Rapid Critical Metals Limited (ASX: RCM/RCMO) has announced it has entered into a Sale Purchase Agreement with a subsidiary of ASX-listed Iris Metals Limited (ASX: IR1) for the sale of its Ingersoll project properties in South Dakota, USA. Rapid Critical Metals is an ASX-listed explorer focused on advancing high-grade silver and critical mineral projects in Tier-1 jurisdictions. The company is fully funded following a $10.5M capital raise in July 2025.
Under the terms of the agreement, Rapid will receive US$625,000 in IR1 shares, equating to 10,683,756 shares. Fifty percent of these shares will be issued upon completion of the transaction, with the remaining 50% issued three months thereafter, subject to shareholder approval. Additionally, Rapid will receive a cash payment of US$50,000.
The company also announced the completion of the sale of the Tin Mountain Project in South Dakota, USA, as initially announced on 1 July 2025. As part of this completed agreement with an Iris Metals subsidiary, Rapid has now received 7,455,912 shares in Iris Metals. Additionally, Iris Metals has assumed obligations including a US$300,000 cash payment to F3 Gold LLC, the original claim vendor, completed on 30 June 2025.
F3 Gold LLC will retain a 2% gross revenue royalty on future production from the 93 claims, ensuring a low-cost structure for IRIS to advance exploration. This ASX release was authorised by Byron Miles, Managing Director of Rapid Critical Metals.
