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An announcement from Iris Metals Limited ( (AU:IR1) ) is now available.
IRIS Metals Limited has secured firm commitments to raise A$5.5 million through a placement of new shares at A$0.165 per share to new and existing institutional and sophisticated investors, priced at a 15.4% discount to recent trading levels and accompanied by free unlisted options. The funds will be used to accelerate key workstreams across its US critical minerals portfolio, including maiden and updated mineral resource estimates for lithium and rubidium at the Tin Mountain and Beecher projects, ore sampling and studies to enable early DSO sales from the permitted Beecher project, as well as exploration drilling, vendor and farm-in payments, and permitting at other projects, bolstering the company’s balance sheet and advancing its strategy to become a near-term US critical minerals producer.
The most recent analyst rating on (AU:IR1) stock is a Hold with a A$0.19 price target. To see the full list of analyst forecasts on Iris Metals Limited stock, see the AU:IR1 Stock Forecast page.
More about Iris Metals Limited
IRIS Metals Limited is an ASX-listed explorer and emerging producer focused on critical minerals projects in the United States, with a portfolio that includes lithium, rubidium and tungsten assets such as the Beecher, Tin Mountain, Ingersoll and Finley Basin projects. The company is positioning itself as a near-term, multi-commodity producer supplying the US critical minerals market through both resource development and potential early Direct Shipping Ore (DSO) sales.
Average Trading Volume: 480,190
Technical Sentiment Signal: Sell
Current Market Cap: A$48.43M
Find detailed analytics on IR1 stock on TipRanks’ Stock Analysis page.