• IRIS Metals has executed a definitive farm-in agreement to earn up to 100% of the high-grade Finley Basin Tungsten Project in Montana, USA
• The project hosts tungsten-rich skarn mineralisation with a historical non-JORC compliant mineral reserve estimate of 850,000 tons at 0.68% WO3
• IRIS plans to commence a phase I drill program in Q3 2026 to define a JORC-compliant mineral resource estimate

IRIS Metals Limited (ASX: IR1) has executed a definitive farm-in agreement with Finley Mining Inc. and its shareholders, under which IRIS may earn up to a 100% fully diluted shareholding in Finley Mining, the owner of the high-grade Finley Basin Tungsten Project located in Granite County, Montana, USA. The Finley Basin Project hosts tungsten-rich skarn mineralisation, with historical exploration by Union Carbide Corporation in the late 1970s and early 1980s identifying a non-JORC compliant historical mineral 'reserve' of 850,000 tons at an average grade of 0.68% WO3. IRIS views the Finley Basin Project as having significant exploration upside, including untested skarn targets, and benefits from proximity to a fully permitted 1,000 tons per day contract flotation mill in Phillipsburg, Montana, approximately 30 km away. Under the agreement, IRIS has the right to earn a 70% fully diluted ownership interest in Finley Mining by funding US$1 million of exploration expenditure over two years and finalising a JORC-compliant Inferred Mineral Resource estimate. IRIS can then earn a further 20% interest (totaling 90%) by spending an additional US$1 million over two years. IRIS plans to commence permitting activities immediately and target Q3 2026 for the start of a Phase I drill program comprising over 4,500m of drilling to confirm and expand on the historical results.

IRIS has not provided any high-importance, price-sensitive forward-looking financial metrics in the announcement.

IRIS plans to commence permitting activities immediately and target Q3 2026 for the start of a Phase I drill program comprising over 4,500m of drilling to confirm and expand on the historical results from the Finley Basin Tungsten Project. The company will also undertake reconnaissance sampling and mapping over additional tungsten skarn targets in the immediate vicinity and initiate permitting for a potential Phase II drill program in rapid succession.