• Significant high-grade rubidium discovery at Beecher Project
• Exceptional lithium, rubidium, tantalum, beryllium, and cesium results from Tin Mountain Project
• Secured exclusive right to high-grade Finley Basin Tungsten Project in Montana

IRIS Metals Ltd (ASX: IR1) reported its Quarterly Activities and Cashflow Report for the period ended 31 December 2025. The company continued to advance its portfolio of lithium and critical minerals projects across the United States, with a primary focus on the Black Hills pegmatite province in South Dakota. A comprehensive review of 117 drill holes from The Beecher Project identified 45 drill holes with intercepts greater than 2m at 0.20% Rb2O, demonstrating a significant high-grade rubidium discovery. This adds high-value rubidium to the existing JORC lithium resource, elevating Beecher to a true multi-commodity critical minerals project. Phase II drilling at Tin Mountain also delivered high-grade results across lithium and other critical minerals, confirming multi-element potential and supporting a maiden Mineral Resource Estimate. IRIS also secured an exclusive right to farm-in to the high-grade Finley Basin Tungsten Project in Montana, USA, diversifying its portfolio with exposure to tungsten, a critical mineral essential for military, industrial, and renewable energy applications. The company plans to rapidly advance resource confirmation and expansion at Finley Basin through data acquisition, a planned 4,500m Phase I drill program, metallurgical testing, and a refined Mineral Resource Estimate in early 2027. IRIS also signed a Collaboration Agreement with U.S.-based Rock Zero Inc. to accelerate the development of lithium refining capacity, combining IRIS' permitted hard-rock resources with Rock Zero's proprietary roast-free hydrometallurgical technology.

IRIS is targeting a JORC-compliant maiden Mineral Resource Estimate for lithium, rubidium, and potentially other critical minerals at the Tin Mountain Project in late Q1 or early Q2 2026.

IRIS intends to rapidly advance resource confirmation and expansion at the Finley Basin Tungsten Project through data acquisition, a planned 4,500m Phase I drill program, metallurgical testing, and a refined Mineral Resource Estimate in early Q1 2027.