IRIS Metals Limited (ASX:IR1) has announced a significant acquisition to consolidate its position 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, providing strong exposure to the battery metals space and incentives offered by the US government for locally sourced critical minerals.
The acquisition includes an extensive portfolio of private lands and federal mineral claims, totalling 8,065 hectares, from Rapid Critical Metals (ASX: RCM). Key assets acquired are the Bob Ingersoll Mine (Ingersoll Project), a former lithium and beryllium producer located entirely on private lands, and 87 federal mining claims. This strategic move grows IRIS’s private land holdings to over 41 hectares, granting additional access to projects slated for rapid advancement toward production.
IRIS intends to commence a drill program at the Ingersoll Project in Q4 2025, leveraging an existing exploration permit. The company is also reviewing the acquired assets for additional critical mineral potential, including beryllium and tantalum. The acquisition agreement involves a consideration of US$625,000, payable in IRIS shares, and US$50,000 in cash. Shareholder approval for the share issuance will be sought at an upcoming Extraordinary General Meeting in November 2025.
According to IRIS Metals, this acquisition strengthens their strategy to consolidate high-potential lithium projects in the Black Hills, positioning the company as a leading lithium explorer and near-term producer in the region. The Ingersoll Project is expected to establish another potential production centre on private land, enabling rapid advancement of drilling operations. The company’s primary focus remains on advancing its South Dakota holdings toward near-term development under its “Hub & Spoke” strategy, with economic analysis targeted for early 2026.
