IRON ROAD LIMITED — Capital/Financing Update 2021

May 25, 2021

26 May 2021

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ASX ANNOUNCEMENT

Iron Road Ltd (Iron Road, ASX: IRD)

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RESULTS OF SHARE PURCHASE PLAN

Iron Road Ltd (Iron Road or Company, ASX: IRD) advises the results of the Company’s Share Purchase Plan (SPP) which closed on Monday 24 May 2021.

The SPP raised approximately $0.84 million and offered all eligible shareholders the opportunity to participate in the capital raising activity of the Company on the same terms as that offered to participants in the share placement completed on 10 May 2021 which raised $4.25 million (Placement). Both the Placement and SPP were priced at $0.215 (21.5 cents) per share. All directors and the CEO applied for their full entitlement under the SPP.

The Company expects to issue the SPP shares on 28 May 2021 and dispatch holding statements or confirmation advice in respect of the new shares allotted under the SPP by 31 May 2021. Participants in the SPP should confirm their holding before trading in any shares that they believe have been allotted to them under the SPP.

The SPP concludes the current round of capital raising activity for Iron Road which commenced in December 2020 with the earlier 1 for 7 rights issue. Pending FIRB and shareholder approval, the Company has raised approximately $16 million in funds (before costs) since that time, leaving the Company in a healthy cash and expected debt free position.

Authorised for release by the board of Iron Road Ltd

For further information, please contact:

Larry Ingle, Chief Executive Officer Iron Road Ltd Tel: +61 8 8214 4400

Jarek Kopias, Company Secretary Iron Road Ltd

Or visit www.ironroadlimited.com.au

ASX: IRD admin@ironroadlimited.com.au www.ironroadlimited.com.au

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[GPO Box 1164, Adelaide SA 5001, Australia | T +61 (8) 8214 4400 ] admin@ironroadlimited.com.au | ironroadlimited.com.au | ABN: 51 128 698 108