SYDNEY: Rapid Critical Metals Limited (ASX: RCM) announced Tuesday it has agreed to sell its Tin Mountain property in South Dakota, U.S., to a subsidiary of Iris Metals Limited (ASX: IR1) in a deal involving shares, cash and royalties.
The transaction, outlined in a Sale Purchase Agreement, includes 93 federal mining claims covering 752 hectares. The terms of the deal are:
- Share Issuance: US$550,000 worth of IR1 shares, calculated using Iris Metals’ 30-day volume-weighted average price (VWAP) as of June 29, 2025. Based on an estimated VWAP of A$0.113, Rapid will receive approximately 7,455,912 IR1 shares, pending shareholder approval at Iris Metals’ annual general meeting on Aug. 29.
- Cash Payment: A US$300,000 payment to the original claim vendor, F3 Gold LLC, which was completed June 30.
- Royalty: F3 Gold will retain a 2% gross revenue royalty on future production from the claims.
Martin C. Holland, managing director of Rapid Critical Metals, said the sale aligns with the company’s strategic goals. The transaction ensures Iris Metals can advance exploration with a low-cost structure.
Rapid Critical Metals is based in Sydney, with its headquarters at Level 10, Kyle House, 27-31 Macquarie Place.