• Iron Road declines to further extend Revera Energy's option to purchase 24-hectare land parcel at Cape Hardy
• Revera Energy retains options to purchase remaining 580-hectare land for hydrogen development
• Iron Road has buyback option if Revera Energy exercises remaining land purchase options

Iron Road Ltd (ASX:IRD) has advised that it has declined to further extend the option period for Revera Energy (formerly Amp Energy) to purchase a 24-hectare land parcel, known as 'Area C', at the Cape Hardy site on the Eyre Peninsula in South Australia. The companies were unable to agree on alternative commercial terms after the definitive sunset dates for each of the land parcels were finalised at the end of August 2025. As a result, the $1 million option to purchase Area C has now lapsed. Revera Energy, a Carlyle Portfolio Company, has retained exclusivity on the broader 604-hectare Cape Hardy site for its proposed green hydrogen project since April 2023. The remaining 580-hectares of land reserved for hydrogen development are subject to two separate land purchase options held by Revera Energy, with exercise deadlines of 31 March 2026 ($4.27 million) and 30 June 2027 ($6.75 million) respectively. However, the lapsing of the Area C purchase option has activated a buyback option in favour of Iron Road, which can be exercised if Revera Energy exercises either or both of the remaining land purchase options, subject to Foreign Investment Review Board (FIRB) approval. If Revera Energy exercises the remaining options, Iron Road will consider whether to exercise its buyback right at that time. The expiry of the final option period on 30 June 2027, without the options being exercised, would also trigger the termination of other agreements between Iron Road and Revera Energy related to the development of an advanced fuels hub at Cape Hardy.