Iris Metals terminates sale of Kookynie gold project

Iris Metals Limited (ASX: $IR1) has terminated the sale of the Kookynie gold project, previously announced on 15 April 2024, by providing notice of termination to NEX Metals Explorations Limited (ASX: $NME). The divestment of the project has not progressed, and in accordance with the agreement, Iris Metals has initiated the termination process. The company has committed to keeping the market informed about any further developments related to the Kookynie gold project.

Executive Commentary on Termination of Kookynie Gold Project Sale

The termination of the sale of the Kookynie gold project is a strategic decision for Iris Metals. While the project divestment did not progress as anticipated, the company remains focused on its extensive suite of assets, particularly the South Dakota Project, which is highly prospective for hard rock lithium. We are committed to exploring opportunities in the battery metals space and leveraging the incentives offered by the US government for locally sourced critical minerals. Our decision to terminate the sale aligns with our long-term corporate strategy and commitment to maximizing value for our shareholders.

Summary of Iris Metals' Termination of Kookynie Gold Project Sale

Iris Metals Limited (ASX: $IR1) has terminated the sale of the Kookynie gold project and provided notice of termination to NEX Metals Explorations Limited (ASX: $NME). The divestment of the project, initially announced on 15 April 2024, has not progressed, leading to the termination in accordance with the agreement. Iris Metals has reaffirmed its dedication to keeping the market informed about any further developments related to the Kookynie gold project. Looking ahead, the company remains focused on its extensive suite of assets, particularly the South Dakota Project, and is committed to exploring opportunities in the battery metals space, leveraging the incentives offered by the US government for locally sourced critical minerals, and maximizing value for its shareholders.