IRIS Metals Boosts Cash and Advances Lithium-Rubidium and Tungsten Projects in US

Financial Reinforcement and Strategic Board Changes

IRIS Metals Limited (ASX:IR1) has significantly bolstered its financial footing, closing the quarter ended 31 March 2026 with a robust cash position of $4.6 million, up from $1.3 million the previous quarter. This improvement follows a well-supported A$5.5 million placement to institutional and existing investors, providing capital to accelerate its US critical minerals ambitions. Alongside this financial boost, IRIS restructured its board, appointing Chris Evans as Non-Executive Chairman and transitioning Peter Marks to Non-Executive Director, while Tal Paneth resigned. The company also mourned the sudden loss of Non-Executive Director Kevin Smith, whose contributions were highly valued.

Beecher Project Advances Towards Multi-Commodity Resource

The Beecher lithium-rubidium project in South Dakota remains IRIS’s flagship asset. The company is gearing up to release an updated Mineral Resource Estimate (MRE) by the end of April 2026 that will incorporate a maiden rubidium resource alongside the existing JORC-compliant lithium resource of 2.20 million tonnes at 1.05% Li₂O. A detailed review of 117 drill holes identified 45 with significant rubidium mineralisation exceeding 2 metres at 0.20% Rb₂O or higher, including standout intercepts such as 10.5 metres at 0.41% Rb₂O and 23.2 metres at 0.29% Rb₂O. These results position Beecher as one of the highest-grade rubidium occurrences in the US, enhancing its profile as a multi-commodity critical minerals project in a mining-friendly jurisdiction.

Funds from the placement will support ore sampling and metallurgical optimisation, underpinning the pathway to early Direct Shipping Ore sales under an existing mining licence. This progress aligns with growing Western government focus on securing domestic supply chains for strategic minerals like rubidium.

Expanding Tungsten Exposure with Finley Basin Farm-In

IRIS has broadened its critical minerals portfolio by executing a definitive farm-in agreement for the Finley Basin Tungsten Project in Montana, marking a strategic move into tungsten, an essential mineral for defence and industrial applications. The company acquired extensive historical exploration data from Union Carbide’s late 1970s to early 1980s drilling campaigns, revealing a non-JORC compliant reserve estimate of 850,000 tons at 0.68% WO₃. While this historical resource requires validation under modern standards, it provides a valuable foundation for exploration planning.

IRIS has submitted exploration plans to regulatory authorities and aims to commence a Phase I drilling campaign of over 7,000 metres in Q3 2026. The project benefits from proximity to permitted processing infrastructure in Phillipsburg, approximately 30 km away, enhancing its potential to become a domestic tungsten supply source amid global market tightness and US reliance on imports.

This farm-in deal builds on the company’s efforts to diversify its critical minerals exposure and was preceded by earlier announcements detailing the strategic significance of the Montana tungsten project and planned drilling activities IRIS Metals Advances Tungsten Ambitions with Montana Farm-In Deal.

Rising Exploration Spend and Operational Outlook

Exploration and evaluation expenses rose to $0.8 million this quarter, reflecting increased activity at both Beecher and Finley Basin. Administration and corporate costs also climbed, primarily due to capital raising efforts and timing of payments. Staff costs increased modestly, consistent with director remuneration and operational scaling.

IRIS continues to evaluate additional acquisition opportunities in commodities prioritised under US critical minerals policy, aiming to build a diversified platform that captures both immediate market opportunities and long-term structural demand growth for domestic supply chains.