Rapid Critical Metals Limited (ASX: RCM/RCMO) has announced the sale of its Ingersoll project properties in South Dakota, USA, to a subsidiary of Iris Metals Limited (ASX: IR1). Rapid Critical Metals is an ASX-listed explorer focused on advancing high-grade silver and critical mineral projects in Tier-1 jurisdictions. The transaction involves the sale of 30.99 hectares held by Rapid’s subsidiary, South Dakota Operations LLC.
Under the Sale Purchase Agreement, Rapid will receive US$625,000 in IR1 shares, equating to 10,683,756 IR1 shares. The shares will be issued in two tranches, with 50% upon completion and the remaining 50% three months later, subject to shareholder approval. In addition to the share issuance, Rapid will also receive a cash payment of US$50,000 as part of the transaction.
The company also announced the completion of the sale of the Tin Mountain Project in South Dakota, USA, which was initially announced on 1 July 2025. As per the agreement with Iris Metals, Rapid has received 7,455,912 shares in Iris Metals as consideration. As part of the Tin Mountain sale, Iris Metals also assumed a US$300,000 cash payment obligation to the original claim vendor, F3 Gold LLC, which was completed on 30 June 2025. F3 Gold LLC will retain a 2% gross revenue royalty on future production from the 93 claims.
Byron Miles, Managing Director of Rapid Critical Metals, authorised the ASX release on behalf of the board. Rapid Critical Metals is fully funded following a $10.5M capital raise in July 2025 and is positioned to accelerate exploration with multiple near-term catalysts ahead.
