IRIS Metals has reported significant progress in its US lithium and critical minerals projects, highlighted by major rubidium discoveries and a strategic tungsten farm-in. The company is poised to enhance its role in domestic critical minerals supply chains.
- High-grade rubidium intercepts at Beecher Project with maiden resource planned
- Multi-element drilling success at Tin Mountain confirms critical minerals potential
- Exclusive farm-in rights secured for Montana’s Finley Basin tungsten project
- Collaboration with Rock Zero to develop low-emission lithium refining technology
- Board strengthened with appointment of lithium industry veteran Chris Evans
Strategic Advances in Critical Minerals Exploration
IRIS Metals Limited (ASX – IR1) has delivered a robust quarterly update, underscoring its expanding footprint in the US critical minerals sector. The company’s focus remains firmly on its lithium and associated critical minerals projects in South Dakota’s Black Hills pegmatite province, where recent drilling has revealed substantial rubidium mineralisation.
During the quarter, IRIS completed a comprehensive review of 117 drill holes at the Beecher Project, identifying 45 holes with significant rubidium intercepts exceeding 0.20% Rb₂O over more than 2 metres. Notably, drill hole BDD-23-005 returned an impressive 5.8 metres at 0.50% Rb₂O, marking one of the highest-grade rubidium intersections reported in the US to date. This discovery elevates Beecher beyond a lithium-only asset, positioning it as a multi-commodity critical minerals project with a maiden rubidium Mineral Resource Estimate (MRE) anticipated in early 2026.
Confirming Multi-Element Potential at Tin Mountain
Complementing Beecher’s success, Phase II drilling at the Tin Mountain Project further confirmed the presence of high-grade lithium alongside other critical minerals including rubidium, tantalum, beryllium, and cesium. Assays revealed standout intercepts such as 57.3 metres at 1.74% lithium oxide, with rubidium grades reaching up to 0.40% Rb₂O. These results reinforce Tin Mountain’s potential as a multi-commodity resource in a jurisdiction currently lacking domestic rubidium production. IRIS plans to deliver a maiden JORC-compliant resource estimate for Tin Mountain’s lithium and rubidium deposits by mid-2026.
Diversifying with Tungsten in Montana
In a strategic move to broaden its critical minerals portfolio, IRIS secured exclusive farm-in rights to the Finley Basin Tungsten Project in Montana. This project boasts a historical, though non-JORC compliant, reserve of 850,000 tons at 0.68% tungsten trioxide (WO₃), identified by Union Carbide in the late 20th century. Tungsten’s critical role in defence, electronics, and renewable energy technologies aligns well with US government priorities to secure domestic supply chains. IRIS intends to fast-track exploration with a 4,500-metre drilling program and metallurgical testing, targeting a refined resource estimate by early 2027.
Innovating Lithium Processing with Rock Zero Partnership
IRIS also announced a collaboration with US-based Rock Zero Inc. to develop lithium refining capacity using Rock Zero’s proprietary roast-free hydrometallurgical technology. Initial tests achieved over 95% lithium extraction from IRIS’s spodumene concentrate without the conventional roasting step, suggesting a lower-cost and lower-emission processing alternative. This partnership aims to leverage non-dilutive government funding to bolster a secure and sustainable domestic lithium supply chain.
Corporate and Financial Highlights
The company strengthened its board with the appointment of Chris Evans, a seasoned lithium and critical minerals executive, enhancing IRIS’s corporate governance and investor engagement. Financially, IRIS ended the quarter with $1.3 million in cash, reflecting a reduction in exploration expenditure during winter months. The company is actively pursuing additional funding to support its aggressive exploration and development plans, with expectations of moving to a net cash surplus in the coming quarter.
Bottom Line?
IRIS Metals is rapidly advancing its US critical minerals portfolio, setting the stage for resource upgrades and strategic growth in 2026.
Questions in the middle?
- How will the maiden rubidium resource estimates at Beecher and Tin Mountain impact IRIS’s valuation and project financing?
- What are the timelines and funding prospects for advancing the Finley Basin tungsten project towards production?
- How might the Rock Zero collaboration influence IRIS’s lithium processing costs and environmental footprint?