IRIS Metals Raises AU$4.267 million to Advance South Dakota Lithium Projects

IRIS Metals Limited (ASX: IR1) has successfully raised approximately AU$4.267 million through a share placement of about 50.194 million new fully paid ordinary shares at AU$0.085 per share, reflecting a 2.98% discount to the 15-day VWAP. The placement received strong support from both existing and new investors, with the Board and management committing around AU$500,000, subject to shareholder approval.

The funds will be used to progress IRIS’ lithium exploration and development programs across its Black Hills projects in South Dakota, USA, including ongoing drilling at Tin Mountain, Edison, and Beecher to delineate high-grade spodumene zones, advancing feasibility studies and metallurgical testing to support a Q1 2026 Final Investment Decision, and completing regulatory approvals to enable commercial production. Chairman Peter Marks said the placement strengthens the Company’s ability to expand its resource base and advance toward becoming a new U.S. lithium supplier, benefiting from the anticipated domestic lithium demand upcycle.

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