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IRIS Metals Limited (ASX:IR1)

ALERT: Price-sensitive ASX Announcement for IR1
Current share price for IR1 : $0.066 -0.069 (-51.11%)+
Announcement
Release
10 Mar 2026 10:16AM
Price at Release
$0.135
Full Release
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Summary
IRIS Metals Limited has entered a definitive farm-in agreement with Finley Mining Inc., enabling the company to earn a stake in the high-grade Finley Basin Tungsten Project in Montana, USA. The project spans approximately 378 hectares in a region with a rich tungsten production history. This transaction marks a strategic move for IRIS, diversifying its critical minerals portfolio to include tungsten, vital for defense and advanced manufacturing. Initial steps involve funding US$1 million of exploration expenditure over two years, with a Phase I drill program set to commence in Q3 2026. The agreement allows IRIS to potentially earn up to 100% ownership of the project, contingent upon certain milestones and investments.
Key Points
  • IRIS Metals executed a definitive farm-in agreement with Finley Mining Inc.
  • The agreement grants IRIS the right to earn a shareholding in the Finley Basin Tungsten Project in Montana, USA.
  • The project covers approximately 378 hectares in a historically productive tungsten region.
  • Historical mineral reserve estimates indicate high-grade tungsten skarn mineralisation.
  • The transaction is part of IRIS's strategy to diversify into critical minerals like tungsten.
  • A Phase I drill program is planned for Q3 2026, aiming for a JORC-compliant resource estimate by 2027.
  • IRIS can earn up to 100% ownership of Finley Mining through staged investments.
  • The initial exploration expenditure is set at US$1 million over two years.
  • IRIS retains the option to withdraw after a minimum spend of USD$250,000.
  • Initial consideration includes reimbursing vendors for historical costs and issuing IRIS shares.
IMPORTANT NOTE: This information is autogenerated and has not been reviewed for accuracy or completeness. You should refer to the full announcement here for further information.