Key Highlights

  • Infinity Metals wrote its San José lithium project in Spain down to nil with a A$20.28 million Impairment in FY2025.
  • The company has taken Options over the Swansea copper project in Arizona and the Tule Canyon molybdenum-copper project in Nevada.
  • Cash was A$2.62 million at 30 June 2026, and the company is running a Placement of up to A$2.25 million at A$0.01 a share.

Infinity Metals (ASX:INF), formerly Infinity Lithium Corporation, has spent 2026 repositioning from a single lithium asset in Spain towards a portfolio of copper, molybdenum, gold and tin-lithium exploration projects. Its newest options, in Arizona and Nevada, sit alongside a Spanish permitting process that remains unresolved. Shareholders approved the name change in August 2025.

From Spanish lithium to a wider portfolio

The 2025 annual report, dated 24 September 2025, explains the shift. The company booked a net loss of A$23.89 million for the year to 30 June 2025, mostly a A$20.28 million impairment that wrote the San José lithium project in Spain down to nil. Cash was A$5.13 million, and the company withdrew from a Spanish grant programme, returning about 19.8 million euros. In March 2025 it acquired Highland Resources, which holds exploration licences in eastern Victoria.

According to the June 2026 quarterly report, released on 27 July 2026, the company still holds a 75 per cent interest in San José. The Mining licence application was supplemented with additional documentation in September 2025 and is still being processed. The company reported no feedback from regional authorities during the quarter and noted that a new regional coalition government took office in April 2026, with the relevant minister reappointed in May. A permit outcome is not assured.

New projects

The Quarterly Report describes an option over the Swansea copper project in La Paz County, Arizona, exercisable over 24 months and covering 34 unpatented claims. The company cites historical production of about 29 million pounds of copper at 2.43 per cent between 1908 and 1937, and notes that a 1975 estimate of 5.42 million tonnes at 0.81 per cent copper is not a JORC resource.

On 3 August 2026 the company announced an option over the Tule Canyon molybdenum-copper project in Esmeralda County, Nevada, amended on 5 August. The amended terms cover 44 claims, a US$35,000 option fee for 12 months, A$100,000 in shares on exercise, a further A$250,000 in shares if a resource of at least 250 million tonnes at 0.06 per cent molybdenum is defined within five years, a 2.5 per cent net smelter Royalty and A$500,000 in cash on a final Investment decision.

Elsewhere, Infinity has applied to drill up to 30 shallow aircore holes at the Yambacoona tin-lithium project in New South Wales, and Victorian sampling results are pending.

Cash, placement and dilution

Cash was A$2.62 million at 30 June 2026, and the quarterly report discloses A$107,418 of related-party payments. The company is running a placement of up to A$2.25 million at A$0.01 a share, with one free option for every two shares. The first Tranche raised about A$1.1 million, with shares issued on 26 June 2026. The second, of about A$1.15 million, required Shareholder approval at a general meeting on 11 August 2026. Placements at A$0.01 with attaching options increase the share count and dilute existing holders.

What's Next

The main risks are permitting uncertainty in Spain, the early stage of every other project, US federal land-access approvals and further funding needs. Work at Swansea depends on a Bureau of Land Management plan of operations. Near-term items include the NSW drilling approval, the Victorian results and any Spanish decision, although the company has not given dates for any of them.