• Central Eyre Iron Project (CEIP) expenditure maintained at modest levels
• Preparing for Q1 2026 engagement with Asian steelmakers
• Weak global investment climate and domestic power costs weigh on iron ore project developers

Iron Road Ltd (ASX:IRD) advises that December Quarter CEIP expenditure was maintained at modest levels. A particular corporate focus was on preparation for Q1 2026 engagement with several Asian steelmakers. The meetings, one of which re-establishes an earlier Company specific connection, are being secured with third party advisory assistance within the broader steel distribution supply chain. As expressed in Iron Road's previous September Quarter Review, a subdued global investment climate for iron ore project developers necessitates investors and potential strategic partners taking a longer-term view. Current uncompetitive domestic power costs and uncertainty relating to the outlook has also weighed on near-term magnetite developer sentiment and energy intensive Australian minerals processing operations more generally. On the wider economic front, sustained weak property market conditions in China's economy is significantly influencing Chinese output of crude steel and net exports of steel products. Chinese fixed asset investment has also moderated, contributing to lower reported crude steel production trends and strong net export run-rates maintained above 120Mtpa (including semi-processed steel products). This indicates domestic steel consumption remains tepid which in-turn has resulted in Chinese iron ore inventories rising. Iron Road announced on 26 June 2025, it had entered into a staged Farm-In agreement and Joint Venture framework with unlisted public company, Red Tiger Resources Ltd (RTR) over EL6580 in South Australia. Post quarter end on 20 January 2026, the Company provided an update on activities, including a completed Stage 1 air-core drilling campaign investigating the presence and continuity of Heavy Mineral Sands (HMS) and plans for a Stage 2 RC drilling campaign focusing on a previously established geophysics-based nickel-copper-gold target.