IRIS Metals (ASX:IR1) has received firm commitments to raise $5.5 million (before costs) via the placement of new fully paid ordinary shares to both new and existing investors.
The placement was conducted at an offer price of $0.165 per share, with the majority of the placement settled in a single tranche. $5.4 million (before costs) was raised through the issuance of 32.7 million new shares at the officer price.
The remaining balance is made up through commitments from company directors for $100,000, representing 606,060 new shares and will be issued subject to shareholder approval.
The offer price represents a 15.4% discount to the last closing price on 29 January 2026 and a 15.4% discount to the 10-day volume weighted average price on the same day.
Participants will receive one free unlisted attaching option for every two new shares allocated, exercisable at a price representing a 50% premium to the offer price and with a three-year expiry from the date of issue.
The placement has attracted strong support from new and existing institutional investors and will support the advancement of the company’s critical minerals portfolio in the US.
Chairman Peter Marks says that the successful placement reflects the strong market confidence in IRIS.
“This capital injection strengthens our balance sheet and positions IRIS Metals to deliver several key milestones. These include maiden and updated mineral resource estimates for lithium and rubidium, advanced metallurgical and process optimisation studies, and the critical work required to commence early DSO sales from our permitted Beecher project,” Marks says.
Bell Potter Securities acted as lead manager in this placement.
IRIS is focused on completing a maiden mineral resource estimate (MRE) at the Tin Mountain Project, completing an MRE update for the Beecher Project, as well as ore sampling studies at Beecher.
Additionally, IRIS will use the funds raised to help fund their exploration drilling program at the Ingersoll Project and exploration permitting at the Finley Basin Tungsten Project.
IRIS Metals is focused on exploration, development, and mining activities at its projects in South Dakota, US.
Write to Amy Rotman at Mining.com.au
Images: IRIS Metals
