Rapid Critical Metals Limited (ASX: RCM/RCMO) has announced it will sell its Tin Mountain property in South Dakota, USA, to a subsidiary of Iris Metals Limited (ASX: IR1). Rapid Critical Metals is focused on the exploration and development of critical minerals projects. The sale involves 93 federal mining claims covering 752 hectares held by Rapid’s subsidiary, South Dakota Operations LLC.
The sale purchase agreement stipulates several forms of consideration. Iris Metals will issue US$550,000 worth of IR1 shares, calculated using the 30-day Volume-Weighted Average Price (VWAP) up to and including 29 June 2025. Based on an estimated VWAP of A$0.113, this equates to 7,455,912 IR1 shares. This share issuance is subject to shareholder approval at the Iris Metals Annual General Meeting, scheduled for Friday, 29 August 2025.
In addition to the share issuance, a US$300,000 cash payment was made to F3 Gold LLC, the original claim vendor, on 30 June 2025. F3 Gold LLC will also retain a 2% gross revenue royalty on future production from the 93 claims. This royalty arrangement is intended to maintain a low-cost structure for Iris Metals as they advance exploration efforts at the Tin Mountain property.
