IRIS Metals Secures Entry into High-Grade Finley Basin Tungsten Project, Montana, USA
- Noel Ong
- 2 days ago
- 6 min read
Announcement
IR1 right to High Grade Tungsten Project, Cap Raise Update - 18 December 2025 (click here to view the announcement)
IRIS Metals Limited (ASX: IR1) has secured an exclusive right to farm-in to the Finley Basin Tungsten Project, located in Granite County, Montana, USA, through a binding Heads of Agreement with Finley Mining Inc and its shareholders. The transaction provides IRIS with entry into a historically high-grade tungsten system within a mining-friendly U.S. jurisdiction, aligning with its broader critical minerals strategy and U.S.-focused asset base.
The Business of IRIS Metals: Initiating a Tungsten Narrative
IRIS Metals is a U.S.-focused critical minerals exploration company with an established portfolio in South Dakota, primarily targeting lithium and rubidium under its “Hub & Spoke” development strategy. The proposed farm-in to the Finley Basin Tungsten Project represents a strategic diversification into tungsten, a metal of increasing importance to defense, aerospace, electronics, and energy transition technologies.
The Company continues to prioritise advancement of its South Dakota assets toward near-term development while selectively adding complementary critical mineral opportunities within the United States.
Highlights – Entry into a High-Grade U.S. Tungsten System
Binding farm-in agreement executed: IRIS has signed a binding Heads of Agreement granting exclusive rights to farm-in to the Finley Basin Tungsten Project, subject to final agreements within a 40-business-day exclusivity period (extendable).
Historically high-grade tungsten mineralisation: Limited drilling by Union Carbide in the late 1970s–early 1980s defined a historical, non-JORC compliant tungsten reserve of 850,000 tonnes at an average grade of 0.68% WO₃, which is considered high-grade relative to many global tungsten deposits (Figure 1).
Figure 1: Table – Historical Tungsten Reserve (Union Carbide, 1983) (source: IR1)
Staged pathway to 100% ownership: The farm-in structure allows IRIS to earn up to 100% interest through staged exploration expenditure of up to USD$2.0 million over four years, culminating in delivery of a JORC-compliant Inferred Resource.
Clear exploration and development pathway: Exploration activities are planned to commence in early 2026, targeting resource confirmation, expansion of known mineralisation, and metallurgical studies to assess processing options.
Established processing infrastructure nearby: A fully permitted and operational contract mill with 1,000 tonnes per day capacity is located approximately 30 km from the project, providing a potential pathway to accelerated development if resources are confirmed.
Strategic U.S. critical minerals exposure: The transaction expands IRIS’s exposure to tungsten, a critical mineral with growing strategic importance for U.S. supply chains amid geopolitical supply risks.
Leadership Commentary
IRIS Metals Executive Chairman Peter Marks commented:
"This binding agreement marks an exciting step for IRIS as we grow and diversify our critical minerals portfolio into tungsten, a vital component for the defense and technology industries. The Finley Basin Project offers significant upside with its prospective geology and location in a mining-friendly jurisdiction. Combined with our existing South Dakota portfolio, this positions IRIS to capitalise on significantly growing demand for US-sourced critical minerals."
About the Project
The Finley Basin Tungsten Project is located within the Flint Creek Mountain Range of Granite County, Montana, a region with a long history of tungsten exploration and production dating back to the early 1900s. The project covers approximately 378 hectares of unpatented mining claims.
Geologically, the project is characterised by scheelite-dominant tungsten mineralisation hosted within a tactite skarn system, developed at the contact between a granitoid intrusion and Mississippian-age calcareous limestone. Historical exploration indicates mineralisation from surface to depths of approximately 300 metres, with the system remaining open both laterally and at depth.
Near-term Milestones to Watch
Acquisition and consolidation of historical geological and drilling data
Generation of an initial 3D geological model
Execution of a planned 4,500 m Phase I drill program to confirm and expand historical results
Initial metallurgical testing to assess suitability of local processing facilities
Delivery of a JORC-compliant Inferred Resource, targeted for early Q1 2027
Samso Concluding Comments
From Samso’s perspective, the Finley Basin transaction reflects an increasing flow of storytelling into the tungsten sector. I have been a strong advocate of the tungsten narrative, and it is now pretty clear that Tungsten is increasingly being recognised as a strategically important marketing metal, particularly within the United States, where secure domestic supply has become a policy and industrial priority. The project’s location in Montana, combined with its historical production context, places it within a jurisdiction that understands and supports critical mineral development.
The historical tungsten grades reported by Union Carbide provide a meaningful reference point for the opportunity. Grades averaging 0.68% WO₃ are considered high relative to many global tungsten deposits; however, the limited drilling undertaken historically suggests the system remains underexplored. The real value will be determined by IRIS’s ability to validate and expand these results through modern drilling and compliant resource estimation.
Infrastructure and development optionality are also notable aspects of this acquisition. The presence of a permitted and operational processing facility within trucking distance materially improves potential development scenarios should exploration success be achieved. This type of infrastructure leverage is often overlooked but can significantly shorten development timelines and reduce capital intensity compared to greenfield builds.
Overall, I view this farm-in as an entry into tungsten that complements IRIS Metals’ existing U.S. critical minerals footprint. The staged earn-in structure will manage their risk while preserving upside, and the defined exploration milestones provide clarity on value creation steps. The lack of technical information makes it hard to comment on the meat of the project. Hence, a very careful approach is required at this stage, and with my understanding of tungsten projects, it takes a special kind of mineralisation style sand scale to make a tungsten project more than "mining the market".
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