Rapid Critical Metals (ASX:RCM) has entered into a share purchase agreement with Iris Metals (ASX:IR1) for the sale of its Ingersoll Project in South Dakota, US.
The Ingersoll properties comprises 30.99 hectares and is held by Rapid Critical’s subsidiary South Dakota Operations.
As part of the deal, Iris will issue US$625,000 ($948,927) worth of shares and a US$50,000 cash payment to Rapid Critical.
Iris plans to begin a drilling program at the Ingersoll Project in Q4 2025, facilitated by an existing exploration permit. The company is also reviewing additional critical mineral potential across the entire acquisition, including beryllium and tantalum.
President of US Operations Matt Hartmann says this acquisition further consolidates the critical minerals distinct in the southern Black Hills of South Dakota.
“The Ingersoll Project, combined with our Beecher, Tin Mountain, and Edison Projects, establishes a robust foundation for Iris’ near-term lithium production ambitions and enhances our exposure to critical minerals,” Hartmann says.
This news comes after Rapid Critical completed the sale of its Tin Mountain Project in South Dakota, US. Iris issued 7.45 million shares to Rapid Critical in consideration for the project.
Iris, which has a market capitalisation of $25.44 million, also paid US$30,000 cash to the original claim vendor F3 Gold on 30 June 2025, and granted the vendor a 2% gross revenue royalty on future production from the 93 claims.
Rapid Critical Metals is focused on advancing its silver and gallium projects in New South Wales and British Columbia, Canada.
The company’s Webbs and Conrads projects – located in the New England Fold Belt of northern New South Wales – hosts a combined resource of 34.9 million ounces silver-equivalent.
The Prophet River Project is a zinc, gallium, and germanium project covering 2,110 hectares in British Columbia. Prophet River sits within a 1km mineralised system defined by soil anomalies and remains open in both directions.
Write to Aaliyah Rogan at Mining.com.au
Images: Rapid Critical Metals & Iris Metals
