IRIS Metals Broadens South Dakota Footprint with Ingersoll Project Acquisition from Rapid Critical Metals

IRIS Metals (ASX: IR1) has expanded its Black Hills portfolio with the acquisition of the Ingersoll project and associated federal mineral claims from Rapid Critical Metals (ASX: RCM).

The transaction adds a historically significant lithium and beryllium mine to IRIS’ suite of South Dakota assets, advancing its hub-and-spoke production strategy.

The company’s total private landholding now exceeds 41 hectares, providing a foundation for rapid drilling and development.

Strategic Consolidation in the Black Hills

The Ingersoll Project covers 12.2 hectares of private land near Keystone and comes with 87 federal mining claims totalling 704 hectares.

Together with the Tin Mountain, Beecher, and Edison projects, the new addition gives IRIS a stronger land position across the district and an additional production centre on private ground.

The acquisition consideration comprises US$625,000 in IRIS shares and a US$50,000 cash payment to Rapid Critical.

The share component, subject to shareholder approval expected in November, will occur in two tranches three months apart and be under a 12-month escrow.

IRIS has also agreed to pay US$850,000 in 2026 to a former owner of the Ingersoll Project, which will deliver full ownership free of royalties or ongoing payments.

Historical Bob Ingersoll Mine

The Bob Ingersoll Mine, which produced lithium and beryllium intermittently until the 1950s, and hosts multiple pegmatite bodies that remain largely untested at depth, is part of the acquired package.

IRIS will begin a drill program in the December quarter, enabled by an existing exploration permit that allows immediate mobilisation.

Management said the deal forms a core element of its consolidation strategy in the Black Hills.

By combining historical production centres with fresh exploration, the company believes it can accelerate toward near-term production under its centralised processing model.

South Dakota Ambitions

IRIS president of US operations Matt Hartmann said the latest acquisition underlined the company’s ambitions in South Dakota.

“This acquisition further consolidates the critical minerals district in the southern Black Hills of South Dakota, significantly strengthening IRIS’ mineral property portfolio,” he said.

He added that the combination of private land tenure and historic production centres offered significant strategic advantages as the company advanced development.

IRIS will now move ahead with drilling at Ingersoll later this year to test multiple pegmatite bodies for lithium, beryllium and tantalum, at the same time progressing processing studies to support its hub-and-spoke development plan, with economic analysis scheduled for early 2026.

By consolidating multiple project areas under this centralised processing strategy, IRIS is positioning itself as the leading lithium developer in the Black Hills.