Iron Road (ASX:IRD) received a AU$3 million non-dilutionary milestone payment from Canada-based Amp Energy as part of the Cape Hardy advanced fuels project in South Australia, according to a Thursday filing with the Australian bourse.
The payment follows Amp Energy's initial AU$1.5 million payment upon obtaining Foreign Investment Review Board approval, the filing said.
Amp Energy agreed to pay the company AU$22.5 million in progressive project development payments upon reaching agreed milestones through to the first production from the project, according to a separate filing in May 2024.
Iron Road shares fell more than 3% in afternoon trade Thursday.
Price (AUD): $0.06, Change: $-0.0020, Percent Change: -3.39%
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