Rapid Critical Metals Secures US$675,000 and Over 18 Million Iris Metals Shares

Strategic Asset Sales in South Dakota

Rapid Critical Metals Limited (ASX – RCM) has taken a significant step in reshaping its portfolio by entering into a sale agreement for its Ingersoll project properties in South Dakota, USA. The transaction, agreed with a subsidiary of ASX-listed Iris Metals Limited (ASX – IR1), involves the transfer of nearly 31 hectares held by Rapid’s subsidiary, South Dakota Operations LLC.

The consideration for this sale includes a combination of US$625,000 payable in Iris Metals shares and a US$50,000 cash payment. The share component, totaling over 10.6 million Iris Metals shares, will be issued in two tranches, half at completion and half three months later, pending shareholder approval from Rapid. This structure reflects a strategic partnership approach rather than a straightforward cash sale, aligning interests between the two companies.

Completion of Tin Mountain Sale

In addition to the Ingersoll deal, Rapid has completed the sale of its Tin Mountain Project, also located in South Dakota, to Iris Metals. This transaction, announced earlier in July 2025, has now reached completion with Rapid receiving 7,455,912 Iris Metals shares as consideration. Iris Metals has also taken on key obligations including a US$300,000 cash payment to the original claim vendor, F3 Gold LLC, and a 2% gross revenue royalty on future production from the 93 claims associated with the project.

This royalty arrangement ensures that F3 Gold retains a stake in the project’s future upside, while Iris Metals benefits from a relatively low-cost structure to advance exploration activities. For Rapid, the completion of this sale marks a successful divestment of non-core assets, allowing the company to sharpen its focus on its high-grade silver and critical mineral projects in Tier-1 jurisdictions.

Implications for Rapid’s Growth and Funding

Rapid Critical Metals recently secured a substantial capital raise of A$10.5 million in July 2025, positioning the company to accelerate exploration efforts on its flagship projects, including the Webbs and Conrads Silver Projects in New South Wales and the Prophet River Gallium–Germanium Project in British Columbia, Canada. The proceeds and shareholdings from these sales not only provide liquidity but also create a strategic alliance with Iris Metals, a company with a growing footprint in critical metals exploration.

Managing Director Byron Miles highlighted the importance of these transactions in streamlining Rapid’s portfolio and enhancing its capacity to deliver near-term exploration catalysts. The shareholder approval requirement for the Ingersoll share issuance remains a key next step, with investors watching closely for the outcome.