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Iris Metals Return to ASX Following $15m Capital Raise

21 June 2023 15:11
ASX: IR1
ASX

After months of anticipation, Iris Metals have relisted on the ASX following an oversubscribed $15 million dollar capital raise, with a revitalised focus on its lithium projects in South Dakota.

Retaking the Stage

Today’s reinstatement represents the culmination of just under six months of hard work since the explorer was removed from the ASX last December, with the capital raising being the final step the Company needed to take as part of its re-compliance process.

The raising was managed by New York-based capital firm Jett Capital Advisors, LLC, who are renowned within the battery metal industry. The firm has lent their expertise to numerous Australian battery metal players, ranging from emerging companies like Group 6 Metals to industry titans like Sayona Mining, boasting a market capitalisation in the billion-dollar range.

Jett’s exposure to the battery metal industry proved invaluable to Iris, introducing the Company to a number of big investors, including Toronto-based asset manager Waratah Captial Advisor’s Limited, who manage over $4 billion in assets and have become a cornerstone investor in Iris through its Electrification and Decarbonisation AIE LP Fund.

Taking Aim at South Dakotan Lithium

The capital raised will now be funnelled towards igniting the exploration efforts across Iris’ substantial lithium land holdings in the renowned Black Hills region of South Dakota. This area has been historically acclaimed for lithium mining, dating back to 1898 when spodumene with lithium concentrations of up to 10% Li2O was first extracted. Notably, the Black Hills region has yielded the largest lithium spodumene crystals ever discovered, further enhancing its significance in the realm of lithium mining.

Iris is the largest holder of lithium claims in this historic region, controlling over 42 thousand acres of lithium prospective land broken up into eight separate projects which host abundant outcropping lithium-cesium-tantalum pegmatite swarms and cover several historic lithium mines and numerous historical industrial mineral pegmatite mines.

In particular, proceeds will be dedicated to the drilling and development of the recently acquired Beecher and Edison Lithium Projects, which the Company noted at the time of acquisition as ‘transformational’, as well as the initial exploration of a further 20,300 ha of highly prospective LCT pegmatite rich terrain comprising 2,387 Bureau of Land Management claims.

Drilling activities have already begun at the Project, with drilling at Beecher set to test for lithium spodumene mineralisation at the many historic lithium-producing mines the Project covers.

The Company has now submitted information in relation to the properties and their prior exploration, including drill hole logs and drilling chips, for assay.

Looking Forward

After resuming its quotation, the Company expressed its newfound freedom to concentrate on the development of these highly promising lithium targets.

“We have completed quite a lengthy process with many moving parts. We are grateful to the efforts of the Jett Capital team, the support of Waratah Capital Advisors and the IRIS team,” Chairman Simon Lil Said.

“We now look forward to commencing work and providing regular reports to the ASX on what we believe to be one of the more exciting lithium projects given that it has effectively hard rock mining licences over a known lithium-bearing spodumene region.”

Investors appear to be matching IR1’s excitement in returning to the boards, with the Company’s share price now sitting at $1.5 after rising 29.31 per cent (2:38 pm UTC + 8 hours)

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