Iron Road Ltd receives milestone payment and unlocks further payments

Iron Road Ltd (ASX:IRD) has received an initial $1.5 million Cape Hardy milestone payment from Amp Energy, following the Foreign Investment Review Board (FIRB) approval. The receipt of FIRB approval has unlocked the milestone payments, including the retention of a $2.5 million deposit and the next $3 million milestone payment due by end-Q4 2024.

Executive Commentary on Cape Hardy Milestone Payments

The receipt of the initial milestone payment and the unlocking of further payments following the FIRB approval mark significant progress for Iron Road Ltd. The company remains committed to the Cape Hardy project and views the planned industrial scale developments by Amp Energy and Northern Water as crucial enablers for the site's potential green iron industrial precinct. The retention of the deposit and the upcoming milestone payment further solidify the company's position and support the South Australian Government's State Prosperity Project and Green iron and steel strategy.

Summary of Cape Hardy Milestone Payments and Future Plans

Iron Road Ltd has successfully received the initial $1.5 million Cape Hardy milestone payment from Amp Energy, with the unlocking of further payments following the FIRB approval. The company's commissioning of WSP Australia to investigate a slurry pipeline option for iron concentrate transport demonstrates its commitment to efficient logistics and cost reduction. The potential development of a green iron industrial precinct at Cape Hardy aligns with the company's ambitions and supports the South Australian Government's strategic initiatives. Iron Road Ltd looks forward to the upcoming milestone payment and continues to explore innovative logistics options for the Central Eyre Iron Project.