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Iris Metals Limited
(Sydney:IR1)
Iris Metals Limited (IR1) vs. iShares MSCI Australia ETF (EWA)
Iris Metals Limited Business Overview & Revenue Model
Iris Metals Limited Financial Statement Overview
| Breakdown | TTM | Mar 2025 | Mar 2024 | Mar 2023 | Mar 2022 | Mar 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Gross Profit | -101.81K | -88.69K | -52.26K | -10.51K | -4.43K | 0.00 |
| EBITDA | -7.82M | -4.51M | -15.58M | -12.12M | -1.89M | -1.80M |
| Net Income | -7.88M | -5.62M | -17.32M | -12.13M | -3.24M | -1.80M |
Balance Sheet | ||||||
| Total Assets | 40.66M | 44.45M | 41.43M | 12.74M | 4.41M | 502.10K |
| Cash, Cash Equivalents and Short-Term Investments | 1.73M | 4.17M | 9.79M | 675.42K | 4.19M | 496.42K |
| Total Debt | 0.00 | 0.00 | 0.00 | 72.53K | 0.00 | 0.00 |
| Total Liabilities | 478.76K | 355.38K | 1.50M | 825.79K | 199.21K | 305.56K |
| Stockholders Equity | 40.19M | 44.09M | 39.93M | 11.92M | 4.21M | 196.54K |
Cash Flow | ||||||
| Free Cash Flow | -1.75M | -12.73M | -13.39M | -6.97M | -1.30M | -737.45K |
| Operating Cash Flow | -1.67M | -3.17M | -4.36M | -1.78M | -1.25M | -737.45K |
| Investing Cash Flow | -8.11M | -9.56M | -8.91M | -5.19M | -54.25K | 0.00 |
| Financing Cash Flow | 10.95M | 7.15M | 22.38M | 3.45M | 6.38M | 1.23M |
Iris Metals Limited Technical Analysis
Iris Metals Limited Peers Comparison
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
61 Neutral | $10.43B | 7.12 | -0.05% | 2.87% | 2.86% | -36.73% | |
49 Neutral | AU$30.19M | -6.78 | -6.34% | ― | ― | ― | |
47 Neutral | AU$40.84M | 3.40 | 7.66% | ― | 400.00% | 21.71% | |
46 Neutral | AU$29.15M | -30.22 | -3.66% | ― | ― | 37.50% | |
45 Neutral | AU$44.81M | -3.39 | -35.89% | ― | ― | -4.00% | |
44 Neutral | AU$26.08M | -1.26 | -18.70% | ― | ― | 9.01% |
Iris Metals Limited Corporate Events
Iris Metals has acquired historical Union Carbide exploration data for its Finley Basin Tungsten Project in Montana, including drill logs, assays, geological interpretations and regional sampling, for a consideration of US$7,500. While the dataset does not allow reconstruction of earlier non-JORC historical reserve estimates, it is expected to enhance geological understanding of the tungsten-rich skarn system and guide future work.
In parallel, the company has lodged an Exploration Plan of Operations with the U.S. Forest Service and an Exploration License application with Montana regulators for a 2026 drilling campaign of 16 holes totalling more than 7,000 metres. Targeting drill mobilisation in the third quarter of 2026, Iris aims to recreate and expand on historical Union Carbide resources, strengthening its exposure to a domestic tungsten asset at a time when the U.S. is heavily import reliant and prices are rising amid Chinese export controls, underscoring potential strategic value for stakeholders.
The most recent analyst rating on (AU:IR1) stock is a Sell with a A$0.10 price target. To see the full list of analyst forecasts on Iris Metals Limited stock, see the AU:IR1 Stock Forecast page.
Iris Metals has disclosed a change in director Peter Marks’ interests in the company’s securities, detailing an adjustment between his direct and indirect holdings. The notice outlines his positions in ordinary shares, performance rights and unlisted options, reflecting the complex equity-based incentives used to compensate and retain key executives.
The primary change involves the nil-cost exercise of 500,000 vested unlisted options into 500,000 ordinary fully paid shares, with no cash consideration. This conversion slightly reshapes the mix of Marks’ holdings, marginally increasing the free-float of ordinary shares while reducing outstanding options, a move that may be viewed as a signal of confidence in the company’s equity by a board member.
The most recent analyst rating on (AU:IR1) stock is a Sell with a A$0.13 price target. To see the full list of analyst forecasts on Iris Metals Limited stock, see the AU:IR1 Stock Forecast page.
Iris Metals has disclosed changes to director Kevin Smith’s interests following the conversion of vested performance rights into ordinary shares. The transaction, which involved no cash consideration, increases Smith’s direct holding of ordinary fully paid shares while reducing his performance rights balance.
The new shares were issued under terms previously approved by shareholders in August 2024, signalling the achievement of vesting conditions tied to Smith’s incentive package. The conversion marginally concentrates equity ownership in management, aligning the director’s interests more closely with shareholders without diluting the market through a capital raising.
The most recent analyst rating on (AU:IR1) stock is a Sell with a A$0.13 price target. To see the full list of analyst forecasts on Iris Metals Limited stock, see the AU:IR1 Stock Forecast page.
IRIS Metals has issued 1,500,000 fully paid ordinary shares at no issue price following the conversion of ZEPOs and performance rights, alongside 1,209,678 shares at $0.124 each as upfront consideration under a farm-in agreement linked to a stake in Finley Mining Inc., owner of the Finley Basin Tungsten Project in Montana. The company states the issuance was conducted without a prospectus under Australian law while remaining compliant with financial reporting and continuous disclosure obligations, reinforcing its strategic expansion into tungsten and its broader critical minerals portfolio in the United States.
These new shares formalise the equity-based remuneration and farm-in components of IRIS Metals’ growth strategy, embedding the Finley Basin Tungsten Project within its asset base and diversifying beyond lithium-focused exploration. For investors, the move modestly increases the company’s share base but deepens exposure to U.S. defence- and industry-critical tungsten, potentially enhancing long-term positioning within the critical minerals sector.
The most recent analyst rating on (AU:IR1) stock is a Sell with a A$0.13 price target. To see the full list of analyst forecasts on Iris Metals Limited stock, see the AU:IR1 Stock Forecast page.
Iris Metals Limited has applied for quotation of 1,500,000 new ordinary fully paid shares on the Australian Securities Exchange. The securities, issued on 13 March 2026, arise from the exercise or conversion of existing options or other convertible securities, modestly expanding the company’s listed capital base and potentially enhancing liquidity for shareholders.
The additional shares may signal ongoing capital management activities as Iris Metals funds its operational or exploration programs. While the issuance is relatively small, the move incrementally broadens the shareholder base and could support the company’s market presence within the resources sector without indicating a major strategic shift.
The most recent analyst rating on (AU:IR1) stock is a Sell with a A$0.13 price target. To see the full list of analyst forecasts on Iris Metals Limited stock, see the AU:IR1 Stock Forecast page.
Iris Metals Limited has withdrawn a previously lodged Appendix 3B relating to a proposed securities issue, citing that the final agreement, including deferred consideration shares, is subject to shareholder approval. The company will instead proceed with a new Appendix 3B dated 10 March 2026, signalling a restart of the capital-raising documentation process to align with governance and approval requirements.
The cancellation of the earlier filing, originally announced on 18 December 2025, reflects Iris Metals’ need to ensure that any deferred share considerations are properly cleared by shareholders before progressing. This move may delay the timing of the proposed issue but underscores regulatory compliance and could affect expectations around the structure and schedule of the company’s planned capital issuance.
The most recent analyst rating on (AU:IR1) stock is a Sell with a A$0.13 price target. To see the full list of analyst forecasts on Iris Metals Limited stock, see the AU:IR1 Stock Forecast page.
IRIS Metals has signed a definitive farm-in agreement to earn up to 100% of Finley Mining Inc., owner of the high-grade Finley Basin Tungsten Project in Granite County, Montana. The project comprises about 378 hectares of unpatented mining claims in the historically productive Flint Creek Mountain Range, where tungsten exploration and production date back to the early 1900s.
Finley Basin hosts tungsten-rich skarn mineralisation and a historical, non-JORC compliant reserve estimate from Union Carbide’s 1970s–1980s work, which IRIS cites as indicative of high-grade potential but not as a current resource. The project sits roughly 30km from a fully permitted 1,000 tons per day flotation mill in Phillipsburg, positioning it for potentially efficient development as IRIS plans a Phase I drill program in Q3 2026 and aims for an initial JORC-compliant resource estimate in early 2027, subject to results.
The transaction marks a strategic diversification of IRIS’s critical minerals portfolio into tungsten, a metal considered vital for defence, aerospace, advanced manufacturing and energy applications. Access to an advanced U.S. tungsten project, existing local processing infrastructure and community support could enhance IRIS’s position in securing future supply in a market increasingly focused on reliable Western sources of critical minerals.
The most recent analyst rating on (AU:IR1) stock is a Sell with a A$0.13 price target. To see the full list of analyst forecasts on Iris Metals Limited stock, see the AU:IR1 Stock Forecast page.
Iris Metals Limited has announced the cessation of Tal Paneth as a director, effective 4 March 2026, in line with disclosure obligations to the ASX. The company’s filing shows that Paneth retains a holding of 29,000,000 ordinary fully paid shares in Iris Metals, with no additional indirect interests or contractual securities disclosed, signalling a governance change but no immediate alteration to his equity stake.
The notice clarifies that Paneth has no relevant interests in securities held through other entities or trusts, and no interests in any contracts related to company securities. For shareholders and market observers, the update primarily informs board composition and confirms the scale and nature of the former director’s remaining direct shareholding in the company.
The most recent analyst rating on (AU:IR1) stock is a Sell with a A$0.13 price target. To see the full list of analyst forecasts on Iris Metals Limited stock, see the AU:IR1 Stock Forecast page.
IRIS Metals has notified the market of the upcoming expiry of 500,000 unlisted options, each exercisable at $0.00 and scheduled to expire on 24 April 2026. Holders who wish to exercise must submit completed option exercise forms and payment by the deadline, a process that could modestly affect the company’s capital structure and share base depending on the level of participation.
The most recent analyst rating on (AU:IR1) stock is a Sell with a A$0.13 price target. To see the full list of analyst forecasts on Iris Metals Limited stock, see the AU:IR1 Stock Forecast page.
Iris Metals has issued 500,000 fully paid ordinary shares at an issue price of zero dollars per share, following the conversion of zero exercise price options. The company confirmed the shares were issued without a prospectus under Australian corporations law and stated it is compliant with its financial reporting and continuous disclosure obligations, with no excluded information on record.
The move modestly increases Iris Metals’ share base but reflects standard equity administration rather than a new capital raise. By issuing a cleansing notice, the company facilitates secondary trading of these shares on-market, underscoring ongoing regulatory compliance and providing transparency to existing and prospective shareholders.
The most recent analyst rating on (AU:IR1) stock is a Sell with a A$0.13 price target. To see the full list of analyst forecasts on Iris Metals Limited stock, see the AU:IR1 Stock Forecast page.
Iris Metals Limited has applied to the ASX for quotation of 500,000 new ordinary fully paid shares, with an issue date of 20 February 2026. The additional securities, arising from exercised options or converted instruments, modestly expand the company’s quoted share base and provide incremental capital and liquidity for shareholders.
This issuance reflects ongoing corporate and capital management activity by Iris Metals Limited within the Australian equity market. While small in scale, the move may support trading liquidity in IR1 shares and signals continued engagement with investors through the ASX platform.
The most recent analyst rating on (AU:IR1) stock is a Sell with a A$0.13 price target. To see the full list of analyst forecasts on Iris Metals Limited stock, see the AU:IR1 Stock Forecast page.
Iris Metals Limited has notified the market of the issue of several tranches of unquoted options, all expiring on 10 February 2029, under new security classes that are not intended to be quoted on the ASX. The company is issuing a total of 20,363,638 options with different exercise prices, formalising previously flagged equity arrangements and modestly expanding its pool of potential future equity capital.
These unquoted options, documented via an Appendix 3G filing, follow earlier Appendix 3B disclosures and represent structured incentive or financing-related securities rather than immediate dilution through new listed shares. The move provides additional flexibility in Iris Metals’ capital structure, with any future exercise of the options potentially supplying new funds while deferring near-term impact on the public float.
The most recent analyst rating on (AU:IR1) stock is a Hold with a A$0.15 price target. To see the full list of analyst forecasts on Iris Metals Limited stock, see the AU:IR1 Stock Forecast page.
Iris Metals has issued 32,727,276 new fully paid ordinary shares at $0.165 each as part of a capital raising, expanding its equity base to fund ongoing activities. The company confirmed the shares were issued without a prospectus under Australian Corporations Act exemptions and stated it is compliant with continuous disclosure and reporting obligations, with no excluded information identified, providing regulatory assurance to investors.
The most recent analyst rating on (AU:IR1) stock is a Hold with a A$0.15 price target. To see the full list of analyst forecasts on Iris Metals Limited stock, see the AU:IR1 Stock Forecast page.
Iris Metals Limited has lodged an application with the ASX for quotation of 32,727,276 ordinary fully paid shares. The new securities, issued on 10 February 2026, will be admitted to trading under the company’s existing IR1 ticker, expanding its quoted share capital and potentially increasing market liquidity for investors.
The application indicates these shares arise from previously announced transactions, formalising their transition to fully tradeable status on the exchange. The enlarged pool of quoted securities may broaden the company’s shareholder base and could support future capital management or strategic initiatives, depending on how the market responds to the increased float.
The most recent analyst rating on (AU:IR1) stock is a Hold with a A$0.15 price target. To see the full list of analyst forecasts on Iris Metals Limited stock, see the AU:IR1 Stock Forecast page.
Iris Metals Limited has released an updated investor presentation outlining its activities and project portfolio to the market. The refreshed materials are intended to provide current and prospective shareholders with clearer insight into the company’s critical minerals exploration strategy in South Dakota and its positioning within the rapidly evolving battery metals space.
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.
Iris Metals Limited has outlined plans for a new capital raising via a placement, proposing to issue up to 606,060 fully paid ordinary shares and 303,030 options exercisable at $0.2475 and expiring on 10 February 2029. The proposed issue, scheduled for 2 April 2026, is intended to expand the company’s capital base, potentially providing additional financial flexibility for its ongoing activities and supporting its market positioning by increasing liquidity in its shares and options on the ASX.
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.
Iris Metals Limited has lodged an Appendix 3B with the ASX outlining a proposed capital raising via a placement and related option issues. Under the proposal, the company plans to issue 32,727,276 fully paid ordinary shares and a total of 20,363,638 options across two new option classes expiring in February 2029, with different exercise prices. The placement, scheduled for 10 February 2026, will expand Iris Metals’ capital base and may provide additional funding flexibility, while the longer-dated options structure could align investor incentives with the company’s medium‑term growth outlook and potentially increase future equity if exercised.
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.
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.
Iris Metals Limited has notified the market that 500,000 listed options (ASX code IR1AK), exercisable at $1.20 and due to expire on 31 January 2026, have lapsed unexercised. The expiry of these options slightly reduces the company’s potential future dilution from option conversion but does not immediately affect its current issued share capital, representing a routine adjustment to its capital structure disclosed in line with ASX requirements.
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.
Iris Metals Limited has requested and been granted a trading halt on its securities on the ASX, effective from 30 January 2026, as it prepares a market announcement. The halt, which will remain in place until either 3 February 2026 or the release of the pending announcement, is tied to a planned capital raising program, signalling that the company is seeking fresh funding that could influence its balance sheet, future project development and the value proposition for existing shareholders.
The most recent analyst rating on (AU:IR1) stock is a Hold with a A$0.18 price target. To see the full list of analyst forecasts on Iris Metals Limited stock, see the AU:IR1 Stock Forecast page.
Iris Metals Limited has notified the ASX of the issue of 1.5 million unquoted options under its employee incentive scheme, exercisable at $0.20 and expiring on 14 November 2027. The new options, which will not be quoted on the ASX, form part of the company’s broader remuneration and retention strategy, modestly increasing its pool of potential equity and aligning employees’ interests with long‑term shareholder value.
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.
Iris Metals Limited has reported a change in director Kevin Smith’s holdings following the conversion of vested performance rights into ordinary fully paid shares. The transaction, conducted on 19 January 2026, saw Smith dispose of 500,000 Class B performance rights that had vested and convert them into 500,000 additional ordinary shares, increasing his direct shareholding, with no cash consideration involved since the change arose purely from the conversion of previously issued equity incentives.
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.
IRIS Metals has issued 500,000 new shares following the conversion of performance rights and a further 5,341,878 fully paid ordinary shares at a deemed price of $0.09 as part consideration for the acquisition of the Ingersoll Property under a previously approved share sale agreement. The company has confirmed that these shares were issued without a prospectus under relevant Australian corporate law, that it remains compliant with its continuous disclosure and financial reporting obligations, and that there is no excluded information, effectively cleansing the new shares for secondary trading and supporting the ongoing consolidation of its critical minerals asset base in South Dakota.
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.
Iris Metals Limited has applied to the ASX for quotation of 5,341,878 new fully paid ordinary shares, with an issue date of 19 January 2026. The additional securities, issued under a previously announced transaction, will expand the company’s quoted share capital and may enhance its liquidity and funding flexibility as it advances its mineral exploration and development activities.
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.
Iris Metals Limited has applied to the ASX for quotation of an additional 500,000 fully paid ordinary shares, to be traded under its existing ticker IR1. The new securities, issued on 19 January 2026 following the exercise or conversion of existing options or other convertible instruments, modestly expand the company’s quoted capital base and may incrementally enhance liquidity for shareholders without indicating any broader change to its operations or strategy.
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.
Iris Metals has identified a significant high-grade rubidium discovery at its Beecher Project in South Dakota, following a review of 117 drill holes that returned 45 intercepts above 2 metres at 0.20% Rb₂O, including standout grades up to 0.50% Rb₂O. The new rubidium results, to be incorporated into a maiden rubidium mineral resource estimate targeted for late Q1–early Q2 2026, augment Beecher’s existing 2.20 Mt at 1.05% Li₂O lithium resource and position the project among the world’s highest-grade rubidium deposits, strengthening Iris Metals’ ambitions to develop a premier US multi-commodity critical minerals hub and enhance its role in Western rubidium and lithium supply.
The most recent analyst rating on (AU:IR1) stock is a Hold with a A$0.18 price target. To see the full list of analyst forecasts on Iris Metals Limited stock, see the AU:IR1 Stock Forecast page.
Iris Metals Limited has announced that 6.5 million listed options with an exercise price of A$0.40, due to expire on 31 December 2025, have lapsed unexercised. The expiry of these options without conversion marginally reduces the company’s potential future share dilution but has no immediate impact on its existing capital structure, signalling that holders chose not to convert at current market conditions.
The most recent analyst rating on (AU:IR1) stock is a Hold with a A$0.18 price target. To see the full list of analyst forecasts on Iris Metals Limited stock, see the AU:IR1 Stock Forecast page.