Iris Secures Proper to Excessive-grade Tungsten Mission, Montana USA and Replace on Capital Elevating

IRIS Metals Restricted (ASX: IR1, “IRIS” or “the Firm”) is happy to announce it has executed a binding Heads of Settlement (HOA) with Finley Mining Inc for the unique proper to farm-in to the Finley Basin Tungsten Mission (Tungsten Mission) positioned in Granite County, Montana, USA. This strategic farm-in alternative additional expands IRIS’ publicity to important minerals past lithium, positioning the Firm in a key tungsten district with historic manufacturing potential and untapped high-grade tungsten potential in a jurisdiction primed for revival below U.S. important minerals insurance policies.

HIGHLIGHTS

• IRIS Metals has signed a binding Heads of Settlement with Finley Mining Inc and its shareholders, granting IRIS an unique proper to farm-in to the high-grade Finley Basin Tungsten Mission, positioned in Granite County, Montana, USA, topic to the execution of full type farm-in agreements to be negotiated in good religion on the agreed key phrases inside 40 enterprise days (except prolonged).
• As a result of transaction materialising throughout a proposed capital elevating program, the Firm determined to not increase capital at this time limit, having regard to the strategic deserves of the Tungsten acquisition.
• Restricted drilling undertaken by Union Carbide within the late Seventies–early Nineteen Eighties resulted in a historic, non-JORC compliant tungsten reserve, 850,000 tons at a median grade of 0.68% WO₃¹, which is taken into account high-grade relative to many international tungsten deposits.
• The farm-in supplies IRIS with publicity to tungsten, a important mineral with strategic significance for protection, power, and industrial functions, complementing IRIS’ present important minerals portfolio.
• The farm-in construction permits IRIS to earn as much as a 100% curiosity within the challenge by way of staged exploration expenditure of as much as USD$2,000,000 over 4 years and supply of a JORC- compliant Inferred Useful resource.
• Exploration actions to start on the Finley Basin Mission in early 2026, specializing in useful resource definition, growth, and improvement research.
• The transaction aligns with IRIS’ technique to increase its important minerals footprint within the USA, leveraging incentives for domestically sourced supplies.

IRIS Metals Government Chairman Peter Marks commented:

“This binding settlement marks an thrilling step for IRIS as we develop and diversify our important minerals portfolio into tungsten, a significant part for the protection and know-how industries. The Finley Basin Mission presents important upside with its potential geology and placement in a mining-friendly jurisdiction. Mixed with our present South Dakota portfolio, this positions IRIS to capitalise on considerably rising demand for US-sourced important minerals.”

Montana Portfolio Growth and Improvement

IRIS is actively evaluating further important mineral alternatives to enhance its core South Dakota holdings. This farm-in to the Finley Basin Tungsten Mission diversifies IRIS’ property into tungsten, a important mineral important for navy energetics, alloys, electronics, and renewable power applied sciences, with U.S. demand surging amid protection initiatives and clear power objectives, but weak to geopolitical provide disruptions.

The growth of IRIS’ mineral portfolio to tungsten was measured in strategy with plenty of tasks reviewed and in contrast. The Firm chosen the Finley Basin Mission as a consequence of its high-grade traits in comparison different tungsten occurrences within the US², historic exploration outcomes, beneficial jurisdiction, potential for growth of identified mineralisation, native milling capabilities, and cheap proximity to the Firm’s South Dakota operations.

IRIS’ main focus stays on advancing its South Dakota lithium and rubidium tasks towards near- time period improvement below its “Hub & Spoke” technique, which emphasises centralized processing throughout a number of websites.

Current expansions, together with the September 2025 acquisition of the Ingersoll Mission from Fast Vital Metals have considerably grown IRIS’ Black Hills footprint and personal land holdings. IRIS is quickly increasing mineral sources and progressing research to assist a multi-mine manufacturing mannequin, with financial evaluation focused for 2026.

This strategic diversification importantly aligns with broader U.S. incentives for domestically sourced important minerals and helps resilient provide chains below frameworks such because the Australia-U.S. Local weather, Vital Minerals and Clear Vitality Transformation Compact.

Click on right here for the complete ASX Launch

This text consists of content material from Iris Metals, licensed for the aim of publishing on Investing Information Australia. This text doesn’t represent monetary product recommendation. It’s your duty to carry out correct due diligence earlier than appearing upon any data supplied right here. Please check with our full disclaimer right here.