IRIS Metals Limited (ASX: IR1) has announced a significant expansion of its Tin Mountain Project in South Dakota, USA, through the acquisition of the Tin Mountain Extension (TME) property. IRIS Metals is an exploration company with an extensive suite of assets considered highly prospective for hard rock lithium located in South Dakota, United States. Through its subsidiary, Tin Mountain Minerals LLC (TMM), IRIS has entered into a binding Sale Purchase Agreement with Rapid Critical Metals Limited’s subsidiary, South Dakota Operating LLC (SDO), to purchase 93 federal mining claims covering 752 hectares.
The acquisition strengthens IRIS’s position as a dominant lithium explorer in the Black Hills region. The TME property, located adjacent to the existing Tin Mountain Project, contains historical mines with geological structures indicating significant lithium potential. The purchase aligns with IRIS’s strategy to consolidate high-potential lithium projects and supports its ‘Hub & Spoke’ strategy for centralised processing and near-term production.
The consideration for the acquisition includes a US$550,000 share issuance, calculated using the 30-day volume-weighted average price (VWAP), and a US$300,000 cash payment. Additionally, F3 Gold LLC will retain a 2% gross revenue royalty on future production from the 93 claims. Shareholder approval for the share issuance will be sought at the Annual General Meeting scheduled for 29 August 2025.
IRIS has commenced Phase II drilling at the Tin Mountain Project, targeting high-priority zones. Drilling is expected to conclude by mid-July 2025, with assays anticipated in October 2025. The company remains on track to deliver a maiden mineral resource estimate for the project by the end of 2025, positioning IRIS to meet growing U.S. demand for critical battery minerals.
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