Iris Secures Right to High-grade Tungsten Project, Montana USA and Update

IRIS Metals Limited (ASX: IR1, “IRIS” or “the Company”) is pleased to announce it has executed a binding Heads of Agreement (HOA) with Finley Mining Inc for the exclusive right to farm-in to the Finley Basin Tungsten Project (Tungsten Project) located in Granite County, Montana, USA. This strategic farm-in opportunity further expands IRIS’ exposure to critical minerals beyond lithium, positioning the Company in a key tungsten district with historical production potential and untapped high-grade tungsten potential in a jurisdiction primed for revival under U.S. critical minerals policies.

HIGHLIGHTS

• 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, subject to the execution of full form farm-in agreements to be negotiated in good faith on the agreed key terms within 40 business days (unless extended).
• Due to the transaction materialising during a proposed capital raising program, the Company decided not to raise capital at this point in time, having regard to the strategic merits of the Tungsten acquisition.
• Limited drilling undertaken by Union Carbide in the late 1970s–early 1980s resulted in a historical, non-JORC compliant tungsten reserve, 850,000 tons at an average grade of 0.68% WO₃¹, which is considered high-grade relative to many global tungsten deposits.
• The farm-in provides IRIS with exposure to tungsten, a critical mineral with strategic importance for defense, energy, and industrial applications, complementing IRIS’ existing critical minerals portfolio.
• 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 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 Metals Executive Chairman Peter Marks commented:

“This binding agreement marks an exciting step for IRIS as we grow and diversify our critical minerals portfolio into tungsten, a vital component for the defense and technology industries. The Finley Basin Project offers significant upside with its prospective geology and location in a mining-friendly jurisdiction. Combined with our existing South Dakota portfolio, this positions IRIS to capitalise on significantly growing demand for US-sourced critical minerals.”

Montana Portfolio Expansion and Development

IRIS is actively evaluating additional critical mineral opportunities to complement its core South Dakota holdings. This farm-in to the Finley Basin Tungsten Project diversifies IRIS’ assets into tungsten, a critical mineral essential for military…