IRIS Metals Limited (ASX:IR1) has announced a significant acquisition of private lands and federal mineral claims in the Black Hills of South Dakota, USA. IRIS Metals is an exploration company with an extensive suite of assets considered highly prospective for hard rock lithium located in South Dakota, United States. The company’s large and expanding South Dakota Project is located in a mining-friendly jurisdiction. The acquisition, totalling 8,065 hectares from Rapid Critical Metals (ASX: RCM), includes the Bob Ingersoll Mine, a historically significant lithium and beryllium producer situated entirely on private land.
The move expands IRIS’s private land holdings to over 41 hectares, granting enhanced access for projects slated for rapid development. The company intends to commence drilling at the Ingersoll Project in Q4 2025, facilitated by an existing exploration permit. IRIS is also evaluating the potential for additional critical minerals across the acquired land, including beryllium and tantalum. This strategic play aligns with IRIS’s ‘Hub & Spoke’ model, focusing on centralised processing and near-term production.
IRIS Metals President US Operations, Matt Hartmann, stated that the acquisition further consolidates the critical minerals district in the southern Black Hills, significantly strengthening the company’s mineral property portfolio. The Ingersoll Project, combined with existing projects like Beecher, Tin Mountain, and Edison, establishes a robust foundation for IRIS’ near-term lithium production ambitions. The company will issue shares worth US$625,000 to Rapid Critical Metals, plus US$50,000 in cash, subject to shareholder approval at an upcoming Extraordinary General Meeting in November 2025.
The acquisition agreement terms include a payment of US$850,000 to a former owner in 2026, securing 100% ownership of the project with no royalties or other payments required. IRIS is actively evaluating additional mineral tenure acquisitions in South Dakota to further strengthen its portfolio, with a primary focus on advancing its holdings towards near-term development.
