Iron Road : 2021 AGM Chief Executive Officer's Presentation

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2021 Annual General Meeting

Chief Executive Officer's presentation Larry Ingle 24 November 2021

Good morning Ladies and Gentlemen.
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•	It is with pleasure that I present to you today at the Iron Road 2021 AGM and thank you for your
	attendance.
•	If you are having any challenges viewing this virtual presentation I would encourage you to access
	and view a copy available on the ASX or on the Iron Road website.
•	My commentary today is annotated with the presentation made publicly available.

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Notice

Forward Looking Statements This announcement contains certain statements with respect to future matters which may constitute "forward-lookingstatements". Such statements are only

onlypredictions and are subject to inherent risks and uncertainties which could cause actual values, results, performance or outcomes to differ materially from those expressed, implied or projected.

I vestors are cautioned that such statements are not guarantees of future performance and accordingly not to put undue reliance on forward-looking statements due to the inherent uncertainty therein. use Our standard notice relating to forward-lookingstatements. personalFor

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Corporate overview

	Share Price		$0.20
	Shares on Issue	794.6M
	Market Capitalisation	$158.9M
useonly		62.3M
	Warrants and Rights Unlisted
	Cash (Sept-21 quarterly report)	A$3.2M
	Debt		A$0M
	E terprise Value	$155.7M
		Shareholder Distribution - November 2021

Board of Directors and Management

Non-Executive Chairman	Peter Cassidy	Chief Executive Officer	Larry Ingle
Executive Director	Glen Chipman	General Manager Projects	Noel Second
Non-Executive Director	Jerry Ellis AO	Stakeholder Relations	Tim Scholz
Non-Executive Director	Ian Hume	Company Secretary	Jarek Kopias

Share Price Performance - Past 12 Months

A quick self-explanatory corporate overview.
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•	Our capital structure, shareholder distribution represented as a pie chart, our board of directors
	and key management and our share performance over the past 12 months i.e. effectively from last
	year's AGM.
•	Retracement of our share price since mid-year has correlated with the sharp fall in iron ore pricing.
	We have not been immune from share price falls experienced by producers and project
	developers alike.

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Strategy

• Attract investment in the Central Eyre Iron Project (CEIP)
• Build complementary Cape Hardy export & import opportunities - grain, minerals, fertilizer
• Validate Cape Hardy as the green hydrogen export hub of scale for South Australia
• Facilitate water security for regional industrial development

The key focus for the Company is-

personal• Attract investment in the Central Eyre Iron Project (CEIP)

• Build complementary Cape Hardy export and import opportunities - grain, minerals, fertilizer

• Validate Cape Hardy as the green hydrogen export hub of scale for South Australia

• Facilitate water security for regional industrial development

I will cover all these points as we proceed through the presentation.

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Portalis update

Key points

	• Consulted extensively with Eyre Peninsula (EP) grain
	growers and worked on various grain supply models
	• Confirmed that growers, on balance, do not support the
	concept of long-term supply agreements
	• Continuing work on scenarios that support the
	commercial needs of all, including investors & debt
	financiers
	• Engaged with an international grain trading business on
	potential operating models & alternative development
	pathways that feature reduced capital expenditure
	• Acknowledge any smaller alternate export facility needs
onlyto be scalable to support the future development of and
	timing of the larger-scale Capesize port
	• Increased levels of engagement from potential industry
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	partners for the CEIP is targeted to accelerate the
	larger-scale port
		Image- Australian Farmer, Wudinna, ABC
	Firstly yesterday (Tuesday 23 November 2021), Portalis provided a comprehensive update of the
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	work undertaken to progress the early port development.

Portalis represents the three joint developers- Iron Road, Eyre Peninsula Co-operative Bulk Handling (EPCBH) and Macquarie Capital.

The key points have been extracted and are listed here, these are-

• There has been extensive consultation with EP grain growers and, through EPCBH, Portalis has

	worked with the growers on various models for the supply of grain to Cape Hardy.
•	This work has resulted in valuable feedback, confirming strong support for a multi-commodity,
	multi-user port at Cape Hardy that will drive diverse regional growth opportunities for the Eyre
	Peninsula. Engagement has also confirmed that growers, on balance, do not support the concept
	of long-term supply agreements within the commercial model that was proposed at the various
	grower meetings.
•	As a result, there is further work to be done on a grain supply model for the port that will support
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	the commercial needs of all parties, including that of investors and debt financiers.
• EPCBH and Portalis have been approached by a grain trading business of international standing
	regarding grain handling and export opportunities at Cape Hardy. Portalis has confirmed it is
	working with that business on potential operating models that feature a reduced capital
	expenditure for an early stage port with consideration of strategic grower-owned upcountry grain
	storage.
•	Importantly Portalis supports Iron Road's requirement that any alternate export facility, smaller
	than that originally proposed, needs to be scalable to support the future development and timing of
	the CEIP.
•	Increased levels of engagement from potential industry partners for the CEIP is targeted to
	accelerate the larger-scale port.

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