IRIS Metals (ASX:IR1) | Strategic Tungsten project enters new exploration phase

IRIS Metals Limited (ASX:IR1) Exploration Update, Finley Basin Tungsten Project, 15 July 2026 IRIS Metals has commenced Phase I exploration activities at the Finley Basin Tungsten Project in western Montana, USA. The update outlines progress on field activities, permitting and planning for the Company's maiden drilling program, which is expected to commence in Q3 2026, subject to receipt of the required permits. Field activities commenced in June 2026 and include surface sampling, geological mapping and ultraviolet night lamping to identify scheelite mineralisation. Following a review of historical Union Carbide exploration data, the Company has finalised a planned drilling program of up to 7,000m across 16 drill hole locations. State and federal permit applications were submitted in March 2026 and are progressing. Key milestones covered include finalisation of drilling permits, commencement of Phase I drilling in Q3 2026, with drilling planned to commence from August 2026 subject to permits, initial drilling results targeted for Q4 2026, and geological model refinement planned for 1H 2027. The update also discusses the historical estimate of 850,000 tons at 0.68% WO₃, noting it is a historical estimate, is not reported in accordance with the JORC Code, has not been independently verified by IRIS, and should not be regarded as a current Mineral Resource or Ore Reserve. The project is located approximately 30km from a fully permitted flotation mill with a capacity of 1,000 tons per day. The Company also advises that drill and helicopter contractors have been secured, while regional exploration activities continue across western Montana alongside the planned drilling program. This episode is based solely on IRIS Metals' ASX announcement released on 15 July 2026. It is provided for informational purposes only and does not constitute financial advice. Listeners should conduct their own research and consider their own financial circumstances before making any investment decision.