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 Ingersoll project comprises 30.99 hectares held by Rapid’s subsidiary, South Dakota Operations LLC.
Under the terms of the agreement, Rapid will receive US$625,000 payable in IR1 shares, totalling 10,683,756 IR1 shares, with 50% issued upon completion and the remaining 50% three months thereafter, subject to shareholder approval. Additionally, Rapid will receive a cash payment of US$50,000 as part of the transaction.
The company also announced the completion of the sale of the Tin Mountain Project in South Dakota, USA, as previously announced on 1 July 2025. As part of this completed sale with Iris Metals, the 7,455,912 consideration shares in Iris Metals have been issued to Rapid.
Under the Tin Mountain sale agreement, Iris Metals assumed a US$300,000 cash payment obligation to the original claim vendor, F3 Gold LLC, which was completed on 30 June 2025. F3 Gold LLC will also retain a 2% gross revenue royalty on future production from the 93 claims, which RCM says ensures a low-cost structure for Iris to advance exploration.
