IRIS Metals Limited (ASX:IR1) entered into a heads of agreement to acquire the Historic Edison Patented Property and BLM Claims in Keystone Tinton districts of South Dakota from Schad Investments, LLC and Cody Schad on March 4, 2023. In consideration for the acquisition of the Edison patented property and the BLM Claims, the Company is proposing to issue: 3,800,000 Shares to Schad Investments, LLC; and 200,000 Shares to Cody Schad. In addition to the consideration, the Company agrees to grant Schad and Cody Schad a royalty of up to 1.25% of the net smelter returns from the sale or other disposal of mineral products derived from the area within the boundaries of the Edison Patented Property and the BLM Claims. The Royalty is to be documented in a royalty deed to be entered into by the parties. Settlement of the Schad HOA is subject to the satisfaction (or waiver) of the following conditions precedent: IRIS shareholder approvals: IRIS obtaining all necessary shareholder approvals required to lawfully complete the acquisition as required by the Corporations Act and its constitution; Regulatory approvals: the Parties obtaining all necessary corporate, governmental and regulatory approvals, consents and waivers pursuant to the ASX Listing Rules, the Corporations Act and any other applicable law to allow the Parties to lawfully complete the acquisition; and Third party approvals: the Parties obtaining all necessary third-party approvals, consents and waivers to allow the Parties to lawfully complete the acquisition. The Schad HOA otherwise contains provisions considered standard for an agreement of its nature (including representations and warranties and confidentiality provisions).

IRIS Metals Limited (ASX:IR1) completed the acquisition of the Historic Edison Patented Property and BLM Claims in Keystone Tinton districts of South Dakota from Schad Investments, LLC and Cody Schad for AUD 4.6 million on June 14, 2023.