• IRIS Metals signs binding agreement to farm-in to the Finley Basin Tungsten Project in Montana, USA
• Historical exploration indicates potential for high-grade scheelite-bearing tungsten deposits
• Exploration activities to commence in 2026, targeting resource definition and expansion

IRIS Metals has signed a binding Heads of Agreement with Finley Mining Inc and its shareholders, granting IRIS an exclusive right to farm-in to the high-grade Finley Basin Tungsten Project, located in Granite County, Montana, USA. The farm-in provides IRIS with exposure to tungsten, a critical mineral with strategic importance for defense, energy, and industrial applications, complementing its existing critical minerals portfolio. Limited drilling undertaken by Union Carbide in the late 1970s-early 1980s resulted in a historical, non-JORC compliant tungsten reserve of 850,000 tons at an average grade of 0.68% WO3, which is considered high-grade relative to many global tungsten deposits. The farm-in structure allows IRIS to earn up to a 100% interest in the project through staged exploration expenditure of up to USD$2,000,000 over 4 years and delivery of a JORC-compliant Inferred Resource. Exploration activities are set to commence at the Finley Basin Project in early 2026, focusing on resource definition, expansion, and development studies. The transaction aligns with IRIS' strategy to expand its critical minerals footprint in the USA, leveraging incentives for domestically sourced materials.

IRIS is targeting Q3 2026 for the start of drilling operations at the Finley Basin Project. Assuming success, completion of an initial mineral resource estimate that recreates and expands on the previous Union Carbide work is planned for early Q1 2027.