Rapid Critical Metals Limited (ASX: RCM) 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 sale agreement involves Rapid’s subsidiary, South Dakota Operations LLC, and covers 30.99 hectares.
The consideration for the Ingersoll project includes US$625,000 payable in IR1 shares, equating to 10,683,756 IR1 shares. Fifty percent of these shares will be issued upon completion of the deal, with the remaining fifty percent issued three months later, pending shareholder approval. Additionally, Rapid will receive a cash payment of US$50,000 as part of the transaction.
Rapid Critical Metals also confirmed the completion of the sale of its 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. Furthermore, Iris Metals has assumed the obligation of a US$300,000 cash payment to F3 Gold LLC, the original claim vendor, which was completed on 30 June 2025.
F3 Gold LLC retains a 2% gross revenue royalty on future production from the 93 claims, ensuring a low-cost structure for Iris Metals as it advances exploration. The company stated that the sale allows them to focus on their other projects and that they are fully funded following a $10.5M capital raise in July 2025.
