term employee benefit, the related obligations are presented as 
current liabilities in the balance sheet if the Group does not have an 
unconditional right to defer settlement for at least twelve months after 
the reporting date, regardless of when actual settlement is expected 
to occur. 

The following amounts reflect leave that is not expected to be taken or 
paid within twelve months:

6

Annual leave obligations expected to be settled after twelve months

2023 
$

 65,790 

2022 
$

 81,157 

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Current long service leave obligations to be settled after twelve months

 229,767 

 176,945 

Total current leave obligations expected to be settled after twelve months

 295,557 

 258,102 

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IRON ROADANNUAL REPORT 2023OVERVIEWCHAIRMAN'S LETTEROPERATIONS REPORTOPERATING AND FINANCIAL REVIEWFINANCIAL STATEMENTSDIRECTORS'  REPORTSIGNED REPORTSASX INFORMATION12345678 
40

NOTES TO THE CONSOLIDATED 
FINANCIAL STATEMENTS

For the year ended 30 June 2023

KEY NUMBERS

6. Taxation

Iron Road Ltd and its wholly-owned Australian controlled entities have implemented the tax consolidation legislation. As a consequence, 
these entities are taxed as a single entity and the deferred tax assets and liabilities of these entities are set off in the consolidated financial 
statements. 

This note provides an analysis of the Group’s income tax expense, amounts recognised and deferred tax assets and liabilities. The income 
tax expense of nil for the year ended 30 June 2023 (2022: nil) represents the tax payable on the current year’s taxable loss adjusted by 
changes in deferred tax assets and liabilities attributable to temporary differences and to unused tax losses.

Deferred income tax is determined using a tax rate applicable at the end of the reporting period and expected to apply when the related 
deferred income tax asset is realised or the deferred income tax liability is settled.

Reconciliation of income tax benefit to prima facie tax

2023 
$

2022 
$

Loss from continuing operations before income tax benefit

(468,429)

(4,025,955)

Tax at the Australian tax rate of 30% (2022: 30%)

(140,529)

(1,207,787)

Tax effect of amounts which are not deductible/(assessable) in calculating taxable income

(389,942)

Net income tax benefit not brought to account

Income tax expense

530,471

 -  

321,213

886,574

 -  

Deferred tax assets are recognised for deductible temporary differences and unused tax losses only if it is probable that future taxable 
amounts will be available to utilise those temporary differences and losses. Deferred tax assets and liabilities are offset when there is a 
legally enforceable right to offset current tax assets and liabilities and when the deferred tax balances relate to the same taxation authority. 
Current tax assets and tax liabilities are offset where the entity has a legally enforceable right to offset and intends either to settle on a net 
basis, or to realise the asset and settle the liability simultaneously. Current and deferred tax is recognised in profit or loss, except to the 
extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is also recognised in other 
comprehensive income or directly in equity. 

Deferred tax assets and liabilities

The balance of deferred tax assets comprises temporary differences attributable to:

Tax losses

Business related costs

Accrued expenses

2023 
$

2022 
$

46,547,516

46,257,333

41,209

195,485

62,947

179,778

Total recognised and unrecognised deferred tax assets

46,784,210

46,500,058

The balance of deferred tax liabilities comprises temporary differences attributable to:

Exploration expenditure

Total deferred tax liabilities

Net deferred tax assets

Deferred tax assets not recognised

Net deferred tax assets

33,985,158

34,075,298

33,985,158

34,075,298

12,799,051

12,424,760

(12,799,051)

(12,424,760)

 -  

 -  

A net deferred tax asset of $12,799,051 (2022: $12,424,760) has not been recognised as it is not probable within the immediate future that 
taxable profits will be available against which temporary differences and tax losses can be utilised.

NOTES TO THE CONSOLIDATED 
FINANCIAL STATEMENTS

For the year ended 30 June 2023

KEY NUMBERS

7. Prepayments and other receivables

Prepayments and other receivables for the year ended 30 June 2023 were $32,602 (2022: $49,872).

$32,602 
2023

$49,872 
2022

GST receivable

Prepayments

Other receivables

$0

$ 32,424 

$178

GST receivable

Prepayments

Other receivables

$15,706 

$33,988 

$178

As at 30 June 2023, there were no other receivables that were past due or impaired (2022: nil). At initial recognition, the Group measures 
a financial asset at its fair value plus transaction costs that are directly attributable to the acquisition of the financial asset. Loans and 
receivables are subsequently carried at amortised cost using the effective interest method. Exposure to risk is considered in Note 19(a).

Due to the short-term nature of current receivables, their carrying amount is assumed to approximate fair value. 

8. Trade payables

Trade payables

Accruals

GST payable

Refundable exclusivity fee

Total trade and other payables

2023 
$

 513,484 

 171,897 

 134,872 

 500,000 

2022 
$

 500,828 

 108,905 

-

 -   

1,320,253 

609,733 

Trade payables includes $462,349 in annual mining lease rental fees associated with the CEIP mineral lease ML6467 (2022: $339,539).  

In April 2023, the Group executed a Strategic Framework Agreement with Amp Energy and commenced a nine-month exclusivity period 
following a competitive Cape Hardy green hydrogen offer-to-bid process. Amp Energy paid a $1.5 million exclusivity fee with a further 
conditional payment of $1.5 million to be received upon execution of detailed transaction documents. If agreement cannot be reached, 
$0.5 million of the initial exclusivity fee is refundable and is, therefore, recorded as a payable at 30 June 2023 (2022: Nil). The balance of 
$1.0 million has been recognised as Other Income in the Consolidated Income Statement.

All amounts are unsecured and are presented as current liabilities unless payment is not due within 12 months from the reporting date.  
The carrying amounts of trade and other payables are assumed to approximate their fair values, due to their short-term nature.

41

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IRON ROADANNUAL REPORT 2023OVERVIEWCHAIRMAN'S LETTEROPERATIONS REPORTOPERATING AND FINANCIAL REVIEWFINANCIAL STATEMENTSDIRECTORS'  REPORTSIGNED REPORTSASX INFORMATION12345678 
42

NOTES TO THE CONSOLIDATED 
FINANCIAL STATEMENTS

For the year ended 30 June 2023

KEY NUMBERS

9. Subscription to be settled

Subscription to be settled

Opening balance 1 July

Subscription funds received

Initial Subscription Shares issued

Subscription Shares issued

Finance charge

Closing balance

In December 2021 the Company entered into a Subscription 
Agreement (Agreement) with Bulk Commodity Holdings, LLC (the 
Investor), an US based investor, for a private placement of shares 
for an aggregate subscription value of up to $5,175,000 over 
three separate investments. Proceeds from the placement, along 
with existing cash reserves, are to be used to further advance the 
Company’s assets and fund general working capital requirements. 
The bespoke terms of the placement effectively defer the issuance 
of shares to the Investor across three separate investments.

During the year the Company received the second investment 
of $1,087,000 taking the total received to $2,337,000 and will 
issue the Subscription Shares, at the Investor’s request, within 
24 months of the date of the funding. The difference between 
proceeds of the initial investments and the value of the subscription 
shares that may be issued has been treated as a finance cost. 

The Company has the right (but no obligation) to forego issuing 
shares in relation to the Investor’s request for issuance and instead 
opt to repay the subscription amount by making a payment to the 
Investor equal to the market value of the shares that would have 
otherwise been issued. Post balance date the Company elected to 
make a $300,000 cash repayment to the Investor in lieu of issuing 
shares to the Investor and, by agreement with the Investor, did not 
incur any interest costs.

2023 
$

 924,400 

1,087,000 

 -   

(300,000)

76,090 

 1,787,490 

2022 
$

 -   

1,250,000 

(113,100)

(300,000)

87,500 

 924,400 

The Investor requested the issuance of Subscription Shares on 
3 occasions during the year with a total value of $300,000. The 
weighted average Purchase Price of the shares issued was $0.10 
(2022: N/A).

A third investment of raising up to $2.5 million may be undertaken 
by mutual consent of the Investor and the Company. The Company 
is under no obligation to draw down on this investment and the 
Investor is under no obligation to provide it.

The financial liability was initially recognised at fair value, net 
of transaction costs incurred and subsequently measured at 
amortised cost. When the entity issues equity instruments to 
extinguish the liability (debt for equity swap), a gain or loss is 
recognised in profit or loss, which is measured as the difference 
between the carrying amount of the financial liability and the fair 
value of the equity instruments issued.

NOTES TO THE CONSOLIDATED 
FINANCIAL STATEMENTS

For the year ended 30 June 2023

STRUCTURES

10. Controlled entities

The Group has the following corporate structure.  All subsidiaries are 100% owned (2022: 100%) and located and registered in Australia.

Iron Road Ltd

IRD Portalis 
Holdings Pty Ltd

IRD Group 
Finance Pty Ltd

IRD (Central 
Eyre) Pty Ltd

IRD Port Assets 
Holdings Pty Ltd

IRD Port Assets 
Midco Pty Ltd

IRD Port Assets
Pty Ltd

DORMANT

IRD Portalis
Pty Ltd

IRD’s Portalis 
Partnership SPV

IRD Mining 
Operations Pty Ltd

Holder of the CEIP 
Mining Lease

IRD (Gawler)
Pty Ltd

Eyre Exploration
Pty Ltd

DORMANT

DORMANT

43

6

11. Segment information

Operating segments are reported in a manner consistent with the internal reporting provided to the Board of Directors and management 
of the Group. These internal management reports are reviewed monthly and are aligned with the information provided in the statement 
of comprehensive income, statement of financial position and statement of cash flows. The Group does not have any customers or 
operating segments with discrete financial information and all of the Group’s assets and liabilities are located within Australia. As a result no 
reconciliation is required.

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IRON ROADANNUAL REPORT 2023OVERVIEWCHAIRMAN'S LETTEROPERATIONS REPORTOPERATING AND FINANCIAL REVIEWFINANCIAL STATEMENTSDIRECTORS'  REPORTSIGNED REPORTSASX INFORMATION12345678 
44

NOTES TO THE CONSOLIDATED 
FINANCIAL STATEMENTS

For the year ended 30 June 2023

STRUCTURES

12. Related parties

The parent entity of the Group and the ultimate parent entity and controlling party is The Sentient Global Resources Funds (Sentient) which 
at 30 June 2023 owned 71.59% (2022: 72.30%) of the issued ordinary shares of Iron Road Ltd.

The following transactions occurred with Sentient over the year and prior period:

Proceeds of issue from shares

Short term finance - repayment

$1,000,000

$900,000

$800,000

$700,000

$600,000

2023 ($)

-

-

2022 ($)

496,868

(343,118)

During the prior period outstanding Director fees of $153,750 and the balance of a short term loan facility of $343,118 were settled via an 
issue of shares to Sentient as approved by the shareholders at the General Meeting held on 24 August 2021.  

$400,000

$500,000

There were no securities issued under the Company’s Performance Share Plan and a Share Option Plan during the year to 30 June 2023.

$300,000

$200,000

Transactions with Directors and other Key Management Personnel having authority and responsibility over the Group’s activities are as 
follows:

$100,000

$0

$1,000,000

$900,000

$800,000

$700,000

$600,000

$500,000

$400,000

$300,000

$200,000

$100,000

$0

Short term 
employee
 benefits

Long term 
employee
 benefits 

Post 
employment 
benefits

Performance 
rights 
expensed

Short term 
employee
 benefits

Long term 
employee
 benefits 

Post 
employment 
benefits

Performance 
rights 
expensed

2023

2022

Total

$ 1,022,590

 $1,505,719 

Short term employee benefits

$940,682

$894,295

Long term employee benefits

$15,090

$40,332 

Post employment benefits

$66,818

$55,000

Performance rights expensed

$0

$516,092

Detailed remuneration disclosures are provided in the Remuneration Report on page 18.  There was no share-based payments – employee 
benefits expense in the period. The prior year includes the value of performance rights granted to Non-executive Directors, KMP, 
2023
employees and consultants of $516,092 (Refer Note 15). 
$ 1,022,590

 $1,505,719 

2022

Total

Short term employee benefits

$940,682

$894,295

Long term employee benefits

$15,090

$40,332 

Post employment benefits

$66,818

$55,000

Performance rights expensed

$0

$516,092

NOTES TO THE CONSOLIDATED 
FINANCIAL STATEMENTS

For the year ended 30 June 2023

STRUCTURES

13. Parent entity information

The individual financial statements for the parent entity show the following amounts (refer table below):

The financial information for the parent entity, Iron Road Ltd, has been prepared on the same basis as the consolidated financial 
statements, except as set out below.

(i)  Investments in subsidiaries, associates and joint ventures. 

Investments in subsidiaries are accounted for at cost in the financial statements of Iron Road Ltd. 

(ii)  Tax consolidation 

Iron Road Ltd and its wholly-owned Australian controlled entities have implemented the tax consolidation legislation. The head entity, Iron 
Road Ltd, and the controlled entities in the tax consolidated group account for their own current and deferred tax amounts. These tax 
amounts are measured as if each entity in the tax consolidated group continues to be a stand-alone taxpayer in its own right. In addition to 
its own current and deferred tax amounts, Iron Road Ltd also recognises the current tax liabilities (or assets) and the deferred tax assets 
arising from unused tax losses and unused tax credits assumed from controlled entities in the tax consolidated group. 

The Company has not provided any financial guarantees as at 30 June 2023 and has no contingent liabilities as at 30 June 2023.

Parent entity financial statements

ASSETS

Total current assets

Total non-current assets

Total assets

LIABILITIES

Total current liabilities

Total non-current liabilities

Total liabilities

Net assets 

EQUITY

Issued capital                          

Reserves

Accumulated losses

Total equity

Loss for the year

Total comprehensive loss for the year

2023 
$

2022 
$

13,753,858

122,602,357

13,910,464

122,278,103

136,356,215

136,188,567

3,442,046

5,114

3,447,160

1,841,394

4,946

1,846,340

132,909,055

134,342,227

179,856,222

6,114,761

(53,061,928)

132,909,055

178,731,844

8,249,008

(52,638,625)

134,342,227

(423,303)

(423,303)

(3,981,842)

(3,981,842)

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IRON ROADANNUAL REPORT 2023OVERVIEWCHAIRMAN'S LETTEROPERATIONS REPORTOPERATING AND FINANCIAL REVIEWFINANCIAL STATEMENTSDIRECTORS'  REPORTSIGNED REPORTSASX INFORMATION12345678 
 
46

NOTES TO THE CONSOLIDATED 
FINANCIAL STATEMENTS

For the year ended 30 June 2023

CAPITAL

14. Equity and reserves

Share capital

Opening balance 1 July

Issue of shares in Share placement

Issue of initial placement shares under subscription agreement

Issue of shares as consideration for fees under subscription agreement

2023 
Shares

2022 
Shares

2023 
$

2022 
$

 798,991,304 

 792,279,280 

 178,731,844 

 177,406,872 

 -   

 -   

 -   

 2,311,014 

 580,000 

 337,771 

 -   

 -   

 -   

 496,868 

 113,100 

 68,000 

Settlement of subscription shares

 3,006,168 

 1,833,239 

 300,000 

 300,000 

Exercise of Employee Performance Rights

 4,894,000 

 1,650,000 

 834,442 

 373,560 

Cost of issues

Balance 30 June 

 -   

 -   

(10,064)

(26,556)

 806,891,472 

 798,991,304 

 179,856,222 

 178,731,844 

During the year, the Company issued 4,894,000 ordinary shares to employees who exercised vested performance rights resulting in a 
transfer of $834,442 from the Share Based Payment Reserve to the Share Capital account.  

On 16 December 2021, Iron Road announced a placement of ordinary shares in the Company raising up to $5 million for an aggregate 
subscription of up to $5.175 million. In accordance with the terms of the placement 3,006,168 Subscription Shares were issued during the 
year. See Note 9 for further details.

Ordinary shares entitle the holder to participate in dividends and to share in the proceeds of winding up of the Group in proportion to the 
number of and amounts paid on the shares held. Ordinary shares are classified as equity. Incremental costs directly attributable to the 
issue of new shares or options are shown in equity as a deduction, net of tax, from the proceeds. Ordinary shares have no par value and the 
company does not have a limited amount of authorised capital.

Dividends

There have been no dividends paid during the current or prior financial years.

47

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NOTES TO THE CONSOLIDATED 
FINANCIAL STATEMENTS

For the year ended 30 June 2023

CAPITAL

15. Reserves and Share-based payments

Share Based Payment Reserve

2023 
Options & Rights

2022 
Options & Rights

2023 
$

2022 
$

Opening balance 1 July

 50,331,000 

 58,201,000 

 8,249,008 

 7,552,526 

Employee Performance Rights granted

Employee Performance Rights lapsed

 -   

 -   

 4,050,000 

(10,270,000)

Share-based payments - employee benefits expense

 -   

 -   

 -   

Past Director Performance Rights exercised

Future Director Performance Rights exercised

(844,000)

(1,500,000)

-

-

(122,380)

(205,050)

 1,047,778 

(61,040)

 986,738 

-

-

Employee Performance Rights exercised

(2,550,000)

(1,650,000)

(507,012)

(373,560)

Performance Rights - movement in reserve

Share-based payments - Cape Hardy Stage I Warrants expense

(834,442)

(1,299,805)

 613,178 

 83,304 

Balance 30 June

 45,437,000 

 50,331,000 

 6,114,761 

 8,249,008 

The share-based payment reserve is used to recognise the value of options and performance rights granted. Options and Performance 
rights with vesting conditions are expensed throughout the vesting period and should they fail to vest before the expiry date, no amount is 
recognised. 

Share based payments – employee benefits expense that includes the value of performance rights granted to Non-executive Directors, 
KMP, employees and consultants was nil during the year as no rights were granted (2022: $986,738). The value of vested performance 
rights exercised during the year was $834,442 (2022: $373,560).

Following the periodic assessment of the timing and likelihood of achieving the vesting conditions during the period, $1,299,805 in share-
based payments – Cape Hardy Stage I Warrants expense was reversed (2022: $83,304 expense) – see below for further information.

Share-based compensation benefits are provided to Directors, KMP, employees and consultants through the Iron Road Ltd Performance 
Share Plan and Share Option Plan.

Performance rights

The Iron Road Performance Share Plan (“PSP”) was implemented in November 2020 as part of the Group’s remuneration policy to 
encourage long term performance and retention of Directors, senior executives, employees or contractors of the Company or its 
associated body corporate. It is targeted at those whose responsibilities provide them with opportunity to significantly influence long term 
shareholder value. The plan is administered by the Board which has discretion over persons eligible to participate and any performance 
criteria attached to performance rights. 

Performance rights under the PSP entitle the holder to an ordinary share which can be exercised once the right has become exercisable 
and provided it has not lapsed. The Board may determine that certain performance conditions must be satisfied before the right becomes 
exercisable. If the performance conditions are satisfied, the rights vest and become exercisable although satisfaction of any vesting 
condition will not automatically trigger the exercise of the right. 

The fair value of the rights is determined using Monte Carlo simulation with reference to the market price and expected share price volatility 
of Iron Road Ltd shares at the grant date. Rights are granted under the plan for nil consideration and carry no dividend or voting rights. Once 
vested and exercised, any share acquired by participants will rank equally with all existing shares of the same class. 

Should the participants’ employment cease due to genuine redundancy, resignation under reasonable circumstances (if so determined by 
the Board), death or invalidity, the unvested performance rights will not lapse and may vest or the performance criteria may be waived.  

There were no performance rights granted during the year.

IRON ROADANNUAL REPORT 2023OVERVIEWCHAIRMAN'S LETTEROPERATIONS REPORTOPERATING AND FINANCIAL REVIEWFINANCIAL STATEMENTSDIRECTORS'  REPORTSIGNED REPORTSASX INFORMATION12345678 
48

NOTES TO THE CONSOLIDATED 
FINANCIAL STATEMENTS

For the year ended 30 June 2023

CAPITAL

15. Reserves and Share-based payments

The following performance rights are on issue at 30 June: 

Grant date

Expiry date

30 June 2022

Fair value at 
grant date

Balance  
at start  
of period

Granted 
during  
the year

Lapsed 
during the 
year

Exercised 
during the 
year

Balance  
at end  
of period

Vested and 
exercisable at  
end of period

24 November 2020 31 December 2025  $0.137 - $0.145 

 7,601,000 

15 March 2021

31 December 2024  $0.214 - $0.226 

 10,600,000 

 -   

 -   

 -   

 -   

 7,601,000 

 7,601,000 

(7,300,000)

(1,650,000)

 1,650,000 

 1,650,000 

24 August 2021

31 December 2024  $0.144 - $0.161 

 -   

 4,050,000 

(2,970,000)

 -   

 1,080,000 

 1,080,000 

Total

30 June 2023

 18,201,000 

 4,050,000  (10,270,000)

(1,650,000)  10,331,000 

 10,331,000 

24 November 2020 31 December 2025  $0.137 - $0.145 

 7,601,000 

15 March 2021

31 December 2024  $0.214 - $0.226 

 1,650,000 

24 August 2021

31 December 2024  $0.144 - $0.161 

 1,080,000 

Total

Options

Share Option Plan

 10,331,000

 -   

 -   

 -   

 -   

 -   

 -   

 -   

 -   

(2,344,000)

 5,257,000 

 5,257,000 

(1,470,000)

 180,000 

 180,000 

(1,080,000)

 -   

 -   

(4,894,000)

 5,437,000 

 5,437,000 

The Share Option Plan (“SOP”) was implemented in November 2020 
as part of the Group’s remuneration policy to encourage long term 
performance and retention of Directors, senior executives, employees 
or contractors of the Company or its associated body corporate. 
Participants are granted options, some of which vest on issue and 
others that vest if certain market and non-market vesting conditions 
are met. Options are granted under the plan for nil consideration, carry 
no dividend or voting rights and expire if not exercised within five years 
from issue. When exercisable, each option is convertible into one 
ordinary share. 

Participation in the plan is at the Board’s discretion and no individual has 
a contractual right to participate in the Plan or to receive any guaranteed 
benefits.  

There are no unissued ordinary shares of Iron Road Ltd under option for 
directors and KMP as at 30 June 2023.

Cape Hardy Stage I Warrants

In September 2020 Iron Road, Macquarie Capital and Eyre 
Peninsula Co-operative Bulk Handling (EPCBH) entered into a Joint 
Development Agreement (JDA) which included the issue of 40 million 
unlisted Iron Road warrants to Macquarie with vesting contingent on 
Financial Close and Commercial Operations being achieved for the 
previously targeted “grain-led” Cape Hardy Stage I port development. 
An initial 25 million tranche is exercisable from Financial Close with 
the second 15 million tranche exercisable from the Commercial 
Operations Date (COD). All warrants provide the holder with a right to 
acquire shares in Iron Road and have an exercise price of $0.07376 – 
broadly equivalent to Iron Road’s October 2018 entitlement offer price 
(reflecting the Company’s last capital raise prior to the JDA) with the 
warrants expiring 24 months post COD.

Tranche Grant date

Expiry date

30 June 2022

Exercise 
price

Fair value 
at grant 
date

Balance  
at start  
of period

Granted 
during  
the year

Lapsed 
during 
the year

Balance  
at end  
of period

Vested and 
exercisable at  
end of period

1

2

Total

9 October 2020 24 months from COD  $0.07376 

 $0.132 

 25,000,000 

9 October 2020 24 months from COD  $0.07376 

 $0.132 

 15,000,000 

 40,000,000 

30 June 2023

1

2

Total

9 October 2020 24 months from COD  $0.07376 

 $0.132 

 25,000,000 

9 October 2020 24 months from COD  $0.07376 

 $0.132 

 15,000,000 

 40,000,000 

-

-

-

 -   

 -   

 -   

 -   

 -   

 -   

 -   

 -   

 -   

 25,000,000 

 15,000,000 

 40,000,000 

 25,000,000 

 15,000,000 

 40,000,000 

 -   

 -   

 -   

 -   

 -   

 -   

Following the periodic assessment of the timing and likelihood of achieving the vesting conditions during the period, $1,299,805 in share-based 
payments – Cape Hardy Stage I Warrants expense was reversed (2022: $83,304 expense).  No amount is recognised in the Share Based 
Payments Reserve in relation to the Warrants.

NOTES TO THE CONSOLIDATED 
FINANCIAL STATEMENTS

For the year ended 30 June 2023

CAPITAL

16. Loss per share

Basic earnings per share is calculated by dividing:

i) 

the profit attributable to owners of the company, excluding any costs of servicing equity other than ordinary shares, and

ii)  the weighted average number of ordinary shares outstanding during the financial year.

Diluted earnings per share adjusts the figures used in the determination of basic earnings per share to take into account:

i) 

the after income tax effect of interest and other financing costs associated with dilutive potential ordinary shares, and  

ii) 

 the weighted average number of additional ordinary shares that would have been outstanding, assuming the conversion of all dilutive 
potential ordinary shares.

Basic and diluted  earnings per share

2023

2022

Total basic loss per share attributable to the ordinary equity owners of the company (cents)

 (0.06) 

 (0.51) 

Total diluted loss per share attributable to the ordinary equity owners of the company (cents)

 (0.06)

 (0.51)

Loss from continuing operations attributable to the members of the group used in calculating basic  
earnings per share ($)

 (468,429)

 (4,025,955)

Weighted average number of shares used as the denominator is 802,191,183 (2022: 795,453,025).

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50

NOTES TO THE CONSOLIDATED 
FINANCIAL STATEMENTS

For the year ended 30 June 2023

ADDITIONAL INFORMATION

17. Remuneration of auditors

18. Accounting policies

During the year ended 30 June 2023, total fees paid or payable 
for services provided by PricewaterhouseCoopers and its related 
practices were as follows::

PricewaterhouseCoopers 
(Australia)

Total remuneration for audit and 
other assurance services

Total remuneration for tax services

Total remuneration of 
PricewaterhouseCoopers 
(Australia)

2023 
$

2022 
$

  82 ,379 

 79,634 

 5,610 

 5,100 

 87,989 

 84,734 

It is the Group’s policy to employ PricewaterhouseCoopers (PwC) 
on assignments additional to their statutory audit duties where 
PwC expertise and experience is important. These assignments 
are principally audit and assurance services and taxation advice. 
PwC is awarded assignments on a competitive basis and it is the 
Group’s policy to seek competitive tenders for all major projects.

Summary of significant accounting policies

The principal accounting policies adopted in the preparation of 
these consolidated financial statements are set out below. These 
policies have been consistently applied to all the years presented, 
unless otherwise stated. The financial statements are for the 
consolidated entity consisting of Iron Road Ltd and its controlled 
entities. The financial statements were authorised for issue by the 
directors on 18 September 2023. The directors have the power to 
amend and reissue the financial statements.   

(a)  Basis of preparation of historical  

financial information

These general purpose financial statements have been prepared 
in accordance with Australian Accounting Standards and 
Interpretations issued by the Australian Accounting Standards 
Board and the Corporations Act 2001. Iron Road Ltd is a for-profit 
entity for the purpose of preparing the financial statements. 
Iron Road Ltd is a company limited by shares, incorporated and 
domiciled in Australia. The financial statements are presented in 
Australian Dollars.  

(i) Compliance with IFRS

The consolidated financial statements of Iron Road Ltd also 
comply with International Financial Reporting Standards (IFRS) as 
issued by the International Accounting Standards Board (IASB).

(ii) Historical cost convention

These financial statements have been prepared under the 
historical cost convention.

(iii) Critical accounting estimates

The preparation of financial statements requires the use of certain 
critical accounting estimates. It also requires management to 
exercise its judgement in the process of applying the Group’s 
accounting policies. The areas involving a higher degree of 
judgement or complexity, or areas where assumptions and 
estimates are significant to the financial statement are disclosed in 
Note 18(h).  

(iv) Going concern

For the year ended 30 June 2023, the Group incurred a loss of 
$468,429 (30 June 2022: $4,025,955) and combined operating 
and investing cash outflows of $1,233,996 (30 June 2022: 
$4,240,789). As at 30 June 2023, the Group currently has no cash 
generating assets in operation, $1,735,915 of available cash, and is 
in a net current liability position. As disclosed in note 8, Amp Energy 
paid a $1.5 million exclusivity fee with a further conditional payment 
of $1.5 million to be received upon execution of detailed transaction 
documents, by January 2024, with the mutual agreement of 
both parties and FIRB approval required. If agreement cannot be 
reached, $0.5 million of the initial exclusivity fee is refundable.

0mm12REVISION DESCRIPTIONREVH50GFE34DRN BYDRN CHK56100150DCB12A3456DO NOT SCALE DRAWINGS FOR WORKING DIMENSIONS78910TITLE1112HGFE78910DCB1112AIRD ABN: 51 128 698 108REFERENCE DRAWING TITLEREFERENCE DRG No.DATEDES BYDES CHKENG APPIRD APPPROJ MANAPPSCALEA1SHTREVDRAWING No.E-F-65-A-20121 OF 1A1:50PORT & MARINE (INCLUDING STOCKYARDS)MODULE OFFLOAD FACILITYDETAILS - DOLPHINSA19.05.2014ISSUEDFOR REVIEWJLWSRCFOR INFORMATIONNOT FOR CONSTRUCTION0100010002000300040005000mmSCALE 1:50145022001-PLAN - DOLPHIN DECKSCALE 1:50SECTIONSCALE 1:251220035003032140824007007004232ISOMETRIC VIEWNTSNOTES1. UNLESS NOTED OTHERWISE ALL DIMENSIONS ARE IN    MILLIMETRES.2. THE DRAWING SHALL NOT BE SCALED.0mm12REVISION DESCRIPTIONREVH50GFE34DRN BYDRN CHK56100150DCB12A3456DO NOT SCALE DRAWINGS FOR WORKING DIMENSIONS78910TITLE1112HGFE78910DCB1112AIRD ABN: 51 128 698 108REFERENCE DRAWING TITLEREFERENCE DRG No.DATEDES BYDES CHKENG APPIRD APPPROJ MANAPPSCALEA1SHTREVDRAWING No.E-F-65-A-20121 OF 1A1:50PORT & MARINE (INCLUDING STOCKYARDS)MODULE OFFLOAD FACILITYDETAILS - DOLPHINSA19.05.2014ISSUEDFOR REVIEWJLWSRCFOR INFORMATIONNOT FOR CONSTRUCTION0100010002000300040005000mmSCALE 1:50145022001-PLAN - DOLPHIN DECKSCALE 1:50SECTIONSCALE 1:251220035003032140824007007004232ISOMETRIC VIEWNTSNOTES1. UNLESS NOTED OTHERWISE ALL DIMENSIONS ARE IN    MILLIMETRES.2. THE DRAWING SHALL NOT BE SCALED.NOTES TO THE CONSOLIDATED 
FINANCIAL STATEMENTS

For the year ended 30 June 2023

ADDITIONAL INFORMATION

Funds are required to meet the Group’s principal activity being 
exploration and evaluation and marketing of the Central Eyre 
Iron Project (CEIP) in South Australia including pursuit of 
complementary business development opportunities associated 
with the proposed multi-commodity Cape Hardy port site and 
industrial precinct.  

The continuing viability of the Group and its ability to continue as 
a going concern and meet its debts and commitments as they fall 
due is dependent on the Group being successful in:  

1)   Conditions for Amp Energy executing transactions documents 

being met, resulting in a further $1.5m payment and the 
exclusivity fee not being refunded, and/or

2)  raising further funds through a placement, entitlement offer  

or Share Purchase Plan (SPP); and/or

3)   funding from a project partner.

As a result of these matters, there is a material uncertainty that 
may cast significant doubt on the Group’s ability to continue as a 
going concern and, therefore, that it may be unable to realise its 
assets and discharge its liabilities in the normal course of business. 
However, the directors believe that the Group will be successful in 
implementing a combination of the above matters and, accordingly, 
have prepared the financial report on a going concern basis. 

(v) New and amended standards adopted by the Group

There are no standards that are not yet effective and that would be 
expected to have a material impact on the Group in the current or 
future reporting periods and on foreseeable future.

(vi) New standards and interpretations not yet adopted

There are no new standards that are not yet effective and that 
would be expected to have a material impact on the Group in the 
current or future reporting periods and on foreseeable future 
transactions.

(b) Principles of consolidation

The consolidated financial statements incorporate the assets 
and liabilities of all controlled entities of Iron Road Ltd as at 30 
June 2023 and the results of all controlled entities for the year 
then ended. Iron Road Ltd and its controlled entities together are 
referred to in this financial report as the Group. 

Controlled entities are all entities (including special purpose 
entities) over which the Group has control. The Group controls 
an entity when the Group is exposed to or has rights to variable 
returns from its involvement with the entity and has the ability to 
affect those returns through its power to direct the activities of  
the entity. 

Controlled entities are fully consolidated from the date on which 
control is transferred to the Group. They are de-consolidated from 
the date that control ceases. 

The acquisition method of accounting is used to account for 
business combinations by the Group. Intercompany transactions, 
balances and unrealised gains on transactions between Group 
companies are eliminated. Unrealised losses are also eliminated 
unless the transaction provides evidence of the impairment of the 
asset transferred. Accounting policies of controlled entities have 
been changed where necessary to ensure consistency with the 
policies adopted by the Group.

c) Goods and service tax (GST)

Revenues, expenses and assets are recognised net of the amount 
of associated GST, unless the GST incurred is not recoverable 
from the taxation authority. In this case it is recognised as part 
of the cost of acquisition of the asset or as part of the expense. 
Receivables and payables are stated inclusive of the amount of 
GST receivable or payable. The net amount of GST recoverable 
from, or payable to, the taxation authority is included with other 
receivables or payables in the balance sheet. Cash flows are 
presented on a gross basis. The GST components of cash flows 
arising from investing or financing activities which are recoverable 
from, or payable to the taxation authority, are presented as 
operating cash flows. 

d) Investment and other financial assets

The Group classifies its financial assets as loans and receivables. 
Management determines the classification of its investments at 
initial recognition. Financial assets are initially measured at fair 
value plus transaction costs that are directly attributable to the 
acquisition of the financial asset. For loans and receivables, the 
amount of the loss is measured as the difference between the 
asset’s carrying amount and the present value of estimated future 
cash flows (excluding future credit losses that have not been 
incurred) discounted at the financial asset’s original effective 
interest rate. 

The Group assesses at the end of each reporting period whether 
there is objective evidence that a financial asset or group of 
financial assets is impaired. A financial asset or a Group of financial 
assets is impaired and impairment losses are incurred only if 
there is objective evidence of impairment as a result of one or 
more events that occurred after the initial recognition of the asset 
(a ‘loss event’) and that loss event (or events) has an impact on 
the estimated future cash flows of the financial asset or Group of 
financial assets that can be reliably estimated. 

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52

NOTES TO THE CONSOLIDATED 
FINANCIAL STATEMENTS

For the year ended 30 June 2023

ADDITIONAL INFORMATION

e) Foreign currency translation

(i) Functional and presentation currency

Items included in the financial statements of each of the Group’s 
entities are measured using the currency of the primary economic 
environment in which the entity operates (‘the functional 
currency’). The consolidated financial statements are presented in 
Australian dollars, which is Iron Road’s functional and presentation 
currency.

(ii) Transactions and balances

Foreign currency transactions are translated into the functional 
currency using the exchange rates prevailing at the dates of the 
transactions. Foreign exchange gains and losses resulting from the 
settlement of such transactions are recognised in profit or loss.

19. Risk management

The Group’s activities expose it to a variety of financial and market 
risks (including interest rate risk and price risk), credit risk and 
liquidity risk. The Group’s overall risk management program 
focuses on the unpredictability of financial markets and seeks to 
minimise potential adverse effects on the financial performance of 
the Group.

The Board of Directors has overall responsibility for the 
establishment and oversight of the risk management framework. 
Management monitors and manages the financial risks relating to 
the operations of the Group through regular reviews of the risks, 
to minimise potential adverse effects on the financial performance 
and position of the Group.

f) Revenue recognition

a) Credit risk

Interest income on bank term deposits is calculated on the term 
of the deposit and the bank interest rate at lodgement date and 
accrued in revenue from continuing operations.

g) Leases

As a lessee the Group will recognise a right-of-use 
asset, representing its right to use the underlying asset, 
and a lease liability, for all leases with a term of more 
than 12 months; exempting those leases where the 
underlying asset is deemed to be of a low value.

The Group recognises a right-of-use asset and a lease liability 
at the lease commencement date, i.e. when the underlying 
asset is first available for use. The right-of-use asset is initially 
measured to be equal to the lease liability and adjusted for any 
lease incentives received, initial direct costs and estimates 
of costs to dismantle or remove the underlying leased asset.  
Subsequently the right-of-use asset is measured at cost less 
any accumulated depreciation and impairment losses, and 
adjusted for certain re-measurements of the lease liability.

The lease liability is initially measured at the present value of the 
lease payments that are not paid at the commencement date, 
discounted using the interest rate implicit in the lease or, if that 
rate cannot be readily determined, the Group’s incremental 
borrowing rate, adjusted for asset-specific factors. The lease 
liability is subsequently increased by the interest cost on the 
lease liability and decreased by lease payments made. 

h) Critical accounting estimates and judgements

Estimates and judgements are continually evaluated and are based 
on historical experience and other factors, including expectations 
of future events that may have a financial impact on the entity and 
that are believed to be reasonable under the circumstances.

The Group makes estimates and assumptions concerning the 
future. The resulting accounting estimates will, by definition, seldom 
equal the related actual results. The estimates and assumptions 
that have a significant risk of causing a material adjustment to the 
carrying amounts of assets and liabilities within the next financial 
year are discussed in Note 2. Exploration and evaluation assets.

Credit risk is the risk of financial loss to the Group if a customer 
or counterparty to a financial asset fails to meet its contractual 
obligations and arises principally from the Group’s receivables, 
cash and cash equivalents and bank term deposits.

The maximum exposure to credit risk at the end of the reporting 
period is the carrying amount of each class of cash and cash 
equivalent and bank term deposit.

Exposure to credit risk

The carrying amount of the Group’s financial assets represents the 
maximum credit exposure. There are no significant concentrations 
of credit risks, whether through exposure to individual customers 
or specific industry sectors. The Group’s maximum exposure to 
credit risk at the reporting date was $1,813,517 (2022: $1,989,222).

The credit quality of financial assets that are neither past due nor 
impaired can be assessed by reference to external credit ratings 
(if available) or to historical information about counterparty default 
rates.

Financial assets that are neither past due nor impaired are as 
follows:

Counterparties without an 
external credit rating:
Financial assets with no default  
in the past

Cash at bank and fixed term 
deposits with a credit rating:
A+

2023 
$

2022 
$

 32,602

 49,872 

 1,780,915

 1,939,350 

Total

1,813,517

1,989,222

NOTES TO THE CONSOLIDATED 
FINANCIAL STATEMENTS

For the year ended 30 June 2023

ADDITIONAL INFORMATION

b) Liquidity risk

c) Market risk 

Liquidity risk is the risk that the Group will not be able to meet its 
financial obligations as they fall due. The Group’s approach to 
managing liquidity is to ensure, as far as possible, that it will always 
have sufficient liquidity to meet its liabilities when due, under both 
normal and stressed conditions, without incurring unacceptable 
losses or risking damage to the Group’s reputation.

The Group manages liquidity risk by maintaining adequate 
reserves and continuously monitoring forecast and actual cash 
flows. 

Typically, the Group ensures that it has sufficient cash on demand 
to meet expected operational expenses for a period of 60 days, 
including the servicing of financial obligations. This excludes the 
potential impact of extreme circumstances that cannot reasonably 
be predicted, such as natural disasters. 

The Group received $1,087,000 in subscriptions to be settled 
during the year with a balance at 30 June 2023 of $1,787,490 
– See note 9 (2022: $924,400).  In addition, in April 2023 Amp 
Energy paid a $1.5 million exclusivity fee upon being selected as 
Iron Road’s lead developer for the Cape Hardy Green Hydrogen 
project. A further conditional payment of $1.5 million is to be 
received upon execution of detailed transaction documents. If 
agreement cannot be reached, $0.5 million of the initial exclusivity 
fee is refundable and is therefore recorded as a payable at 30 June 
2023 – see note 8 (2022: Nil).

The following are the contractual maturities of undiscounted 
financial liabilities, including estimated interest payments and 
excluding the impact of netting agreements:

Market risk is the risk that changes in market prices, such as foreign 
exchange rates and interest rates which will affect the Group’s 
income or the value of its holdings of financial instruments. The 
objective of market risk management is to manage and control 
market risk exposures within acceptable parameters, while 
optimising returns. The following market risk exposures have been 
assessed:

(i) Currency risk

The Group operates in Australian dollars with infrequent and low 
value transactions in other currencies. Such transactions present 
immaterial currency risk.

(ii) Interest rate risk

the Group’s intention to hold fixed rate assets to maturity, the 
impact of interest rate risk is considered to be immaterial. 

(iii) Price Risk

Changes in commodity prices may impact the Group’s projected 
cash flows in future years and may impact the assessment of the 
carrying value of its assets. However, given the company is not 
yet in production, changes in commodity prices do not currently 
impact the Group’s profit or loss or its cash flows.

d) Capital risk management

The Group’s objectives when managing capital are to safeguard 
their ability to continue as a going concern. 

There were no changes to the Group’s approach to capital 
management during the year. The Group is not subject to externally 
imposed capital requirements. 

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Contractual maturities of financial liabilities

Less than 6 months

Total contractual cash flows

Carrying amount

At 30 June 2023

Trade and other payables

Total non-derivatives

At 30 June 2022

Trade and other payables

Total non-derivatives

There are no derivative financial instruments. 

1,320,253

1,320,253

609,733

609,733

1,320,253

1,320,253

609,733

609,733

1,320,253

1,320,253

609,733

609,733

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54

NOTES TO THE CONSOLIDATED 
FINANCIAL STATEMENTS

For the year ended 30 June 2023

21. Contingencies

There are no material contingent liabilities or contingent assets of 
the Group at reporting date.

22. Events after reporting date

Following the year end, Iron Road elected to make a $300,000 cash 
repayment of an earlier prepayment for Iron Road shares made 
by Bulk Commodity Holdings, LLC (Investor). This repayment was 
made in lieu of issuing shares to the Investor and, by agreement with 
the Investor, did not incur any interest costs. 

On 31 August 2023 the Company announced a Share Purchase Plan 
(SPP) targeting $1.0 million at an issue price of 8 cents per share to 
Eligible Shareholders. Funds received from the SPP will be used for 
business development objectives associated with the proposed 
Cape Hardy port precinct, maintenance of the Central Eyre Iron 
Project (CEIP) mining lease and for working capital purposes.

UNRECOGNISED ITEMS

20. Commitments 

Mining tenements

All of the Group tenements are situated in the South Australia. In 
order to maintain an interest in mining and exploration tenements, 
the Group is committed to meet the conditions under which the 
tenements were granted. The timing and amount of exploration 
expenditure commitments and obligations of the Group are 
subject to the minimum expenditure commitments required as per 
the Mining Act 1971.

The following obligations are not provided for in the financial 
report:

Exploration and mineral  
expenditure commitments

Within one year

Later than one year  
but no later than five years

Total exploration  
expenditure commitments

2023 
$

2022 
$

640,105 

 66,667 

- 

 132,158 

 640,105 

 198,825 

The Group’s interest in mining and exploration tenements is as 
follows:

South Australia

Warramboo

Lock

Mulgathing 

Tenement  
Reference

ML6467

EL5934

EL6425

EL6012

EL6173

EL6502

EL6532

EL6625

EL5998

EL6569

Interest

100%

100%

100%

100% Iron Ore rights

100% Iron Ore rights

100% Iron Ore rights

100% Iron Ore rights

100% Iron Ore rights

90% Iron Ore rights

90% Iron Ore rights

Lease commitments

The Group entered into a month to month lease on its new office in 
Adelaide in January 2019. Consequently, the total commitments 
for minimum payments in relation to operating leases for the year 
ended 30 June 2023 were nil (2022: nil).

Capital commitments

There were no outstanding contractual commitments as at  
30 June 2023 (2022: nil).

 
DIRECTORS' DECLARATION

Iron Road Limited and its Controlled Entities

The directors’ of the Group declare that:

1.  The consolidated financial statements, comprising the consolidated income statement and statement of comprehensive 

income, consolidated statement of financial position, consolidated statement of changes in equity, consolidated 
statement of cash flows and accompanying notes are in accordance with the Corporations Act 2001 and:

a)  comply with Accounting Standards, the Corporations Regulations 2001  

and other mandatory professional reporting requirements; and

b)  give a true and fair view of the Group’s financial position as at 30 June 2023  

and of its performance for the financial year ended on that date.

2.  In the directors’ opinion, there are reasonable grounds to believe that the Group will be able to pay its debts as and when 

they become due and payable.

3.  The remuneration disclosures included in the directors’ report (as part of audited Remuneration Report), for the year 

ended 30 June 2023, comply with section 300A of the Corporations Act 2001.

4.  The directors’ have been given the declarations by the chief executive officer and finance manager required by section 

295A of the Corporations Act 2001.

5.  The Group has included in the notes to the consolidated financial statements an explicit and unreserved statement of 

compliance with International Financial Reporting Standards (IFRS) as issued by the International Accounting Standards 
Board.

This declaration is made in accordance with a resolution of the Board of directors and is signed for and on behalf of the 
directors by Peter Cassidy.

Peter Cassidy

Chairman 
18 September 2023

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56

INDEPENDENT AUDITOR'S REPORT

Independent auditor’s report 

To the members of Iron Road Ltd 

Report on the audit of the financial report 

Our opinion 

In our opinion: 

The accompanying financial report of Iron Road Ltd (the Company) and its controlled entities (together 
the Group) is in accordance with the Corporations Act 2001, including: 

(a)  giving a true and fair view of the Group's financial position as at 30 June 2023 and of its 

financial performance for the year then ended  

(b)  complying with Australian Accounting Standards and the Corporations Regulations 2001. 

What we have audited 
The Group financial report comprises: 

• 
• 
• 
• 

• 

• 

the consolidated statement of financial position as at 30 June 2023 

the consolidated statement of changes in equity for the year then ended 30 June 2023 

the consolidated statement of cash flows for the year then ended 30 June 2023 

the consolidated income statement and statement of comprehensive income for the year then 
ended 30 June 2023 

the notes to the consolidated financial statements, which include significant accounting policies 
and other explanatory information 

the directors’ declaration. 

Basis for opinion 

We conducted our audit in accordance with Australian Auditing Standards. Our responsibilities under 
those standards are further described in the Auditor’s responsibilities for the audit of the financial 
report section of our report. 

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis 
for our opinion. 

Independence 
We are independent of the Group in accordance with the auditor independence requirements of the 
Corporations Act 2001 and the ethical requirements of the Accounting Professional & Ethical 
Standards Board’s APES 110 Code of Ethics for Professional Accountants (including Independence 
Standards) (the Code) that are relevant to our audit of the financial report in Australia. We have also 
fulfilled our other ethical responsibilities in accordance with the Code. 

PricewaterhouseCoopers, ABN 52 780 433 757  
Level 11, 70 Franklin Street, ADELAIDE SA 5000, GPO Box 418, ADELAIDE SA 5001 
T: +61 8 8218 7000, F: +61 8 8218 7999, www.pwc.com.au  

Liability limited by a scheme approved under Professional Standards Legislation. 

 
 
 
 
INDEPENDENT AUDITOR'S REPORT

Material uncertainty related to going concern 

We draw attention to Note 18(a)(iv) in the financial report, which indicates that the Group incurred a 
loss of $468,429 and a combined operating and investing cash outflows of $1,233,996 for the year 
ended 30 June 2023, and, as at 30 June 2023, has no cash-generating assets in operations, 
$1,735,915 of available cash and is in a net current liability position. As a result, the Group is 
dependent upon:  

1) Conditions for Amp Energy executing transactions documents being met, resulting in a further 
$1.5m payment and the exclusivity fee not being refunded, and/or  

2) raising further funds through a placement, entitlement offer or Share Purchase Plan (SPP); and/or  

3) funding from a project partner.  

These conditions, set forth in Note 18(a)(iv), indicate that a material uncertainty exists that may cast 
significant doubt on the Group’s ability to continue as a going concern. Our opinion is not modified in 
respect of this matter.   

Our audit approach 

An audit is designed to provide reasonable assurance about whether the financial report is free from 
material misstatement. Misstatements may arise due to fraud or error. They are considered material if 
individually or in aggregate, they could reasonably be expected to influence the economic decisions of 
users taken on the basis of the financial report. 

We tailored the scope of our audit to ensure that we performed enough work to be able to give an 
opinion on the financial report as a whole, taking into account the geographic and management 
structure of the Group, its accounting processes and controls and the industry in which it operates. 

2 

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58

INDEPENDENT AUDITOR'S REPORT

Materiality 

Audit scope 

Key Audit matters 

•  Our audit focused on where the 

• 

Group made subjective 
judgements; for example, 
significant accounting estimates 
involving assumptions and 
inherently uncertain future 
events. 

• 

The Group’s accounting 
processes are performed at their 
head office in Adelaide, which is 
where we performed our audit 
procedures. 

• 

Amongst other relevant topics, 
we communicated the following 
key audit matters to the Board of 
Directors: 

−−  Carrying value of exploration 
and evaluation assets (Refer 
to Note 2) 

These are further described in 
the Key audit matters section of 
our report, except for the matter 
which is described in the 
material uncertainty related to 
going concern section. 

• 

For the purpose of our audit we 
used overall Group materiality of 
$1,357,000, which represents 
approximately 1% of the Group’s 
total assets. 

•  We applied this threshold, 

together with qualitative 
considerations, to determine the 
scope of our audit and the nature, 
timing and extent of our audit 
procedures and to evaluate the 
effect of misstatements on the 
financial report as a whole. 

•  We chose Group total assets 
because, in our view, it is the 
metric against which the 
performance of the Group is most 
commonly measured given it is an 
exploration and evaluation 
company that has no production 
or sales.  

•  We utilised a 1% threshold based 

on our professional judgement, 
noting it is within the range of 
commonly acceptable thresholds 
in the mining industry.  

Key audit matters 

Key audit matters are those matters that, in our professional judgement, were of most significance in 
our audit of the financial report for the current period. The key audit matters were addressed in the 
context of our audit of the financial report as a whole, and in forming our opinion thereon, and we do 
not provide a separate opinion on these matters. Further, any commentary on the outcomes of a 
particular audit procedure is made in that context. We communicated the key audit matters to the 
Board of Directors. 

In addition to the matter described in the Material uncertainty related to going concern section, we 
have determined the matter described below to be the key audit matter to be communicated in our 
report. 

3 

 
 
 
 
 
 
INDEPENDENT AUDITOR'S REPORT

Key audit matter 

How our audit addressed the key audit matter 

Carrying value of exploration and evaluation 
assets 
(Refer to Note 2) $123,434,912 

We performed the following procedures amongst 
others: 

The Group accounts for exploration and evaluation 
activities in accordance with the policy in Note 2 of the 
financial report.  

Judgement is required by the Group to determine 
whether there were indicators of impairment of the 
exploration and evaluation assets, due to the need to 
make estimates about future events and 
circumstances, such as whether the resources may 
be economically viable to develop in the future.  

The carrying value of exploration and evaluation 
assets was considered a key audit matter given the 
financial significance of the balance and the 
significant judgements required by the Group in 
determining the carrying amount as outlined above. 

•  Evaluated the Group’s assessment that 

there had been no indicators of impairment 
on areas capitalised at 30 June 2023 during 
the period with reference to the requirements 
of Australian Accounting Standards.  

•  Considered the latest available information 
regarding the projects through inquiries of 
management and the directors, and 
inspection of press releases.  

• 

• 

Inquired of management and the directors as 
to whether there had been any changes to, 
and obtained evidence to support, the 
Group’s right of tenure to the projects. This 
included considering the status of licences, 
to assess whether the Group retained right 
of tenure. Where a licence was pending, we 
assessed the Group’s expectation of renewal 
of the licence.  

Tested a sample of current year capitalised 
expenditure to source documents and 
considered whether they had been 
accounted for in accordance with the 
Group’s accounting policy and Australian 
Accounting Standards. 

•  Evaluated the reasonableness of the 

disclosures against the requirements of 
Australian Accounting Standards 

Other information 

The directors are responsible for the other information. The other information comprises the 
information included in the annual report for the year ended 30 June 2023, but does not include the 
financial report and our auditor’s report thereon. 

Our opinion on the financial report does not cover the other information and accordingly we do not 
express any form of assurance conclusion thereon. 

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INDEPENDENT AUDITOR'S REPORT

In connection with our audit of the financial report, our responsibility is to read the other information 
and, in doing so, consider whether the other information is materially inconsistent with the financial 
report or our knowledge obtained in the audit, or otherwise appears to be materially misstated. 

If, based on the work we have performed on the other information that we obtained prior to the date of 
this auditor’s report, we conclude that there is a material misstatement of this other information, we are 
required to report that fact. We have nothing to report in this regard. 

Responsibilities of the directors for the financial report 

The directors of the Company are responsible for the preparation of the financial report that gives a 
true and fair view in accordance with Australian Accounting Standards and the Corporations Act 2001 
and for such internal control as the directors determine is necessary to enable the preparation of the 
financial report that gives a true and fair view and is free from material misstatement, whether due to 
fraud or error. 

In preparing the financial report, the directors are responsible for assessing the ability of the Group to 
continue as a going concern, disclosing, as applicable, matters related to going concern and using the 
going concern basis of accounting unless the directors either intend to liquidate the Group or to cease 
operations, or have no realistic alternative but to do so. 

Auditor’s responsibilities for the audit of the financial report 

Our objectives are to obtain reasonable assurance about whether the financial report as a whole is 
free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that 
includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that 
an audit conducted in accordance with the Australian Auditing Standards will always detect a material 
misstatement when it exists. Misstatements can arise from fraud or error and are considered material 
if, individually or in the aggregate, they could reasonably be expected to influence the economic 
decisions of users taken on the basis of the financial report. 

A further description of our responsibilities for the audit of the financial report is located at the Auditing 
and Assurance Standards Board website at: 
https://www.auasb.gov.au/admin/file/content102/c3/ar1_2020.pdf. This description forms part of our 
auditor's report. 

Report on the remuneration report 

Our opinion on the remuneration report 

We have audited the remuneration report included in pages 18 to 23 of the directors’ report for the 
year ended 30 June 2023. 

In our opinion, the remuneration report of Iron Road Ltd for the year ended 30 June 2023 complies 
with section 300A of the Corporations Act 2001. 

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INDEPENDENT AUDITOR'S REPORT

Responsibilities 

The directors of the Company are responsible for the preparation and presentation of the 
remuneration report in accordance with section 300A of the Corporations Act 2001. Our responsibility 
is to express an opinion on the remuneration report, based on our audit conducted in accordance with 
Australian Auditing Standards.  

PricewaterhouseCoopers 

Julian McCarthy 
Partner 

Adelaide 
18 September 2023 

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ASX ADDITIONAL INFORMATION

For the year ended 30 June 2023

Additional information required by the Australian Securities Exchange Ltd and not shown elsewhere in this report is shown below. 
All information is current as at 31 August 2023. 

Distribution of equity securities

Analysis of number of equity security holders by size of holding: 

Spread of holding

1-1,000

1,001-5,000

5,001-10,000

10,001-100,000

100,001 and over

Total holders 

Total securities

Number of 
holders

Shares held

Percentage of ordinary 
fully paid shares

Unquoted 
rights

Unquoted 
warrants

171

630

350

775

208

2,134

 58,776 

 1,937,256 

 2,787,090 

 24,764,005 

 777,344,345 

0.01%

0.24%

0.35%

3.07%

96.33%

-

-

-

-

 3 

 3 

-

-

-

-

 1 

 1 

 806,891,472 

100.00%

 5,437,000 

 40,000,000 

All unquoted warrants are held by Macquarie Corporate Holdings Pty Ltd. 
There are 878 holders of less than a marketable parcel of ordinary shares (calculated at 8.2 cents per share). 

Twenty largest shareholders

Substantial shareholder

The names of the twenty largest shareholders of quoted ordinary shares are:

Holder name

Shares  
held

Percentage of 
ordinary fully  
paid shares

These substantial shareholders have notified the 
company in accordance with section 671B of the 
Corporations Act 2001 (Cth):

1

Sentient Executive GP IV Limited

496,989,991

61.59%

Shares held

2 HSBC Custody Nominees (Australia) Limited

3 Sentient Executive GP III Limited

4 Sentient Executive GP II Limited

5

JEM Investment Fund Holdings Pty Ltd

6 Devipo Pty Ltd

7 Cedarose Pty Ltd

8 SEISUN Capital Pty Ltd

9 CM & SM Anderson

10 Glen Anthony Chipman

11 Geoffrey John Paul

12 BNP Paribas Nominees Pty Ltd

13 Citicorp Nominees Pty Limited

14 Jonathan James Kent

90,237,333

51,558,593

29,131,005

8,300,000

6,898,785

5,724,314

4,714,577

3,639,535

3,289,535

3,100,000

3,046,236

2,746,105

2,727,000

15 HSBC Custody Nominees (Australia) Limited - A/C 2

2,543,784

16 Jerry Kitson Ellis

17 Frazel Pty Limited

18 Bond Street Custodians Limited

19 Claire Margaret Stocks

20 Andrew James Stocks

2,344,000

1,700,000

1,560,037

1,442,657

1,442,656

11.18%

6.39%

3.61%

1.03%

0.85%

0.71%

0.58%

0.45%

0.41%

0.38%

0.38%

0.34%

0.34%

0.32%

0.29%

0.21%

0.19%

0.18%

0.18%

Total

723,136,143

89.61%

Sentient Executive GP II, Limited

 29,131,005 

Sentient Executive GP III, Limited

 51,558,593 

Sentient Executive GP IV, Limited

 496,989,991 

Total holding

 577,679,589 

Voting rights

All ordinary shares are fully paid and carry one vote per 
share without restriction.

There are no voting rights attaching to unquoted 
performance rights and warrants on issue. 

Buy back

There is no current on-market buy-back.

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ABN 51 128 698 108

ASX Code IRD

Level 3, 63 Pirie Street 
Adelaide SA 5000

Telephone: +61 8 8214 4400  
www.ironroadlimited.com.au