Sale Of Ingersoll Project & Completion of Tin Mountain Sale

• Rapid Critical Metals sells Ingersoll project in South Dakota to Iris Metals for US$625,000 in shares and US$50,000 cash
• Rapid also completes sale of Tin Mountain project in South Dakota to Iris Metals
• Iris Metals assumes US$300,000 cash payment and 2% gross revenue royalty on Tin Mountain project

Rapid Critical Metals Limited (ASX: RCM) has announced the sale of its Ingersoll private project properties in South Dakota, USA to a subsidiary of ASX-listed Iris Metals Limited (ASX: IR1). The consideration payable to Rapid under the transaction includes a US$625,000 share issuance of 10,683,756 IR1 shares, with 50% issued at completion and 50% issued 3 months following completion, subject to shareholder approval. Rapid will also receive a US$50,000 cash payment. The company has also completed the sale of its Tin Mountain Project in South Dakota, USA to a subsidiary of Iris Metals. Under the Tin Mountain sale agreement, Iris Metals has assumed 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, ensuring a low-cost structure for Iris Metals to advance exploration.