What Infinity Metals does

Infinity Metals Limited (ASX:INF), formerly Infinity Lithium Corporation, is an ASX-listed minerals explorer whose story has shifted from a single European lithium asset towards a spread of early-stage projects. Its newer projects are at the option, permitting and approval stage rather than the resource stage.

For years the company's principal asset was the San José lithium project in Spain. According to the FY2025 annual report, signed by directors on 24 September 2025, the company recorded a $20,284,364 Impairment that wrote the carrying value of that project down to nil. The report says the Mining Licence Application remained under review, and that losing it could mean a delay of months to years.

Diversification into other projects

The same Annual Report describes the Acquisition of Highland Resources, completed on 1 April 2025, which holds four exploration licences in eastern Victoria. The upfront cost was about $266,860, mostly paid in shares.

The company's ASX announcements for 2026 point to further moves. On 10 June 2026 it announced a drilling approval request for its Yambacoona Tin Project in New South Wales. On 18 June 2026 it announced an option to acquire a historic copper mine alongside a placement, preceded by a Trading halt on 16 June. On 3 August 2026 it announced an option to acquire a molybdenum-copper project in Nevada, amended on 5 August, with a San Jose update on 4 August.

Under the Nevada deal, Infinity proposed to issue 25 million shares, valued at $250,000, to the vendor, but only if the company announces a JORC-compliant Indicated and/or Measured resource of at least 250 million tonnes at 0.06% molybdenum or higher within five years. The payment is contingent on exploration success and would dilute holders by up to 25 million shares.

Financial position: last full-year figures

The most recent audited figures reviewed are for the year to 30 June 2025. The net loss was $23,889,076, driven largely by the impairment, compared with $3,674,526 a year earlier. Cash at year-end was $5,130,052, down from $13,117,771, and that cash included $1,793,800 of restricted PERTE funds. Net Assets were $3,000,618 and the accounts were prepared on a Going Concern basis.

Quarterly cash reports were lodged on 24 April and 27 July 2026. The next Quarterly Report is expected around 23 October 2026, though the company has not confirmed the date.

Sector context and risks

Tin, copper and molybdenum are industrial metals whose prices respond to global Manufacturing demand, but that does not translate into value for a company at the option stage. Key risks are specific: the unresolved status of San José; the need for fresh funding for option obligations and drilling; dilution from placements and milestone shares; and execution risk across three jurisdictions.

An option is a right to acquire, not ownership; a drilling approval request is not an approval; and exploration licences are not mineral resources. Nothing reviewed shows a JORC resource at the newer projects.