• Acquiring extensive portfolio of private lands and federal mineral claims in Black Hills, South Dakota
• Includes the historic Bob Ingersoll Mine, a former lithium and beryllium producer
• Strengthens IR1's position as the leading lithium explorer in the region

IRIS Metals (ASX:IR1) is pleased to announce the acquisition of an extensive portfolio of private lands and federal mineral claims totalling 8,065 hectares from Rapid Critical Metals (ASX: RCM). This strategic acquisition includes the Bob Ingersoll Mine (Ingersoll Project), a former lithium and beryllium producer located wholly on private lands. The acquisition grows IRIS' private land holdings to over 41 hectares, providing additional access to projects that can be quickly advanced to production. IRIS intends to commence a drill program at the Ingersoll Project in Q4 2025, facilitated by an existing exploration permit. The company is also reviewing additional critical mineral potential across the acquisition, including beryllium and tantalum. This acquisition further consolidates the critical minerals district in the southern Black Hills of South Dakota, significantly strengthening IRIS' mineral property portfolio. The Ingersoll Project, combined with IRIS' Beecher, Tin Mountain, and Edison Projects, establishes a robust foundation for the company's near-term lithium production ambitions and enhances its exposure to critical minerals such as beryllium and tantalum.

IRIS is rapidly expanding mineral resources and progressing processing studies to support a multi-mine production model, with economic analysis targeted for early 2026.

IRIS is actively evaluating and conducting due diligence on additional mineral tenure acquisitions in South Dakota to strengthen its portfolio, complementing recent additions like the Ingersoll Project. The company's primary focus remains on advancing its South Dakota holdings toward near-term development under its 'Hub & Spoke' strategy, which emphasises centralised processing across multiple projects.