Key Highlights

  • Infinity Mining's Annual Report for the year to 31 March 2026 identified a material uncertainty about its ability to continue as a going concern.
  • The company holds more than 3,700 square kilometres of tenements across New South Wales, Victoria and Western Australia.
  • Cash was A$383,339 at year end, and the total comprehensive loss was A$5.74 million.

Infinity Mining (ASX:IMI) is an explorer with a large tenement package and a small balance sheet. Its annual report for the year to 31 March 2026, signed on 26 June 2026, said additional funding is required to meet minimum expenditure commitments and identified a material uncertainty about the company's ability to continue as a going concern. The directors considered the going-concern basis appropriate, citing spending controls and possible Equity raisings, asset sales and joint ventures. The note discloses uncertainty; it is not a prediction of failure.

What the company does and its stage

Infinity holds more than 3,700 square kilometres of tenements in the Macquarie Arc of New South Wales, the Melbourne Zone of Victoria and the East Pilbara of Western Australia. It is an early-stage explorer with no reported production or revenue. Ground-based work began at the Hillside gold and copper project in the Pilbara on 28 May 2026, after a data review identified a gold trend of about 10 kilometres, with historical rock chips up to 240 grams per tonne, and a copper trend of about 7.5 kilometres, with samples up to 7.8% copper. These are historical samples, and the company described drilling as planned for later in 2026.

Other projects and partners

In Victoria, rock chips at Walhalla South Extended returned 21.6% to 51.4% antimony with gold of 0.051 to 0.88 grams per tonne. On 27 April 2026 Mining One agreed to earn up to 51% of two Victorian tenements by spending about A$500,000 in two stages.

At the Cangai copper project in New South Wales, the company signed a memorandum of cooperation with Orivium Global in November 2025, expanded in April 2026 to cover electronic-waste processing. Under it, profits would be shared 60/40 in favour of the feedstock supplier. The memorandum is not a Revenue contract, and no processing income has been reported.

Financial position

The annual report showed a total comprehensive loss of A$5.74 million, compared with A$7.79 million the year before, including A$2.84 million of non-cash share-based payments and A$1.32 million of exploration asset impairment. Cash was A$383,339, down from A$599,429, and net Assets were A$4.25 million, mostly capitalised exploration. Operating outflow was A$889,907 and investing outflow A$700,343. Financing inflow of A$1.374 million included a A$1 million Placement of 100 million shares at A$0.01 and a loyalty option offer that raised A$265,389, with Options exercisable at A$0.02 and expiring on 15 November 2028.

The March 2026 quarterly report, released on 29 April, put cash at about A$381,600 and the quarterly cost base at about A$95,000, down from A$285,407 in the previous quarter. After year end the company sold 8,928,571 shares in Evergreen Lithium for net proceeds of A$185,660.

Governance and dilution

All 13 resolutions passed at the Annual General Meeting on 31 August 2026, including approval of a 10% placement capacity and share and option issues to directors. On the same day the company disclosed three-year consultancy agreements for its Executive Chairman and an executive director at A$130,000 a year each. Equity issues to directors and further placements would increase the number of shares on issue.

The Bottomline

Antimony and copper are regarded as strategic metals, but historical rock chips and desktop targets are a long way from a defined resource. Weather, heritage and environmental approvals can delay drilling, and the company's own report states that additional funding is required to meet its commitments. The planned Hillside drilling and the next Quarterly Report are the items to follow.