IRIS Metals Advances Finley Basin Drilling and Updates Beecher Lithium-Rubidium Resource

Finley Basin Drilling Set to Validate Historical Tungsten Targets

IRIS Metals (ASX:IR1) is preparing to mobilise a maiden drill program at its Finley Basin tungsten project in Montana, targeting up to 7,000 metres across 16 holes from Q3 2026. This campaign aims to verify and expand on tungsten mineralisation first identified by Union Carbide in the late 1970s and early 1980s, which included a historical mineral reserve of 850,000 tons at 0.68% WO3. While this historical estimate is not JORC-compliant and awaits independent validation, it provides a promising foundation for IRIS's exploration efforts.

The company has advanced permitting with the U.S. Forest Service and Montana state authorities on schedule, maintaining flexibility on the final timing and scale of the program. Early field activities such as surface sampling and geologic mapping have already commenced, underpinning a detailed technical understanding ahead of drilling. The Finley Basin project benefits from its location in a mining-friendly jurisdiction with nearby permitted processing infrastructure, positioning it as a potential domestic source of tungsten amid global supply tightness and U.S. reliance on imports.

Beecher Project Delivers Updated Lithium-Rubidium Resource

In South Dakota, IRIS Metals has completed an updated Mineral Resource Estimate (MRE) for its Beecher lithium-rubidium project, reporting a combined 3.03 million tonnes at 1.00% lithium oxide (Li2O) and 0.116% rubidium oxide (Rb2O). Notably, a high-grade rubidium zone of 1.04Mt at 0.203% Rb2O was delineated, highlighting the project's multi-commodity potential. The resource update, effective 31 March 2026 and prepared by SRK Consulting, encompasses both open pit and underground mining methods.

Ongoing metallurgical test work is focused on rubidium recovery pathways to assess its viability as a by-product alongside lithium extraction. Initial studies confirm lithium mineralisation is amenable to conventional dense media separation and flotation, achieving up to 80% lithium recovery. IRIS is also exploring opportunities for direct shipping ore production from Beecher, which could accelerate project economics if successful.

Corporate Changes and Strategic Rebranding

On the corporate front, IRIS appointed Peter Youd as Company Secretary following the resignation of David Franks. Youd brings governance experience from his recent tenure at Winsome Resources Limited. Furthermore, the company announced plans to rebrand as Palisade Metals Limited, subject to shareholder approval at the upcoming Annual General Meeting. This rebranding aligns with IRIS's broader North American critical minerals strategy and coincides with relocating its head office from Melbourne to Perth, signalling a strategic shift towards its U.S. projects.

Financial Position Reflects Focused Exploration

IRIS Metals ended the June quarter with $3.1 million in cash, down from $4.6 million the previous quarter. Exploration and evaluation expenditure stood at $0.6 million, reflecting a measured ramp-up of activities, particularly at Finley Basin. The company’s cash burn also included $0.4 million in administration and corporate costs and $0.3 million in staff expenses, which decreased following board changes. With no proceeds from equity or debt financing during the quarter, IRIS’s available funding supports approximately 2.3 quarters of operations at current expenditure levels.

As IRIS advances its North American critical minerals portfolio, the market will be watching closely for drill results from Finley Basin and metallurgical outcomes from Beecher, which will be pivotal in defining the projects’ economic potential and guiding next steps in development.