IRIS Metals has unearthed significant high-grade rubidium mineralization at its South Dakota Beecher Project, reinforcing its strategic shift towards becoming a multi-commodity critical minerals developer and setting the stage for maiden rubidium MREs alongside ongoing lithium development.
High-Grade Rubidium Intercepts at Beecher
IRIS Metals (ASX: IR1) has reported strong rubidium drill results from its Beecher Project in South Dakota.
A review of 117 drill holes revealed that 45 holes contained intercepts greater than 2 metres at 0.20% Rb2O.
Significant intercepts include 10.5 metres at 0.41% Rb2O from 136.9 metres in hole BDD-23-005, which included 5.8 metres at 0.50% Rb2O from 137.9 metres.
Another high-grade interval was 23.2 metres at 0.29% Rb2O from 80 metres in hole BDD-23-007, featuring 5.5 metres at 0.48% Rb2O from 95.6 metres.
Widespread rubidium mineralisation was also indicated by an interval of 53.3 metres at 0.20% Rb2O from 17 metres.
This discovery positions Beecher as a project with considerable rubidium enrichment, a critical mineral with a market reference price of around US$1244 per kg.
Multi-Commodity Strategy Bolstered
The rubidium discovery at Beecher significantly enhances the critical minerals portfolio of IRIS Metals.
It complements the project's existing JORC lithium resource of 2.20 million tonnes at 1.05% Li2O.
This dual commodity potential positions IRIS Metals as a key multi-commodity critical minerals developer within the United States.
The company is now targeting a maiden rubidium Mineral Resource Estimate (MRE) for Beecher in late Q1–Q2 2026. A rubidium MRE is also advancing at its Tin Mountain Project during the same timeframe.
Finley Basin Tungsten Acquisition
Further diversifying its critical minerals footprint, IRIS Metals recently signed a binding Heads of Agreement to acquire an exclusive right to farm-in to the Finley Basin Tungsten Project in Montana.
Under the agreement, IRIS can earn up to 100% ownership through staged exploration expenditure totalling US$2 million over four years, alongside delivering a JORC-compliant Inferred Resource.
Historical data from Union Carbide suggests a non-JORC reserve of 850,000 tonnes at 0.68% WO3, comprising 350,000 tonnes Indicated and 500,000 tonnes Inferred.
An exploration program for Finley Basin is scheduled to commence in early 2026, with drilling targeted for Q3 2026. An initial resource estimate is anticipated by early 2027.
Context: Past Capital Raise and Suspension
IRIS Metals experienced a trading suspension in December 2025.
This suspension was requested by the company pending an update on a capital raising and disclosure of a new transaction.
While the Finley Basin Tungsten Project acquisition was announced around this time, a planned concurrent capital raise for this deal did not proceed as initially contemplated.
The company has a history of successful capital raises to fund its exploration and development activities, including a $30.54 million placement in December 2024 at $0.25 per share, as detailed in its FY25 annual report.
Strategic Shift Towards Critical Minerals
The significant rubidium discovery at Beecher, alongside its existing lithium resource and the strategic Finley Basin tungsten acquisition, significantly advances IRIS Metals' ambition to become a diversified US critical minerals producer. While the company faces ongoing funding and execution risks, these developments position it to potentially capture value from multiple battery and strategic metals sources.
