Rapid Critical Metals Divests Tin Mountain Project to Iris Metals

Rapid Critical Metals Limited (ASX: RCM) has finalized a Sale Purchase Agreement with a subsidiary of Iris Metals Limited (ASX: IR1) for its Tin Mountain property in South Dakota, USA. The deal includes 93 federal mining claims over 752 hectares, previously held by Rapid’s subsidiary, South Dakota Operations LLC. The transaction consideration comprises US$550,000 in IR1 shares—equivalent to 7.46 million shares based on a 30-day VWAP of AU$0.113—pending approval at IR1's AGM on August 29, 2025. Additionally, a US$300,000 cash payment has been made to the original claim holder, F3 Gold LLC, and F3 will retain a 2% gross revenue royalty on future production. This structure offers Iris Metals a cost-efficient path to advance exploration while enabling Rapid to optimize its asset portfolio.

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